BMW Garage BMW Meets Register Search Today's Posts Mark Forums Read
BIMMERPOST Universal Forums Off-Topic Discussions Board    The real estate market is crazy right now

Post Reply
 
Thread Tools Search this Thread
      03-29-2021, 11:34 AM   #67
Alfisti
Brigadier General
6453
Rep
3,009
Posts

Drives: 2008 Saab 9-3 Combi
Join Date: Nov 2014
Location: Toronto, Canada

iTrader: (0)

It's 4pc here. On $2m that's $80K.
Appreciate 0
      03-29-2021, 11:42 AM   #68
spazzyfry123
Lieutenant Colonel
spazzyfry123's Avatar
4307
Rep
1,912
Posts

Drives: Here and There
Join Date: Jul 2013
Location: North Georgia Mountains

iTrader: (1)

Garage List
Quote:
Originally Posted by CPWINCH View Post
For anyone selling a house right now... do not take financial advice from people who drive M2CS....

Whatever you do, work with someone who has a license who is an investor themselves. Saves you so much time. If you are worried about 2.5% fees then you have bigger problems to worry about lol
Now I don’t want to eat my words later, but as it sits right now homes are effectively spoken for before they officially hit the market around here. I’m not “worried” about the 3%, but why would I give someone else thousands? I sold my last house by going through a FSBO deal that got my listing out on MLS for like $400. Three way bidding war and under contract by the weekend.
Appreciate 1
Tommy-G4467.00
      03-29-2021, 12:59 PM   #69
CPWINCH
Brigadier General
CPWINCH's Avatar
United_States
732
Rep
4,635
Posts

Drives: Toyota Prius
Join Date: May 2010
Location: Los Angeles

iTrader: (7)

Quote:
Originally Posted by spazzyfry123 View Post
Now I don’t want to eat my words later, but as it sits right now homes are effectively spoken for before they officially hit the market around here. I’m not “worried” about the 3%, but why would I give someone else thousands? I sold my last house by going through a FSBO deal that got my listing out on MLS for like $400. Three way bidding war and under contract by the weekend.
I hear you, especially considering the current market which is absolutely insane. Either way I wouldn't sell right now because then I would have to buy in this ridiculous market (or pay big taxes haha)

In 6-12 months we will be in a completely different kind of market and I will be ready to buy. In the mean time use the low interest rates to your advantage and refinance current equity and invest that money into an alternative revenue stream and save for the eventual crash.
__________________
Follow my BMW instagram @CARMODIFICATION Let me know you are from bimmerpost and i'll follow back
Appreciate 0
      03-29-2021, 01:02 PM   #70
CPWINCH
Brigadier General
CPWINCH's Avatar
United_States
732
Rep
4,635
Posts

Drives: Toyota Prius
Join Date: May 2010
Location: Los Angeles

iTrader: (7)

Quote:
Originally Posted by Alfisti View Post
It's 4pc here. On $2m that's $80K.
so essentially nothing? Houses are going over asking by $100k over here lol.

Don't think in cents and dollars. Think in opportunity cost always.
__________________
Follow my BMW instagram @CARMODIFICATION Let me know you are from bimmerpost and i'll follow back
Appreciate 0
      03-29-2021, 01:41 PM   #71
Alfisti
Brigadier General
6453
Rep
3,009
Posts

Drives: 2008 Saab 9-3 Combi
Join Date: Nov 2014
Location: Toronto, Canada

iTrader: (0)

Yeah what's my opportunity cost? I lose a bit of time, that's about it.
Appreciate 0
      03-29-2021, 01:48 PM   #72
Joekerr
Banned
7926
Rep
1,923
Posts

Drives: 2017 Audi S6
Join Date: Jan 2008
Location: Toronto, ON

iTrader: (0)

Quote:
Originally Posted by Alfisti View Post
Yeah what's my opportunity cost? I lose a bit of time, that's about it.
I suspect he's saying you might price it too low, though that's rarely been my experience...usually realtors seem to want to price a little lower for a quick sale (though not needed in this market).

But realistically, you can hire an appraiser for $350 and get a solid value for your house if you are uncertain and save on those realtor fees. That's likely the route I would go in this market - just don't see what a realtor really does for me.

