Prices are Nuts
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Prices are Nuts (by DnP [PA]) Jun 14, 2024 7:43 PM
       Prices are Nuts (by WMH [NC]) Jun 14, 2024 8:27 PM
       Prices are Nuts (by Jason [VA]) Jun 14, 2024 8:28 PM
       Prices are Nuts (by NE [PA]) Jun 14, 2024 8:43 PM
       Prices are Nuts (by plenty [MO]) Jun 14, 2024 8:58 PM
       Prices are Nuts (by mapleaf18 [NY]) Jun 14, 2024 9:34 PM
       Prices are Nuts (by DnP [PA]) Jun 14, 2024 9:52 PM
       Prices are Nuts (by zero [IN]) Jun 15, 2024 10:12 AM
       Prices are Nuts (by Oregon Woodsmoke [ID]) Jun 15, 2024 10:53 AM
       Prices are Nuts (by NE [PA]) Jun 15, 2024 11:07 AM
       Prices are Nuts (by tryan [MA]) Jun 15, 2024 11:19 AM
       Prices are Nuts (by CJ [FL]) Jun 15, 2024 11:37 AM
       Prices are Nuts (by Stealth [NC]) Jun 15, 2024 12:59 PM
       Prices are Nuts (by GKARL [PA]) Jun 15, 2024 2:45 PM
       Prices are Nuts (by Larry [MN]) Jun 16, 2024 10:36 AM
       Prices are Nuts (by DnP [PA]) Jun 16, 2024 10:47 AM
       Prices are Nuts (by Ray-N-Pa [PA]) Jun 16, 2024 8:12 PM
       Prices are Nuts (by Robin [WI]) Jun 17, 2024 8:00 AM
       Prices are Nuts (by ken [NY]) Jun 17, 2024 7:35 PM

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Prices are Nuts (by DnP [PA]) Posted on: Jun 14, 2024 7:43 PM

Working with an estate seller. Property in PA, she lives in Florida.

We have/had a great relationship and I told her I was interested in buying the property cash.

Fast forward to today, June 14, She lists the property with Realtor. Never even discussed with me.

Small SFH nice area, low taxes, busy street, no land, no yard.

Would rent for $1200 max.

I was going to offer $120-150 cash.

I own property across the street.

She Listed it today with Realtor at 183 K.

Ouch. What's up with this market?

I thought the economy was struggling.

Thanks for reading.

Just venting.

I'm not going to overpay just to buy something.

Thoughts ?

Prices are Nuts (by WMH [NC]) Posted on: Jun 14, 2024 8:27 PM

She can't get a bidding war going without listing it. If she can't sell at her price she has you in her back pocket. Maybe she thought you were going to offer even less, and didn't want it to be awkward to turn you down.

Prices are Nuts (by Jason [VA]) Posted on: Jun 14, 2024 8:28 PM

Iíve never seen anything like it. Lately, the only time I see a home price begin with a one around here, it has two commas behind it.

Prices are Nuts (by NE [PA]) Posted on: Jun 14, 2024 8:43 PM

Donít be surprised if she gets it. Prices are insane!!! Iím not even looking for properties now. Sometimes people call my buying houses signs, but thatís slow. Just be patient, in a few years, folks like us will have to be the clean up crew again.

Prices are Nuts (by plenty [MO]) Posted on: Jun 14, 2024 8:58 PM

Around here also. Two months ago $125k did it, today $175k... Doesn't seem to be slowing down. More and more houses coming on the market daily.

Prices are Nuts (by mapleaf18 [NY]) Posted on: Jun 14, 2024 9:34 PM

Around here landlords are bailing en masse due to the crazy anti property rights legislation the BLUE states/cities keep churning out.

Prices are Nuts (by DnP [PA]) Posted on: Jun 14, 2024 9:52 PM

I think we as seasoned landlords have an opportunity here.

Just not sure how to execute.

Maybe plan for cleaning crew as NE mentioned ?

Where are these buyer's getting funding?

Prices are Nuts (by zero [IN]) Posted on: Jun 15, 2024 10:12 AM

OO still get funding easily, even tho the rates are higher.

Plus they can sell their current place to make a difference.

Then they can get an inspection report and try to chip away at the listing price as well.

Lots of new places going up around here, Crazy high prices too. Also seeing a trend of more barndominiums going up. Faster and cheaper to get the shell in place. The wife still says no as she sees them as ugly.

