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It does sound ridiculous and have been reading about the situation here for quite a while now.
Hope the sale of YOUR home did quite well with multiple offers and you getting more than your asking price !
I sold a little too early. I got a good price, but had I waited a few months, it would have been better. I think the problem is low inventory. Once more people start to list their houses, the market should settle down.
It is frustrating. I do believe the market will change. When? Who knows but it's past due so hopefully sooner than later. Yes, builders are needing increase their cost as well due to the cost of materials going up significantly and supply shortage. I know this because I am trying to build on vacant land that I have. I can only believe/hope that things will eventually level off and come back down to normal. I know how hard it is to be patient but I am sure you will find something
I was planning on buying a new construction house that wasn’t started yet. The builder was adding $25,000 to the price because lumber had more than doubled due to the coronavirus. He said all his costs were up, and he was passing the increase on to the buyer. I decided against it.
I would have been better off keeping my house, but it was an acre and way too much land to take care of, plus it was very secluded and I felt isolated.
Quote:
Originally Posted by beckycat
It is frustrating. I do believe the market will change. When? Who knows but it's past due so hopefully sooner than later. Yes, builders are needing increase their cost as well due to the cost of materials going up significantly and supply shortage. I know this because I am trying to build on vacant land that I have. I can only believe/hope that things will eventually level off and come back down to normal. I know how hard it is to be patient but I am sure you will find something
I received an estimate a few months into Covid and finished a deck a month ago which came in at 40% over the estimate because of price increases of materials and materials that were unavailable necessitating using more expensive readily available materials.
It will be interesting to see if the post election months and unemployment figures affect the market.
The house I just sold was a lot of work to Maintain. I had several diseased trees that had to be cut down and I was constantly dealing with weeds. I couldn’t find a good landscaper to help either. I put a lot of time and money into repairs. I finally had the house in mint condition, and I sold it.
I am currently renting a nice apartment and I am loving it. I don’t have any responsibility. I have an elderly cat who was diagnosed with kidney failure 6 months ago and given weeks to live. I give her Sub Q fluids daily and she has improved. I felt guilty moving her, but she has done well in the apartment. It’s sunny and has nice, soft carpeting in the bedrooms. I am doing well and enjoying the freedom. I just need to be more patient and wait for this market to settle down.
High Country real estate never quite recovered from the 2008-2012 recession to the extent that Asheville did. It's making up for lost time now.
A house in my neighborhood was listed a couple of years ago for $1.5 million. The listing languished, and the people really wanted out, so they sold at auction in September, 2019 for $799,000. The new owners just sold it for $1.5... had 3 offers and sold at full price.
That house and 2 others in my neighborhood have sold in the past few weeks, all to folks from FL.
High Country real estate never quite recovered from the 2008-2012 recession to the extent that Asheville did. It's making up for lost time now.
A house in my neighborhood was listed a couple of years ago for $1.5 million. The listing languished, and the people really wanted out, so they sold at auction in September, 2019 for $799,000. The new owners just sold it for $1.5... had 3 offers and sold at full price.
That house and 2 others in my neighborhood have sold in the past few weeks, all to folks from FL.
A house near us that's been on the market for over a year with few showings closed last month for full price to a Florida resident.
Location: River's Edge Inn, Todd NC, and Lorgues France
1,737 posts, read 2,574,763 times
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Quote:
Originally Posted by organic_donna
The houses I have looked at are not worth the prices they are getting. I looked at a house in the Reams Creek Golf Community. It was listed for $725,000 and had 5 offers. It was a very nice house, but not worth 5 offers in one day. I think people are overpaying and these prices won’t be sustainable. Only time will tell. My local friends and realtor don’t agree with me. It may take a while, but this won’t last.
This is not profound, but a house is "worth" what people are willing to pay for it.
This is not profound, but a house is "worth" what people are willing to pay for it.
Maybe,
But people from out of town don’t know the local market. If you overpay, it will be difficult to get your money back, once the market calms down. Right now it’s a frenzy driven by low supply. That will change.
This is not profound, but a house is "worth" what people are willing to pay for it.
... And your return on investment will only be worth what the surrounding area will be worth over time. Buying a home “over priced, over asking” for $650k when the surrounding comps (over time) will only be worth $500k means you made a costly $150k mistake, although it felt like a good decision at the time.
But that’s what foreclosures and bankruptcies are there for (to some) ... for walking away from bad decision making.
Last edited by VinceTheExplorer; 10-22-2020 at 03:00 PM..
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