I understand things are insane, we sold in this market and made a pretty penny in just over 3 years of owning our previous home. I also understood (at the time) what it was going to take to buy a new place, luckily in a new (less hot) market. The thing is “less hot” is all relative these days.

Houses going for hours well above list. Every house we’ve seriously looked at our realtor has given us the “real” price it’ll most likely go for; just list it that way already.

Top it off with the fact that the Wichita market apparently puts no value on updating a 20-30 year old house.

Never thought I’d be in a position where a 2 bedroom 2 bath apartment is the best option for 3 kids, 2 adults and 2 dogs with what we’re trying to spend here. Insane doesn’t begin to describe this market.

Edited to add:
All of this is just me being frustrated. I really don’t enjoy the stress of trying to cram a 5 member family into a tiny second floor apartment when they’re not accustomed to it. Add to that the fact that we’re spending 2-3 nights each week touring countless homes that just leave us disappointed.

If it weren’t for the fact that we’re limiting our search to two very specific school districts we’d have many more options.

This message has been edited. Last edited by: SigM4,

Luckily I have no plans to move anywhere, any year soon. Just back from the U.P. of MI, a relative in construction said a handful have moved to sorta remote, North-Central U.P., from places like Indiana. That may be a little extreme after a few Winters, if not accustomed to the weather.

quote:

Originally posted by SigM4:
...
Houses going for hours well above list. Every house we’ve seriously looked at our realtor has given us the “real” price it’ll most likely go for; just list it that way already.
...

They really can't, for loan purposes. No lender will give a 125% loan, so by giving an approximate appraised value, you'll know what portion you have to have to make a loan work.

quote:

Originally posted by Gibb:

quote:

Originally posted by SigM4:
...
Houses going for hours well above list. Every house we’ve seriously looked at our realtor has given us the “real” price it’ll most likely go for; just list it that way already.
...

They really can't, for loan purposes. No lender will give a 125% loan, so by giving an approximate appraised value, you'll know what portion you have to have to make a loan work.

Problem is they’re all appraising for the sales price.

Somewhere between 2.1 and 3.9 million homes avoiding foreclosure due to various federal and state laws. FHA's is expiring June 30th, and several large mortgage lenders may begin pushing it in July. Link.

The above article aligns with conversations with two of my neighbors - one manages a title office and other in management at a mortgage lender. Adding 2.1+ million homes to the real estate market is likely to really shake things up. Maybe even end this idiotic boom.

quote:

Originally posted by tatortodd:
Somewhere between 2.1 and 3.9 million homes avoiding foreclosure due to various federal and state laws. FHA's is expiring June 30th, and several large mortgage lenders may begin pushing it in July. Link.

The above article aligns with conversations with two of my neighbors - one manages a title office and other in management at a mortgage lender. Adding 2.1+ million homes to the real estate market is likely to really shake things up. Maybe even end this idiotic boom.

^^^THIS RIGHT HERE^^^
When the moratorium on foreclosures and evictions comes (as it must) there could be a massive adjustment to the existing housing market.

Of course, that brings with it the possibilities of another "crisis" to be exploited politically, and at the expense of the taxpaying public (and our grandchildren).

Start thinking about "hyper-inflation". Some of us remember the Jimmy Carter administration (1977-1981) with its 18%-plus annual inflation, 20%-plus mortgage interest rates (which Ronald Reagan described as the "Misery Index" during the 1980 campaign). During such times there is a very real motivation to spend each dollar before it becomes worthless.

I am not a mindless conspiracy theorist, but I believe there is a plan in motion to destroy the economy and viability of the United States.

Rent, save money, and wait the market out. It will correct.

I hope the Hoosiers moved to Marquette. Otherwise the shock may be more than they bargained for:
A real winter... At least 8 months long.
Medical care in the rural areas can be lacking.
Ambulance and FD response times can be long.
Grocery stores are small and selection of products is not what it is in more populous areas.
Schools are underfunded and in some cases are long bus commutes.
Gas prices are often higher here than elsewhere.
Utility costs are high in many areas.
Cable, and cell service is lacking outside the major areas.
I dont think many SF members are considering a move north of the bridge, but if you are, consider these towns:
Sault Ste. Marie.
Marquette.
Escanaba/Gladstone.
Iron Mountain.
Houghton/Hancock.
Employment, health care, schools and other quality of life factors are better in these cities than elsewhere in the Yoop.
I am not familiar with the housing markets anywhere but Marquette and its hot here.

Just back from the U.P. of MI myself. I have a relative that’s related to construction, land prep side. He knows a few that moved sorta remote, Baraga County, from out of the area.

If not versed, I wonder if they over-did it? They’ll have some serious Winter & likely slow Internet options to boot. I don’t think MI is all that cheap either.

At least that can watch most of the nations trouble on the tube, unlikely to ever get to Baraga County.

quote:

Of course, that brings with it the possibilities of another "crisis" to be exploited politically, and at the expense of the taxpaying public (and our grandchildren).

