OT - COVID and residential real estate

fishlessman

camp next to me sold for 220k 3 years ago, he took a cash offer last fall for 500k, no realtor. i dont even know why anyone would list their house with a realtor right now.  hang a flyer in the fire house and police station would be my plan right now if i were selling

heres the house and what half a million will get you. the septic system is under the garage and the deck is fake, its a one floor house

https://www.zillow.com/homedetails/328-NW-River-Rd-Sebago-ME-04029/84911821_zpid/

TEXASBGE2018

Ours has been booming for long before Covid. Covid just made it worse. All the folks moving here from out of State are buying up everything they can and paying about 20% more than the house is truly worth. Glad I bought when I did. When the market adjusts and it will these folks will likely be underwater.

hoosier_egger

fishlessman said:

camp next to me sold for 220k 3 years ago, he took a cash offer last fall for 500k, no realtor. i dont even know why anyone would list their house with a realtor right now.  hang a flyer in the fire house and police station would be my plan right now if i were selling

heres the house and what half a million will get you. the septic system is under the garage and the deck is fake, its a one floor house

https://www.zillow.com/homedetails/328-NW-River-Rd-Sebago-ME-04029/84911821_zpid/

I sold my house in Aug 2019 because someone knocked on my door and said they wanted to buy it. I gave them a price a few days later and we were at the closing table shortly thereafter. Luckily we had the condo to stay in while we searched for our new home.

xfire_ATX

Here in the ATX its nuts.  Coworkers son just "won" a bid at $100k/ 14% over asking and it wasnt the high bid.

SWMBO looked our house up on Zillow/ Trulia and its up 250% in 6 years.  I dont want to really sell as then I have to buy something just as overpriced.  I keep telling her lets sell buy some land and live in an RV but she aint buying that story until this cools down

I do hear Lumber is through the roof and I can tell you electrical commodities are going up in price every 30-60 days.  So new homes are impossible to price right now considering the time to build and the increase in materials.

stlcharcoal

fishlessman said:

. i dont even know why anyone would list their house with a realtor right now. 

Because most of the deals would never actually close.....and that's the important part.

The way I describe real estate deals is every one of them is like an episode of Star Trek.  The are inviting and happy in the first 5 minutes, then the rest of the episode the Enterprise/ deal is 5 seconds for blowing up.   Seriously, in 10 yrs I have had a handful of deals that have been effortless--the rest all nearly fell apart over something and I had to work my butt off to save them before they did.

Inspections, septic/well, appraisal, title, survey, loan commitment, etc.  Striking a deal on a price is only the beginning......there are still about 100 ways for the buyer to bail WITH their earnest money, wasting weeks of the seller's time on market.  

Realtors, unlike lawyers, do not benefit from the two parties fighting.  We don't get to bill by the hour, we ONLY get paid if the deal closes.  Our job is to keep the deal together while protecting our side.

Sellers can bring too much emotion into the deal--because it's their "home".  No it's a "house" at that point and we want to market it as the buyer's new "home".  Not semantics, state of mind--it's nothing more than an asset.  It's our job to keep emotion out of it.

A good Realtor will always pay for themselves by holding the deal together and/or getting 5-6% over what you would have gotten trying to do it all on your own.  

JohnInCarolina

The other thing that we have seen happen to us here in Durham that is new, is that we are receiving unsolicited inquiries from agents representing interested buyers.  They are asking if we'd consider selling our home, even though it is not on the market.  Anyone else seeing that?  

Legume

JohnInCarolina said:

The other thing that we have seen happen to us here in Durham that is new, is that we are receiving unsolicited inquiries from agents representing interested buyers.  They are asking if we'd consider selling our home, even though it is not on the market.  Anyone else seeing that?  

We had an agent knock on our door about this when we had only been in the house 7 months or something.  I don’t think he had a buyer, was looking for listings.

Botch

JohnInCarolina said:

The other thing that we have seen happen to us here in Durham that is new, is that we are receiving unsolicited inquiries from agents representing interested buyers.  They are asking if we'd consider selling our home, even though it is not on the market.  Anyone else seeing that?  

