by AD ➕follow (1) 💰tip ignore
« First « Previous Comments 5,181 - 5,220 of 5,669 Next » Last » Search these comments
pedo
https://www.siliconvalley.com/2024/03/14/mountain-view-real-estate-office-build-loan-economy-tech-buy-develop/amp/
Bay Area RE still having lots of vacancy. Heard, some are sold out for 1/4th of purchase price around in MV area! Never thought about these numbers before!
Seller has cut price $472k on this listing. 40% reduction from original list.
Down to a price below what they bought it for in 2020, before the pandemic spike in prices.
Worst of all: check out the HOA fee.
$2,300/month. Ouch.
a lot of families are skipping the 1 week vacation at Disney World and embracing the beach ecotourism experience
Commercial vacancy, you mean?
.
Reading this about net immigration of rich people into the USA for 2024, is this going to benefit California and Miami Beach real estate ?
https://patrick.net/post/1347834/2022-10-15-i-have-some-bad-news-about-the-economy?start=176#comment-2089734
.
What most don't know is price cuts are a marketing tactic. Even if they're small. Price cuts show up in the buyer's MLS feed that the brokers set up. So even small price cuts can help a buyer see the property again or drop into a new buyers price point. It also gets listings bumped in the IDX feeds to sites like realtor.com, zillow, redfin, etc.
As ridiculous as this sounds, we'd have sellers sign a form with the listing agreement that we were allowed to do $1 price cuts up to $100. It worked. Buyers would tell us at showings unprompted. Reason is that most buyers may not be all that serious at first and just scan through what the broker sent them.
80/20 rule. 80% of buyers are morons when it comes to real estate. 19% have a solid idea of the market. 1% knows their shit. That's why the $1 price cut worked on most buyers. 15 years of anecdotal evidence on 1k+ deals.
Car dealers are doing this too. I've once subscribed to price alerts on one car I was interested in on Autotrader and discovered the seller kept changing the price from about $1K above KBB down in $100 increments until it hits KBB and then he bumps it back up and repeats the game. The car has eventually disappered from the site, meaning they did find a sucker to buy it above KBB.
What most don't know is price cuts are a marketing tactic. Even if they're small. Price cuts show up in the buyer's MLS feed that the brokers set up. So even small price cuts can help a buyer see the property again or drop into a new buyers price point. It also gets listings bumped in the IDX feeds to sites like realtor.com, zillow, redfin, etc.
80/20 rule. 80% of buyers are morons when it comes to real estate. 19% have a solid idea of the market. 1% knows their shit. That's why the $1 price cut worked on most buyers. 15 years of anecdotal evidence on 1k+ deals.
Happening in Central Florida too. They're cutting a few thousand off every 3-4 weeks.
They got a LONG way to go.
Even if the Fed started dropping rates in September, buyers aren't going to bite .
Well, I guess that I - at least - am not one of those morons. Or I am because I eventually lose out to the buying moron who does purchase it why I act what is otherwise rationally.
Every property bought and NOT refinanced WILL be worth more when you sell it in 10 years. Show me a scenario not in a ghetto and you got me. You can't.
In most cases,every propertyproperties bought and NOT refinanced WILL be worth more when you sell it in 10 years.Show me a scenario not in a ghetto and you got me. You can't.That, at least, has been my experience in my XX years in real estate.
60-90 day closing timeline
WookieMan says
60-90 day closing timeline
60 to 90 days? I sold a house in Newport News VA in 2017 and my BIL sold a house in Papillion NE in June 2024. In both cases, the time from signed contract to closing with check in hand was less than a month. Not cash buys either, both houses had buyers with mortgages. I remember decades ago it took 60 to 90 days to close, but the process has been seriously streamlined since then.
WookieMan says
60-90 day closing timeline
60 to 90 days? I sold a house in Newport News VA in 2017 and my BIL sold a house in Papillion NE in June 2024. In both cases, the time from signed contract to closing with check in hand was less than a month. Not cash buys either, both houses had buyers with mortgages. I remember decades ago it took 60 to 90 days to close, but the process has been seriously streamlined since then.
I know RE.
No doubt, but your info may be dated. Bankrate says their average closing time is 43 days and Forbes list the following:
WookieMan says
I know RE.
No doubt, but your info may be dated. Bankrate says their average closing time is 43 days and Forbes list the following:
It did not even hit 60 days during the plandemic.
https://www.forbes.com/advisor/mortgages/how-long-does-it-take-to-close-on-a-house/
maybe in a middle of nowhere. in a city you need at least 200k income. that’s the problem with infinite asset inflation, eventually run out of people who can participate in the pyramid. 30 year mortgages really ballooned housing debts.
Most people don't want to live in small towns where there's little to do and it's boring. There's a reason prices are cheaper there.
FortwayeAsFuckJoeBiden says
maybe in a middle of nowhere. in a city you need at least 200k income. that’s the problem with infinite asset inflation, eventually run out of people who can participate in the pyramid. 30 year mortgages really ballooned housing debts.
Don't live in cities or near them. You won't regret it. Even large suburbs. Small towns under 5k population with a market, gas station and a few restaurants. I'd rather drive an hour to work than live in shit hole cities and suburbs. Or get a mostly work from home job.
« First « Previous Comments 5,181 - 5,220 of 5,669 Next » Last » Search these comments
https://finance.yahoo.com/news/pimco-kiesel-called-housing-top-160339396.html?source=patrick.net
Bond manager Mark Kiesel sold his California home in 2006, when he presciently predicted the housing bubble would pop. He bought again in 2012, after U.S. prices fell more than 30% and found a floor.
Now, after a record surge in prices, Kiesel says the time to sell is once again at hand.