Housing market trash

DonYukon

Well-Known Member
Joined
Mar 15, 2021
Location
Fayetteville
So unless you're a seller this housing market sucks. anybody else feeling it?
Budget is around 230K-ish , We can afford around 330K (pre-approved for it) but I really don't want that much home Im looking for more land with home.

We have been in the market for over a year had 3 homes we liked :
1st home - 2 days from closing ceiling in the living room caved in after inspector and I critiqued the hell out of it. turns out had some major inside water damage from Mathew.
2nd home was nice but was sold before it hit the market. like they didn't even want to hear our offer.
3rd home was around 290k (top of what we wanted budget wise) and I did like it but the owners didn't want to budge on nothing. funny part is they ended up selling it less than we originally offered.
The homes are way overpriced and these sellers are still asking for all closing costs to be paid by the buyer. and some Realtors are encouraging "bid wars" .
For example a home off hwy 301 listed for 145K and ended up selling for 233K. found out later the home apraised for 152K. People are paying way over appraisal values which makes no sense to me . Oh and unless the home is got some serious problems you better make a decision the minute it hits the market and make an immediate offer or its pending by that afternoon. Which would be ok if you like loosing earnest money and due dilligence if something doesn't come back kosher.

I get the whole supply and demand thing and reading my above statement I sound like a hard to please customer ( I'm not I promise) . Im just frustrated . I just want a nice home with a fair price that doesn't require me to be a reckless consumer...

Rant over
 

NickMaul

Well-Known Member
Joined
Jul 4, 2009
Location
Norfolk, VA
I felt it exactly one year ago until we literally got lucky and was able to get our offer in first. We toured the house one time and made the decision to offer asking price before we left. That was about 6 months into our home search as first time home buyers.

You have to imagine the people moving out need money to buy their next house so it is sort of a vicious cycle of I need lots of money from my home to carry over to the more expensive home I want to buy. That’s the way I see it at least. Patience is a virtue. Our realtor was awesome playing the field on homes that haven’t even been put on the market. That is the key. If your realtor sucks then...sorry.

Ironically I found the house on Zillow that we eventually bought. Rates are low and sadly your price range is probably where 80% of the home market is most active. Good luck!
 

DonYukon

Well-Known Member
Joined
Mar 15, 2021
Location
Fayetteville
I felt it exactly one year ago until we literally got lucky and was able to get our offer in first. We toured the house one time and made the decision to offer asking price before we left. That was about 6 months into our home search as first time home buyers.

You have to imagine the people moving out need money to buy their next house so it is sort of a vicious cycle of I need lots of money from my home to carry over to the more expensive home I want to buy. That’s the way I see it at least. Patience is a virtue. Our realtor was awesome playing the field on homes that haven’t even been put on the market. That is the key. If your realtor sucks then...sorry.

Ironically I found the house on Zillow that we eventually bought. Rates are low and sadly your price range is probably where 80% of the home market is most active. Good luck!
Thats a good way to look at it . We are offering full asking and within the last few months closing. I really don't want to move my budget up to the 300k region. again we can afford it but to me there's a difference in "yes I can afford it" to "should I afford this" anything past 330k though and I think Ill be house poor lol. thanks for the weight in
 

rockcity

everyday is a chance to get better
Joined
Apr 10, 2005
Location
Greenville, NC
I’m struggling. I do property investing and rentals and it’s a struggle to find anything decent for a reasonable price. 5 years ago some property that was $15k for the lot and house “on the other side of the tracks”, people are listing for $100k and getting it.

I can’t find anything for decent. Even my developer and realtor contacts don’t have any leads worth a dang. Guess I’ll hold out and hold on to my $ until this market crashes and gets flooded with foreclosures in a couple years.

I’m even setting up to sell my current house premature (working on building our own house) and making an extra $65k on it and finding something super cheap or roughing it out in the RV on our land until the house is built.

It’s crazy busy
 

justjeepin86

Well-Known Member
Joined
Jul 9, 2005
Location
Winston-Salem, NC
I'm really happy we bought 2 years ago and off market at that. I can't imagine buying a house with these inflated prices and i hate it for anyone that's looking right now. Trying to build one would be a nightmare as well.
 

