People Fleeing cities? Not according to Zillow

[Irrelevant]

Bozeman man takes to street with signs about housing market

BOZEMAN, Mont. - A man took to the streets of Bozeman with cardboard signs that said, "Sell to a local... Please sell me a home... Baby due in June."

www.kulr8.com

 

[TOGIE]

my brother in law is trying to buy a house in the south denver suburbs right now.

they've bid about 20-30k over asking on about 3-4 houses now. each one has sold the same day it went on the market at anywhere from 60-90k over asking (not super nice homes, mind you).

and the crazy thing is if the appraisal comes under the sale price you HAVE to make up the difference in cash, your loan won't go above appraisal. and these sale prices are very often above appraisal....

just stupid. so. stupid.

 

[TOGIE]

Denver real estate agent says offers $90K and $100K over asking price lost

Detached homes are still in high demand, but attached properties are also seeing a spike in demand, according to Denver Metro Association of Realtor's March report.

www.9news.com

"The demand is so great, DMAR Market Trends Committee Director and local Realtor Andrew Abrams recalls submitting two separate offers that were $90,000 and $101,000 above the asking price that ultimately did not win."

i haven't been around for very long and am in the category of a whiny millennial .... but i'm convinced as a first time attempting home buyer this may potentially be one of the worst if not the worst time in the history of the housing market to try and buy a home. at least in colorado, and a handful of other western state's cities.

 

[Irrelevant]

Denver real estate agent says offers $90K and $100K over asking price lost

Detached homes are still in high demand, but attached properties are also seeing a spike in demand, according to Denver Metro Association of Realtor's March report.

www.9news.com

"The demand is so great, DMAR Market Trends Committee Director and local Realtor Andrew Abrams recalls submitting two separate offers that were $90,000 and $101,000 above the asking price that ultimately did not win."

i haven't been around for very long and am in the category of a whiny millennial .... but i'm convinced as a first time attempting home buyer this may potentially be one of the worst if not the worst time in the history of the housing market to try and buy a home. at least in colorado, and a handful of other western state's cities.

Don't buy. Put that money into PLUG instead

 

[TOGIE]

Don't buy. Put that money into PLUG instead

that's all i need to be convinced

though i wanna wait out this down trend first. as you know, my account is now strapped for cash

 

[Irrelevant]

And now it's come around to using public lands to "solve" the housing crisis.

Could building on public land address the housing crisis? - High Country News

The West has a plethora of land and a shortage of houses. Some are wondering if a solution lies within.

www.hcn.org

It doesn't solve shit, it just kicks the can down the road. If we keep growing we're going to need more space, more homes. Stop growing and the pressure goes away.

 

[Irrelevant]

Don't buy. Put that money into PLUG instead

ok this was great. Plug was at ~$39; now at 3.69... I'm sure making a helluva name for myself in finance!

 

[brymoore]

my brother in law is trying to buy a house in the south denver suburbs right now.

they've bid about 20-30k over asking on about 3-4 houses now. each one has sold the same day it went on the market at anywhere from 60-90k over asking (not super nice homes, mind you).

and the crazy thing is if the appraisal comes under the sale price you HAVE to make up the difference in cash, your loan won't go above appraisal. and these sale prices are very often above appraisal....

just stupid. so. stupid.

If selling prices are consistently above appraisal, then the appraisals are wrong.

 

[Marshian]

And now it's come around to using public lands to "solve" the housing crisis.

Could building on public land address the housing crisis? - High Country News

The West has a plethora of land and a shortage of houses. Some are wondering if a solution lies within.

www.hcn.org

It doesn't solve shit, it just kicks the can down the road. If we keep growing we're going to need more space, more homes. Stop growing and the pressure goes away.

How do you propose we stop growing short of stopping all immigration and encouraging/ mandating smaller family sizes?

 

[TOGIE]

If selling prices are consistently above appraisal, then the appraisals are wrong.

or the buyers are consistently wrong. it is, in fact, possible, to over pay for something

 

[Irrelevant]

How do you propose we stop growing short of stopping all immigration and encouraging/ mandating smaller family sizes?

Every sex ed class should involve an exercise where you try to get two kids dressed and out the door, for advanced students you can add a time limit.

 

[brymoore]

View attachment 318761


or the buyers are consistently wrong. it is, in fact, possible, to over pay for something

The market value is set by sales. If the sales are consistently above the appraised values, the appraisers are wrong.

 

[TOGIE]

The market value is set by sales. If the sales are consistently above the appraised values, the appraisers are wrong.

still doesn't make the buyers judgement correct.

i suspect if appraisers could use "emotion" as part of their formulas there would rarely be mismatch.

 

[brymoore]

still doesn't make the buyers judgement correct.

i suspect if appraisers could use "emotion" as part of their formulas there would rarely be mismatch.

Maybe for one buyer (outlier) but it sounds like all sales are above asking or appraised price it means the market value is moving quicker than what the appraisers estimate.

 

[TakeABreakAndTouchGrass]

Appraised value follows sales. X number of sales must occur, within a given radius, of a similar type property, in a given time frame, before appraised values increase due to higher offer/sale prices. Buyers are looking at a much wider set of criteria and making offers accordingly. They might see houses selling for more a county away and make an offer based on that. Shoot, multiple buyers, coming from multiple areas, might be basing their price expectations on totally different areas and other factors.

The true "value" of any particular house is truly supply and demand. Then when those sales close, and when enough of them close, they eventually move the needle on similar type homes in that specific area a little bit.

 

[brymoore]

I just looked at realtor.com to see what is for sale around my house. There were two houses for sale. A new built close by at an aggressive price but potentially close to a rising market.

The other house is very similar to mine in year built and size. A very, very aggressive price. I looked at Zillow to see what they had it listed at but Zillow showed the listing on its page with an updated value.

I might have to sell my house and retire.

 

[BigHornRam]

I just looked at realtor.com to see what is for sale around my house. There were two houses for sale. A new built close by at an aggressive price but potentially close to a rising market.

The other house is very similar to mine in year built and size. A very, very aggressive price. I looked at Zillow to see what they had it listed at but Zillow showed the listing on its page with an updated value.

I might have to sell my house and retire.

View attachment 318769

Find a cash buyer and who cares what it appraises for!

 

[Ben Lamb]

*Commercial Real Estate bust has entered the chat

I just looked at realtor.com to see what is for sale around my house. There were two houses for sale. A new built close by at an aggressive price but potentially close to a rising market.

The other house is very similar to mine in year built and size. A very, very aggressive price. I looked at Zillow to see what they had it listed at but Zillow showed the listing on its page with an updated value.

I might have to sell my house and retire.

View attachment 318769

I got a nice little 2 bedroom mobile home w/a nice AZ room & 2 golf carts that come with it. Gated Community, close to public lands. You'd be the hottest guy in the community.

It's yours for $500K. Good deal. You take.

 

[brownbear932008]

or the buyers are consistently wrong. it is, in fact, possible, to over pay for something

I truly believe some folks are gonna be very butt hurt in the future when they try to sell their 1200 sq feet for what they feel it's worth based on what they overpaid for the place. I've seen homes in my neighborhood go for three times what I'd pay as a lifetime local. Mostly people who think they are getting a "deal" based on Cali prices.

 

[brymoore]

*Commercial Real Estate bust has entered the chat


I got a nice little 2 bedroom mobile home w/a nice AZ room & 2 golf carts that come with it. Gated Community, close to public lands. You'd be the hottest guy in the community.

It's yours for $500K. Good deal. You take.

I can open an Aqua Fresca stand for the immigrants walking by each day.