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Oculus Spirit [80999]
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realestate.net: it's still happening
Jan 18, 2022, 9:34 AM
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I looked at 3 houses this weekend.
I say three, but I almost got car jacked while I was trying to figure out my camera phone to facetime to wife-of to show her how bad the 'hood was (you don't always see that in Zillow pics). Dude walked right up to the car and tried to get in; luckily I had a side street exit, and I floored it and zoomed off when I saw him for the door. Obviously, I didn't even bother going in that one. I understand it still had multiple offers though, and went under contract on Saturday.
Then I drove over and looked at another house; smaller, smaller lot, but in a pinch it'll do. At least it was a quiet neighborhood. Found out they already had a "highest and best" thing going on by 6 that afternoon, and had at least 3 other offers when I got there. It went under contract yesterday.
The last house I looked at had a nice size lot, had been renovated, but was in West Ashley. WTH, right? If nothing else works out I'm going to be living on the Fbmooch side of Highway 17 in Murrell's inlet so I might as well give it a shot. Yeah..me and 11 other people thought that. My offer was #6/12,and I had already gone $50K over asking with an escalation clause for 15K more. Rumor has it the winning offer was $120-$140 higher than asking price. Nothing in that hood had ever sold within $50K of the asking price, so if someone buys it for $140K over asking, they're doing it with all cash.
So even with rates climbing 1/4-1/2 point last week alone, the housing market is still full steam ahead.
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110%er [9785]
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happening here in Greenvegas as well but not quite as bad
Jan 18, 2022, 10:15 AM
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Local tv interviewed a couple who had moved here from San Francisco. wut? Been living in an apt for last 6 months cause they couldn't find what they wanted near downtown. Poor basturdz. They said they wanted to be near downtown for the parks and river, etc..
We've been looking at possibly going back to Charleston but after what we've seen (and evidently you are seeing as well) is that people have lost their fxxxxxg minds. What would make someone want to pay a half mil for a 3 bed/2 bath 1400 sq ft ranch that needs another 100-175K in renovations just to be near the hood or ? I don't get it.
I figured the rate increase would create a small feeding frenzy. If it continues to climb, it's got to end at some point because some of these potential buyers vs inventory and price. That only leaves the idiots above with all the cash in hand from other parts of the country.
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Lot o points [155707]
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Problem is a lot of the cash buyer idiots
Jan 18, 2022, 10:17 AM
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Are corporate idiots, not people.
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CU Medallion [50635]
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i wish blackrock would buy my slum house***
Jan 18, 2022, 5:12 PM
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Oculus Spirit [81648]
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Oculus Spirit [80999]
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When more companies start pairing that back
Jan 18, 2022, 11:15 AM
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and I'm sure they will, thats going to change a few things.
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CU Medallion [54758]
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We went and looked at a house in FOUNTAIN INN for SheGUAR's
Jan 18, 2022, 1:37 PM
[ in reply to happening here in Greenvegas as well but not quite as bad ] |
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parents on Friday...DR Horton 'hood, but not too shabby. Kinda out in the boonies, but on the East Georgia/Scuffletown Rd/Simpsonville side of FI.
Great F'n house, it turned out....listed at what I THOUGHT would've been high for it...
Showings Out.the.azz.
We basically went and checked it out, then got the inlaws up on a video call. They were down to clown.
ALL offers needed to be in by 2pm Saturday, and a decision would be made by 4:30
InLaws went $15k over asking right off the bat, with an escalation clause that they'd counter $1k (which they eventually changed to $5k) over the highest offer up to a certain number that was a little more than 10% over asking price.
they didn't get it...someone came in w/ an all cash no contingency offer, not sure how much tho (yet)
Sucks, because everything ELSE they're looking at is meh/10 so far
THEIR HOUSE outside Nashville....got it appraised...priced it around $35k higher than THAT appraisal price...DIDN'T EVEN LIST IT (realtor just put out a 'coming soon' type post/listing somewhere)....Old couple from AZ offered an additional $35k over the already-inflated asking price, cash, site unseen...
