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Holy Moly, It’s Definitely A Seller’s Market For Real Estate: Update Pg 4 Login/Join 
220-9er
Just because you can,
doesn't mean you should
posted Hide Post
quote:
Originally posted by randyman:
My wife's cousin just put her home up for sale in Sugar Hill, GA last week. Small 3BR, 2 2bath ranch with 1/2 finished basement and a second 2 1/2 car garage in the back. Listed at 280K last Friday. Offers came in on Friday ay 270K, 290K, and 310K. Had another final offer on Sunday stating that the buyer would pay 1K over the highest offer. The realtor did not bother showing the house on Monday as the cousin agreed to sell at 311K. The cousin had purchased the home two years ago for around 185K and added another 20K in upgrades. It's just crazy here in Gwinnett county!


That sounds great, but I hope he's already found out what it will cost to find a replacement where he's moving to.
Many people don't seem to understand the same market forces apply to their own next move too.


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Posts: 10091 | Location: NE GA | Registered: August 22, 2002Reply With QuoteReport This Post
Rick Lee
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quote:
Originally posted by 220-9er:

That sounds great, but I hope he's already found out what it will cost to find a replacement where he's moving to.
Many people don't seem to understand the same market forces apply to their own next move too.


That's what I'm talkin' 'bout. I would love to cash out now, since our value has gone up $100k in the last year. But in order for that to really be a gain, we'd need to rent for a year or two until things crash or at least calm down. And that means two moves and storage space while we're at it. I just don't know of any area around Phoenix where I want to live and could get more house for less money at the moment.
 
Posts: 3905 | Location: Cave Creek, AZ | Registered: October 24, 2005Reply With QuoteReport This Post
old rugged cross
Green grass and
high tides
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this housing market is a a lot like the stock market. When the correction comes it is going to hurt. Really hurt for many. Also provide opportunity for those who have positioned themselves to take advantage.



"Practice like you want to play in the game"
 
Posts: 20078 | Registered: September 21, 2005Reply With QuoteReport This Post
220-9er
Just because you can,
doesn't mean you should
posted Hide Post
The people that can really benefit from this bump in market prices are those that pay PMI, private mortgage insurance, due to a low or no down payment situation.
You can refi into a great rate mortgage and due to a much higher appraisal, drop the PMI if you now show over 20% equity.
Then take that extra money that's burning a hole in your pocket each month and pay towards the principal.


___________________________
Avoid buying ChiCom/CCP products whenever possible.
 
Posts: 10091 | Location: NE GA | Registered: August 22, 2002Reply With QuoteReport This Post
Mutiny
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We finally won a contract after trying for quite some time. We lost 5 due to others bidding way over asking. In the market we are looking, most are selling 25%-30% OVER asking prices. Buyers are all cash, and waiving all contingencies. We wouldn't waive the inspections etc. It is such a crazy time right now. I read one economist last night stating that this is the second "roaring '20's. We all know what happened after the roaring 20's, it all came crashing down.
 
Posts: 482 | Location: Out West | Registered: January 14, 2014Reply With QuoteReport This Post
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