I contacted a realtor at noon. Had a outright cash offer within 1 hour. Countered. Ended up getting above list & above market. Contract for review within 2h. New home build & property contracted in 12h by the clock hours. Shise, is this unusual for the Jotaterhead economy?
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Depends on a lot but yeah, then again no.
Institutions and groups are buying up realty these days, take bids if you're selling. That is kind of a newish thing but it's been headed that way for a while with realty in 'some' places.
If selling I'd have my price in my head and simply say 'taking offers as is' or whatever.
Seller's market. And my neighbor who is in construction is making money hand over fist! It is crazy-town right now! Company's like Zillow are practically cruising neighborhoods for properties to gobble up. There are a couple particular types of properties I would buy as many of as I could if I was out their looking to buy. Not necessarily the kind zillow is grabbing. But doesn't it all feel strange? Some of this does not add up considering the doomsday economy talk, but what happens if we relatively suddenly revert back the the gold standard. How will that affect the value of RE purchased now? Don't make me feel stupid.....
I have been investing in real estate since before the last crash, so while I can't complain about what the extra income, consider the source; breakneck inflation, mass migration, and a massive debt bubble that will have a 1000x greater impact than the last crash. I am looking for an off grid cabin away from the freeline right now. No metal to attract lightning.
I had an acceptable minimum & anything better was a win. My fingers on the economy pulse said if your investment paradigm considers any short term or otherwise market flux that would erase ANY of my 75% ROI gain, was an unacceptable risk, and if a cash offer was tendered at or above my minimum, see ya sucka. And if the shtf, I wanna be cash liquid when that happens. Then can reenter the market & buy 2 houses (Or find a hot South African girlfriend & make the cabin in the mountains perm).
congrats! Wish I could declutter quick enough to do this.
Smart to buy another property quickly. Who knows what the dollar will buy in a few months...
As well as the lending rate making a mortgage untenable in 6 months vs now
I've considered trying to sell myself. But we don't have a need to move, honestly. It's pretty crazy here, too.
I look at it as "can you sell for at/above market & retain current equity convertying equity to new home, vs a market crash & taking a loss or not being able to sell". My dad lost 50% of his portfolio on '08-09. He never recovered it & his hair grayed over a weekend.
And, it's one of the reasons I've considered it.
However, we all assume we know this is going to happen, and it may very well be different than what we expect.
And plus, if I sell I'd want to build another house, all of which is pretty expensive right now.