NFR How's the housing market where you live?

Non-fishing related
Old406Kid said:
The two counties I follow have to be record setting for lost dogs and cats.:(
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Coyote spottings are right up there with the lost dogs and cats on the ones I follow. Fireworks identified as gunshots is currently in fourth place.
SF
 
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It's lost cats out here, better known as coyote snacks.
 
I have been fortunate to have been able to call quite a few desirable places home over the years with very positive investment results regardless of economic trends. The one factor that remained a constant was the realization that they are not making any more beachfront property.
 
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On the offer we made last week, we were one of 15. I don't like those odds.

My realtor is a friend. But his office is in Big Sky and he's not a player in this market. So far, I feel like I'm the one pretty much bringing him into the deal. But in this market, I need an agent that is dialed, is out networking, getting leads, and can potentially bring me into a deal. So I had to have the call with him yesterday that I want to cast my net a bit wider.

I then asked a couple of friends who know the industry and got a list of agents who are hustling. I spoke to two of them yesterday and the feedback was consistent.

1. Unless I want to overpay 20-25%, offers with a contingency of selling another property aren't even being considered. There are too many strong offers w/o that contingency. So I'm probably wasting my time.
2. 50% of the offers right now are coming from out of staters. They are not even walking the property and some are "panic" buying.
3. Inventory is only getting worse and this could be a tough year. If we can wait until Aug, Sept, Oct, that is probably when things might loosen up a bit
4. On good properties, all contingencies are being waved, even inspection. Some people are putting down $5k non-refundable. Insane.

Now they might have told me I'm wasting my time in an attempt to see if I'd use them to go ahead and list my house now. Any commission paid salesperson has their own interests and while I didn't feel pressured, that is in the back of my mind.

I've got a couple more agents to speak with. I think the opportunity to turn one deal into two, might get a few folks willing to work for me. Fortunately, we have a great house in a hot neighborhood so we can afford to be patient. If this is not be the right time for us, no biggie.

If you have any feedback/coaching, I'm open. I've only bought two properties and it was nowhere near this crazy back then.
 
When we bought this house in early 2017, we had a similar experience up til this one. On this house we finally got, it went up for sale and we were checking it out hours later and made an offer. There was an open house scheduled for the upcoming weekend too. Turns out the seller was an investor/flipper, and his mom was the agent. Mom had a cruise she was leaving on the following week after the open house. So she liked the idea of not having to go through all that and could just go on vacation. They accepted our offer, which was the very first and not much over asking price.

Sooo... get lucky like that is my advice.
 
Just like Evan B and others have said, for us it was better to be lucky than good. We were so fortunate to have acquired our Oregon Coast home before things went bonkers thanks to a forum member that I became acquainted with when I was interested in purchasing his boat. He generously showed us his home (instead of the realtor) the day before it was to be listed. It turned out that the home had multiple offers on day one and we were fortunate he accepted ours. Once my wife retires (soon), we'll be up there full time. The location is stunning, neighbors are amazing, fishing opportunities endless.
 
swimmy said:
On the offer we made last week, we were one of 15. I don't like those odds.

My realtor is a friend. But his office is in Big Sky and he's not a player in this market. So far, I feel like I'm the one pretty much bringing him into the deal. But in this market, I need an agent that is dialed, is out networking, getting leads, and can potentially bring me into a deal. So I had to have the call with him yesterday that I want to cast my net a bit wider.

I then asked a couple of friends who know the industry and got a list of agents who are hustling. I spoke to two of them yesterday and the feedback was consistent.

1. Unless I want to overpay 20-25%, offers with a contingency of selling another property aren't even being considered. There are too many strong offers w/o that contingency. So I'm probably wasting my time.
2. 50% of the offers right now are coming from out of staters. They are not even walking the property and some are "panic" buying.
3. Inventory is only getting worse and this could be a tough year. If we can wait until Aug, Sept, Oct, that is probably when things might loosen up a bit
4. On good properties, all contingencies are being waved, even inspection. Some people are putting down $5k non-refundable. Insane.

Now they might have told me I'm wasting my time in an attempt to see if I'd use them to go ahead and list my house now. Any commission paid salesperson has their own interests and while I didn't feel pressured, that is in the back of my mind.

