Nashville is the new cashville. Lotsa dumb money flowing in. Congrats. Enjoy

In our area in Ohio owners are selling but not listing it, but having agent find a buyer and work out the deal in private because if listed on open market the owner and agent would be swamped with buyers who want the house right now,no 30 days or 60 later. It is crazy out there. Recently one family were having a garage sale of things their parents didn’t need since they moved to an assisted living home. Some guy asked what they would do with the house and the son said probably sell it and the guy bought right there.

Tucson housing markets the same, real hot. Couple down the street from me just sold their new home. Paid $230K one year ago and sold it for over $300K last week. It sold same day it was listed.

I've had realtors send me junk mail or knock on my door asking me if I wanted to sell my new house.

quote:

Originally posted by GWbiker:
Tucson housing markets the same, real hot.

My wife and I will be preparing our NW Montana home for sale when we return from Florida next month. Our market is insane as well. We are looking at places in Saddlebrooke where prices are up 10% over last year.

I apparently moved out of one of the hottest markets in the country last year. Hated my old place and the neighborhood was going downhill. We bought at the low in 2011 so our 222k place sold in 5 days for 429k. Our new place which is significantly bigger was 589k but a better neighborhood by far and it is worth an estimated 720k currently. There are still good things to be had by moving in the current situation. My folks are looking at selling their large place with way too much room and moving into a smaller place which will free up some cash and better suit their needs.

This thread has motivated me to take another shot at selling this place.

We had it on the market two years ago and had absolutely ZERO response.

Got a different realtor coming Tuesday to help us decide on price. Again, I have very definite, non-negotiable goals and if I can't net X dollars after all expenses, it ain't happening. Don't NEED to move, and damn sure ain't going into 6 figure debt at my age.

quote:

Originally posted by AllenInWV:
This sucks. I want to sell my house....in about 2 years or so. LOL My son is deployed so that's a year I can't do anything but prep.

Could you sell it now, bank the profit, and rent for 2 years?

Of course, it's a gamble... If you sell now at the peak, and buy in 2 years once the market settles down, you'll be in good shape. But if you sell now and the market continue to climb for the next 2 years, you could end up not being able to afford to buy a comparable home at the now even higher prices.

quote:

Originally posted by RogueJSK:

quote:

Originally posted by AllenInWV:
This sucks. I want to sell my house....in about 2 years or so. LOL My son is deployed so that's a year I can't do anything but prep.

Could you sell it now, bank the profit, and rent for 2 years?

Of course, it's a gamble... If you sell now at the peak, and buy in 2 years once the market settles down, you'll be in good shape. But if you sell now and the market continue to climb for the next 2 years, you could end up not being able to afford to buy a comparable home at the now even higher prices.

Bone up on these rules:

https://www.investopedia.com/a...f/06/homesaletax.asp

To balance out the enthusiasm, I will share a story from a friend of mine in Colorado.

He sold his house 5 months ago. He owned the home for less than 5yrs. Listed the house for 50% more than he paid. Sold the home in 1 day. Buyer paid him over asking, paid cash, sight unseen, no inspections, nothing. My buddy was thrilled to bank the cash and move in with his girlfriend.

Yesterday he told me the relationship with his girlfriend is tanking and he needs out. He took a quick peek at buying a new house and he can't afford anything now except a condo. All the cash he banked is still there, but prices have just continued to rocket up and now he's priced out of the market for any home that is comparable to the one he sold just 5 months ago.

Needless to say, but he is really bummed right now and looking to move out of state.

My eldest daughter is a realtor in the Tampa Bay area. She can't get enough houses to sell. A lot of buyers from California and New York are buying houses sight unseen for crazy prices.

didn't realize it was so wide spread

I am in Virginia. A house in our neighborhood sold in 2 days w multiple offers and above asking price.

Real estate agent said very few houses in the 400 k to 550 k range are on the market.

https://www.daveramsey.com/blog/real-estate-trends

Inventory has been incredibly low! For perspective, inventory was down 22% in November 2020 compared to the previous year. There just weren’t enough houses for sale over the year to meet buyer demand.

