I am a buying shark and watching desperate sellers, here's what I see and am doing

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:aren't the prices still high at 10% lower? I'm seeing those same houses sit afterward and be lowered again. why not wait?

I am bidding 10% lower than their asking

How?
Do you pay your realtor for each proposal she writes? Or for the time she wastes

Not OP but this worked in 2009-2010 and can work again. We offered 15% below ask (after price was already reduced once) and landed around 10% below ask. Don’t be so dismissive. Realtors are starting to get desperate again so will be ok with all kinds of strategies to close a deal and avoid getting laid off.

Prices didn't bottom out until 2012.

Not sure what data you’re looking at but 2009 was the clear bottom.

https://fred.stlouisfed.org/series/WDXRSA

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:aren't the prices still high at 10% lower? I'm seeing those same houses sit afterward and be lowered again. why not wait?

I am bidding 10% lower than their asking

How?
Do you pay your realtor for each proposal she writes? Or for the time she wastes

Not OP but this worked in 2009-2010 and can work again. We offered 15% below ask (after price was already reduced once) and landed around 10% below ask. Don’t be so dismissive. Realtors are starting to get desperate again so will be ok with all kinds of strategies to close a deal and avoid getting laid off.

Prices didn't bottom out until 2012.

Not sure what data you’re looking at but 2009 was the clear bottom.

https://fred.stlouisfed.org/series/WDXRSA

Agreed and facts. We purchased in 08 however for 300k in NW for a home that was purchased for 498k in 06.

[Anonymous]

The desperation among sellers really has picked up in the past couple weeks. Price drops everywhere, listings that had been removed from the market coming back on, tons of open houses. I think the interest rate increase a couple of days ago was a huge wake up call.

As a buyer, it has certainly forced me to reevaluate what I can comfortably afford. Unless you have to buy now, it really does seem worth waiting a bit longer because it is now abundantly clear that prices are not going to continue to go up. It feels like buying now means paying peak prices plus having a terrible interest rate -- which is the worst possible scenario.

[Anonymous]

A collation of academic studies by Goldman Sachs seems to indicate that #homeprices dropped anywhere from 1% to 7% (with a median of 2.9%) for every 100 bps rise in mortgage rates. #mortgage rates have already climbed by 300 bps. Obviously, the numbers could be very different depending on geography.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:aren't the prices still high at 10% lower? I'm seeing those same houses sit afterward and be lowered again. why not wait?

I am bidding 10% lower than their asking

how many homes have you accrued with this strategy?

just started but my goal is to get a rejection and then in a month come back to the same house and bid even lower, i want prices to be around 2020 spring

Consider all the tech workers, post-graduate healthcare staff, and DoD contractors who have since received two annual raises on the order of 8% or more (anecdotally, from my friend in public service healthcare). If they were making only 100k in 2020 they're close to 120k now, and that's assuming the starting point was a low 100. These educated workers are a dime and dozen and in high demand. They make a lot of money very quickly so it is easy to see why we will never see 2020 prices ever again.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:aren't the prices still high at 10% lower? I'm seeing those same houses sit afterward and be lowered again. why not wait?

I am bidding 10% lower than their asking

how many homes have you accrued with this strategy?

just started but my goal is to get a rejection and then in a month come back to the same house and bid even lower, i want prices to be around 2020 spring

Consider all the tech workers, post-graduate healthcare staff, and DoD contractors who have since received two annual raises on the order of 8% or more (anecdotally, from my friend in public service healthcare). If they were making only 100k in 2020 they're close to 120k now, and that's assuming the starting point was a low 100. These educated workers are a dime and dozen and in high demand. They make a lot of money very quickly so it is easy to see why we will never see 2020 prices ever again.

We purchased in Spring 2020 (May) for $525k and just sold earlier this month for $760k.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:aren't the prices still high at 10% lower? I'm seeing those same houses sit afterward and be lowered again. why not wait?

I am bidding 10% lower than their asking

how many homes have you accrued with this strategy?

just started but my goal is to get a rejection and then in a month come back to the same house and bid even lower, i want prices to be around 2020 spring

Consider all the tech workers, post-graduate healthcare staff, and DoD contractors who have since received two annual raises on the order of 8% or more (anecdotally, from my friend in public service healthcare). If they were making only 100k in 2020 they're close to 120k now, and that's assuming the starting point was a low 100. These educated workers are a dime and dozen and in high demand. They make a lot of money very quickly so it is easy to see why we will never see 2020 prices ever again.

We purchased in Spring 2020 (May) for $525k and just sold earlier this month for $760k.

