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So it goes

May 14th, 2016 at 11:00 pm

So is there another housing bubble? I don't know but things are nuts. Both the place we left and the place we moved to.

Our old neighbors just listed their house for $849k and over the weekend they got 4 awesome offers, 3 without contingencies. They got three offers above $900k+ without inspection contigency or mortgage contigency. CRAZY. My spiritual neighbor said these people are nuts. They didn't even bother with a bidding war the number was so high that they took it and ran before this person came to their senses she said. She wouldn't give me a final number but will when they closed. Their realtor was in tears over how high it was. For perspective this was a 3 bd/1.5 bath, 1700 sq ft house with detached garage, cute but 1920s arts and crafts home. No inspection is NUTS. Slap some lipstick on the pig. I'm so happy for them because they deserve it. Yeah I came from a very expensive area.

But then where we moved? Well people are apparently crazy stupid here. Had tea and playdate with another neighbor few houses down and she said they went $80k over asking on a house and lost it by $1500! The house was in the neighborhood we were in 3 bd/2.5 ba, 1800 sq ft listed at $550k and sold for $630k also no contingencies. She said they waived the inspection contingency but kept the mortgage contingency. OMG. I nearly died over the bad financial decision making and she doesn't seem like a stupid person.

I actually asked if they get to buy a home if perhaps DH and I could talk to their landlord about renting since they are in a 4 bd house renting for $2600 or $200 more a month than we pay. I might as well take advantage of potentially a cheap place to live if I hear about.

Talking more with DH we're getting more on the fence with buying. His take beside if you buy and hold it doesn't matter if price drops is you have a place to live. But now he said perhaps it's better to keep letting it run up then either price correct or flatten. That way if you buy at that point perhaps it's 10-20% more than now but at the same time you have peace of mind that you've preserved your equity?

I hate this feeling of unknown.

3 Responses to “So it goes”

  1. rob62521 Says:

    Our area must be in a sinkhole because home prices are dropping.

  2. LuckyRobin Says:

    Yes, it is very uncomfortable living with the unknown. But the area you are living in has always had crazy house prices.

  3. livingalmostlarge Says:

    It has just been crazy the way people are reacting without thought to any financial concerns.

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