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Crazy Offers in this Real Estate Market

7,264 Views | 41 Replies | Last: 4 yr ago by mazag08
Red Pear Luke
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2:48p, 1/16/22
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Have a client looking to relocate to Dallas. Generally wants to stay inside 635. We've been looking since December and have made an few offers. Our last one was towards lower Greenville. It was a good house, nothing crazy but well remodeled in the last 10 years. Client loved it so we offered 20% over asking and still lost the bid. They had 8+ offers and two that were "a bit more" than our offer (per the sellers agent). And this was for a house priced well past $750K. Needless to say, both client and I were shocked and disappointed.



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Pignorant
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7:05p, 1/16/22
AG
M Streets and Lakewood is the epicenter of crazy Dallas real estate.

We live in the area and saw two homes $1.25M+ not make it past Sunday after listing this past Friday.
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baseballaficionado
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8:30p, 1/16/22
That's why at this time, we only work with sellers and clients looking to lease. The only exception, is if we have your listing, we'll represent you on the buyers side as well. It's just a massive waste of time to represent buyers in this market.
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dudeabides
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9:45a, 1/17/22
AG
We listed our house for sale two days ago. It is in rural Maryland (about an hour north of DC). Back-to-back showings requests were received within a few hours of going live. They covered that day and the next, 9am-8pm each day, thirty minute time slots. We even had some scheduled for the third day too.

We also had a two-hour open house on the first day. Our neighbors were in awe of shear number of people milling around before the open house. Crazy. We had to stop the showings around 1pm on the second day due to the impending winter storm. Our realtor told us to cancel all remaining showings and tell everyone that we will accept offers up until 9 am today (the third morning of being live). We got 18 offers! Unbelievable considering we only showed the house for a little more that a day and a half. While I'm glad to be in such a position (as we are retiring, moving back to Texas, where we are currently building our retirement house (Thank God!!!)), I do feel bad for folks who are trying to buy right now.
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schwack schwack
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In reply to dudeabides • 10:09a, 1/17/22
AG
Welcome home!
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dudeabides
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In reply to schwack schwack • 1:12p, 1/17/22
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schwack schwack said:
Welcome home!
Thanks!!
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Jay@AgsReward.com
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2:36p, 1/17/22
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We are doing a good number of these due to the crazy market: https://hurstlending.com/dominate-loans/dominate-with-a-cash-offer/

Of course, as I tell everyone that if someone wants to pay a stupid premium for the house as it seems the case in OP it wont help much but everything else being equal it will help you win the bidding.
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Red Pear Realty
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5:45p, 1/17/22
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Put in an offer for a client yesterday in Houston and didn't get it. Agent said she got 19 offers. The absolute most competitive price range is the first time homebuyers price point. You are competing against institutional capital who are going to turn back around and put "for rent" signs out after closing at much higher than your mortgage will be. I don't envy first time buyers.
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The New Crew
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5:50p, 1/17/22
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Crazy market. Sucks as buyers.
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The New Crew
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5:54p, 1/17/22
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Yea…I am a commie…you nailed it. Lol
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baseballaficionado
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5:56p, 1/17/22
Also, all of our websites and lead generation is geared toward sellers leads. It's not like we actively get a lot of inquires for people looking to buy and we are being rude to people, turning them away.
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baseballaficionado
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In reply to The New Crew • 5:56p, 1/17/22
The New Crew said:
Yea…I am a commie…you nailed it. Lol

Great rebuttal. You sure don't have any defense as to why I have to run my business in a way that fits your desired mold.
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The New Crew
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In reply to baseballaficionado • 6:00p, 1/17/22
AG
baseballaficionado said:
The New Crew said:
Yea…I am a commie…you nailed it. Lol

Great rebuttal. You sure don't have any defense as to why I have to run my business in a way that fits your desired mold.
Nothing more than why I chose Red Pear…gives me…the buyer…to tell you to **** off.
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baseballaficionado
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In reply to The New Crew • 6:14p, 1/17/22
The New Crew said:
baseballaficionado said:
The New Crew said:
Yea…I am a commie…you nailed it. Lol

Great rebuttal. You sure don't have any defense as to why I have to run my business in a way that fits your desired mold.
Nothing more than why I chose Red Pear…gives me…the buyer…to tell you to **** off.

