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 Post subject: Seller's Market
PostPosted: May 11 18, 5:41 pm 
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'Burb Boy
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Joined: July 9 06, 11:33 am
Posts: 19674
Location: Out of the Loop
Picked a pretty terrible time to be looking for my first house. After our first sale fell through, found one that my wife and I liked even better. Made an initial offer higher than list (and about $2,000 less than Zillow estimated). Ended up in a bidding war which I kind of figured, so we made our best and final offer at our ceiling-- about $5,000 above the Zillow estimate.

Ended up being "substantially" outbid by a buyer who's also taking the house as is, no inspection, and is willing and able to make up the difference if the house appraises for less than their offer. That's hard to imagine.

Also awesome that home prices in KC are rising at a faster clip than they are in San Jose.


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 Post subject: Re: Seller's Market
PostPosted: May 11 18, 5:52 pm 
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Consider him admonished
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Joined: March 25 15, 9:59 am
Posts: 8107
Location: Charleston, SC via Arkansas
Man hate to hear that Mr C. It is a seller’s market everywhere it seems. We met with three realtors today and we have decided to put our house on the market.

Good luck.


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 Post subject: Re: Seller's Market
PostPosted: May 11 18, 6:00 pm 
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'Burb Boy
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Joined: July 9 06, 11:33 am
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Location: Out of the Loop
Tim wrote:
Man hate to hear that Mr C. It is a seller’s market everywhere it seems. We met with three realtors today and we have decided to put our house on the market.

Good luck.



Thank you. Going to check out a house tomorrow. Best of luck in your sale.


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 Post subject: Re: Seller's Market
PostPosted: May 11 18, 7:51 pm 
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99% conan clips
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Joined: April 18 06, 5:14 pm
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sorry to hear man.

not the same but i'm looking to move and purely in rental capacity and i find it extremely stressful.


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 Post subject: Re: Seller's Market
PostPosted: May 11 18, 8:04 pm 
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Sucking on the Rally Nipple
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Joined: April 16 06, 6:03 pm
Posts: 21287
Location: Chicago
It sounds to me like you might have lost out to an investor given everything they were willing to waive/pay. Either that, or a really desperate regular buyer.

My wife and I bought our first place in Chicago last month (hence my home improvement thread). The market here in Chicago is tough. Very little inventory on the market right now so everything is multiple offers and goes fast. We didn't get the first place we put an offer on, even after upping our initial offer by I think about $5k over asking price. And the place had an outstanding special assessment for past tuck pointing work of $13k that the seller wanted the buyer to also pay. Forget that, we didn't offer to do that, but somebody might have. It ended up selling for $10k over asking. But we ultimately found a place we actually like much more and now I feel super lucky that the first place didn't happen. Don't give up. You'll find the place you're meant to be.

How accurate are those Zillow estimates, really? That place we lost out on, for example, sold for about $5k less than its Redfin estimate, and it was in a bidding war and sold for $10k over asking. I feel like here at least the Zillow/Redfin estimates usually overvalue places. In your case it was too low though, so who knows.


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 Post subject: Re: Seller's Market
PostPosted: May 11 18, 9:35 pm 
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Joined: November 9 06, 6:45 am
Posts: 19841
Location: a proud midwestern metropolis
Geen is right on the money. The house I bought in February was the fourth house that I put an offer on and I'm really happy that this is the one that I ended up in.

I put an offer in for asking price on a home 30 minutes after it went on the market in January. It was in an expensive zip code and was a disaster that hadn't been updated since the 60s, but at the listing price with the comps in the neighborhood you just couldn't lose. Anyway, my realtor said that was about the 11th best offer they got that day. In my naivete I thought I had it in the bag because we were all over it the second it hit the market.


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 Post subject: Re: Seller's Market
PostPosted: May 12 18, 8:11 am 
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Replies Authoritatively
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Joined: April 7 13, 9:45 am
Posts: 6691
Location: Chicago, IL
It's been a sellers market in Chicago for a while. We bought our place 3 years ago. Saw the listing on Tuesday, told our realtor we wanted to see it next day, he said sorry they're doing an open house Sunday and that's probably the only showing. The sellers agent told us that the sellers just had their 2nd kid, found their dream home in the burbs, and they needed to get under contract on their current place so they could close on the suburban house and wanted to close fast. So we said at the open house "we'll go full price and close in 30 days." Closing in 30 days was taxing but we got the place without a bidding war.


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 Post subject: Re: Seller's Market
PostPosted: May 12 18, 11:50 am 
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'Burb Boy
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Joined: July 9 06, 11:33 am
Posts: 19674
Location: Out of the Loop
Yeah list price isn’t cutting it in KC it seems. We’ve put offers in on three houses so far, and even had one accepted but sellers didn’t reply in time about the sewer line.


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 Post subject: Re: Seller's Market
PostPosted: May 12 18, 12:25 pm 
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is shooing asian children away from his fridge.
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Joined: May 17 06, 10:23 pm
Posts: 27872
Location: at the gettin' place
What area are you looking in?

Up north has been crazy for awhile now. I looked for four solid months seeing anything remotely interesting the day it went on the market. It wasn't until my third full price "day of" offer that I got one, and I'm glad I ended up with the one I did. The only reason I even got that one was because the seller had enough integrity to take mine and ignore the better offers that came in later. I was afraid I bought at the peak, but it's just kept going up. I could easily sell mine for $25k more than what I paid 9 months ago without even taking into account improvements I've made.

The thing that pisses me off is a lot of the "demand" is manufactured. Any house in a desirable area that hits the market needing some updates gets snatched up by real estate agents or construction guys. They slap 10-15k in typically sloppy improvements on it and relist for like 40k higher. Someone that might be perfectly content with the house the way it was, or looking to do their own updates at their own pace are getting shut out of the market. Prices are skyrocketing all because some dip [expletive] that went to a house flipping seminar doesn't want to get a real job.

Redfin definitely overestimates a lot of prices in my experience. They just apply the average $/sq ft price for a zip code to everything without looking beyond that. My area has a lot of 50+ yr old houses mixed with a lot <20. Those newer constructions skew the prices higher. My house bank appraised for 10k more than I paid, but Redfin says it was worth like 50k more just because of the square footage.


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 Post subject: Re: Seller's Market
PostPosted: May 12 18, 3:46 pm 
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'Burb Boy
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Joined: July 9 06, 11:33 am
Posts: 19674
Location: Out of the Loop
Mostly looking in Raytown and Independence. Looked at one today that the remodel was very nicely done, but the hot water heater, furnace and a/c were all at least 20 years old. No thanks. I’m sure someone will see the granite countertops and refinished floors and offer $10k above list though.


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