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Yep, and exactly what I tell any prospective agent I might use... I need you to talk to folks at church, an empty nest neighbor on the fence, word on the street of unfortunate economic problems in the area, their large network of ears on the grapevine... You tell me who you would rather have at closing; me writing a cashiers check for x with no B.S., or with someone who barley qualified for a loan, waiting till the last minute to make sure nothing falls through, didn't lose their job, etc... Talked with enough realtors who have had the deal fall apart at the closing table, for just what I mention.
I sold in summer of 2018 in a very desirable town near a train and in a top 10 school district. Inventory was low I told my realtor don’t even bother with anyone who can’t put down 25% minimum and 20% in escrow but I prefer all cash. I didn’t want to deal with the bs of barely qualified buyers. The house was move in ready. We had the open house scheduled 5 days after listing. Hours after listing we had people wanted private showings and we where 30k over ask day one. Had the open house still, had a line of 60 people and sold for 45k about 7% over ask all cash. I could of gotten 10k more w: no contingency mortgage. It wasn’t worth the headache since I had extension deck and basement w/ no permits.
My brother has been thinking of buying a place, I keep telling him to hold off a year just keep renting. A house in the area he is considering just went on the market 4-5 hours ago. Just on zillow alone it has over 200 views and 10 saves. I bet it gets an offer inside of 24 hours... If you don't have to buy a home right now I don't know why you'd be giving into the sellers market fighting other buyers.
Two reasons are prices will likely go up and so will record low interest rates. Homes have been selling within a week for years, so I'm not expecting too much to change.
I second the above IF you have time and a good builder. We did that and ended up spending about $75k less for a custom home we actually wanted than a compromise older home that would have required extensive remodeling. (Actually, if you include the cost of the remodeling and repairs, we probably saved about $125k.)
P.S. I just saw the OP's response that new construction in his area was further out, but if you could find a lot with a very old and/or dilapidated home that could be "scraped", that might be a solution. (Of course, you would want to build in a good, or at least decent neighborhood, however.)
I did new construction, we love the house and it’s stunning. There are frustrations, no timeline was ever met. Permiting issues. Had to rent after I sold my house. It’s a frustrating process, in the end it is worth it. As you mentioned many times it is actually cheaper to build new than renovate. We paid about $229 sq ft. That’s a good price considering we have quartzite countertops w/ huge waterfall island, maple cabinets. Nothing is builder grade. An existing similar home on the same size lot would run close to $260 sq ft.
Two reasons are prices will likely go up and so will record low interest rates. Homes have been selling within a week for years, so I'm not expecting too much to change.
Not saying what suburb, eh? I cry BS on any suburb like that in the Chicago area.
Where I'm looking, I don't even have time to look at homes they sell so fast. Literally they are sold in less than 24 hours. I'm not sure if I should just delay my search or what, but I'm not looking to have a rat race to buy a home.
Hi and yes I feel your pain. I am a realtor in one of the hottest markets in the country. In certain areas and price points here in Charleston, homes routinely get 10-20 offers the day they hit market.
My questions are this: 1) Are you looking at the most desirable homes in the most desirable communities in the most desirable price point? If the answer is yes to some or all of these questions, be prepared to offer high and fast. Cash with no contingencies would be ideal for these type homes.
2) Can you find a beautiful property that is a little outside of the norm for fast moving homes in your area? Could you bring yourself to sacrifice a little, perhaps with price or location, to find a home that you can take your time to think about? What is your comfort level with rushing into a decision.
3) Have you considered alternative sources for homes that might be slower moving, such as a fsbo?
4) Can you go up or down in price or change the parameters of your situation to put you into a different demographic of homes to consider?
In my area, anything under 200k will sell within 3 days of being on market. If you move to 225k, the wait time can creep up to 30-45 days. That's what I'm getting at. Have a conversation with your realtor, tell them you're frustrated and see if you can change what you're doing/viewing to get results that best suit you as a person.
My good friend is a seller to whom this is happening. House hit Zillow at 2 p.m. yesterday. She had to get out because her Realtor called and was setting up showings. She didn't get to go home until after 8 p.m. 20 showings. Today there is an open house, 12 - 4. She texted me that the line was around the block (only four masked people allowed in at a time) and this morning a real estate agent walked right into her house unannounced with a group of people and lied that he'd set up an appointment with her agent.
The house is in a popular commuter suburb in New Jersey. The bulk of the lookers are coming from Staten Island and Brooklyn. Between COVID-19 and riots, they want out of the city.
I don't know yet! Wondering that myself, but I don't want to be a PITA or too inquisitive about what is her personal business. She'll let me know in time. There is also another, 2-hour open house today.
I'm also interested in how this goes for my own reasons. We plan to put my mother's house up for sale next year (if we can ever get the will probated...) It's in a different part of the state, about fifty miles north, but also a commuter area to the city. I will be watching the market.
Of course, next year could be different from this year, because who knows anymore what even the next month is going to look like.
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