Author Topic: Fistfights. Free tacos. This is how crazy the N.J. real estate market is.  (Read 1799 times)

IroNat

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https://www.nj.com/news/2021/04/fistfights-free-tacos-this-is-how-crazy-the-nj-real-estate-market-is-agents-say.html

"One potential buyer offered to pay for a one-year Netflix subscription.

An agent offered to supply tacos for a Tuesday closing.

And a fistfight apparently broke out at an open house.

The residential real estate market is at an historic high for home sales despite low inventory. And as buyers grapple to score one of the coveted homes on the market, they’re using whatever they can think of to make their offer stand out."



ThisisOverload

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I sold my house in Houston in October 2020 in 3 days, cash offer.

I had 7 people make offers in the first 48 hours.

It was wild.

And it wasn't the prime part of town either, just a nice quiet area.

Irongrip400

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I told my wife we should sell now, rent somewhere for a year or two and let the market cool down and then buy our forever home. One of the issues is there’s no real rental inventory and the other is me and my wife aren’t really trying to move a bunch of times. But, I don’t know that our house will really be worth much more than it is now. However, I thought that about a rental condo I sold two years ago that they’re now selling for $30k over what I sold for. Crazy times were in again, hopefully not a precursor to 2008 fiasco.

ThisisOverload

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I told my wife we should sell now, rent somewhere for a year or two and let the market cool down and then buy our forever home. One of the issues is there’s no real rental inventory and the other is me and my wife aren’t really trying to move a bunch of times. But, I don’t know that our house will really be worth much more than it is now. However, I thought that about a rental condo I sold two years ago that they’re now selling for $30k over what I sold for. Crazy times were in again, hopefully not a precursor to 2008 fiasco.

Exactly!

Depending on where you live, now is a great time to sell.

In West Houston, my friend sold his house 2 months ago for almost double what he paid for it 7 years ago. And this is a very nice 4000 SF house with one of the best school districts in town.

If you can make some big money now, sell it! Or rent it out. My rental property north of Houston is making me real money now. I increased the rent from $1650 to $2450 and the new renter didn't even bat an eye. It's a small 2100 SF 3 bedroom in a nice quiet part of town, good schools.

Some of the major cities have insane markets right now. People selling houses at 50% profit that they purchased 2-3 years ago.

Straw Man

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I told my wife we should sell now, rent somewhere for a year or two and let the market cool down and then buy our forever home. One of the issues is there’s no real rental inventory and the other is me and my wife aren’t really trying to move a bunch of times. But, I don’t know that our house will really be worth much more than it is now. However, I thought that about a rental condo I sold two years ago that they’re now selling for $30k over what I sold for. Crazy times were in again, hopefully not a precursor to 2008 fiasco.

you're not going to see a repeat of 2008
At that time we had a meltdown in the global credit market due to investment banks playing games with mortgage back securiteis and credit default swaps (remember Bear Stearns and Lehman both went bust) which in turn resulted in recession and huge layoffs

None of that is going to repeat itself in the next few years (or ever hopefully) and and in fact we're going to see a global recover from the recession (btw - we were already in a recession before Covid hit and made it 2-3x as bad)

There is also no inventory in most markets and that's not likely to get that much better in two years (although it might get a bit better..again with an economic recovery and more new housing being built)


IroNat

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"This time it's different."