I get about 4 a week, mailed or knocks on the door (I've quit answering my phone).  I'm really getting sick of it.  

Acn

JohnInCarolina said:

The other thing that we have seen happen to us here in Durham that is new, is that we are receiving unsolicited inquiries from agents representing interested buyers.  They are asking if we'd consider selling our home, even though it is not on the market.  Anyone else seeing that?  

We’ve received numerous inquiries about whether or not we’re interested in selling.  Nobody’s knocked on the door, but we were asked while outside doing yard work, as well as more voicemails or texts that I can remember.

BSR

I fear the side effect will be even rural counties like mine turning blue... Plus one for no realtors; sometimes valuable on the selling side especially if they stage. Can't imagine why a buyer needs ones. Don't even get me started on home inspectors...

Mark_B_Good

Our real estate market is insane. 16% up in ONE MONTH. Where is all this money coming from, in the middle of closures due to COVID?!?!

GrateEggspectations

JohnInCarolina said:

The other thing that we have seen happen to us here in Durham that is new, is that we are receiving unsolicited inquiries from agents representing interested buyers.  They are asking if we'd consider selling our home, even though it is not on the market.  Anyone else seeing that?  

Yes. Agents at the door, notes from individuals left on the doorstep, etc. 

nolaegghead

I get "checks" in the mail for cash offers for my commercial property all the time. 

GIG_Smoker

fishlessman said:

camp next to me sold for 220k 3 years ago, he took a cash offer last fall for 500k, no realtor. i dont even know why anyone would list their house with a realtor right now.  hang a flyer in the fire house and police station would be my plan right now if i were selling

heres the house and what half a million will get you. the septic system is under the garage and the deck is fake, its a one floor house

https://www.zillow.com/homedetails/328-NW-River-Rd-Sebago-ME-04029/84911821_zpid/

No way I drop 500k for that.

nolaegghead

Must be paying for the land, fish.  That place should be condemned and tore down.

GIG_Smoker

nolaegghead said:

Must be paying for the land, fish.  That place should be condemned and tore down.

Agreed

fishlessman

nolaegghead said:

Must be paying for the land, fish.  That place should be condemned and tore down.

most bizarre deal ive ever seen, guy lived in conn and worked in nyc. couldny get out fast enough when things went out of control.  pitch on the other side forms a vee that loads with snow and leaks the full length of the house inside. really a dumb design for maine

fishlessman

stlcharcoal said:

fishlessman said:

. i dont even know why anyone would list their house with a realtor right now. 

Because most of the deals would never actually close.....and that's the important part.

The way I describe real estate deals is every one of them is like an episode of Star Trek.  The are inviting and happy in the first 5 minutes, then the rest of the episode the Enterprise/ deal is 5 seconds for blowing up.   Seriously, in 10 yrs I have had a handful of deals that have been effortless--the rest all nearly fell apart over something and I had to work my butt off to save them before they did.

Inspections, septic/well, appraisal, title, survey, loan commitment, etc.  Striking a deal on a price is only the beginning......there are still about 100 ways for the buyer to bail WITH their earnest money, wasting weeks of the seller's time on market.  

Realtors, unlike lawyers, do not benefit from the two parties fighting.  We don't get to bill by the hour, we ONLY get paid if the deal closes.  Our job is to keep the deal together while protecting our side.

Sellers can bring too much emotion into the deal--because it's their "home".  No it's a "house" at that point and we want to market it as the buyer's new "home".  Not semantics, state of mind--it's nothing more than an asset.  It's our job to keep emotion out of it.

A good Realtor will always pay for themselves by holding the deal together and/or getting 5-6% over what you would have gotten trying to do it all on your own.  

we are seeing cash deals from boston, hartford, nyc up here in southern maine. this buyer moved in within a week and his offer was about 100 percent higher than an agent would have it listed for.  after this winter i bet he knocks it down and rebuilds

nolaegghead

This place is selling across the street from me right now, way overpriced IMO.  Doesn't look like the realtor cut the grass since last august. Doesn't look terrible, but under he veneer of renovation is a nightmare.   Worst job ever.  I think it's been redone 3 times in 10 years.  Sellers are trashy people from New Jersey, they moved to Florida where they should fit right in.  They're the only people on my block that I disliked and didn't have a friendly rapport with.  They didn't have a vehicle of any sort except a bicycle.  Not sure if any of them worked, maybe the son.  Don't think I ever saw the son wear a shirt.  Ambulance at the place monthly for the old man.  Domestic **** going on all the time.  Their young grandaughter (like around 5) was found roaming around in the middle of the night, social services were called.  Good riddance.