Good for you, you found another business that fit what you're looking for. If I don't cover what you want and your business is it worth it to someone else, the market will fill the void. Hoorah capitalism.

For the record, I don't outright reject buyers. I place/refer them to other agents and take 25% of the commission without any of the hassle or time away from my family.
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The New Crew
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In reply to baseballaficionado • 6:24p, 1/17/22
AG
baseballaficionado said:
The New Crew said:
baseballaficionado said:
The New Crew said:
Yea…I am a commie…you nailed it. Lol

Great rebuttal. You sure don't have any defense as to why I have to run my business in a way that fits your desired mold.
Nothing more than why I chose Red Pear…gives me…the buyer…to tell you to **** off.

Good for you, you found another business that fit what you're looking for. If I don't cover what you want and your business is it worth it to someone else, the market will fill the void. Hoorah capitalism.

For the record, I don't outright reject buyers. I place/refer them to other agents and take 25% of the commission without any of the hassle or time away from my family.
Congrats? I am saving 2% thanks to Luke and Red Pear. Good luck on your venture.
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The New Crew
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6:39p, 1/17/22
AG
Red Pear puts you in the power position with that 2%.....
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Win At Life
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8:24p, 1/17/22
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All this, and I'll list my hill country house with a panoramic view of Canyon Lake in March and it will sit the whole summer with no offers. Welcome to my life.
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SteveBott
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8:24p, 1/17/22
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I wondered why this thread blew up. A pee contest broke out. Pretty rare for RE forum
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tlepoC
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In reply to Win At Life • 10:32p, 1/17/22
AG
Or offer it to me off market and see if you can sell it immediately
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jagvocate
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In reply to baseballaficionado • 4:47a, 1/18/22
AG
baseballaficionado said:
The New Crew said:
baseballaficionado said:
The New Crew said:
Yea…I am a commie…you nailed it. Lol

Great rebuttal. You sure don't have any defense as to why I have to run my business in a way that fits your desired mold.
Nothing more than why I chose Red Pear…gives me…the buyer…to tell you to **** off.

Good for you, you found another business that fit what you're looking for. If I don't cover what you want and your business is it worth it to someone else, the market will fill the void. Hoorah capitalism.

For the record, I don't outright reject buyers. I place/refer them to other agents and take 25% of the commission without any of the hassle or time away from my family.
Congrats on being shrewd. This is the type of mindset often seen at 'tops'
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TxAG#2011
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In reply to Red Pear Realty • 8:49a, 1/18/22
Red Pear Realty said:
Put in an offer for a client yesterday in Houston and didn't get it. Agent said she got 19 offers. The absolute most competitive price range is the first time homebuyers price point. You are competing against institutional capital who are going to turn back around and put "for rent" signs out after closing at much higher than your mortgage will be. I don't envy first time buyers.
And the lawmakers sit around doing nothing to help. How bout we raise taxes on these scoundrels instead of on ME and make these unprofitable investments.

Other states are already doing this.
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Sea Speed
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In reply to SteveBott • 2:58p, 1/18/22
AG
How the hell is this a 'pee contest'. Some posted about their business model and some random loon called him a *****. Seems to me it is an unprovoked personal attack in response to a business practice someone doesn't like.
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dubi
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In reply to Sea Speed • 3:28p, 1/18/22
AG
Sea Speed said:
How the hell is this a 'pee contest'. Some posted about their business model and some random loon called him a *****. Seems to me it is an unprovoked personal attack in response to a business practice someone doesn't like.
But this thread is not the place for whatever the heck you want to call it.
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Sea Speed
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In reply to dubi • 3:30p, 1/18/22
AG
I agree, but I dont think baseball should be chided for responding in kind to that ridiculous attack.
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mazag08
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In reply to Win At Life • 3:32p, 1/18/22
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Win At Life said:
All this, and I'll list my hill country house with a panoramic view of Canyon Lake in March and it will sit the whole summer with no offers. Welcome to my life.
Not if you use me to list it.

