Here's what it's like to house hunt in one of the craziest markets in the country
HTML-код
- Опубликовано: 6 июн 2021
- Austin, Texas, is arguably the hottest real estate market in the country, with home prices up more than 40 percent since last April. Follow one local family as they struggle to find a place in their price range. #CNN #News #Business
Don’t quit your job unless you have another one lined up, don’t sell your home unless you have another lined up.
This! I'm usually a "fly by the seat of my pants" kind of woman, but sometimes a plan is absolutely necessary. Especially when it comes to major areas like housing and employment, no one should just wing it and hope for the best.
Know the market.
Or get a leaseback
Like traffic, when lot of drivers are out on the hwy, a crash is more than likely to occur. The same thing with housing market, when lot of buyers compete, the price goes up, there will be a crash. If you're ready to buy, get ready to buy after the crash.
What about self made entrapenur
I mean you’re stupid to think you can sell high and buy another house low in the same time
You absolutely can but those yuppies want to stay in the same city to keep up with the Joneses.
You have to move out into the rural areas, houses here are still below 200k and dropping prices due to little interest.
Unless they intended to buy elsewhere in a cheaper city / state
@@jew_world_order well few people want to live in rural areas.. some of us like to be walking/short driving distance to restaurants, stores, movie theaters, hospitals, schools, concert venues. That’s why we pay a premium.
😂😂😂ikr
sorry but they didn't look like the iq is high
They were happy to get 8% over asking when selling their home but were surprised that they have to do the same when buying a new one? *speechless*
Zero planning. SMH 🤦♀️
🤣
More money than brains
EPIC
I really don't understand how people can sell their homes without doing some homework to see what other house are available and the prices
I mean... Did you see those Texas size drinks in their merica van...then they clearly stated the wife and and husband do not like waiting for things.... That could also reflect the eating habits and health .... Then add their cognitive dissonance on top of being wash outs not knowing or caring about changes around. Them.... Yep you get exactly what we see.
Greed
@@prade124 retail Market showings it's retarded as ever and 80%+ don't know the market
Greed
@@aktejas_2095 😂
People forget if you sell your home, you still have to live somewhere.
How can you forget that?
Pfft.. I have a home that now appraises for nearly twice what I paid for it not including inflation which cuts into that some (big deal). This is REMEDIAL. I could easily rent an apartment until the Housing Market takes a turn and yes "one day" it will. It's all about having enough money when the time comes and not being in a bunch of debt following you around. Now.. How many Americans did I just describe? About the same number of people willing to do what I described. Ans:Hardly any.. LMAO!!!
Which is exactly why we won’t sell. Holding on to our little treasure 🌿
@Peter Piper 😂
@@MTXSHO9732vV8SHO but even when the market goes down Interest rates will go back up so your not saving any money. Probably going to pay more with higher interest rates then you would have payed now
As usual Americans are thinking, I'll sell my home and make a killing and at the same time I'll go buy a replacement one and get a killer deal! 🤦♂️
It could work but be prepared to live 1hr from the city you know. Move to Florida and buy a plot of land. In a city area still some lots for 20k
You also have corporations and investment firms buying up homes like never before and turning them in to rentals. It’s a disgusting thing. Our children may never own their own homes at this rate.
Corporations, China, Saudi Arabia..... this is what unrestricted Capitalism is.
I bid on two houses in Northern Texas in the past month or so that later turned up on rental sites.
They call my house everyday asking if I want to sell, my home is paid off, I can rent my home out myself and keep it as an investment or if I wanted to sell it would be to a family looking to purchase a home for their family.
Exactly. Freaking sad
@@thefingerofgod69 You should have been looking at Grapevine or Lewisville, Christopher.
..'we took the 1st offer...and now we're homeless...>
Oops. Didn't think that one through. 🤔
“We weren’t prepared to do the same.” 🧐 That would mean, they weren’t prepared to sell their home, in the first place.
I'm just amazed theyve kept themselves breathing and alive this long 😆
@@Natily80 Look at them, they obviously can't breathe very well.
🤣
Why didn't they just keep the house they had in Austin?
Their license plate indicated someone with a disability, so maybe there were too many stairs in their original house for them to be able to get around.
Agree 100%. People say all the time "wow, we could get SO MUCH money for our house!!!" But then I say "um, but where are you gonna go??" Unless you are 100% leaving the area (and good luck finding anywhere that is still affordable) it makes no sense.
@@laceegomel8207 I'm downsizing, big time.
That makes since, especially if you want to stay in the area, why sale.
White folks
Him: Florist
Her: Hair Stylist
Budget: $1.2 million
Lots of old money in Texas. Houses are cheap there.
Does smell like the bubble of yesteryear...
