Im bowing out

[DouglasR]

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.

Gawd dayum you guys have stacks on deck!

 

[Brauee20]

We've been looking just to the west of there for property to build on for going on three years @wllm. It's just as insane outside of town in the surrounding areas. Missed the boat on a handful pieces just as covid was setting in as we were unsure if my wife was going to get furloughed. Have seen two of those vacant parcels get relisted, one for 3x the 2019 purchase price and the other for just over 2.5x. The only pieces that sit have perk issues, and anything reasonable immediately becomes a bidding war.

 

[Deleted member 28227]

We've been looking just to the west of there for property to build on for going on three years @wllm. It's just as insane outside of town in the surrounding areas. Missed the boat on a handful pieces just as covid was setting in as we were unsure if my wife was going to get furloughed. Have seen two of those vacant parcels get relisted, one for 3x the 2019 purchase price and the other for just over 2.5x. The only pieces that sit have perk issues, and anything reasonable immediately becomes a bidding war.

Yeah 2 of the places we lost on were 10-15 miles outside of town, you’re totally right.

 

[SAJ-99]

I’ve always wanted to buy one of these just to have it.
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?

Well, anything of value can always go down further. How do you lose 95% on an investment? First it falls 90%, then it falls another 50%.
No, you probably couldn't get a mortgage unless it was under CRA or something. I don't know. Maybe. It would need to be your primary residence and just looking at it, I don't think it will make the appraisal. LOL.

Who's gonna sell a house right now? After they refinanced during covid at 2.5%. That's not helping either

Bingo. Although last data I saw, 25% of all buys were done in cash. Boomers aren't selling until they are carted out of the house feet first.

 

[Deleted member 28227]

Well, anything of value can always go down further. How do you lose 95% on an investment? First it falls 90%, then it falls another 50%.
No, you probably couldn't get a mortgage unless it was under CRA or something. I don't know. Maybe. It would need to be your primary residence and just looking at it, I don't think it will make the appraisal. LOL.


Bingo. Although last data I saw, 25% of all buys were done in cash. Boomers aren't selling until they are carted out of the house feet first.

Anecdotal… but the folks who out bid us on a couple of these were all cash so interest rates and appraisals were irrelevant.

 

[DouglasR]

Anecdotal… but the folks who out bid us on a couple of these were all cash so interest rates and appraisals were irrelevant.

Gawd dayummm!!!
Zeros on zeros on zeros

 

[DouglasR]

Anecdotal… but the folks who out bid us on a couple of these were all cash so interest rates and appraisals were irrelevant.

Imagine how dope it would be if you saved half the money and bought 300,000 pairs of crows

 

[Treeshark]

Yeah 2 of the places we lost on were 10-15 miles outside of town, you’re totally right.

I’m guessing Ann Arbor?

 

[DouglasR]

Ht guys be like:

 

[DouglasR]

Looks like a nice place to me.

5250 Van Winkle St, Brighton, MI 48116 | Zillow

5250 Van Winkle St, Brighton MI, is a Single Family home that contains 1008 sq ft and was built in 1958.It contains 3 bedrooms and 1 bathroom.This home last sold for $200,000 in June 2023. The Zestimate for this Single Family is $216,100, which has increased by $1,100 in the last 30 days.The...

www.zillow.com

@wllm

 

[DouglasR]

Dope

6556 Crooked Lake Rd, Brighton, MI 48116 | Zillow

6556 Crooked Lake Rd, Brighton MI, is a Single Family home that contains 2856 sq ft and was built in 1995.It contains 3 bedrooms and 4 bathrooms.This home last sold for $2,300 in November 2020. The Zestimate for this Single Family is $712,200, which has increased by $10,820 in the last 30...

www.zillow.com

 

[DouglasR]

Dope

6556 Crooked Lake Rd, Brighton, MI 48116 | Zillow

6556 Crooked Lake Rd, Brighton MI, is a Single Family home that contains 2856 sq ft and was built in 1995.It contains 3 bedrooms and 4 bathrooms.This home last sold for $2,300 in November 2020. The Zestimate for this Single Family is $712,200, which has increased by $10,820 in the last 30...

www.zillow.com

10 fuggin acres and that crib for $470?!?!

 

[Mountain Man]

Homebuyers have lost their short-lived edge as spring buying conditions worsen

Buyers are finding far fewer options and little room to negotiate than the winter, as inventory levels have yet to improve.

finance.yahoo.com

According to this article, 90% of existing mortgage holders have rates below 5.5% and 70% of mortgages are below 4.5%. Those people are not selling their homes for many years.

 

[VikingsGuy]

Homebuyers have lost their short-lived edge as spring buying conditions worsen

Buyers are finding far fewer options and little room to negotiate than the winter, as inventory levels have yet to improve.

finance.yahoo.com

According to this article, 90% of existing mortgage holders have rates below 5.5% and 70% of mortgages are below 4.5%. Those people are not selling their homes for many years.

Lower rates could be just around the corner or may never return. No way to tell when

 

[Addicting]

Our search for a retirement place has essentially stopped in its tracks. We have a 2.25% interest rate and there is no way we are cashing out and using any of our equity. For what it costs on the new purchase and the 7% rate, the value of that equity would just be lost. That is we could even find a place.

 

[Deleted member 28227]

10 fuggin acres and that crib for $470?!?!

There *are* places for sale but then that goes for $650k with 18 offers which is the issue.

We found 6 places we liked, I’m sure we will see several more, the issue is being willing to roll the dice with appraisals gaps.

For us the issue is a short occupancy 3-5 years at most which doesn’t give you a lot of time to mitigate the risk of market fluctuations. I need something that I can sell for what I paid for it.

 

[BackofBeyond]

Our search for a retirement place has essentially stopped in its tracks. We have a 2.25% interest rate and there is no way we are cashing out and using any of our equity. For what it costs on the new purchase and the 7% rate, the value of that equity would just be lost. That is we could even find a place.

We’ve got the same rate - I’m gonna die in this house, even after we pay it off it’s PAID OFF!

 

[DouglasR]

There *are* places for sale but then that goes for $650k with 18 offers which is the issue.

We found 6 places we liked, I’m sure we will see several more, the issue is being willing to roll the dice with appraisals gaps.

For us the issue is a short occupancy 3-5 years at most which doesn’t give you a lot of time to mitigate the risk of market fluctuations. I need something that I can sell for what I paid for it.

Y’all are gonna spend a half ticket for 3-5 years?
I always thought of you guys as a hip young adventure couple.
Is an rv and a lot really that far out of the question?
Why y’all pioneers trying to play by the same script as everyone else?
#thinkoutsidethebox

 

[Nick87]

It's probably inevitable if your buying and selling that frequent that your going to get bit sooner or later @wllm

 

[Addicting]

Build a pole barn and put a RV in it, bank the rest of what you would have spent till the time is right.

You can set it up for a full hook up inside and just sell when you’re ready to leave. A barn like that on a couple acres is a easy sale.