That's not normal it will need to come down.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:aren't the prices still high at 10% lower? I'm seeing those same houses sit afterward and be lowered again. why not wait?

I am bidding 10% lower than their asking

how many homes have you accrued with this strategy?

just started but my goal is to get a rejection and then in a month come back to the same house and bid even lower, i want prices to be around 2020 spring

Consider all the tech workers, post-graduate healthcare staff, and DoD contractors who have since received two annual raises on the order of 8% or more (anecdotally, from my friend in public service healthcare). If they were making only 100k in 2020 they're close to 120k now, and that's assuming the starting point was a low 100. These educated workers are a dime and dozen and in high demand. They make a lot of money very quickly so it is easy to see why we will never see 2020 prices ever again.

We purchased in Spring 2020 (May) for $525k and just sold earlier this month for $760k.

Did you sell to cash out at the “top”? I think a lot of sellers are trying to do that now based on what I’m seeing.

[Anonymous]

I’m a fishy fishy fishy swimming in the sea,
Hey sharky, you can’t catch me!

[Anonymous]

Anonymous wrote:

Anonymous wrote:
Waste of time, OP. Sellers now are not psychologically ready to admit the end is nigh. Real estate agents see the writing on the wall, but can't persuade their clients right now.

Wait until next year. Everyone will be on the same page. You'll get some deals.

Not every seller needs to sell. Plenty can just hold off, others can rent. Depending on where you are, military housing allowances effectively set a floor for the rental market so that's always an option.

Pretty much this. We were thinking to upgrade as we intended for this house to be our starter home. But now we’re thinking, why move at all? It’s a good neighborhood, with good schools, and we can comfortably afford it on the lower of our two salaries… so we are staying put for the foreseeable future.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:aren't the prices still high at 10% lower? I'm seeing those same houses sit afterward and be lowered again. why not wait?

I am bidding 10% lower than their asking

how many homes have you accrued with this strategy?

just started but my goal is to get a rejection and then in a month come back to the same house and bid even lower, i want prices to be around 2020 spring

Consider all the tech workers, post-graduate healthcare staff, and DoD contractors who have since received two annual raises on the order of 8% or more (anecdotally, from my friend in public service healthcare). If they were making only 100k in 2020 they're close to 120k now, and that's assuming the starting point was a low 100. These educated workers are a dime and dozen and in high demand. They make a lot of money very quickly so it is easy to see why we will never see 2020 prices ever again.

I personally know that some of the larger tech companies just gave 10% to 30% raises to their employees.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:aren't the prices still high at 10% lower? I'm seeing those same houses sit afterward and be lowered again. why not wait?

I am bidding 10% lower than their asking

how many homes have you accrued with this strategy?

just started but my goal is to get a rejection and then in a month come back to the same house and bid even lower, i want prices to be around 2020 spring

Consider all the tech workers, post-graduate healthcare staff, and DoD contractors who have since received two annual raises on the order of 8% or more (anecdotally, from my friend in public service healthcare). If they were making only 100k in 2020 they're close to 120k now, and that's assuming the starting point was a low 100. These educated workers are a dime and dozen and in high demand. They make a lot of money very quickly so it is easy to see why we will never see 2020 prices ever again.

I personally know that some of the larger tech companies just gave 10% to 30% raises to their employees.

I have a friend who just told me today she got a huge raise.

[Anonymous]

Anonymous wrote:A collation of academic studies by Goldman Sachs seems to indicate that #homeprices dropped anywhere from 1% to 7% (with a median of 2.9%) for every 100 bps rise in mortgage rates. #mortgage rates have already climbed by 300 bps. Obviously, the numbers could be very different depending on geography.

#cite, please

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:aren't the prices still high at 10% lower? I'm seeing those same houses sit afterward and be lowered again. why not wait?

I am bidding 10% lower than their asking

How?
Do you pay your realtor for each proposal she writes? Or for the time she wastes

Not OP but this worked in 2009-2010 and can work again. We offered 15% below ask (after price was already reduced once) and landed around 10% below ask. Don’t be so dismissive. Realtors are starting to get desperate again so will be ok with all kinds of strategies to close a deal and avoid getting laid off.

Prices didn't bottom out until 2012.

Nope. People were posting “OMG we’re in another bubble” threads here in 2012. Some markets were slower to recover because some states were able to clear foreclosures more quickly, but 2009 was absolutely the bottom.

[Anonymous]

Anonymous wrote:

Anonymous wrote:aren't the prices still high at 10% lower? I'm seeing those same houses sit afterward and be lowered again. why not wait?

I am bidding 10% lower than their asking

Why do you care what the asking price is? If you were really sharp you'd know the market value and bid according to that.