My house went on the market today...

Don't accept the first offer.

Wait it out as long as you can before accepting.

I did something similar last July. Within 24 hours of accepting the offer, I received offers at $25k, 45k, 85k and 100k over the original. I was praying that the inspection would come back bad or something haha

13COBRA said:

Don't accept the first offer.

Wait it out as long as you can before accepting.

I did something similar last July. Within 24 hours of accepting the offer, I received offers at $25k, 45k, 85k and 100k over the original. I was praying that the inspection would come back bad or something haha

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Haven't had any better yet. Here's my worry: Several homes in my zip code that are larger and nicer than mine recently lowered their price to LESS than what I listed mine for. The one behind me is nicer and bigger and has been on the market for weeks. I'll see if anything happens tomorrow but if nothing better I'm submitting the acceptance paperwork Saturday. The buyer I have now already waived inspection and knows there are a few issues. This market is beyond sick and crazy and won't last. I'll give you a quote from the famous Rothschild family: "We made most of our money buying before the low and then selling before the top."

the LA market is still on fire. a friend just listed his home for $1.3 million and it sold within a few days for $1.6! its a 2k sq ft 3 bedroom house on a 7900 sq ft lot
he bought it less than 10 years ago for $400kish. put about $250k into remodeling it. its a nice neighborhood but blocks away from Inglewood lol.

gimmie11s said:

Sucks... more houses being bought by giant firms.

Congrats on the sale though!

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You’ll own nothing and be happy.

03cobra#694 said:

My house that we paid $103k for 26 years ago is worth over $600k these days. Mind you, I’ve dumped probably $100k into it. Where would we go? My taxes are based on the price we paid. A new one close, but smaller would be $500 for what I’d want, and my taxes would jump sky high.

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If you feel as if that is your forever place then I think you should stay. I mean, yeah, you can bank a nice profit if you sold but like you said: Then what?

03cobra#694 said:

My house that we paid $103k for 26 years ago is worth over $600k these days. Mind you, I’ve dumped probably $100k into it. Where would we go? My taxes are based on the price we paid. A new one close, but smaller would be $500 for what I’d want, and my taxes would jump sky high.

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I miss Florida

My taxes are based on an appraised value that they do every year

****ing tax man

BOOGIE MAN said:

I miss Florida

My taxes are based on an appraised value that they do every year

****ing tax man

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Right, even though the house is worth more, my taxes are based on that $103 number.

OP...you priced your house too low.

gimmie11s said:

Sucks... more houses being bought by giant firms.

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^This.

The American dream as we know it is being destroyed.

Good to hear, one of my houses went 'Coming Soon' status as of today just outside of Charlotte, NC. Hoping I didn't miss the boat by not getting it on the market back in early March before the interest rate hikes (didn't have a choice, had tenants I couldn't kick out).

I think we listed high AF considering I paid less than 2.5x for it back in 2012, but I guess we'll see...

03cobra#694 said:

Right, even though the house is worth more, my taxes are based on that $103 number.

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does that vary by county or something?

my understanding of the homestead is the tax value starts at your purchase price, it still goes up every year but there is a max % increase

either way you're still paying way substantially less.

I've been in my house for around 14 years, paid 230. Its been hovering in the high 200s the last couple years but now in the last 6 months its jumped up north of 400. I'd love to sell and walk with 350-400 in my pocket but where would ya go.

Steve@TF said:

the LA market is still on fire. a friend just listed his home for $1.3 million and it sold within a few days for $1.6! its a 2k sq ft 3 bedroom house on a 7900 sq ft lot
he bought it less than 10 years ago for $400kish. put about $250k into remodeling it. its a nice neighborhood but blocks away from Inglewood lol.

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Sometimes I consider selling my home as well. Its worth almost 3 times more than when I bought it 8 years ago. Crazy market at out there for sure. I have no idea how people can afford the homes here in LA

I paid $45k over back in 2020...

I sold my last rental 12/28/21.

As is, zero repairs. Cash sale no realtor.

At times I wonder if I missed 5-10%, but I keep finding lots of properties in that area that are still selling at the same price per sqft if you include all the remodeling and Renovation work they list. Owned mine two yrs and did nothing outside of a couple repairs. Clipped about 140k on it

I think going through the bust in 2008 causes me to error on the side of caution and taught me a few lessons.

I still remember reading the article about Bank of America defaulting on its own building project before its completion (intentionally) at the tail end of the boom. The building was to house an expansion of their mortgage division.

Even the big dogs wagered incorrectly.


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Steve@TF said:

the LA market is still on fire. a friend just listed his home for $1.3 million and it sold within a few days for $1.6! its a 2k sq ft 3 bedroom house on a 7900 sq ft lot
he bought it less than 10 years ago for $400kish. put about $250k into remodeling it. its a nice neighborhood but blocks away from Inglewood lol.

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I bought my current house in 2019 in NorCal (Sacramento). Paid 545K + did about 90K in remodeling and have regularly gotten these fliers on my door from realtors offering over 1M.

MG0h3 said:

I think going through the bust in 2008 causes me to error on the side of caution and taught me a few lessons.

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Meh.

As I recall after 2008 we saw or worried about Deflation quite a bit. Everyone was selling assets and property for rock-bottom cash pricing to just get some liquidity.

Now we're seeing people starting to hedge that +8% inflation is going to be the norm for another 2 years. Couple that with uncertainty in market stability and liquidity is not sounding great.

Corbic said:

Meh.

As I recall after 2008 we saw or worried about Deflation quite a bit. Everyone was selling assets and property for rock-bottom cash pricing to just get some liquidity.

Now we're seeing people starting to hedge that +8% inflation is going to be the norm for another 2 years. Couple that with uncertainty in market stability and liquidity is not sounding great.

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Doesn't have to be that way if the bitch Fed would get serious about rate hikes.

Could straighten this shit sandwich out relatively quickly.

Congrats!

Exact scenario happened to the house across from me last month. Went on the market for $438K and someone bought it sight unseen, cash and paid extra to move in early.

They currently have a crew from CA living there and rehabbing the entire house. I do okay with money, but this guy has to be doing better.

VegasMichael said:

Most likely the Rochester, NY area. My parents live there and at ages 80 and 79 they need some help with things from time to time. Never know when they will pass so spending more time together is important to all three of us.

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Your going to be able to get a beautiful home outside the limits of Rochester. Check out Geneseo college town, nice place. Property taxes are a bitch in NY, so keep that in mind. Good luck, kinda jealous.

Also, check out Sodus Point if you want to be like Jimmy Buffett and wear flip flops half the year.