Home Forums Hunting & Shooting Hunter's Campfire Home purchase

What is up with people putting a home on the market for say $200,000. Then buyers are going crazy like sharks in the water and making bids 10,20,even 40,000 over asking price to get the home. Houses are selling the day they are listed and prices are crazy. Old average Joe is out of luck these days.

Give it 6-9 months and the market is going to tank like nothing we’ve ever seen

It’s crazy.

Free money, on top of a decade + of incredibly cheap money, add in low inventories of homes available, a dash of inflation, a dollop of Chinese nationals buying up property just to get some cash out of China........

Buddy just sold his double wide trailer on a shy acre for over a half million. I mean, he took the wheels off and put a tin roof on it, but damn.....

And it’s everywhere now. 5 years ago it was Denver, Seattle, SLC...... Today it’s going crazy in Westfugk Arkansas.

Rates low, got Biden bucks....

People that couldnt afford a 60 K home are buying homes costing twice that.

Gonna be a lot of foreclosures again, suicides, more drug overdoses.

2008 is gonna look like a party.

Daughter put her house up for sale at $650, sold it for $676,000 in four days. She paid about $500,000 for it couple years ago.
Makes no sense to me.
But I expect lots of people are getting caught up in these bidding wars on houses, and they’re going to get in over their head in debt.

Don’t know but glad I’m on the sideline watching. Just hope my poncho is big enough for the day when the shtf. Cause it’s gonna be yuge. Biggly yuge.

My buds brother built a house yrs ago and sold it for 5 times as much yrs later due to getting people building around him.

He didnt make a profit.

For him to move to a spot w a house like he had, and no neighbors like when he started, cost what he sold for.

And it took him a half hour longer to get to work.

Too many IMHO fall for that fake gain stuff.
Know a dude in real estate thata had two big fancy houses in hot areas and broke even or lost money on either

They fall for their own BS about how great an investment it is.

I aint rich. Got a spot picked out, 5 acres w dwcent house n barn. If it comes up for sale when things crash Im moving. Not until then.

My house worth more than I paid but the livin is cheap and its good enough for me. I dont give a flip about keepin up w the Jones

Been trying to buy for the past year. Every place we wanted (5 now) gone within a day or two tops and the broker said they all sold by at least 20 grand over...Texafornia

should be closing on the sale of my 2nd former residence turned rental Monday or Tuesday. Using the upswing to cash out the properties.

If I were buying, I would be looking to waive inspection/due diligence to deescalate bidding war. Worked for me in the past.

I just closed on the sale of my CA house and it's nuts in the Bay area. I actually couldn't afford to buy my own house again.

When you have fast food jobs paying $20 an hour to start, everything follows with price increases. Add to that the massive influx of money from China and India and the tech billionaires and you get a bubble that will be devastating when it bursts.

We accepted an all cash, no inspection, no contingency, two week close offer that was 40% over the asking price. No way that house would have appraised for even the ask, so we had to hope for a cash offer.

As rates rise, and cash offers become less frequent, the market is going to implode.

And that's good for you my friend...

Given you had a sweet getaway plan...lol

Up and down, the market goes.

I sold my home in March, realtor listed it for more than I expected and got 50k over that in 1 day...

The only way to make a profit is to move someplace cheaper. Problem is finding such a place and still be close enough to get to work, etc, unless like me your job is waiting for direct deposit.

I’ve got too much sweat equity invested here, mostly in landscaping, and like the area, so I’m staying put and upgrading stuff. Saves all that miserable moving work.

One would hope that the shady loan qualifications and trick mortgages that got people into trouble the last time aren’t happening now, but that’s probably a forlorn hope……

You guys wouldn’t believe the market here. It even surprised me at times.
Buddy just sold his completely meh condo for 925.

Single Chinese lady. Figure that

I have a friend that does landscaping and artificial turf. He has been doing a lot of curb appeal projects for sellers lately and he says a new tactic is for buyers to go around the agent and offer the seller cash to accept their bid on the house. It's crazy.

Told my three boys I ain't selling chit, they grinned.

200k? couldn't buy a Home Depot shed for that out west. 650k is about the entry level for a basic home on a small parcel of land.

I bought an acre on a local lake and waiting for building supplies to drop more if I can find a contractor. It's tripled in value in one year. I'm even considering selling it and look for a bargain next year if or when reaestate drops. I bought another 5 acres recently and will probably flip it in a month or so if this craziness continues.

My 2005 bought properties outside Sandpoint are valued stupid expensive. I have no reason to sell as the three boys love the place. We own both free and clear.

Small town thirty miles south of Charlotte, in SC. House across the street listed on Friday for $275,000. I thought that was low. No "Sold" sign for a month. Then a couple moved in. Had sold the Monday after listing for $290,000. Daughter getting a divorce. They listed their house in Charlotte a week ago Thursday. Sold on Monday. Six showings. Three offers. Bought house at $495K. Listed at $658. Sold at $683.

Not just the housing market that is crazy. The mortgage market is. I get four or five letters a week with some mortgage company trying to refinance me. Have a VA mortgage. The rate is already low. I tell them they will need to drop the rate to 2%, no fees, just refi the balance owed and I'll bring the pre-paids for taxes and insurance to closing we'll have a deal. They offer a "lower monthly payment". People just don't understand they add thousands in fees and although a lower rate, you are refinancing several thousand more than your balance. Crazy.