House Prices are Crazy

[Longtooth]

Looking at buying a house in Pace with my wife (we have a little guy and she needs to be close to work and childcare) and the house that went on the market yesterday already has 4 offers on it! We are making a full price offer, but our realtor said there's probably already some over asking...
I barely had time to check it out over lunch break, but I cant imagine that many offers on it already!

 

[bohica793]

My son just sold his house in Canton GA. Had 3 offers in the first four hours it was on the market.

 

[zombieh8r]

They’re selling houses in my neighborhood as fast as they can clear lots and frame them up (Pace/Milton) area

 

[FLT]

Careful or the realtor will have you upside down in a house you can’t sell. This is the same game they were running last time the bubble burst.

 

[M60Gunner]

Yeah up here in North Pace it is amazing, our place has appreciated 80k in 4 years. My work colleague is a realtor and he is making more money from that than our reg job

 

[John B.]

I do WDO inspections and I always make it a point to ask the sellers how fast they get under contract. Overwhelming majority are within 48 hours for asking price or higher. It's a good time to sell.

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[USAF Sarge]

Prices are crazy everywhere in the Florida Panhandle. Prior to Hurricane Michael, houses in our subdivision topped out at around $130,000.00, now as of today houses are hitting the $230,000.00 range.

When we bought our house out here we paid $64,900.00. The wife and I have discussed that once repairs are done, we might sell and move further inland. We'll make a killing on it, and the house is paid off, so it's not like we'll lose money there. So everything we make is ours to put into a new place.

Our desire is further inland (So we're not in a situation of being in the direct path and ground zero of another storm like Michael), enough land for me to put an indoor and outdoor range on. Plenty of fenced in land for our Husky and Malamute to burn energy and run.

I want to move North of I-10, she says North of Florida......

 

[Longtooth]

I do WDO inspections and I always make it a point to ask the sellers how fast they get under contract. Overwhelming majority are within 48 hours for asking price or higher. It's a good time to sell.

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I might hit you up for that if we ever get under contact. I was just shocked they were getting under contract that fast.

 

[Longtooth]

careful or the realtor will have you upside down in a house you can’t sell. This is the same game they were running last time the bubble burst.

Im hoping we aren't headed for another bubble. Who knows what the next crisis will bring though.

As long as I have a home for my family and the means to provide and protect them, Ill be happy.

 

[fl57caveman]

Im hoping we aren't headed for another bubble. Who knows what the next crisis will bring though.

As long as I have a home for my family and the means to provide and protect them, Ill be happy.

they have not learned, I bet if you have a job and can sign a contract, you qualify..

the bubble will be huge next time...and there will be a next time

 

[Longtooth]

they have not learned, I bet if you have a job and can sign a contract, you qualify..

the bubble will be huge next time...and there will be a next time

Its not quite that easy, they do require 2 years of work history and bank statements to show you have assets. But Im sure there will be a new way to crash it or another part of the economy.

In the shorter term, there really does seem to be a shortage of homes around here.

 

[zombieh8r]

My neighbors built their house in 2015 (same time we did) and paid 159k, they put it on the market a few months ago and got an offer the same day, full asking price (239k), before a sign was even put in the yard. Luckily they had already purchased a few acres north of 5 points and had started clearing it, because within a month they were homeless and had to buy a 5th wheel to live in while their new house was being built.

 

[Jerry]

I have an inspection business and talk to realtors daily. It is incredible how fast they are moving and the prices they are selling for.
Ive been at this for 16 years and this is the busiest I've ever been.

 

[M60Gunner]

Agree with you Caveman, but I had to jump through all kinds of hoops and homeland security had to check out and source every penny and document before I could close (veteran, blessed with a decent job, a snow white background, and a clearance), so it is difficult for me to understand how it happens. Perhaps some do not have to meet all the requirements I did?

Why do you think Santa Rosa is booming?

 

[M60Gunner]

I do WDO inspections and I always make it a point to ask the sellers how fast they get under contract. Overwhelming majority are within 48 hours for asking price or higher. It's a good time to sell.

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Reminds me I need to call you. What is your schedule like next week?

 

[Raven]

Agree with you Caveman, but I had to jump through all kinds of hoops and homeland security had to check out and source every penny and document before I could close (veteran, blessed with a decent job, a snow white background, and a clearance), so it is difficult for me to understand how it happens. Perhaps some do not have to meet all the requirements I did?

Why do you think Santa Rosa is booming?

Cash buyers. I beat one by like 5 minutes when I was buying my first house. It was a man and wife investment team versus me in an old Ford, holy jeans and pre-approved. He was considering the age of the HVAC while his wife was eyeballing me and waving a check book. I slowly turned around and exited the house. Got to my truck, called my realtor and beat them to it

 

[Raven]

Bubble time

 

[FrankT]

I think there will be a lot of foreclosures soon due to covid and people not working, do not over pay

 

[Longtooth]

But how do you know what overpayment is if there are multiple offers and people are going over list?

 

[USAF Sarge]

For us in Panama City, what's driving the price is the lack of housing post Michael. There is a building boom, but most of it is town houses. There are some new planned communities that are eyeing the increased military footprint at Tyndall when its overhaul is completed.

In the meantime, lack of housing, and for some reason (Don't understand why) people are moving here, which continues to drive the market up. Will it burst or will it continue and become the new norm, I don't know.

Plus what helps in commanding a higher price, is houses that took a lot of damage are being upgraded through repairs. So you have a house that was built in the 80s or even earlier, that are getting all new wiring, drywall, insulation, roofs, flooring etc. Basically a complete upgrade and refresh, less if any work for the new owners. So with the majority of the pre storm housing being upgraded or torn down and new houses going up, that doesn't leave a lot old construction per se. So in some cases these old refreshed houses in established neighborhoods are commanding and getting the same price as new built houses.