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Forum » People just aren't selling their homes [real estate]
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Thread: People just aren't selling their homes [real estate]

post 1646933723 09-13-2021, 08:24 AM
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People just aren't selling their homes [real estate]

https://www.nytimes.com/2021/02/26/u...mentsContainer

CLIFFS:

Inventory down to 1/2 everywhere nationally...even california/new york

Overall sales down compared to previous years pre pandemic

Less listings in total, by 1/2....half the houses that would have hit the market in a time like 2018 are never being put up for sale

NYT conclusion: Boomers are too afraid of covid to let people in their house to sell it

rectifryer conclusion: this explains the imbalance of migration we're seeing from urban to rural areas but no increase in inventory in the urban areas to keep the market in check. There is an exodus, but it is NOT as significant as the fact potential sellers are waiting.

In summary, there is a mutual backlog of buyers and sellers. Buying right now is not a good move. Biden is keeping the real estate market up and thus a significant portion of the wall st economy up by harboring covid fears. Regressing in covid fear would crash internet commerce and housing by this mechanism...and he won't have that before mid-terms. Although, of course that's really a lost battle at this point.
Boycott foodservice industry crew
post 1646934403 09-13-2021, 08:32 AM
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No way I would sell my house right now. It's not that I'm scared of covid, it's that I would be lucky to find another one to purchase in our area. The house down the street from me sold in two days, over asking price, with buyers bidding before even setting foot on the property. The people just moved in last week and they are from Connecticut.
post 1646934663 09-13-2021, 08:37 AM
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Originally Posted By miscHodor⏩
No way I would sell my house right now. It's not that I'm scared of covid, it's that I would be lucky to find another one to purchase in our area. The house down the street from me sold in two days, over asking price, with buyers bidding before even setting foot on the property. The people just moved in last week and they are from Connecticut.
I was going to mention the rental market. We left California for Florida, and it was almost impossible to find a rental.

The one example I used was after a week of trying, I was just refreshing property management websites. I saw one come up within a minute of it posting (it was actually a re-posting), and called the company to verify it. They said apply immediately. We had our application in within 5 minutes and were thesecondin line. We only got it because the people who were first dropped out for some reason. Rent is $1900, whereas mortgage in CA was $1200.

We started looking for a place to buy a month and a half later, and it took a miracle to get it (I won't even go into the details, but it was essentially a fluke). We're paying about the same as we sold our CA home for (in April), for 2/3 of the square footage.
post 1646935023 09-13-2021, 08:44 AM
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Originally Posted By Dan_S⏩
I was going to mention the rental market. We left California for Florida, and it was almost impossible to find a rental.

The one example I used was after a week of trying, I was just refreshing property management websites. I saw one come up within a minute of it posting (it was actually a re-posting), and called the company to verify it. They said apply immediately. We had our application in within 5 minutes and were thesecondin line. We only got it because the people who were first dropped out for some reason. Rent is $1900, whereas mortgage in CA was $1200.

We started looking for a place to buy a month and a half later, and it took a miracle to get it (I won't even go into the details, but it was essentially a fluke). We're paying about the same as we sold our CA home for (in April), for 2/3 of the square footage.
When did you leave? Rentals definitely didn't cool down here because people living here weren't broke in the first place.
Boycott foodservice industry crew
post 1646935033 09-13-2021, 08:44 AM
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Yeah I'm hanging onto my home for a bit. Got it for $340k and it's worth almost $600k now. I want to rent it out when I move, but no way I'm renting anything out long term with the eviction moratoriums right now.
Always Neg Back Crew.
post 1646935233 09-13-2021, 08:47 AM
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Originally Posted By Lefticle⏩
Yeah I'm hanging onto my home for a bit. Got it for $340k and it's worth almost $600k now. I want to rent it out when I move, but no way I'm renting anything out long term with the eviction moratoriums right now.
Those moratoriums can come back at anytime too. Ridiculous situation.
Boycott foodservice industry crew
post 1646935773 09-13-2021, 08:57 AM
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wait until interest rates rise. law of life - what goes up must come down. reversion to the mean.
post 1646936023 09-13-2021, 09:01 AM
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houses are going to be a generational thing now, one fam passes it down to the next and so on... no one will be able to afford a house anymore
post 1646936273 09-13-2021, 09:08 AM
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Originally Posted By miscHodor⏩
No way I would sell my house right now. It's not that I'm scared of covid, it's that I would be lucky to find another one to purchase in our area. The house down the street from me sold in two days, over asking price, with buyers bidding before even setting foot on the property. The people just moved in last week and they are from Connecticut.
Exactly. I could sell my house for a huge profit and then what? Overpay like a schmuck for a new one ? No thanks .
Browns/Indians/Cavs/Buckeyes
High Test Crew
post 1646936403 09-13-2021, 09:11 AM
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Sell your house and live in your car, simple.
post 1646936463 09-13-2021, 09:13 AM
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Lucky asf to buy 3 years ago and wouldnt sell it at all right now
post 1646936553 09-13-2021, 09:14 AM
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Originally Posted By OffwhiteBrah⏩
houses are going to be a generational thing now, one fam passes it down to the next and so on... no one will be able to afford a house anymore
We medieval times again huh?
post 1646936713 09-13-2021, 09:17 AM
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Only way you can sell right now is if you have more than one. If you have more than one, I would be selling one of them a month ago.
post 1646936723 09-13-2021, 09:17 AM
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Originally Posted By criminal_manne⏩
Exactly. I could sell my house for a huge profit and then what? Overpay like a schmuck for a new one ? No thanks .
The only move in that case would be to relocate to a cheaper country. Like the brah said, if you sell for 600k you could get a dope place in Mexico for 200k and invest the rest to semi retire making the most out of the cheaper cost of living.