I'd probably be stuck paying the other side's 2.5% though.
Appreciate 0
      03-29-2021, 02:01 PM   #73
Alfisti
Brigadier General
6453
Rep
3,009
Posts

Drives: 2008 Saab 9-3 Combi
Join Date: Nov 2014
Location: Toronto, Canada

iTrader: (0)

THat's my point, as prices rise sharply their fees increase and the value they offer decreases. It makes no fucking sense.
Appreciate 0
      03-29-2021, 02:03 PM   #74
dreamingat30fps
Lieutenant Colonel
United_States
5256
Rep
1,904
Posts

Drives: Miata, Cayenne, Model 3, F350
Join Date: Jan 2010
Location: South Florida & NC

iTrader: (1)

We tried listing our house like 1 or 2 years ago. I didn't feel like the realtor really brought anything to the table. All he really did was list it online and show it whenever someone would request to see it. I can pay a photographer and list it online myself. The thing for me I guess would be doing all the paperwork etc, but I'm sure you can hire a lawyer or someone who does that without having to give up 6% or whatever it is.

From the buying side I have also not found a whole lot of value to the realtors. It doesn't cost me anything as a buyer so I've used a realtor each time. Maybe it's slightly helpful if buying in a new area like we are looking to do. They know more about good and bad area and can explain certain things that work differently in different states.

Other than that aspect they basically do the same thing. Ask me what we want and then sign me up for automated MLS emails. Schedule showings for whatever we want to see.
Appreciate 0
      03-29-2021, 02:18 PM   #75
spazzyfry123
Lieutenant Colonel
spazzyfry123's Avatar
4307
Rep
1,912
Posts

Drives: Here and There
Join Date: Jul 2013
Location: North Georgia Mountains

iTrader: (1)

Garage List
Quote:
Originally Posted by dreamingat30fps View Post
We tried listing our house like 1 or 2 years ago. I didn't feel like the realtor really brought anything to the table. All he really did was list it online and show it whenever someone would request to see it. I can pay a photographer and list it online myself. The thing for me I guess would be doing all the paperwork etc, but I'm sure you can hire a lawyer or someone who does that without having to give up 6% or whatever it is.

From the buying side I have also not found a whole lot of value to the realtors. It doesn't cost me anything as a buyer so I've used a realtor each time. Maybe it's slightly helpful if buying in a new area like we are looking to do. They know more about good and bad area and can explain certain things that work differently in different states.

Other than that aspect they basically do the same thing. Ask me what we want and then sign me up for automated MLS emails. Schedule showings for whatever we want to see.
Are you still looking in NC? Our next move is going to be NC, SC, or TN. NC is high on the podium right now, but curious how your search is going.
Appreciate 0
      03-29-2021, 03:26 PM   #76
XutvJet
Major General
5493
Rep
5,339
Posts

Drives: 2011 Cayman Base, 2016 M235
Join Date: Mar 2016
Location: Kansas City

iTrader: (-1)

Quote:
Originally Posted by dreamingat30fps View Post
We tried listing our house like 1 or 2 years ago. I didn't feel like the realtor really brought anything to the table. All he really did was list it online and show it whenever someone would request to see it. I can pay a photographer and list it online myself. The thing for me I guess would be doing all the paperwork etc, but I'm sure you can hire a lawyer or someone who does that without having to give up 6% or whatever it is.
Totally agree. I do not understand the cost of realtors given the level of effort and knowledge (i.e., lack there of for most of them). It's pretty damn easy to the realtor license too. I understand that there is time spent showing and listing homes, doing the paperwork (though much of it done by in-house people, not them), etc. There is time and cost involved and I get that. I just don't see how in the world what they're doing constitutes making 3% on a home sale. That's $15K on a $500,000 home and they're netting about $9-10K of that after taxes, the realtor company cut, etc. 10 sales a year and you're making really good money for most parts of the country.

I'm an environmental consultant and work largely in environmental compliance and commercial/industrial property transactions. I'm required to understand the federal AND state regulations for the states and countries I do work in as well as building systems, how to read plat maps, real estate, and transaction documents.

