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Feb 12th, 2024
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 Re: Real estate nutso
[Re: J.G.]
#8216806
03/27/21 07:33 PM
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Joined: Dec 2010
Posts: 1,668
_Lee
Pro Tracker
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Pro Tracker
Joined: Dec 2010
Posts: 1,668 |
Yall really got me rethinking how much to expect to get on my Moms house in Georgetown. Its 50 years old and has never had anything updated. Needs foundation work but everything basically is "ok". Im sure anyone that bought it would completely gut it and redo everything. Its on tax rolls at about 310000. Not listed yet but a couple realtor friends have unofficially said its worth about 300k. A few comps show about 400 to 450 on similar houses but they have been completely redone. I knew the housing market was bonkers but I still thought 300k was a ton of money for that old house. Couple siblings involved and Im not going to get greedy but I hate to leave a ton of money on the table. If you've got the time to DIY it, it might be worth remodeling. Yes materials are at an all time high, but so is someone to handle the project. Sold our house in Round Rock back in October, building in Georgetown now. I wouldn’t even bother remodeling, bonkers is an understatement for how the market is here. If you list the house on Friday you will be picking from multiple offers over asking by Sunday night.
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Re: Real estate nutso
[Re: Hudbone]
#8216817
03/27/21 07:53 PM
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Joined: Oct 2008
Posts: 16,734
68rustbucket
THF Celebrity
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Joined: Oct 2008
Posts: 16,734 |
Had an agent call the other day. Asked if we thought we would want to sell, I said no. Asked if we would ever sell, said probably not. There’s a reason very few are for sale in our neighborhood, mostly older folks with no mortgage.
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Re: Real estate nutso
[Re: _Lee]
#8216856
03/27/21 09:03 PM
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Joined: Apr 2013
Posts: 8,432
freerange
THF Trophy Hunter
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THF Trophy Hunter
Joined: Apr 2013
Posts: 8,432 |
Yall really got me rethinking how much to expect to get on my Moms house in Georgetown. Its 50 years old and has never had anything updated. Needs foundation work but everything basically is "ok". Im sure anyone that bought it would completely gut it and redo everything. Its on tax rolls at about 310000. Not listed yet but a couple realtor friends have unofficially said its worth about 300k. A few comps show about 400 to 450 on similar houses but they have been completely redone. I knew the housing market was bonkers but I still thought 300k was a ton of money for that old house. Couple siblings involved and Im not going to get greedy but I hate to leave a ton of money on the table. If you've got the time to DIY it, it might be worth remodeling. Yes materials are at an all time high, but so is someone to handle the project. Sold our house in Round Rock back in October, building in Georgetown now. I wouldn’t even bother remodeling, bonkers is an understatement for how the market is here. If you list the house on Friday you will be picking from multiple offers over asking by Sunday night. Thats what I dont get. Everybody keeps talking about multiple offers over asking price and Im sure its true. If its common knowledge then WHY DONT SELLERS ADJUST and ask much more than they think its worth. At some point it will be TOO HIGH and then it will sit and not sell. If a realtor is involved in helping you set the asking price I would hope they would know all this and set a price accordingly. What dont I get? We are about to set a price on Moms house and Im perplexed.
