Just put in an offer for a home. Wish me luck comrades.
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Many blessings
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pay for the most thorough inspection possible. have a plumber look through the pipes. don’t leave anything to chance.
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I’m a generalist. Typically list development sites of all kinds in primary markets and multi family, retail, not so much office but some. Some deals out there, some verticals are hot like industrial and sub-verticals are on fire like data center sites.
With this market, good luck putting those as contigencies
I’ve heard about industrials. What’s driving this growth? Is there a new wave of US mfg driving it, or more speculation?
Combination of many things, some moving out of California, cities don’t like rezoning into industrial so lack of land, manufacturing is growing due to tariffs. Shift from malls to online delivery is growing/last mile. Data center growth. And speculation, some just buying thinking it will go up.
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It’s official the insanity is back! House a few blocks away from me had been for sale for over a year. Asking price was ridiculous. No price reductions this whole time, sticking to their guns. Easily $300k above what I thought was market value. Well it’s ridiculous no more, saw a sold sign on it this morning while walking the dogs.
Party like it’s 2020 baby!!
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Cool, thanks.
@ST_00 they might have accepted a lowball offer, you never know. But with inventory right and the macro market where it is, yeah I wouldn’t be surprised.
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I’ll see what the close price is when it closes in a few weeks. But after waiting it out a year in a less than ideal market then capitulating just when the market gets hot would be very surprising.
As you said, even if they let go at 100k off, it’s still 200k over what you think the MV is. I see those kind of listing in my area as well, while it’s not selling at what they’re asking for, it still sold for more than what I think the MV is.
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What really gets me is that in my area, half a new build duplex costs $1.3-$1.4 million, with 2.5% property tax rates.
The mortgage on those with 20% down is like $7k/month right now, with another $1.5k/month in property taxes alone. Whoever lives there must be making bank, or just drowning in payments.
Having said that - there’s lots of ways builders keep the price up for comps, but give concessions/closing credits/upgrades etc.
Childless couple each earning $125K a year could swing that.
This is a very family oriented area, hence high property taxes (good schools). So yeah it’s actually not terrible to make it work esp before you have kids.
After running the math, yeah it’s not as high as it seems on the surface. My lifestyle has a very high level of discretionary spending and saving, and I would prioritize that over a shiny new house, but certainly different paths for each person.
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If you have compare the income to home price ratio, it can make sense unfortunately. For example, median HH income in my town is 150k and median sales price is 450k.
This is what the younger generations have done and are doing. Which is fine, everyone has their own way of living. But it can’t be both. And this is why I roll my eyes when GenZ and Millenials talk about how easy it was for b00Mers to buy a house. It was “easy” because their lifestyle was fundamentally different. The discretionary spending you speak of didn’t really exist.
I bought my first house at 27. I didn’t live like monk or anything but I also didn’t fly off somewhere every weekend. I saved money with the express purpose of buying a house. And it’s the best decision I ever made because that put me on a path to buying more and more real estate, which has been just about the best investment possible (short of Tesla stock in 2015).
And no I’m not an evil b00Mer. 
You can’t blame it all on the younger generation’s spending. The current income to house price ratio is messed up. When I bought my first house in 2003, that rowhouse was 80k, my starting salary was 40-45k. That house MV is around $300k now, the starting salary for accountant is around $60k. This is a philly rowhouse with 1200 sq feet. Not every college graduate is comp scie major with 100k+ starting salary.
But you can’t really use philly as a good example since, that rowhome was probably gentrified from 2003-2023. Wages for entry level accountants are like 65k-70k in Philly as well.
Small world. I too bought my first in 2003.
It was $299K. My salary at the time was $60K-ish. A 5:1 ratio. The current national ratio of house to income is somewhere between 5 and 6. Not much has changed.
Nope, not gentrified, A gentrified one will go a lot more. and Nope, definitely not 65-70k, not every accountant go to big4.