https://www.realtor.com/realestateandhomes-detail/531-Belleville-St_New-Orleans_LA_70114_M72020-09601

fishlessman

nolaegghead said:

This place is selling across the street from me right now, way overpriced IMO.  Doesn't look like the realtor cut the grass since last august. Doesn't look terrible, but under he veneer of renovation is a nightmare.   Worst job ever.  I think it's been redone 3 times in 10 years.  Sellers are trashy people from New Jersey, they moved to Florida where they should fit right in.  They're the only people on my block that I disliked and didn't have a friendly rapport with.  They didn't have a vehicle of any sort except a bicycle.  Not sure if any of them worked, maybe the son.  Don't think I ever saw the son wear a shirt.  Ambulance at the place monthly for the old man.  Domestic **** going on all the time.  Their young grandaughter (like around 5) was found roaming around in the middle of the night, social services were called.  Good riddance.

https://www.realtor.com/realestateandhomes-detail/531-Belleville-St_New-Orleans_LA_70114_M72020-09601

usually the jersey crowd is sharper than that. more typical to suck all the money out of the house, move, rent it, let the house self implode, stop paying the mortgage and taxes, delay everything as far as possible til they get their last penny. then have a relative buy it in a short sale from the bank for half its worth. its a two family to boot, cars pulling in all hours of the night, drugs, unmarked cars on your side of the street.....

dmchicago

Zillow...which I think is horsesh!t anyway, says our home increased in value $270,000 over the last 30 days. 

Doesn't matter, we're planning a feet first exit. This only hurts me in the tax dept.

And we get constant calls about selling. As a 2X recovering realtor, they are fishing for listings in a hot market with low inventory. 

dbCooper

I've never much cared for Zillow and their ilk culling my personal info from public sources, then monetizing it without comping me in any way.  When possible I embellish the info they have on me.  Using Zillow as an example, they think my house has 3x its actual square footage and looks like this...

GrateEggspectations

nolaegghead said:

This place is selling across the street from me right now, way overpriced IMO.  Doesn't look like the realtor cut the grass since last august. Doesn't look terrible, but under he veneer of renovation is a nightmare.   Worst job ever.  I think it's been redone 3 times in 10 years.  Sellers are trashy people from New Jersey, they moved to Florida where they should fit right in.  They're the only people on my block that I disliked and didn't have a friendly rapport with.  They didn't have a vehicle of any sort except a bicycle.  Not sure if any of them worked, maybe the son.  Don't think I ever saw the son wear a shirt.  Ambulance at the place monthly for the old man.  Domestic **** going on all the time.  Their young grandaughter (like around 5) was found roaming around in the middle of the night, social services were called.  Good riddance.

https://www.realtor.com/realestateandhomes-detail/531-Belleville-St_New-Orleans_LA_70114_M72020-09601

Cool looking street. I want to be your neighbour, Nola!

I hear you on the renos. So many flips feature dirt cheap renos that are shoddy at best and only give the illusion of quality. A few months after we bought our place, another house about five places down sold on our street. Exact same lot size. It had been quite thoroughly renovated, though done very, very poorly. The front stairs, for example, are not even close to straight. Looks like they were Picasso’s brainchild. They paid close to a full double what we did just months earlier. When I look at what they got, I would be upset with myself had I been the buyer. But if they’re happy and they can afford it, more power to them. They are great people. 

One trick for anyone who wants to keep tabs on property values in their area. If you are still in touch with your previous realtor, ask them if you can continue to receive notifications for listings and sales in your area. Probably not an authorized use of the realtor’s system, but it works for me. I see every transaction in my neighbourhood, which gives me a great relative sense of value. 

