Same bidding wars on new builds in Austin. Also had my neighbor tell me that

Mar 2, 2021
10:21:37am

creameryon9th Starter

a friend in the neighborhood next to ours sold his home last week. Within 1 hour of listing he had an offer 115k over asking price. He ended the day with multiple 100k+ over offers and ended up taking one of those in cash. Its nuts.

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creameryon9th

Bio page: creameryon9th
Joined: Jul 28, 2015
Last login: Apr 24, 2024
Total posts: 7,072 (501 FO)

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Messages

Author

Time

To show how nuts the Utah housing market is, you cannot even get a price on new

Hoopster

3/2/21 9:40am

Smart of the builders, definitely sucks for customers though.

Duke Silver

3/2/21 9:42am

Material costs are insane right now, builders don't want to be stuck having to pay if they go up even further.

Cosmodiar

3/2/21 9:43am

Assume they all have that worked into the contracts.. I had

cougfanz

3/2/21 9:49am

My friend works for a home builder here in Utah and told me the other day that lumber costs alone have skyrocketed. He

Ode to Hoy

3/2/21 9:50am

My problem with looking at existing homes is the timing between selling and

Adwight

3/2/21 9:52am

If you live in Utah you don’t need a sell contingency. It’ll sell.

StalwartBraveTrue

3/2/21 10:09am

Realtors won't let you put in offers if you still have to sell. It's annoying.

Adwight

3/2/21 12:07pm

Whoa you built a home in 2007? How long were you underwater on that thing?

Windward_Coug

3/2/21 9:53am

We built it over 14 months. Did a lot of the work as well with, contracted out for Electrical, plumbing, and foundation.

Ode to Hoy

3/2/21 10:01am

I feel like we've seen this movie before. Slight different than before,

StapleGun

3/2/21 9:43am

Except the last movie it was all investors with stated income loans driving up

monteburns

3/2/21 9:45am

This is an important point. Just because prices are going up doesn't mean a

BringBackRoyalBlue

3/2/21 10:07am

This is a picture. I was living in AZ & went to a new home lottery. It wasn't

grandpacoug

3/2/21 10:16am

So this was an investment for him? Man, that’s scary.

StalwartBraveTrue

3/2/21 11:00am

Yes. Casa Grande, AZ-between PHX & Tuc. Big name builder. 1 of crazier things

grandpacoug

3/2/21 11:10am

Have we ever seen inventory this low before? I don’t recall ever seeing anything like this

JOPE

3/2/21 9:45am

You refer to multiple states. We're in NC and a neighbor listed his house last

BerkeleyCoug

3/2/21 9:50am

It’s crazy, homes in my area are currently listing the home on Friday or Saturday with all offers expected

JOPE

3/2/21 9:57am

Yes. Just before last crash. See my post above for an example..

grandpacoug

3/2/21 11:11am

sounds like California circa 2007

claw

3/2/21 9:43am

I know it's hard for people looking to buy, I just think it will eventually be

grosven

3/2/21 9:46am

it may take many years 🙁

grosven

3/2/21 9:47am

Building is up 50% in my market compared to when I built the same home

cougfanz

3/2/21 9:46am

We started our build a few months ago. We were the last ones to get to pick a

Adwight

3/2/21 9:49am

We moved in new home 8 months. I am so grateful that we were able to. I can’t

JohnnyC

3/2/21 9:51am

Very similar feelings, except our builder told us he thought we could get

gangbusters

3/2/21 9:56am

Wow! The increase was purely based on appraised value from the refinance we did

JohnnyC

3/2/21 10:01am

We saw a house very comparable to ours last weekend listed for $950,000!

gangbusters

3/2/21 10:05am

Good time to be a builder.

johnnycarson

3/2/21 9:53am

Repost: More than 1/4 of the houses for sale in the USA haven't been built yet.

O Gaucho

3/2/21 9:54am

Lumber has quadrupled in price in a couple months

pink22

3/2/21 9:58am

Time to get a few more Scentsy layers below you in the pyramid

runitup590

3/2/21 10:01am

I have a brother leaving Orem for Iowa. He's going to make a killing on his hous

Mayor of Cougartown

3/2/21 10:04am

Yeah, but you have to live in Iowa

WhirleyPop

3/2/21 10:05am

right, that's the problem.

Mayor of Cougartown

3/2/21 10:10am

I am a transplant to Missouri and the folks here crack me up when they tell me that Iowa stands for Idiots Out

sethj250

3/2/21 10:14am

We all should love Iowa, without it we'd have less bacon and corn chips

JackStack

3/2/21 10:22am

RE: We all should love Iowa, without it we'd have less bacon and corn chips

sethj250

3/2/21 10:34am

well, unfortunately he doesn't like cornfields but what can you do.

Mayor of Cougartown

3/2/21 10:26am

You ought to give Iowa a try

BYUFootballisBack

3/2/21 10:19am

It's not like that where people are building out here

RockyBalboa

3/2/21 10:17am

And I take that back....my wife just told me

RockyBalboa

3/2/21 11:53am

Same bidding wars on new builds in Austin. Also had my neighbor tell me that

creameryon9th

3/2/21 10:21am

It's all that Internet that they have in Austin now.

grosven

3/2/21 11:26am

Same in Idaho.

newbie

3/2/21 10:41am

It's all about material cost. Why give a quote with today's price when it

flyzag

3/2/21 10:51am

I used to oversee commodity hedges for a company I worked for. This type

WDaddy

3/2/21 11:39am

Family in my ward is moving to Afton, WY. So there house is going up for sale..

BYU Grounds

3/2/21 11:47am

My guess 550+

JohnnyC

3/2/21 1:24pm

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