We've been looking for a new home for 1.5 years now, the search area confined generally to one county. As a realtor, I would think you'd want to know the basics about homes like a general understanding of mechanical and electrical systems, how septic and sanitary systems work/servicing, availability of utilities to the property, the city/dept that has control over building permits and contact information for them, etc. I've never come across a realtor that knows these details. I just get blank stares followed by a "let me look into that". In the end, I'm the one doing all the legwork because I know how to find the information quickly because of my job.

I get the sense that most realtors saw the dollar signs and put in minimal effort. They also avoid digging in too deep to not identify potential deal breaker issues. For example, what is the trend and zoning of the surrounding area? Your client might be pissed to find out that the vacant ag land across the street is zone commercial and will be a brightly lit Walmart or a 1/4 mile away is a mine with permits to mine under the property because the title to the property you're looking at doesn't include mineral rights.

As a home buyer, you really need to do your due diligence because chances are your realtor won't or they'll intentionally miss it. Finding the zoning can easily be found on country GIS databases and development on nearby properties done with a Google Earth review.
__________________
The forest was shrinking, but the Trees kept voting for the Axe, for the Axe was clever and convinced the Trees that because his handle was made of wood, he was one of them.
Appreciate 0
      03-29-2021, 03:46 PM   #77
dreamingat30fps
Lieutenant Colonel
United_States
5256
Rep
1,904
Posts

Drives: Miata, Cayenne, Model 3, F350
Join Date: Jan 2010
Location: South Florida & NC

iTrader: (1)

Quote:
Originally Posted by spazzyfry123 View Post
Are you still looking in NC? Our next move is going to be NC, SC, or TN. NC is high on the podium right now, but curious how your search is going.
Yeah although after our last trip over there where everything would sell before we could even see it... I wouldn't say we are not looking very hard anymore. If/when what we are looking for show up I told the realtor to let me know. Otherwise I have no interest in paying stupid money for properties that don't even come close to what we want.

Feels to me like that quote from buffet or one of those guys... be fearful when others are greedy and greedy when others are fearful. Others be crazy as fuck right now so I think we will hold off.

We will probably hit the road in our RV soon and won't really be looking again probably until the end of the year. Will reevaluate at that point.
Appreciate 0
      03-29-2021, 08:38 PM   #78
monkeyjuice5150
Private
29
Rep
84
Posts

Drives: e46 330
Join Date: Jan 2009
Location: San Francisco

iTrader: (1)

Quote:
Originally Posted by XutvJet View Post
Totally agree. I do not understand the cost of realtors given the level of effort and knowledge (i.e., lack there of for most of them). It's pretty damn easy to the realtor license too. I understand that there is time spent showing and listing homes, doing the paperwork (though much of it done by in-house people, not them), etc. There is time and cost involved and I get that. I just don't see how in the world what they're doing constitutes making 3% on a home sale. That's $15K on a $500,000 home and they're netting about $9-10K of that after taxes, the realtor company cut, etc. 10 sales a year and you're making really good money for most parts of the country.

I'm an environmental consultant and work largely in environmental compliance and commercial/industrial property transactions. I'm required to understand the federal AND state regulations for the states and countries I do work in as well as building systems, how to read plat maps, real estate, and transaction documents.

We've been looking for a new home for 1.5 years now, the search area confined generally to one county. As a realtor, I would think you'd want to know the basics about homes like a general understanding of mechanical and electrical systems, how septic and sanitary systems work/servicing, availability of utilities to the property, the city/dept that has control over building permits and contact information for them, etc. I've never come across a realtor that knows these details. I just get blank stares followed by a "let me look into that". In the end, I'm the one doing all the legwork because I know how to find the information quickly because of my job.

I get the sense that most realtors saw the dollar signs and put in minimal effort. They also avoid digging in too deep to not identify potential deal breaker issues. For example, what is the trend and zoning of the surrounding area? Your client might be pissed to find out that the vacant ag land across the street is zone commercial and will be a brightly lit Walmart or a 1/4 mile away is a mine with permits to mine under the property because the title to the property you're looking at doesn't include mineral rights.

