Housing market is the wild wild west. Any real-estate fellas on here?

[Lionheart]

I've seen this home. Amazing! Just 3x too big and 3x too much for me haha. But an amazing home!

They have described wrong too. It’s really a 4 bedroom/41/2 bath home with a. guest apt over garage with a full bath. Then the Longbranch Saloon on the terrace level has an office with a full bath.
Ultimate man cave. Bar, pool table, poker room, darts and private theatre.
BBQ pit? Yep. Shop/garage? Yep. Fire pit at creek? Yep. Gun safes and built-Ins? Yep. Cedar lined closets for hunting gear and ammo? Yep. Good source of spring fed water for SHTF? Yep. Native American trading path? Yep. RV parking spot? Yep. List goes on...

 

[Lionheart]

I’m seriously thinking about having me an auction....

 

[GFB]

My house is for sale. $1.5 million. It would cost you way over $2 million to build it now.
I’m on 5+acres with a beautiful spring fed creek as property line all along the back. It’s a spectacular property with over 7500 heated sq ft and 10k sq ft under roof (counting the porches).
I’m in the best county in the whole damn state with the best school system.
My six month listing just expired with not a single offer. It is NOT overpriced...if anything it’s $300k too cheap. Honestly, I think Zillow and their computer algorithms called “zestimate” are killing me.
A few years ago I was in a battle with the IRS and they put a lien on the house and either they or the mortgage company started some kind of “auction” listing that I never saw. I won my IRS battle and lien is gone but the damage is done because of Zillow. Zillow is using a false “offering for sale” to value my property at less than half it’s real value. Hell if I was a buyer I would think my house is overpriced too...but it isn’t. I have challenged Zillow’s estimate...local realtor says they are buttheads and probably won’t listen.
So I’m frustrated as hell.
But, worse case scenario I’ll just stay here. It’s paid off now and a great place to live. Wife and I were just ready to downsize. It’s a bargain that would cost way more to build at todays insane material costs.
Any of you guys that want to get out of Cobb, Dekalb, Fulton, etc...pm me.
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That's a beauty. I don't want to ever work hard enough to earn the money for a house like that. I tip my hat to you, sir.

 

[moosensquirrel]

Sorry, in your situation, unless you are somehow in an unsafe housing situation, DON'T BUY RIGHT NOW is ideal advice. Existing homeowners selling to buy another home can get a great price for their existing home, which helps justify overpaying for their next home. You, as only a buyer and not a seller, are limited to experience the penalty of an inflated price.

Wait it out. Guard/build your credit. Save more cash.

Very strongly suspect, in a year, you'll have pick of the litter, at firesale prices. Saw this movie in 2007, and honestly having trouble believing it's back already for a re-run, but it sure seems like it is. Was just talking with a friend who has been in the title search business for 30 years. He's lived this cycle a number of times and confirmed my own view: Housing will crash within a year.

In a similar vein, if you sell and make 2x-3x original purchase, by the time the deal closes in even a month or two, the purchasing power of the fiat-USD could be worthless. The pre-covid hysteria ongoing monetary collapse continues and may avalanche soon. One facet of the artificially created covid hysteria was so the collapse can be blamed on the virus, not the politicians and central bankers who created it.

If anything, now may be the time to get out of debt.

 

[abigail752]

I listen to my wife hustle. First step get prequalified. Second step, be flexible and negotiable. Third step, be ready to act quickly.

 

[Danny Flucke]

As a lender for 20+ years - This is my third "appreciating" cycle where every sale is a new record.

A strategy some buyers use is to simply outbid everyone else - Then renegotiate after the appraisal.

If the seller won't budge - Cancel the deal and move on.

I literally have a $30M pipeline of underwriting approved buyers who are also frustrated...

 

[oldgoat]

What goes up must come down. I see 2008 minus the crazy banking. There will be an adjustment soon.

 

[GFB]

Now that you have some good answers, I don't feel bad to add my nonsense.

Getting upside down on a mortgage in the intermediate term seems like a real possibility, which could tie you up in that house indefinitely. If you're thinking to be in the house for 20+ years, I guess it doesn't matter as much. Personally, I don't think I would want to live in metro Atlanta long-term even if someone gave me a house, but that's just me.

 

[potenza]

My daughter,in Seattle, found a house fir$625000! Had to bid $650000 to get the house??????

 

[zesty]

Look for the diamonds in the rough or be willing to live with some cosmetic issues until you can rehab.

I bought my house when the market was hot in a pretty hot area. Not this crazy, but it wasn't easy. We got this one because it was a little rough. The backyard was a complete mess, carpet was terrible, some walls were bad colors, etc. It was minimal time and money to get it fixed up before we moved in. Not saying we got a great deal, it was still expensive, but we got in the area we wanted. Seven yrs later and the little extra we paid has been long forgotten with the increased home value.