@@bombasticattitude5577 Yep. They're old so their parents probably just died leaving their inheritance to them.
They got screwed. That happened to me and my wife in San Pedro California. We sold our 3bed, 2.5 bath town home for 490k. Bought a fixer 3bed, 1bath for 365k. Spent the profit to fix it up and lost it 2013. House prices dropped in 2011. Our house was worth 325k. Divorce helped ruin us, but the house did it first. This is planned house theft. Corporations want to own homes and rent them out. Median income families are fucked.
owning a home will be a thing of the past.
The onus is not only in the individual. The system is the problem. Ignore it if you want but it doesn’t change the unavoidable.
Why did you lose home? The saying goes for stock market, real estate, crypto, or any long term investment. You are not losing money if you don’t sell
Stop beating around the bush Rudy! LOL!
@Peter Piper what is up your a**???? Leave the man alone, reject
based on strictly the info you wrote here, i think most likely you made a lot of bad decisions. You can't really lose in RE in the long run unless the neighborhood goes to shit. I have been to San Pedro in 2017 and it was pretty nice. I think you just made some bad decisions. Divorce didn't help for sure. Women are an expense most of the time lol
So they sold their house in Austin to lease in Austin.
You underestimate the stupidity of Texans
@@salvadorbanuelos6718 nobody does
It's a state of idiots
Blame their agent for bad advice
@@salvadorbanuelos6718 nah, my cousin in Cali did the same thing
And they took the first offer they got on it.
They should’ve consider everything before selling their home. Their agent may have failed them.
Agent was looking out for themself. Greed- was looking for a commission. It’s the people’s fault. Research online is free. They obviously didn’t do any
100%
Much smarter to not buy during this market. I stopped looking. I’m not interested in buying an over priced house.
Exactly. I just invested all the money I had saved in my index fund and stocks. I'm a single man I'll keep renting cheap until this craziness is over.
But you are interested in overpriced rents?
@@ronpagala7496 my rent is cheap
Good for you 🙏! Keep saving your money and add it up as if you were paying a mortgage
@@ToneRetroGaming Ppl always have something smart to say and don't be knowing half of what they talking about. How the hell do they know what your rent cost Ole smart ass
They never should have accepted 8% over their house. They never said why they were selling their home in the first place. It's smart of them to rent for now, this madness cannot continue.
All these people that moved because they thought their employers would let them be 100% remote are in for a surprise soon.
It depends on your industry. I've been remote for 6+ years now and traveling the world. There are a lot of employers that are seeing the light and realizing that an office is nothing more than a huge expense with very little benefits (again, industry dependent).
Honestly, an employer would have to be pay me double for me to consider moving back state-side and do the 9-5 dance again.
That's wishful thinking prices are only going to go up.
So, they sold their home before checking to see what it it would cost to replace it? WTF ?
@FaMiLy One man here in Canada its been like this since 2010. This is the new normal I am warning you bro buy now in Ohio Pennsylvania or Michigan before prices there go through the roof too.
@@Borvo1 Not only that, you could always have your realtor put in a contingency that the sale of your home will not be final until you close on another house (and vice versa when making an offer to buy one).
I thought of selling my home but was smart enough to do some shopping before I actually went to list it. I quickly changed my mind and happy in the home I’ve lived in for 25 years. Window shop first it could just save you from the same mistake.
Rents are down in LA though! Have seen one beds go from $3000 down to $1900 a mo!
A 25 year old house is not worth all that much to begin with. You might as well just stay there.
@@jeeess9979 the owners of those rental properties probably owned the place for decades and paid off the cheap loan. There’s no way a new investor could afford to drop the rent like that
You can smell a housing bubble burst right around the corner...
@Darin Preston I hope so man. Because this is just embarrassing
@@BlazeOfGlory742 not embarrassing for anyone who has a home, I guess
@Dixon Uranus Internet troll is trolling.
@Darin Preston It all started with Reagan and his truckle down bs.
Anyone who believe this doesn’t understand Microeconomics for shit. If you think you’re going to just wake up one day and the housing market of today crashes like the stock market you’re an absolute fool. A housing market crash takes years to happen and reach the bottom so get used to the current pricing norm for at least the next couple years and don’t expect a dip anytime soon.
Yeah. Folks, never try to be make yourself “homeless”. Your current home is better than fighting for a year to land a new house.
It’s not that simple… in order to purchase our new construction we had to sell our current house within 30 days of signing the contract. That was in February and the house sold in 1 weekend on the market, 10% over asking, 474k sale price. Our new house was originally quoted to be completed in June… now they are telling us September is the earliest. Though we technically have a home which is not the same as this family, it still sucks that we are in this limbo with no concrete date of completion due to all the manufacturing delays.