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All-In [46801]
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This is insane to me and if the bubble ever busts
Jan 18, 2022, 1:42 PM
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there will be a lot of people holding the bag.
Will definitely be worse than the 2008 housing crisis but for completely different reasons
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Oculus Spirit [80999]
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lulz.."bubble"
Jan 18, 2022, 1:52 PM
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Housing prices, like everything else, have gone up. Prices don't come down. I'm still waiting for Fedex and UPS to drop their price increases when gas went up in 2005. Think a 5 gallon tank of propane will be dropping back to $12 any time soon?
How far back are you expecting pricing to go when the "bubble" bursts? 1990? 2000? 2019?
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CU Medallion [60205]
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prices sure DID come down in 2008/2009 bubble pop
Jan 18, 2022, 2:49 PM
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That's when my changing fate had me in the market. First, in '09 I got lucky and sold my previous home (7 acre farm in Swansea SC) for my listing price in 3 days. Had an Army sergeant from Montana relocating to Fort Jackson with a bunch of horses that needed exactly what I had. Supreme luck, I feared it would take forever to sell something so remote. Dude was a very motivated buyer. If he hadn't showed up, not sure what would have happened.
Moving back to the Upstate, I had some very picky and non-standard "must have" parameters. And quickly, since my house sold almost immediately, way quicker than I anticipated. I thought I'd have easy several months to take my time, but no. Being a gentleman farmer, I'm a "land" guy, much more important to me than the house. I needed 5 to 10 acres. I needed a fenced pasture for my animals. I wanted some unmaintained woodland borders for privacy. I wanted to live on the end of the road, no traffic passing by my house. Dirt road preferable. I wanted water, either lake shore or a private pond (or both). Wasn't so picky on the house, needed 2 bedrooms, 2 bath minimum. Wanted to be 20+/- minutes driving of my office for commute. Rural farms aren't commonly for sale, they are usually passed down thru family.
But.....I think I looked at 10-12 places that fit within most of those narrow parameters in 2 days. Properties were for sale everywhere. One stood out, was absolutely perfect. Bought it at about 1/2 the price of what I would have spent on it (I always kinda ballpark these things in my head). I would have on-spot bought at list price, but realtor told me to go 10% low, and whoa - it was accepted. People were trying ANYTHING to sell during that time.
12 years later, it's been paid off completely (I early termed a 15 year loan) and on paper (Zillow lol) worth almost 3 times what I paid. Not that I ever want to sell (only very poor health will prompt that).
Like I said, I was very, very fortunate. I feel for you folks out there right now. This market is unsustainable in my opinion. Gonna hit a wall eventually.
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Oculus Spirit [80999]
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The wall is what people are willing to pay.
Jan 18, 2022, 3:13 PM
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Prices at the beach and old village will doubtfully ever come down from what they are now. Since about ~2000 or so (since I've been paying attention) I've never seen prices go down in the Old Village. Even in 2007-2009, prices didn't change; property just sat for sale longer.
In the 15 months I've been on IOP I've seen 1/4 acre lots with 2/1 or 3/2 houses go from ~$650k to well over a million $. Had I only known..I would have bought as many as I could have when I first moved here. Look on Zillow; There is one house on IOP for 1.05 million for sale on IOP..way down on 34th. I'm amazed there is one place in old Mt Pleasant for $810k that's been there a few weeks, but it will sell soon enough.
There seems to be an unlimited amount of people who want to move here from where ever they are coming from. I don't know what the top of the market is, and after seeing what I saw Saturday and Sunday (that is continued from last year), we're a long way from it, even with rising interest rates.
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CU Medallion [60205]
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what baffles me is where the financing is coming from
Jan 18, 2022, 3:22 PM
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do people actually have $millions in liquid cash lying around to throw sight unseen at these places? Is there no limit to these millionaires? How many people with liquid $millions NEED to move? Is life that bleak in the Northern states now?