Atla

Pew Pew! Vroom Vroom!
Joined
Nov 23, 2010
Location
NC
We bought our house Dec 22nd of 2019. Which sucks, trying to move in right before Christmas. We had been checking listings daily, and viewed it the second day it was listed, and made an offer at asking price the same day.

Normally I'd haggle some, but we had several houses sell out from under us within days of being listed and this house was perfect for us. (Minus the issue of not enough land.)

We made a nice $50,000 profit off our old house after having it for five years. Took that money, paid off everything except the minivan. Now all we owe is on the house and we are almost done with the van. That's the only way to live, as debt free as possible.
 

cranbiz

Well-Known Member
Joined
Nov 11, 2015
Location
Wentworth, NC
I was looking 2 years ago also. First house we saw was under 200K with 12 acres of land. Strange layout but would have worked. Made an offer right after we looked at it. Same day 2 other showings after ours and both made offers, the seller took the second offer but asked if we would consider being the backup offer. We said sure but we were not changing our offer, which they agreed to.

Well we kept looking, found the one I eventually bought, less land (3.5 acres) but a great layout, a bit larger house and less money. The kitchen was original as were the bathrooms but my wife liked the styling. 2 days before we closed, the other people came back and said the other buyer backed out and did we want it? Nope, we were all set.

2 years later, enclosed the carport, replaced the tile counters with granite, new back door and new appliances and we are very happy where we are.

Just got to keep looking, eventually, something will pop up.
 

CasterTroy

Faster'N You
Joined
Mar 21, 2005
Location
Wallburg
Literally about to walk on and close on one

Story later

20210401_084946.jpg
 

DonYukon

Well-Known Member
Joined
Mar 15, 2021
Location
Fayetteville
So Im not alone that's definitely good. You would have thought with this virus and the strain it put on the economy with job loss the exact opposite would have happened
 

DonYukon

Well-Known Member
Joined
Mar 15, 2021
Location
Fayetteville
I just bought in Northern Virginia. Apparently I'm a glutton for (financial) punishment.
I didn't mean to imply anyone buying is "stupid" . there are some decent deals Ive heard pass through. I might just be too finnicky with my money
 

NickMaul

Well-Known Member
Joined
Jul 4, 2009
Location
Norfolk, VA
Our realtor mentioned people are buying homes and never even visited them before hand. Yeah interest rates are that low.
 

DonYukon

Well-Known Member
Joined
Mar 15, 2021
Location
Fayetteville
Our realtor mentioned people are buying homes and never even visited them before hand. Yeah interest rates are that low.

Oh yea we toured one house last month and a lone Realtor showed up looked around and made an offer on behalf of the buyer who was in a different state. when I asked her she said " he wanted me to look the property over and is taking my word for it"

Un-real
 

YotaOnRocks

Well-Known Member
Joined
Jul 17, 2007
Location
Madison
We will be selling our house shortly and living in a camper on our land while we build our house. I look to make a lot more selling now than I ever dreamed of.
We are planning to wait out the ridiculous lumber/building supply prices so we may be in the camper longer than planned but that's ok. The no neighbor life is a callin.
 

LBarr2002

Well-Known Member
Joined
Nov 16, 2009
Location
SC
We will be selling our house shortly and living in a camper on our land while we build our house. I look to make a lot more selling now than I ever dreamed of.
We are planning to wait out the ridiculous lumber/building supply prices so we may be in the camper longer than planned but that's ok. The no neighbor life is a callin.
Have friends doing the same.
 

CasterTroy

Faster'N You
Joined
Mar 21, 2005
Location
Wallburg
If y'all think it's crazy elsewhere in the state, come try the Charlotte market.
Charlotte is peanuts compared to Asheville market

Tell em @obullfish

Story later


2017 we purchased 7 acres in the very end of an older established neighborhood with no HOA.
Plan went:
Build Bardominuim (Barndo) man cave from hell with 1200sqft apartment to live in
Sell house in neighborhood we own, live in "barndo" while constructing home on front of 7 acres
Move to constructed home. Move mom into "Barndo"
Once we get old and tired of maintaining house, move BACK to "Barndo"
Sell house to one of the kids at a stupid low rate
Die in "Barndo"

Sold house in June, and prepped for September ground breaking. But that was delayed. Because, as @ncsutj and many others have discovered in the house design phase of building. "Bitches be crazy"

I started the new home design in 2018. We looked at houses on the market, new house, even model homes all over. I THOUGHT she knew what she wanted. So off I went. Designed the home the way she described what she wanted (Craftsman with some farmhouse). Floor plans, elevations, renderings, photochop to place renderings on lot, Navisworks virtual walk-thru etc. She really seemed to understand and love what I had done.

