|
03-29-2021, 11:42 AM | #68 | |
Lieutenant Colonel
4801
Rep 1,932
Posts Drives: Here and There Join Date: Jul 2013
Location: North Georgia Mountains
iTrader: (1)
Garage List 98 Lexus LS400 [10.00]
16 Toyota Land Cruiser [10.00] 97 Toyota Land Cruiser [8.33] 11 BMW E90 M3 Stripper [10.00] |
Quote:
|
|
Appreciate
1
Tommy-G4605.00 |
03-29-2021, 12:59 PM | #69 | |
Brigadier General
741
Rep 4,635
Posts |
Quote:
In 6-12 months we will be in a completely different kind of market and I will be ready to buy. In the mean time use the low interest rates to your advantage and refinance current equity and invest that money into an alternative revenue stream and save for the eventual crash.
__________________
Follow my BMW instagram @CARMODIFICATION Let me know you are from bimmerpost and i'll follow back
|
|
Appreciate
0
|
03-29-2021, 01:02 PM | #70 |
Brigadier General
741
Rep 4,635
Posts |
so essentially nothing? Houses are going over asking by $100k over here lol.
Don't think in cents and dollars. Think in opportunity cost always.
__________________
Follow my BMW instagram @CARMODIFICATION Let me know you are from bimmerpost and i'll follow back
|
Appreciate
0
|
03-29-2021, 01:48 PM | #72 | |
Banned
7919
Rep 1,923
Posts |
Quote:
But realistically, you can hire an appraiser for $350 and get a solid value for your house if you are uncertain and save on those realtor fees. That's likely the route I would go in this market - just don't see what a realtor really does for me. I'd probably be stuck paying the other side's 2.5% though. |
|
Appreciate
0
|
03-29-2021, 02:03 PM | #74 |
Colonel
5898
Rep 2,008
Posts |
We tried listing our house like 1 or 2 years ago. I didn't feel like the realtor really brought anything to the table. All he really did was list it online and show it whenever someone would request to see it. I can pay a photographer and list it online myself. The thing for me I guess would be doing all the paperwork etc, but I'm sure you can hire a lawyer or someone who does that without having to give up 6% or whatever it is.
From the buying side I have also not found a whole lot of value to the realtors. It doesn't cost me anything as a buyer so I've used a realtor each time. Maybe it's slightly helpful if buying in a new area like we are looking to do. They know more about good and bad area and can explain certain things that work differently in different states. Other than that aspect they basically do the same thing. Ask me what we want and then sign me up for automated MLS emails. Schedule showings for whatever we want to see. |
Appreciate
0
|
03-29-2021, 02:18 PM | #75 | |
Lieutenant Colonel
4801
Rep 1,932
Posts Drives: Here and There Join Date: Jul 2013
Location: North Georgia Mountains
iTrader: (1)
Garage List 98 Lexus LS400 [10.00]
16 Toyota Land Cruiser [10.00] 97 Toyota Land Cruiser [8.33] 11 BMW E90 M3 Stripper [10.00] |
Quote:
|
|
Appreciate
0
|
03-29-2021, 03:26 PM | #76 | |
Major General
5906
Rep 5,507
Posts |
Quote:
I'm an environmental consultant and work largely in environmental compliance and commercial/industrial property transactions. I'm required to understand the federal AND state regulations for the states and countries I do work in as well as building systems, how to read plat maps, real estate, and transaction documents. We've been looking for a new home for 1.5 years now, the search area confined generally to one county. As a realtor, I would think you'd want to know the basics about homes like a general understanding of mechanical and electrical systems, how septic and sanitary systems work/servicing, availability of utilities to the property, the city/dept that has control over building permits and contact information for them, etc. I've never come across a realtor that knows these details. I just get blank stares followed by a "let me look into that". In the end, I'm the one doing all the legwork because I know how to find the information quickly because of my job. I get the sense that most realtors saw the dollar signs and put in minimal effort. They also avoid digging in too deep to not identify potential deal breaker issues. For example, what is the trend and zoning of the surrounding area? Your client might be pissed to find out that the vacant ag land across the street is zone commercial and will be a brightly lit Walmart or a 1/4 mile away is a mine with permits to mine under the property because the title to the property you're looking at doesn't include mineral rights. As a home buyer, you really need to do your due diligence because chances are your realtor won't or they'll intentionally miss it. Finding the zoning can easily be found on country GIS databases and development on nearby properties done with a Google Earth review.
__________________
The forest was shrinking, but the Trees kept voting for the Axe, for the Axe was clever and convinced the Trees that because his handle was made of wood, he was one of them.
|
|
Appreciate
0
|
03-29-2021, 03:46 PM | #77 | |
Colonel
5898
Rep 2,008
Posts |
Quote:
Feels to me like that quote from buffet or one of those guys... be fearful when others are greedy and greedy when others are fearful. Others be crazy as fuck right now so I think we will hold off. We will probably hit the road in our RV soon and won't really be looking again probably until the end of the year. Will reevaluate at that point. |
|
Appreciate
0
|
03-29-2021, 08:38 PM | #78 | |
Private
30
Rep 84
Posts |
Quote:
|
|
Appreciate
1
CPWINCH740.50 |
07-06-2021, 07:37 PM | #79 |
Lieutenant Colonel
3472
Rep 1,747
Posts |
Real Estate Market
Has anyone who lives in a hot market recently sold? Did you buy a new house in the same market or move out of state?
