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Old 03-22-2021, 09:02 PM   #21
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Buy a Lambo and a Ferarri ! Ha .. ok, a joke. But seriously ...

It's true, houses all over are appreciating pretty fast, you may want to start looking around in an area where you want to live.

You need to create a list of criteria where you want to stay for the next 10 years and create this criteria with the spouse. What were you looking for that made you want to sell your current house. And then start looking. If there's a bargain, go for it.

Just be wary for certain States. I read that in California, a cash buyer was not able to move into their home for 1 year, because the seller wanted to stay after the buyer paid - and he could not be evicted due the eviction moratorium from the pandemic.
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Old 03-23-2021, 07:11 AM   #22
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The housing market here is insane. I received a flyer from another local realtor yesterday offering incentives to list with them. Using a real estate application the inventory in the area is five homes that are way overpriced and a dozen that start over a million.

We bought 5 years ago for 370k, supposedly we can get 550k but where would we go? A neighbors house that didn't sell for for 600k a couple years ago was just listed at 840k.
My memory says there's been 6 homes in our neighborhood that have sold in the past year, none were on the market over a month.
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Old 03-23-2021, 08:57 AM   #23
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What State is this ? California ?

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The housing market here is insane. I received a flyer from another local realtor yesterday offering incentives to list with them. Using a real estate application the inventory in the area is five homes that are way overpriced and a dozen that start over a million.

We bought 5 years ago for 370k, supposedly we can get 550k but where would we go? A neighbors house that didn't sell for for 600k a couple years ago was just listed at 840k.
My memory says there's been 6 homes in our neighborhood that have sold in the past year, none were on the market over a month.
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Old 03-23-2021, 09:08 AM   #24
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What State is this ? California ?
Colorado 4 corners area. According to a local realtor folks are moving here from California, some from AZ after being pushed out of their markets.
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Old 03-23-2021, 09:17 AM   #25
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Colorado 4 corners area. According to a local realtor folks are moving here from California, some from AZ after being pushed out of their markets.
Oh man, yeah, Colorado real estate is crazy. Million dollar homes. Still wondering who can afford those 50 million - 150 million homes in Aspen
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Old 03-23-2021, 12:48 PM   #26
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Oh man, yeah, Colorado real estate is crazy. Million dollar homes. Still wondering who can afford those 50 million - 150 million homes in Aspen
My sister sold her condo townhouse in Aspen in 2007 for enough to buy a large home in an exclusive North Carolina mountain equestrian/golf neighborhood and half of a LearJet to fly there in. Her neighborhood has its own private airport lined with King Airs.
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Old 03-23-2021, 12:55 PM   #27
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What State is this ? California ?
Doesn't matter, California, Colorado, Arizona, real estate is hot everywhere. Situation is the same here in western Oregon. Houses sell the same weekend listed in many cases. The ones that aren't spruced up, and maybe pushing a bit too much on the price, they take a week or two to sell. Common practice of listing realtors for any house in show-ready condition is to set a deadline for offer submission, then sit back and wait for the multiple offers.
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Old 03-23-2021, 12:55 PM   #28
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We were not sure.

We sold our house. Then we decided to travel. Put everything in a 16 ft. container. What did not fit, we gave away.

Moved to a rental condo 10 months later. The real estate market was going down so we invested the monies. Rented for four years and happy that we did. Real estate continued to go down, our investments performed well.

Plus, during that time we changed our minds about what type of home or condo we wanted. It really paid dividends to wait until we were certain. Nothing wrong with renting....depending of course on the market in your area.
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Old 03-23-2021, 01:29 PM   #29
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Northern Nevada real estate market is insane also. Put our house on the market Friday morning and 33 showings scheduled between then and Sunday afternoon. We had 4 offers and 2 were 30k over asking. Sold a 1950’s 1400 sq ft house for 400k.
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Old 03-23-2021, 02:55 PM   #30
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Wow, this thread is insane. As the OP of three thread I’m still not sure what the answer is but it’s either going to be good to sit out for a year and rent and see…or really sad.

I just wonder what will happen. The laws of supply and demand say that something will happen to normalize this insane market. Wish I knew what the answer was…
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Old 03-23-2021, 03:40 PM   #31
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No, insanity is what we have in the Hawaii housing market. In February 2020, the median 3-bedroom home sold for $768K, median days on market=21. One year later, & it's $920K, & 11 days on the market.