Just saw a new listing today. Stick built in '07, 3/2 on 9 acres listed at $639k. If it was in the $300's range we would have looked at it. Probably will sell. I don't get it. But as long as people can afford the high prices the market will stand. --107.147.xx.xx

Prices are Nuts (by Oregon Woodsmoke [ID]) Posted on: Jun 15, 2024 10:53 AM

She's smart enough to know that she will get her best money by listing with an agent. Good for her.

You were going to offer to offer $120, but you didn't. If you had made that offer quickly enough she might have taken it.

But probably all of us have had people say they intended to buy something from us and then never showed up. Intending to purchase is nothing but empty noise. You have to put your money where your mouth is to show you are not just a dreamer.

Prices are up because our money has lost a great deal of its value. It doesn't matter what you are trying to buy, you have to give more dollars to get it because the dollars have lost their purchasing power. We all have to adjust to the new prices, for house, for groceries, for utilities, for insurance.....

Prices are Nuts (by NE [PA]) Posted on: Jun 15, 2024 11:07 AM

And letís not forget WHY it lost its value.

Prices are Nuts (by tryan [MA]) Posted on: Jun 15, 2024 11:19 AM

When I sold my last one in the hood June 2022 a young buck accepted a 4-500/month NEGATIVE cashflow with just the mortgage (7.5% !!), taxes and insurance. Now realtor dot com shows the place appreciated 62K in 2 years.

Crazy town.

Prices are Nuts (by CJ [FL]) Posted on: Jun 15, 2024 11:37 AM

And you thought young people were staying home too long in the last 10 yearsÖÖ lol. Sad , really.

Prices are Nuts (by Stealth [NC]) Posted on: Jun 15, 2024 12:59 PM

Prices are prices. Itís what they are. The people willing to just pay those prices are nuts

Prices are Nuts (by GKARL [PA]) Posted on: Jun 15, 2024 2:45 PM

Not sustainable and many who bought at these crazy prices are going to be in for a very serious wake up call. If you're thinking of selling, it's best to do so before the window closes.

Prices are Nuts (by Larry [MN]) Posted on: Jun 16, 2024 10:36 AM

If interest rates decline even by a point as is being predicted over the next year it will create another buying frenzy. There are a lot of people waiting on the sidelines for prices or rates to drop. Well, prices ainít dropping. Itís only going to get nuttier. Not sure what the ďwait for prices to dropĒ people are thinking.

Prices are Nuts (by DnP [PA]) Posted on: Jun 16, 2024 10:47 AM

Agree !

I think housing prices are going to get more expensive when rates drop in September.

One will be able to afford more.

And what is with these $70-$110 truck prices.

Insane- and how are people affording???

Prices are Nuts (by Ray-N-Pa [PA]) Posted on: Jun 16, 2024 8:12 PM

Concur with GKarl approach. Price is just a number, it is the affordability of that number that should rise an eyebrow.

But should you stop doing business? I submit you shouldn't. You should be slowing down and paying closer attention but there is always people dying and people going to jail. So there are opportunities available. They are a great deal harder to find and what was a bargain isn't available any longer

Prices are Nuts (by Robin [WI]) Posted on: Jun 17, 2024 8:00 AM

I'm of two minds.

I could sell. My (independently wealthy) brother has been talking to high octane money managers, and one of them told him, "The very wealthy all have something in common: they sold too soon." In other words, they didn't try to hit the peak of the market, so they didn't miss the opportunity to sell completely. At these prices, I could liquidate, put the money in a Fiedlity account paying 5% on cash deposits, and have close to the same income.

On the other hand, why does the dollar even have any value at this point?? The national debt is over $100k per person. When the dollar crashes, that is NOT where I want my wealth to be. Maybe that's why prices are so high. Buy tangible assets with soon-to-be-worthless dollars? With that assumption, RE is still a bargain!

Despite the challenges, I've bought three properties in the last year. Two were from wholesalers and one was at a sheriff's sale. All were in the ballpark of $70K all in, renting for $1150. Not quite hitting the 2% rule, but after rehab they were worth $120K. That's a decent return.

If you're not finding anything on MLS, start calling the numbers on the "We Buy Houses" signs and get on their mailing lists. Start fishing in a different pond from everyone else!

Prices are Nuts (by ken [NY]) Posted on: Jun 17, 2024 7:35 PM

I have been going to foreclosure auctions for years.since covid lots of competition so lately i have been going after the houses before they get to the auction and have 2 good deals in the process --74.77.xx.xx

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