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Post by walshb 🦒 on Apr 13, 2021 10:05:42 GMT -5
Is anyone else trying to relocate during this crazy seller's market?
We made the decision last Friday evening to put our house on the market, here in mid-TN. We also priced it at $20K over what the realtor recommended. Before we went to bed that night, we had 3 showings scheduled for early Saturday morning. To make a long story shorter, we received a phone call from our realtor, about the time the first showing was completed. She told me I needed to park the car; we were just driving around, with nothing better to do.
She told us, in all her years of experience, she had never seen an offer like this one. The buyer had been looking for quite some time, and had recently entered into a contract to have a house built, because houses for sale are so scarce here. They are backing out of that contract, to purchase ours. They offered us $65K more than the listing price! The contract says that the buyers will make up the difference between the house appraisal and their offer. The only contingencies are normal things like house inspection, possibly a septic inspection, etc.
Of course we accepted the offer, and now we can look at higher priced houses in GA. But still, so far, can't find "the one". Even when we do, it could easily be gone before we can get over there to look at it. The market is so crazy right now! We may need to just stay in that area so we can jump on it when the right house comes along.
If you have been considering selling, it might be the right time! But buying? You'll probably pay the price unless you're downsizing or have found an area that isn't quite as desirable.
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Post by tahitijack on Apr 13, 2021 10:42:38 GMT -5
Why Georgia?
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Post by Leftee on Apr 13, 2021 11:01:42 GMT -5
It is a crazy seller’s market these days.
Our son and D-I-L bought a house last year, so pretty much the same market. They lost quite a few in offer wars. Bottom line is that the winning offers were usually north of 10% over listed price. They finally landed a house, but it was probably viewed as less than desirable in the market. Although a new and very nice home, the location probably put off most buyers. There’s an active train tack a probably 100 yards behind the house. The trains move slow and the are high banks either side of the tracks. Bottom line is that the A/C is louder than the trains.
So, I would offer to be prepared to look for less than “ideal.”
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Post by Auf Kiltre on Apr 13, 2021 11:21:15 GMT -5
Based on new construction, shortage of inventory, round the clock rush hour traffic, food shortage discussions I've concluded that we're being lied to and that our population is closer to 1 billion. The cattle cars from planet Rebulon will be arriving shortly.
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Post by Leftee on Apr 13, 2021 11:25:37 GMT -5
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Post by slacker 🐨 on Apr 13, 2021 11:46:25 GMT -5
When did this seller's market start? Is it a regional thing?
My BIL/SIL were selling a house about a year ago (Feb 2020) in Kansas and it sat on the market for 6 months. We bought our house in July '19 in Iowa and it had been on the market for 2 years. We got it for quite a bit less than appraised value and way under what it had sold for in 04.
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Post by walshb 🦒 on Apr 13, 2021 11:49:38 GMT -5
Our daughter and all the grandkids are there, plus the wife's whole family, meaning her mother and 5 brothers and sisters and their families. It's where we decided we need to be, there's nothing holding us here in TN any more, since I retired. |
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Post by walshb 🦒 on Apr 13, 2021 11:51:24 GMT -5
When did this seller's market start? Is it a regional thing? My BIL/SIL were selling a house about a year ago (Feb 2020) in Kansas and it sat on the market for 6 months. We bought our house in July '19 in Iowa and it had been on the market for 2 years. We got it for quite a bit less than appraised value and way under what it had sold for in 04. I'm not sure how to answer that! I really don't know, but many homes are selling within days, multiple offers, ours sold in less than a day. It could very well be regional, though. |
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drifter
Halfnote
somewhere on the lost highway
Posts: 57
Formerly Known As: Deacon Blues formerly known as drifter
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Post by drifter on Apr 13, 2021 12:35:07 GMT -5
I've thought about taking advantage of the current surge in the housing market and selling. Looking at what's available and the prices convinced me to hang on to what I've got. It would be hard to replace the comforts I have
here at current prices.
I worry about foreclosures driving prices down, also. Which keeps me from feeling comfortable with a purchase in this market.
