GrantK
Well-known member
Our median change in value for residential 2020-2023 was +66% in my county... I can't imagine trying to get started in that reality...
Im bowing out
- Thread starter Bigjay73
- Start date
DouglasR
Well-known member
I’m not smart, does this mean there was a bidding war for 22% over asking?
D
Deleted member 28227
Guest
Yeah so asking was $585k, someone put in an offer for $750k, their offer won. Then during the inspection they found a big issue and they settled with the seller for $715… so 22% aka $130k over asking.
Plus I doubt it appraised so they had to have a lot of cash.
Wildabeest
Well-known member
DouglasR
Well-known member
In shit hole Michigan?!?!
i just don't get it. these were the stories you were hearing everywhere in the country at the end of 2021 and most of 2022. even the national data is indicating a slow down. i'm just blown away it's still happening. i would not be dicking around with bidding wars during interest rate increases and an economy that seems to be teetering.
i'm keeping tabs on homes in my neighborhood that have been on the market for 30+ days now and have had 3-5 price drops. and we live in the boulder bubble, it's a pricey place to live. i dunno, the higher you climb the harder you fall sometimes i guess?
heck if i know what's going on. maybe the bidding wars are happening around me and i just don't see it
our mortgage would be about 1000-1100 more if we bought it for the same price on todays interest rates....
Dougfirtree
Well-known member
All the stories make me feel lucky. Market demand has increased the assessed value of my 2100 sq ft house on 7 acres from 220,000 to 250,000 since Covid. Still pretty reasonable around here...
D
Deleted member 28227
Guest
Rinella spot blowing AGAIN!
DouglasR
Well-known member
Anybody been eyeing the markets within a days drive of summit?
Omaha, Lincoln, Kc?
What are they doing?
Omaha, Lincoln, Kc?
What are they doing?
D
Deleted member 52098
Guest
We bid $70k over asking on our house (2022) and were not the highest offer by far, but our realtor had good terms in there and at most we risked $5,000 if there was anything super major on the inspection. And it appraised for over what we offered, so huge win for us.
Felt INSANE at the time to do so, but we wouldn't have been able to even look at our house THIS year in the current market. The rates and when we bought aligned perfectly, zero regrets, but it was an insane process that stretched from Jan 2 to May 2 last year.
Can't imagine trying to do that right now. Bummer about the house @wllm
Felt INSANE at the time to do so, but we wouldn't have been able to even look at our house THIS year in the current market. The rates and when we bought aligned perfectly, zero regrets, but it was an insane process that stretched from Jan 2 to May 2 last year.
Can't imagine trying to do that right now. Bummer about the house @wllm
DouglasR
Well-known member
I’ve always wanted to buy one of these just to have it.Stop being so picky and tell the wife she has to commute. Look at this beauty...
16597 Prairie St, Detroit, MI 48221 | Zillow
16597 Prairie St, Detroit MI, is a Single Family home that contains 1012 sq ft and was built in 1925.It contains 3 bedrooms and 1 bathroom.This home last sold for $4,000 in May 2017. The Rent Zestimate for this Single Family is $1,170/mo, which has decreased by $77/mo in the last 30 days.www.zillow.com
Will they give you a 30 year on something like this?
It’d be like 50 bucks a month.
And it’s like how could it go down any further?
DouglasR
Well-known member
As a seller, if you get 22% over asking do you feel lucky or stupid?
Nick87
Well-known member
Who's gonna sell a house right now? After they refinanced during covid at 2.5%. That's not helping either
The selling price is the market value, no luck or stupidity.
D
Deleted member 28227
Guest
I think that’s exactly the issue, just zero inventory.
DouglasR
Well-known member
It’s the market value on that particular day?
D
Deleted member 28227
Guest
Just chatted with a buddy who is looking for a place here in Boston, they are 11 offers in… same kinda deal. Always going over asking, waiving everything… just 10 to 1 buyers to sellers.
Prices are snapshots in time based on what’s being sold and the interested buyers.
I had a neighbor list his house last summer at $1.6 million and sell in a few days. Another neighbor a few houses from him listed a few weeks later at $1.3 million. Main difference was no horse barn. Neighbor B took six months and sold at $900k. Only major difference was no horse barn and available buyers.
