Real Estate Crash thread

[yeahman]

Yeah, try Idaho [emoji1787]

[Bunion 2020]

^^^ So true and yet so bizarre.

[neckdeep]

Yeah, try Idaho [emoji1787]

Yeah, there's probably a couple motivated sellers in the part where you can't see a mountain, try looking downwind of a feedlot around the Twin Falls area.

[lowsparkco]

I dumped my prior agent after we moved into our current rental (ran out of time, needed somewhere to live at least temporarily) which is like 500 feet from her house and she made zero effort to stop by, welcome us, anything.

I don't think we were tire kickers--we had her look at a handful properties, but we did have her write an offer on one. But it was 2021 and the market was going nuts so it sold before the stated offer deadline (to a flipper who did a big remodel, more than doubled the price, and has now been sitting on the market since August despite two 10% price cuts)...think it was a good time for agents and she clearly didn't need our business when there were cash buyers and bidding wars all over the place.

Not sure what to think about my current agent. Inventory here is super limited so I see the online listing for literally every property that meets my requirements. I appreciate that she's not trying to sell me on properties I have no interest in, but its not like she is out there sifting through a mountain of listings, trying to find the perfect home for me--I am finding everything we want to look at, which is only 1 house every few months.

And we've lost both of the offers she's written for us. First one was our own fault--we were lukewarm on it, it had been sitting on the market, and we delayed making an offer--if we'd made it right away, we'd have been under contract before the eventual buyers even had their showing. They won based on a high down payment and a promise not to haggle over anything small in the inspection report because they were planning a full remodel (which didn't stop them from asking the sellers to contribute to the cost of a beam when it turned out a kitchen wall was structural...)

Second one, I don't really know why we lost (and it hasn't closed yet, so I suppose there's still a chance). We were in at asking with 30% down and all I know is that they countered the offer that came in just before ours--maybe the other offer was cash but below asking? But I can't shake the feeling that our offer could have somehow been better tailored for these sellers. She also agreed that the house seemed over-priced when we looked at it, which may have just been her trying to placate us, but clearly coming in at asking wasn't enough.

Sounds like the current (2nd) deal was just a matter of timing. Your broker should have explained it, but you gotta remember that a counter is like an open offer. You can’t negotiate with two Buyers at the same time from the sell side because you don’t have two houses to sell. If a legit offer comes in behind it, we’ll often ask them to sit in a backup position. Then, if things go sideways with Buyer 1 - we can pivot to Buyer 2 without a lot of fuss. It gets complicated though, as depending on the state, and the language, rarely does a backup really obligate anyone to anything.

Not having offers accepted isn’t necessarily a fault of your Buyer’s agent. I think we’ve all written some ridiculously competitive offers and lost to outrageous cash, no inspection, quick close offers. If you’re that desperate, talk to your financial advisor about a margin account. I don’t recommend it unless it’s easy and comfortable because you can certainly get caught by a market correction, but these are the kind of things we were doing two years ago in highly competitive low inventory markets.

[skaredshtles]

Yeah, there's probably a couple motivated sellers in the part where you can't see a mountain, try looking downwind of a feedlot around the Twin Falls area.

I'd wager that 2/3 of the state of Montana is still very affordable for most folks. You know - that part that nobody wants to live in.

[californiagrown]

No attorney is going to pull comps and price your offer, hire your inspector, negotiate the repairs, hire contractors, hire movers, liaison with lending, evaluate CC&R’s, easements, liens, clouds on title, help you find your replacement housing, etc..

-redfin
-redfin again
-inspectors advertise and are not a secret society
-over the last few years there has not been any leverage on the buyer side to negotiate anything
-hiring movers or contractors is something homeowners do all the time, no special skill or time savings there.
-mortgage broker coordinates directly with the borrower (at least for my last 2 mortgages)
-evaluating and investigating title is not something i would ever trust a realtor to do. Shit can actually get very complicated and difficult to track down the actual legal encumbrances on a property and a realtor is not equipped to do anything beyond a cursory search and pulling title.
-finding replacement housing is again something that the renter population does every 12 months and is not that difficult.


IMO, the benefit of a realtor when purchasing a home is having an honest, trustworthy sounding board to bounce your thoughts off of, give you doses of reality when needed, offer their own opinions based on seeing thousands of homes in the area, and generally helping to guide you through the process. The service is nebulous and is a luxury. And when making the biggest financial decision of your life, you want someone with experience "on your side" as a security blanket.

Ive never sold so i cannot speak the value add on that side. But i have a close friend who used Redfin to sell his last two places and he had nothing buy positive things to say about the experience.

[fastfred]

so somewhere between realtors and general contractors
two jobs the world doesn't really need
cause they all be shady and its so easy anyone can do it

[MCS5280]

You lost me at "honest, trustworthy sounding board to bounce your thoughts off of"

[Core Shot]

GCs have value. If the project is large enough to coordinate subs.

