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I just meant it's a handy tool to get a lot of info on the properties you're considering or your competition. I take their estimates with a 5 lb bag of salt -- especially in specialty markets -- as their estimates were all way too low for the market in Hawaii even in 2008-2009.Quote:
Originally Posted by ChunkyMonkey
Actually Zillow is off on more than that. Several houses, including mine, have different specs than listed. I have a 3 bed room 2.5 bath it shows 5 bed room 3 bath. I have seen this several times. Take everything off the internet with a grain of salt.
^ yes. Even their county records are outdated and can be easily updated by whoever claims as the property owner.. Their chain of title does not show many thing.
Recolorado isn't as user friendly but is very accurate.
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My wife's best friend and husband just sold their house for $20,000 over listed price. Had 13 offers in just a few days of being listed. Their house is in Castel Rock. Yeah I'd say the market is hot.
like said previously, i don't really understand the pull to sell. i mean sure you can make more money than you spent, but then you have to buy in an inflated market. so you barely get ahead if at all. i suppose if you weren't able to refinance your current mortgage, you could sell and get a new mortgage at a lower rate, but if thats the case you probably could have just refinanced to begin with. the sellers market really is only beneficial if you are planning to move our of state, or possibly if you are moving from the city to outside the city.
Word from my friends in the general contractor area is that alot of refinancing and additions are being bid because of that situation. Along with new construction taking off but so many contractors shut down from the recession every gc is booked for a year.
I have over 100k in equity, but still can't find a home within my budget. Also my wife doesn't want to move far from family and friends.
Put an offer on a house in Littleton today. I hope we can get it, but I'm not optimistic since there were 3 other couples viewing it at the same time we were at 10 am. The reasons we are moving is because we live in Aurora and both work in Lakewood/Golden area, and we rent our current house. The landlord has been raising the rent $100/mo each year for 3 years now and will probably do it again this fall. But he does nothing for the place, like fix the roof that has been missing shingles for 5 years now with the patches getting bigger from each storm with a lot of wind we get. Plus a few other pretty big things inside that have gotten the band-aid treatment instead of being fixed.
Wouldnt something like that almost be re-portable? Course that still just puts you in a bad cycle with the schmuck.
Until the roof actually leaks its not illegal. Its just slumlord ish
So wife and I have been tentatively looking to see if we can use the equity in our home to upgrade. We aren't in dire need so we don't play the "bidding war" game but holy crap...
So far, both offers of full price were nixed due to people offering over the asking price. The offer on the first one was before they even had a sign in the yard. The second offer was refused because someone else offered $40k more than asking price.
This market is just silly.
Yeah, it makes me really nervous. Prices are already inflated but I dont mind rolling my equity over and our payments will stay the same. I figure it's all funny money when using the inflated market equity so I'm still only investing my original cash downpayment. I can't imagine trying to buy without having the funny money from equity to use.
I'm in a much better position to capitalize on a market crash this time around.
Isnt the nation as a whole fairly steady but there are just certain markets that are going nuts like us San Fran etc?Quote:
Originally Posted by KellyTTE
In our recent search this is exactly the kind of situation our agent has been telling us is happening all the time out there right now. If you go to an open house on a Saturday, offers will be due by the following Monday evening and there could be as many as 40+ people who looked at the house in that short time frame, and likely a bidding war and/or buyers ready to pay all cash, particularly in 200-300K range.Quote:
Originally Posted by Dave_L
Me too, but not enough to make up for the "paper losses" incurred on my home's theoretical value + the losses in my retirement accounts.... but I'd be far better off than most other people my age, that's for sure. I would really like to capitalize on this local market and sell/move elsewhere, where the market is not so frothy, simultaneously improving my families position with respect to self-sufficiency and preparedness.Quote:
Originally Posted by Irving
I'll be honest, I wouldn't mind a real estate crash. But that's because I'm looking to be a buyer, so I may be a tad bit biased >.>
Yeah, unless something magical happens, I don't see us moving right now. I do hope it holds til March though so I can sell my rental. Then, I can sit back and wait for it to dip again.
certainly thats the way to go, its just a tough pill to swallow to uproot the family sometimes. i wouldn't have a problem with it, but the wife? she wouldn't be as thrilled. her parents just moved out, she has close friends here, likes the denver area. and i mean i have all those reasons to stay too i am just a little more independent. my ideal situation would be to sell now, move to a mountainous area where land is dirt cheap and build a sweet house on a lot of acreage so i could shoot to my hearts content. it will never happen though.Quote:
Originally Posted by Sawin
Just listed our place this morning and have had one showing already. We live on thirty five acres, five miles from town, have four out buildings with one as a reloading shed. The prospective buyer is into reloading, shooting etc., so we'll see what happens.
