Real Estate is going insane every where.

[Drama Queen]

I couldn’t imagine being a young first time home buyer right now with no available equity. So this is the new math I’m witnessing:

-house is being priced at 300k
- offers flood in
- seller accepts 365k offer
- house appraises for 305k
- buyer better have 60k on hand if they want that house
-delay in closing, house back on market


* I didn’t take the highest offer on my home, I wanted a quick closing.

Yep.

I don’t know about first time buyers, but banks want 20% down.

Also, if buyer offers to cover the difference in appraisal, that will helps them.

[The Duck]

Interesting take. Didn’t realize investors are cashing in like this. Didn’t know about the proposal for first time investors out there as well.


Be careful. If you aren’t in it for the long haul (AZ is not your thing). then you might want to consider renting in an apartment where the rug doesn’t get pulled from under you.

I know of a California buyer buying off the internet sight unseen here in FL. The northeast and California are part of the driving forces here as well

I've been saying that since we moved here in 2013. That's resulted in four moves in eight years. It's been hell on the family.

I'll suck it up if we can find something. I can't imagine apartment living again, with four kids and two dogs, but there's at least the possibility that's where this nightmare is headed.

[The Duck]

Yep.

I don’t know about first time buyers, but banks want 20% down.

Also, if buyer offers to cover the difference in appraisal, that will helps them.

FHA and Fannie have 97% loans.

Edited to add: 3I's scenario above is the reason FHA loans are the first ones ruled out.

[Drama Queen]

I've been saying that since we moved here in 2013. That's resulted in four moves in eight years. It's been hell on the family.

I'll suck it up if we can find something. I can't imagine apartment living again, with four kids and two dogs, but there's at least the possibility that's where this nightmare is headed.

Four kids and a dog puts it into perspective... and I imagine you might be limited to a specific school district.

Man, I’m pulling for you dude! I dread moving this fall and I haven’t done that in 17 years.

[The Duck]

Four kids and a dog puts it into perspective... and I imagine you might be limited to a specific school district.

We've already braced the two middles for the likelihood that they're going to be changing schools. The oldest is out of school, the youngest will be starting kindergarten next year (wild spread, I know), so the school situation isn't too horribly traumatic. And we both work out of home, so really, our biggest considerations are wifi availability, enough room for two home offices, and enough access to Phoenix for me to get to job sites and clients when I need to.

Man, I’m pulling for you dude! I dread moving this fall and I haven’t done that in 17 years.

Thanks, man. This'll be five in the last few years, including a Philly to San Diego move that started it all. My wife and I have done four cross country moves since we've been married in '99.

Fuckin' gypsies.

[The Duck]

I couldn’t imagine being a young first time home buyer right now with no available equity. So this is the new math I’m witnessing:

-house is being priced at 300k
- offers flood in
- seller accepts 365k offer
- house appraises for 305k
- buyer better have 60k on hand if they want that house
-delay in closing, house back on market


* I didn’t take the highest offer on my home, I wanted a quick closing.

We're specifically targeting back-on-the market houses now, looking for burn victims, offering a fixed amount over appraisal, closing costs, and a quick close. Preferably the ugly ones that can be transformed relatively easily with $20-$30K as soon as we get there (paint, floors, landscaping, etc)... houses the wives aren't falling in love with at first sight. Everything else is a feeding frenzy.

[3rd & Inches]

We're specifically targeting back-on-the market houses now, looking for burn victims, offering a fixed amount over appraisal, closing costs, and a quick close. Preferably the ugly ones that can be transformed relatively easily with $20-$30K as soon as we get there (paint, floors, landscaping, etc)... houses the wives aren't falling in love with at first sight. Everything else is a feeding frenzy.

That’s what I’m attempting. The house I’m trying to close on just got appraised today, waiting for the results. It needs about 20k in updates and I don’t mind doing that over the next two years. But again, I was able to get my bid accepted before it officially went on the market.

[RSE]

Even in my simple neighborhood in the God forsaken arctic wind tunnel that is Buffalo, where the housing stock is over 100 years old and built almost entirely for the families of steel workers and mill workers, the houses are flying off the shelves. We have half a mind to sell ours and just rent until I retire and we leave this place.

[Drama Queen]

Even in my simple neighborhood in the God forsaken arctic wind tunnel that is Buffalo, where the housing stock is over 100 years old and built almost entirely for the families of steel workers and mill workers, the houses are flying off the shelves. We have half a mind to sell ours and just rent until I retire and we leave this place.

Very reasonable thought process. I could see it. Houses can sit a long time under normal circumstances.

[The Duck]

Even in my simple neighborhood in the God forsaken arctic wind tunnel that is Buffalo, where the housing stock is over 100 years old and built almost entirely for the families of steel workers and mill workers, the houses are flying off the shelves. We have half a mind to sell ours and just rent until I retire and we leave this place.

Every time I give up on buying, I check the rental market (for houses, apts are out of the question) and it's straight kick to the teeth. All of the normal rentals are being sold now, and the ones that aren't are up 50+%. It's just stupid.

We have a 2.25 acre plot up in North Phoenix horse country with a shared well, electric, and septic already there... we can buy it from a friend for way (way, way, way) below market. She cares more about who builds there than cashing in. We just have to figure out where we're going to live for 9-12 months during construction. With every day that goes by, this is the only option that continues to make any sense for us. But I shudder to think of what kind of rental we're going to have to live in while the house is being built.

