Have prices the last month jumped the shark?

[Anonymous]

Anonymous wrote:

Anonymous wrote:I've been curious how appraisals have been able to keep up with the fast increases with each sale. Or maybe it doesn't matter because the only people buying these houses have been people with all cash or at least a significant amount down.

I'd also like to know this. We are planning on buying next month and can't do cash.

We make plans, God laughs. Good luck. Hope you have a lot of cash - wish we did!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I've been curious how appraisals have been able to keep up with the fast increases with each sale. Or maybe it doesn't matter because the only people buying these houses have been people with all cash or at least a significant amount down.

I'd also like to know this. We are planning on buying next month and can't do cash.

A house down the street from me apparently went for all cash. It was listed at $800k. Probably went for more. This is in Fairfax.

Yes. But the question is if appraisals are matching the rise in sale prices?

If it is all cash, does the appraisal even matter?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I've been curious how appraisals have been able to keep up with the fast increases with each sale. Or maybe it doesn't matter because the only people buying these houses have been people with all cash or at least a significant amount down.

I'd also like to know this. We are planning on buying next month and can't do cash.

A house down the street from me apparently went for all cash. It was listed at $800k. Probably went for more. This is in Fairfax.

Yes. But the question is if appraisals are matching the rise in sale prices?

If it is all cash, does the appraisal even matter?

No. And if you waive the appraisal, you're on the hook for the difference. I don't see how the appraisals can keep up when the prices have jumped so much in just a couple of months.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I've been curious how appraisals have been able to keep up with the fast increases with each sale. Or maybe it doesn't matter because the only people buying these houses have been people with all cash or at least a significant amount down.

I'd also like to know this. We are planning on buying next month and can't do cash.

A house down the street from me apparently went for all cash. It was listed at $800k. Probably went for more. This is in Fairfax.

Yes. But the question is if appraisals are matching the rise in sale prices?

If it is all cash, does the appraisal even matter?

We can't do cash. What I am asking is.... are appraisals matching the rise in home prices?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I've been curious how appraisals have been able to keep up with the fast increases with each sale. Or maybe it doesn't matter because the only people buying these houses have been people with all cash or at least a significant amount down.

I'd also like to know this. We are planning on buying next month and can't do cash.

A house down the street from me apparently went for all cash. It was listed at $800k. Probably went for more. This is in Fairfax.

Yes. But the question is if appraisals are matching the rise in sale prices?

If it is all cash, does the appraisal even matter?

We can't do cash. What I am asking is.... are appraisals matching the rise in home prices?

Some are, some aren't. And with prices up so much just in a month, the comps from March won't help. It's a big risk if you don't have the cash to back it up.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I've been curious how appraisals have been able to keep up with the fast increases with each sale. Or maybe it doesn't matter because the only people buying these houses have been people with all cash or at least a significant amount down.

I'd also like to know this. We are planning on buying next month and can't do cash.

We make plans, God laughs. Good luck. Hope you have a lot of cash - wish we did!

So you just, what, gave up? Rented? I mean, I know we are going to have a hard time. We are building in a 3 month rent back when we sell our current house, and plan to just keep trying until we find a place.

[Anonymous]

I grew up near both of those 600 K range homes--- those are total bargains for what they are. Mature landscaping, great schools, great communities. I'll be curious to see what they go for because where I live now you can't find a SFH for that pirce.

[Anonymous]

Lake Barcroft. Totally insane. This time last year non water front houses were 700-825. Now they’re 900-1.2

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I've been curious how appraisals have been able to keep up with the fast increases with each sale. Or maybe it doesn't matter because the only people buying these houses have been people with all cash or at least a significant amount down.

I'd also like to know this. We are planning on buying next month and can't do cash.

We make plans, God laughs. Good luck. Hope you have a lot of cash - wish we did!

So you just, what, gave up? Rented? I mean, I know we are going to have a hard time. We are building in a 3 month rent back when we sell our current house, and plan to just keep trying until we find a place.

We're renting, [trying to be] first time buyers so just continuing with our month-to-month apartment in the city. I keep mentally giving up and then stalking every listing every week. Assuming will be in this boat for awhile. We've lost a handful of offers so far.

