Housing market

[deadeyededric]

I'm not saying it's always easy, because I'm sure it's not, but realtor fees compared to the amount of work they typically do, and the difficulty of it, is ridiculously stupid. Especially today.

Maybe I should change professions.

The ones that work hard are probably the ones that are still able to make money when the market isn't as hot. But you are right about some of them just essentially helping with the transaction. People pretty much find what they are looking for on websites.

 

[trevn]

I'm not saying it's always easy, because I'm sure it's not, but realtor fees compared to the amount of work they typically do, and the difficulty of it, is ridiculously stupid. Especially today.

Maybe I should change professions.

I've been in banking for 15 years or so. While I have met some good real estate agents over the years that genuinely do a good job, more often than not I am underwhelmed. Unfortunately I have more than a few examples where inexperienced buyers have been given truly awful advice from realtors that clearly only have a commission in mind.

And before someone says it, yes I fully acknowledge that there are quite a few bad bankers/credit union employees/mortgage brokers out there too. Bad employees come in all shapes, sizes, and professions, most of them wear black and gold though.

 

[simply1]

I will say that based on transactions, realtors are absolutely fleecing people. I understand the market is competitive, but if you're getting multiple offers over asking price within hours after listing, the house is priced too low. You're paying them a significant premium to not know the market and underprice your house.

That's a strategy, though, to generate interest and bidding wars. Multiple offers isn't bad.

 

[demoncore1031]

My landlord is selling this house so I have 30 days to move, and there is nothing out there. The cheapest 3 bedroom house I can find to rent is $1300 a month, which is over my budget. Trying to buy is even worse. I think I'm going to buy an acre of land and a brand new double wide trailer. Beats overpaying for a 40 year old dump that needs a lot of repairs.

Only probably is that a trailer would have no room for all my music gear.

 

[simply1]

My landlord is selling this house so I have 30 days to move, and there is nothing out there. The cheapest 3 bedroom house I can find to rent is $1300 a month, which is over my budget. Trying to buy is even worse. I think I'm going to buy an acre of land and a brand new double wide trailer. Beats overpaying for a 40 year old dump that needs a lot of repairs.

Only probably is that a trailer would have no room for all my music gear.

Oh man that sucks, not sure what the costs with buying a trailer and plot of land are as far as getting services, etc.

 

[mynameisjonas]

I will just sit patiently and wait for a foreclosure like I did in 2010.

in this market, someone has to be a huge moron to get foreclosed on. If you can’t make your payments, you just sell your house and come out way ahead. And if a bank does foreclose, they aren’t going to be giving anyone deals like they were in 2010.

 

[HFCS]

I live in a small town in NC Iowa and my house would sell in that 250k area and my property taxes are in that 6k area. Smaller town that needs money so they have started jacking up taxes. Ready to move honestly.

That's a way higher % than Los Angeles County. I'd have never guessed property taxes in Iowa are anywhere near what many of you are posting.

 

[SCNCY]

In Rhode Island, I’ve seen listings for houses that state Buyers Agent commission will only be 2%, not the typical 3%. And most of these sellers agents only need to spend a single day at an open house before it sells.

 

[dmclone]

That's a way higher % than Los Angeles County. I'd have never guessed property taxes in Iowa are anywhere near what many of you are posting.

It's ridiculous and rarely gets talked about. In the DSM metro all you hear about is things like "Urbandale has cheap property taxes". Yes they do, but only when you compare it to other places in the DSM metro. My taxes this year will be $6,300 on a $300k assessment. This is after Polk county promised lower property taxes when they raised the sales tax to 7%.

 

[FallOf81]

I'm not saying it's always easy, because I'm sure it's not, but realtor fees compared to the amount of work they typically do, and the difficulty of it, is ridiculously stupid. Especially today.

Maybe I should change professions.

It IS ridiculous. And when you consider absolutely no service or responsibility after the sale built into their job, whoa.

 

[NorthCyd]

Building a new home with Happe Homes in Ankeny. They enacted a clause in the contract that allowed them to raise the cost of the build if market wide price adjustments occurred on materials after we signed our contract. They are offering to buy points down on financing through their preferred lender, but we weren't planning on using their preferred lender and were already planning on buying points to lower the interest rate. So yeah, we are not Happe.

