Real Estate Market, Sellers Market

[Fatman LOU]

Dam had my place appraised and was in shock what I was told what it appraised for. Hell with the stock market, I don't even watch it anymore but geez the real estate market I'm in here is nuts. My daughter and son in law, who live down there, can't get an offer accepted because another offer much better and over what was asked is being accepted. With the interest rates being what they are makes it a good market. Now should I sell now or wait 2 more years. Hmm

 

[Hawkeye OG]

It's insane here as well. Just this week 4 houses in my development went up for sale and all 4 of those houses sold. And for much more than those homes are worth.

Selling right now is tempting as I'm still in my first home and plan to find my 'forever' home soon, but what's the point? Sure I can sell my house at a premium, but have to turn around and overpay for the house you buy. My buddy just bought - had to make an offer 40k over list price to get it. Think I'll wait this out.

 

[Scoot26]

Supply and demand really.

There is no supply, lots of demand.

Chicago-area home sales and prices are seeing double-digit gains. ‘There’s just so few homes and so many buyers.’

Jeff Kingsley and his wife had long planned to leave their Chicago apartment and buy a house in the suburbs after they got married a year and a half ago. The COVID-19 pandemic has made that difficu…

www.chicagotribune.com

 

[KittiesKorner]

We're lucky as DINKs with 2 properties. Hope to sell one of them in the next 2 years and put any gains toward an addition on the other property (pending 2024).

probably jinxed (or DINKs-ed) it

 

[Hawkeye OG]

We're lucky as DINKs with 2 properties. Hope to sell one of them in the next 2 years and put any gains toward an addition on the other property.

probably jinxed (or DINKs-ed) it

Hello fellow DINK

 

[Burque]

It's insane here as well. Just this week 4 houses in my development went up for sale and all 4 of those houses sold. And for much more than those homes are worth.

Selling right now is tempting as I'm still in my first home and plan to find my 'forever' home soon, but what's the point? Sure I can sell my house at a premium, but have to turn around and overpay for the house you buy. My buddy just bought - had to make an offer 40k over list price to get it. Think I'll wait this out.

You have to find value either through rehabbing the next one, or buying in an area that isn't as hot but has potential to be the next hot spot.

 

[ZOMBIE@CTESPN]

My last flip house I sold sold first week on market 15000 over asking. Shits hot right now

 

[Urblock]

I put a for sale sign in front of my plow truck and took it down after a few days because of all the people that thought the house was for sale. People making crazy offers. All of them want to live in the country.
Finding an acre for us to build our last house on has been difficult. Looks like we'll stay here for a few years.

 

[Hawkeye OG]

You have to find value either through rehabbing the next one, or buying in an area that isn't as hot but has potential to be the next hot spot.

So, we've identified several neighborhoods. One is well established, historic neighborhood. Most houses are out of our price range - so if we go that route, we would likely have to find a fixer upper. Which I'm fine with. It would actually give me something to do rather than sit on my ass, especially in the winter.

The other two are up and coming, just haven't found the right one. They are older, but alot of the houses are being flipped. So you have really nice houses next to and/or close to houses that need to be fixed up. We did find one that we liked, but it was right next to this old brick apartment building - actually a really cool building, but it's been abandoned and I just didn't feel comfortable with that. Tried to get my buddies together to buy it lol, renovate it and make it a rental, but no interest.

 

[Scoot26]

So, we've identified several neighborhoods. One is well established, historic neighborhood. Most houses are out of our price range - so if we go that route, we would likely have to find a fixer upper. Which I'm fine with. It would actually give me something to do rather than sit on my ass, especially in the winter.

The other two are up and coming, just haven't found the right one. They are older, but alot of the houses are being flipped. So you have really nice houses next to and/or close to houses that need to be fixed up. We did find one that we liked, but it was right next to this old brick apartment building - actually a really cool building, but it's been abandoned and I just didn't feel comfortable with that. Tried to get my buddies together to buy it lol, renovate it and make it a rental, but no interest.

After seeing what my sister in law went through the past few months, I'm glad we bought our forever home in 2019.

 

[Gustavus Adolphus]

My wife and I have been talking about moving for a few months now, but we certainly don't have the scratch to get a home with what we've been seeing some homes go for at the moment. So the wife said that we should just sell our house as is and move in with my mom and save up.

I told her to go **** herself.

 

[Fatman LOU]

Thinking about it more , I think I’m going to list it this weekend with a contingent on us finding another home. I guess I’m stuck here in northern Wi for awhile . Wife’s work is here and kids don’t want to leave their schools. Not that the kids would have much say, they are still in grade school and can meet new friends. Don’t need the wife to work but it’s nice not to pay into health insurance. We’re covered under her policy. Wife wants bigger kitchen and another bedroom ( guest ) and I guess I do to. I looked into an addition being built , I think it’s better to find a home that has what we want. I dont need all the land I have, Most of it’s wooded and I don’t use it. My agent who I used when I bought the place I’m in now has found me a property to go look at that’s not on the market yet ( gentleman in Florida) very close to where I’m at now with almost the same acreage I have now. But much bigger home. This place I’m going to look at is so close I can drive my tractors over , load up my hay wagons with all our belongings , instead of renting a uhaul or hiring movers, lol.

 

[Chief Walking Stick]

Been thinking of selling a few of my properties and re-investing in new fixer uppers.

 

[Scoot26]

Millennials want to buy homes so bad, 80% would purchase one without seeing it amid high-stakes COVID-19 market: survey

Chanelle Bell is looking for a single-family home in the Beverly neighborhood after spending seven years in Hyde Park. The native Californian said she’s looking to start a family within the n…

www.chicagotribune.com

 

[JimAKABlkhwks918]

Couple of anecdotes related to this: young guy I work with told me his even younger brother purchased a house in Oak Forest...not a place where people are flocking to, but he still ended up in a bidding war, which he won, with 5 others and paid a premium over the asking price.

In my neighborhood, a house that is nice, but not special (very few upgrades from any of the original installations, unfinished basement, backyard is still all grass with only the small concrete steps provided by the builder as a "patio,") sold for way above similar homes after a bidding war.

Thought: are all these homes selling well above value going to create another 2009 housing crash?

 

[ZOMBIE@CTESPN]

Been thinking of selling a few of my properties and re-investing in new fixer uppers.

I haven’t been able to find any at a good price. Fixer upper is up in price plus the materials and labor to get it rehabbed is up in price. Plus around me any property with a barn or big basement gets out priced so people can grow weed lol

 

[Fatman LOU]

Well we're movin' on up,
To the east side.
To a deluxe apartment in the sky.
Movin' on up
To the east side.
We finally got a piece of the pie.
Fish don't fry in the kitchen;
Beans don't burn on the grill.
Took a whole lotta tryin'
Just to get up that hill.
Now we're up in the big leagues
Gettin' our turn at bat.
As long as we live, it's you and me baby
There ain't nothin' wrong with that.
Well we're movin' on up,
To the east side.
To a deluxe apartment in the sky.
Movin' on up
To the east side.
We finally got a piece of the pie.

 

[Fatman LOU]

Sold

 

[Tater]

Sold

Congrats.

 

[Fatman LOU]

Was going to go 15 years but locked in at 2.5% . plus $ 1,500.00 in rebates. Went to a house with 1600 more square feet but fewer acres than I have now. Wife is happy.