How Have Things Changed?

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  • I know in many real estate markets houses are selling the day they go on the market. Is that still happening where you are or have things started slowing down?

    What’s your rental market like??

    Answer with the city and/or state you are in please

    Seems to be the case in Greenville SC. Been trying to come up with a strategy that works in a hyper-sellers market. It’s great when we actually have something to sell. But trying to find things to sell has been rough. My brother is the used car manager at a large ford dealer and inventory has been an issue with them too. But gross is way way up. Same with our stuff. Selling prices are great. But as soon as you are out of inventory you are out of business.

    I am located in Northwest Ohio and our market is still very hot. The good properties in the suburbs and better parts of Toledo are gone the same day they hit the market. The older houses in more marginal neighborhoods might make it a few extra days or a week. Most are going for above asking price and have multiple bids on them.

    The good news, if there is any, is that I have finally started seeing *some* houses hit the market, and a week or two later, if they are still there they back off the asking price by $10K, but that is only on some houses and sometimes it is just a ploy to generate a bunch of interest. It will bring in new people thinking the price is coming down and a new bidding war starts and pushes it back up again.

    I am thinking this will not come to an end until interest rates start rising and pushing the loans for these houses outside of the affordability range for a lot of buyers. if and when that happens inventory *might* start rising and prices may come down a bit or stabilize.

    Have any of you ventured away from major metro areas to find opportunities? It seems that an hour away there is more selection

    What about buying land, then building a house or putting a doublewide on the property?? When there is little inventory, create some!

    Yes here in South Florida in Broward and Miami things are def. still hot. Old houses, new houses, new builds…everything is selling.

    Some sellers are getting greedy but I’d lying if I wasn’t one of them. On our flips we are def. pushing the prices, sometimes we hit it, sometimes we gotta bring it down a little. Also depends on the neighborhood, some are hotter than others

    We’ve had houses that took months to not just close on but then longer than expected to rehab and it’s been for the better. We thought our reselling price on a recent one was going to be $430kish, we are closing this Friday for $475k! Took a couple of months longer than expected to finish the rehab but the payoff will be worth it. Picked it up for $305k.

    If interest rates go up, do you think it will slow things down?

    Jackie, given the rapid inflation which seems to be increasing each month, interest rates would have to skyrocket to slow anything. I bought a 4 family in a great area last month and am looking to close on a house in a good area next month. Even with the insane prices right now, these were both really good deals. I’ll be looking for private money going forward but I think that won’t be difficult as everyone is looking to get out of USD right now.

    Here in Chicago, IL. Things appear to red hot still. Neighbor 2 doors down put his 2-unit investment property on market to care for his ailing wife. Under contract within 2 weeks with 9 offers. Sold 60K above asking price. He had purchased it 3 years earlier – 100k appreciation.

    If interest rates rise, big IF, given the Fed doesn’t seem all that concerned with the inflation right now. They still seem to think it is all transitory and will go away in early 2022. Anyway, because houses were driven so high and we have such a shortage I think the rise in interest rates might slow down the current craziness a little, but I am not sure I see the houses coming back down. There is still a shortage and think it will just make them more expensive to buy because of the higher payments. It will probably just push some buyers without a bunch of extra cash to the sidelines is all.

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