I had forgotten how much house hunting sucks.

NKBJ

at the ark
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I'm rather buzzardly watching for the market to die, to once again convert cash to realty.
 

dudley0

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I'm working on a small rehab because of a deadbeat tenant. Saw a nasty little house come up down the street. Went thru it yesterday morning. Made a verbal cash offer on it. Ran it by the listing agent who said they had a full price offer already.

This little place was a 30k sell. I figured I would have around 10k in rehab, with me doing the work. It sold for 80k.

I know these are small numbers compared to what nice houses are going for. but a year ago I would have bought the place. Instead someone has bought it for 80k and will either live in it as is or dump a lot more into it. The place will never be worth what they have in it.

Guess I will circle the drain for another year and start watching all the repo houses hit the market.
 

NKBJ

at the ark
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This is amazing.
How in the cornbread hell can there be that much money chasing real estate?
It's like there's a robo-buying program of huge funds grabbing whatever comes available.
 

mom45

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In my area of greater Indianapolis - it's the homes that are $400k + that sit longer; but only by a bit. The $300-400k range is still selling within a week.

We had one house in our 'hood go pending at $650k the week it was listed, though. But that was a month ago and it still shows as pending. And a house in a neighboring 'hood listed at $450k also went pending within the same week.

Another house in my 'hood, that's never had a real estate sign out front of it, shows that it's both A) for sale and B) pending at $315k for a 3/2.5 1840 sq ft house on just under .5 acre. And there haven't been any updates done to it since it was built in the 1978. Belay that - some of the flooring has been replaced with vinyl plank. Realtor.com says it's been on there 3 days.

BUT - this particular house is ... strange. Strange people live there - seemingly strange pattern of long-term house-guests (probably adult kids). It's been on / off the market like 4 times in the last 4-5 years. No one's ever moved out.
My cousin's daughter sold her house in Fishers in 8 hours. It was listed at $625K and sold for more...bidding war. I am still trying to understand how this is even possible but glad for her as she was going to be losing her job over the stupid vaccine requirements and that would have made it difficult to pay the mortgage. I believe they are moving in with her dad until they find something up here. Her mom died 3 years ago and he is living alone so this works out for all of them.
 

tim87tr

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This is amazing.
How in the cornbread hell can there be that much money chasing real estate?
It's like there's a robo-buying program of huge funds grabbing whatever comes available.
Really cheap money from a manipulated fiat currency system that's close to a reboot. Playing the HGTV gotta have it game and not understanding the consequences of personal debt moving forward is naive at best. I agree with the posts about a huge bubble.

I do believe the large institutions like BlackRock investments, etc., are buying up massive amounts of homes with their easy access to unlimited low cost money. If it's true, I've read entire subdivisions in some areas are sold to the large buyers, to be rented. Seems like an artificially inflated market and a pain to deal with.
 

tim87tr

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Yo Tim.
Does it make you think about "You will own nothing and you will be happy"?
Been thinking about the US citizens winning and hoping people are planning ahead, but I know what TPTB want. I like to know the framework and trajectory of .gov overreach without taking too deep a dive. I typically only look at a few independent new sources. I think people are becoming more aware of what's going on and because of that, things will take a turn for the better in the next couple months.

If someone is truly in need of finding a home, this isn't a good time for them, unfortunately. Otherwise I'd wait it out and hunker down this year to see what 2022 brings. Of course I said that last year:scratch:. I don't see this as a good time to house shop or move.
 

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