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  #1  
Old 03-18-2013, 10:40 PM
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Recession is over...

I'm calling it for my area, the housing recession is in the process of ending right now. I'm going to call the month as well, February 2013.

No one has seen the likes of it since the good old days, multiple offers, bidding wars, houses on the market for days. I just got to tell my first buyers in years to go stuff it after they found some things they didn't like in a home inspection...because I'm going to re list it and get another $5k.

Their is no inventory, I'm working like a madman to bring lots threw the pipe and onto the market. I'm closing on a beach tear down Thursday, listing it Friday, and I bet its under contract in under 45 days. I know of three others I passed on...might go back and offer them more...

This is strange since it was pretty quite/business as usual all threw the winter.

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  #2  
Old 03-18-2013, 10:41 PM
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Housing market is hot around here too. Selling in 4 or 5 days.
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  #3  
Old 03-18-2013, 10:45 PM
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I'm loving it and hating it.

On one hand its getting super easy to make money, on the other all the idiots are coming back in and trying to be investors while driving prices up. Which is stupid because prices have not really started to move yet. So they are just turning money on crappy deals.

I'm hedging, I'm going into affordable housing.
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  #4  
Old 03-18-2013, 10:45 PM
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What is your area in CT, Hatt -- plenty of fork-lost properties sitting on the market in NJ at the moment, and more being repossessed at the Morris County Sheriff's auction per week. We're in different price ranges though, since I'm interested in paying under $100k per unit or under $170k for a 3-bedroom house (both doable). Freely admit that I want to get into the slightly-nicer-than-slumlord business.

This being said, I'm sincerely hoping that either Europe or sequestration will blow up in this country's face in the next 2-3 months and cause a late-spring/early-summer slowdown aka "good buying opportunity."
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Old 03-18-2013, 10:46 PM
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Nearly 1000 homes built and sold in my area. One building is planning on 150 this summer, 50 more than last year.
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  #6  
Old 03-18-2013, 10:49 PM
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Recession? What recession?

Thanks for buying petroleum, damned Yankees.
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Old 03-18-2013, 10:52 PM
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Quote:
Originally Posted by spdrun View Post
What is your area in CT, Hatt -- plenty of fork-lost properties sitting on the market in NJ at the moment. We're in different price ranges though, since I'm interested in paying under $100k per unit or under $170k for a 3-bedroom house (both doable). Freely admit that I want to get into the slightly-nicer-than-slumlord business.
Were in different markets, I'm in the middle to high end. I'm building my rentals from the ground up because I hate old houses.

My least expensive rental I can condo the building out and get at least $200k a unit, probably a bit more. My most expensive is a house I'm building now that will be worth a bit more than $400k when done.

After seeing what my partner is going threw dealing with his lower end rentals I have no desire to be in that market. I don't want to rent to anyone where nailing their credit score isn't a legitimate threat.
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Old 03-18-2013, 10:53 PM
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Originally Posted by Botnst View Post
Recession? What recession?

Thanks for buying petroleum, damned Yankees.
Hope you like that oil film on your tap water. Drink up, boy! YEAH!
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  #9  
Old 03-18-2013, 10:54 PM
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No oil here buddy. We draw from an aquifer out of Arkansas. Give it a couple thousand years.
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  #10  
Old 03-18-2013, 11:02 PM
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Originally Posted by Hatterasguy View Post
After seeing what my partner is going threw dealing with his lower end rentals I have no desire to be in that market. I don't want to rent to anyone where nailing their credit score isn't a legitimate threat.
Not completely lower end. Let's say West Orange, rather than Irvington or East Orange, for example. Jersey City rather than Newark. Get the picture?

Basically, all of the clowns who stopped paying back in 2009 are now getting their homes on the market, either as shorts or actually REOs -- thanks to a judicial foreclosure process that takes 3+ years and a governor who basically doesn't give a crap about bailing them out (thanks, Chris Christie).
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  #11  
Old 03-19-2013, 09:30 AM
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So, with a market like this if my dream house has been on the market for 3 years with multiple price drops I'd say it's safe to assume something is terribly wrong with it?
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Last edited by Simpler=Better; 03-19-2013 at 09:49 AM. Reason: putting the OT in it's own thread
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  #12  
Old 03-19-2013, 09:52 AM
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Originally Posted by Simpler=Better View Post
So, with a market like this if my dream house has been on the market for 3 years with multiple price drops I'd say it's safe to assume something is terribly wrong with it?
It's in Baltimore?

(Seriously, markets are local. What applies in CT doesn't necessarily even apply 100 miles away.)
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  #13  
Old 03-19-2013, 10:21 AM
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Yup up in Balmer. Where the trap houses that "need some TLC"" go for 120k +
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  #14  
Old 03-19-2013, 11:36 AM
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Quote:
Originally Posted by Simpler=Better View Post
So, with a market like this if my dream house has been on the market for 3 years with multiple price drops I'd say it's safe to assume something is terribly wrong with it?
Only way to know for sure is to set up a day to look at it...
If you don't see any major issues, and think you want to buy it, have it inspected.
Although I trust my own ability to inspect a home more than those of the so called professional inspectors....
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  #15  
Old 03-19-2013, 11:40 AM
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Originally Posted by cmbdiesel View Post
Only way to know for sure is to set up a day to look at it...
If you don't see any major issues, and think you want to buy it, have it inspected.
Although I trust my own ability to inspect a home more than those of the so called professional inspectors....
Right -- I've seen homes that looked like utter shiite online which looked decent "in person." And vice versa: photography can be very deceiving.

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