This is beginning to be depressing/frustrating

820 Views 36 Replies 12 Participants Last post by JRHill02, 1 d ago

BadOregon

Discussion Starter · 11 d ago

Was just outbid/turned down for the 4th house I made an offer on. This kind of sucks.
I know, I know, pity party. But sheesh.......
Starting to feel like the universe is trying to tell me something. Just not sure what.

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1 - 20 of 37 Posts

robin416

· #2 · 11 d ago

I'm sorry. I know it's got to be very frustrating since if you put a bid in the property met your needs and then someone else ends up with a higher offer.

From what I've been reading affordable housing is in very short supply. The place I'm in has jumped nearly 100K just in the ten years I've lived here.

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Wolf mom

· #3 · 11 d ago

How about having sit down discussion with your Realtor. Is there something he/she sees that needs to be discussed?

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BadOregon

Discussion Starter · #4 · 11 d ago

Yeah, the fact that I'm not a millionaire and can't afford 60-75,000 over asking price. I have cash, but apparently a lot of others have a lot more. Every one of these places has been purchased by a flipper or investor.
It really has nothing to do with us, I seem to find the perfect properties for flipping. Even though that is not my
intent.
If I were willing to move far away, there are plenty of places to buy. But I have a list of absolutes and at this point in life am not willing to settle for "good enough". This is to be our last home to retire in so being a bit picky. We have "good enough" here.

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Danaus29

· #5 · 11 d ago

I hope you find your dream house.

Even here the current market is crazy. Nearly all the available homes in my area have been bought by flippers who have deep pockets and are willing to pay almost double the market price.

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mzgarden

· #6 · 11 d ago (Edited)

I'm sorry. It's pretty much the same here - every property that comes up that's more than a postage stamp lot is bought by flippers or investors that turn it into a rental - or,, they're totally destroyed inside. We've got one that just went up for sale near us on 4 acres, a 3/1 older house - you should see the pictures they included - OMG. It's up for nearly $400K and every single room is a gut job, needs a roof, needs HVAC, etc.. Unbelievable how much more money it would take to make it liveable.

GTX63

· #7 · 11 d ago

Flippers are usually grabbing properties that have just come up on the market. The home for you may be just have been sitting there for a while, for whatever reason, and has been passed over by the investors.

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doozie

· #8 · 11 d ago

We have a larger city nearby and some homes are sold in a day!
They are not flips or homes that need anything done, move in ready.

There is a shortage of homes in my immediate area, and the only new construction seems to be $$$$ vacation homes. Big and beautiful, not traditional family homes.

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Danaus29

· #9 · 11 d ago

New construction here consists of McMansions on postage stamp lots. But they sell before they are ever built, even though they start in the low $300,000's. Anything less than $300,000 gets snapped up really fast.

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BadOregon

Discussion Starter · #10 · 10 d ago

This will be my 7th home purchase, so it isn't like I don't know what I am doing or looking for. Part of the problem ? is that I have a budget I am sticking to. With the economy the way it is, I am unwilling to overextend and take a chance on losing everything we have worked for the last 20 years. Others apparently don't have that mindset.

It just makes it much more difficult. However, I am not known for doing anything the easy way. I'll find it, just hate the delay. Once we actually decided to move, I want it over with.

Did I mention I also hate moving? When we first married, we moved 7 times in 3 years. Although after living in the same place for 18 years, it is a lot harder to downsize your &^ than back then. Sigh..... search continues.

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HomeCreek

· #11 · 9 d ago

I used to dabble in real estate until about 2yrs ago. I used to always be able to get places below asking. But in a bit of modern day carpetbagging big investors from out of state are buying everything they can get their hands on and then inflating the prices. 3 of my coworkers werent even in the market trying to sell and were approached with offers for their homes over appraised value. Why? Because these investors know there is a huge shortage of rentals in this part of the state. They buy these homes and then charge much more in rent than has been the norm. Ive seen rentals that rented for 500 2 yrs ago on the market for 850 or more. And...you pay it or be homeless. So this has driven up rental rates and also home values. Which sounds good. My home now appraised at 78k more than 3yrs ago. But the downside is my property tax went up. So if I sell I will be facing a market in my area that has inflated to the point I wouldnt gain anything. Whereby 3 years ago I had enough equity etc that I could have sold and upgraded. Now its a even trade or more or rent. My son lived on 26 pastured acres with a 2 acre pond in a 2300 sq ft house and paid 725 for 6 years and raised cattle on it. Investors out of Nevada bought it off the elderly landlord. Made the pasture off limits and now want 1170 a month for the same home. So he is moving onto my land in a tiny home while he builds for himself

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GTX63

· #12 · 9 d ago

The increase in property tax rates and the squeezing out of entry level/first time buyers, ie young couples are the obvious drawbacks that I see.

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Danaus29

· #13 · 8 d ago

I forsee a lot of older people being forced out of their long-time homes because of skyrocketing property values. In some areas older people can get a small percentage off but with values tripling, or more, a lot of people on SS or fixed pensions won't be able to afford property taxes and electric.

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BadOregon

Discussion Starter · #14 · 8 d ago

That is already happening in a lot of places, here included. One of the most important things to consider when you are thinking of buying a home is taxes. And how much they have gone up (and will go up). Most states this is public info.
There are a couple of properties I have looked at and thought "that would work", then I saw the taxes and said "oh, no it won't". I can't imagine paying 5 or 6,000 a year in taxes when I am old. Even if the place is paid off, that is a bunch of money.

Danaus29

· #15 · 8 d ago

Hubby and I need to have siding put on the house but we are afraid of how much it will raise our property value. The new front doors and roof raised our value by 20%.

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robin416

· #16 · 8 d ago

Property Taxes were one of the things I watched when we were getting set to leave TN. I'm in a good place right now.

Anyway, I have a friend in FL. He does not live on the coast. He's in N. FL about halfway between Jacksonville and Tallahassee. His homeowners and auto insurance has skyrocketed to a point he is very concerned.

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HomeCreek

· #17 · 8 d ago

robin416 said:
Property Taxes were one of the things I watched when we were getting set to leave TN. I'm in a good place right now.

Anyway, I have a friend in FL. He does not live on the coast. He's in N. FL about halfway between Jacksonville and Tallahassee. His homeowners and auto insurance has skyrocketed to a point he is very concerned.

Our home insurance went up over 200 a month more in 2 years after being the same for over a decade.

Nimrod

· #18 · 3 d ago

How urgent is it that you move? You mention that you have cash for the purchase. The housing market is cyclical. I'm surprised that the market is still hot what with the rise in interest rates. If you wait the market will become a buyer's market and you will be able to buy property under the asking price. During the last downturn I bought my off grid 40 for less than half of what they were originally asking . Partly because I offered cash. If you are worried that prices will continue to go up I'll remind you that so will the value of your existing property.

JRHill02

· #19 · 3 d ago

Taxes and insurance are dreadful.

BadOregon

Discussion Starter · #20 · 2 d ago

Not urgent. I am pretty sick of living here, but it hasn't killed me yet. I've been looking since just before the "pandemic" and I get disgusted when I see that the last time a place sold it was for less than 1/3 of what they are asking now and the haven't done a ^(&*& thing to it since.

To be honest, we still haven't settled on an absolute spot. Keeping options open and looking. It's out there, I just have to be patient and find it. Being quite picky as this is the LAST time we intend to move. So it better be right.

I've been watching the prices fall a bit, so biding my time. Keeping my eyes and ears open and cutting back on the amount of "stuff" we have to move eventually.

After hearing the horror stories on here about property taxes and home insurance prices some are paying, I am
almost tempted to stay here.

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