I've got a couple more agents to speak with. I think the opportunity to turn one deal into two, might get a few folks willing to work for me. Fortunately, we have a great house in a hot neighborhood so we can afford to be patient. If this is not be the right time for us, no biggie.

If you have any feedback/coaching, I'm open. I've only bought two properties and it was nowhere near this crazy back then.
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You and your wife need to identify what area you might want to live. Go knock on doors, get to know some folks, and leave some contact info. There are still some folks that care about their neighbors and neighborhood, and don't want to sell to just anybody. When we moved into the market we are in now, we were doing exactly what you are doing now. When to tons of open houses and made some outrageous offers,. Thankfully none were accepted. My wife tired of all the BS, and just started sniffing around, getting to know some people, and found the place we are in now. The key is to find a place before the sign goes up in the front yard, and don't rely on an agent.
Selling in a hot market is great. Buying in the same market, not so much. You need to be prepared to lose your ass. Just identify how much of your ass you are willing to lose. In the end equity is what matters.
 
My brother purchased a house 2 yrs ago in Glendale Arizona as a VRBO and as a place to vacation and get away as needed. Its booked almost year round, he has given up his (owner occupy days) and since he is making so much money, he just bought another house so he can actually go down there and relax and vacation when he wants to.

Its freaking nuts.
 
Peyton00 said:
My brother purchased a house 2 yrs ago in Glendale Arizona as a VRBO and as a place to vacation and get away as needed. Its booked almost year round, he has given up his (owner occupy days) and since he is making so much money, he just bought another house so he can actually go down there and relax and vacation when he wants to.

Its freaking nuts.
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Not to stir the pot but this is a part of why we're in this mess. People buying multiple investment properties is eating at the inventory. So you have multiple investors coming in on offers against people trying to buy where they live and work, only to be pushed out.
 
Evan B said:
Not to stir the pot but this is a part of why we're in this mess. People buying multiple investment properties is eating at the inventory. So you have multiple investors coming in on offers against people trying to buy where they live and work, only to be pushed out.
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The folks in Lincoln County Oregon were so pissed off about short term rental impacts on the housing market and neighborhoods, the voters passed an initiative banning STR's in unincorporated areas of the county.
 
swimmy said:
On the offer we made last week, we were one of 15. I don't like those odds.

My realtor is a friend. But his office is in Big Sky and he's not a player in this market. So far, I feel like I'm the one pretty much bringing him into the deal. But in this market, I need an agent that is dialed, is out networking, getting leads, and can potentially bring me into a deal. So I had to have the call with him yesterday that I want to cast my net a bit wider.

I then asked a couple of friends who know the industry and got a list of agents who are hustling. I spoke to two of them yesterday and the feedback was consistent.

1. Unless I want to overpay 20-25%, offers with a contingency of selling another property aren't even being considered. There are too many strong offers w/o that contingency. So I'm probably wasting my time.
2. 50% of the offers right now are coming from out of staters. They are not even walking the property and some are "panic" buying.
3. Inventory is only getting worse and this could be a tough year. If we can wait until Aug, Sept, Oct, that is probably when things might loosen up a bit
4. On good properties, all contingencies are being waved, even inspection. Some people are putting down $5k non-refundable. Insane.

Now they might have told me I'm wasting my time in an attempt to see if I'd use them to go ahead and list my house now. Any commission paid salesperson has their own interests and while I didn't feel pressured, that is in the back of my mind.

I've got a couple more agents to speak with. I think the opportunity to turn one deal into two, might get a few folks willing to work for me. Fortunately, we have a great house in a hot neighborhood so we can afford to be patient. If this is not be the right time for us, no biggie.

If you have any feedback/coaching, I'm open. I've only bought two properties and it was nowhere near this crazy back then.
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When I have more time to type it out, I have a suggestion that may or may not work for you. But it's an idea...
 
I have folks text and email me frequently about our property... not listed, not for sale.

But these folks do find unlisted homes, maint deferred homes, retirees moving to assisted living etc, who often dont want deal with the whole listing process. I think they get em under market too.

If you've got cash, theres always HUD homes or foreclosures but there is risk there.

When your chasing what everybody else is chasing, makes it super tough.

For me agents open doors and collect fees, haven't found much use for em other than that.
 
