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  1. #21476
    Join Date
    Mar 2006
    Posts
    19,810

    Real Estate Crash thread

    My hood 95762 is still selling ok. The nicest ones go in a weekend. It’s a popular Bay Area exodus spot. 3 years ago houses languished here.

  2. #21477
    Join Date
    Oct 2003
    Location
    Redwood City
    Posts
    1,761
    Quote Originally Posted by dunfree View Post
    This place for $4.5 million in coastal California is far more insane than pp, despite what the sc suckers say
    https://www.zillow.com/homedetails/1...16103697_zpid/
    WTF is up with the pop-up outlets? So I can't use a wall wart anywhere in my house or have to put in a power strip first? Thanks idiot who made that decision.
    "Great barbecue makes you want to slap your granny up the side of her head." - Southern Saying

  3. #21478
    Join Date
    Mar 2006
    Posts
    19,810
    10y rate near a six week low

  4. #21479
    Join Date
    Oct 2003
    Location
    Seattle
    Posts
    27,308
    Quote Originally Posted by LegoSkier View Post
    WTF is up with the pop-up outlets? So I can't use a wall wart anywhere in my house or have to put in a power strip first? Thanks idiot who made that decision.
    I guess they think regular outlets are unsightly? Reminds of the trend a few years ago where many high-end kitchens had fridges that were all but indistinguishable from the other cabinets. I guess because it's so gauche to see a refrigerator in your kitchen?

  5. #21480
    Join Date
    Mar 2008
    Location
    northern BC
    Posts
    30,879
    Quote Originally Posted by Bunion 2020 View Post
    20 million dollar custom home project cancelled today.

    I was speaking with one of the builders and he compared the owners decision to you or me deciding a Large Pizza and a 12 pack of micro-brews was too much $$$ to stomach.
    maybe buddy knows something we don't ?
    Lee Lau - xxx-er is the laziest Asian canuck I know

  6. #21481
    Join Date
    Sep 2006
    Posts
    8,242
    Quote Originally Posted by alias_rice View Post
    I’ve noticed open houses popping up again in my neck of the woods. They used to be pointless as sellers would have more than enough offers within a week without the hassle of an open house. Maybe Utah is finally starting to cool down a bit.
    Same here - We went to one a few weeks ago, because it was walking distance from our house. Normally this house would have had offers w/o the need for an open house. Asking price was $1.695million. The next week, we see it posted again with an open house. Seeing lots of multiple open houses on homes in that $1mil-$2mil range that apparently aren't getting the multi above asking offers like last year.

    I keep seeing that word "stagflation" thrown around a lot lately.
    "We don't beat the reaper by living longer, we beat the reaper by living well and living fully." - Randy Pausch

  7. #21482
    Join Date
    Jan 2008
    Posts
    10,094
    Quote Originally Posted by Mazderati View Post
    https://www.redfin.com/MA/Beverly/15...5/home/8215841



    I'd need to find a younger wife to traipse down the stairs in bikini, heels, and robe before the current wife finds a younger husband to do the same in a banana hammock.
    Hey, a place on Paine ave for less than 10MM is a steal!

    Just saw this one on the market. my neighbor's "team" is the listing agent on it apparently.
    https://www.realtor.com/realestatean...5_M92607-14886

  8. #21483
    Join Date
    Oct 2003
    Location
    Seattle
    Posts
    27,308
    Quote Originally Posted by Toadman View Post
    Same here - We went to one a few weeks ago, because it was walking distance from our house. Normally this house would have had offers w/o the need for an open house. Asking price was $1.695million. The next week, we see it posted again with an open house. Seeing lots of multiple open houses on homes in that $1mil-$2mil range that apparently aren't getting the multi above asking offers like last year.
    I think more open houses probably means fewer offers AND realtors needing to drum up business.

  9. #21484
    Join Date
    Mar 2008
    Location
    northern BC
    Posts
    30,879
    an RE agent told me they had never sold a house at any open house they had ever staged

    but they meet a lot of new tire kicking customers to whom they did sell the house

    wander into an open and the first thing they will ask " do you have an agent you are working with ? "
    Lee Lau - xxx-er is the laziest Asian canuck I know

  10. #21485
    Join Date
    Dec 2010
    Location
    Last Best City in the Last Best Place
    Posts
    7,267
    Quote Originally Posted by XXX-er View Post
    an RE agent told me they had never sold a house at any open house they had ever staged
    We bought ours after seeing it as an open house. Fell in love with the view. Of course it was 2010 and had been on the market 2 years with several price reductions. Then we came in with an offer 50k below asking and they took it.

    I think well see a ton of overpriced houses hit the market in the next couple months as everybody hopes to find one last sucker to pay a stupid price.

  11. #21486
    Join Date
    Sep 2005
    Location
    Not in the PRB
    Posts
    32,776
    My house sold to someone who came to our open house.
    "fuck off you asshat gaper shit for brains fucktard wanker." - Jesus Christ
    "She was tossing her bean salad with the vigor of a Drunken Pop princess so I walked out of the corner and said.... "need a hand?"" - Odin
    "everybody's got their hooks into you, fuck em....forge on motherfuckers, drag all those bitches across the goal line with you." - (not so) ill-advised strategy

  12. #21487
    Join Date
    Nov 2003
    Location
    none
    Posts
    8,334
    I’ve heard that a few times.
    I went to an open house that I liked the house, but not the lot. I later met the builder and he had five others, one that I did buy.