I know it not so easy to relocate to another country but seems to be the only choice if you sell right now.

That or buying a plot of land somewhere in the us and financing a new build of something small-ish.
post 1646936913 09-13-2021, 09:20 AM
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Probably list my house early Spring. Hope it's not too late.
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post 1646936923 09-13-2021, 09:20 AM
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Originally Posted By GainzMcgee⏩
Lucky asf to buy 3 years ago and wouldnt sell it at all right now
Yup. I was talking with a friend of mine who is a real estate agent and also owns a ton of rentals. He said it's great for guys like he and I whose homes have increased dramatically in the past couple of years. The ones who are getting screwed are the newer, younger home buyers who are having to come up with twice the cash that he and I did for a down payment. It's pricing younger people out and keeping them in the rental market.
post 1646937143 09-13-2021, 09:23 AM
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Originally Posted By miscHodor⏩
Yup. I was talking with a friend of mine who is a real estate agent and also owns a ton of rentals. He said it's great for guys like he and I whose homes have increased dramatically in the past couple of years. The ones who are getting screwed are the newer, younger home buyers who are having to come up with twice the cash that he and I did for a down payment. It's pricing younger people out and keeping them in the rental market.
What about when he goes to sell and there's no one to buy because people aren't in a panic anymore?

In order to make money, you have to realize the gain. Holding till another dip makes no sense.
Originally Posted By pUniCepts⏩
Probably list my house early Spring. Hope it's not too late.
Vaccine mandate battles will last through that I'm sure
Boycott foodservice industry crew
post 1646937163 09-13-2021, 09:23 AM
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Got mine for $170k in Sept 2017 and it's $240k now. Gave up on the notion of ever moving back to Miami with the prices there
post 1646937953 09-13-2021, 09:33 AM
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Houses are selling good here where I live in Florida. About every other house on my street seems to have sold this year. The crazy neighbor that even was accusing me/guy that cleans my yard of blowing leaves into his pool sold and moved away. Haven't met the new neighbors. Guessing many are from the northern states.
post 1646938613 09-13-2021, 09:42 AM
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Several houses around mine have gone up for sale. I thought of selling mine at one point, mainly because id honestly like a smaller house and all, maybe move to another but damn if people want 200K for a shoebox.
post 1646938623 09-13-2021, 09:42 AM
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I bought mine for 305k in 2016 and now it's listed right at $600k on Zillow. The cash is tempting but renting is **** now and other houses are just as expensive, so selling makes no sense unless you want to roll around in an RV or something.
A million miles away - I don't.. feel.... anything.
http://www.youtube.com/watch?v=PXGZu4yxjW0
post 1646938903 09-13-2021, 09:47 AM
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Originally Posted By suave2000⏩
The only move in that case would be to relocate to a cheaper country. Like the brah said, if you sell for 600k you could get a dope place in Mexico for 200k and invest the rest to semi retire making the most out of the cheaper cost of living.

I know it not so easy to relocate to another country but seems to be the only choice if you sell right now.