@@PodiumTuningRacing Limbo here too. But at least we have new homes in the bag. Looking was rough but a month in an empty house followed by a month of glamping doesn't feel as bad as selling or looking to buy did. Congrats to you!
@@PodiumTuningRacing Houses sell within days. Some people will even pay cash. They could have sold their home just before they found a new home. They could have sold their home immediately and then have the cash to buy another home.
Yep
You wanna come live in my apt, you may change that tune
Take my advice.... DON"T LISTEN TO YOUR REALTOR !
Why? Are you an expert in the market? Do you know how to present an offer? Do you know all the steps to take before closing?
Do you know lenders to get buyers pre-approved before showing
Or are you just another opinionated blow hard that has no clue what you are talking about?
Getting a real estate license is easy! Try it for four or five years, then get back to me
@@emilyfeagin2673 more like your realtor has a vested interest in selling you a house regardless if it is right for you or not. I could see how it would be a conflict of interests.
Know the market. Even if your realtor knows the market, that isn’t a good excuse for being unaware.
@@timothypulliam2177
It’s not really a realtor’s job to make decisions for you. And they can’t sell the house without your expressed written consent.
You don’t fail a fish for it’s inability to climb a tree.
@@moonshoes11 realtors can withhold information from you about a house, or just outright lie. Are you saying you shouldn't trust your realtor? Because I'm inclined to agree.
"We're not great at waiting."
So lemme translate, "I'm a big dumb impatient idiot who rushed and didn't do my homework."
I was think that same thing. They’re gonna spend all their money on that lease
They even LOOKED dumb! I don't fee bad for them at all, and if I wonder if their realtor warned them about the challenges they would face in finding housing.
Exactly
@@starskyhutch6011 prolly so . I’m working on getting my TX real estate license. Too many stories of people I hear not preparing or listening to their realtor on how crazy this market is. Austin is the hottest market in Texas out of all the 4 major cities . This requires patience understanding and quick thinking
@@jeremiahanthony5521 that's awesome; good luck to you and yes, please help these folks-that market is a BEAST. I'm a seasoned housebuyer and was looking to move from Denver to Austin, but I had the patience nor the extra money to deal with Austin right now haha. I found what I needed in San Antonio instead with virtually none of the rigmarole I dealt with in Austin
They couldn't pay me to live in Texas!
Same! It sucks!
I bought a home here in Dallas-Fort area in December 2019. Me and my husband saw the trend of people moving here and we quickly bought our first home before the big rush. Our home now is worth over $70,000 more than we just paid not too long ago. Its absolutely crazy to have so much equity in our home already but sad because we know there are some first time home buyers that are not going to be able to get a home anytime soon.
This exact same thing is happening in Ireland. Short supply to heavy demand. Prices inflated, has all the hallmarks of a crash very soon.
We have massive supply of houses, millions of houses are empty. The problem is everyone wants to move to states like Florida and Texas.
Crash? There a good homes outside of the city you know, just drive a few miles extra. No biggie
You’re taking a big gamble waiting on a crash. In the meantime capital gains on the sale of their home and high rents is going to eat into that money.
@@marcianoforst6311 you are so right, down in Florida if you move into the middle of the Florida swamps they have homes for only $8,000 and very cheap property taxes.
@@chodkowski01 But who wants to live in a swamp? How is building a house there a good idea?
I wish they would've did their homework first before selling the house they had. 😕
@Digby Dooright 21k? It must be a dump!
@@danieldavis3035 This is why I hate the YT comment section. Why say something ugly? Why can't you just be nice and say something positive. smh
@@danieldavis3035 no chill😂😂😂😂
@Peter Piper
“Include a letter”
“It makes a difference when people know where you’re from”
I felt so sorry for her, she definitely living in a different time. 🙈😟🙈
I blame their greedy realtor.
A month? I’ve been looking for 6 months!! Although, I blame them for their situation, no back up. They got real estate fever and joined the bandwagon when they already had a house in a very sought out area.
Also, her letter is a joke. Sellers are not going to read her letter and turn down a higher offer. But then again these are the same ppl that sold a house in Austin but didn’t expect they would have to offer an amazing offer in return.
I pray for them. I’m hopefully closing on a house In Houston this week and what an ordeal . I’m a first time buyer too.
@Banned 6 Times that's a lie! Prayers go up, blessing come down! The devil is a liar!
Congrats!
@@Angel-tw3ko 2 hands working is better than a thousand clasped in prayer.
We sold our house in Houston in 4 days. Empty nester and wanted to down size. Prices are crazy. Our new house is 1/2 the size of our old one and cost the same.
I hope everything goes well with the closing. 🤞🙏
clicked on this video instantly knowing it would be austin
I wasn't aware how bad this was in Texas. But I know how bad it is in Boston Massachusetts. It is ridiculous
Me too - my home town. I was ready to buy my first home & this. It’s heartbreaking.
