Real Estate - Residential - not sign related

[Vinyl slayer]

Sooo, I'm in the process of looking for property to build a house, or an existing place with a mother-in-law set up. The market here is INSANE. I'm not looking to move away, so much as out of the way - a bit.
The stress of finding something promising is getting too stressful, when it's on the market for 21 hours and before I can schedule something they have 8 offers.

1. is this normal everywhere? - ie - most normal everyday cities. not major metropolis, or small town. but everyday cities with traditionally normal markets?

2. what will happen when the insanity bubble stops. And, when the evictions and foreclosures are allowed again?

It feels like we (I) need to urgently act, but I'm really curious about what's at the end of this insanity burst. wait or jump... i'm more on the waiting side.

thoughts? any one here feeling/experiencing a crazy RE market, and looking for yourself? Or seeing craziness around you regarding real estate?

PS, Sign related - Soooo many relators need signs. That's been keeping me busy.

 

[Notarealsignguy]

Take a deep breath and wait, patience is a virtue. As they say, you make your money when you buy, not when you sell.
Interest rates are low but who wants to hold 50 cents on the dollar just because borrowing the dollar was cheap? That's the risk right now

 

[Texas_Signmaker]

Sooo, I'm in the process of looking for property to build a house, or an existing place with a mother-in-law set up. The market here is INSANE. I'm not looking to move away, so much as out of the way - a bit.
The stress of finding something promising is getting too stressful, when it's on the market for 21 hours and before I can schedule something they have 8 offers.

1. is this normal everywhere? - ie - most normal everyday cities. not major metropolis, or small town. but everyday cities with traditionally normal markets?

2. what will happen when the insanity bubble stops. And, when the evictions and foreclosures are allowed again?

It feels like we (I) need to urgently act, but I'm really curious about what's at the end of this insanity burst. wait or jump... i'm more on the waiting side.

thoughts? any one here feeling/experiencing a crazy RE market, and looking for yourself? Or seeing craziness around you regarding real estate?

PS, Sign related - Soooo many relators need signs. That's been keeping me busy.

I am going though this RIGHT NOW.

We are expanding the family so we needed a larger house. Wanted to find a rental and move quick... NOPE. As soon as a nice rental comes online they have 10 applications in an hour.

So we decided to just pull the trigger and buy. Look at houses and the day they hit the market they have 50 offers and are sold in hours. They are getting $60-$100k OVER ASKING and OVER APPRASIAL. That means you have to come to the table with down payment PLUS the $100k over asking because it won't appraise. INSAINE I can't buy a house that fast with that kind of craziness.

So we decided to build a house. We went all over Frisco and couldn't find a builder that could even write a contract for the next year.. that would be at least two years till we were moving in. Day after Christmas we finally found a neighborhood that had three lots left out of 127.The house was about $150k over our price range we were focused on and much bigger but we could afford it so we decided to be done with the craziness and pull the trigger. Days later they were 100% sold out (and they haven't even started building any of them yet mind you)

My wife reads stuff on her facebook groups of all the people moving here from Cali running up prices and creating a housing shortage. No one can buy a house here. We feel lucky as hell to even lock in the build we're in. They start building next month! Below is what our house is going to look like. We have foster kid so I had to black out the faces.

 

[GAC05]

Sooo, I'm in the process of looking for property to build a house, or an existing place with a mother-in-law set up. The market here is INSANE. I'm not looking to move away, so much as out of the way - a bit.
The stress of finding something promising is getting too stressful, when it's on the market for 21 hours and before I can schedule something they have 8 offers.

1. is this normal everywhere? - ie - most normal everyday cities. not major metropolis, or small town. but everyday cities with traditionally normal markets?

2. what will happen when the insanity bubble stops. And, when the evictions and foreclosures are allowed again?

It feels like we (I) need to urgently act, but I'm really curious about what's at the end of this insanity burst. wait or jump... i'm more on the waiting side.

thoughts? any one here feeling/experiencing a crazy RE market, and looking for yourself? Or seeing craziness around you regarding real estate?

PS, Sign related - Soooo many relators need signs. That's been keeping me busy.

If you are looking to isolate yourself from your mother-in-law - send her here. The weather is nice all year long (mostly) and the 12 -14 hour plane ride distance keeps the relationship friendly.

 

[Fred Weiss]

We are buying our home here in Olympia, WA. After four years we are seeing an increase in estimated market value that is 60% higher than we paid for it. Naturally we've talked about selling and taking profit. The problem always comes back to having to find somewhere else to live and the fact that everything else is so overpriced (and selling!) that there is no justification to sell.

 

[Stacey K]

Very busy here also. I would suggest getting in good with an agent so YOU are the first person they call when they hear of something.

Start asking your customers if they know of anything going on the market. You'd be surprised how many people say someone's parents just went to a nursing home or something like that - not to be mean but hey, we all know what happens. Catch them before they get a Realtor. I ended up buying one house from an online auction. They wanted $75,000 for it before the auction, 2 weeks later I snagged it for $52,000. Check the Sherriffs auctions.

You could try putting an ad out there "looking for home to buy". You can fill out the offer yourself and use the closing company to go through the process, ditch the Realtor and split the fee the seller would have paid. Win win for both.

If you don't have a house to sell and you're preapproved, that puts you on the top of the Realtors list, quick sell. If you have a house to sell, I'd sell it and rent.

 

[Billct2]

It's crazy here too, they say its' all the New Yorkers getting out of the city. They also say people are fleeing CT because of taxes...but must be more coming than going.

 

[Stacey K]

I am going though this RIGHT NOW.

We are expanding the family so we needed a larger house. Wanted to find a rental and move quick... NOPE. As soon as a nice rental comes online they have 10 applications in an hour.

