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Old 06-10-2021, 06:39 PM   #341
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Rodi, why do you need to ready your house for market? Things are so hot it might not bring you more money.
Don't need to do any repairs... but decluttering and removing about 1/2 the furniture would be necessary to get the price we'd want. Timing will be better when our boys move out in the fall - no more surfboards in the living room. No room in the garage because we actually have our cars in the garage.

Plus both boys will be taking their stuff when they move out... which is in August and September respectively... I'd rather not deal with moving their stuff to a smaller place.
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Old 06-10-2021, 07:09 PM   #342
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Don't need to do any repairs... but decluttering and removing about 1/2 the furniture would be necessary to get the price we'd want. Timing will be better when our boys move out in the fall - no more surfboards in the living room. No room in the garage because we actually have our cars in the garage.

Plus both boys will be taking their stuff when they move out... which is in August and September respectively... I'd rather not deal with moving their stuff to a smaller place.
August is right around the corner..
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Old 06-10-2021, 07:16 PM   #343
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If I had to bet, you'll make a tiny bit more by waiting, and almost certainly not lose anything, on selling now vs. the fall.

As far as bidding on the one you just saw? Eh, I know it's easy for me to say, because falling in love and buying on impulse is very on brand for me, but I'd probably just keep that in mind as a good example of what might be out there for you. You're in a good place as you're looking to downsize, so a wait probably doesn't hurt you as much as someone looking to move to a bigger pricier home.
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Old 06-10-2021, 07:56 PM   #344
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If I had to bet, you'll make a tiny bit more by waiting, and almost certainly not lose anything, on selling now vs. the fall.

As far as bidding on the one you just saw? Eh, I know it's easy for me to say, because falling in love and buying on impulse is very on brand for me, but I'd probably just keep that in mind as a good example of what might be out there for you. You're in a good place as you're looking to downsize, so a wait probably doesn't hurt you as much as someone looking to move to a bigger pricier home.



Good point but OTOH, if things keep going like this not much downside in owning two properties.
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Old 06-10-2021, 08:49 PM   #345
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I'm conflicted on what to do with my vacation condo. Condos with lesser views in my complex have sold for roughly twice what I paid for mine. I've enjoyed the condo and planned to keep it for a couple more years but I too am concerned about values going forward. Another bust looming, a leveling off or continued increases from here? I was given a name today of a person wanting to buy in my building so could probably sell w/o a realtor.

Will probably keep it for now. I doubt demand goes away anytime soon. Just hope a hurricane doesn't sneak up on us again this year. Oddly enough.....demand and values seemed to soar after Sally last year.
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Old 06-10-2021, 09:53 PM   #346
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Good point but OTOH, if things keep going like this not much downside in owning two properties.
Not to be argumentative... but there's a big downside to my cashflow... Haven't paid a mortgage in years and don't want to take a tax hit of pulling money from retirement accounts to pay cash for the new place...

But... it's a bit tempting. The condo really is a good fit for what we want... just not right this second.
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Old 06-10-2021, 10:04 PM   #347
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I'm conflicted on what to do with my vacation condo. Condos with lesser views in my complex have sold for roughly twice what I paid for mine. I've enjoyed the condo and planned to keep it for a couple more years but I too am concerned about values going forward. Another bust looming, a leveling off or continued increases from here? I was given a name today of a person wanting to buy in my building so could probably sell w/o a realtor.

Will probably keep it for now. I doubt demand goes away anytime soon. Just hope a hurricane doesn't sneak up on us again this year. Oddly enough.....demand and values seemed to soar after Sally last year.
Quite a dilemma! Especially during hurricane season. That's great that you already have a buyer if you decide to sell.
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Old 06-10-2021, 10:09 PM   #348
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Not to be argumentative... but there's a big downside to my cashflow... Haven't paid a mortgage in years and don't want to take a tax hit of pulling money from retirement accounts to pay cash for the new place...

But... it's a bit tempting. The condo really is a good fit for what we want... just not right this second.

It's all about the timing..maybe you should quit looking so you aren't tempted....
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Old 06-10-2021, 10:22 PM   #349
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We are determined to stay where we are, for good, come what may.

That said, I can't help it - - I keep looking on realtor dot com at the housing, and prices. I will never buy; this is purely entertainment for me.

Oddly I haven't seen a house for any price in any location that has the features I want - - including a reasonably large laundry room (maybe 8x10?), a large stand-alone shower with grab bars, a garage, no stairs, and 800-1600 sf. I guess the fact that every home for sale in the country looks inadequate to me, tells me that I still love my Dream Home and the fact that it's next door to Frank's house is so terrific.


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Not to be argumentative... but there's a big downside to my cashflow... Haven't paid a mortgage in years and don't want to take a tax hit of pulling money from retirement accounts to pay cash for the new place...
Rodi, I bought this house before selling my prior home. My prior home was under contract in 4 days, but took 2 months to close. Those were two very stressful months! So I know what you mean.

