Beach house listing properties 2x+ over comps , worth offer at correct price?

[Anonymous]

I am looking at beach houses and sellers are putting houses up that is over 2x recent comps. Some have even purchased them a year ago and are trying to get over 100% what they paid.

Is there a point on offering them the correct market price of 5-10% more? Are these even worth looking at? Are these just I am going to throw this on and hope someone buys it? Are they not serious as they are just going to collect airbnbs?

[Anonymous]

Anonymous wrote:I am looking at beach houses and sellers are putting houses up that is over 2x recent comps. Some have even purchased them a year ago and are trying to get over 100% what they paid.

Is there a point on offering them the correct market price of 5-10% more? Are these even worth looking at? Are these just I am going to throw this on and hope someone buys it? Are they not serious as they are just going to collect airbnbs?

Sure, go ahead and put in an offer. If it hasn’t been sitting for a while, they probably won’t except it, but there is no downside to you.

[Anonymous]

Without knowing more information about a specific property, it is difficult to offer advice.

You can offer whatever amount of money that you want regardless of the asking price.

Many homes being sold after one year have received extensive renovations which could account for much of a price increase.

[Anonymous]

I'm watching vacation homes now and lmao. So many people realizing that they missed the peak and rushing to list, often for 200% of what they paid in October 2021. No, they are not all extensively remodeled, they are people bailing while they can still get some money. If we buy it will be in 2023/24.

[Anonymous]

Anonymous wrote:I'm watching vacation homes now and lmao. So many people realizing that they missed the peak and rushing to list, often for 200% of what they paid in October 2021. No, they are not all extensively remodeled, they are people bailing while they can still get some money. If we buy it will be in 2023/24.

Good luck with that.

We are looking now, but realize that ship has sailed. We will continue renting.

I feel like people from middle America discovered the NE coastal communities during covid.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I'm watching vacation homes now and lmao. So many people realizing that they missed the peak and rushing to list, often for 200% of what they paid in October 2021. No, they are not all extensively remodeled, they are people bailing while they can still get some money. If we buy it will be in 2023/24.

Good luck with that.

We are looking now, but realize that ship has sailed. We will continue renting.

I feel like people from middle America discovered the NE coastal communities during covid.

If you think you've missed the boat based on looking now, you must have only been looking for 2 days. Inventory is up, houses are sitting, and prices are dropping.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I'm watching vacation homes now and lmao. So many people realizing that they missed the peak and rushing to list, often for 200% of what they paid in October 2021. No, they are not all extensively remodeled, they are people bailing while they can still get some money. If we buy it will be in 2023/24.

Good luck with that.

We are looking now, but realize that ship has sailed. We will continue renting.

I feel like people from middle America discovered the NE coastal communities during covid.

If you think you've missed the boat based on looking now, you must have only been looking for 2 days. Inventory is up, houses are sitting, and prices are dropping.

+1

NP. No way we're making a move now. But, there will be a good time.

[Anonymous]

Yeah your buyers agent doesn’t charge you to submit offers. As long as they’re fine with it, it’s fine.

[Anonymous]

Where are you looking? It is so location-dependent.

[Anonymous]

OP, OP, OP ... the "correct" price is the price at which a seller and a buyer mutually agree upon to complete the transaction. So, sure, go ahead and submit your offer; the seller can always accept. If the seller doesn't accept, then your price wasn't the "correct" one.

[Anonymous]

The worst they can say is no.

[Anonymous]

Are you working with a realtor? They'll tell you of you're wasting your time

[Anonymous]

A lot of Corolla homes in NC are sitting. Anyone think it will drop more? Are these homes overpriced?

[Anonymous]

No your wasting your time. They probably don’t care if they sell but will if can get big profit.

[Anonymous]

Anonymous wrote:A lot of Corolla homes in NC are sitting. Anyone think it will drop more? Are these homes overpriced?

Yes it will drop more. Yes they're still overpriced. Look at the sales history for whatever house you're watching - vacation areas are boom and bust. Right now we're edging out of extreme BOOM territory. PPP is right that some owners don't care if it sells and are just testing the waters, but for those that want to sell, (and if there's a recession: for those that will need to sell) in the next few years, they're not going to be getting top dollar.

Not that I blame them for trying. Swing for the fences; it'd be cool to be able to say you made a million on your pandemic beach house purchase as soon as you were done remote working full time. It has happened for some people and it might happen for a few more. But do you want to be the mook on the other side of the table making it happen for the last guy in this boom cycle?