@@calvinr.johnsonjr.9076 how bad is it in Boston
@@4chukwuebuka it's around 800k median most places run around 500k+
@@calvinr.johnsonjr.9076 damn, I expect high taxes to auto gentrify the indigenes there
It's awful. We managed to get a house in central Maryland in December, but that was after quite a few fails. I've seen people bid $100k+ over asking in our area. It makes it hard to compete when other buyers are throwing all caution and reason to the wind.
I've lived in Austin, TX for nearly 30 years. I can't begin to express how sad I feel knowing that I will need to move away from friends and family if I ever want to own a home. It's hard enough to qualify for a home on one income, but the housing prices in Austin are now too much for even most of the 2-earner families in the area. Prices are going up but not our incomes. So very, very sad.
I agree. It's tough for when workers cannot afford to stay in the place they grew up / want to stay in.
This is very depressing situation for any family.
A big part of the problem is a mister who complains that they haven't seen the others (that day) when his wife wants to make an offer and they've been hunting for a month.
Shut up , villian.
@@MrWatchowtnow , ooo, somebody struck a nerve
I’m totally with you. We finally were able to get a home in Austin, where we’ve lived for 20 years & have been priced out.I cry regularly about this.
@@LibbyRal while men should naturally buy the house the wife wants, the problem is that it’s a lot of money to just throw at the first place you see, especially when 5 years ago, it would be stupidly insane to do such a thing. You spend several days, even weeks looking at homes, then make an offer below listing. That’s what you call a “buyers market.” Nowadays, the market forces people to make offers ABOVE listing for a house they haven’t even seen in person, and they STILL probably won’t get it. That’s not only nuts, but is preventing a generation of first time home buyers from even being able to afford a smaller first time house, even if they may end up renting exactly that.
Did they give a reason for why they sold their house? Just curious as to why they put themselves in this situation.
They did not. They sound like they did not get good advice.
MONEY .YA thats wright profit but got to have place to live
@Peter Piper and let’s not forget that, at the end of the video, the agent suggests they pray
@@raelchai 🤣
@Peter Piper 🤣🤣🤣🤣🤣
Austin turning into Los Angeles
Just like Joe Rogan wanted.
Here in Northern Virginia is the same way house are selling within a few days a way above asking price, so discouraging
My supervisor just sold her home in Herndon after just a few days on the market for above asking. She smart enough to include a 60 or 90 day leaseback to hopefully cover her own search. I own in DC and don’t even want to think about doing this process again.
@ecfs VendorQA I’m a native Washingtonian as well and yes it’s crazy! The prices for just 1 bedrooms are ridiculous in some areas. One very good thing though is that DC have some really great housing programs if you ever wanted to purchase. I was fortunate to be able to take advantage of one to purchase my home. My sisters and mom on the other hand rent as well and like you are preparing to pack up and move. They are thinking Georgia.
I don't know why people are moving to Texas. Taxes are so high for property owners!! Texas has the highest property taxes in the united states at 3.5-4% and there are no cap increases. That means that a 300k home last year has to pay 12.5k a year. Let's say the home increases to 500k in a couple years then the new tax bill is 17.5k. insane!
I’m not sure either. They can’t keep the lights on when it snows
The northeast perfected that long ago
To get away from libtards.
@@chuck_in_socal go broke to own the libs. 😂 Sounds smart. 😂😂
Texas has the highest property taxes? Since when? I live in NJ and I know CA, NY and NJ have the highest taxes in the country.
@@Maria.9094 state taxes and property taxes are 2 different things. 😂 Plus, the property taxes in Texas are a lot higher than my California state and property taxes combined. You should do some research before writing fake news!
I live in Colorado, my dad is a lumber truck driver. He said the shortage of supplies is so bad that people are going to lumber yards and stealing everything, they'll use it or sell it even higher. Then there's a shortage in truck drivers and trade workers, and with unemployment never ending, no one wants to work. He found a new job recently but had 6 offers in less than 2 weeks willing to pay more hourly, he's got a 9th grade education and still struggles to read. I had to move in with family because the rent here is higher than a mortgage payment, and we can't find any homes in our budget to buy, I refuse to partake in the bidding wars, it's insane and emotional and frustrating all at once, and it seems there's no end in sight. Best of luck to homebuyers right now, be wise
You're living in a bad market. Maybe move to Texas or Florida?
Taxes home price seem to be cheap, but the annual property tax is crazy.
This has been happening in Canada for a few years especially in Toronto. Now Ottawa is the same. About 90% of the homes are being sold well over asking. A house that's worth 350k lists for 1.2 million
Little bit sick
The whole thing
Maybe the should have sold their home subject to buying a new home at the same time.