In November 2020, more than 7 in 10 sold homes were on the market for less than a month

In November 2020, existing home prices grew by a whopping 15% compared to last year—rising to a national median of well over $300,000! This marks more than 100 straight months of year-over-year price gains

the average rate for a 15-year fixed-rate mortgage dropped to 2.31% in November 2020—the lowest it’s been since Freddie Mac started reporting nearly 30 years ago

the super low mortgage rates are motivating buyers to enter the market, which increases demand. But there’s still a very low supply of home listings. This is keeping home buying competitive and allowing home price growth to soar

I coach realtors all over the US and Canada and we are seeing the same thing almost everywhere. The crazy thing is I don't think k it'll slow down in the next 2 yrs. There is a ton of people transitioning from more liberal areas to conservative states and many that are now working from home that can live anywhere they want. Great time to sell but not such a fun time to be a buyer.
One tip if you decide to sell and buy. Pick a few neighborhoods you want to live in and write personal notes to homeowners (or have your realtor write letters) . If you can find a home off market, it'll be a lot easier and cheaper than competing with all the buyers out there. A lot of homeowners are willing to take convenience over top dollar and they save money in not having to pay a sellers commission.

Put our NJ house on the market on a Thursday, had it sold by Thursday night and had to turn down ridiculous offers as the house probably would not have appraised that high. This was last June and I see it has gotten even crazier now.

The real estate market is vigorous here in San Diego too. And especially in my neighbourhood, near UCSD.

A couple of years ago the Westfield UTC mall renovation was completed, making it one of the two best upscale malls in the city. It’s a short walk from my home.

And for the past three years construction has been on-going for an extension of the San Diego trolley. Trolley terminals at the mall are an even shorter walk from my home. I’m looking forward to my first ride, later this year.

The value of my home is now a hell of a lot more than I paid for it in 2010. My offer was the only one the seller received, after a year on the market. Academic for me though – I bought my home to live in. It’s a perfect fit for me.

An old photo of the trolley extension construction. This goes on for miles.

Who’s buying? Chinese? If domestic, where are they moving from? Demand can’t be high in ca and other places assuming people are moving from ca.

quote:

Originally posted by konata88:
Who’s buying? Chinese? If domestic, where are they moving from? Demand can’t be high in ca and other places assuming people are moving from ca.

There's been a big flood in just the last year from urban to suburban life. Lockdowns, quarantines, and working from home have highlighted that many tiny urban apartment renters actually want to be larger suburban home owners. An 800 square foot apartment 10 minutes from the downtown office may seem great until you're stuck inside 24/7 and it feels more like a jail cell. Especially if you can buy a much larger home in the suburbs for significantly less each month than you were paying in apartment rent, plus have a 1 minute commute from the bed to the home office to do your work remotely.

You know all that cash the government has been dumping into the system? It's ending up in hard assets (real estate, stock market, etc.). So those are showing inflation.

quote:

Originally posted by konata88:
Who’s buying? Chinese? If domestic, where are they moving from? Demand can’t be high in ca and other places assuming people are moving from ca.

quote:

Originally posted by 220-9er:
Just remember, when you have to buy another overpriced house in this market, you're not making money, just trading paper......

Correct this is what some don't realize. The market drives a $200,000 house up to $300,000. Person sells the house for $300,000 "making "100.000". Problem is when he takes his $300,000 out shopping all that gets him is another house comparable to what he just sold. The only ones who come out are the assessors. And those who take the gain and relocate to somewhere cheaper.

quote:

Originally posted by 220-9er:
Just remember, when you have to buy another overpriced house in this market, you're not making money, just trading paper. For others that are thinking of selling, get a Realtor or have an appraisal done or you will leave a bunch of money on the table.
Pricing too low for the present market brings the buyers out like flies.
On the other hand, if you want to or need to move, it's nice to be able to sell so quickly.

This is the internet so when it’s a housing boom everyone sells their house for way more than asking but happens to find the one house that is still a bargain.

quote:

Originally posted by BBMW:
You know all that cash the government has been dumping into the system? It's ending up in hard assets (real estate, stock market, etc.). So those are showing inflation.

Stock market, certainly. That's where I put mine.

However, I'm not sure that having just an extra few grand in the bank is going to make a difference in someone being able to afford to buy a piece of real estate or not. Maybe if they were flat broke before and that gave them just enough to cover the closing costs on a 0% down purchase, but they shouldn't be buying a home in that case anyway (and lenders probably wouldn't loan them the money if they only have that few grand in the bank; things have changed since the bad old days of the pre-2008 subprime loan craziness).

But I guess it's potentially able to affect house values by current owners using it for smaller improvements like adding on a deck or remodeling a bathroom before selling, thereby slightly increasing the value of their homes.