At some point in life its time to quit chasing the pot of gold and just enjoy the rainbow. FR
Keep your gratitude higher than your expectations. RWH
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Re: Real estate nutso
[Re: freerange]
#8216909
03/27/21 10:04 PM
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Joined: Aug 2012
Posts: 15,564
TexFlip
THF Celebrity
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THF Celebrity
Joined: Aug 2012
Posts: 15,564 |
Yall really got me rethinking how much to expect to get on my Moms house in Georgetown. Its 50 years old and has never had anything updated. Needs foundation work but everything basically is "ok". Im sure anyone that bought it would completely gut it and redo everything. Its on tax rolls at about 310000. Not listed yet but a couple realtor friends have unofficially said its worth about 300k. A few comps show about 400 to 450 on similar houses but they have been completely redone. I knew the housing market was bonkers but I still thought 300k was a ton of money for that old house. Couple siblings involved and Im not going to get greedy but I hate to leave a ton of money on the table. If you've got the time to DIY it, it might be worth remodeling. Yes materials are at an all time high, but so is someone to handle the project. Sold our house in Round Rock back in October, building in Georgetown now. I wouldn’t even bother remodeling, bonkers is an understatement for how the market is here. If you list the house on Friday you will be picking from multiple offers over asking by Sunday night. Thats what I dont get. Everybody keeps talking about multiple offers over asking price and Im sure its true. If its common knowledge then WHY DONT SELLERS ADJUST and ask much more than they think its worth. At some point it will be TOO HIGH and then it will sit and not sell. If a realtor is involved in helping you set the asking price I would hope they would know all this and set a price accordingly. What dont I get? We are about to set a price on Moms house and Im perplexed. The comps have to support the price. You can list at whatever you want, but if the comps don't support the price, you'll be backtracking if you don't get a cash buyer. You want to list a house on the high side of comps and hope for multiple offers. A bank won't loan more than what the comps support.
Just to make sure that it is done thoroughly, I go both ways.
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Re: Real estate nutso
[Re: Hudbone]
#8216940
03/27/21 10:51 PM
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Joined: Apr 2013
Posts: 8,432
freerange
THF Trophy Hunter
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Joined: Apr 2013
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Texflip, I agree and understand but everybody on this thread seems to be saying that there are CASH buyers everywhere and they are paying way over comps. Maybe I am misinterpreting.
At some point in life its time to quit chasing the pot of gold and just enjoy the rainbow. FR
Keep your gratitude higher than your expectations. RWH
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Re: Real estate nutso
[Re: freerange]
#8216944
03/27/21 10:57 PM
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Joined: Aug 2012
Posts: 15,564
TexFlip
THF Celebrity
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THF Celebrity
Joined: Aug 2012
Posts: 15,564 |
Texflip, I agree and understand but everybody on this thread seems to be saying that there are CASH buyers everywhere and they are paying way over comps. Maybe I am misinterpreting. That's a fact. But if you can't find a cash buyer it doesn't always pan out. My wife has had several cash buyers in their early 30s buying $300-500k houses. Must be nice.
Just to make sure that it is done thoroughly, I go both ways.
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Re: Real estate nutso
[Re: TexFlip]
#8216992
03/27/21 11:33 PM
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Joined: Jan 2010
Posts: 22,997
fadetoblack64
giddyup
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giddyup
Joined: Jan 2010
Posts: 22,997 |
50 year mortgages are next
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Re: Real estate nutso
[Re: Hudbone]
#8216995
03/27/21 11:36 PM
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Joined: Mar 2013
Posts: 5,038
jetdad
THF Trophy Hunter
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Joined: Mar 2013
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^^^^^Had them in California for quite a while now. It's the same as these 8 year auto loans. Only question the buyer asks is "how much per month"?
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Re: Real estate nutso
[Re: fadetoblack64]
#8217001
03/27/21 11:44 PM
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Joined: Nov 2005
Posts: 10,630
Greg
THF Celebrity
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THF Celebrity
Joined: Nov 2005
Posts: 10,630 |
50 year mortgages are next No, thank you!
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Re: Real estate nutso
[Re: Hudbone]
#8217116
03/28/21 12:50 AM
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Joined: Nov 2014
Posts: 2,087
tex70
Veteran Tracker
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Veteran Tracker
Joined: Nov 2014
Posts: 2,087 |
My SIL has a co-worker(both agents) that supposedly had a house that was listed in the Round Rock area for 450k about a month ago. It ended up selling for 710k, bought sight unseen from somebody out of state. It's bordering on insane what people are paying in this area
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Re: Real estate nutso
[Re: Hudbone]
#8217183
03/28/21 01:46 AM
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Joined: Aug 2005
Posts: 31,904
txtrophy85
THF Celebrity
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THF Celebrity
Joined: Aug 2005
Posts: 31,904 |
You think that’s nuts,
We made an offer on a property west of Austin, $3.6mm asking price. We offered $4.2mm. Ended up in bidding war with another party and we backed off. They paid $5mm for it.
