Would I be a jerk to offer $180,000 on a house that they are asking $199,000 for?

[feralkid]

Its always a buyers market.

That's true.

Except when it's not.

 

[feralkid]

i visited san francisco last year. certainly nothing to write home about.

That qualifies you as an expert on the Bay Area Real Estate Market, big time it does!

 

[Kaido]

If you don't ask, the answer is always "no".

 

[xeemzor]

Homes are still insanely overpriced because of low interest rates and other external factors. There is no where for the price to go but down or at inflation. I'm saving for the day that the bubble crashes again before I buy.

 

[Capt Caveman]

Groupthink

Groupthink is a psychological phenomenon that occurs within a group of people, in which the desire for harmony or conformity in the group results in an irrational or dysfunctional decision-making outcome.

And you know nothing about real estate. In how many different states/cities have you bought real estate?

 

[jpiniero]

Homes are still insanely overpriced because of low interest rates and other external factors. There is no where for the price to go but down or at inflation. I'm saving for the day that the bubble crashes again before I buy.

Home Sales are going to fall off a cliff once interest rates start rising, but I don't know if prices will, unless you are in a super bubbly area like SF. There won't be much supply but there won't be any demand either.

 

[ultimatebob]

$180K sounds like a good start. They'll probably counter at $192K, but that's OK.

Zillow's property estimates suck, too.

 

[brianmanahan]

That qualifies you as an expert on the Bay Area Real Estate Market, big time it does!

i know enough to realize that it's dumb to have to pay 1$ million for a regular house

 

[Eug]

Homes are still insanely overpriced because of low interest rates and other external factors. There is no where for the price to go but down or at inflation. I'm saving for the day that the bubble crashes again before I buy.

That's what I was afraid of when I was looking, in 2006 and 2007, but I wanted a bigger place so I bought. Average house prices are now 49% higher than what they were back then.

Prices would have to drop by a third just to get back to levels they were in 2007, and back in 2007, people were saying prices were insanely high.

I'm not saying that current prices in my area are justified, but I am saying that if you wait too long you may just get priced out of the market permanently. You have to factor that in, at least if you're looking at purchasing for your primary residence, not for investment purposes.

 

[xeemzor]

i know enough to realize that it's dumb to have to pay 1$ million for a regular house

If you are going to buy a house in Ohio at least buy it in Columbus. It's the only decent city in the entire state.

 

[Eug]

Depends on where you live. If you live in Manhattan in a high end area, even $3 million isn't going to get you a regular house.

 

[brianmanahan]

If you are going to buy a house in Ohio at least buy it in Columbus. It's the only decent city in the entire state.

eh i wouldn't want to be in any big city. rural cleveland or toledo areas are both good.

 

[xeemzor]

eh i wouldn't want to be in any big city. rural cleveland or toledo areas are both good.

I've had to spend a lot of time in Perrysburg and Cuyahoga Falls for work. Both places were pretty meh and lacking any real social scene. It's a rough place if you are a young single professional.

Cuyahoga Valley National Park is awesome though. If you see a guy riding on a folding bike through the trails it's probably me.

 

[brianmanahan]

I've had to spend a lot of time in Perrysburg and Cuyahoga Falls for work. Both places were pretty meh and lacking any real social scene. It's a rough place if you are a young single professional.

i've never part a part of ANY social scene since i was born, so never been a requirement for me. i think if there was a hip scene with lots of people my age around, i would still just spend most of my evenings on the internet.

Cuyahoga Valley National Park is awesome though. If you see a guy riding on a folding bike through the trails it's probably me.

yeah it's nice there! i usually just ride back roads though, once you get outside of cuyahoga county there are roads with very little traffic.

 

[Ns1]

If you are going to buy a house in Ohio at least buy it in Columbus. It's the only decent city in the entire state.

I had a fantastic stay in Loveland OH during new years circa 2006 - it was a refreshing 0' the whole week.

 

[nk215]

A few years ago, I saw a house I really like. The asking price was 2.4 million. I offered 1.85 million. The seller agent said they were considering 2.0 mil offer. A year later. That same house was sold for 1.4 million (I already bought our house by then).

I also saw another house I like. We both agree on a price. I told them I won't lock in a mortgage for another 5 months or so. Basically 30 days before settlement day. The seller wanted me to lock in the loan right away. Needless to say I walked out from the deal. A few months later. That house lower the asking price to the amount we agreed upon (which means they would sell for less).

When I thought about the 2 houses that didn't materialized, I was happy that I stood my ground. I am very happy now with my current house.

Type from the iPhone please ignore the typo etc

 

[cbrsurfr]

I seriously low balled someone once and it backfired. They were insulted and wouldn't come down at all. I even upped my offer by ~25K and they wouldn't talk to me. They were in no hurry to sell the house so it sat for another 6 months and sold for 9K less than my max offer.

 

[xeemzor]

I had a fantastic stay in Loveland OH during new years circa 2006 - it was a refreshing 0' the whole week.

At least they have water there.

 

[brianmanahan]

At least they have water there.

 

[jagec]

i know enough to realize that it's dumb to have to pay 1$ million for a regular house

People in Kyrgyzstan probably think that spending $5 on lunch is dumb.

If I can afford a thing and it provides good value to me, why should I care what the inhabitants of some desolate wasteland have to say?

 

[harobikes333]

Not everyone wants to live in highly congested areas and spend 1/3 of their life sitting on freeways.

QFT

I live in Williston, ND.
Kind of a paradox....
no one really wants to live here yet there's so many job opportunities housing / cost of living is high... >_<

The real question is whether you think there's competition as far as buyers. If there are, don't low ball or you won't get your house you desire.

 

[xeemzor]

People in Kyrgyzstan probably think that spending $5 on lunch is dumb.

If I can afford a thing and it provides good value to me, why should I care what the inhabitants of some desolate wasteland have to say?

You are free to buy whatever you want and we are free to make fun of you for wasting money. I save way more money than anyone in California ever could because I live in Chicago instead of San Francisco. My rent is 800/month with no roomates and I still make well over 6 figures. Enjoy your expensive house and stuff while you are wasting away in a cubical. I'm set to retire way earlier than the average American.

 

[kaerflog]

Our house was listed for $200K.
We paid $177K.
The important thing realtor will tell you is what comparable houses are selling for.
Make an offer based on that.

 

[jagec]

You are free to buy whatever you want and we are free to make fun of you for wasting money. I save way more money than anyone in California ever could because I live in Chicago instead of San Francisco. My rent is 800/month with no roomates and I still make well over 6 figures. Enjoy your expensive house and stuff while you are wasting away in a cubical. I'm set to retire way earlier than the average American.

And people who live in rural Illinois might save way more money than you ever could, for the same reason. It's turtles all the way down.

Of course, if someone works a big-baller job in SF and lives frugally, they could probably save more in a year than you or your rural spirit brother could in ten. Heck, they could even retire to rural Illinois afterwards and live like a king.

 

[Ns1]

At least they have water there.

:biggrin:

CA will recover. OH will always be shit.



(CA might have to make that recovery while I'm in some other state with water tho)