Real Estate Market must be loco

[moog5050]

I finally had my agent over to my place today.   He didn’t want me to do a thing and already had a likely buyer.  I have to be out of the house on Friday at 4:30 for a showing.  Don’t get me wrong, I do think my place is in great condition but it may sell before it’s ever listed.  I will need top price for that to happen.   Makes me feel even better about the new place.   Good sellers market, especially out my way.  

[corydd7]

My wife and I bought our house in Orange county right before covid. The house has gone up 130k in that time. We have even had a couple realtors reach out to ask if we are interested in selling. 

My mom sold the house I grew up in for way above market value to Rosario Dawson last year (also orange county). Prices are insane.

[luberhill]

My realtor said she has had 2 buyers loose 6 houses so far.

Some offers are coming in at 60k over asking 

avg 2000 sf homes are 400 k

Edited March 3, 2022 by luberhill

[johnplav]

Two listings per 1000 households in Rochester area, and it’s worse in suburbs.  Your house will be a hot commodity. 
https://spectrumlocalnews.com/nys/rochester/news/2022/03/01/data-shows-rochester-to-be-toughest-housing-market-in-u-s-

[moog5050]

1 hour ago, johnplav said:

Two listings per 1000 households in Rochester area, and it’s worse in suburbs.  Your house will be a hot commodity. 
https://spectrumlocalnews.com/nys/rochester/news/2022/03/01/data-shows-rochester-to-be-toughest-housing-market-in-u-s-

My father saw that article. Thx

[Moho81]

My sister in law just bought a house before it was listed and her house went on the market this morning. 4 people already looked at it and one offer is already in at $45,000 over asking


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[moog5050]

1 minute ago, Moho81 said:

My sister in law just bought a house before it was listed and her house went on the market this morning. 4 people already looked at it and one offer is already in at $45,000 over asking


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The funny thing is that little stuff that makes it look new like painting a few walks and replacing carpet in the kids room, I was told don’t even worry about it.  I guess that is fine with me. 

[Cabin Fever]

That's great Brian! I'm sure things will go smoothly with your sale, especially the way the housing market is now! When we had a realtor come to our house, I was expecting them to tell us to do some things to freshen things up. They told us not to do a thing, as the house would go so fast it wouldn't matter! I was more than happy about that! LOL

[Nomad]

You should see it down here . This place is a couple down from the one we’re renting . We know someone here who’s place went from 5 million to 10 million in eight years .

 

Edited March 3, 2022 by Nomad

[moog5050]

34 minutes ago, Cabin Fever said:

That's great Brian! I'm sure things will go smoothly with your sale, especially the way the housing market is now! When we had a realtor come to our house, I was expecting them to tell us to do some things to freshen things up. They told us not to do a thing, as the house would go so fast it wouldn't matter! I was more than happy about that! LOL

Exactly.  I had my own list of things to do.   Realtor basically said it wasn’t needed. 

[moog5050]

28 minutes ago, Nomad said:

You should see it down here . This place is a couple down from the one we’re renting . We know someone here who’s place went from 5 million to 10 million in eight years .

 

Yikes.  That place does not impress but I am not a beach person. 

[Robhuntandfish]

My house is far from yours Moog, but I looked up the estimated realtor values and it is worth double what I paid for it 8 years ago. Cottages down the road that are smaller and don't even have a driveway are going for 50k more than what I paid for mine. I'm not selling as I am happy here but it's amazing. Good luck with the sale and move.

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[suburbanfarmer]

7 minutes ago, Robhuntandfish said:

My house is far from yours Moog, but I looked up the estimated realtor values and it is worth double what I paid for it 8 years ago. Cottages down the road that are smaller and don't even have a driveway are going for 50k more than what I paid for mine. I'm not selling as I am happy here but it's amazing. Good luck with the sale and move.

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A raising tide raises all boats, meaning brace yourself for assessments to go up which means taxes will go higher too  

[Robhuntandfish]

A raising tide raises all boats, meaning brace yourself for assessments to go up which means taxes will go higher too  

That's for sure. I also have to go and raise my homeowners insurance too.

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[Moho81]

she got two more offers over night. she's now at 50k over her asking price. She bought this house in 2019, has not done anything to it besides live in it and she has the potential to make $90k on the sale of the house. 