It’s an unprecedented time we are in right now
For it is not the quarry that we truly seek, but the adventure.
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Re: Real estate nutso
[Re: Hudbone]
#8217317
03/28/21 04:36 AM
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Joined: Jan 2012
Posts: 29,123
TXHOGSLAYER
THF Celebrity
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THF Celebrity
Joined: Jan 2012
Posts: 29,123 |
2 questions:
1. Why are things so crazy out that way? What are the drivers?
2. Where is all the money coming from? Don't tell me California, those people selling small houses for a million still had a 900k mortgage
LETS GO BRANDON
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Re: Real estate nutso
[Re: Hudbone]
#8217399
03/28/21 11:52 AM
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Joined: Aug 2008
Posts: 14,950
don k
THF Celebrity
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THF Celebrity
Joined: Aug 2008
Posts: 14,950 |
2 places next to me sold in the last couple of months. One was 160 acres and the other 140 acres. They were asking around $10.000 per acre. I don't know what they actually sold for but neither was on the market for very long. Both are going to be divided into 10 to whatever acre parcels. Both were owned by folks that did not live on the places. So in the future things will be changing for me as far as neighbors go.
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Re: Real estate nutso
[Re: Hudbone]
#8217405
03/28/21 11:59 AM
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Joined: Aug 2020
Posts: 913
BigfootWallace
Tracker
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Tracker
Joined: Aug 2020
Posts: 913 |
Same story here. There was 15 acres listed last week 1 mile down the road from me. It sold on the first day for $20k per acre, just raw land on a back road. You could have bought that place or one similar for $3k per acre 10 years ago. At the local cafe I have been eating breakfast at for years your now just as likely to sit next to a group of "guys" who get out of a subaru with a bike rack than you are a local. 10 years ago that didn't happen. Times are changing and I'm not sure its for the better.
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Re: Real estate nutso
[Re: Hudbone]
#8217409
03/28/21 12:03 PM
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Joined: Dec 2012
Posts: 11,902
Simple Searcher
THF Celebrity
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THF Celebrity
Joined: Dec 2012
Posts: 11,902 |
I wonder how long the boom will last? It seem that at some point the market will catch up and then repos will start showing up from those that couldn't handle the payments.
![[Linked Image]](https://live.staticflickr.com/4340/36432483774_50a6be0c41_m.jpg) "Man is still a hunter, still a simple searcher after meat..." Robert C. Ruark
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Re: Real estate nutso
[Re: Simple Searcher]
#8217414
03/28/21 12:11 PM
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Joined: Aug 2008
Posts: 14,950
don k
THF Celebrity
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THF Celebrity
Joined: Aug 2008
Posts: 14,950 |
I wonder how long the boom will last? It seem that at some point the market will catch up and then repos will start showing up from those that couldn't handle the payments.
It will happen. It always does. Property values go up like crazy. Then they level off. Do not go down much but just level off. Then the folks that bought them for a quick flip get hit with the property taxes and the flipping does not materialize and the DO DO hits the fan for those that can't afford to keep it.
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Re: Real estate nutso
[Re: Hudbone]
#8217415
03/28/21 12:13 PM
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Joined: Aug 2008
Posts: 14,950
don k
THF Celebrity
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Joined: Aug 2008
Posts: 14,950 |
[quote=Simple Searcher]I wonder how long the boom will last? It seem that at some point the market will catch up and then repos will start showing up from those that couldn't handle the payments.
[/
Last edited by don k; 03/28/21 12:13 PM.
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Re: Real estate nutso
[Re: Hudbone]
#8217421
03/28/21 12:30 PM
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Joined: Oct 2009
Posts: 12,208
wp75169
THF Celebrity
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THF Celebrity
Joined: Oct 2009
Posts: 12,208 |
I’m gambling on the crash. About to sell the place I’m in now that will roughly triple the investment. Have already got a small place to live to ride out the market. If it crashes I’ll be set to be debt free in the home I want to retire in. If it doesn’t then I’ll be dang close anyway. I’m going to give it three years. We will see. If interest rates go up enough it will drive home prices down, not just plateau. That’s my gamble.
