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Biggest reason is you don’t know the buyers.
Maybe they hate kids and you try to sell them on how many nice kids live in the neighborhood. Maybe they are super introverted and you keep talking up what a great entertaining/party house it is. Maybe they are having trouble picturing themselves in the house because all they can picture is you and your family there.
As someone who’s been in houses that have the sellers in there, it’s super awkward for the potential buyers.Quote:
Originally Posted by gravitylover
Your agent can and probably should start attending the showings, though. That’s more common. They can wait outside while the buyers are in there and make sure everything looks ok.
Could be neighbor kids or something breaking in. Have you changed the locks recently? Probably should do that too.
I went to a condo to look and the owner was there baking cookies. Super awkward. Didn’t buy it.
My first house my wife and I saw the sign and knocked on the door and the old guy (original owner) showed it to us, no agents involved. "You're going to fall in love" he said and he was right--views of the Strait of Juan de Fuca and San Juan Islands were awesome, even though the house was a 70s split level. His enthusiasm for how much he loved the place was contagious and we bought it. I think that "don't be there" stuff is kind of overblown. I think I could sell my current house better than an agent.
actualy baking usually makes the place smell really good just leave a breadmaker running and hope the buyer isnt celiac
I did that on an open house
I'm assuming part of the issue is that the current owner presumably knows more about the place than is listed on the disclosures, and it gets messy if he or she makes a representation about condition or history that the buyer later has reason to disagree with. So selling it better than an agent might become a liability if the "great and reliable" furnace craps the bed a year later.Quote:
Originally Posted by yeahman
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As long as the owners aren't dead and haunting the place, it shouldn't be a big deal.
I went to a Real Estate foreclosure auction today and the place place sold for way more than i thought made sense. Alcoholic, cat lady and hoarder combined that will need to be evicted.
The bidders said that todays market is the strongest they have ever seen. Its a market where there a ton of Air bnbs but its no aspen, nantucket or jackson.
Crazy
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Here in Tabernash, USA the trend within the trend is still the Remote Workers with fat stacks relocating to here. Part of the weirdness is it just seem that there life move is the GTFO of wherever they are from more than being fired up about this place.
The Super Mega Karen across the street that's been here a couple months called the cops of some kids being loud outside at 7:30 PM because here toddlers were in bed.
A friend of mine runs the one to the local title companies and says its mostly cash buyers. For better or worse, the buyer looking to cash flow there second home with STR income can't make it pencil out.
We were at a Christmas party last night and of course people talk RE. General consensus is prices are down 10% from 6 months ago, little inventory, and new listings are still coming out with ridiculous prices before price reductions start happening. A contractor just took his home off the market, as he said there was nothing else to buy that made any sense to him, regardless of the wife wanting a different place.
Rents continue to go up (they are officially nuts IMO) and renters are pissed their rent gets increased because "they take such good care of the property for the owners". I guess they missed the clause in the rental agreement about doing that, nor do they understand rentals are a business, not a public service. All lament not buying between 2010 & 2014.
My take, prices may go down a little more, but will be supported by lack of inventory. If an area has a fuck ton of STR's maybe more LTR's will become available and the rare foreclosure. 2023 will continue to be a year where most realtors and lenders are fucked and the last I have my business open before going full retired in 2024 (likely when business starts happening again with lower rates).
Enjoy your month, I get to go skiing next week. Thank you Ullr and Skadi for delivering so far in CA.
Seeing large drops on acreage outside of town. Maybe need to get people together to get some land to build trails on.
There are 208 "Entire Place" AirBnBs still available to rent over Christmas weekend in Teton County Idaho. I haven't stood in a lift line yet this year at Targhee, and word is that resort bookings are way down year over year.
The local economy is certainly slowing. Will be interesting to see how things play out.
Idaho Falls will never die, it will always be there, just like herpes.
Skiing, like golf, was a pandemic sport. Maybe people doing other stuff. Hope so... Plus, air fares, gas prices, and of course, lodging prices.. Not to mention outrageous lift tickets.Quote:
Originally Posted by Kevo
Getting word that the main large national homebuilders are pulling out of any deals they dont already own. Projects already under contract are moving forward but if there is a way out, they are finding it. Lots of mid and small shops seem to be happy to have a slow year in 2023 as the last 3-4 years were just utter balls to the ball craziness... they seem thankful for the slowdown, and are happy to sitback and wait for construction costs to fully stabilize. I think 2023 will be a rough one.
Lennar said supply chain is no problem now.
DR and Toll are still having issues with supply and price for certain things apparently... its no longer everything across the board. Im just repeating the things said during the residential portion of our market outlook meeting (not the portion that applied to me so i was in-and-out).Quote:
Originally Posted by 4matic
Windows and garage doors are still outliersQuote:
Originally Posted by 4matic
Advice request: I’d like to buy the two lots adjacent to my place with a ROW thru my property. They’re owned by a RE agent that I think has been planning on building. I’ve been kind of waiting to see where things are going before making an offer to buy the lots. Does the collective think this spring would be a good time for that? Or this winter? Of later? Based on where things seem to be going? I want to negotiate a good (cash) price.