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Post by insanecooker on Apr 13, 2021 12:38:39 GMT -5
When did this seller's market start? Is it a regional thing? It's a covid thing. Your BIL/SIL listed it at the "worst time possible", as the first several months of the pandemic plus lockdowns made everyone apprehensive to buy or sell property. Only in May did homes and showings start to pop up again, and it went much crazier afterwards. |
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Post by zenland on Apr 15, 2021 10:40:19 GMT -5
Congrats on getting more than what you were asking for Bill, that's great!
The homes selling in our area (for at least the last 5 years) have had offers over the asking prices except for one.
That was the house next to us and you could barely see it from the street.
He was a hoarder and would not take care of his property.
He sold it for 121K to a flipper and the flipper sold it for 335K a year later after major
renovation and tree removal.
We could have sold our house and moved 60 miles west and just about knocked out any mortgage note within 5 years.
Chose to stay and see the value go up in our area.
Fingers crossed!
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Deleted
Deleted Member
Posts: 0
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Post by Deleted on Apr 15, 2021 10:51:25 GMT -5
The market is crazy here too (WI), houses are selling in less than a day. We want to downside too. Yes, we could get top dollar as well, but we gotta live somewhere, and smaller ones go even faster. Which is a scenario we're not fond of.
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Post by slacker 🐨 on Apr 15, 2021 12:04:01 GMT -5
The market is crazy here too (WI), houses are selling in less than a day. We want to downside too. Yes, we could get top dollar as well, but we gotta live somewhere, and smaller ones go even faster. Which is a scenario we're not fond of. If they sell that easily, just work on buying. You'll have no problem selling yours after you've worked a deal on your new place. |
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Post by Peegoo 🏁 on Apr 15, 2021 18:36:56 GMT -5
That is GREAT news, Bill.
It does depend on the location because many areas have a moratorium on new construction--so new homes are not widely available. It's that way here near Annapolis because the roads are not being developed at a rate commensurate with traffic volume increases associated with new construction.
I think your good fortune is a combination of that and a buyer that wants your specific house in that particular location.
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Post by Seldom Seen on Apr 15, 2021 18:44:19 GMT -5
My wife and I moved to south Texas three weeks ago. She had been looking at TX real estate for a year and right after Christmas I told her we’d better get down there ASAP to find her home. We were quickly able to find an agent with a very suitable property that wasn’t yet listed. We made a cash offer which the seller accepted and the agent cancelled the listing photographer scheduled for the next day. We rented our UT home out to my daughter so no need to sell and or finance. It all worked out rather well because the TX real estate market started to tighten right after that and sellers were getting full price and above offers less than a month later.
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Post by walshb 🦒 on Apr 18, 2021 7:43:28 GMT -5
I've thought about taking advantage of the current surge in the housing market and selling. Looking at what's available and the prices convinced me to hang on to what I've got. It would be hard to replace the comforts I have here at current prices. I worry about foreclosures driving prices down, also. Which keeps me from feeling comfortable with a purchase in this market. I’ve seen several foreclosures in the area where we are looking, but so far I haven’t seen or heard anything about them driving down prices. I guess that remains to be seen. |
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Post by jhawkr on Apr 18, 2021 8:09:33 GMT -5
My son and family just sold their house in Wichita in 2 days. They went to Branson for the weekend and had 10 offers over asking price when they returned. They had already bought another house so we’re happy it sold quickly. Even distressed properties are bringing good money here and nice houses are bringing premium prices. So getting more for your house allows you to keep pace with the market hopefully.
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krrf
Wholenote
Posts: 375
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Post by krrf on Apr 18, 2021 8:16:25 GMT -5
Our daughter and all the grandkids are there, plus the wife's whole family, meaning her mother and 5 brothers and sisters and their families. It's where we decided we need to be, there's nothing holding us here in TN any more, since I retired. If you are looking at the eastern part of the state on the ocean, I'd go for either SC or FL over GA. |
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matryx81
Wholenote
I think I know the reason but I can't spell it.
