Tears of the Cows 1,212 Posted April 13, 2023 Share Posted April 13, 2023 (edited) I’ve been buying houses for over 15 years. Never have I seen the houses go for 30-50k MORE than the asking prices this often. Trying to flip 2-3 houses this year, what a fucking mess. Just offered 400k on a house listed at 320, and someone out bid me. This has happened like 3 times this year already, wtf??? These aren’t even nice houses. Edited April 13, 2023 by Jerrys Hair Line Quote Link to post Share on other sites
-GD-X★ 7,757 Posted April 13, 2023 Share Posted April 13, 2023 400k on a house is cheap in South Florida. Most of the homes we own are $800,000+ and they are just “nice”, nothing fancy. Quote Link to post Share on other sites
Casual 732 Posted April 13, 2023 Share Posted April 13, 2023 (edited) That was the situation here like 3 years ago when we were buying. It's settled down a bit with the interest rates but yeah. I remember we offered like 750 on one listed at 7 and it sold for 850 But from the agents perspective, listing below market value gets more people in the door and creates the bidding war. We learned pretty quick that in most cases the price aint the price. Edited April 13, 2023 by Casual Quote Link to post Share on other sites
Tears of the Cows 1,212 Posted April 13, 2023 Author Share Posted April 13, 2023 Just now, -GD-X said: 400k on a house is cheap in South Florida. Most of the homes we own are $800,000+ and they are just “nice”, nothing fancy. Yeah Pittsburgh is a different market, usually houses (well 5 years ago) were around 300k. Now those 300k houses are 800k lol… even though nothing has changed about them. Lol these houses I’m bidding on are basically gutted but in decently nice areas, so easy to flip and sell for 800k. But corporations are making all cash offers, offering more, etc. I guess to turn into rentals idk. Quote Link to post Share on other sites
-GD-X★ 7,757 Posted April 13, 2023 Share Posted April 13, 2023 Fortunately, due to the air bnb crash here, the bidding wars have ended. You can get asking price. Still, with ridiculous insurance rates, we are no longer buying anymore investment properties here and we are considering exploring other areas. Quote Link to post Share on other sites
-GD-X★ 7,757 Posted April 13, 2023 Share Posted April 13, 2023 1 minute ago, Jerrys Hair Line said: Yeah Pittsburgh is a different market, usually houses (well 5 years ago) were around 300k. Now those 300k houses are 800k lol… even though nothing has changed about them. Lol these houses I’m bidding on are basically gutted but in decently nice areas, so easy to flip and sell for 800k. But corporations are making all cash offers, offering more, etc. I guess to turn into rentals idk. Ha. That’s what we did lol. Quote Link to post Share on other sites
MalaXmaS 648 Posted April 13, 2023 Share Posted April 13, 2023 I am going to be buying a house soon and luckily the bubble is not that crazy stupid over here. Quote Link to post Share on other sites
Tears of the Cows 1,212 Posted April 13, 2023 Author Share Posted April 13, 2023 Just now, -GD-X said: Fortunately, due to the air bnb crash here, the bidding wars have ended. You can get asking price. Still, with ridiculous insurance rates, we are no longer buying anymore investment properties here and we are considering exploring other areas. 1 minute ago, Jerrys Hair Line said: Yeah Pittsburgh is a different market, usually houses (well 5 years ago) were around 300k. Now those 300k houses are 800k lol… even though nothing has changed about them. Lol these houses I’m bidding on are basically gutted but in decently nice areas, so easy to flip and sell for 800k. But corporations are making all cash offers, offering more, etc. I guess to turn into rentals idk. Yeah interest is insane. I’m used to 1.8-3%, it’s around 6.5 right now. Doesn’t really matter for what I’m trying to do but some of these people are out of their mind locking themselves into these deals just to have to spend thousands on refinancing years later. Quote Link to post Share on other sites
Goukosan 2,258 Posted April 13, 2023 Share Posted April 13, 2023 Just now, -GD-X said: Ha. That’s what we did lol. You're owning ghostz even in real life 1 Quote Link to post Share on other sites