 

[BryceC]

I think real estate across the country is going to stay strong for awhile. For the most part not enough homes have been built and some of the younger folks (relative term I know) are really wanting to own.

Many people just aren't listing their homes. I don't know if they are uneasy about jobs or pay or what. Clearly there is a confidence issue of some sort.

I think prices will come down. the price of lumber and everything will drop once mills open back up to full capacity and then the cost of new construction will drop. I'm very curious to see what we could get for our house. I had a friend who sold his house in Ankeny in less than a day. I think we could slay but I never want to move again in my life. I hate moving.

 

[BryceC]

It's ridiculous and rarely gets talked about. In the DSM metro all you hear about is things like "Urbandale has cheap property taxes". Yes they do, but only when you compare it to other places in the DSM metro. My taxes this year will be $6,300 on a $300k assessment. This is after Polk county promised lower property taxes when they raised the sales tax to 7%.

The amount of creep in property taxes also is insane. I've challenged my assessed value twice and won both times. It's not just high rates it's absurd increases in property tax value.

 

[2forISU]

Oh man that sucks, not sure what the costs with buying a trailer and plot of land are as far as getting services, etc.

Expensive. Permitting, running new utility lines for small job can take 6-12 months assuming you can find a reasonable price and company will to do it. Also, finding a double wide could be tough, plus finding at reasonable price. All in you might be better off buying the house or continue renting.

 

[Cyclonepride]

I think prices will come down. the price of lumber and everything will drop once mills open back up to full capacity and then the cost of new construction will drop. I'm very curious to see what we could get for our house. I had a friend who sold his house in Ankeny in less than a day. I think we could slay but I never want to move again in my life. I hate moving.

I agree. I'm guessing it will take 6 months until that factor in price inflation settles down. The problem some people are going to get into is being upside down on their homes if prices deflate too much.

 

[BryceC]

I agree. I'm guessing it will take 6 months until that factor in price inflation settles down. The problem some people are going to get into is being upside down on their homes if prices deflate too much.

I think we have a pretty big bubble forming right now in a lot of markets due to the stimmy's and I don't think the housing market is any different. That said, people's desires when it comes to homes have changed with a lot of people's work situations. My wife and I will never go back into the office full time again so I'm pretty happy we bought a bigger house than we probably needed last time because we both have the dedicated work spaces we needed over the last 16 months.

 

[KnappShack]

I think we have a pretty big bubble forming right now in a lot of markets due to the stimmy's and I don't think the housing market is any different. That said, people's desires when it comes to homes have changed with a lot of people's work situations. My wife and I will never go back into the office full time again so I'm pretty happy we bought a bigger house than we probably needed last time because we both have the dedicated work spaces we needed over the last 16 months.

When we bought our current home we thought it was too much house. Triple the size of our last place, but in the Midwest you need size because you're going to be stuck inside quite a bit.

Now after adding a dog, 2 kids, and 2 home offices it doesn't feel too big anymore

 

[Cyclonepride]

I think we have a pretty big bubble forming right now in a lot of markets due to the stimmy's and I don't think the housing market is any different. That said, people's desires when it comes to homes have changed with a lot of people's work situations. My wife and I will never go back into the office full time again so I'm pretty happy we bought a bigger house than we probably needed last time because we both have the dedicated work spaces we needed over the last 16 months.

We bought in 2008 and although it's not huge for square footage, it's 5 bedroom (technically, we're using one as a recroom and one as an office), and my son moved out 2 years ago, so it's just us and the dogs. Hoping to downsize on the next purchase to a two bedroom ranch.

 

[Al_4_State]

I live in a small county seat town in northeast Iowa. A house that sold for $172K in 2015 just went for $300K a couple of days ago. It was on the market for 2 days while listed at $239K, and got 6 bids at that level. The realtor then had a mini auction among the bidders, and that was the final sale price.

Insane.

 

[throwittoblythe]

I live in a small county seat town in northeast Iowa. A house that sold for $172K in 2015 just went for $300K a couple of days ago. It was on the market for 2 days while listed at $239K, and got 6 bids at that level. The realtor then had a mini auction among the bidders, and that was the final sale price.

Insane.

We bought our place in Adel for $291k in October 2020. Old home that had sat on the market for months. We got it $5k below asking and seller paid closing.

Redfin (which is pretty conservative) has it valued at $325k right now and I bet we could sell it in a week, maybe less.

It’s bonkers.