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Housing market....picking up!!

Old 07-12-2013, 07:29 AM
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Default Housing market....picking up!!

So the wife and I decided to move, we want a little more space and a bigger yard. My house hit the market officially on Wednesday at around 2pm. Had droves of realtors show the house on Wednesday and Thursday (Yesterday) I mean it was a constant flow of people between 3pm and 8pm on Wednesday and Thursday.

Last night at about 9pm my agent calls me to tell me they have 3 solid offers and we will have one under contract before lunch on Friday. It's 10:25 and the house is under contract. And my agent only allowed pre qualified and/or cash buyers to view my house so pending the appraisal it's pretty much a done deal.

Oh and the buyers offer was $27K higher than the asking price.

Wow...I don't know much about buying real estate as this was my first house, but that seems like a record sale?
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Old 07-12-2013, 07:35 AM
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Good to hear. We'll be putting ours in Plantation up soon. We're planning to move to Key Largo full time,,, it's tough finding something there right now. We may end up building.

Have you got a line on a new place already????
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Old 07-12-2013, 07:42 AM
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Well done. I hope you have the same fortune finding your next house.
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Old 07-12-2013, 07:42 AM
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Congrats! Selling isn't the problem right now. Buying is. Unfortunately you will be one of those waiting in line to buy due to lack of inventory. Are you prepared to rent if you have trouble getting a deal done on a new place?
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Old 07-12-2013, 07:45 AM
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Originally Posted by Duck Butter View Post
Congrats! Selling isn't the problem right now. Buying is. Unfortunately you will be one of those waiting in line to buy due to lack of inventory. Are you prepared to rent if you have trouble getting a deal done on a new place?
Yup - you too will be paying 25K over asking to get into the house you want - once the comps catch up in 6-8 months then it will normalize...

good luck my wife and I looked are the Jan-March Boca To Pompano gave up and stayed put.
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Old 07-12-2013, 07:51 AM
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I'm going through the same thing right now, having trouble with these multiple-bid over ask situations as a Buyer.

Danny: What do you mean about the comps catching up and things normalizing?
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Old 07-12-2013, 07:54 AM
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If you list your house with a relatively low value.....you will get multiple offers.
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Old 07-12-2013, 07:58 AM
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Originally Posted by WalkingTheDocks View Post
I'm going through the same thing right now, having trouble with these multiple-bid over ask situations as a Buyer.

Danny: What do you mean about the comps catching up and things normalizing?

the South Florida Market is very tight - There have been a lot of REO's a lot of Short Sales....so as the market turns Cash Buyers are moving in and bidding up properties over appraised value based on comps. That squeezes out buyers that are financing as they may not have the cash. As the market turns and there is more inventory and turnover there are more sales that support the new values and then asking / sales prices will normalize.

Example: I list my house for $300K the last sale in my hood was 250K distressed....there are no comps that support my value even if people are willing to pay...in a year there will be a lot of sales....

I live in a very low turn over area and in the last month my sub division has about 8 houses that popped up for sale. No comps support the asking prices but in 8 month there will be....
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Old 07-12-2013, 07:59 AM
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You don't have to over bid for the next place if there is a lot you like. Rent while you build exactly what you want. Also, put a few people to work and help the economy back up on it's feet.
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Old 07-12-2013, 08:01 AM
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Good Deal Chris - good for you. Water front is where it is at!

Make sure you check the insurance before next aquisition
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Old 07-12-2013, 08:16 AM
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Do you have something bought already?
Otherwise, you may be in for a rude awakening, especially if you need to finance more than 50% of the new home.
Prices have gone up a lot, inventory is way down (next bubble on its way?) and bank appraisals are still based on 6-12 month old values, so what they will loan won't be necessarily 80% of the purchase price.
As for the pace of your sale - nice places are going that quick, which is why I hope you have a line on something.
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Old 07-12-2013, 08:16 AM
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Originally Posted by Tireless View Post
If you list your house with a relatively low value.....you will get multiple offers.
Yes personally I feel the offer we accepted was what the house is actually worth. But we priced it based on the comps in the area.

I already have a new place lined up which we will be renting for a while so we can take our time and look for the perfect place and wait to see what the market will do. Actually the place we will be renting is the perfect place. It's owned by friends of my parents, my parents used to live across the street from the house I will be renting. I'm hoping the owner will eventually sell me the home. If not it's not a big deal. He is giving me a killer deal and the house is fantastic. Much bigger than my house, pool and on the water and no more low bridges.
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Old 07-12-2013, 08:29 AM
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good on ya Chris. We are thinking of doing the same and FINALLT living on the water.
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Old 07-12-2013, 08:32 AM
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Nice Chris, congrats on the sale!

Good for you on getting out of the house that you weren't thrilled with. And in the current market situation - nothing wrong with renting.
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Old 07-12-2013, 08:43 AM
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Originally Posted by Flot View Post
Nice Chris, congrats on the sale!

Good for you on getting out of the house that you weren't thrilled with. And in the current market situation - nothing wrong with renting.
I was apprehensive about renting, I need that security of knowing the owner won't wake up one day and decide he needs me out for whatever reason. But once I found out my parents friends had a place to rent, and the one house on the block that I always admired it really put my mind at rest and got me very excited.

The owner is a super nice guy and he owns the house outright and lives in a big pad right on the ICW in Ft Lauderdale so he has no intentions of selling in the near future. He really wants a long term tenant. His current tenants are moving out because they bought a house on the same block. We will start renting it September 1st.

And what I will be paying in rent is pretty much what my mortgage was on my house. So all the money I was paying in taxes and insurance on my house I can now save. If I rent this house for 3 years I will be able to save a lot of money. So when it's time to buy my next house I will be in a very good buying position.

Here is an added bonus. The owner of the house also owns a house in Bimini.
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Old 07-12-2013, 08:55 AM
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If they aren't paying cash I hope the house appraises for the value they offered. The wife and I have been looking for houses for weeks and have had them bought from under us. People have no problem offering $25k+ over ask but there isn't a chance either of them will appraise and I know they aren't cash buyers.

Wish I knew you were listing, you are close to where I am now and where I want to be.

Working on putting out another offer today but not too optimistic.

Last edited by Leeroyjenkins; 07-12-2013 at 09:16 AM.
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Old 07-12-2013, 09:05 AM
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Wow that's amazing. I guess the market is more volatile down in fla. you guys got killed when the crash happened but it seems to be coming back strong. Good luck
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Old 07-12-2013, 09:20 AM
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Congratulations on the sale. It took us a little less than six weeks to sell ours in Fort Lauderdale about six months ago.
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Old 07-12-2013, 11:48 AM
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You can't lose money with real estate.
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Old 07-12-2013, 11:58 AM
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Originally Posted by Think Done Deals View Post
You can't lose money with real estate.

You sound like one of my parters ...
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