Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I recently saw the home I grew up in go up for sale. Curious, I kept watch to see how long it would remain up for sale. The house was 150 years old. The listing price was $80,000, and it appeared to need some TLC.
Couple weeks ago a home listed in Seattle for 500 something. Decent looking inside but not amazing and not that big and was in a crappy food desert neighborhood with crappy schools and no amenities whatsoever besides a sketchy convenience store down the road. Half the homes on the street range from poorly maintained to dilapidated. We drove by the open house and there was literally a line of people out the door and down the block waiting to look at it. I think it ended up going for 800 and some change.
Pretty much every day I receive phone calls to my home and cell phone as well as texts and letters asking if I want to sell my home. It’s rather annoying.
This is not new. Our friends house just listed yesterday for 800k. Already had 6 showings scheduled for today and it went up at 2pm
So who are these people? What is the mad rush to buy? I just don't get the irrational exuberance. Seems to me the biggest purchase most people will make should not be done like its black Friday at Walmart and you are trying to grab that flat screen.
So who are these people? What is the mad rush to buy? I just don't get the irrational exuberance. Seems to me the biggest purchase most people will make should not be done like its black Friday at Walmart and you are trying to grab that flat screen.
It just feels like 2008 all over.
Rising interest rates have people spooked. That may explain some of it.
But then you also have all these cash buyers. To me, it’s silly to buy right now if you can pay in cash.
Are people nuts? seriously A home that brings rental income sold for $315K 3 years ago now just sold for $540K.
Another gigantic soprano house sold for $500K two years ago. Now many of them are up for sale for $600K.
How the hell can anyone afford that kind of mortgage?
So who are these people? What is the mad rush to buy? I just don't get the irrational exuberance. Seems to me the biggest purchase most people will make should not be done like its black Friday at Walmart and you are trying to grab that flat screen.
It just feels like 2008 all over.
Well for example my niece. She and her husband had to sell house when they divorced. Now she’s remarried. They are 2 adults, 2 kids, a dog and a cat living in an apartment complex because housing rents are ridiculous. They have been trying for a year to buy a house in this area (whole extended family is here). It’s not even a sought after area, it’s semi rural and 40 minute drive to nearest city (Philly). But every house has multiple bidders. So when people have been looking that long, every new listing that comes on the market in their price range is going to attract a lot of hopeful excitement. They don’t like living cramped in apartment and having people over their head and I don’t blame them. She is a teacher and her spouse works in a wood shop so definitely not wealthy and can’t do cash. It’s tough.
They did that to get a bidding war going to drive up the price no doubt.
My agent is hoping the same will happen when we list mine in the next week or so.
Quote:
Originally Posted by kab0906
Yeah, but that house won't sell for a low price. Everyone who wants it for asking price will be outbid - by a lot I suspect.
Sellers did themselves no favors listing so low. High traffic for people who won't be able to meet the going price. Shame on their realtor for this.
The sellers also want more money too but they're gonna pay more too unless they move away. We're also going to have to pay more if we buy. There isn't much for sale according to my agent.
Quote:
Originally Posted by staystill
Are people nuts? seriously A home that brings rental income sold for $315K 3 years ago now just sold for $540K.
Another gigantic soprano house sold for $500K two years ago. Now many of them are up for sale for $600K.
How the hell can anyone afford that kind of mortgage?
They will end up crashing, being foreclosed on like my dad's 2 houses. One sold in 2006 for $400k, the other at $380k, both in foreclosure last I looked.
When I was looking last year, I noticed in multiple places I appeared to be in competition for multiple buyers making a combined bid (i.e., multiple related adults in presumptively the same family). I was mainly looking for houses at the price point of around $500-$550k.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
