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Old 02-08-2021, 08:41 AM
 
Location: Fairview
29 posts, read 42,960 times
Reputation: 31

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Not in the market myself, but was helping a friend look at houses and her experience was so different than ours. She has bid asking price or slightly above on over a dozen homes and hasn’t landed one yet. Blows my mind. She’s to the point she isn’t even going to look at all of the properties.

I thought with all of the unemployment due to covid we were going to be in for a housing crash as soon as foreclosures began. Guess I was way off there or it just doesn’t happen to affect this area as much.
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Old 02-08-2021, 09:19 AM
 
311 posts, read 361,794 times
Reputation: 318
Are these way over asking prices in the Frisco/Prosper areas? I've heard of sellers in both cities getting well above asking. I guess it's also a matter of how much one asks.
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Old 02-08-2021, 10:02 AM
 
Location: DFW
40,919 posts, read 48,858,158 times
Reputation: 54906
Quote:
Originally Posted by GoBearcats29 View Post
Another update - Bid $20k over asking included paying the title, partial appraisal contingency that would have cost us another $7.5k out of pocket. Lost.

The Sellers agent came back to our original offer and asked about waiving the appraisal. I'm thinking that's the only way you're going to win a bid right now.
It is especially if you are going over the asking price. If it does not appraise, it's not the sellers problem.
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Old 02-08-2021, 10:27 AM
 
Location: DFW, Texas
238 posts, read 169,208 times
Reputation: 375
Appraisal value is like rocket science mixed with fine arts to me. Most homes right now are probably selling above appraised value. Isn't appraised value based on market value which reflects how much buyers are willing to pay for?
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Old 02-08-2021, 11:04 AM
 
28 posts, read 30,097 times
Reputation: 13
Quote:
Originally Posted by Clever nickname here View Post
Trump's trade war and COVID labor issues have increased lumber costs to insane levels.
They are selling like crazy now even without selling to the investors (the just don't sell to investor). If it is the cost issue, why the demand is so high?
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Old 02-08-2021, 11:59 AM
 
932 posts, read 537,202 times
Reputation: 531
Quote:
Originally Posted by Rakin View Post
Saw today that Lumber demand is up 300% with pricing up 130%. The mills reduced production anticipating slow sales due to Covid.

Concrete demand is up 40%.
Good point.
Better to wait for this Covid thing to be over before buying.
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Old 02-08-2021, 03:52 PM
 
Location: Houston
5,581 posts, read 4,846,361 times
Reputation: 4527
Quote:
Originally Posted by VZilyV View Post
Not in the market myself, but was helping a friend look at houses and her experience was so different than ours. She has bid asking price or slightly above on over a dozen homes and hasn’t landed one yet. Blows my mind. She’s to the point she isn’t even going to look at all of the properties.

I thought with all of the unemployment due to covid we were going to be in for a housing crash as soon as foreclosures began. Guess I was way off there or it just doesn’t happen to affect this area as much.
The unemployment has hit hardest among retail, restaurant, and leisure / hospitality industries, which have the lowest wage levels of any industry sectors. Those folks are predominately renters and wouldn't be looking to buy homes anyway.
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Old 02-08-2021, 04:01 PM
 
8,302 posts, read 5,622,998 times
Reputation: 7531
Quote:
Originally Posted by LocalPlanner View Post
The unemployment has hit hardest among retail, restaurant, and leisure / hospitality industries, which have the lowest wage levels of any industry sectors. Those folks are predominately renters and wouldn't be looking to buy homes anyway.
Yep.

That's also why the housing market never slowed down (let alone collapsed) like folks were predicting when it was clear we were headed into a recession.
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Old 02-09-2021, 10:44 AM
 
445 posts, read 407,722 times
Reputation: 620
Quote:
Originally Posted by LocalPlanner View Post
The unemployment has hit hardest among retail, restaurant, and leisure / hospitality industries, which have the lowest wage levels of any industry sectors. Those folks are predominately renters and wouldn't be looking to buy homes anyway.
This is true on the surface but the renters don't only live in apartments. The SFH renters failing to pay rent could not be evicted in 2020 (maybe even till now) but at some point the protection will be over and these renters are not going to pay 12 months back rent before they leave or get evicted. This will put a lot of landlords in a bad situation and either foreclose or sell the property and cause a market turmoil when the eviction pause is over.
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Old 02-09-2021, 11:00 AM
 
11,230 posts, read 9,169,658 times
Reputation: 32246
Quote:
Originally Posted by citidata18 View Post
Yep.

That's also why the housing market never slowed down (let alone collapsed) like folks were predicting when it was clear we were headed into a recession.
It's the interest rates, folks.

The Fed have been pushing the vast increases in the money supply into stocks and housing by keeping the prime rate at absurdly low levels, by buying US securities (moving money from the left hand to the right hand) which means that even if other investors don't find them attractive at these near zero yields, they don't have to raise the rates to sell them, and by buying mortgage-backed securities in vast quantities, reducing the chance that mortgage lenders will raise their rates to cover defaults.

With all fixed income investments doing worse than the rate of inflation, the only place to park money is houses and stocks.
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