Sadly, this is what will happen with the folks deciding not to pay their mortgages over the last year

When the average family can’t afford the average house something is wrong

In Hawaii the “average home” is $800,000
If your making $65,000 a year you qualify for low income
Gallon of 89 octane gas 4.40

quote:

Originally posted by rolin808:
When the average family can’t afford the average house something is wrong

In Hawaii the “average home” is $800,000
If your making $65,000 a year you qualify for low income
Gallon of 89 octane gas 4.40

Had a friend just sell a house in Captain Cook. Took her close to a year to sell it.

Don't know how much she got for it, but there sure weren't a lot of buyers.

We just had two houses on my street, I'm not shitting you, that had SOLD markers on the For Sale signs IN ONE DAY.

I'm starting to wonder if realtors are selling them before they even hit the market.

A friend just moved down to Florida and said everything he's looking at sells WITHIN HOURS for $100,000 OVER asking price.

I predict this market crash is going to be the biggest in US history. Will make 2008-2009 look like child's play.

I get offers 2-3x month from Realtors. Every home that has sold on my road this year went for 10-20K over an already lofty asking price.

I have thought about selling and renting for a year. The issue is there is literally nothing available for rental that would accomodate a family.

I cannot even imagine how much bad paper and Ninja loans are floating out there right now.

A lot of this is a bit of truth with a bunch of bullshit mixed in. Have some houses sold for 100k over asking? Yes but with caveats. A realtor strategy nowadays is to price on the low end of asking price, ie a “normal” price knowing that they wouldn’t even consider an actual offer at that price. This can in some cases encourage a bidding style offer war. Houses that are priced near a point that it would actually sell for tend to sell above that price but not the amazing amounts we have all heard. Yes there are outliers but that isn’t the norm. In today’s market what is true is that if you want a house you have to be prepared to make the offer immediately with few if any contingencies and know that you won’t be sending in a low ball offer.

The stories of people making a dozen offers and no house are fueled by low ball offers and offers that just aren’t competitive at all. So yea, they made a dozen offers but they aren’t reading the market at all. Not surprising.

A correction is coming. Not crash IMO.

As for bad loans, I don’t think so. After the last crash the market shifted dramatically. You have to produce stacks of documentation to justify your mortgage loan. They aren’t just handing them out right now. That is not to say that upon correcting lots of people won’t be under valued in their homes for awhile but that doesn’t mean the loans won’t still be paid. They aren’t bad loans to bad risks. They are just loans to people overpaying for a house. A significant difference.

quote:

Originally posted by pedropcola:
The stories of people making a dozen offers and no house are fueled by low ball offers and offers that just aren’t competitive at all. So yea, they made a dozen offers but they aren’t reading the market at all. Not surprising.

A correction is coming. Not crash IMO.

I agree. I bought my current house around the top of the last market bubble. I looked at a few houses, made one offer only with the stipulation that the owner had until 9PM on the day I made the offer to say yes or no and then the offer was gone. He waited until 9:30PM to accept the offer, but he accepted.

And yes, there will be a correction, and I believe it'll be pretty large, but no crash.

quote:

Originally posted by tatortodd:
Somewhere between 2.1 and 3.9 million homes avoiding foreclosure due to various federal and state laws. FHA's is expiring June 30th, and several large mortgage lenders may begin pushing it in July. Link.

The above article aligns with conversations with two of my neighbors - one manages a title office and other in management at a mortgage lender. Adding 2.1+ million homes to the real estate market is likely to really shake things up. Maybe even end this idiotic boom.

Not so fast.
I read an article in the WSJ this morning that the big investment firms like Blackstone are buying up homes (thousands) that they see as a good investment to rent out and possibly later sell as it appreciates….


https://www.wsj.com/articles/u...rticle_copyURL_share

quote:

Originally posted by pedropcola: That is not to say that upon correcting lots of people won’t be under valued in their homes for awhile but that doesn’t mean the loans won’t still be paid. They aren’t bad loans to bad risks. They are just loans to people overpaying for a house. A significant difference.

I'm afraid I may have a step son in that category. They moved from Savannah to Indy and paid up big on a house. Not a problem if they live there for 30 years but if they want to move in 5 years again and there's a correction they may have a problem. Hope not.

quote:

A realtor strategy nowadays is to price on the low end of asking price, ie a “normal” price knowing that they wouldn’t even consider an actual offer at that price. This can in some cases encourage a bidding style offer war

Then they should be required to have an auctioneer's license, because that's an auction. I don't bid on a gallon of milk at the store. It's advertised at a price which it's sold for, or perhaps I can negotiate a lower price.

Having a starting price with escalating bidding is an auction, requires a license, and should be treated as such (advertising, etc).

quote:

Originally posted by jimmy123x:
Rent, save money, and wait the market out. It will correct.

That's what I'm doing except for the saving money part.