Buying a house SUCKS

Currently in the housing market and what a pain in the ass. I live in an area with great cost of living and home prices but houses are literally lasting 4-5 hours before accepting offers. Our realtor said the average number of offers a person puts in before getting one right now in our area is 10. Ten offers. I’ve had two offers in on houses in the last few days that were beat out by people offering 10-20k over asking, cash offer with no inspection. It’s insane.

10 Likes

Any new subdivisions being built? Sometimes it can be beneficial to buy a house during the building phase.

4 Likes

Only one in my area but the main builder around here is shit. Basically building glorified paper bags.

5 Likes

God damn. Become a realtor and fuck shit up! Dolla dolla bills yo!!

4 Likes

One of the things I’ve noticed is corporations like google are buying houses in my area. They’re in negotiations with the city to build a data center here and will bring 1,000 jobs. But it’s really hurting the local home buyer

3 Likes

It is absolutely loco now. I lucked out - I went house hunting last November, quickly found a house I liked for a fair price and closed in January. But just a few months later the housing market went insane.

My buddy just sold his house and the closing was last week. The first weekend it was on the market, 43 people looked at it and he had 8-10 offers the first day, the best of which he accepted. He ended up selling it for $20K over asking with the person waiving the inspection. Absolute insanity right now.

Good luck my friend! Just remember, as crazy as it is, you only need one to work out.

1 Like

True. If it weren’t for the insanely good interest rate, I honestly wouldn’t even try.

2 Likes

Our realtor said because of the market, there are currently more realtors registered with the American realtor association (I think that’s what it’s called) than there are houses available.

3 Likes

It’s called new construction. That is how most homes are built today. Skip on better materials so they can make more profit. It is rare to find a builder who strictly uses the best material.

No way would I be buying a house right now. The market has gone bonkers and when it starts to settle. Those idiots who have paid thousands of dollars over asking price and in some cases going as far as to spend even more over the valuation price. Are going to have buyers remorse because that homes value is super inflated.

This will be worst then the last housing crash. Only this time people will be able to afford their mortgage while realizing they will never be able to sell their homes for anywhere near what they paid for them.

It’s the complete opposite of the last crash but this time the financiers will have recouped their money up front.

Go rent a domicile until the market settles. Which it will.

8 Likes

The best part is everyone is scrambling and fighting to buy something that will continue to be a pain in the ass the entire time they own it lol. I think buying is probably a better financial decision, but definitely not by a wide margin. But I know being a homeowner is just taking on another job. I hate my house and yard. I bet I’ve averaged spending over $8000 a year in maintenance and repairs. Combine that with the aggravation and time and I just find it to be irritating on a consistent basis. Thank god I bought in 2013, if I was buying now at the top of the market I would truly be sick about it.

5 Likes

Keep at it op. It’s like the lotto….if you don’t play you can’t win

3 Likes

I’m thinking housing prices will come down after the moratorium on mortgage payments ends in September. At least it should. There will be a lot of houses going back to the bank at that point.

4 Likes

Same shit is happening in my area. Houses are legitimately going for 100k above asking and people are buying in cash without even viewing the house, it’s absolutely retarded.

3 Likes

My son recently bought a house. Like your area, houses were going on the market at 8am and having contracts by lunch.

In looking at houses in his area of interest, I saw a house that had been on the market for 3 months. It wasn’t his dream home, but he drove by it and thought it had potential.

Turned out the sellers were out of state, and the realtor had been sick with Covid AND her husband had died. She basically was not returning people’s calls & messages. But my realtor friend knew her personally, and reached out to her. She responded.

A few days later, my son has a contract on the house for $8k under listing.

Look for “back door” deals. Put the word out that you are looking - a seller will be putting 6% more in their pocket, if they can sell without a realtor. Times like this call for creative strategies.

4 Likes

Be grateful that it’s $10,000-$20,000 over the asking price. There are lots of markets where it’s 5 to 10 times that much.

5 Likes

I wonder how this could play….like flyer a neighborhood your interested
In with a flyer saying, “ I’m looking to buy your house- realtor free so that you pay no commission”. Would people bite?

2 Likes

dude i live in a townhouse i bought in 2008 for $58k. i just checked the housing market here yesterday. 2 bedroom 1.5 bath < 1k sq ft are going for $125k+. i have to run the numbers. i could sell the place today, move in with the ladyfriend, and bank over 90 grand.

3 Likes

Or keep it and wait until it’s
Worth 2x that

3 Likes

Market is nuts. Houses are priced for bidding wars so you need to offer over asking if you want a shot at getting one. Cash purchases and no inspection are given additional consideration.

Problem with new construction is cost of materials is very high. Had a quote to redo master bathroom in February but held off. The contractor said due to increase in material costs he has to raise the quoted price by 30%, which is insane. I’ll wait til the prices drop.

People are fleeing major cities to the suburbs. Available rentals in NY is an all-time high. For those who own homes, it’s a great time to sell and relocate to someplace cheaper.

2 Likes

10 offers?

We are on offer 45. Been looking since January.

One of the final offers in the running for a house we bud on yesterday. Fingers crossed.

What is your realtor putting together for your offers? Earnest money, guaranteed money over appraisal, etc…? Curious to hear other markets strategies

5 Likes