I’d like to find out what happened to one of my neighbors home.
She was there, then she was gone. Nice older gal.
House is empty and a crew of people now working on it, painting, replacing windows etc.
No for sale signs ever went up. She may have taken up one of those mail offers I get almost weekly about wanting to buy my house for cash.
It will be interesting to see if they flip or rent it going forward.
SF
 
swimmy said:
On the offer we made last week, we were one of 15. I don't like those odds.

My realtor is a friend. But his office is in Big Sky and he's not a player in this market. So far, I feel like I'm the one pretty much bringing him into the deal. But in this market, I need an agent that is dialed, is out networking, getting leads, and can potentially bring me into a deal. So I had to have the call with him yesterday that I want to cast my net a bit wider.

I then asked a couple of friends who know the industry and got a list of agents who are hustling. I spoke to two of them yesterday and the feedback was consistent.

1. Unless I want to overpay 20-25%, offers with a contingency of selling another property aren't even being considered. There are too many strong offers w/o that contingency. So I'm probably wasting my time.
2. 50% of the offers right now are coming from out of staters. They are not even walking the property and some are "panic" buying.
3. Inventory is only getting worse and this could be a tough year. If we can wait until Aug, Sept, Oct, that is probably when things might loosen up a bit
4. On good properties, all contingencies are being waved, even inspection. Some people are putting down $5k non-refundable. Insane.

Now they might have told me I'm wasting my time in an attempt to see if I'd use them to go ahead and list my house now. Any commission paid salesperson has their own interests and while I didn't feel pressured, that is in the back of my mind.

I've got a couple more agents to speak with. I think the opportunity to turn one deal into two, might get a few folks willing to work for me. Fortunately, we have a great house in a hot neighborhood so we can afford to be patient. If this is not be the right time for us, no biggie.

If you have any feedback/coaching, I'm open. I've only bought two properties and it was nowhere near this crazy back then.
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Swimmy, you are one of the smartest on this forum, your young, articulate, and in the perfect position, its all about timing and time is on your side, look at your observations in this thread.

One out of 15 bidders

Paying 20-25% over asking

50% out of staters/ panic buying

No inventory

Insane

Not a healthy market, this is a ” Top “ a heathy market for a buyer is the exact opposite let the rising interests rates solve your problem, in a year or more interest rates will create a whole new economic landscape, you are moving from the longest running bull market in our history, unprecedented debt, a fractured culture/society, Russia/China/ Ukraine/US drama, mid term elections, and a biggy, three years until a presidential election, that will be more likely contested, by both parties, the “ Macro “ does not look good, to many unknowns.

In my view, we are looking at a wrong turn in Sarajevo moment, the world is in a critical state, separate yourself from the herd, there will be fantastic opportunities, sit back, study it all, you have the greatest asset of all…” Time “

Ciao
 
Seaalki said:
Swimmy, you are one of the smartest on this forum, your young, articulate, and in the perfect position, its all about timing and time is on your side, look at your observations in this thread.

One out of 15 bidders

Paying 20-25% over asking

50% out of staters/ panic buying

No inventory

Insane

Not a healthy market, this is a ” Top “ a heathy market for a buyer is the exact opposite let the rising interests rates solve your problem, in a year or more interest rates will create a whole new economic landscape, you are moving from the longest running bull market in our history, unprecedented debt, a fractured culture/society, Russia/China/ Ukraine/US drama, mid term elections, and a biggy, three years until a presidential election, that will be more likely contested, by both parties, the “ Macro “ does not look good, to many unknowns.

In my view, we are looking at a wrong turn in Sarajevo moment, the world is in a critical state, separate yourself from the herd, there will be fantastic opportunities, sit back, study it all, you have the greatest asset of all…” Time “

Ciao
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This - Keep your powder dry.
 
I watch all this going on. I will never own a house again. Jeanne is retired also. I live on soc sec she has a ss and a pension we are doing fine. I read the paper daily and in Sw wa the home section pullout is full of homes sold and for sale like everywhere. I do not look it too often because it aggravates me. My silly yet real opinion of real estate groups and agents has a very negative vibe for me. Finding a convenient target I suppose. Little old 100 yr old boxes in our old neighborhood are selling for 500 grand on a tiny scrap of property with a bit of charm and character. Old is cool. Yet the city water feeds are decaying development encroaches and taxes escalate. Middle income “used to” be enough but then I am old enough to have reached the full boat curmudgeon stage i guess.
 
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