That or buying a plot of land somewhere in the us and financing a new build of something small-ish.
México is the easiest visa as an American to move into

My friend already got residency after 6 months
post 1646938933 09-13-2021, 09:47 AM
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Originally Posted By miscHodor⏩
No way I would sell my house right now. It's not that I'm scared of covid, it's that I would be lucky to find another one to purchase in our area. The house down the street from me sold in two days, over asking price, with buyers bidding before even setting foot on the property. The people just moved in last week and they are from Connecticut.
This. I just so happen to sell my house last year, for 50k more than I bought it for in 2015. Bought a new house for an outstanding price at 200k, bigger lot, bigger sq foot, pool etc and all the homes in my neighborhood are now selling for 300k+. If I had waited any longer, I'd have been able to sell my old house for more, but would have had to dish 100k more to get what I wanted.
post 1646939273 09-13-2021, 09:53 AM
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Licensed agent and RE investor here. Been telling all my clients for the last year and a half to not sell if they can afford to/want to rent it out to keep their current home and purchase a new one. Im extremely bullish on single family houses right now. Like, you're a potato if you're in a position where you can buy a new home and decide to sell your old one or any real estate for that matter unless you're going to 1031 into something else
"If you come at the king, you best not miss"
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post 1646939503 09-13-2021, 09:59 AM
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raising interest rates will rek the economy so brother jerome aint touchin that ish for another 2/3 years, when they start tapering bond purchases stonk market will take a chit, houses will keep going up as overpriced as they are because they are real assets that provide yield.
post 1646939523 09-13-2021, 09:59 AM
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Why would people sell their homes right now when the next house is absurdly priced?

Are they supposed to live in a tent for the meantime?

Yes it's a seller's market but you also have to be in a position to sell.
The billionaire and the beggar both have 24 hours in a day.

That's why grandma's apple pie rocks and yours sucks.
Originally Posted By Dave22reborn
At least it will thunderstorm tonight, and we know how they feel about water. :)
^^^Racist police officer who also cries about how racism doesn't exist, also cries reverse racism and typifies the stupidity of the racist right, referring to black people as "they" and regurgitating racist stereotypes.
post 1646939723 09-13-2021, 10:03 AM
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Originally Posted By rectifryer⏩
When did you leave? Rentals definitely didn't cool down here because people living here weren't broke in the first place.
Earlier this year. My plan had been to sell in California early in the year and buy in Florida after the moratorium ended. Basically arbitrage and try to sell at the top and then buy when houses crashed from the moratorium.

Realized really fast that wasn't going to happen and the market wasn't going to go down (at least in Florida, there's a ton of room for growth as it's freedom land). So we got in as soon as we could.

Our house has already appreciated 10-15% and we haven't even closed (based on market comps). Like some of the above, I think we're going to be like Europe soon where housing is generational and essentially if you don't have it already, you never will. Renters for life.
post 1646939763 09-13-2021, 10:04 AM
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Originally Posted By seanb1979⏩
I bought mine for 305k in 2016 and now it's listed right at $600k on Zillow. The cash is tempting but renting is **** now and other houses are just as expensive, so selling makes no sense unless you want to roll around in an RV or something.
It's only viable if you have a second home.

And then that's only viable if you're either retired, or if you can work remotely.
The billionaire and the beggar both have 24 hours in a day.

That's why grandma's apple pie rocks and yours sucks.
Originally Posted By Dave22reborn
At least it will thunderstorm tonight, and we know how they feel about water. :)
^^^Racist police officer who also cries about how racism doesn't exist, also cries reverse racism and typifies the stupidity of the racist right, referring to black people as "they" and regurgitating racist stereotypes.
post 1646939793 09-13-2021, 10:04 AM
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also article in the OP is from Q1 this year, what has happened since is prices have continued to climb.
post 1646939853 09-13-2021, 10:06 AM
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Originally Posted By Dan_S⏩
Earlier this year. My plan had been to sell in California early in the year and buy in Florida after the moratorium ended. Basically arbitrage and try to sell at the top and then buy when houses crashed from the moratorium.

Realized really fast that wasn't going to happen and the market wasn't going to go down (at least in Florida, there's a ton of room for growth as it's freedom land). So we got in as soon as we could.

Our house has already appreciated 10-15% and we haven't even closed (based on market comps). Like some of the above,I think we're going to be like Europe soon where housing is generational and essentially if you don't have it already, you never will. Renters for life.
This this thisx1000
"If you come at the king, you best not miss"
-Omar Little
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