Posts: 770
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Post by matryx81 on Apr 18, 2021 8:28:22 GMT -5
It`s a cookbook! We have considered putting the house up for sale but then we have to buy high. That part is not entirely appealing. |
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Post by Seldom Seen on Apr 18, 2021 13:38:58 GMT -5
Obviously the trick is to move from a higher priced market to a lower priced market which isn’t always realistic. If we’d have settled on the Austin area, fughet about it.
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WireDog
Wholenote
Posts: 298
Age: 68
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Post by WireDog on Apr 22, 2021 3:05:15 GMT -5
Luck was with me. I bought a house and moved up a notch this past November, just before things heated up much here in this region of North Carolina.
We watched two houses we liked get sold in one day and realized we needed to be prepared to act quickly. Soon after, we saw "the one" and snatched it up at a reasonable price. It had been on the market less than a day and the realtor told us that it was just starting to get like that.
People have figured out how to work from home, plus they are fleeing the cities.
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Post by dukedog on Apr 22, 2021 7:32:35 GMT -5
Wife and I were thinking about buying, so here's our experience.
Location - Richmond, VA (not exactly podunk, but certainly isn't Manhattan)
We like a ~430k list price house. Our agent's recommendation for a competitive offer was the following:
1) Offer min 10% over list. 15% will be better.
2) No escalation clauses. Final, highest offers only.
3) 10k earnest money
4) Waived inspection
5) Free rent back as long as seller needs
6) Additional under-the-table cash as a sweetener (like 5k)
No. Freaking. Way.
This isn't gonna end well for a lot of buyers.
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Post by Seldom Seen on Apr 22, 2021 19:04:06 GMT -5
^ Yikes! ^
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Post by Mfitz804 on Apr 22, 2021 20:18:14 GMT -5
Sellers’ market continues here, everything is selling at or near ask. The whole “offer above listing” thing doesn’t happen much here, probably because the prices are super high.
A lot of people leaving Manhattan for the outer boroughs right now.
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Post by rickyguitar on Apr 22, 2021 23:03:09 GMT -5
We live near Charlotte NC and are looking to leave. Our particular area has been hot 18 months or more. We get calls almost daily asking if we want to sell. I hope we do as well as you! Congrats.
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Post by walshb 🦒 on Apr 24, 2021 6:57:21 GMT -5
We are now on our 3rd offer here, outside of Atlanta. The first we lost due to a contingency on selling our house, and the 2nd due to contingency on closing on our house, even though it's sold and we had "probably" made the highest offer.
Last night we made an offer with no contingencies, we are that sure that our house is sold. The buyers of our present house have already been measuring to put a fence up in the back yard, etc.
The search has been fun but also a little annoying. So many split levels, and so many ranches with the garage in the basement, which means hauling groceries up stairs after every shopping trip. The terrain is so sloped that most houses are built that way; either that or they're two stories or more. At our age, we figure the fewer steps, the better. This 3rd house is a stepless ranch. It's probably the "perfect" house for us, it checks all the boxes except it's not brick, but those are very hard to find here, unless you prefer an older ranch home.
We may find out today if our offer is accepted.
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Post by Leftee on Apr 24, 2021 8:04:15 GMT -5
What side of ATL?
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Post by walshb 🦒 on Apr 24, 2021 8:16:45 GMT -5
NW side. Marietta, Acworth, Dallas, Hiram, etc, possibly White or Cartersville. Dallas or Hiram are about halfway between our daughter and a couple of the wife’s siblings, so those would be ideal. |
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Post by Leftee on Apr 24, 2021 8:23:43 GMT -5
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Post by jhawkr on Apr 24, 2021 9:33:30 GMT -5
I lived in Marietta back in the mid 80’s when I worked at Lockheed. I had a good friend who lived on “Acworth Due West Road”. The names of streets were often interesting and descriptive. I lived in an apartment not far from the “Big Chicken” and Lockheed. The only things I didn’t like were traffic and the humidity.
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