Scott,
This is a Sellers Market not a Buyers Market. There is no inventory as the demand outweighs the supply. Houses are going for 20 to 30k over listing price and the buyers are paying the difference between the selling price and the appraised value before even getting a loan. This market is crazy right now and has gotten completey out of control within the last 6 to 8 months.
This is a Sellers Market not a Buyers Market. There is no inventory as the demand outweighs the supply. Houses are going for 20 to 30k over listing price and the buyers are paying the difference between the selling price and the appraised value before even getting a loan. This market is crazy right now and has gotten completey out of control within the last 6 to 8 months.
BLM and the government, as usual doesn't help. There is a 10 acre parcel a couple of blocks from me owned by the BLM and leased to the school district for $1 a year. There are no plans of ever building a school on this parcel. It is in the middle of a residential neighborhood with few children. Governments keep crying for money. This parcel is worth at least 2.5 mil. Once developed, it would generate at least 100k a year in property taxes. BLM should make a deal with the school district to sell the land and give the schools part of the proceeds. Too simple, huh?
<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Originally posted by FISHHEAD:
Every three years one lives in Vegas, takes one year off your life.
Between the smog and the smoke filled casinos, your lungs have no chance.<HR></BLOCKQUOTE>
I'm already a dead man. I smoked for 30 years. FWIW my wife and I looked all over Florida and Brevard county was our second choice. We decided the ride back to SD was a "little" shorter ( Motor Home ) and the investment was a lot more solid plus I just can't stand walking catfish and flat terrain
- Joe
Every three years one lives in Vegas, takes one year off your life.
Between the smog and the smoke filled casinos, your lungs have no chance.<HR></BLOCKQUOTE>
I'm already a dead man. I smoked for 30 years. FWIW my wife and I looked all over Florida and Brevard county was our second choice. We decided the ride back to SD was a "little" shorter ( Motor Home ) and the investment was a lot more solid plus I just can't stand walking catfish and flat terrain
- Joe
Scotty- I always enjoy your posts but castaway is totally correct. It's a complete seller's market. The guy's that put the "For Sale" signs in the front yards don't have much to do because as soon as the listing hits the MLS, it's gone. There's no time to put the sign up in the yard. LOL.
Castaway was also right on the money when he discussed the prices. People are making side deals because VA and many other lenders will not give the buyers a loan for more than the appraised value of a house they want to buy. The sellers know if they have it appraised for $190,000 and list it for that, they can get $210,000 but if the lender will only give the potential buyers the $190,000, then a side deal is worked out where possible. Technically, lenders prohibit this but it goes on every single day.
Scotty, I've never agreed with the thinking that just because a $200,000 house here would go for $400,000 or more somewhere else that makes it a "bargain". Each area of the country is completely different so it's kind of like comparing apples to oranges. Just my opinion.
Castaway was also right on the money when he discussed the prices. People are making side deals because VA and many other lenders will not give the buyers a loan for more than the appraised value of a house they want to buy. The sellers know if they have it appraised for $190,000 and list it for that, they can get $210,000 but if the lender will only give the potential buyers the $190,000, then a side deal is worked out where possible. Technically, lenders prohibit this but it goes on every single day.
Scotty, I've never agreed with the thinking that just because a $200,000 house here would go for $400,000 or more somewhere else that makes it a "bargain". Each area of the country is completely different so it's kind of like comparing apples to oranges. Just my opinion.
I just had a long discussion about this yesterday with two mortgage loan officers. They were tellin me how ridiculous the housing market has gotten. We came up with a theory that the interest rates are being held artificially low to prop up the economy as a political ruse for re-election. Basically, next year the interest rates will go up, and the housing market will implode a la the dot.com bust.
People right now are paying tens of thousands over value for new houses and even hundreds of thousands. They were telling me people were making money just getting on waiting lists for new houses and selling their spots in line to other people. My buddy bought a house for 320k 6 months ago and he's selling it for 480k this week. A 50% return in 6 months, come on, let's be realistic! A lot of people are overextending themselves and overpaying, and when it all come crashing down, THEN will be the time to swoop in and buy them for pennies on the dollar.
People right now are paying tens of thousands over value for new houses and even hundreds of thousands. They were telling me people were making money just getting on waiting lists for new houses and selling their spots in line to other people. My buddy bought a house for 320k 6 months ago and he's selling it for 480k this week. A 50% return in 6 months, come on, let's be realistic! A lot of people are overextending themselves and overpaying, and when it all come crashing down, THEN will be the time to swoop in and buy them for pennies on the dollar.
I love it here.
Several houses in my neighborhood (including next door) have sold without "for sale" signs ever being posted, and all at prices I never would have imagine a year ago.
I would be looking to sell and get a bigger place, but doesn't make sense if you have to paid inflated prices in this market (plus my wife stopped working leading up to the birth of our second child and we'd rather have her stay home with the kids in our current place than to have a nicer place and need to have her go back to work).
But if we found the right place at the right price . . .
Several houses in my neighborhood (including next door) have sold without "for sale" signs ever being posted, and all at prices I never would have imagine a year ago.
I would be looking to sell and get a bigger place, but doesn't make sense if you have to paid inflated prices in this market (plus my wife stopped working leading up to the birth of our second child and we'd rather have her stay home with the kids in our current place than to have a nicer place and need to have her go back to work).
But if we found the right place at the right price . . .
<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Originally posted by Railbird:
I would live in a Volkswagon bus and park it at the beach before I would live in a rathole like Vegas. I wouldnt care if I got a free 20 Million dollar mansion.<HR></BLOCKQUOTE>
With all due respect to all my friends in Vegas, I would too.
But to each his or her own.
I would live in a Volkswagon bus and park it at the beach before I would live in a rathole like Vegas. I wouldnt care if I got a free 20 Million dollar mansion.<HR></BLOCKQUOTE>
With all due respect to all my friends in Vegas, I would too.
But to each his or her own.