Where do you all see the overall housing market going in the next 2-3 years? |
Appreciate
0
|
07-06-2021, 07:45 PM | #80 |
Major
3633
Rep 1,397
Posts |
Many in the industry don’t see our state suffering a reset if that’s what you’re getting at.
That said, after buying my first home in 2006 and subsequently trying to get out of said home in 2009… I trust no one about any housing market future. |
07-06-2021, 08:23 PM | #81 |
Colonel
7855
Rep 2,482
Posts Drives: 9Y0 Cayenne S Join Date: Mar 2019
Location: Einbahnstraße
|
I don't see a softening. I can envision a cooling off to something "normal". By no means do I suggest prices will decrease, but rather selling volume and prices will mean revert. Fewer situations of 10 cash offers 20% over list price on first day of the listing.
Selling means you need to buy. We are seeking a rental and are considering buying for the sole reason it opens up our potential solution set. It's a tough market to be a buyer or a tenant seeking a rental. |
Appreciate
0
|
07-06-2021, 08:38 PM | #82 |
Lieutenant General
11663
Rep 12,770
Posts |
i think things are going to be strong for a little while longer. i don't think we're headed for a crash, but maybe a slight cooling. this summer is shaping up to be the hottest market with interest rates staying low. the factors that caused the 2007 crash are not in play.
that said, i'm currently selling one of my rentals to reel back a little bit. we'll have another paid for rental and no debt besides our primary mortgage. i always thought i would never sell, but this is just too good of a move not to. i'll probably pickup another rental some day, but when the market is more in my favor.
__________________
Instagram; @roastbeefmike
|
Appreciate
0
|
07-06-2021, 08:48 PM | #83 |
Hoonigan
6941
Rep 3,016
Posts Drives: '09 328i, '98 Wrangler Join Date: Dec 2016
Location: Connecticut
|
I think things will cool off a bit (not crash) for two reasons:
1. Lumber production is catching up. 2. Some of the work from home employers are calling employees back in.
__________________
"Yeah, but your scientists were so preoccupied with whether or not they could, they didn't stop to think if they should."
-Dr. Ian Malcolm, Jurassic Park |
Appreciate
0
|
07-07-2021, 07:43 AM | #85 |
Recovering Perfectionist
19972
Rep 996
Posts |
I'm thinking that someone's post here in another thread describes the next year of the RE market. The government moratorium on evictions/foreclosures due to COVID is about to expire, and banks have piles of paperwork waiting to be filed as soon as the moratorium expires.
As the mask mandates wind down, so does housing demand in our region from city people looking to flee the COVID plague in the city. As the foreclosures hit the market, the housing supply will increase significantly. Decreased demand combined with increased supply. The rest is left as an exercise for the reader.....
__________________
Currently BMW-less.
|
Appreciate
2
cmyx6go16729.50 CTinline-six6941.00 |
07-07-2021, 08:22 AM | #86 | |
Major
2241
Rep 1,347
Posts |
Quote:
I think ex/suburban markets will cool off a bit to the point where people could end up negative, I dont know how urban RE can go anywhere, it might calm down now that the materials costs arent quite as bad post covid but you cant make new land easily. A lot of my neighbors upgraded or, if they were retired and could downsize, cashed out. Im staying put, its the "Id get 30% more than Id think my house is worth but would be paying 30% for the next house too" thing. |
|
Appreciate
0
|
07-07-2021, 09:33 AM | #87 |
Colonel
3926
Rep 2,545
Posts |
IMO, you might see a small dip here and there throughout the years, but i dont see it coming crashing down in most areas.
for example, here in colorado, there is an estimated million unit shortage. It is going to take either a massive migration out of state or a massive increase in production to make up that difference. I think back 5 years or so when Colorado's RE market was skyrocketing and people were speculating that we were in the bubble and it was going to stay stagnant or drop. 5 years later, my house has doubled in value and houses in my area are selling within a week at these values.
__________________
|
Appreciate
0
|
07-07-2021, 11:32 AM | #88 |
Brigadier General
5490
Rep 3,304
Posts |
Maybe someone can explain this to me. I get that housing demand has been increasing over the years which has driven up prices. What I don't get is this overnight boom that's to me artificially driving up prices to bubble levels. I've heard everything from low interest rates and pent up demand causing the huge demand. Well, what good is low interest rates if you're losing that savings by paying above what is "reasonable" market for a home. Then the huge demand. People were living in homes before this run up. I don't see a mass of homeless people all of sudden getting financially healthy that is significantly adding to the pool of buyers. I heard financial institutions are playing into this frenzy by buying up real estate. I'd like to know how big a percentage it is.
This is all the same in my eyes as the craziness going on in new and used car sales. It seems people just flushed any common sense they had down the toilet. Here is a classic example of this irrational behavior: https://www.washingtonian.com/2021/0...ing-88-offers/ |
Appreciate
1
CTinline-six6941.00 |
Post Reply |
Bookmarks |
|
|