Caution! Home buyers! Possible price correction coming to Phoenix! (bankrupt, camp)

[Burning Madolf]

Originally Posted by Minntoaz

Predicting an increase in supply come January 2021 once CARES/unemployment monies run out. Could be wrong or could be right. We will see.

It's going to be like a race to get out of undesirable places and into what are considered desirable places before the true economic downturn goes into full swing. Right now, Phoenix is hopping as are certain suburbs like those surrounding NYC, but who knows if and or when we'll see other shifts.

[johnp292]

We're trying to buy a house now, and its insane. 1 day on the market and every nice house gets multiple offers. We've put in offers on 3 houses in the past two weeks, several over asking, with no luck.

[Burning Madolf]

Originally Posted by johnp292

We're trying to buy a house now, and its insane. 1 day on the market and every nice house gets multiple offers. We've put in offers on 3 houses in the past two weeks, several over asking, with no luck.

A was laughing at a house I saw in Surprise yesterday when it came on the market because you couldn't see the front door from the street. The entrance was on the side and the next door neighbor was a 2 story so your view out the front door was a wall with 15 ft of stucco above it. Very odd (for me anyway).
Accepted offer Sunday afternoon.
Receiving at least 3 calls a week to buy my home.

[Sno0909]

Originally Posted by Burning Madolf

A was laughing at a house I saw in Surprise yesterday when it came on the market because you couldn't see the front door from the street. The entrance was on the side and the next door neighbor was a 2 story so your view out the front door was a wall with 15 ft of stucco above it. Very odd (for me anyway).
Accepted offer Sunday afternoon.
Receiving at least 3 calls a week to buy my home.

I've never understood that layout. Very unattractive to me.

[johnp292]

Originally Posted by Burning Madolf

A was laughing at a house I saw in Surprise yesterday when it came on the market because you couldn't see the front door from the street. The entrance was on the side and the next door neighbor was a 2 story so your view out the front door was a wall with 15 ft of stucco above it. Very odd (for me anyway).
Accepted offer Sunday afternoon.
Receiving at least 3 calls a week to buy my home.

We made an offer over asking on a house yesterday just based on photos to try to get ahead of other offers. Then the Realtor tells me they are only allowing showings on Thursday afternoon. I should have known better. Thought that was strange and asked our realtor why, she said she didn't know. Did a little research and realized the house was listed by that 72Sold guy. Mentioned it to her again and it was obvious she knew that all along. I told her to hold to our offer expiration date. I'm pretty annoyed that she wasn't upfront about it.

[john3232]

Originally Posted by johnp292

We made an offer over asking on a house yesterday just based on photos to try to get ahead of other offers. Then the Realtor tells me they are only allowing showings on Thursday afternoon. I should have known better. Thought that was strange and asked our realtor why, she said she didn't know. Did a little research and realized the house was listed by that 72Sold guy. Mentioned it to her again and it was obvious she knew that all along. I told her to hold to our offer expiration date. I'm pretty annoyed that she wasn't upfront about it.

I would be too.

Can't trust a RE agent like that.

[MN-Born-n-Raised]

Originally Posted by johnp292

We made an offer over asking on a house yesterday just based on photos to try to get ahead of other offers. Then the Realtor tells me they are only allowing showings on Thursday afternoon. I should have known better. Thought that was strange and asked our realtor why, she said she didn't know. Did a little research and realized the house was listed by that 72Sold guy. Mentioned it to her again and it was obvious she knew that all along. I told her to hold to our offer expiration date. I'm pretty annoyed that she wasn't upfront about it.

A possible situation was that the listing RE agent was looking for both sides of the commission. If the market is so limited that homes are getting multiple offers, the listing agent can more easily play games and try and control both sides of the sale. By limiting the flow of traffic, the listing agent can pick an offer that both maximizes the sale price and steer the sale towards someone who contacts them directly. Illegal, unethical, or whatever, it works is you have a silver tongue and are able to read between the lines and ask questions in a way that helps you cut in line.

Back in 2011, I watched it happen a couple of times. Therefore, when it is brutally competitive, I want to be a "free agent" by contacting each listing agent and get as close to the sales process as possible. Often, the agent will be looking out for themselves in combo with the seller. YMMV. But give it a try if you are saavy and can read people along the way. Best of luck.

[jdahunt]

Sure glad I didn't sell when this thread was started....lol

I thought about listing a couple when the market started going down, but the houses just keep going up......and with all
the issues in California and other places I don't see it slowing down anytime soon.

Spent last weekend in Marina Del Rey with my son who is a software engineer.......the way they are allowing the tent cities around Venice and LA is just nuts......who in their right mind would want to live around that.....although we did get to follow behind Leo DiCaprio's yacht out of the marina as he took his gf out for her birthday.....all that wealth and poverty in the same place....crazy.

[john3232]

Originally Posted by jdahunt

Sure glad I didn't sell when this thread was started....lol

I thought about listing a couple when the market started going down, but the houses just keep going up......and with all
the issues in California and other places I don't see it slowing down anytime soon.

Spent last weekend in Marina Del Rey with my son who is a software engineer.......the way they are allowing the tent cities around Venice and LA is just nuts......who in their right mind would want to live around that.....although we did get to follow behind Leo DiCaprio's yacht out of the marina as he took his gf out for her birthday.....all that wealth and poverty in the same place....crazy.

When I was selling my home in San Francisco last year I joined the Next door web site for leads on a good handyman, painter and landscaper.

I noticed there were a number of residents farily new to San Francisco who wondered why the pot-holes along 19th Ave and other parts of the city weren't fixed. Then there were complaints about the homeless who were beginning to move closer to residential areas.
'
Around this time the mayor of SF was talking about putting a "navigation center" (homeless shelter) in each district of SF. All I wanted to do was sell and get out while the going was still good.

The couple who bought my property likely will pay around 18 grand a year in property tax. Sure, they have money but still... at some point like others on Next door they are going to begin to complain about the crummy city services.

Add to this the tech industry is now viewed as the latest villain and beginning to resent it. San Francisco is headed towards some interesting times.

[johnp292]

We actually had two offers accepted yesterday!