Then.......one evening after dinner.....She's sitting on the couch, on her laptop with the dogs snuggled at her legs under the blanket one evening and says "what do you think of THIS house?"

Completely different style.

Me: Mkay.. it's fine.

Her: What if we change to THIS style?

Long story short....She did this to me 4 more times. :kaioken: Every time was after I was just a few details away from sending it to inspections for a permit.

FFW to September. We're at the point of no return. I told her she has absolutely no chance to back out after this. Then I get a call: "Trusses went up 300% overnight, and shingles can NOT be sourced till after November" :eek:

Thankfully, we hadn't dug the basement yet.

Then October comes. and the neighbor directly across from us clear cuts the woods beside their house (this is the woods we would look out our front door and see every day) I ask him WTH he's doing.

Neighbor: "50ft x 12ft x 16ft tall mexican carport for my RV"

You have to be fucking kidding me :gtfo:

Wife declared she will NOT look out her door and see that every day 👎

And before you say it....it's 7 acres....why not build back in the woods?

Well, because she also doesn't want to SEE the Barndo from the house.

So we started looking for land very near to what we already have. But then @Jody Treadway informed me wood done got STUPID. And it's not looking good anytime soon.

By November we made the decision that we would NOT build. With HER indecisiveness coupled with materials getting crazy...we started accepting the idea of just buying a home.

So we started home shopping (not serious....more hobby shopping) and started seeing some stupid things. Meanwhile our daughter and her fiancee were SERIOUS shopping for homes in the $175k-$200k range. Which..is apparently THE hottest market because interest rates and renters wanting their first home (which is them). So 3 times they put in offers on homes, and 3 times were out bid. The 4th time the house went on the market at 8am with stipulations that they would show it for ONE DAY and by 8pm showings would end, and final offers in by midnight. House listed for $180k They offered $200k and willing to pay all closing costs....and got it. We were floored. But soon it would be our turn.

Our "hobby shopping" turned serious in February. I think the month of February we looked at over 50 houses. Seemed every night my wife had us booked to see houses all over the place. I was so friggin sick of home shopping I would agree to anything. Then she called me one morning and said "meet me NOW!!!!"
She found a home on 13 acres that was 5yrs old. Had 10ft superior wall daylight basement with a full bath and vault room for reloading, and rough-in for full kitchen for apartment. 3 car garage and a separate 40x40 block built shop out of site from the house. This was such a perfect home that I would have sold my "Barndo" and never looked back. Same deal though as our daughters home: 15 minute showings for 12hrs...best price by midnight.
So we offered $15k over with $5k due diligence. By 9pm our realtor said they've revised the time limit till noon the next day due to so many offers. He asked if we wanted to revise ours? We both loved this home...but were NOT willing to pay more than market or tax value for it. So we stayed firm at our offer. Of COURSE we didn't get it. And in fact, the ones who DID closed on it 2 weeks ago so we were able to find out Monday that they paid $55k OVER listed price for the house :eek::dumbass:


Meanwhile, we found a home my wife fell in love with. They were asking less than tax value, and it was everything she ever wanted. I would keep the Barndo for toys, so I didn't need land or a massive garage. We offered asking price and again with $5k DD and fast closing (owner was transferred out of state and needed to sell quickly)
There were multiple offers on the table, but we had the ability to close super fast..so I think that trumped more money.

Anyway...should get the keys later today.

