Real estate market rebound...

[Deleted]

After putting it on the market in 2007, my parents finally sold their house in December of 2011. It went back on the market this week for $65k more than they sold it for 6 months ago.

I'm not telling my mom. She'll cry. They had shitty real estate agents.

[jenn1298]

On the market doesn't mean it will sale for $65k more. Do you think the new owners did a lot of work to it?

[Deleted]

Listed for $65k more doesn't mean the seller will get that, unless they did some major improvements. I bet it will sell close to how much your parents sold it. Just my thought.

[Pom]

It still has to get past appraisal unless they find cash buyers.

[Deleted]

Pom- good call on he appraisal, as you well know.

I just had a friend who is a real estate agent check. It went under contrac in 1 day at full list price. I feel sick, even if it's not my money.

[Deleted]

Aug 6, 2012 11:21:16 GMT -5 @idaholakelady said:

Pom- good call on he appraisal, as you well know.

I just had a friend who is a real estate agent check. It went under contrac in 1 day at full list price. I feel sick, even if it's not my money.

Wow!

[Deleted]

Aug 6, 2012 11:22:50 GMT -5 d0ri said:

Aug 6, 2012 11:21:16 GMT -5 @idaholakelady said:

Pom- good call on he appraisal, as you well know.

I just had a friend who is a real estate agent check. It went under contrac in 1 day at full list price. I feel sick, even if it's not my money.

Wow!

They didn't make a single improvement either!

[raangoli]

Houses around here have been flying off the market. Honestly, with the ability to look up property history online I'd be wary to buy a house that had previously sold 6 months prior at such a mark up. Did they put any work into the house to warrant the price increase?

[Deleted]

Aug 6, 2012 11:26:11 GMT -5 raangoli said:

Houses around here have been flying off the market. Honestly, with the ability to look up property history online I'd be wary to buy a house that had previously sold 6 months prior at such a mark up. Did they put any work into the house to warrant the price increase?

Not a damn thing. My parents had replaced all the carpet and appliances and ha the entire house repainted in the fall of 2011 in an effort to get it to sell. I don't think the buyers ever lived in it; just an investment property.

[aspentosh]

That's so sad for your parents! Surprising.

[Deleted]

Aug 6, 2012 11:31:53 GMT -5 aspentosh said:

That's so sad for your parents! Surprising.

Their real estate agent sucked ass, but my mom wouldn't fire her because the aget was nice to my mom. They had like 3 contracts fall through for various reasons (never the appraisal price) which indicates to me poorly written contracts.

[raangoli]

Aug 6, 2012 11:30:45 GMT -5 @idaholakelady said:

Aug 6, 2012 11:26:11 GMT -5 raangoli said:

Houses around here have been flying off the market. Honestly, with the ability to look up property history online I'd be wary to buy a house that had previously sold 6 months prior at such a mark up. Did they put any work into the house to warrant the price increase?

Not a damn thing. My parents had replaced all the carpet and appliances and ha the entire house repainted in the fall of 2011 in an effort to get it to sell. I don't think the buyers ever lived in it; just an investment property.

Wow, I am really sorry!

[vegas]

Depending on the cost of the home, I don't think asking 65K over what was paid several months earlier is crazy. I would list my home for more than I paid so that I could at least break even.

Prices around here have increased in the last six months because of a lack of inventory and the low interest rates. Some houses (again depending on the price) have increased over 6 figures.

[Deleted]

The kickers that they didn't HAVE to sell when they did; they were just emotionally exhausted and wanted to be done with it and start rebuilding their lives. Which is why I won't ever tell them abou this; it won't do them any good.

[Deleted]

Aug 6, 2012 12:13:01 GMT -5 farmvillelover said:

That sucks, I'm sorry. What did they sell it for?

Built it in 2000 for $315k, sold in 2011 for $365k, it's currently under contract for $420k.

I know a LOT of people would be thrilled to still walk away from a house with $50k in equity, but their price started in 2007 at $579k and the refused an offer for $480k inthefall of 2007. Hindsight is expensive!

[honey987]

Aug 6, 2012 12:40:45 GMT -5 @idaholakelady said:

Aug 6, 2012 12:13:01 GMT -5 farmvillelover said:

That sucks, I'm sorry. What did they sell it for?

Built it in 2000 for $315k, sold in 2011 for $365k, it's currently under contract for $420k.

I know a LOT of people would be thrilled to still walk away from a house with $50k in equity, but their price started in 2007 at $579k and the refused an offer for $480k inthefall of 2007. Hindsight is expensive!

Also, (at least in our MLS) the under contract price isn't always what the home sells for. We just bought a condo that was listed at 94K. We put an offer in based on what was selling in there at 60K. We got it for 62K. It showed as under contract then pending until it closed 45 days later. Then the sale price was listed, but only after it closed.