Who is a Realtor?

[nabes68]

Re: Who is a Realtor?

Yeah most agents are all about the $.... I enjoy learning what people want and helping them get there dream house sounds crazy but it's the truth. People coming from the bay are making it hard for people everywhere to buy for sure i hear you on that one.

[71BRONCO71]

Re: Who is a Realtor?

. You would think making 200k a year and having a 300k down payment would make buying a house easy.

not at all. Its the offer that is the only thing that matters.
I remember putting offers in on homes for full asking price. I was turned down every time.

The house I just bought wasnt even listed for 24 hours when I saw it. I put an offer in and my realtor submitted it to the selling agent the same day. luckily my offer was accepted.

[CityHick]

Re: Who is a Realtor?

I can't wait till I retire in 15yrs. Personally I am fed up with living in CA and would not be opposed to moving. My wife and I are currently trying to sell our house in Napa and upgrade from 1300sq ft, but the Napa market is insane with lots of cash coming from the Bay Area. We have lost out on multiple homes due to people paying full cash 25k over asking. No offense to anyone in real estate by I find most agents and loan officers to be shady and only caring about the $. You would think making 200k a year and having a 300k down payment would make buying a house easy.

The market is insane everywhere, its not just Napa.
I don't blame the agents for going after the money; they are aware that another 2008 could happen at any time so they are making hay while the sun shines. I've spoken to agents who only list, and agents who only represent buyers, as well as those who do both. I have a good one here in Livermore who does both and I felt like he was more than fair with me when I bought back in 2002; he has listed for others who I know and they have been happy with his handling of that side of the transaction too.

The market was much different then - nobody was buying after 9/11 so as a well qualified buyer I had the upper hand. I have looked at other houses with him since then but have decided to stay put for the time being.

Much like you I have a very strong income and I'd have a similar amount of money to put down if I decided to move, but the prices are just too high right now and that makes me nervous. I'd sell and rent while I waited for the crash, but rent is ridiculously high now too.

There's no easy answer. The market is nuts.

[jperry1290]

Re: Who is a Realtor?

In reality complaining about losing out on a bigger home is pretty silly. When my wife and I got married 10yrs ago we never dreamed that we would have such great jobs, be able to afford a house in the Bay Area, and be blessed with two healthy kids. Our current neighborhood is actually great and we are all good friends. The current neighbors don't mind seeing the Bronco or hearing it rumble down the road.

[welndmn]

Re: Who is a Realtor?

I can't wait till I retire in 15yrs. Personally I am fed up with living in CA and would not be opposed to moving. My wife and I are currently trying to sell our house in Napa and upgrade from 1300sq ft, but the Napa market is insane with lots of cash coming from the Bay Area. We have lost out on multiple homes due to people paying full cash 25k over asking. No offense to anyone in real estate by I find most agents and loan officers to be shady and only caring about the $. You would think making 200k a year and having a 300k down payment would make buying a house easy.

A friend of mine is house shopping and they have lost out to 1.5 million dollar homes because people have all cash offers.
Don't get me wrong, when I've sold homes I went with all cash buyers, it was just easier.
I guess I'm so broke I don't understand how people have 1.5 mil in cash.

[Sewie]

Re: Who is a Realtor?

We have lost out on multiple homes due to people paying full cash 25k over asking.

When my wife and I started looking, we were outbid by $100K on the first two houses we offered on - we had bid $25K and $50K over. We were lucky enough to have family interested in selling us a house under market value otherwise we probably would have left the area.

[71BRONCO71]

Re: Who is a Realtor?

I guess I'm so broke I don't understand how people have 1.5 mil in cash.

Me too.

[CityHick]

Re: Who is a Realtor?

A friend of mine is house shopping and they have lost out to 1.5 million dollar homes because people have all cash offers.
Don't get me wrong, when I've sold homes I went with all cash buyers, it was just easier.
I guess I'm so broke I don't understand how people have 1.5 mil in cash.

There are apparently a lot of people out there who are more open to risk than I am.

I had an opportunity a couple of years ago to join a late stage pre-ipo startup, for considerably more money than I was making at the time, and a ton of pre-IPO stock worth half a million or so at the time. Friends who went there now have post-IPO stock worth basically nothing and a few have either lost their jobs or moved on to other opportunities. I now make more than they were offering at the time and my stock is still worth something... not half a million but not nothing. I did not agree with their overly optimistic outlook and I was right. Could just as easily have been wrong... but as a single guy with bills to pay there's a level of risk I'm comfortable with and most of the big money requires more risk than I want to deal with. Wrong attitude if I am ever to get rich... I know.

A house in my neighborhood that was almost condemned, was owned by a hoarder who lived there for over 30 years. He apparently had 30-40 cats in the house, garbage piled to the ceilings, a roof that did not hold out water, a pool that was beyond green, atrocious landscaping, etc. He sold the place with all contents inside for just under $600K cash. The buyer flipped it in about 5-6 months after cleaning, some minor remodels, etc. It sold for over $800k cash. It is a nice house on a nice lot, but not what I'd want to drop 800k on.

[PhantomEB]

Re: Who is a Realtor?

Also it comes down to being able to say no to a realtor, my cousin who was FIRED because I had to tell him no so many times ( kept showing me showhomes, and houses at 90% of the 525k I could qualify for). Went with another who actually listened to my budget and lots here have seen what I have done with my little place.

I don't need to be that big shot, but I can say I did most of it on my own.

[nabes68]

Re: Who is a Realtor?

Phantom a realtor is there to educate the client andnyou can fire that agent at anytime so we might work for free for 4 months for you then get fired or work for 4 months and get the transaction processed and get paid but if you do the math sometimes we work a lot longer and get paid a lot less when you add up the time invested in a client.
As for the 100k over asking price buyers out there that is just crazy I'm not sure if people are getting good info before they purchase that house or if it is there first big buy and do it for the rush who knows.

[PhantomEB]

Re: Who is a Realtor?

My cousin was flat out told, just because I am qualified for a half million by myself, the girlfriend at the time was not to be included..... I was NOT going to spend even 400 000 on a place, he refused to listen so he's the one that got schooled. My renos have already made this place worth another 50g easy and I haven't touched half the basement other than some framing. I was able to do this because I didn't go house broke in the first year like most, in fact as lots here know, I went amd slammed up a 24x24 with 10 ft ceilings garage in less than the first six months!

Am I pricing my place out of the market? Probably yes, but am I planning to move any time soon? Probably no where before I pay off the mortgage which I am totally on the path to doing so faster than most. When that time comes it's damn near retirement time.... it's a small place so I can't see me downsizing from the already moderate at 1000 sq foot with dream shop.

[nabes68]

Re: Who is a Realtor?

That's the thing people think because you qualify for 500k you should go after that 500k house when I'm shooting for 380-400 stay way under what approved for like you did. Some agents will try and only show those 400-500k houses because you qualify for it.