Bidding wars (Venice: 2014, lease, insurance)

[joshan]

I got lucky and bought 3 months before covid hit (from Chicago).

[graceC]

Originally Posted by beach43ofus

Unless your property taxes in NJ are now $30k/year, and covid restrictions have nearly everything shut down, and you are about to lose your job.

If you are being suffocated up North, do whatever to takes to get out.

Actually, if you're about to lose your job, moving to FL is the wrong thing to do since the job market here is pitiful. There is a reason why NJ and other high cost states draw people like a magnet. Those states have better job markets than FL - at least the high paying kinds.

[graceC]

Originally Posted by Marion Marlowe

That's their problem in NJ. If they are in that much of a hurry, go rent an apt, BV or a trailer. Participation in the bubble from transplants hurt the people and systems HERE in Florida.

Agreed. It's stupid to get caught up in the high emotion of house buying hysteria. Always remember, what goes up, must come down eventually.

[Marion Marlowe]

Originally Posted by graceC

Agreed. It's stupid to get caught up in the high emotion of house buying hysteria. Always remember, what goes up, must come down eventually.

yep, and someone's a fool to get in a bidding war over a damn dwelling, but we have a ton of fools moving here

[joshan]

Originally Posted by Marion Marlowe

yep, and someone's a fool to get in a bidding war over a damn dwelling, but we have a ton of fools moving here

Not just Florida.. I had a bidding war on the house I sold in Chicago to move here. My asking price got beat by 25k in the end and had multiple day 1 offers.

If you wait for the market to cool down, it likely will on your selling side also.

[Hbcapital]

Latest data out today for Sarasota county. Housing inventory drops 20% in a month to 991 or a 1.2 month supply. Conversely, in 2006 there were 10,000 homes on the market or a 25-30 month supply, when the real estate market peaked. So the bidding wars will continue and are not cooling down anytime soon.
https://www.myrasm.com/wp-content/up...01_Summary.pdf

[macrodome2]

Originally Posted by macrodome2

Just saw a new listing in our community that appeared yesterday with best and final due the next day at 6pm. One day!

The house is now pending. There were probably multiple offers. Waiting to see what it sold for.

[Hbcapital]

Originally Posted by macrodome2

The house is now pending. There were probably multiple offers. Waiting to see what it sold for.

What community?

[beach43ofus]

Originally Posted by graceC

Actually, if you're about to lose your job, moving to FL is the wrong thing to do since the job market here is pitiful. There is a reason why NJ and other high cost states draw people like a magnet. Those states have better job markets than FL - at least the high paying kinds.

Many people moving to Florida pay cash for their homes here, and are quite affluent. Being recently let go form a job up East, may not prevent them from moving down here now. They might be at, or near the end of their career anyway, & losing the job just sped up the retirement process.

[PBToast]

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!