New York real estate..calling nothuman

[Pheedno]

not, you're in real estate, correct? Can you give some insight on the environment there related to the profession?
I'm in southern Texas and home sales are up but we're about to hit a wall with the oil price sinking. Just curious, I guess
Anyone else see/predict changes where you're at?

 

[tren_plz]

I dont expect Texas to drop what so ever. I'm in the home buying process in Dallas and there are multiple offers on every house we looked at. Ended up going with a new construction.

San Diego, Bay area, Miami - I'm sure will drop with the Air BNB bubble. Northeast will probably suck for the foreseeable future.

 

[w8tlifterty]

I'm in Washington (Seattle area) getting ready to sell and buy near Philadelphia or NE Pennsylvania... possibly NJ but them F ing property taxes!

Curious as to any and all real estate guy's thoughts on the market..

 

[Swifto]

I dont expect Texas to drop what so ever. I'm in the home buying process in Dallas and there are multiple offers on every house we looked at. Ended up going with a new construction.

San Diego, Bay area, Miami - I'm sure will drop with the Air BNB bubble. Northeast will probably suck for the foreseeable future.

Did they ACTUALLY have more than 1 bid, or did you get played by the agent?

I'm in the real estate business in the UK.

 

[NGL34]

I'm in Washington (Seattle area) getting ready to sell and buy near Philadelphia or NE Pennsylvania... possibly NJ but them F ing property taxes!

Curious as to any and all real estate guy's thoughts on the market..

One of my co worker the other day said NJ is something like 2%. That on top of the already inflatted homes prices sounds painful.

 

[tren_plz]

Did they ACTUALLY have more than 1 bid, or did you get played by the agent?

I'm in the real estate business in the UK.

Nah. I was literally standing next to 2 couples putting in offers on one property. Majority of these are at or over asking also.

We went 15 minutes more north get $$$ goes a long way the farther you are from downtown. I'm sure thats universal really.

 

[nothuman]

not, you're in real estate, correct? Can you give some insight on the environment there related to the profession?
I'm in southern Texas and home sales are up but we're about to hit a wall with the oil price sinking. Just curious, I guess
Anyone else see/predict changes where you're at?

Hey yes I still am. Things are kind of in limbo right now so it’s a weird time to get into the business in NY. Generally it’s extremely competitive. There is the most money to be made here but also the highest amount of competition. It’s definitely a buyers market right now with sales listings dropping their prices.

As far as rentals go, they have always required the prospective tenant to pay a broker fee, which is uncommon everywhere else, but they’ve been trying to pass a law banning that.

 

[maldorf]

Hey yes I still am. Things are kind of in limbo right now so it’s a weird time to get into the business in NY. Generally it’s extremely competitive. There is the most money to be made here but also the highest amount of competition. It’s definitely a buyers market right now with sales listings dropping their prices.

As far as rentals go, they have always required the prospective tenant to pay a broker fee, which is uncommon everywhere else, but they’ve been trying to pass a law banning that.

How about selling homes now with Covid-19? I bet there are some special rules for doing showings. Are most of the people listing their homes ok with people going through their homes when they could be sick?

Ive got an aunt and uncle trying to sell a $ 2 million home in Ohio and havent had a single bite. That market can be tough.

 

[muscle96ss]

How about selling homes now with Covid-19? I bet there are some special rules for doing showings. Are most of the people listing their homes ok with people going through their homes when they could be sick?

Ive got an aunt and uncle trying to sell a $ 2 million home in Ohio and havent had a single bite. That market can be tough.

Yeah, I would imagine if you are selling a property you are still living in; it would makes things complicated. I think many people would be really uncomfortable with unknown people rummaging through their house daily.

 

[nothuman]

How about selling homes now with Covid-19? I bet there are some special rules for doing showings. Are most of the people listing their homes ok with people going through their homes when they could be sick?

Ive got an aunt and uncle trying to sell a $ 2 million home in Ohio and havent had a single bite. That market can be tough.

Right now it's not legal for me to be showing apartments and bringing clients in and out. I am still allowed to help clients buy/sell but as you can imagine, it's been hard finding business right now. This is the epicenter of covid so it could be a while before things are normal again here.

 

[maldorf]

Right now it's not legal for me to be showing apartments and bringing clients in and out. I am still allowed to help clients buy/sell but as you can imagine, it's been hard finding business right now. This is the epicenter of covid so it could be a while before things are normal again here.