Problem is that if there is a huge demand for homes or multiple offers the seller will probably decline that offer. People are buying homes over asking with sometimes the inspection waived just to get the home.
Won't work in a hot market where the winning bid is over asking, no contingencies, and all cash.
True, or they should’ve at least asked for a leaseback for a specified period of time… however if it was a FSBO they might not have known to include that in the contract.
I live in CT and my house value has gone up 33% since I bought my home 9 years ago. If taxes didn’t go up with it, it would be fine for people staying in their homes but towns want to say well we aren’t raising the mill rate so no tax increase when they know when a revaluation just happened to increase value of the homes and as a result taxes due to an unchanged mill rate. I’ve been lucky to still afford my home but this makes selling and buying something affordable in the same area impossible in this situation.
Thanks for the lesson on what NOT to do.
Step 1: Find a new home.
Step 2 : Put your home up for sale.
Step 3: Get at 400k in your bank account within days and then buy a new home.
*_If you try this in reverse, you will fail._*
You suck Joe Biden! LOL!
@@osopolar2022 Joe Biden is the Man
They should have never sold their house. Now they can end up almost an hour away from where they want to live.
Love this segment. Thank you
Where I live, one acre with a 500 sq ft tiny house is $245,000 !!!!! I was appointed last year but everything is increasing exponentially that I’m way past affordability now. I’m 😞 so sad
^^^^^ approved
When everyone rushes and competes to intentionally get into 30 years of debt, go the other way.
I live in the Austin area and this video is on point.
Good luck.
Watching this in nyc. I’d kill for these prices 😂😂😂
I was thinking the same for here in Silly-Con Valley, err San Jose, California.
Yes but the rate of wages here is less than NY or Cali. But Californians are coming to TX & jacking sh*# up!
@@vrmomoffour9446 wages are higher in California? Says who? There is a group of extreme income earners that skew the median income high, but $15 to $30 an hour is the norm and considering the high cost of everything, most of us are dirt poor. Texas brags about no state income taxes, but that is made up for via other taxes like property taxes. Agreed, former California homeowners have taken their sales profits and gone to cheaper housing markets. That drives the prices up to the point that local economies can't afford their own homes. We have the same issue in California where folks from the bay area sold their houses and went to lower housing cost areas, thus screwing those areas. The other drawback is the commuter traffic. We have billionaire investors from who knows where buying houses for cash and leaving them empty in order to reduce available houses and driving the price up. Bottom line, greed of the haves!
@@vrmomoffour9446 You sound fragile and terrified. The United States has been evolving since its creation and the country will continue to change. The people that are happy and successful learnt to adapt.
@@mandy833 yup. Adapt.
Year 2035 = i bought a Maytag cardboard box to live in 2 years ago for 2.99 and now its worth 3.49!
"Took the first offer. It was generous" oh honey... how inept you are. Being in a competitive market and knowing your first offer is "generous" the smart thing to do would be to allow other potential buyers to start bidding on your house. Very foolish.
Realtor wanted a quick commission
Yeah. Generous compared to what? Since they didn't take any more offers! And rather than let the sale take its natural course - say, maybe turn into a bidding war!- they find themselves pressured into finding a new house quickly! Sounds to me like the wife calls the shots ("I can usually talk him into things"). This is the same woman convinced that her writing a letter to the seller will tip the scales in their favor. Geez, some people really are their own worst enemies in life.
@@Finians_Mancave 🤣
As soon as she said that, then went on to say "we're not good at waiting," I knew where this was headed.
American's seem to have such nice houses, big driveways and big gardens - open space.... here in the UK we live practically on top of each other in little homes and many have no gardens and argue about too many cars being parked on the pavements etc, blocking driveways etc etc. Your fortunate
Well, it also creates multiple mentalities of privilege and selfishness which don't exist in other parts of the world.
It’s not all what it looks like on TV. It’s true that there are many nice, large houses, but it’s also true that many are extremely run down because people can’t afford the upkeep due to labor and material costs, which was already the case before the pandemic, let alone now. Also people often completely overextend themselves and end up being house-poor. They have the big place, but no money left for anything else. Or decent furniture.
@ Greenpoloboy3,
Most of the home shown here are fairly recent construction The US has many areas that don’t have gardens or enough room to park usually in areas that were settled earlier
The sad thing about those big houses? The people that live there work from sun-up to sundown to pay for them. They don’t get to spend much time in those nice houses
@@K3r0411 I never kneeew that... Sad. Here we do have the NHS and can apply for benefits etc so I am grateful for that
@@emilyfeagin2673 Again another thing I never knew of. It looks so nice to an outsider used to living in smaller places. That must be hard for so many living over there in those places unless of course they are rich. We just live in a council place where repairs are done by the council, or if things get hard, housing benefits and other benefits are available.