I had most of the $$ in the bank, but did have to sell some investments and yes, the IRS hit was no fun. But in 2015, housing prices were not as high as they are now so it was probably easier to handle back then. I just considered the tax hit (and the landscaping project) as part of the cost of my new home.
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Old 06-10-2021, 10:48 PM   #350
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In hot markets when married we bought and then moved out and sold. When the last house was sold because of the divorce the market was very hot and I decluttered the main rooms and cleaned. The giant shed, one car garage , partial basement and his office were full of his junk. The house had been remodeled and painted 9 years before. It didn’t matter. The condo I bought was priced 11k over the sale of the last one in the building that had a extra bathroom and the owner said not to submit a offer if you didn’t have the money to make up the difference. Then the bidding went 20k higher. I waived the appraisal because it didn’t matter. Within weeks of my offer being accepted similar condos were priced that high.
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Old 06-10-2021, 10:49 PM   #351
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You do have to spruce up the house in any market to sell it for the right price. Fresh coat of paint, carpet, take care of deferred maintenance, deep cleaning, declutter and/or move out. Having said that, I have always done buy first sell later approach. It's just easier to move and no double move. Yes, you do have to come up with the extra down payment and carry two mortgages so there is that.
Sometimes the right price is what you can get for not having to spruce up the house. When I inherited DM's house it was a pit. Out in the country, far from support and amenities, and 30 years of poor maintenance and aging. I sold it as is, and I'm sure I could have spent more and made (even?) more. But the price difference was worth it to me to not have to deal with all that crap. Personally, I think the buyer overpaid, but that's because I know what it would take to turn that place into a house I'd consider living in.
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Old 06-11-2021, 02:31 AM   #352
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Hard to know when the timing is right, but we are very glad we bought our place in the So CA desert in late 2019 rather than waiting. Prices have accelerated dramatically since we bought. A place in our neighborhood similar to ours sold within a couple of weeks for a price around 70% higher than what we paid.

Regarding rentals, our coastal condo just rented out for 10% above what our 2019-2020 tenant was paying. New tenant signed a two-year lease and started paying rent a month before moving in just to make sure he got our place. There was another interested tenant who hesitated one day on committing to two years. That cost him the opportunity to live there.
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Old 06-11-2021, 05:46 AM   #353
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Sometimes the right price is what you can get for not having to spruce up the house. When I inherited DM's house it was a pit. Out in the country, far from support and amenities, and 30 years of poor maintenance and aging. I sold it as is, and I'm sure I could have spent more and made (even?) more. But the price difference was worth it to me to not have to deal with all that crap.
Hassle vs better profit. There is a whole industry who would trade hassle for a tidy profit. Prefect house is a requirement in our high end neighborhood. Never mind the buyer who would rip half of the stuff out after the sale is completed.
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Old 06-11-2021, 07:34 AM   #354
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Real estate sales, and real estate rentals, both markets are just a couple of the symptoms of the federal government serial trillion dollar printing press spending programs. $1 today will be worth only 75 cents next year (or next month). Shades of Weimar Germany.
Bolded is hyperbole. And $1 today = $0.75 next year is not Weimar Germany.
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Old 06-11-2021, 10:39 AM   #355
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Bolded is hyperbole. And $1 today = $0.75 next year is not Weimar Germany.
I didn't say it "was" Weimar germany. Don't know what the word "shades" implies?
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Old 06-11-2021, 12:53 PM   #356
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I didn't say it "was" Weimar germany. Don't know what the word "shades" implies?
Pretty long shade. Their inflation rate was 322%. Per month.
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Old 06-11-2021, 01:03 PM   #357
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As always, Wiki is pretty darn good!

Couple of books my professor liked and taught with:

"Weimar, A Cultural History," 1980, Walter Laqueur

"Weimar and the Rise of Hitler." 1979, A. J. Nicholls
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Old 06-11-2021, 01:25 PM   #358
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It's hard to say whether it's a bubble that will burst and prices drop, will they just not grow as quickly in the future after the market cools off.
With interest rates on 30-year mortgages, the last 2.5 years dropping from roughly 4.75% to 2.75%, payments on the same mortgage have dropped 22% so people have much more buying power now than they did a few years ago. In other words, even if houses have gone up 30% percent the past two years, mortgage payments might have barely gone up more than inflation. Also, the stock market is going up even faster than most real estate markets so it takes fewer and fewer shares to afford the down payment even with housing prices going up so quickly.

I think for a lot of the markets that are hot now such as the mountain west region, it will depend on if work from home becomes a more permanent thing or will some of the bosses try to get back to "normal" and try to cut loose some of the people who moved away from home base.
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Old 06-11-2021, 03:04 PM   #359
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What's interesting is a lot of these won't be able to deduct all the interest they pay due to the caps on home value the feds recently put into play.


So yes payments might be lower but they would have to pay some of it with after tax dollars.
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Old 06-14-2021, 09:22 AM   #360
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Back on topic, the residential real estate market in Texas has a long history of gradual appreciation at best, roughly keeping up with inflation. Those of us living here have watched other markets (like California) experience huge increases in valuation with a sense of awe, knowing that could never happen here. Of course "never say never" because it has.

It started in hot spots like Austin and has now spread everywhere. First hand example, the house across the road from us, a 4 BR, 2,700 SF single story home with a pool on 5 acres. It also has an 800 SF building used by a previous owner who had an eBay business.

The current owner purchased it three years ago for $490k and has made no improvements. He put it on the market a few days ago, asking $675k and told me this morning he had a contract for $690k. That's nuts.

I keep seeing articles saying we aren't in a bubble and giving all the perfectly logical reasons for the huge run-up in prices. Whenever I read them I end up hearing "this time it's different". And we all know how historically accurate that statement has been.
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