Real Estate Crash thread

[fastfred]

There will always be Hartsal keeping it real.

the wild west kinda real
between the meth heads and the robert dears yeah people are keeping it real on a serious note there hundreds of people running around down there with severe mental illness
guy I know is getting really pissed cause now he has neighbors out there told him his 30 acres aren't enough he needs 150 like his sister has

[gravitylover]

So, my wife finally got her dad's condo listed at the end of August. Of course that's when things fell apart and stopped selling. The price is right and she gets offers and accepts but then they disappear. Over the last week or so there has been strong interest but people keep fucking with the place. A few weeks ago we got a message about how hot it was in there so I went by and the heat was maxed and the gas fireplace was on max. Why would someone do that... The element or something for the fireplace is burned out now The recent stuff is pulled up carpets, broken faucets and today an unflushed toilet filled with the nastiest smelling piss.

We keep being told not to be there during showings but stuff is getting fucked up and it's not being actively sold which frustrates the shit out of me. Should we ignore our agent and the other guidance we got?

[oldnew_guy]

So, my wife finally got her dad's condo listed at the end of August. Of course that's when things fell apart and stopped selling. The price is right and she gets offers and accepts but then they disappear. Over the last week or so there has been strong interest but people keep fucking with the place. A few weeks ago we got a message about how hot it was in there so I went by and the heat was maxed and the gas fireplace was on max. Why would someone do that... The element or something for the fireplace is burned out now The recent stuff is pulled up carpets, broken faucets and today an unflushed toilet filled with the nastiest smelling piss.

We keep being told not to be there during showings but stuff is getting fucked up and it's not being actively sold which frustrates the shit out of me. Should we ignore our agent and the other guidance we got?

Your awesome agent is allowing this to occur without some sort of correspondence with their peers? That’s fucked up.

I’d find out what agents had accessed the house for buyers and be emailing their boss.

I’ve walked through a lot of houses as a buyer and it always seemed like our buying agent did a sweep through the house as we left to check lights, etc.

[gravitylover]

No he does and none of them will admit to anything happening while they're there. It's been the same story every time. I still don't understand why we aren't supposed to be there actively selling the place. Being a salesman I just can't fathom letting someone else that's not even our agent and has no interest, other than a commission, and no knowledge of the history of the place being the only one there.

[byates1]

Sell it yourself.

[utagonian]

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.

[Supermoon]

No he does and none of them will admit to anything happening while they're there. It's been the same story every time. I still don't understand why we aren't supposed to be there actively selling the place. Being a salesman I just can't fathom letting someone else that's not even our agent and has no interest, other than a commission, and no knowledge of the history of the place being the only one there.

As someone who’s been in houses that have the sellers in there, it’s super awkward for the potential buyers.

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.

[Name Redacted]

I went to a condo to look and the owner was there baking cookies. Super awkward. Didn’t buy it.

[yeahman]

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.

[XXX-er]

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

[anotherVTskibum]

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.

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.

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[Toadman]

As long as the owners aren't dead and haunting the place, it shouldn't be a big deal.

[VTeton]

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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[Foggy_Goggles]

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.

[liv2ski]

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.

[RoooR]

Seeing large drops on acreage outside of town. Maybe need to get people together to get some land to build trails on.

[Kevo]

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.

[mud]

Idaho Falls will never die, it will always be there, just like herpes.

[4matic]

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.

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.

[californiagrown]

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.

[4matic]

Lennar said supply chain is no problem now.

[californiagrown]

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).

[Percy Rideout]

Lennar said supply chain is no problem now.

Windows and garage doors are still outliers

[Meadow Skipper]

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.

[Name Redacted]

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.