We are selling our home and we have a new home secured that is being built. We are moving ten hours south and mortgage is going from 2000$ to 800$. I’m praying nothing happens between now and then. House goes on the market June 24th
I am Sciencing that nothing happens. Best of luck to you.
@@booksgaming1426 thank you 🤞🏼
Have you checked on the progress of your new home?
Their are shortages in things like lumber and plywood. It may have been delayed
I’m not trying to be a crepe hanger here, I just want you to be aware
I wish you the best of luck
Make sure there is no clause in the contract that allows the builder to cancel the sell or change the price. Best of luck to you.
@@naturelover2292 there isn’t!! We are locked in at that price. We have been worried about that with everything going on with lumber prices. Saw somewhere that a contractor canceled every contract they had. And all these homes are sitting half finished. Praying that’s the only story like that we will see but I fear it isn’t. Our home build has been delayed a little because of door and window and bathtub shortages 😳 but other then that we recently saw they got the foundation down. And have started building. Thankfully it’s a one level and it’s not super tiny house but it’s not big either. It’s midsize single family home. So I don’t think it will be too long 🤞🏼🙏
A way to escape the housing market crush: new construction builds! If you can afford to wait about 5-6 months, I highly recommend it. I just did it and I’m happy I could avoid the stresses of being outbid!
Why would any good person actually want to live in texas? It's not worth it
There are thousands of hard working & friendly people here. It is not like the movies you have been watching but that is OK. We don't need any negative people here.
Texas is too hot.
if you are selling a home now, be ready to move far far away from the city. Far and Far away from everyone else LOL.
Yeah my sister is selling their home and moving far out. They do work from home I just hate the kids will be so far from each other.
I’m in Dallas, Tx. I looked at 10+ all above list, 15K to 50K above list, and finically got a contract in Mansfield, Tx. While 1st choice was Plano, Allen or McKinney
The market is really hot in north Idaho, too. Our home in north Idaho sold for 25% over asking (and we were asking 230% more than we paid for it 4 years prior). It was officially in contract only 4 days on the market, but that was only because we wanted time to comb through the 12 over asking offers and offer an open house (since none of the offers had even seen the house yet). Of course, we couldn’t afford to sell in north Idaho AND buy in north Idaho, so we relocated to Texas, just outside of Brenham/College Station and were able to pay cash. (We’re originally from Texas, so just coming back home.) It’s a crazy market pretty much everywhere, from what I’ve heard....!
Trump really left us with a fucked economy on his way out
@@BringingTheHeat-VBC that too
Like most people are finding out cash is still king 🤴 They sold their home and the seller is wanting them to put down 250,000 or more in cash 💰 because their getting cash offers. impulse buying and selling is this market is deadly. Sometimes in life we need to slow down and take a deep breath.
That's not what "cash is king" means.
People are paying above market in Austin because that is the demand. The actual value of the houses isn't nearly what they are paying.
@@DIVISIONINCISION The value of a house is exactly equal to the largest amount any one person will pay for it.
Not if u know what you are doing. I bought and flipped 3 homes during this hot market . There are still deals out there
My longtime neighbors just moved from Kensington MD sold their home of 25 years and move to Austin Texas to buy a new home. I wish them luck.
I live in Texas and have been involved in the home building industry for my entire career. Those houses they showed in Austin would have been $250,000 properties just two or three years ago! I think they were wise to not make offers on either of them.
FWIW - I would choose Temple over Austin in a HEARTBEAT! Austin is rapidly becoming a congested hell hole and the politics are more in keeping with what what one might find in California rather than Texas!
I now live in round rock after living in Austin my whole life and I am wanting to buy a house in RR but cannot afford it due to high price increase as well. This is rough. I planned and planned, didn’t know this was coming.
What are you talking about? Round Rock is basically North Austin. It's not like you're living in Temple. Some of you people in Austin act like driving 30 minutes is a whole different world. If you were living in California, you might drive hours to get to another city.
The houses are cheap as hell compared to Australia. Buy them all!
"I LIKE THE FISH."
CUE RED HAWK IN 3-2-1!
🪶
🤣🤣🤣
In a way I feel bad, now they are seeing what it's like in the bay area.
Glad I don't plan on moving anytime soon. Crazy how difficult it is right now.
Welcome to the real world. Welcome to property hyperinflation. Just get used to the idea of paying over a million for a home. You wanted a free market right?
Omg yuuuuus! Nicely said! 👌🏼🙌🏼
🔥😆🔥 beautiful
People only want a free market because that's what they were told they wanted. I hope they get what's coming for being a capitalist sympathizer.
