Real Estate Market. Thoughts?

[DeusExMachina]

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.

[Ramsker]

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.

[Dave]

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.

[ruthabagah]

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.

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....

[MrPrena]

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....

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.

One good part is that I only water 4min/night for front, but 15+min for the back yard.

[Heuristic]

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....

[ChunkyMonkey]

^^ 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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[MrPrena]

What goes up, must go down. Not just real estate market, but securities, pm, fixed incomes, and commodities.

[Dave_L]

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?

[kidicarus13]

What goes up, must go down. Not just real estate market, but securities, pm, fixed incomes, and commodities.

Cyclical