I keep seeing that the majority of Americans are in debt up to their eyeballs, yet hundreds, if not thousands of homes sell daily for cash money the moment they hit the market?
What world do I live in compared to this world? It's obviously a way different one.
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Oculus Spirit [80999]
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I think there are a few different sources for that
Jan 18, 2022, 3:32 PM
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Some are REITs, investment firms, and even local co-ops that band together as investors and
1) either buy the house themselves (and subsequently rent them out) or
2) buy them and flip them, or
3) buy them cash for another buyer. They let the buyer use the cash for a short term loan (say 30 days or less as a "hard money" type loan), then the actual buyer refinances a few days after closing, pays a %age of the hard money loan in interest to the hard money loan provider, and then pays them back fully with the refinance.
4) Actually cash--Somebody bought bitcoin at $500 and cashed out (or maybe grammy died and left them some cash, or they sold their $1.5 million $ hovel in Trenton, New Jersey, then carpet bagged down to CHS to get out of the snow)
I tend to think its a combo of the first 3 more than the 4th, but I could be 100% wrong. I usually am.
And yes, to me, life has always been that bleak in the northern states.
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CU Medallion [54758]
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Hey
Jan 18, 2022, 5:30 PM
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Oculus Spirit [80999]
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Re: Hey
Jan 18, 2022, 5:36 PM
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CU Medallion [65983]
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CU Medallion [54758]
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depends
Jan 18, 2022, 4:52 PM
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ARE you?
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All-In [46801]
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I honestly don't get it.
Jan 18, 2022, 10:19 AM
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We have a little row of block houses in my community that are the hub of the crystal meth production in this area.
Terrible terrible street.
One of the houses went up for sale and went under contract within 10 hours.
People from up north.
Sight unseen. No idea about what they are about to get into.
What the ever loving ####.
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All-In [31404]
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Re: realestate.net: it's still happening
Jan 18, 2022, 10:23 AM
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Hey worst case scenario, you’re within walking distance to Crabby Mike’s Seafood Bonanza, at least two putt-putt places, and no fewer than 4 establishments selling hermit crabs.
Get out of that liberal mess in Charleston and come join us real red blooded Americans up here. The beaches are nice, the air is warm, the meth is crystalline, the beer is cold, and you don’t need a reservation for lunch at 11am on a Tuesday like everywhere in Charleston these days.
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Orange Blooded [4701]
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Are you just looking at houses on Zillow or have you
Jan 18, 2022, 10:34 AM
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actually engaged an agent on your behalf?
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Heisman Winner [105478]
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The Jounge doesn't use real estate agents, they are
Jan 18, 2022, 10:36 AM
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thieves and just take 3-6% of your money and add no actual value, RIGHT?????
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Orange Blooded [4701]
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Yeah I guess, but the brokerage I work for doesn't even
Jan 18, 2022, 10:38 AM
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use zillow. You've gotta pay to be on there and in this market its a waste of money.
You can have a bid off in house with your own clients and get both sides of the transaction. All without having people know it's even listed.
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Oculus Spirit [85166]
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Oculus Spirit [80999]
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All-In [40656]
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Did I miss an update?
Jan 18, 2022, 11:29 AM
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Did you back out of the new build? If so, was it because of the "add ons" for light switches?
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All-In [46801]
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I'm still laughing at the fact he went through the whole
Jan 18, 2022, 11:31 AM
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process of going under contract (which isn't a quick process mind you)
for a house he doesn't want
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Oculus Spirit [80999]
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actually the "getting under contract" was the easy part.
Jan 18, 2022, 11:35 AM
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It became apparent they were lying to me after money changed hands.
So I'll either have a rental, a primary place to live, or somewhere to sell.
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All-In [46801]
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I don't know if you know this, but the whole lying part
Jan 18, 2022, 11:36 AM
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makes the contract null and void.