The average time a house sits on the market in my current neighborhood is 1 day.
Looks like if you can stretch past $400k, things are moving a little slower. It really sucks paying $400k for what was a $300k house 3 years ago.
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Magical like a tornado?Quote:
Originally Posted by Dave_L
I just wish I hadn't wasted so much time NOT remodeling my house.
I will remodel it for you.Quote:
Originally Posted by Irving
On the flip side, we JUST spent 3k on counters and now we're looking at moving. Granted, we'll get it back and then some but it was a weekend of work to do all the backsplash. In this market, all you need is 4 walls and a roof and it'll sell.Quote:
Originally Posted by Irving
Magical as in somehow avoiding a bidding war.
Just got an offer accepted on a house in Westminster. I had wanted to move a little more closer to Lakewood and Littleton, but at least we'll be buying and can stop renting. The SW suburbs are the hottest places right now making it harder to get anything for a decent price there. One house we had looked at in Littleton had an asking price of 295k and sold for 320k cash, no seller allowances given.
(Deleted by keylay31)
We loaded up the moving & pick up trucks. Fired up the CB's and headed westward to CO. Left both family's behind, w/out looking back.Quote:
Originally Posted by tmckay2
The kids been on her own 12 yrs and we have nothing but a good network of friends/ extended family along the front range. However it's getting close to moving time again.
IF the market were to shit the bed tomorrow morning, we'd still be good financially house wise. We owe on the mortgage only, no other debt, second mortgage etc.
We're sitting good enough , we could buy another place and move out at our own pace. Listing the home once the important items have been moved, or (hint) sold.
Put an offer in on a house last weekend. The accepted offer was 50k above list and they waived appraisal.
I don't think he got the house ;).Quote:
Originally Posted by KellyTTE
No, thank god. :)
I have a feeling the buyers may back out based on inspection when their bank appraises it well below their offer.
Unless of course, they're paying cash. From looking at houses I've seen a lot of foreign nationals combing through places.
Kind of a crazy market. There's a house that just got listed down our street and I think the seller has been hitting the crack pipe pretty hard. He's around $100k overpriced, IMHO, based on what our houses are probably worth . . . but if buyers are pumping up the prices like some are reporting, then maybe I'm the one who's crazy? We'll see. I don't see any way he gets north of $500k like he's asking.
Some of the houses I have been outbid on you would never think would get as much as they have.Quote:
Originally Posted by Ramsker
nah you are not crazy: people are paying top dollar for for crappy, north facing houses with tons of remodeling. They all moved here from NY, DC or CA and are finding bargains in CO....Quote:
Originally Posted by Ramsker
I didn't have a preference on where it faces, but I ended up with North facing house. Next house, i would want my back yard to face either North or East for my kid to play in the shades all day.Quote:
Originally Posted by ruthabagah
One good part is that I only water 4min/night for front, but 15+min for the back yard.
Okay,
I'm a real estate appraiser in the Pueblo area and have been at it for 16 years. I've lived through the 2006-2010 roller coaster and made it out the other side. I can tell you we are heading for a massive downturn again. It's just a matter of when, so hang on.
- Values here are going up about 3-10% over the past 2 years depending on the neighborhood, which is now unsustainable. There are currently 20-25% fewer listings than normal pushing more market disturbances.
- The brokers and agents are screaming mad because they have full price offers on homes (way over priced to begin with) and the appraisals are coming in short, because there are no sales to support the contract price. Then I get called a lowball asshole because they didn't do their due diligence to begin with. (Fucked up brokers are a whole 'nother story)
- Market rents remain somewhat strong but FHA loans have become the new sub-prime lending source because they have relaxed the lending standards again, and people who should be renting are becoming homeowners. When you start to see 100% financing or ARM's it will have went full retard again.
I could go on....
^^ yep but these out of States cash buyers are still strong. I have been telling the same thing to local buyers. Be patient..
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What goes up, must go down. Not just real estate market, but securities, pm, fixed incomes, and commodities.
So what are your thoughts on using the inflated equity to buy something bigger? If its no cash out of pocket, is it a bad thing to do?
CyclicalQuote:
Originally Posted by MrPrena