I'm happy....she's over the MOON thrilled, and best of all.....I don't get blamed for any regrets in the floor plan she may have years from now :huggy:
 
Last edited:

CasterTroy

Faster'N You
Joined
Mar 21, 2005
Location
Wallburg

jeepinmatt

..l.
Joined
Mar 24, 2005
Location
On the internet
2017 we purchased 7 acres in the very end of an older established neighborhood with no HOA.
Plan went:
Build Bardominuim (Barndo) man cave from hell with 1200sqft apartment to live in
Sell house in neighborhood we own, live in "barndo" while constructing home on front of 7 acres
Move to constructed home. Move mom into "Barndo"
Once we get old and tired of maintaining house, move BACK to "Barndo"
Sell house to one of the kids at a stupid low rate
Die in "Barndo"

Sold house in June, and prepped for September ground breaking. But that was delayed. Because, as @ncsutj and many others have discovered in the house design phase of building. "Bitches be crazy"

I started the new home design in 2018. We looked at houses on the market, new house, even model homes all over. I THOUGHT she knew what she wanted. So off I went. Designed the home the way she described what she wanted (Craftsman with some farmhouse). Floor plans, elevations, renderings, photochop to place renderings on lot, Navisworks virtual walk-thru etc. She really seemed to understand and love what I had done.

Then.......one evening after dinner.....She's sitting on the couch, on her laptop with the dogs snuggled at her legs under the blanket one evening and says "what do you think of THIS house?"

Completely different style.

Me: Mkay.. it's fine.

Her: What if we change to THIS style?

Long story short....She did this to me 4 more times. :kaioken: Every time was after I was just a few details away from sending it to inspections for a permit.

FFW to September. We're at the point of no return. I told her she has absolutely no chance to back out after this. Then I get a call: "Trusses went up 300% overnight, and shingles can NOT be sourced till after November" :eek:

Thankfully, we hadn't dug the basement yet.

Then October comes. and the neighbor directly across from us clear cuts the woods beside their house (this is the woods we would look out our front door and see every day) I ask him WTH he's doing.

Neighbor: "50ft x 12ft x 16ft tall mexican carport for my RV"

You have to be fucking kidding me :gtfo:

Wife declared she will NOT look out her door and see that every day 👎

And before you say it....it's 7 acres....why not build back in the woods?

Well, because she also doesn't want to SEE the Barndo from the house.

So we started looking for land very near to what we already have. But then @Jody Treadway informed me wood done got STUPID. And it's not looking good anytime soon.

By November we made the decision that we would NOT build. With HER indecisiveness coupled with materials getting crazy...we started accepting the idea of just buying a home.

So we started home shopping (not serious....more hobby shopping) and started seeing some stupid things. Meanwhile our daughter and her fiancee were SERIOUS shopping for homes in the $175k-$200k range. Which..is apparently THE hottest market because interest rates and renters wanting their first home (which is them). So 3 times they put in offers on homes, and 3 times were out bid. The 4th time the house went on the market at 8am with stipulations that they would show it for ONE DAY and by 8pm showings would end, and final offers in by midnight. House listed for $180k They offered $200k and willing to pay all closing costs....and got it. We were floored. But soon it would be our turn.

Our "hobby shopping" turned serious in February. I think the month of February we looked at over 50 houses. Seemed every night my wife had us booked to see houses all over the place. I was so friggin sick of home shopping I would agree to anything. Then she called me one morning and said "meet me NOW!!!!"
She found a home on 13 acres that was 5yrs old. Had 10ft superior wall daylight basement with a full bath and vault room for reloading, and rough-in for full kitchen for apartment. 3 car garage and a separate 40x40 block built shop out of site from the house. This was such a perfect home that I would have sold my "Barndo" and never looked back. Same deal though as our daughters home: 15 minute showings for 12hrs...best price by midnight.
So we offered $15k over with $5k due diligence. By 9pm our realtor said they've revised the time limit till noon the next day due to so many offers. He asked if we wanted to revise ours? We both loved this home...but were NOT willing to pay more than market or tax value for it. So we stayed firm at our offer. Of COURSE we didn't get it. And in fact, the ones who DID closed on it 2 weeks ago so we were able to find out Monday that they paid $55k OVER listed price for the house :eek::dumbass:


Meanwhile, we found a home my wife fell in love with. They were asking less than tax value, and it was everything she ever wanted. I would keep the Barndo for toys, so I didn't need land or a massive garage. We offered asking price and again with $5k DD and fast closing (owner was transferred out of state and needed to sell quickly)
There were multiple offers on the table, but we had the ability to close super fast..so I think that trumped more money.

Anyway...should get the keys later today.

I'm happy....she's over the MOON thrilled, and best of all.....I don't get blamed for any regrets in the floor plan she may have years from now :huggy:
It's really cool that you decided to stay with her.
 
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