SOME Minnesota Realtors Growing Fat From Selling Overpriced Homes To African Immigrants

[StanleyVegas]

Originally Posted by Genise1953

Oh my!

Shades of my elderly cousin in California!

Not really... Inglewood (south of LA) and Silicon Valley (San Jose metro) are two different markets. $225K is NOT expensive in CA. The tech industry has been driving home prices up in Silicon Valley for years. The two houses were probably much closer in price back in the 70s, before the tech boom.

You seem incredulous that prices of houses (and most things) increase over time. I paid 100k for a house in St. Paul, after the bubble burst. It is not in a desirable area, but I don't care. I feel it is an excellent house for the money. The same house where I moved from in CA would have cost $300-500k. To me MN is a bargain - to you, Texas is. I don't want to live in Texas. I couldn't handle the heat. I can handle the cold. Many people are the opposite in that regard.

[Beenhere4ever]

Originally Posted by Genise1953

Come now...let's be honest.

Here you are, an African immigrant, from humble means, trying to realize the "American Dream", with barely a clue on how to attain it...and getting snookered in the process.

On the other hand...experience is the best teacher...or so it's said.

Well, now they have "experience", right? I hope they go to the coffee shop and tell every other immigrant within hearing about what went wrong on the way to the American dream. And I hope the NEXT mark in some R.E. broker's bullseye isn't so naive.

[Genise1953]

Originally Posted by Glenfield

Let me be honest with you. In this area, $100,000 is NOT a lot to pay for a house. It may be a lot in Texas or wherever, but here it's not. What seems to be the obstacle to your grasping the concept of relative value?

Let me try to explain it this way.

In some third world countries a wage of five dollars a day would be considered a lot of money. Do you think that would be a lot of money in Texas?

Let me be honest with you.

I will never understand the concept of paying $100,000+ for houses that have been described as "dumps" and "hovels".

If you were a realtor, with your own code of ethics, would you feel comfortable selling such homes...or...would you just view it as business as usual and continue on your way?

[Genise1953]

Originally Posted by StanleyVegas

Not really... Inglewood (south of LA) and Silicon Valley (San Jose metro) are two different markets. $225K is NOT expensive in CA. The tech industry has been driving home prices up in Silicon Valley for years. The two houses were probably much closer in price back in the 70s, before the tech boom.

You seem incredulous that prices of houses (and most things) increase over time. I paid 100k for a house in St. Paul, after the bubble burst. It is not in a desirable area, but I don't care. I feel it is an excellent house for the money. The same house where I moved from in CA would have cost $300-500k. To me MN is a bargain - to you, Texas is. I don't want to live in Texas. I couldn't handle the heat. I can handle the cold. Many people are the opposite in that regard.

What I find interesting are the fluctuations in prices.

Why are homes less expensive down south than they are up north, as well as the East and west coasts?

[Campeador]

Originally Posted by Genise1953

What I find interesting are the fluctuations in prices.

Why are homes less expensive down south than they are up north, as well as the East and west coasts?

Supply and DEMAND

[StanleyVegas]

Originally Posted by Campeador

Supply and DEMAND

Right. There was a very well-paid Silicon Valley employee willing to pay $1.5M to live in a good school district. The home availability in the neighborhood was very low.

I worked for years at a CA company that didn't pay it's employees very well. The owner bought one of the most expensive homes in LA for something like $45M... because he could.

[Beenhere4ever]

Originally Posted by Genise1953

Let me be honest with you.

I will never understand the concept of paying $100,000+ for houses that have been described as "dumps" and "hovels".

If you were a realtor, with your own code of ethics, would you feel comfortable selling such homes...or...would you just view it as business as usual and continue on your way?

It is an asking price. The buyer should make a reasonable bid. If the seller refuses to accept the bid, move on because it obviously is a scam.

[golfgal]

Originally Posted by Genise1953

Let me be honest with you.

I will never understand the concept of paying $100,000+ for houses that have been described as "dumps" and "hovels".

If you were a realtor, with your own code of ethics, would you feel comfortable selling such homes...or...would you just view it as business as usual and continue on your way?

The realtor doesn't set the price, the market does. I would have no issues selling a house at any price as long as the market supports that price. Your friends would not have been able to get financing if that house didn't appraise out at that price either. Appraisals are done independently of the sale, by an impartial person so if the house didn't appraise out at the 100,000, your friends would have been able to walk away from the sale with no consequences. I suggest you spend some time on Realtor.com and get a clue how the process works and how market prices vary around the country.

I'm closing this thread because we've wasted enough time trying to educate you to no avail.