Selling a home and pricing.

[hgiles]

So with these inflated prices, how are appraisals on loans coming in?

[Bassdeer]

So a friend of mine lives in west McKinney just off Custer north of 121. Houses in his area are in the 600 to 800k, two streets over from him a month ago the house sold for 175K over asking. Crazy

[DFWPI]

Realtors are definitely a help, not knocking them, but selling a house on your own is a very simple process. Pay a realtor a small fee to run a CMA for you and base your price off of it. As DFWPI posted, there are lots of variables to take into account, but if you do your homework you can come out good.

Yeah, get to post it again LOL 🥸[emoji298][emoji298][emoji12]

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[Bassdeer]

Oh, I actually know. I think between my wife and I, we've closed about 30 houses this year.

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Cool, Now pay your fair share.

[whitetailtrail]

So with these inflated prices, how are appraisals on loans coming in?

When we were looking we were basically told to prepare for appraisals to come in low. 20-60K wasn’t too unheard of and even writing that contingency into your offer can get you passed over. Most people just cover it in cash and decrease your down payment on the adjusted loan amount


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[ShockValue]

Who has $87.5k lying around these days?

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$87.5? How about $575k?
My wife sold a house to people from NJ right before Covid but the guys company put a hold on his relo. They never moved down and after 20 months decided to sell.
She just listed it again on Friday for $530k which is HIGH even in today’s terms for 2600sf.
They had 5 offers including 4 cash offers with the best 2 being $575k!!!

They paid $410k for this house 20 months ago. 😳

[hgiles]

$87.5? How about $575k?
My wife sold a house to people from NJ right before Covid but the guys company put a hold on his relo. They never moved down and after 20 months decided to sell.
She just listed it again on Friday for $530k which is HIGH even in today’s terms for 2600sf.
They had 5 offers including 4 cash offers with the best 2 being $575k!!!

They paid $410k for this house 20 months ago. [emoji15]

That’s crazy. My house went under contract in 12 hours for 20k over ask. After dealing with the VA and all that mess, I wish I would have held out for a cash offer [emoji1787]


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[Payne346]

Can't go too much over appraiser unless deep pockets. The buyer has to come up with the down but then has to come up with 100% of the over appraisal value in most case.

If the sale is $100k over appraisal buyer will need that plus typical 20% down.

How it was for me anyways...

Above is my understanding and experience too. And most people won’t pay over appraisal price either unless really needing a house or they found their dream home. I won’t pay over appraisal, but have heard plenty that have. I sold my house in Feb within 12 hrs of listing. Got full appraisal price and then paid full appraisal price for new one. Negotiated price on new house and house didn’t appraise out, but I had that in the contract. Seller had to come down to appraisal price per contract. It’s an absolutely crazy market.

[Chance Love]

$87.5? How about $575k?
My wife sold a house to people from NJ right before Covid but the guys company put a hold on his relo. They never moved down and after 20 months decided to sell.
She just listed it again on Friday for $530k which is HIGH even in today’s terms for 2600sf.
They had 5 offers including 4 cash offers with the best 2 being $575k!!!

They paid $410k for this house 20 months ago. 😳

Most ranch deals I do are $1MM+, and most folks are cash.

[ShockValue]

Most ranch deals I do are $1MM+, and most folks are cash.

I told my wife last night, if we were in the same place we were 20 some odd years ago trying to buy a house, we wouldn’t be able to compete. I love that my property value is skyrocketing but it’s kind of of scary actually.

[jer_james]

I told my wife last night, if we were in the same place we were 20 some odd years ago trying to buy a house, we wouldn’t be able to compete. I love that my property value is skyrocketing but it’s kind of of scary actually.

My Brother and I were having the same discussion. He just got married and got his first house a little over a year ago with the Bride. They were looking to take advantage of what they have already made, but finding something different seems like a scary proposition in this market.

If a house sits in this market, I think that would draw questions. I dont think questions are a good thing. That would be the drawback of asking for a lot more than what is suggested.

[Black Ice]

Who has $87.5k lying around these days?

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Hardly any 1st time home buyers and some 2nd time home buyers. That 3rd home is where you start to be able to put down a good amount of money from what I’ve seen.


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[Double R 2]

If you put down 25% most won’t require an appraisal.

I wouldn't take this to the bank. Not saying this can't or doesn't happen, but it has not been my experience.

I think things are staring to cool off a little. Still a a crazy market and still a lot of homes going over list price but the amount over list has peaked in my opinion. In the last month, I am not seeing as many people pay stupid money over list price. There are still some, but not as many. Also I have started to see some people check the middle box on the appraisal waiver addendum. By using the middle box, you can limit how much over you are willing to go. Most all summer, I didn't see anything but the top box checked which put the buyer on the hook for the full amount no matter what the appraisal comes in at. I am also starting to see some contracts not have the appraisal waiver at all.

Still a helluva seller's market though. To all you that are selling, I hope you get one of those buyers that feels like they just have to have your house and throws a bunch of $$$ your way.

[Black Ice]

I wouldn't take this to the bank. Not saying this can't or doesn't happen, but it has not been my experience.

I think things are staring to cool off a little. Still a a crazy market and still a lot of homes going over list price but the amount over list has peaked in my opinion. In the last month, I am not seeing as many people pay stupid money over list price. There are still some, but not as many. Also I have started to see some people check the middle box on the appraisal waiver addendum. By using the middle box, you can limit how much over you are willing to go. Most all summer, I didn't see anything but the top box checked which put the buyer on the hook for the full amount no matter what the appraisal comes in at. I am also starting to see some contracts not have the appraisal waiver at all.

Still a helluva seller's market though. To all you that are selling, I hope you get one of those buyers that feels like they just have to have your house and throws a bunch of $$$ your way.

I put over 25% down on my house but it was a new build and still required an appraisal.


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[DFA]

I am

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Have you been hearing anything in your circle about when or if the crazy prices are going to go back to "normal". I've thought about buying a different house, but the prices are so crazy it has me rethinking that