So we decided to just pull the trigger and buy. Look at houses and the day they hit the market they have 50 offers and are sold in hours. They are getting $60-$100k OVER ASKING and OVER APPRASIAL. That means you have to come to the table with down payment PLUS the $100k over asking because it won't appraise. INSAINE I can't buy a house that fast with that kind of craziness.

So we decided to build a house. We went all over Frisco and couldn't find a builder that could even write a contract for the next year.. that would be at least two years till we were moving in. Day after Christmas we finally found a neighborhood that had three lots left out of 127.The house was about $150k over our price range we were focused on and much bigger but we could afford it so we decided to be done with the craziness and pull the trigger. Days later they were 100% sold out (and they haven't even started building any of them yet mind you)

My wife reads stuff on her facebook groups of all the people moving here from Cali running up prices and creating a housing shortage. No one can buy a house here. We feel lucky as hell to even lock in the build we're in. They start building next month! Below is what our house is going to look like. We have foster kid so I had to black out the faces.


View attachment 151864 View attachment 151865 View attachment 151866 View attachment 151867

Will you be using the same color scheme? I really like that! I like the light colored counter in the kitchen, keeps it clean and bright.

 

[Texas_Signmaker]

Will you be using the same color scheme? I really like that! I like the light colored counter in the kitchen, keeps it clean and bright.

Yes.. all white kitchen but we chose a light grey glass tile for backsplash to add some contrast. We removed the stone from the front of the house so it will be all white brick (alpine fog) with very dark roof/trim...We also picked a lighter color floor wood grain floor.

That image of the house at the bottom is just an example of the alpine fog white brick... not the model of our house. That white brick is really popular around here.

 

[Stacey K]

Yes.. all white kitchen but we chose a light grey glass tile for backsplash to add some contrast. We removed the stone from the front of the house so it will be all white brick (alpine fog) with very dark roof/trim...We also picked a lighter color floor wood grain floor.

That image of the house at the bottom is just an example of the alpine fog white brick... not the model of our house. That white brick is really popular around here.

View attachment 151873 View attachment 151874 View attachment 151875

I love it!!! Very classy and clean looking, love the flooring with the texture, and I like the tile to add some contrast, great choices!

 

[gabagoo]

That is a beautiful home good luck with everything. A house like that up here in the suburbs would be going for close to 2,000,000...and at that price you would only get a postage stamp of land...in other words your neigbours are right on top of you.

 

[Boudica]

This is the house we plan to build, if we can find some buildable property, at the size we need:

Mom get's the Junior Suite, kiddo gets the upstairs.

 

[Texas_Signmaker]

This is the house we plan to build, if we can find some buildable property, at the size we need:

Mom get's the Junior Suite, kiddo gets the upstairs.

Nice floor plan and I like that JR suite setup with the sitting area.

That is a beautiful home good luck with everything. A house like that up here in the suburbs would be going for close to 2,000,000...and at that price you would only get a postage stamp of land...in other words your neigbours are right on top of you.

Geezz... we're no where near that much. Ours we're building is 4000 sq. ft. on a postage stamp, all in was $622k. I wasn't looking for anything over 3500 sq. ft or over $500k but this was all that was left. More house than really what we need but we're planning on adding a few kids so that will fill up.

 

[KY_Graphics_Gal]

My sister is a Realtor in Charlotte, NC and she said it is crazy there also. Nothing lasts more than a day or two and you have to be prepared to offer way over asking price. I live in rural Kentucky and everything is pretty normal here. There are houses for sale all over the place.

 

[Texas_Signmaker]

My sister is a Realtor in Charlotte, NC and she said it is crazy there also. Nothing lasts more than a day or two and you have to be prepared to offer way over asking price. I live in rural Kentucky and everything is pretty normal here. There are houses for sale all over the place.

That is crazy to hear that all over there is a housing crunch. I am selling my rent house and it's in a small rural town 2 hours away from any large city and the market is as sleepy as the 5000 residents that live there. I'll win if we break the 6 figure mark on that house.... I'm driving out there this weekend to paint it and clean it up.

 

[Notarealsignguy]

My sister is a Realtor in Charlotte, NC and she said it is crazy there also. Nothing lasts more than a day or two and you have to be prepared to offer way over asking price.

Same thing is going on here. I'm pretty sure that I've seen this show before and the ending sucked.

 

[Johnny Best]

Check your City and county for houses going on auction. With the people out of work because of Covid there will be a lot of people not making payments on property taxes and mortgages. Just sold a house in Buffalo built in the early 1900s. People are moving from New York City to Buffalo because it is cheaper because of taxes. Still New York income tax but lower property taxes and crime.

 

[Boudica]

Check your City and county for houses going on auction. With the people out of work because of Covid there will be a lot of people not making payments on property taxes and mortgages. Just sold a house in Buffalo built in the early 1900s. People are moving from New York City to Buffalo because it is cheaper because of taxes. Still New York income tax but lower property taxes and crime.

That's what I've been thinking... I think the available inventory will be very different in a few months. Although, I really want 1-5 acres, to build a house. Problem is buildable lots are flying off the shelf as fast as the houses are.

 

[SignMeUpGraphics]

That's what I've been thinking... I think the available inventory will be very different in a few months. Although, I really want 1-5 acres, to build a house. Problem is buildable lots are flying off the shelf as fast as the houses are.

I could only dream of property that size. Average block size in Sydney is 380sq.m (0.1 acres) and would probably sell for over $500,000 here.

 

[Vinyl slayer]

I could only dream of property that size. Average block size in Sydney is 380sq.m (0.1 acres) and would probably sell for over $500,000 here.

Holy cow! is that price just for the land, or the land with a house on it?