[joydivision]

... as well as equities and other investments.

"Very reasonable thought process. I could see it. Houses can sit a long time under normal circumstances."


How does this merry-go-round stop?

Firstly, No offense. You are more interested in perpetuating an economic society based on bebt, classism,... rather than a resource based society with an intention for abundance for all. -DONT TELL ME WE CANT-
that is simply, not true

The humans addiction to money far exceeds its own intelligence and retards its ability of true growth as a species.

Despite popular belief the Earth will not stop spinning due to the lack of human beings running a fear based economic society. Using $$ as tool to oppress mans societal growth and the actuality of well, "Life"


when the answer to guns (aka warfare) is MORE GUNS! And, the answer to Obvious- economic failures, societal depression, inflationary greed "as a necessity!", gentrification, gerrymandering etc. etc. is Obviously MORE MONEY! -

Ha Ha
I know what you're expecting right now; An advertisement for Draft Cunts or BetUrSoUls. But my promise to You, as a salesman, NAY, a Business Man,, is that there Won't be Any commercials during this broadcast. However I would like to say if you do have a "gambling" "problem" ,we would like to Thank You for your dedication and loyalty, Aaas well as inform you that a # exists that you may call. for help


- Well than No wonder we are all on this "Merry"-go-round. Snug as a'bug. Compliance is the way forward.

You know Bill Gates ,a Very brilliant man, he vocalizes that "the Rich will need to lead the way" . Well, Bless His Heart.
how can there be Rich if there isn't poor? You know what I mean!?!
SOB its right there in front of us again. The problem isn't less money. Hell, the problem, is not even not enough money. No.
The Answer is More (shm) Money

Secondly, I am sick of seeing this thread up here.

[Drama Queen]

Firstly, No offense. You are more interested in perpetuating an economic society based on bebt, classism,... rather than a resource based society with an intention for abundance for all. -DONT TELL ME WE CANT-
that is simply, not true

The humans addiction to money far exceeds its own intelligence and retards its ability of true growth as a species.

Despite popular belief the Earth will not stop spinning due to the lack of human beings running a fear based economic society. Using $$ as tool to oppress mans societal growth and the actuality of well, "Life"


when the answer to guns (aka warfare) is MORE GUNS! And, the answer to Obvious- economic failures, societal depression, inflationary greed "as a necessity!", gentrification, gerrymandering etc. etc. is Obviously MORE MONEY! -

Ha Ha
I know what you're expecting right now; An advertisement for Draft Cunts or BetUrSoUls. But my promise to You, as a salesman, NAY, a Business Man,, is that there Won't be Any commercials during this broadcast. However I would like to say if you do have a "gambling" "problem" ,we would like to Thank You for your dedication and loyalty, Aaas well as inform you that a # exists that you may call. for help


- Well than No wonder we are all on this "Merry"-go-round. Snug as a'bug. Compliance is the way forward.

You know Bill Gates ,a Very brilliant man, he vocalizes that "the Rich will need to lead the way" . Well, Bless His Heart.
how can there be Rich if there isn't poor? You know what I mean!?!
SOB its right there in front of us again. The problem isn't less money. Hell, the problem, is not even not enough money. No.
The Answer is More (shm) Money

Secondly, I am sick of seeing this thread up here.

Haha.

Trust me when I say, no offense taken.

[joydivision]

Not sure of your connotation. But when I said You I wasn't saying you specifically. Just clarifying that.. Trust you?

[broadstreetparade]

Firstly, No offense. You are more interested in perpetuating an economic society based on bebt, classism,... rather than a resource based society with an intention for abundance for all. -DONT TELL ME WE CANT-
that is simply, not true

The humans addiction to money far exceeds its own intelligence and retards its ability of true growth as a species.

Despite popular belief the Earth will not stop spinning due to the lack of human beings running a fear based economic society. Using $$ as tool to oppress mans societal growth and the actuality of well, "Life"


when the answer to guns (aka warfare) is MORE GUNS! And, the answer to Obvious- economic failures, societal depression, inflationary greed "as a necessity!", gentrification, gerrymandering etc. etc. is Obviously MORE MONEY! -

Ha Ha
I know what you're expecting right now; An advertisement for Draft Cunts or BetUrSoUls. But my promise to You, as a salesman, NAY, a Business Man,, is that there Won't be Any commercials during this broadcast. However I would like to say if you do have a "gambling" "problem" ,we would like to Thank You for your dedication and loyalty, Aaas well as inform you that a # exists that you may call. for help


- Well than No wonder we are all on this "Merry"-go-round. Snug as a'bug. Compliance is the way forward.

You know Bill Gates ,a Very brilliant man, he vocalizes that "the Rich will need to lead the way" . Well, Bless His Heart.
how can there be Rich if there isn't poor? You know what I mean!?!
SOB its right there in front of us again. The problem isn't less money. Hell, the problem, is not even not enough money. No.
The Answer is More (shm) Money

Secondly, I am sick of seeing this thread up here.

Great post.

[Drama Queen]

Not sure of your connotation. But when I said You I wasn't saying you specifically. Just clarifying that.. Trust you?

Trust me within the narrow context that I wasn’t offended. You have very little to lose with placing trust within that context.

Trust me.

or don’t.

Edit to add: “You” and elements within the post felt directed at me. If you read it again, I think you will see that. Since you clarified yourself, I’ll “trust” that you mean this.