As a home buyer, you really need to do your due diligence because chances are your realtor won't or they'll intentionally miss it. Finding the zoning can easily be found on country GIS databases and development on nearby properties done with a Google Earth review.
I agree. Good knowledgeable realtors are hard to come by. Keep in mind the good one help educate you on everything about the home and its condition. Recommendation etc. Which neighborhood etc. Also there are a few who does flat rate and don't believe in the percentage, and will also throw toward closing.
Appreciate 1
CPWINCH732.00
      07-06-2021, 07:37 PM   #79
Tyga11
Lieutenant Colonel
3227
Rep
1,606
Posts

Drives: M4 Comp
Join Date: Jul 2019
Location: Arizona

iTrader: (0)

Real Estate Market

Has anyone who lives in a hot market recently sold? Did you buy a new house in the same market or move out of state?

Where do you all see the overall housing market going in the next 2-3 years?
Appreciate 0
      07-06-2021, 07:45 PM   #80
fiveohwblow
Major
fiveohwblow's Avatar
United_States
3633
Rep
1,397
Posts

Drives: F15, E46 & M3, F82
Join Date: May 2016
Location: Desert SW

iTrader: (0)

Many in the industry don’t see our state suffering a reset if that’s what you’re getting at.

That said, after buying my first home in 2006 and subsequently trying to get out of said home in 2009… I trust no one about any housing market future.
Appreciate 3
Tyga113227.00
Tommy-G4467.00
vreihen1614907.50
      07-06-2021, 08:23 PM   #81
chassis
Colonel
chassis's Avatar
6377
Rep
2,283
Posts

Drives: 9Y0 Cayenne S
Join Date: Mar 2019
Location: Einbahnstraße

iTrader: (0)

Garage List
I don't see a softening. I can envision a cooling off to something "normal". By no means do I suggest prices will decrease, but rather selling volume and prices will mean revert. Fewer situations of 10 cash offers 20% over list price on first day of the listing.

Selling means you need to buy. We are seeking a rental and are considering buying for the sole reason it opens up our potential solution set. It's a tough market to be a buyer or a tenant seeking a rental.
Appreciate 0
      07-06-2021, 08:38 PM   #82
roastbeef
Lieutenant General
roastbeef's Avatar
United_States
11575
Rep
12,714
Posts

Drives: E92 M3
Join Date: Nov 2010
Location: Orange County, CA

iTrader: (4)

i think things are going to be strong for a little while longer. i don't think we're headed for a crash, but maybe a slight cooling. this summer is shaping up to be the hottest market with interest rates staying low. the factors that caused the 2007 crash are not in play.
that said, i'm currently selling one of my rentals to reel back a little bit. we'll have another paid for rental and no debt besides our primary mortgage.
i always thought i would never sell, but this is just too good of a move not to. i'll probably pickup another rental some day, but when the market is more in my favor.
__________________
Instagram; @roastbeefmike
Appreciate 0
      07-06-2021, 08:48 PM   #83
CTinline-six
Hoonigan
CTinline-six's Avatar
United_States
6812
Rep
3,000
Posts

Drives: '09 328i, '98 Wrangler
Join Date: Dec 2016
Location: Connecticut

iTrader: (0)

Garage List
I think things will cool off a bit (not crash) for two reasons:

1. Lumber production is catching up.

2. Some of the work from home employers are calling employees back in.
__________________
"Yeah, but your scientists were so preoccupied with whether or not they could, they didn't stop to think if they should."

-Dr. Ian Malcolm, Jurassic Park
Appreciate 0
      07-06-2021, 09:19 PM   #84
b4hand
Captain
661
Rep
966
Posts

Drives: 2011 ZCP M3
Join Date: Jul 2017
Location: Austin, TX

iTrader: (3)

I hope things chill or I'll need 2 jobs just to buy a house within 10 years
Appreciate 3
Tommy-G4467.00
ntg442887.50
Kelse921131.50
      07-07-2021, 07:43 AM   #85
vreihen16
Recovering Perfectionist
vreihen16's Avatar
Ukraine
14908
Rep
938
Posts

Drives: 2015 BMW i3 BEV
Join Date: Jun 2019
Location: Orange County, NY

iTrader: (0)

Garage List
I'm thinking that someone's post here in another thread describes the next year of the RE market. The government moratorium on evictions/foreclosures due to COVID is about to expire, and banks have piles of paperwork waiting to be filed as soon as the moratorium expires.