Realtors? Meh. Many decades ago I took the test and got a brokers license. Residential absolutely sucked. I hate chit chat and vapid people. I don’t like the carpet. The wall paint color is wrong. Fuck the fuck off. I couldn’t survive.
Commercial brokerage was fun. How many sq ft. What’s the zoning. What’s price psf. Where do I sign.

[californiagrown]

You lost me at "honest, trustworthy sounding board to bounce your thoughts off of"

Ive had what i consider "good agents" who i have trusted, but i knew them or had good reason to believe they were trustworthy previously. But to your point, exactly, most people are picking a RE off the street and hoping they have their best interests in mind with no good way to actually backcheck that.

GCs have value. If the project is large enough to coordinate subs.

Realtors? Meh. Many decades ago I took the test and got a brokers license. Residential absolutely sucked. I hate chit chat and vapid people. I don’t like the carpet. The wall paint color is wrong. Fuck the fuck off. I couldn’t survive.
Commercial brokerage was fun. How many sq ft. What’s the zoning. What’s price psf. Where do I sign.

Agreed. I am in the land development industry and work directly with both field GCs and with the RE side as well. From what i have seen GCs add a ton of value from not only a coordination/project management side, but also from a practical knowing how construction works perspective too. i would have a much, much harder time becoming an average GC than i would becoming an average RE agent.

[Meadow Skipper]

I'd wager that 2/3 of the state of Montana is still very affordable for most folks. You know - that part that nobody wants to live in.

West Dakota.

[yeahman]

West Dakota.

You guys might be surprised. Good hunting, lots of rednecks. Texans love that shit.

[skaredshtles]

You guys might be surprised. Good hunting, lots of rednecks. Texans love that shit.

Texans also love cheap land and houses. They can have it all in West Dakota.

[Meadow Skipper]

You guys might be surprised. Good hunting, lots of rednecks.

Not surprised. My best whitetail hunting was out near Big Timber. And saw a lot of ungulates out near Lame Deer.

Texans love that shit.

I keep telling any of them that’ll listen that it’s better than northern New Mexico.

[neckdeep]

Cost of living in Idaho increasing faster than anywhere else in country. From a ski bum paradise to the 17th most expensive state in just a decade. We've caught up to Montana, for the most part, except incomes. Living wage for a household shot up to $65K but median income still down around $35K. Our slogan should be, "Idaho - good luck raising a family here"

[muted reborn]

Not surprised. My best whitetail hunting was out near Big Timber. And saw a lot of ungulates out near Lame Deer.

Big Timber is not in or close to West Dakota though.

[Meadow Skipper]

Big Timber is not in or close to West Dakota though.

Well, you can see it from there if you’re on a high enough ridge.

I was east of BT, it was just the main town I remember.

[I Skied Bandini Mountain]

You guys might be surprised. Good hunting, lots of rednecks. Texans love that shit.

LOL my buddy who is farming/ranching up in Wodak had to run some texassicans off his place who were bird hunting without permission. He says most everyone is getting fed up with their shit.

As for WT hunting, he shot this out by Fort Peck while running cows, about 40 miles away from any wheat field. It was a fucking monster, pictures don't do it justice.



As for affordability, the pay has never been good in Montana. The saying "you get paid in scenery" sure wasn't invented yesterday.

[Toadman]

so somewhere between realtors and general contractors
two jobs the world doesn't really need
cause they all be shady and its so easy anyone can do it

IME, a good (honest) GC can save you money. Maybe a good RE agent can do the same.

[yeahman]

As for affordability, the pay has never been good in Montana. The saying "you get paid in scenery" sure wasn't invented yesterday.

No but WFH has really changed that, unfortunately. The #1 state sending migrants our way is Washington. Don't have to guess what those folks are doing for a living.

[byates1]

Who says MT is expensive?

https://montana.craigslist.org/reo/d...685936099.html

[skaredshtles]

Who says MT is expensive?

https://montana.craigslist.org/reo/d...685936099.html

"this 1906 build with a railroad tie foundation"

[lowsparkco]

so somewhere between realtors and general contractors
two jobs the world doesn't really need
cause they all be shady and its so easy anyone can do it

No one needs either, especially not anyone in the Padded Room.

That is…. until you do. Then, it’s way too late.

I think the correlation is that if you have enough time on your hands to yell into this black hole then representing yourself in RE transactions or managing all your subs is no big deal. What can go wrong really? Send it.

[duffski]

since we are on the subject of montana i came across this article today and was kind of in shock of how stupid these idiots could possibly be thinking this build was a good idea.
https://flatheadbeacon.com/2023/11/1...olition-order/

[skaredshtles]

since we are on the subject of montana i came across this article today and was kind of in shock of how stupid these idiots could possibly be thinking this build was a good idea.
https://flatheadbeacon.com/2023/11/1...olition-order/