I'd offer now. A lot of RE agents are shitting their pants and they'll be more inclined to take lower offer. The Fed rate should be going up for the next few quarters but mortgage rates could stay moderately low, which works against your situation anyway. Also, with inflation, your money is losing value by the day. A bird in the hand is worth two in the bush and all that. No reason to gamble and lose the property because you waited too long.Quote:
Originally Posted by Meadow Skipper
Just regarding future rate heights, Fed just increased rates to 4.25-4.5%, and the future guidance they’re currently giving is that hikes will stop at a rate of 5.0-5.25%, so not much more hiking planned at this time.Quote:
Originally Posted by Name Redacted
.75% is quite a bit still. And mortgage rates are separate from that. Guy is paying cash, so it doesn't effect him, just the market he is buying into. Who knows how long the fed will leave their rates high. At least a few quarters is most people's guess. Trying to time the RE market is a lot different than timing the stock market, local conditions can have a wide range of effects. Not sure what's going on in NM, but from my POV, buying now is better than waiting to see what happens, especially if you just want to own the land for a ROW and not a speculative investment.Quote:
Originally Posted by J. Barron DeJong
I assume that Utah having a ton of snow also plays a part in this.Quote:
Originally Posted by Kevo
Mortgage underwriting is tight because of re-finance risk. If you sell a new mortgage only to be re-financed out of it it’s a losing deal.
A butterfly in Ecuador flaps its wings, pushing an infinitesimally small amount of cool air into the equatorial pacific. A cascade of events take place- cooler air leads to cooler water. A third La Nina in a row is triggered. Utah has a decent snow year, and AirBnB speculators on the west side of the Tetons go cash flow negative.Quote:
Originally Posted by zion zig zag
There's a timeline for this, correct?Quote:
Originally Posted by 4matic
The original note cannot be repaid for 18 months? What's the minimum amount of payments that have to be serviced on the note before the mortgage broker gets paid?
AFAIK there isn't a rule or law about this, it is just in the fine print and varies by loan and maybe state? I bet Liv2ski would know better than me though.Quote:
Originally Posted by lowsparkco
Good points. Thanks.Quote:
Originally Posted by Name Redacted
Real estate agents don't accept or refuse offers, they make recommendations to clients. If they make poor recommendations they lose clients.
I think we're sitting on a knife's edge and the tipping point is unemployment. If we start seeing layoffs we'll see sell offs and distressed properties becoming a thing again. It's all equity based and we already have a 5 to 15% decrease in equity since the spring. You pair loss of equity with loss of employment and the reality that the vast majority of us are only a few paychecks away from financial ruin creates a huge potential catastrophe.
Retail numbers coming out of Xmas are going to be huge. I can't see how they won't be hugely down, but I'm wrong as often as I'm correct.
Edited to add: I reread and saw it's Broker owned. Sorry for the confusion. I'll leave my mistake up to not be a twat.
Meadow Skipper, I've traditionally done a lot of these types of deals. My best advice would be to hire an attorney (ask for a favor if you know one) send a letter of inquiry on letterhead and see what they say. If they come back at $150k over market value I'd probably rethink the dream and let it go. If they come back at market value maybe plus 5 or 10 points then decide what your real value is in cash and send it over once. Let it expire. Let any counter expire. Wait 8 weeks and send it again. Now is a pretty good time because it's slow around the holidays and brokers are spending money.
I think you're right, it's in the fine print. Payoff penalty or something like that.... I've heard mortgage brokers address it with clients before. I've even heard of mortgage brokers asking for a contractual agreement to be compensated by the client if they payoff the note early. Thanks for bringing it up, because I hadn't thought about it in the context of the current market, definitely a factor.Quote:
Originally Posted by Name Redacted
I was referencing underwriters not brokers to be clear. Most mortgages don’t have early payment penalties these days.
I tend to be the super optimistic guy but isnt everything going on a huge 2 months sale? I don't recall that in previous years. Profits should suffer if really the case.Quote:
Originally Posted by lowsparkco
Pretty sure that Lowsparkco meant "Retail numbers coming out of Xmas are going to be hugely important as a gauge of the economy," not that retail was going to have a good christmas season.Quote:
Originally Posted by Mani_UT
On FNMA & FHLMC loans there is no prepay penalty. However, every investor tells the originating lender if the loan is paid off before 6 payments are made, the originator is going to be brutally ass raped with no lube.Quote:
Originally Posted by lowsparkco
Now, because my pricing is usually unbeatable (or I tell you who has the better deal) I tell my clients they will need to sign an Origination agreement to make at least 6 payments before paying off the loan or they pay the penalty when it is sent to me. If they don't sign, I don't do the loan. I have never seen another LO have the balls to explain the business to the client out of fear of losing a loan. I don't care, as I feel like I am hooking people up, so don't fuck with me.
The weird thing right now is that like all other economic data, good news is bad news and bad news is good news. If holiday spending is down, the Fed will take that as a sign that the economy is slowing down like they want it to. Even though it could also mean layoffs and struggling businesses.
--Probably a better discussion for the Fed thread though.
You caught it. Nicely. :smile:Quote:
Originally Posted by lowsparkco
Hey, thanks. Seems like really good advice.Quote:
Meadow Skipper, I've traditionally done a lot of these types of deals. My best advice would be to hire an attorney (ask for a favor if you know one) send a letter of inquiry on letterhead and see what they say. If they come back at $150k over market value I'd probably rethink the dream and let it go. If they come back at market value maybe plus 5 or 10 points then decide what your real value is in cash and send it over once. Let it expire. Let any counter expire. Wait 8 weeks and send it again. Now is a pretty good time because it's slow around the holidays and brokers are spending money.
Thanks for the clarification. You are correct. Not my best writing.Quote:
Originally Posted by dan_pdx
I think retail numbers will be off. Just seems like a timing thing with inflation and the supply chain. There has been a gluttony of consumer goods and people have feasted. Bills are due, higher consumer credit rates, less feel goods with the market and home equity. Belts are tightening.
maybe people will spend less since they are hurting from the record spending on Halloween.
Just judging by how empty Big Sky has been during this great early season, people are cutting way back. There are still rooms available for Christmas week. Never seen that, usually booked solid.
In air b-n-b news, they fucking suck.
https://www.surviving-tomorrow.com/p...-rental-market