[Anonymous]

Anonymous wrote:I grew up near both of those 600 K range homes--- those are total bargains for what they are. Mature landscaping, great schools, great communities. I'll be curious to see what they go for because where I live now you can't find a SFH for that pirce.

This makes it extra hard - if they being listed low, a buyer just has no idea what to bid for the house if appraisal is an issue. If I'm waiving appraisal and offering over 100K over ask, that's a huge chunk of cash.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I grew up near both of those 600 K range homes--- those are total bargains for what they are. Mature landscaping, great schools, great communities. I'll be curious to see what they go for because where I live now you can't find a SFH for that pirce.

This makes it extra hard - if they being listed low, a buyer just has no idea what to bid for the house if appraisal is an issue. If I'm waiving appraisal and offering over 100K over ask, that's a huge chunk of cash.

Okay, so this is an additional question I have. I am the (naively?) optimistic buyer trying to buy this summer without all cash. We have enough cash to put 30% down on a purchase price of 1 million, in a normal market (averaging numbers for simplicity). But let's say I actually buy a house that appraises at 900, but sells for 1 million. Is my 300k in cash at all helpful in this situation? Can I use some of it to make up the difference between appraisal and actual price? I'm not a first time homebuyer, but this is a new situation for me.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I've been curious how appraisals have been able to keep up with the fast increases with each sale. Or maybe it doesn't matter because the only people buying these houses have been people with all cash or at least a significant amount down.

I'd also like to know this. We are planning on buying next month and can't do cash.

We make plans, God laughs. Good luck. Hope you have a lot of cash - wish we did!

So you just, what, gave up? Rented? I mean, I know we are going to have a hard time. We are building in a 3 month rent back when we sell our current house, and plan to just keep trying until we find a place.

We're renting, [trying to be] first time buyers so just continuing with our month-to-month apartment in the city. I keep mentally giving up and then stalking every listing every week. Assuming will be in this boat for awhile. We've lost a handful of offers so far.

Yeah, we can't do that- I mean, we could but it would be a total nightmare. Two toddlers and a third on the way.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I've been curious how appraisals have been able to keep up with the fast increases with each sale. Or maybe it doesn't matter because the only people buying these houses have been people with all cash or at least a significant amount down.

I'd also like to know this. We are planning on buying next month and can't do cash.

We make plans, God laughs. Good luck. Hope you have a lot of cash - wish we did!

So you just, what, gave up? Rented? I mean, I know we are going to have a hard time. We are building in a 3 month rent back when we sell our current house, and plan to just keep trying until we find a place.

Rent-backs are limited to 60 days.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I've been curious how appraisals have been able to keep up with the fast increases with each sale. Or maybe it doesn't matter because the only people buying these houses have been people with all cash or at least a significant amount down.

I'd also like to know this. We are planning on buying next month and can't do cash.

We make plans, God laughs. Good luck. Hope you have a lot of cash - wish we did!

So you just, what, gave up? Rented? I mean, I know we are going to have a hard time. We are building in a 3 month rent back when we sell our current house, and plan to just keep trying until we find a place.

We're renting, [trying to be] first time buyers so just continuing with our month-to-month apartment in the city. I keep mentally giving up and then stalking every listing every week. Assuming will be in this boat for awhile. We've lost a handful of offers so far.

Yeah, we can't do that- I mean, we could but it would be a total nightmare. Two toddlers and a third on the way.

Yep, we have a three year old and an infant. It's pretty rough.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I've been curious how appraisals have been able to keep up with the fast increases with each sale. Or maybe it doesn't matter because the only people buying these houses have been people with all cash or at least a significant amount down.

I'd also like to know this. We are planning on buying next month and can't do cash.

We make plans, God laughs. Good luck. Hope you have a lot of cash - wish we did!

So you just, what, gave up? Rented? I mean, I know we are going to have a hard time. We are building in a 3 month rent back when we sell our current house, and plan to just keep trying until we find a place.

We're renting, [trying to be] first time buyers so just continuing with our month-to-month apartment in the city. I keep mentally giving up and then stalking every listing every week. Assuming will be in this boat for awhile. We've lost a handful of offers so far.

Yeah, we can't do that- I mean, we could but it would be a total nightmare. Two toddlers and a third on the way.

Yep, we have a three year old and an infant. It's pretty rough.

(Congratulations on the newbie!)