I bought a small 2 BR/1 bath condo in 2007 as my lifelong bachelor pad and planned on living there a very long time but life had other plans for me as I met someone in 2011 and was married by 2012 and we moved out in 2014 but kept it as a rental unit.

I’m tired of being a landlord and saw the housing market was getting hot so we decided to sell it. I notified my tenant who has been great in there the past 5 years and I offered to sell it to him before we listed it. He declined for whatever reason he had so we listed it on Friday April 9th, the listing went live around 12 noon.

By Friday night my realtor had 7 showings scheduled from Saturday to Monday and just informed me tonight there will be one offer coming in Sunday and to expect several more very soon.

Holy shit

I may actually have a bidding war here! It’s a nice place that I put some money into over the years with an upgraded kitchen, new HVAC, etc but it’s in a town that historically has been tough for resale because of relative high taxes compared to everything else around. That’s why I was holding onto it and renting it out since 2014, but times have changed and I may be able to walk away with some decent money in my pocket this time!

Wow, I’m still kinda in shock right now at how people are JUMPING on this.

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

Yep. Homes in the area we are looking to buy in are selling within a week and often over asking. Lots of people fleeing the high cost of living liberal areas for free America.

The real estate market here in Florida is nothing short of completely retarded right now. A home up the street from me went up for sale. Appraised at $399k (which is insane for this particular property). Listed at $410k. Sold in three days for $417k. When the market finally corrects itself, which it always does, all these people who threw loads of money and financing into all these properties are going to be crazy upside down. And me, well I'll be looking for a very nice foreclosure property I can buy through a bank broker for a song.

quote:

Originally posted by Edmond:
Yep. Homes in the area we are looking to buy in are selling within a week and often over asking. Lots of people fleeing the high cost of living liberal areas for free America.

And trying to get away from riots/looting/arson permitted by the commie mayors and state's attorneys.

Same thing happened after the riots in the late 60's, and it took decades for the cities to recover, except for places like Baltimore and a lot of Detroit that never didd.

And when they finally did recover 3 or 4 decades later, they had about 1 or 2 decades of growth, increasing property values, small business expansion, and lower crime until last year. Now the cycle will repeat and the cities will go to shit again, some never to recover.

quote:

Originally posted by Lefty Sig:

quote:

Originally posted by Edmond:
Yep. Homes in the area we are looking to buy in are selling within a week and often over asking. Lots of people fleeing the high cost of living liberal areas for free America.

And trying to get away from riots/looting/arson permitted by the commie mayors and state's attorneys.

Same thing happened after the riots in the late 60's, and it took decades for the cities to recover, except for places like Baltimore and a lot of Detroit that never didd.

And when they finally did recover 3 or 4 decades later, they had about 1 or 2 decades of growth, increasing property values, small business expansion, and lower crime until last year. Now the cycle will repeat and the cities will go to shit again, some never to recover.

If that were the case, this would not be true.

http://www.homebuyinginstitute...t-ranked-number-two/

My brother is an agent (currently contracted with a few people as a seller's agent) in western PA. They can't get one to land. Every time they are outbid, even though they are consistently bidding OVER asking price. Low inventory and ape shit low interest rates.

We had over 100people show up to an open house, sold the first day!!!!!! Sold from the pics, the buyers never saw it in person, Pass or fail inspection, much over asking........ crazy...

I hope the insanity extends to East Overshoe.

Our listing went live yesterday.

If it doesn't sell quickly, I'm afraid inflation will price us out of a new modular.

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

I still don't get where the money is coming from for all this to happen?

Anyone know....??

V.

It’s so nuts here they often don’t do open houses due to excessive turnout, the open houses are by appointment to prequalified buyers only. We just bought a house a couple of weeks ago and they had about 28 showings in two days which resulted in 14 offers over asking price- none had appraisal or inspection contingencies of any kind. Lots of out of state buyers, many from urban or near urban areas.

Cash deals here. Place across the way sold for 700k more than they bought it for 2 years ago. Almost double the price. We are getting calls and solicitations to sell, and zillow is way behind on pricing. We are on the water near downtown but still crazy. Problem is you sell, you need to buy in this crazy market.

3 properties have sold in last 3-4 mos, all in days and above ask price. This is nuts

My BIL listed his house in Litchfield Park, AZ last week. 14 showings the first day and sold with a cash, no contingency offer the same day.

Well I’ve been upside down for a while and it’s always seemed to be a buyer’s market for me when I’ve looked at selling it before so I’m glad the tide has turned in my favor for once.

And I’m not in the situation of then having to find a new house in this market, thankfully. The one we are in has appreciated nicely in just 3 years and we aren’t going anywhere.

I do agree though, this is totally a 2021 version of tulips in 1600’s Holland.

We bought our current house 6 months ago. The value has increased over $50K since hen.

If the house across the street that just went on the market sells for anywhere near their asking price, ours will increase significantly more.

quote:

14 showings the first day and sold with a cash, no contingency offer the same day.

I only have one "close" neighbor and they just sold their home in the same fashion. Buyers coming from San Diego which makes me bit nervous.

The real winners here are the real estate agents that are actually making more for doing even less than normal.

A friend of mine got transferred to the DFW Texas area. When he put his house up for sale he had ten cash offers after/during his first open house. All over his asking price by a significant margin. Yeah, it's a real sellers market for sure.

quote:

Originally posted by a1abdj:


The real winners here are the real estate agents that are actually making more for doing even less than normal.

Not really. There is very low inventory. Realtors can’t make money if there aren’t enough houses to sell. Currently in my area there are more realtors than listings. Selling quick isn’t less work either. Having 100 people show up to open house is a nightmare. Showing buyers everything on the market and they get outbid all the time is a lot of work also. My fiancé has no appointments today and it’s Sunday in spring market. That’s unheard of usually.

We've lived in our house for 18 years and it is finally getting too much to maintain for us. We're gone about half the year to Florida and don't need the size or the acreage anymore. I expect it to sell very fast and at about double what we have in it. Great time to sell but bad time to buy.

The Florida market is beyond crazy as Bigdeal has said. I have lived South West of Disney for almost 22 years and the area has grown in ways I did not think possible in such a short time.

The roads around where I live are always backed up I4 is always a mess but they still keep building and people keep buying. Prices around here are just insane and it does not look like it is going to change any time soon.

We bought our house for cash 22 years ago and right now it is easily worth more than twice what we paid for it. We are lucky we have a small front yard but a nice size back yard compared to the homes they have been building around here the last five to ten years.

A brand new development right outside our development may have sold out before the first house was even built.

There is another development right out side ours that is selling homes,1500 sq feet,two story's with no property right on top of each other for over $200,000 dollars starting price.

They have been building condos,town homes and apartments and they are filling them as fast as they can finish them.

I am waiting for another housing collapse and it will be much worse then the 2008/2009/2010 depression.

PASig is in the perfect situation for the times.
You are selling and don't need to find another place to live yourself.
My wife's a Realtor and people think they are making great money selling their residence until they look to find another place to live. Then they pay the inflated price on the new place. How long this lasts, who knows.
The people this can help are the ones that have to pay PMI on a loan due to making a low or no down payment. They can often refi at a slightly lower rate and drop the PMI due to a higher appraisal. Also some who were upside down from a previous purchase may now be able to move if needed.
Buying land and building is also a tricky proposition right now with building costs skyrocketing. You may think you did well only to discover your cost at the end of building is much higher (and takes much longer) than you planned.