-GD-X★ 7,757 Posted April 13, 2023 Share Posted April 13, 2023 1 minute ago, Jerrys Hair Line said: Yeah interest is insane. I’m used to 1.8-3%, it’s around 6.5 right now. Doesn’t really matter for what I’m trying to do but some of these people are out of their mind locking themselves into these deals just to have to spend thousands on refinancing years later. Unless you are buying with cash, don’t bother. Your ROI will suck otherwise. Quote Link to post Share on other sites
Tears of the Cows 1,212 Posted April 13, 2023 Author Share Posted April 13, 2023 2 minutes ago, Goukosan said: You're owning ghostz even in real life Whoever bid more than 400k on that house owned themself Quote Link to post Share on other sites
-GD-X★ 7,757 Posted April 13, 2023 Share Posted April 13, 2023 2 minutes ago, Goukosan said: You're owning ghostz even in real life My family has always been big on real estate. Though, after our latest round of flips, we have hit the brakes. Florida is a mess, especially South Florida and Tampa. Quote Link to post Share on other sites
SheepKilla 473 Posted April 15, 2023 Share Posted April 15, 2023 On 2023-04-13 at 9:18 AM, Jerrys Hair Line said: I’ve been buying houses for over 15 years. Never have I seen the houses go for 30-50k MORE than the asking prices this often. Trying to flip 2-3 houses this year, what a fucking mess. Just offered 400k on a house listed at 320, and someone out bid me. This has happened like 3 times this year already, wtf??? These aren’t even nice houses. Now I know you're full of crap. That was a year ago. It is no longer the case that is happening. Like at all with these interest rates lol. Anyway, I'm probably gonna buy a flat soon in the Midwest. Enjoy paying 500k for a dump when I can have a luxury apartment in the middle of Chicago at an 80% discount. Quote Link to post Share on other sites
z,warrior 155 Posted April 15, 2023 Share Posted April 15, 2023 uhh I just checked and I was recommended to limit my housing search to $115k due to my salary and poor credit score... that's less then my beginning school loans. How the fuck do I reach 400-800k lol Quote Link to post Share on other sites
Twinblade★ 3,931 Posted April 15, 2023 Share Posted April 15, 2023 Shit's a disaster in CT at the moment. 1500 square ft houses going for $300K+ has become the norm. Quote Link to post Share on other sites
Hot Sauce 2,734 Posted April 15, 2023 Share Posted April 15, 2023 43 minutes ago, Twinblade said: Shit's a disaster in CT at the moment. 1500 square ft houses going for $300K+ has become the norm. Dude that's nothing. Quote Link to post Share on other sites
SheepKilla 473 Posted April 15, 2023 Share Posted April 15, 2023 56 minutes ago, Twinblade said: Shit's a disaster in CT at the moment. 1500 square ft houses going for $300K+ has become the norm. Aren't you in Spain and not even from US? wtf? Quote Link to post Share on other sites
SheepKilla 473 Posted April 15, 2023 Share Posted April 15, 2023 12 minutes ago, Hot Sauce said: Dude that's nothing. "Nothing" ? Lol you'll be spending your whole life paying off that mortgage my man. The taxes alone will be over $5,000 per year. You might as well take that 5k and throw it in the incinerator. Quote Link to post Share on other sites
Tears of the Cows 1,212 Posted April 15, 2023 Author Share Posted April 15, 2023 1 hour ago, SheepKilla said: Now I know you're full of crap. That was a year ago. It is no longer the case that is happening. Like at all with these interest rates lol. Anyway, I'm probably gonna buy a flat soon in the Midwest. Enjoy paying 500k for a dump when I can have a luxury apartment in the middle of Chicago at an 80% discount. Why am I full of crap?? Quote Link to post Share on other sites
Hot Sauce 2,734 Posted April 15, 2023 Share Posted April 15, 2023 37 minutes ago, SheepKilla said: "Nothing" ? Lol you'll be spending your whole life paying off that mortgage my man. The taxes alone will be over $5,000 per year. You might as well take that 5k and throw it in the incinerator. I'm saying that any housing market where $300k gets you a 1500 square foot home is hardly a disaster. I'm from Toronto and the average detached home price is $960k USD. $300k USD gets you a 500 square foot 1+1 condo in an undesirable part of the city. It's not even like NY/SF/LA where it's been ridiculous for decades and that's just what you expect. When I came out of uni in 2009 and got my first job at PwC I was looking at brand new 800 square foot condos in the downtown core for $250k CAD. Now those same condos are all $800k+ even with the decade of deprecation. That's a disaster. Quote Link to post Share on other sites
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