You want me to be your real estate agent?
I'll tell them to kiss my ### and tear it up in front of them
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Oculus Spirit [80999]
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Yeah...prove that.
Jan 18, 2022, 12:01 PM
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If its not written, it never happened. And even if its written its doubtful.
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Oculus Spirit [80999]
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Nope..I'm still under contract.
Jan 18, 2022, 11:32 AM
[ in reply to Did I miss an update? ] |
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Suppoda close on 2/17. I don't think they'll be done.
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Oculus Spirit [85166]
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Yeah, it was last week you #####. It had a whole subject
Jan 18, 2022, 11:33 AM
[ in reply to Did I miss an update? ] |
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and everything.
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Oculus Spirit [85166]
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Plenty of affordable, nice houses in upstate
Jan 18, 2022, 10:45 AM
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listed for about 60 days.
Sure, I've seen some real ###### houses way overpriced too.
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Heisman Winner [135679]
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Leave it to Spartanburg county to f it up
Jan 18, 2022, 10:53 AM
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2 huge developments up here have gone belly up from site prep cost leaving what was once nice wooded property as now vast mud holes with partially finished streets up for sale.
New development near me has 6-7 half built houses that have been sitting in the weather with no siding or doors and windows for 2-3 months Could be supply chain issues but I suspect it’s builders that over extended.
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Oculus Spirit [80999]
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I think my builder is overextended as well
Jan 18, 2022, 11:16 AM
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prob where a lot of his delivery problems are coming from.
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All-In [46801]
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12-18 weeks for windows***
Jan 18, 2022, 11:24 AM
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Orange Blooded [4701]
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If you are doing new build your contract is just a hedge
Jan 18, 2022, 2:16 PM
[ in reply to I think my builder is overextended as well ] |
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for your builder against the market going down.
They don't care if they #### you off and you walk, they'll just sell it for $50-$100K more than you're under contract for by the time it's done.
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Oculus Spirit [80999]
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They don't seem to want to let me out of the contract.
Jan 18, 2022, 2:56 PM
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I've asked, and they want to have a big conf call pow wow to fluff me into wanting to stay in it. I declined, and basically cut off all comms with the builder and their reps. At this point, its a waiting game until inspection day on Feb 10 to see if the house will be ready.
I'll either buy it and sell it, or if it's not ready, not buy it and move somewhere else. That's why I am looking at buying something else.
As long as they sign off on returning my earnest money, I don't care. I have no real interest in the place at this point other than that. Biggest issue to me past that is dinging my credit with hard pulls (10 points on Transunion, 6 on Experian).
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Orange Blooded [4701]
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Hmmm that's kind of a red flag. Most builders have
Jan 18, 2022, 4:09 PM
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customers lined up around the corner these days.
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Oculus Spirit [80999]
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Thanks, Captain obvious
Jan 18, 2022, 4:11 PM
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This is what I've been saying for several weeks.
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Orange Blooded [4701]
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Sorry, my kid almost died recently and I have to do work
Jan 18, 2022, 4:19 PM
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at work 95% of the time so I'm only a part time lunger.
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Oculus Spirit [80999]
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That's really no excuse to not be keeping up with my
Jan 18, 2022, 5:27 PM
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ongoing home saga.
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Oculus Spirit [79401]
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I'm beginning to look at builders/developers in the same
Jan 18, 2022, 11:22 AM
[ in reply to Leave it to Spartanburg county to f it up ] |
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light I do politicians and busy body cops. Some of them need to be stopped.
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Oculus Spirit [80999]
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most of them do I think***
Jan 18, 2022, 11:23 AM
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All-In [40656]
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I was told this was a bubble
Jan 18, 2022, 11:28 AM
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and would end.
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Oculus Spirit [80999]
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I guess everything is a bubble
Jan 18, 2022, 11:28 AM
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if you wait long enough.
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