I bought a nice Ranger boat in Jan 2020 because it was a bargain. Paid $38,500. Put in on Craigslist last wk at 49,500 and got my full asking price same day. Good used cars are same way.

I've got a commercial retail lot with an old building on it and it is a hard sell. A brick and mortar fixer upper isn't in much demand and looks like I'm going to auction it off.

quote:

There is very low inventory. Realtors can’t make money if there aren’t enough houses to sell.

There is low inventory because houses are selling the same day they are listed. There are plenty of houses being sold. Sales are 9.1% higher than the same time last year.

quote:

Realtors can’t make money if there aren’t enough houses to sell.

They're bringing in 5-6% commissions on record prices due to demand, and in many cases doing so in less than 24 hours.

So let's see. My neighbor's house sold for $420. If they listed it at 5%, that's a $21,000 commission. Let's assume half to the brokers, and half with the agents. That's $5,250 to each of the agents themselves.

Now I'm sure the buyer's agent has been trying to get their buyers into a home, and it's been a bit hectic. But the seller's agent came out, comped the property, and signed a contract. Called a photographer while driving back to their office, and listed it on the MLS. They'll also attend closing. I'm coming up with about 6 hours of "work". Not a bad gig if you can get it.

I know it's a tough job, and many Realtors like to complain. I know first hand because I have had my license....twice actually. Coming from a family of residential developers, having been licensed, and often working around those in this business, Realtors (registered trademark) have one of the best scams going if you're good at it.

quote:

Originally posted by White Phosphorus:
I still don't get where the money is coming from for all this to happen?

Anyone know....??

V.

I'm wondering this too.

If people were escaping the cities and silicon valley area, the madness would be for suburban areas and acreage. If people were running from the colder areas for warmer surroundings, or vice versa, that would make sense too. But it's everywhere.

People in my part of San Diego are listing homes in the mid $900s with expectations of high $900s. These floor plans sold for low to mid $400s in 2003.

Still wondering where these people are moving to.

quote:

People in my part of San Diego ....

Still wondering where these people are moving to.

Next door to me apparently!

quote:

Originally posted by a1abdj:

quote:

People in my part of San Diego ....

Still wondering where these people are moving to.

Next door to me apparently!

But the previous residents are moving here.

Plus, as bad as California is, you know you're property taxes will not be going up 5%-7% next year.

Just saw that in Bozeman,Montana in February the median house price was $602,000! And most sell in days for their asking price.

Montana is in the bottom for annual income, agrarian economy, little industry. Lots of folks working for $15-$20 an hour or LESS.

crazy times.

Same goes in Central Illinois. We have realtors calling us to see if we want to sell, nothing on the market we want so we're sitting tight. House across the street sold last August, new owners got a job offer in Florida, they had 6 offers the 1st day it listed. Crazy times!!!

I was discussing this with a friend of mine and he says a lot of the buyers in this Philadelphia metro region are actually coming from New York City, they are finding with making everyone working from home they can buy a decent house here to work out of rather than paying $3000 a month for a tiny crappy place in NYC.

I actually had a realtor come to my door last week

We looked at selling and finding a newer and smaller place last summer but decided that while our home value increased by 20% in the last 5 years there was nothing we liked ....not even close for less that 30% more than our home sold for originally.

Nuts, our next door neighbor retired and listed their home, it was under contract in less than 2 weeks.

I am very curious as to what it sold for as it is similar, a bit smaller, than our home but has a pool.

I'd like to take advantage of the craziness going on in the Phoenix RE market now. But we'd jus end up paying a ton for the next place and don't even really know where we'd move to. We want to stay around here, but get a bigger place.

We just listed our house and started showing it yesterday and it’s already under contract for above the asking price without any contingencies. We had multiple offers, none below list price....which I felt was slightly optimistic to begin with. We are relieved to say the least. We found our “next” house first as we know we would have trouble finding one quickly- just had to double up on one mortgage payment.