  13. #21488
    Join Date
    Mar 2008
    Location
    northern BC
    Posts
    30,879
    well that^^ was a sample size of 1 agent

    I bought this place in 2010, a 30K discount no takers on a FSBO that had been on the market 5 months

    I wana thank y'all down thar for shitting the bed and causing the credit swap crisis which depressed everything enough so i could get back in the market

    now its worth double but where would I live and besides it produces revenue and come with a gardener
    Lee Lau - xxx-er is the laziest Asian canuck I know

  14. #21489
    Join Date
    Aug 2016
    Location
    关你屁事
    Posts
    9,530
    It’s also an “I’m doing something” signal to the client if the place ain’t moving. Source n>1 sellers who feel better

  15. #21490
    Join Date
    Mar 2008
    Location
    northern BC
    Posts
    30,879
    And its less confrontational than saying " this dump ain't movin cuz your price is too high " and if you have a nicely appointed liviving room what a great place to return calls and do RE agent administrivia whilst wearing a nice suit !

    or just play wordle
    Lee Lau - xxx-er is the laziest Asian canuck I know

  16. #21491
    Join Date
    Apr 2012
    Location
    Ż\_(ツ)_/Ż
    Posts
    11,698
    The "do you have an agent?" question also changes how they agent can talk to you. If you have an agent already their fiduciary duties change slightly (at least in Oregon where you can represent both the buyer and seller in a deal).

  17. #21492
    Join Date
    Mar 2008
    Location
    the ham
    Posts
    13,370
    SOP at my wife's firm was a junior agent does the open to 1. help them meet potential clients, and 2. possibly keep both sides of the deal in house. That latter point was big, because dual-agency was verboten at that brokerage. The group text went out every Thursday.

    My wife never sold the house she was doing the open at - and she did a lot of them - but she did pick up clients.

  18. #21493
    Join Date
    Dec 2002
    Location
    cow hampshire
    Posts
    8,294
    I looked at a tear down for 795. It's way overpriced. No realtor, so she's winging it. It's her mother's house. The fucked up part is I'd be in for 5 if she took it.

  19. #21494
    Join Date
    Jun 2020
    Location
    in a freezer in Italy
    Posts
    7,178
    Does she know it's a teardown?

  20. #21495
    Join Date
    Sep 2006
    Posts
    8,242
    We have had a house sell that someone came to our open house and we have purchased a house that we saw during a open house event.
    "We don't beat the reaper by living longer, we beat the reaper by living well and living fully." - Randy Pausch

  21. #21496
    Join Date
    May 2008
    Location
    GRRD
    Posts
    2,419
    I found this interesting



    and then this guy put a different spin on it


  22. #21497
    Join Date
    Dec 2002
    Location
    cow hampshire
    Posts
    8,294
    Quote Originally Posted by ötzi View Post
    Does she know it's a teardown?
    No, I don't think she does. It's liveable for an old lady maybe or a dirtbag ski bum. The roof leaked or leaks. Mold or mildew in ceiling sheetrock and just kinda falling apart everywhere. It's an old cottage with a small janky addition put on 30 yrs ago. The thing is it's 500yds from the sand on a super quiet street.

  23. #21498
    Join Date
    Dec 2008
    Location
    Vacationland
    Posts
    5,911
    [QUOTE=jackstraw;6618968The thing is it's 500yds from the sand on a super quiet street.[/QUOTE]

    You said sand


    Sent from the Utility Muffin Research Kitchen

  24. #21499
    Join Date
    Aug 2006
    Posts
    7,915
    The boating forum I also frequent is starting to perk up with talk of boats sitting on lots and dealers being willing to give substantial discounts of MSRP to buy. RV dealer near me has a lot at max capacity.

    I'm thinking the peak has happened. With interest rates up the easy HELOC and refi money is gone. I would not want to buy a house now and get stuck with a 5.5 mortgage and peak prices.
    Live Free or Die

  25. #21500
    Join Date
    Sep 2006
    Posts
    8,242
    Latest RE #'s;

    Leading indicators of homebuying activity:
    Fewer people searched for “homes for sale” on Google—searches during the week ending May 14 were down 11% from a year earlier.
    The seasonally-adjusted Redfin Homebuyer Demand Index—a measure of requests for home tours and other home-buying services from Redfin agents—was down 8% year over year during the week ending May 15. This was the largest decline since April 2020 when the pandemic paused most homebuying activity.
    Touring activity from the first week of January through May 15 was 25 percentage points behind the same period in 2021, according to home tour technology company ShowingTime.
    Mortgage purchase applications were down 15% from a year earlier, while the seasonally-adjusted index decreased 12% week over week during the week ending May 13.
    For the week ending May 19, 30-year mortgage rates decreased slightly to 5.25%.
    The median home sale price was up 16% year over year to a record $398,500.
    The median asking price of newly listed homes increased 18% year over year to $416,425, a new all-time high.
    Unless you absolutely have to move, probably a good time to chill and watch things unfold.
    "We don't beat the reaper by living longer, we beat the reaper by living well and living fully." - Randy Pausch

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