Skip to main content

Please help me understand these listings in my area

I'm looking for my first home in the greater sacramento area, and I just don't understand some of these postings...

  1. Check out this home in CA: sold on 5/9/2022 for $782,000, then listed for sale on 6/23/2022 for $800,000?? Why would anyone do that? The fees and paperwork surely would cost more than the profit.

  2. This one isn't as extreme... sold 10/17/2022 for $447,615, listed 12/15/2022 for $499,999 (+11.7%). But this was after the housing market started to go south (prices have gone down ~10-15% in the last 5 months) and in a not-great area, with plenty of competition... I can't believe anyone thinks this would sell.

  3. This one is a bit different, it was sold for $900k on 5/31/2022 and then listed immediately for $1.3M, and then over 6 months they've lowered it to $800k. I have so many questions... like, why would anyone think someone would buy it for $1.3M when it literally just sold for $900k? It's not like they are claiming massive remodeling or something. Is this how flippers think?

This is not silicon valley in 2015, it's Bumsville, CA. This thing seems to be a pure investment (i.e. you can't live it, it has tenants) with a rental income of $4800, or .37% of purchase price of $1.3M/month, which is very low, I think you'd do better with treasury bonds. And now, they are offering it at a loss... are they just panicked?

  1. This one sold in July for $300k, listed for $464k on 10/22/2022 (again, after the market started free falling), and now they've backed it down to $390k... are they simply hoping for a buyer that thinks the market prices have gone up 30% in the last 6 months?
submitted by /u/ganjaptics
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/zx4yms/please_help_me_understand_these_listings_in_my/
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

Obtaining a real estate license as a hobby?

Hello, I am 24 years old - 2 years out of college and I have my main job. I was looking to get a real estate license (in California if location matters) as a hobby/for fun since I like real estate ever since I was in high school. In the past 2 years, I would go to open house in the weekends to look at homes for fun. I don’t plan to practice real estate full time as I have my main job but I am curious are there any benefits to this? In the future, I plan to own multiple properties and have rentals, so I was wondering if getting a real estate license can help me with it? Thanks submitted by /u/AlohVera [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1f0qx9i/obtaining_a_real_estate_license_as_a_hobby/
Post a Comment
Read more

Advice? Moved out of my primary residence and now renting

I moved out of the house I own in August 2021, I lived there for 8 years, I have been renting an apartment the past 3 years and renting out my house. My current tenant is moving out in September. I seem to have just missed the living 2 years out of 5 years rule for being exempt from capital gains tax and my house being a primary home. Any advice on what the best thing to do would be moving forward? Continue to rent out my house? I'm happy with my rental, but wouldn't mind buying another property down the road. I could sell my house down the road and try to do a 1031 exchange? Moving back in my house isn't ideal because it's an hour away from where I currently live. I could take a HELOC perhaps and try to buy another property and continue renting for the long term? I do have a 2.4% mortgage rate on the house so I don't mind keeping it for a while. Thanks for everyone's advice. submitted by /u/Ok-Top-7859 [link] [comments] source https://www.reddit.co...
Post a Comment
Read more