Skip to main content

Why I unsubscribed from r/REBubble [GA USA]

Bought my first house in 1991. Old Victorian in a college town that had been divided into apartments. I lived in one apartment and rented out the rest. Not long after, I obtained my real estate license and worked as an agent, and then a broker, for the next ten years.

When I bought my first house, it was common to pick up The Real Estate Book (yes, that's what it's called). Week after week the same houses would appear for sale, which wasn't unusual since typically real estate agents would ask seller's to sign listing contracts that lasted 180 days.

As an agent, I would drive buyer's around and show them houses for sale. Sometimes for days. When they finally decided to make an offer, it was usually considerably below list price and they weren't competing with other buyer's.

Which brings me to why I unsubscribed from r/REBubble.

There was nothing unusual about the real estate market in the 1990's, and there's nothing unusual about the real estate market today.

My anecdotal experiences with the purchase and sale of real estate (I've acted as a principal in over $3,000,000 of transactions, and an agent in significantly more than that) have no bearing on an individual purchase and sale. A willing seller and a willing buyer each have their own motivations bringing them to the closing table. Nobody was holding a gun to anyone's head in 1991, and nobody is holding a gun to anyone's head today. If you need to buy or sell a house, then proceed with caution regardless of "market conditions".

The horizon shows no sign of legislative changes surrounding the purchase and sale of real estate. The government continues to insure loans, the mortgage interest deduction isn't going away, and the exclusion of capital gains from your personal residence is here to stay.

Real estate isn't a way to easy money, but it is a great way to build wealth over time.

Don't ask me anything, but I'll chime in when I see a comment worthy of a reply.

submitted by /u/flytraphippie
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/nnkg30/why_i_unsubscribed_from_rrebubble_ga_usa/
Labels:

Comments

Post a Comment

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...
1 comment
Read more

How to Avoid Property Scams in Delhi?

Here’s What You Should Know! Commercial Real Estate (Non-Residential) Buying a property in Delhi can be tricky, especially with all the stories about scams and shady deals. If you're in the market, here are some tips to keep yourself safe:Double-check the documents: Always verify ownership and approvals. Don’t just take someone’s word for it—look at the actual papers. Do your homework on prices: Compare similar properties to avoid overpaying. A little research can save you from a bad deal. Work with trustworthy people: Whether it's a seller or an agent, go for someone who's transparent about pricing and the process. If they’re dodging questions, that’s a red flag. Ask for reviews or references: If someone you’re dealing with has a good track record, they won’t hesitate to share testimonials or connect you with previous clients. I’ve noticed that some property services have started focusing on things like verified listings and clear communication, which makes the whole proc...
Post a Comment
Read more