Mark_B_Good

nolaegghead said:

This place is selling across the street from me right now, way overpriced IMO.  Doesn't look like the realtor cut the grass since last august. Doesn't look terrible, but under he veneer of renovation is a nightmare.   Worst job ever.  I think it's been redone 3 times in 10 years.  Sellers are trashy people from New Jersey, they moved to Florida where they should fit right in.  They're the only people on my block that I disliked and didn't have a friendly rapport with.  They didn't have a vehicle of any sort except a bicycle.  Not sure if any of them worked, maybe the son.  Don't think I ever saw the son wear a shirt.  Ambulance at the place monthly for the old man.  Domestic **** going on all the time.  Their young grandaughter (like around 5) was found roaming around in the middle of the night, social services were called.  Good riddance.

https://www.realtor.com/realestateandhomes-detail/531-Belleville-St_New-Orleans_LA_70114_M72020-09601

How in the world is that place 3300 sq ft???

nolaegghead

Mark_B_Good said:

nolaegghead said:

This place is selling across the street from me right now, way overpriced IMO.  Doesn't look like the realtor cut the grass since last august. Doesn't look terrible, but under he veneer of renovation is a nightmare.   Worst job ever.  I think it's been redone 3 times in 10 years.  Sellers are trashy people from New Jersey, they moved to Florida where they should fit right in.  They're the only people on my block that I disliked and didn't have a friendly rapport with.  They didn't have a vehicle of any sort except a bicycle.  Not sure if any of them worked, maybe the son.  Don't think I ever saw the son wear a shirt.  Ambulance at the place monthly for the old man.  Domestic **** going on all the time.  Their young grandaughter (like around 5) was found roaming around in the middle of the night, social services were called.  Good riddance.

https://www.realtor.com/realestateandhomes-detail/531-Belleville-St_New-Orleans_LA_70114_M72020-09601

How in the world is that place 3300 sq ft???

it's got a second floor and it is almost the width of the lot.  We're on the same size 35x150 lot and have 1450 sf.  I have a 600 sf shop.  Their house is wider and they have a second floor.  That style is called a "creole cottage".

nolaegghead

Landscaping = weeds

nolaegghead

https://prcno.org/historic-home-embraces-comfort-and-clean-energy-without-sacrificing-charm/?fbclid=IwAR11-Zx5mpiwHDPGiuCkbQdb5K47Hn1OHgDAyJp-wbxkVMs2ZNYj10tNHZg

kl8ton

nolaegghead said:

Sellers are trashy people from New Jersey, they moved to Florida where they should fit right in.

nolaegghead said:

Sellers are trashy people from New Jersey, they moved to Florida where they should fit right in.

Mark_B_Good

nolaegghead said:

Mark_B_Good said:

nolaegghead said:

This place is selling across the street from me right now, way overpriced IMO.  Doesn't look like the realtor cut the grass since last august. Doesn't look terrible, but under he veneer of renovation is a nightmare.   Worst job ever.  I think it's been redone 3 times in 10 years.  Sellers are trashy people from New Jersey, they moved to Florida where they should fit right in.  They're the only people on my block that I disliked and didn't have a friendly rapport with.  They didn't have a vehicle of any sort except a bicycle.  Not sure if any of them worked, maybe the son.  Don't think I ever saw the son wear a shirt.  Ambulance at the place monthly for the old man.  Domestic **** going on all the time.  Their young grandaughter (like around 5) was found roaming around in the middle of the night, social services were called.  Good riddance.

https://www.realtor.com/realestateandhomes-detail/531-Belleville-St_New-Orleans_LA_70114_M72020-09601

How in the world is that place 3300 sq ft???

it's got a second floor and it is almost the width of the lot.  We're on the same size 35x150 lot and have 1450 sf.  I have a 600 sf shop.  Their house is wider and they have a second floor.  That style is called a "creole cottage".

Oh, from the front it looks like a bungalow. 

CTMike

My son and daughter-in-law close on their townhome in Ottawa mid-May. When they signed the contract (Oct19) the price was CAD$479K. Current price for the same unit is now CAD$650K - crazy. The single family homes in the same development went from mid 600s to high 900s in the same time frame.