We bought a house in Bergen county NJ in 2017. Took us forever (3 months) to find the home we wanted and afford with a good size backyard. I put a full ask offer on the house within 2 days of it hitting the market (my wife only saw the house via images I took when she was at work). The owners agreed with one condition: they could still have the open house scheduled. We said ok and another offer came in. Luckily the owner said if we up it only $10k we will sell you the house. That was 2017! I can’t imagine how freaking difficult it is right now to get a house in this area. I’ve been looking at recently sold homes just in my town and most are selling for $20-40k over ask and the ask is already $50-75k over what it would have been in 2019.
That house is worth $700,000 in any city in BC, Canada. I don't know how anyone new can get in the housing market. Feeling for the young families here
Big mistake - never sell you current home before buying new home.
Love how cnn devotes 5 minute segments on the really important issues in America. But then goes back to 10 minute segments talking about the orange man that isn’t president anymore.
💯💯 best comment imo
Most of these media outlets control the narrative with bs that doesn't matter while the real issues are pushed aside!
So..
People are not putting their houses up for sale because they won’t be able to buy a new house. It’s great to be a seller but then you become the buyer.
exactly this
This is NOTHING compared to Vancouver. That $430,000 house in Austin is 2 million dollars in Vancouver.
Austin in the middle of shitsville, see the obvious difference?
@@Melbourne-s4x you are correct
The problem is that she thinks that the house has multiple offers because it's amazing, hence the vicious cycle
*To those reading this: Hope you have a great evening and experience some big successes in your life very soon!*
Anyone else wondering why they put their original home up for sale in the first place?
Most people don't have enough credit for two mortgages. Plus I'm sure they didn't expect theirs to go so quickly.
@@bigolesackofboogers0690 Pretty stupid not to research and realize what an extreme seller's market would do to their own chances of quick sale, the chances of getting another suitable place soon, and the right price for both.
@@serendipityshopnyc I wouldn't say it's stupid. You live and you learn.
@@bigolesackofboogers0690 Yes and no. Home sales & purchases are hugely financially consequential and life-changing events. Doesn't pay to rush, or make arrogant assumptions about not needing to bid above asking price when you know you quickly got such an offer yourself. Foolish.
@@serendipityshopnyc that's your opinion on the subject. Just because you're aware of something or think it's important doesn't mean the next person will.
We bought our house 3 years ago and lucked out big time. Got an affordable house in the area we wanted, perfect size for us. If we had waited, we would have been screwed. Almost immediately after we bought our house, the only thing we could have remotely afforded would have been a tiny condo. A friend of ours just bought a house, and he had to pay over asking with no conditions, waved the inspection, and had to move about 30 min. out of the area. So, yeah. Stay put unless you absolutely have to move or have something already in place. On the flip side, another friend unfortunately had to sell because of a divorce, and they got well over asking, and the only condition was to have the septic emptied. They were already looking to rent, so the current situation definitely worked out for them.
Side note: when we looked at our house, it had been on the market for about a week, with one other offer. We did write a letter, and our realtor said that was actually a big reason why they accepted our offer. We learned later the other one was from a contractor down the street who was planning to renovate and either sell or rent it out. The fact that we were looking a home to live in (preferably forever) made a huge difference. So, if they haven't bought in a while, they might have thought that tactic would work, but right now it's all about the money.
🎶Deep in the fart of TEXAS!!🎶 🤣🤣
😂😂😂😂😂😂
My house has almost tripled in value, I’m tempted to sell, but every other house has tripled in value too, there’s no profit in selling. To bad these people didn’t realize that.
Yep, there is no profit unless you have the means to move, and that includes getting a new similarly paying job or hoping your company will permanently let you work from home.
This is how it is in so many countries at the moment, house supply is low, demand is high. As long as credit is available, so too will house prices continue to climb. There'll be no recession when you can keep on dishing out credit. Because credit means profit for banks.
Smart to just lease a place for a short term, let the market calm down and then make a purchase great move!!
I have been looking to buy a house in South Florida Palm Beach County area for a year now. It's so competitive! I have lost all my hope.
Wait until landlords don't want to rent because they are cheated by rich tenants that don't pay rent for a year. I'm not renting, EVER again.
What are you talking about?😂
What are you talking about?😂
????????????
I live in the Austin area. Even a city way outside of Austin (Hutto) is ridiculously aggressive. Some builders are auctioning off new builds without declaring a base price. Others are on a waiting list for new builds with the stipulation you cannot choose anything about the house, including the lot. And the asking price will go up while you're waiting on that list. It's insane 😳
Bought mine in 2015 for $138k, Sold in 2020 for $230k, Turn around and bought a house no one wanted to buy because it had cars and junk stacked in the garage...they listed for $230 but i got it for $222k. Slowly fixing up the house right now...But it was 1850 Squarefoot and huge flat land behind it. Houses in similar range are now going $300k+
It’s like quitting a job without having another job.