Actual sale prices, $998,944 in 2020, $1,171,596 in 2021. Believe me, you would NOT want to buy one of the "median-level" houses! Yes, rent, with a fixed option to buy, if you can get it.
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Old 03-25-2021, 07:42 AM   #32
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Keeping your home sale proceeds in cash, or readily convertible to cash, means you can make a strong purchase offer on a new home. From what I read, and from knowledge of my own area, this is the most extreme seller's market nationwide, perhaps ever. Pandemic has shut down supply, but historic low interest rates have kept demand high. Inventory of homes for sale is one month or "less". Any home coming on market goes within a few days, often with multiple offers and bidding war. Meaning, if you can be an all cash buyer, not needing to go the mortgage route, you can successfully compete for homes against most other buyers. But you have to be on your toes and be there as soon as a home is listed.
We just did this and still were out offered. On a house with a $600k list price, we offered $685,000 cash, 0 contingencies, flexible closing date and still did not get the house. It had high HOA fees and taxes for our area and needed about $15,000 worth of work. Just crazy! Then another one we wanted to see, when the listing posted, it posted as "pending". Our realtor immediately called us and said someone offered quite a bit over list sight unseen! Ugh!
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Old 03-25-2021, 01:13 PM   #33
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We just did this and still were out offered. On a house with a $600k list price, we offered $685,000 cash, 0 contingencies, flexible closing date and still did not get the house. It had high HOA fees and taxes for our area and needed about $15,000 worth of work. Just crazy! Then another one we wanted to see, when the listing posted, it posted as "pending". Our realtor immediately called us and said someone offered quite a bit over list sight unseen! Ugh!

What area was this in? Crazy!
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Old 03-26-2021, 09:03 AM   #34
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Happening to me right now. I want to be in the 4 Corners area (or Utah in general, in or south of SLC) but but my realtor contacts in SCL and in Santa Fe say either be there and ready to view --and offer -- within 2 hours of listing, or be willing to offer sight-unseen. Set up alerts on all the real-estate aps.

They both counseled: Cash, flexible closing date, be prepared to offer 20% over listing with no contingencies. I said I would NOT waive inspections, and both realtors said that would probably kill any deal I tried to make.
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Old 03-26-2021, 10:34 AM   #35
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Wow, that's insane. No way am I buying a resale sight-unseen or waiving inspection. We've been thinking about moving to the Melbourne, FL area and will go look at home options in Viera next month, but this doesn't sound promising.
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Old 03-26-2021, 10:53 AM   #36
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Update. We had a full cash offer (with escalation up another 6% above ask if needed) within a day with just an inspection. Now they asked for 8k of credits based on wanting a deeper water well. I’m sticking to my guns and offering nothing. It’s a sellers market so this seems like I shouldn’t budge…my realtor said it was a bad idea and they might walk. The chances of that seem very slim to me. The realtor is just looking out for their commission. I didn’t like that.
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Old 03-26-2021, 10:58 AM   #37
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Update. We had a full cash offer (with escalation up another 6% above ask if needed) within a day with just an inspection. Now they asked for 8k of credits based on wanting a deeper water well. I’m sticking to my guns and offering nothing. It’s a sellers market so this seems like I shouldn’t budge…my realtor said it was a bad idea and they might walk. The chances of that seem very slim to me. The realtor is just looking out for their commission. I didn’t like that.

If your well works now, say no to the $8K. Not your problem if they want a deeper well.
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Old 03-26-2021, 11:04 AM   #38
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Even here in the New Orleans suburbs, in my neighborhood there are only 9 houses listed for sale. And, of those, only one is available (a brand new listing at a ridiculously high price) as the other 8 are under contract.

Of all people, members of this forum know how deliriously happy I have been with my Dream Home, that I bought in 2015. I have posted about it a bazillion times. It is just an average 1500 sf home built on a slab back in 1965, nothing fancy, but honestly it is exactly the home I have always dreamed of owning and it is right next door to Frank's home. Every morning when I awaken I am so thankful to be living in this wonderful, perfect-for-me house.

Little did I know that less than 6 years after I bought it, prices would skyrocket like this, and availability would drop to nearly zero, though! Empty lots are selling for twice what I paid for my Dream Home just a few years ago.

Oh, and by the way, even back in 2015 I only managed to snag this home by submitting a full price cash offer before it even hit realtor dot com. I found out about its availability by seeing the realtor putting up the "for sale" sign after dark one night, and had the offer in just 20 hours later. I can't even imagine what buyers are going through now.
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Old 03-26-2021, 11:09 AM   #39
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Update. We had a full cash offer (with escalation up another 6% above ask if needed) within a day with just an inspection. Now they asked for 8k of credits based on wanting a deeper water well. I’m sticking to my guns and offering nothing. It’s a sellers market so this seems like I shouldn’t budge…my realtor said it was a bad idea and they might walk. The chances of that seem very slim to me. The realtor is just looking out for their commission. I didn’t like that.
If it meets the standards legally required for a certification of occupancy, then I think you probably did the right thing. If they walk, somebody else will buy it.

But if the well is legally necessary for certification that it can be lived in, then you would have to replace the well anyway in order to sell it to anybody. My "Dream Home" that I purchased back in 2015, needed the under-slab plumbing replaced for certification of occupancy. So, the sellers had to replace it at their own expense (over $25K) during escrow. Didn't cost me a nickel.
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Old 03-26-2021, 12:14 PM   #40
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Glad I bought last year at this time. It seemed like a risky move at the time, (with the Dow plunging, COVID fear in full force, hoarding of supplies, etc.), but turned out to be perfect timing. 'Sold for' prices in the area average 15 to 20% higher now.
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