Homes in Dallas/Fort Worth are selling for $300k over the asking price

[Chrishaune]

Also the dollar was devaluing long before the corona stimulus started

It accelerated. Wood prices are 3-4x higher than they were early last year.

 

[Luck]

Question. If you pay over the asking price does that mean your monthly mortgage goes up too

The bank usually ain’t going to loan you much over the asking price when that appraisal comes back so you have to make the difference up with cash. Mortgage would be almost the same in that case...

Market is crazy now but usually going over asking means you’ll have to pay the difference but once all the properties in a certain area start to rise and sell higher in value, I’m assuming the appraisals may come back higher

but that being said, sellers price is usually around what the bank would give.

 

[zayk35]

My 3 bedroom 1700 square feet house in the burbs of San Diego would be almost 600k. If we put it on the market right now we'd get 650-700k easily. But We ain't going nowhere for the foreseeable future

 

[Chrishaune]

My 3 bedroom 1700 square feet house in the burbs of San Diego would be almost 600k. If we put it on the market right now we'd get 650-700k easily. But We ain't going nowhere for the foreseeable future

If you have a house anywhere right now, don't sell it. Everything is going up. Investors are offering to buy houses in my neighborhood (Huntsville) all of the time because the prices have been going up and will continue to go up with all of the jobs coming. Yep, and we have had Asians calling about the house.

 

[Born2BKing]

Question. If you pay over the asking price does that mean your monthly mortgage goes up too

Lol yes man.

 

[Eternal Tecate]

It accelerated. Wood prices are 3-4x higher than they were early last year.

i've heard that's a false shortage created by the suppliers

 

[Ethnic Vagina Finder]

Another factor to put blame on is state/city/local zoning regulations and planning. it's not like there isn't enough land to build more homes. States/Cities just make it harder.

And current residents are selfish. People want their space. So they will fight, kick and scratch to keep multi family units and buildings from being constructed near where they live.

 

[BrothaZay]

Lol yes man.

It doesn't

 

[Chrishaune]

i've heard that's a false shortage created by the suppliers

Whatever it is, you think they are just going to lower prices to make the consumer feel good? If they find an excuse to raise prices they won't come back down to where they were. But this is not a normal time we're living in. The prices are going to continue to go up, because now employers are starting to pay more and they are going to get that money back by raising prices of products. Everything goes up. Dollar losing value.

 

[SadimirPutin]

If you actually plan to live in the house and are not just speculating payong 300k over asking is just being a dummy