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Martin Q. Blank
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In reply to Win At Life • 3:40p, 1/18/22
Win At Life said:
All this, and I'll list my hill country house with a panoramic view of Canyon Lake in March and it will sit the whole summer with no offers. Welcome to my life.
I would love to earn your business. I'm not a realtor or know where Canyon Lake is, but I have a camera phone and a craigslist account. I offer reduced commission.
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Goody
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In reply to baseballaficionado • 4:39p, 1/18/22
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baseballaficionado said:
That's why at this time, we only work with sellers and clients looking to lease. The only exception, is if we have your listing, we'll represent you on the buyers side as well. It's just a massive waste of time to represent buyers in this market.
massive waste of time? maybe for starter homes. sounds like you just dont wanna work hard.
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Win At Life
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In reply to mazag08 • 8:08p, 1/18/22
AG
mazag08 said:
Win At Life said:
All this, and I'll list my hill country house with a panoramic view of Canyon Lake in March and it will sit the whole summer with no offers. Welcome to my life.
Not if you use me to list it.



Sure. You'll tell me to list at$90/sf. My plan is to prove the crazy fast-selling market wrong by listing at a crazy not-selling price. Problem solved.
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The New Crew
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8:41p, 1/18/22
AG
Here is the deal…Luke got me my house and Steve is working on my mortgage…..this relationship is Aggie approved.
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The New Crew
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In reply to The New Crew • 9:58p, 1/18/22
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The New Crew said:
Here is the deal…Luke got me my house and Steve is working on my mortgage…..this relationship is Aggie approved.
Aggies helping Aggies. Thanks Luke. Great business model.
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Redstone
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In reply to Red Pear Realty • 7:34a, 1/19/22
AG
Quote:
competing against institutional capital


Agree. First time buyers of the middle class are very screwed. Chinese nationals on the West Coast (Vancouver included) and BlackRock all over the interior. Combine with cheap money, Diversity! Equity! ebb and flow of dumpster fire lending standards, mass immigration, and land use restrictions (other than TX), and here we are. Exactly like I've been saying for 15 years.
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Not a Bot
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In reply to Redstone • 9:03a, 1/19/22
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Redstone said:
Quote:
competing against institutional capital


Agree. First time buyers of the middle class are very screwed. Chinese nationals on the West Coast (Vancouver included) and BlackRock all over the interior. Combine with cheap money, Diversity! Equity! ebb and flow of dumpster fire lending standards, mass immigration, and land use restrictions (other than TX), and here we are. Exactly like I've been saying for 15 years.


Yep. Read an article today that now transplants are being encouraged to buy in smaller cities to avoid the chaos in Austin/DFW. Cities like Greenville all the way over to Tyler and Longview are apparently getting slammed now, too. I was looking to buy anywhere around Tyler over to Longview/Hallsville, I think I waited too long. Middle-class houses are being snatched up almost instantly with offers over asking from out of staters or institutional. If you are single and making somewhat close to the median wage in the area, you are pretty much priced out.
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mazag08
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In reply to Win At Life • 2:43p, 1/19/22
AG
Win At Life said:
mazag08 said:
Win At Life said:
All this, and I'll list my hill country house with a panoramic view of Canyon Lake in March and it will sit the whole summer with no offers. Welcome to my life.
Not if you use me to list it.



Sure. You'll tell me to list at$90/sf. My plan is to prove the crazy fast-selling market wrong by listing at a crazy not-selling price. Problem solved.
My family sold a lakehouse last year overlooking Canyon Lake. We got way more than anyone could have expected for it. But it was needing to be gutted and have new septic installed. Thing is, you can't put a price on a one-of-a-kind view. Features like that are completely dependent on the value someone places in them.

Good luck to you!
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Martin Q. Blank
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3:04p, 1/19/22
^ how can you not bite at that bait, WAL? $$$ is in your future.

But does he offer reduced commission? Think about it.
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mazag08
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In reply to Martin Q. Blank • 5:01p, 1/19/22
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Martin Q. Blank said:
^ how can you not bite at that bait, WAL? $$$ is in your future.

But does he offer reduced commission? Think about it.
I'm not actually trying to gain their business. I'm not even licensed in the area. My recommendation would be Red Pear if I was actually recommending someone. Was mostly joking while offering an anecdotal story to support their view of the market.
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