Same here. I feel very blessed to have gotten my house when I did. I got a Zillow notification around 8:30 am on a Saturday while at work. I texted my realtor that I wanted to see the house immediately after work. I looked at the house around 4 pm the same day and offered full price. The seller had an open house the next day but luckily accepted my offer at noon the next day (20 hours after I viewed the house.)

My house is brand new and had just been completed when it was listed on Zillow. 5 weeks after viewing the house we moved in. After signing the contract I was told the seller's agent told him to accept my offer because it was the 1st offer and she didn't want to bother with a bidding war(I think at the time they weren't sure what the house would appraise at since it's the 1st of it's kind in my city.) I'm sure if he wanted to he could have gotten a lot more then I paid. I was doubly lucky as the house appraised for $10,000 more than the agreed to purchase price. I ended up paying all closing costs ($7,000) but I still ended up closing with $3,000 positive equity right off the bat.

quote:

Originally posted by White Phosphorus:
I still don't get where the money is coming from for all this to happen?

Anyone know....??

V.

The buying is driven by high demand and the money is coming from insanely low interest. This is causing shortages and crazy high building material prices. Once interest starts climbing this should start correcting.

Our neighbors son sold his house and moved back in with his parents. Why? Because like the title of this thread says, it’s a sellers market and then some. His plan is to build a house on some of their land they already own.

I can’t help but wonder if that was a smart move. Sure you can get a lot for your house right now but building materials (especially lumber) are sky high right now. I wonder if he will be able to build a better house and come out ahead when all is said and done.

Not to drift too much but I have a step-son and family relocating from Savannah to the Indianapolis area. They bought in Savannah about 5 years ago so they have some appreciation equity. Since this is not the time to buy what would your strategy be when you moved? Rent for a year to see what happens? I'm just afraid they will take the plunge in the Indy area and then be upside down in a couple years when things correct. (Of course they will do what they are going to do regardless of what I think and I get that)

quote:

Originally posted by ridewv:
This is causing shortages and crazy high building material prices.

$50 for a sheet of 1/2" plywood.
$42 for an 8' 2X12.

"Crazy high" is an understatement. Obscene is more like it.

We were talking about this last evening. With our views and privacy we could sell our place for a significant profit, but why? We would simply have to purchase another over valued place. Crazy!

When the market crashes a lot of people will be grossly upside down and not able to sell at anywhere close to the purchase price.

quote:

Originally posted by PASig:
I was discussing this with a friend of mine and he says a lot of the buyers in this Philadelphia metro region are actually coming from New York City, they are finding with making everyone working from home they can buy a decent house here to work out of rather than paying $3000 a month for a tiny crappy place in NYC.

When we started looking in the beginning of 2020 it was a shock how crazy it was. Appointment showings were more like open houses, multiple appointment showings at the same time. You really had no time to think about it for more than a couple of hours, if you slept on it for one night, 99% of the time you missed out. It was crazy then, seems even worse now. It sure seemed like we were competing against NY'ers more than other PA or even NJ people.

That was in the beginning of 2020. I can't imagine what it's like right now. I still check what is going on around our area and houses are hitting the market and going pending within a day or two.

I told my fiance that the next move for us will be at least two hours from Philly or we area heading south to NC or further down, maybe even TN.

quote:

Originally posted by Gustofer:

quote:

Originally posted by ridewv:
This is causing shortages and crazy high building material prices.

$50 for a sheet of 1/2" plywood.
$42 for an 8' 2X12.

"Crazy high" is an understatement. Obscene is more like it.

3/4 inch plywood is even crazier! We are putting off some projects around the farm - not paying those prices.

LMAO! My realtor called last night and let us know the offers are starting to come in and one was $20,000 OVER asking price.

We are cutting off showings as of Wednesday because we’ve done a shitload of them since the place hit the market on Friday and we will have 7-8 offers by Wednesday and will decide on one then. I was told the first one was a cash offer and no appraisal needed (that could scuttle a deal) and he wants a fast closing AND would like to keep the (great) tenant that’s in there.

HOLY SCHNIKE