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Yeah, buh huh uhuhhuh huh. It's "racist." The standard clarion-call for "I have no rebuttal" or, "didn't read or hear what someone else said."
Chinese are parking a huge amount of loot in property markets, Vancouver to Seattle, and perhaps beyond. The whole "glorious people's republic, rejecting the reactionary running-dog imperialists" political system is a farce and one of the most corrupt systems on earth. Their stock market (so-called) and currency-floating scams are crumbling slowly, so they're looking for a place to park ill-gotten, politically-connected gains. Hence my phrase, "loot."
So no, my comments are highly relevant to the question at hand, for the Pacific Northwest market, as a rebuttal to "I can't understand how anyone would pay at or above market for a home." That is not a terribly clever statement, in-general. Do your homework. My references are below, btw:
Guess no one has heard of EB-5 visa program either, huh? GMAB.
No, your comments are racist.
The facts are that Chinese people aren't allowed to own property (it's leased), and so they look for real estate overseas as an investment. They're not looking to move in or for any particularly nice houses, they just want to invest, and have a lot of money to do so. This drives prices up, especially for people who live and work in the area.
Yeah, buh huh uhuhhuh huh. It's "racist." The standard clarion-call for "I have no rebuttal" or, "didn't read or hear what someone else said."
Chinese are parking a huge amount of loot in property markets, Vancouver to Seattle, and perhaps beyond. The whole "glorious people's republic, rejecting the reactionary running-dog imperialists" political system is a farce and one of the most corrupt systems on earth. Their stock market (so-called) and currency-floating scams are crumbling slowly, so they're looking for a place to park ill-gotten, politically-connected gains. Hence my phrase, "loot."
So no, my comments are highly relevant to the question at hand, for the Pacific Northwest market, as a rebuttal to "I can't understand how anyone would pay at or above market for a home." That is not a terribly clever statement, in-general. Do your homework. My references are below, btw:
Guess no one has heard of EB-5 visa program either, huh? GMAB.
The topic of this thread is still not about buying property in the Pacific Northwest; perhaps you would care to open one in that regard. Your vilifying of Chinese people who choose to invest in that area when they certainly are not the only ones doing so makes your remarks racist any way you cut it.
In my experience it hasn't happened all the time and I'm a female buyers who has had male and female Realtors in past transactions.
The only time I was ever advised to make a full-price offer was the house I'm in now in Tucson. I was buying in 2006, before the crash. The sellers were a young couple with small children. The husband had been transferred by his company and had already left for Las Vegas, where they were moving. Needless to say, the wife was anxious to sell quickly and her Realtor set up open houses for both Saturday and Sunday on the first weekend the home was on the market. I looked at the place on Friday and it fit the bill for what I was looking for. It was a bit more than I wanted to pay, but given it was the only house of that size/floor plan on the market in that desirable subdivision, I agreed with my Realtor's suggestion that I make a full-price offer with the stipulation that the sellers cancel the open houses. I was signing papers to buy the house on Saturday morning.
Since the crash, mid-priced houses in Southern Arizona have yet to bounce back to the prices they were in 2006, so I'm still in the hole. But I don't blame my Realtor. I would be in a hole on a house I don't like as much had I hesitated pulling the trigger on the one I got. This spring a couple of houses in my subdivision sold for their asking price, but I think the sellers' Realtors must have priced them well. Still not what they would have gone for in 2006 when the market was active, but far above what they would have sold for in 2010.
In my experience it hasn't happened all the time and I'm a female buyers who has had male and female Realtors in past transactions.
The only time I was ever advised to make a full-price offer was the house I'm in now in Tucson. I was buying in 2006, before the crash. The sellers were a young couple with small children. The husband had been transferred by his company and had already left for Las Vegas, where they were moving. Needless to say, the wife was anxious to sell quickly and her Realtor set up open houses for both Saturday and Sunday on the first weekend the home was on the market. I looked at the place on Friday and it fit the bill for what I was looking for. It was a bit more than I wanted to pay, but given it was the only house of that size/floor plan on the market in that desirable subdivision, I agreed with my Realtor's suggestion that I make a full-price offer with the stipulation that the sellers cancel the open houses. I was signing papers to buy the house on Saturday morning.
Since the crash, mid-priced houses in Southern Arizona have yet to bounce back to the prices they were in 2006, so I'm still in the hole. But I don't blame my Realtor. I would be in a hole on a house I don't like as much had I hesitated pulling the trigger on the one I got. This spring a couple of houses in my subdivision sold for their asking price, but I think the sellers' Realtors must have priced them well. Still not what they would have gone for in 2006 when the market was active, but far above what they would have sold for in 2010.
2006? That may explain a lot.
The market was "active"? "Over-inflated" may be a better descriptor.