You'd have to be insane to buy a place based on pictures on the internet. You've sold some that way?

 

[tren_plz]

You'd have to be insane to buy a place based on pictures on the internet. You've sold some that way?

My Boss just sold his house in Frisco, TX site unseen. Over asking also.

 

[j4ever]

You'd have to be insane to buy a place based on pictures on the internet. You've sold some that way?

i agree, i have looked at several houses that when i walked inside and laid eyes on it, it did not come close to the pics, the house i am in right now i brought in 2014, it hit mls late evening and i called realtor after looking at pics, told her to put an offer, and that we will look at it tomorrow, if i dont like i just loose a couple of hundred bucks, so i we looked at it and it was good to go, yes i paid more than asking, the market was on fire and could not get a house for shit, even when offering more than asking, the good thing is i was also selling a house and i sold it in 2 days.

 

[method2madness]

I'm in Washington (Seattle area) getting ready to sell and buy near Philadelphia or NE Pennsylvania... possibly NJ but them F ing property taxes!

Curious as to any and all real estate guy's thoughts on the market..

I'm in Jersey, and although property taxes are a bit rough the overall home values are rising fast in many suburban communities so your equity builds quickly. I'm no econominst but that makes it worth it in my mind. Best luck to you.

 

[DLStryker]

My Boss just sold his house in Frisco, TX site unseen. Over asking also.

We made an offer at full price in Flower Mound and felt fortunate to get the home.

 

[tren_plz]

We made an offer at full price in Flower Mound and felt fortunate to get the home.

Yeah, the market here is no joke. I cant believe what some of these older houses are going for. Extremely glad we're doing a new build. It'll be complete late August.

 

[maldorf]

My Boss just sold his house in Frisco, TX site unseen. Over asking also.

That's insane! Id insist on seeing the house before buying it. It has to be inspected too before I buy it. Might as well be there with the inspector.

 

[maldorf]

Yeah, the market here is no joke. I cant believe what some of these older houses are going for. Extremely glad we're doing a new build. It'll be complete late August.

I love having them built. Ive done it 2x now. You get exactly what you want in your budget that way. We made a few changes in the blueprints too which is really nice. If you have a basement I hope that you got the extra high ceilings for when it is finished. I think that is a good one to do and its not a huge expense.

 

[hulkboy]

Yeah, the market here is no joke. I cant believe what some of these older houses are going for. Extremely glad we're doing a new build. It'll be complete late August.

Yeah, the market here is no joke. I cant believe what some of these older houses are going for. Extremely glad we're doing a new build. It'll be complete late August.

Y’all are right about that.. three years ago, I was putting in 20k-30k over asking in the Plano Frisco area. And still getting outbid. A lot of Californians buying cash, sight unseen. Homes would sell in days, It was insane. Ended up renting again out of frustration.

I just got to looking once more, in the same area. My realtor/friend has told me it’s settled since our last go around, and that homes are sitting longer, and even dropping in price.

I may end up building up north a bit as well. Celina or McKinney area would be ideal.

 

[showstopper83]

I'm a realtor out in CA, but i work for a firm that specializes in the distressed/pre foreclosure market. We offer different services like loan mods/bankruptcies for people facing foreclosure to save their homes... About half the time, they won't qualify for a mod or make it far in a Ch 13 bankruptcy, and often times are upside down, so they end up short saling to avoid foreclosure.

If it's a distressed property, which it usually is if they have been struggling financially for a while, i work for investors who know how to get shit cheap prices from the bank and we flip or wholesale it ourselves, so there is 0 having to show the property. I got the buyer in my pocket and all they care about is price and profit once its repaired.

A little trickier if they have equity, then we want to sell for top dollar od course, but you can either leave a lock box on house and give buyers agent access. Open houses are trickier.

If your states real estate laws include Non Judgement (creditors cant come after home owner for debt after close of a short sale) and Non Judicial Foreclosure (no court needed for foreclosure process), i would recommend some of you fellow agents start looking at that market.

Economy is gonna fuckin tank, and many people will unfortunately not have the ability to reinstate, qualify for a mod or make it through a bankruptcy... If you get with an investor that knows what they are doing, you double pop every deal repping both the seller and buyer.

Housing prices/market is red hot right now, lots of people are selling because either financial situation tanked or they are predicting a crash and wanna liquidate while market is peaking... And plenty of people with money here looking to buy because interest rates are crazy low.