That's nothing. Trying buying a home in the Seattle area, and you'll see the up-bids exceed 20% of the house price. That's right, a $600,000 house may sell for ~750K. I paid under 200k for my place and it's now easily worth 850 to 900K And that's _before_ any bidding wars take place.
I talked to a home buyer in Scottsdale this week. He and his wife put in 30 offers before they were able to close on a house. Not something I want to do. Staying in my crappy little house until there's a shift in the current market. Crazy making!
My fam just told our house, and now we are renting. This is definitely the top of the housing market. Just wait until the Fed starts raising rates. It won't be a crash but will be a correction. In the big picture, supply needs to expand to meet the needs of the population.
Right now there are more real estate agents than there are listings on the MLS
And we thought the housing crash in 08 was bad. That’s gonna be like a day in the park compared to what’s going to happen to this real estate bubble 🤣🤣🤣
@Banned 6 Times ...but the home owner's are, and if they loose a job...game over.
In my 20s, my father taught me to never sell your house without already having one to buy. Same with a job never quit your job until you have another one lined up. I have bought and sold four homes, and I have always had a house lined up which was contingent upon selling my other home. The realtors worked together, and I never had to wait more than a couple of weeks for my home to be finalized and then I would sign the papers for the new home.
It's like that up here in Ontario Canada too.... We've had a market like this in my city for basically the past 6 years.
Some people think, "the market is hot! We can sell and make money for a better house!" Forgetting that everything else went up too and not realizing the insane bidding wars happening.
Yes I usually sell my house first and then mindlessly meander around non specific various and sundry neighborhoods looking for another one.. in one pink and one black shoe?
Amazing how prevalent obesity has become.
The fast food outlets is pure fat! I'm surprised anyone can taste the food after it's been cooked in that fat. The Maccas fries taste like old oil!
Of course that’s what you focus on....
Hiii
@@pilotvanquish3886 heyyyy
That's not new.
Housing in Toronto, Canada is so out of reach that the neighbouring city Hamilton is now moving out of reach for ordinary families. Homes are selling for $200,000 over the asking price. The high cost of family homes is feeding a market frenzy for apartment buildings to be emptied of existing tenants to raise rents. An ordinary two bedroom apartment is now coming close to $2000 a month. Unless you are willing to pay the game you sit tight where you are.
Living in UK and hearing these prices…it makes me laugh. Prices in USA are way way less than in UK , and further you go from the city and suburbs the more expensive it gets 🤦🏼♀️
Americans are so spoiled they don’t realize that from a price to income ratio, they still have some of the cheapest real estate in the world.
I wouldnt be mad with it ,if you live in Belgium for that price you have like a piece off land with no home...😅or almost no land but just a crapy house.
You can buy a very very very tiny apartment with that money in Amsterdam .. 🤣
But in other places in the Netherlands you can buy a okay house for that price if other people don’t offer more money than you do 😖
Try London. They could maybe get a one bedroom, cramped flat somewhere undesirable.
@@mrharry448 Try Nairobi, you'd buy the entire city. JK
And in Belgium you don't have to pay for health insurance, you don't have to own a car to get to work and pay all those expenses and the minimum wage probably isn't less than $4 per hour for wait staff and $8 for non tipped workers.
@@lfeb agreed but in Belgium we pay way more federal taxes for better healtcare ,social security,... I am happy that i live in Belgium it is just that in Belgium the prices are so high for property and if i compare what you get for 200000 dollars in the US to what you get for 20000 dollars(+-164195 euros) its just such a difference.
Don't buy a home based on the carp in the backyard.
It’s happening in southern Indiana as well. My landlord bought the house I live in two years ago for $20,000. He put about 10 to 15 thousand into it. Now he wants to sell it in a neighborhood with crime and drug problems, with a 20 apartment building complex behind us, and where the houses on both sides of me are trashed, for, are you ready? $90,000! The going prices in the neighborhood was 40 grand a year ago, even this house should be sold for that.
It’s the same story all over the country
Cool, do Nashville, TN next.
Dealing with wife’s emotions right now. Both wife and realtor are nagging me to bid higher and higher. And we bid +$150K over listing price and still getting outbid🤦♂️
NO WAY! Thats my answer. A smart person doesnt get caught up in emotional hype. I would have never bid 50k over asking less 150k. That means you are looking in the wrong city right now! What goes up, almost always comes down. Overbid now and you'll be kicking yourself in another year or 2 when the market tumbles. I don't NEED anything that bad in life.
Lmao
Maybe you need to divorce your wife and fire your realtor?