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Old 02-21-2021, 05:01 AM
 
3,594 posts, read 2,435,358 times
Reputation: 13333

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Quote:
Originally Posted by PBToast View Post
We have been planning our retirement move to Venice for many years and do not plan to let this stop us. First, houses in our area are selling very quickly for full price min inspections also. It's better to sell in a sellers market. So we will get more, and we expect to pay more, but in the end it will all wash. Unless we decide to sell the FL house too soon.



I have been bookmarking houses that I like (in Venice) for some time and tracking what they sell for. It does take quite awhile after they go pending to get the sold price! We are looking at older homes. The most recent half dozen, 4 went under the asking by a nominal amount (10-20K), only 2 were over. One that asked 395K got 403K, the other asked 350K and got 363K. I did not consider either outrageous. YMMV Good Luck!
Those numbers aren’t outrageous, but look at the selling history, if there is one, and those numbers show huge increases in just a few years time. I’m amazed at the current asking prices and the homes go pending in days. DH and I like to bet on what the sold price will be on homes we see on our walks. I had to quit saying there is no way they are going to get that price.
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Old 02-21-2021, 06:14 AM
 
Location: Venice, FL
12,021 posts, read 3,756,011 times
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If a nearby home from us, that listed 2 days ago, sells today, near its asking price, then our near-new homes' value will have gained 45% in 2.5 years. That's astounding.

Our near-new home on a golf course in Atlanta's Northern 'burbs didn't even appreciate that fast, pre-bubble in 2005-07.

I think some of the most desireable near-new (or waterfront) homes are definitely being bid-up.

Are prices popping like this for older homes too? Or, is it just near-new due to new builds being 11 months out in some places, and some builders halting new home sales?
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Old 02-21-2021, 06:21 PM
 
241 posts, read 205,714 times
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Yes, absolutely the older homes are selling for a great deal more than they did earlier in the 2000s, as Jean mentioned. They have gained +30% in price up from sold prices back in say the 2009-2014 range. Something that sold for $299 is now listed for $400. But they have been going up steadily for years as more Boomers retire there.
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Old 02-23-2021, 04:51 AM
 
31 posts, read 21,882 times
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Relationship between housing inventory and prices:
https://www.calculatedriskblog.com/2...inventory.html

Bottom line: with inventory this low, prices keep going up.
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Old 02-24-2021, 07:41 AM
 
36 posts, read 15,966 times
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a Sea of Suckers ha ha ha - wait until 1.9 trillion gets passed
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Old 03-21-2021, 11:04 PM
 
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Default bidding war

The first property I bid on began a bidding war from the agent and said the owner wouldn't accept my escalation clause and only wanted one highest figure. I told them I wouldn't cover title costs if I had to go over the asking price and they declined my cash purchase. I got a better lot closer to the beach and $5k less the next day! I'm closing this week and happier for it!
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Old 03-22-2021, 02:25 PM
 
Location: Venice, FL
12,021 posts, read 3,756,011 times
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Quote:
Originally Posted by WW Whetstone View Post
a Sea of Suckers ha ha ha - wait until 1.9 trillion gets passed
The $1.9T got passed, and they just keep coming, and coming.

I'm seeing homes selling above asking price regularly now. It's a buying frenzy.

I saw a higher % of out-of-state plates today than ever before. 2 more weeks of this madness before it starts to die back down.
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Old 03-22-2021, 03:01 PM
 
1,832 posts, read 1,252,483 times
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Quote:
Originally Posted by beach43ofus View Post
The $1.9T got passed, and they just keep coming, and coming.

I'm seeing homes selling above asking price regularly now. It's a buying frenzy.

I saw a higher % of out-of-state plates today than ever before. 2 more weeks of this madness before it starts to die back down.
Granted some of the people who are selling are selling, cashing in and moving back north. I hear that too. Know of a couple people who did recently.

because if you're selling unless you're downsizing to something smaller and making a profit, or wanting to move back north there is no reason to sell right now and move locally.

Like if you have a 4 bedroom house and want to downsize to a small condo I'd say go for it. But wanting to get a similar house in the same area then it's a waste of effort and a pain with the shortage. That's is also a factor in the shortage because many people don't want to sell right now.
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Old 03-22-2021, 03:03 PM
 
1,832 posts, read 1,252,483 times
Reputation: 993
Quote:
Originally Posted by PBToast View Post
We have been planning our retirement move to Venice for many years and do not plan to let this stop us. First, houses in our area are selling very quickly for full price min inspections also. It's better to sell in a sellers market. So we will get more, and we expect to pay more, but in the end it will all wash. Unless we decide to sell the FL house too soon.



I have been bookmarking houses that I like (in Venice) for some time and tracking what they sell for. It does take quite awhile after they go pending to get the sold price! We are looking at older homes. The most recent half dozen, 4 went under the asking by a nominal amount (10-20K), only 2 were over. One that asked 395K got 403K, the other asked 350K and got 363K. I did not consider either outrageous. YMMV Good Luck!
Might want to rent for a bit to let the market die down and get a better price on a house you really want versus settling for lesser of a house and paying more. Let the building supply chain get back on track as well so more new homes are built.
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Old 03-22-2021, 08:21 PM
 
62 posts, read 20,036 times
Reputation: 70
Easy stuff...SELL...take big profit....WAIT...rent or lease a place for a year, you'll be glad you did...we've seen this before but NOT now with the degree of OBVIOUS inflationary add-ons - such as gas, insurance, utilities, hoa's, and FOODstuffs which are a leading edge indicator.




SELL, take the gain, put it in your account(s) and say thank you very much.....and watch the ensuing carnage that will follow - locals already know this....relative newcomers are stupid.
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