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Re: Real estate nutso
[Re: Hudbone]
#8217428
03/28/21 12:47 PM
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Joined: Feb 2010
Posts: 11,658
GusWayne
THF Celebrity
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Joined: Feb 2010
Posts: 11,658 |
We bought our first home in 2006 and the housing market was booming.
We got 6 percent for 30 and that was an excellent rate at the time
It crashed in 2008 w interest rates slightly higher (mainly arm loans)
I think we are a LONG ways off from seeing 6 percent loans again
That’s 6 percent loans w excellent credit is what I am saying
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Re: Real estate nutso
[Re: Hudbone]
#8217442
03/28/21 01:03 PM
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Joined: Sep 2008
Posts: 6,695
Cochise
THF Trophy Hunter
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THF Trophy Hunter
Joined: Sep 2008
Posts: 6,695 |
Can’t wait to get our place on the market - hopefully very soon. We already have several people that are expecting a call when we are ready to sell so they can look at it just from small town small talk - we haven’t even thought about a realtor yet. Market has been pretty hot out here too...so we will see. I have a number in my head.
Would including the tractor in the sale sweeten the pot? Definitely could get more selling it on its own since it’s got only 140 hours on it...but figured someone might want a fully turn-key deal
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Re: Real estate nutso
[Re: Hudbone]
#8217470
03/28/21 01:35 PM
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Joined: Nov 2009
Posts: 91,416
bill oxner
THF Celebrity
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Joined: Nov 2009
Posts: 91,416 |
It is not only in Texas. My daughter is house shopping in Georgia and having similar problems.
Quail hunting is like walking into, and out of a beautiful painting all day long. Gene Hill ![[Linked Image]](https://texashuntingforum.com/forum/pics/usergals/2017/07/full-3669-105539-full_16668_105507_image.jpg)
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Re: Real estate nutso
[Re: Hudbone]
#8217489
03/28/21 02:04 PM
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Joined: Dec 2012
Posts: 11,902
Simple Searcher
THF Celebrity
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THF Celebrity
Joined: Dec 2012
Posts: 11,902 |
I always hear "cash offer"
I do not see how a cash offer (a guy writing a check) is any different than a that has a down payment and a check from a mortgage company at closing. $100k is $100k, right?
So what other kind of offers are there? Trades maybe?
"Man is still a hunter, still a simple searcher after meat..." Robert C. Ruark
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Re: Real estate nutso
[Re: Hudbone]
#8217499
03/28/21 02:14 PM
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Joined: Feb 2011
Posts: 4,240
Erny
Extreme Tracker
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Extreme Tracker
Joined: Feb 2011
Posts: 4,240 |
It’s crazy out here in North East Texas as well. This can’t go on forever. What were 250 homes in my neighborhood are now 500k homes. If a home is listed at a reasonable price it’s sold within a week. Strange times!
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Re: Real estate nutso
[Re: Hudbone]
#8217502
03/28/21 02:17 PM
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Joined: Mar 2013
Posts: 5,038
jetdad
THF Trophy Hunter
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Joined: Mar 2013
Posts: 5,038 |
^^^Cash closings are faster. My neighbor sold his property and the buyer closed in two weeks. The buyer was familiar with the place, but there was no appraisal, survey, or any kind of inspection. Title policy was the only required item. Traditional lenders, even with preapproval, are going to require a property specific appraisal, inspection and survey plus all the docs that are loan related that have to be executed.
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Re: Real estate nutso
[Re: jetdad]
#8217505
03/28/21 02:19 PM
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Joined: Dec 2012
Posts: 11,902
Simple Searcher
THF Celebrity
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THF Celebrity
Joined: Dec 2012
Posts: 11,902 |
^^^Cash closings are faster. My neighbor sold his property and the buyer closed in two weeks. The buyer was familiar with the place, but there was no appraisal, survey, or any kind of inspection. Title policy was the only required item. Traditional lenders, even with preapproval, are going to require a property specific appraisal, inspection and survey plus all the docs that are loan related that have to be executed. Thanks jet
"Man is still a hunter, still a simple searcher after meat..." Robert C. Ruark
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