Makes me wish we where in a better spot to make a move but way to many variables right now to even consider it. 

[sodfather]

It’s a complete joke . And there’s no rules it seems like . The seller is playing with a stacked deck right now . 

[Nomad]

10 hours ago, moog5050 said:

Yikes.  That place does not impress but I am not a beach person. 

Most ,likely it will be torn down, and a new one built . We know someone here that just bought the house nextdoor for 4 million, and is knocking it down to build what they want .

 

[DoubleDose]

1 hour ago, sodfather said:

It’s a complete joke . And there’s no rules it seems like . The seller is playing with a stacked deck right now . 

It's truly supply and demand economics.  When there are many houses and few buyers you need to make your house look better than the competition.  This is fewer houses with many buyers (reckless with cash) who are willing to overpay for houses in as-is condition.  The boating market is the same way right now.  

[The_Real_TCIII]

2 hours ago, Moho81 said:

she got two more offers over night. she's now at 50k over her asking price. She bought this house in 2019, has not done anything to it besides live in it and she has the potential to make $90k on the sale of the house. 

Makes me wish we where in a better spot to make a move but way to many variables right now to even consider it. 

Is she buying another house? 

[Moho81]

Is she buying another house? 

Yes. She actually made an offer on a house before it went on the market. A friend of a friend type deal. Even with it being a friend of a friend deal she is still overpaying for the house compared to what it was worth before the insanity but she not overpaying by a ton. She will probably still walk away with a lower mortgage payment than she currently has which is surprising in this time.


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[Nomad]

58 minutes ago, DoubleDose said:

It's truly supply and demand economics.  When there are many houses and few buyers you need to make your house look better than the competition.  This is fewer houses with many buyers (reckless with cash) who are willing to overpay for houses in as-is condition.  The boating market is the same way right now.  

Yep, when we sold our house in the city ,mid ‘90s it was the opposite of today, there were 70 plus houses for sale on the nearby streets . If a buyer didn’t like the color of the carpet in one bedroom they passed , I say that because I got told that in the “ feedback .”

When we finally sold we did so at a loss, I wrote a check at closing . 

[moog5050]

49 minutes ago, Moho81 said:

Yes. She actually made an offer on a house before it went on the market. A friend of a friend type deal. Even with it being a friend of a friend deal she is still overpaying for the house compared to what it was worth before the insanity but she not overpaying by a ton. She will probably still walk away with a lower mortgage payment than she currently has which is surprising in this time.


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People say overpaying but honestly I think there is a permanent price adjustment on housing taking place.   We will not see prices like we did 3 years ago ever IMO.  Market is what it is - nice being the seller now.   lol

[Lawdwaz]

Lots of us can sell for way over assessed values including some crazy high stupid numbers but if you don’t have a place to go already, you’ll be paying these grossly inflated prices too.   What’s ya gain then?

Oh you want to build huh? Lol……grab your nuts and bend over.   Or as we used to say get bent for lent.  

(sorry to bring religion into this)

[moog5050]

10 minutes ago, Lawdwaz said:

Lots of us can sell for way over assessed values including some crazy high stupid numbers but if you don’t have a place to go already, you’ll be paying these grossly inflated prices too.   What’s ya gain then?

Oh you want to build huh? Lol……grab your nuts and bend over.   Or as we used to say get bent for lent.  

(sorry to bring religion into this)

Building is ridiculous right now.  It was being priced like the builder didn't want to actually do the job.   Not mention that the assessor goes off the new price paid, vs an older pre-covid assessment.

I am very happy with the new place we found and price paid.   To build what I am buying including all the exterior stuff (decks, stone work, hardscape, etc) would have been - well I will just say I would not be happy with the cost.  Now, if I can just get that price I want on my current house, @TreeGuy may have a new customer!

[suburbanfarmer]

4 hours ago, Moho81 said:

she got two more offers over night. she's now at 50k over her asking price. She bought this house in 2019, has not done anything to it besides live in it and she has the potential to make $90k on the sale of the house. 

Makes me wish we where in a better spot to make a move but way to many variables right now to even consider it. 

What would you buy even if you could sell your existing at profit.. you would have to pay the overly inflated purchase price if you beat the bids.