As the mask mandates wind down, so does housing demand in our region from city people looking to flee the COVID plague in the city.

As the foreclosures hit the market, the housing supply will increase significantly.

Decreased demand combined with increased supply. The rest is left as an exercise for the reader.....
__________________
2015 BMW i3 BEV, Giga World (Lodge interior), Tech/Driving Assist Packages, 30K miles
Appreciate 2
cmyx6go15582.50
      07-07-2021, 08:22 AM   #86
ryan stewart
Major
2197
Rep
1,322
Posts

Drives: 2008 328it
Join Date: Aug 2012
Location: Atlanta, GA

iTrader: (0)

Quote:
Originally Posted by fiveohwblow View Post
Many in the industry don’t see our state suffering a reset if that’s what you’re getting at.

That said, after buying my first home in 2006 and subsequently trying to get out of said home in 2009… I trust no one about any housing market future.
The mechanisms that lead to the great recession arent in place anymore. They closed a lot of the loopholes that allowed it to get as hot as it was before. Now its demand and cost of materials driving it, not free money to people with no credit then being repackaged as a fraudulent product and pawned off on investors.

I think ex/suburban markets will cool off a bit to the point where people could end up negative, I dont know how urban RE can go anywhere, it might calm down now that the materials costs arent quite as bad post covid but you cant make new land easily.

A lot of my neighbors upgraded or, if they were retired and could downsize, cashed out. Im staying put, its the "Id get 30% more than Id think my house is worth but would be paying 30% for the next house too" thing.
Appreciate 0
      07-07-2021, 09:33 AM   #87
TheWatchGuy
Colonel
TheWatchGuy's Avatar
3905
Rep
2,524
Posts

Drives: 335xi
Join Date: Mar 2018
Location: CO

iTrader: (0)

IMO, you might see a small dip here and there throughout the years, but i dont see it coming crashing down in most areas.

for example, here in colorado, there is an estimated million unit shortage. It is going to take either a massive migration out of state or a massive increase in production to make up that difference.

I think back 5 years or so when Colorado's RE market was skyrocketing and people were speculating that we were in the bubble and it was going to stay stagnant or drop. 5 years later, my house has doubled in value and houses in my area are selling within a week at these values.
__________________
@drunkcowatches on ig

Am I a watch guy, or do i watch guys?
Appreciate 0
      07-07-2021, 11:32 AM   #88
zx10guy
Brigadier General
5139
Rep
3,235
Posts

Drives: 2013 135i
Join Date: Feb 2014
Location: DC

iTrader: (0)

Maybe someone can explain this to me. I get that housing demand has been increasing over the years which has driven up prices. What I don't get is this overnight boom that's to me artificially driving up prices to bubble levels. I've heard everything from low interest rates and pent up demand causing the huge demand. Well, what good is low interest rates if you're losing that savings by paying above what is "reasonable" market for a home. Then the huge demand. People were living in homes before this run up. I don't see a mass of homeless people all of sudden getting financially healthy that is significantly adding to the pool of buyers. I heard financial institutions are playing into this frenzy by buying up real estate. I'd like to know how big a percentage it is.

This is all the same in my eyes as the craziness going on in new and used car sales. It seems people just flushed any common sense they had down the toilet.

Here is a classic example of this irrational behavior:

https://www.washingtonian.com/2021/0...ing-88-offers/
__________________
Quote:
Originally Posted by Lups View Post
We might not be in an agreement on Trump, but I'll be the first penis chaser here to say I'll rather take it up in the ass than to argue with you on this.
Appreciate 1
Post Reply

Bookmarks

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off



All times are GMT -5. The time now is 10:03 AM.




m5post
Powered by vBulletin® Version 3.8.11
Copyright ©2000 - 2024, vBulletin Solutions Inc.
1Addicts.com, BIMMERPOST.com, E90Post.com, F30Post.com, M3Post.com, ZPost.com, 5Post.com, 6Post.com, 7Post.com, XBimmers.com logo and trademark are properties of BIMMERPOST