Threads like these are exactly why I do my own negotiating in real estate transactions. We had a realtor represent us for our current home and if we took her advice, we would have paid $7,500 more for the home.
The home was originally listed for $540k but after 6 months on the market slowly dropped to $514,900. The comps were showing a range of 490-505ish. We offered 490 and the sellers dropped to 512. We then offered 500k as a "final offer" and the sellers didn't budge. I said "let's walk away, this isn't going to work" and our agent said "why don't you meet a little past half way, offer $507,500". The funny thing is that we would have happily paid that if the price were correct, but it wasn't. We told her "no thanks, here are two other houses we saw on zillow, let's look at those tomorrow".
Then magically the sellers came back and accepted our $500k. It wasn't until I convinced OUR agent that we were walking away that she started fighting hard for us. It all just felt very rigged, as though the two agents were in some back room trying to figure out how to get the most money for themselves. Our agent would have preferred we offered full price so that she could have a guaranteed deal.
You have to negotiate against the sellers and against your realtor in order to get the best deal.
[quote=NYCresident2014;45010720]Threads like these are exactly why I do my own negotiating in real estate transactions. We had a realtor represent us for our current home and if we took her advice, we would have paid $7,500 more for the home.
The home was originally listed for $540k but after 6 months on the market slowly dropped to $514,900. The comps were showing a range of 490-505ish. We offered 490 and the sellers dropped to 512. We then offered 500k as a "final offer" and the sellers didn't budge. I said "let's walk away, this isn't going to work" and our agent said "why don't you meet a little past half way, offer $507,500". The funny thing is that we would have happily paid that if the price were correct, but it wasn't. We told her "no thanks, here are two other houses we saw on zillow, let's look at those tomorrow".
Then magically the sellers came back and accepted our $500k. It wasn't until I convinced OUR agent that we were walking away that she started fighting hard for us. It all just felt very rigged, as though the two agents were in some back room trying to figure out how to get the most money for themselves. Our agent would have preferred we offered full price so that she could have a guaranteed deal.
You have to negotiate against the sellers and against your realtor in order to get the best deal.[/quote]
Yes, when you choose not to select a competent agent, that's exactly what you have to do. Is that a surprise? The same thing happens when you fail to properly vet your plumber, electrician, accountant, etc.
I'm perplexed. Twice now, when expressing interest in a house, the agent who is showing me the house (not the list agent), "advises" me that if I turn in an offer, it's best to do it right away since another offer is coming in, and it's best to offer at least the list price.
Since when do agents "advise" to offer the full asking price? Now, bear in mind that I was pretty sure in both instances the houses were not worth the asking price, and both needed some things done. The first one needed a LOT of work, actually. I decided not to make an offer on either because they weren't right for me. But the first one did indeed sell for considerably LESS than the asking price. I don't know yet, but am pretty darn sure, the second one has sold for less than the asking price.
What the heck is the deal? Since when do agents who are supposedly helping YOU the buyer urge you to pay more than a house is worth? I even got comps from one that were very limited, and left out a comp that I knew about (because I've been following the market there closely) that would support a LOWER list price.
Somehow I don't think this happens to male buyers. I wonder if they think I'm stupid because I'm a female buyer, or that I'm more easily persuaded, or maybe buy from emotion rather than value?
Is this the norm? To encourage offering the asking price, or more? (Note: It's a bit of a buyer's market there. So it's not a seller's market situation.)
I had that happen the last time I used an agent. I was expecting her to come up with a figure she felt was right and the first thing she said was to offer full price. I felt she should have been on my side in the deal but realized she was really only on her side. I put off buying anything.
I had that happen the last time I used an agent. I was expecting her to come up with a figure she felt was right and the first thing she said was to offer full price. I felt she should have been on my side in the deal but realized she was really only on her side. I put off buying anything.
The house in question sold for $27,000 less.
Some of you folk must have a real talent for hiring the incompetent agent. I suggest you take a course in interviewing agents or such.
A competent agent may well suggest an offer at list. But that generally means the house is listed below list. In crazy places like the bay area a particular house may indicate an offer over list.
But a competent agent can explain to you precisely why that is a good thing to do.
In more normal markets your agent would work out the general trends in the area and the best close match comps and then suggest one or more potential offers. That skill is what you pay them for.
Earlier this year I handled a transaction where we overpaid $50K. We made a fair offer and then even enhanced it a bit but still in the rational range. The seller however chose to maintain an insane price. And my client decided to accept it. Deal was VA and son of a gun came in with an appraisal 50K light. Client put up the necessary cash.
This is not as nutty as it seems. Client had just done an extraordinarily lucrative sale and was loaded with cash. And the house was an absolute work of art. So the seller found the connoisseur who appreciate the house as an art object.
I made it very clear to the buyer at all times that the deal was financially insane. But the client is in charge...and as long as they knowledgeable do it OK. But I was always a drag on the wheel.
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