Sold my house in two days!

We're moving from Illinois to the free state of Florida where Im from. So we list our house for $20k more than what I originally planned because my wife insisted, we signed a listing contract with Redfin a few days ago, the next day, with my house listed as "Coming soon" someone insisted on seeing the house. This past Wednesday, 2 days ago, it went on the internet as For Sale, they even put a sign out front. Yesterday Thursday two different viewings, the latter decided to put in an offer this morning, I got 99% of listing price in two days.

I thought boats were flying off the shelf! Amazing times we live in.

Now Im gonna buy a bigger boat!

You hit the jackpot. Congratulations on your escape.

Good job on setting the price up high.

My SIL is a realtor in Seattle for a major company that deals in high dollar real estate. I won't say the name but it starts with "S O T H E B Y S."

He's selling an expensive piece of real estate about every 7-10 days. And loving it.

Nice. We hav only sold 1 house and that was back in 1999. Listed it and got an offer the next day. We countered at $1000 under our list and they accepted the same day. So ours sold the day after it was listed. A friend of mine bought it and still lives there and my son married their daughter last year...lol

Congrats! Sounds like the real estate down south is similar to Ontario right now. My fiance is an agent. Had a listing this past week go up on Monday.. recieved 5 offers in less than 5 hours and had an accepted offer just like that.

She says it's a great market if you are selling.. but kind of an unhealthy market for the economy. Kind of what happened in 2017 in Ontario. Prices are insane

Congrats.. we live in the suburbs and we’re building a house in FLA right now we where told that people in the city are snatching up homes in the burbs to get some distance from the city.we where going to list this house in a year or two but we’re rethinking it now. Ps ELCAPITAN the wifey is a Cubano!!! So FLA here we come.

Real Estate is super hot around here now. Lots of people fleeing NYC for the suburbs and looking to take advantage of the low interest rates.
I’ve got friends who are real estate agents, another who is an attorney who does a lot of closings, and another who has a title company.
They’re all very busy.
Things are selling for listing price plus.
My wife’s niece and her husband have been looking for a couple of months and have lost out on a few houses to people who have bid over asking.
Would be a great time for me to cash in and move out of state, but my wife isn’t on board with it.

Had my house listed 2 years ago at $599K with a full service broker for 3 months. Had only 4 showings and no offers. The broker add was poorly done and he had little enthusiasm when showing the house. Decided to stay put and decided I'd sell this year.
Put the house on the market in May myself @$640k using the online MLS service "Owner Entry" for $399 and offered 2.5% broker commission. Posted my own pictures and wrote my own property description. The phone rang off the hook from brokers with buyers and no contingencies. I did accompanied showings with myself walking the brokers and buyers thru the house. I accepted a $625k offer in 4 days but the deal fell thru when the buyers parent that wanted to renegotiate due to a minor small area of old inactive termite damage. Next day I repaired the termite issue and relisted at $650k. 2 days later went under agreement with a buyer broker at 5k over asking. Just closed yesterday. I am sending a thank you card to the first buyer broker that could have saved the first deal!

I sold my home in February with multiple offers the day it was listed. Now with Covid the market in my old neighborhood is even hotter.

I did very well for sure.

I don’t get it. I understand COVID flight from cities to suburbs but this seems across the country and across industries ie boat market, RV, campers, too.
If unemployment is this high, what is driving the market besides leftover vacation money and flight from cities?

El Capitan said:

I don’t get it. I understand COVID flight from cities to suburbs but this seems across the country and across industries ie boat market, RV, campers, too.
If unemployment is this high, what is driving the market besides leftover vacation money and flight from cities?

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I have no clue, that's why I asked about boats. And it's not just unemployment. The economy is taking a hit. Are all these people's jobs that "safe?" Usually in times of crisis people hold back. This time it seem like they are going nuts -- like the end of the world is here, so fk it.

We have been tossing around the idea of moving but we have been here 20 years, kids are out of the house, everything is done and updated (windows, furnace, central A/C, etc). In my town a new construction 2000 sq ft house would be about $250,000. The house next to us sold about 6 months ago for $135,000. It had been flipped by an experienced realtor/flipper that my mother has known for years (she was in real estate about 30 years before retiring). He told me how much he sold it for and I was shocked. I was thinking maybe $100,000. He said my house would easily get $180,000. Problem is, if we sold the places we would look we would be looking at about $300,000. I'm 51 and our house will be paid off in a few years. I don't want to get into another long term loan. We could find something for about $200,000 but then it would need updated and having just done all that to ours I'm not looking to do it again. I don't care much for this house or the location but financially it doesn't make sense for us to sell. My goal is to be debt free in 5 years and semi-retire

EDIT: forgot to add, the neighbors house is 2BR, 2BA, aluminum siding with very small 2 car garage. Ours is 3BR 2.5BA, brick, with3 car garage

The market is crazy right now mostly due to low inventory and low interest rates. There are very few houses on the market due to most people not wanting a lot of people coming through their house due to Covid and not wanting to
Move due to Covid. So the demand may be down from before Covid but the supply is so short that it seems like more people are buying. The number of house sales in MA is down a little from this time last year but the days on market, the indicator of how hot the market is much lower than last year as well so houses are selling very quickly. The other reason the houses are selling for more money is because the interest rate is down. Most people plan for a certain monthly payment they can afford when looking at houses. So for instance With the rates down at $1500mo payment used to buy you a $300k house at 4.5% now that same $1500 buys you a $350k house. So between the lower interest rates and lower inventory the demand seems higher and the prices are getting pushed up.
I had a 3 bed ranch I put on the market a few weeks ago that we had 101 showings over the weekend and 13 offers. We got $80k over what the house comped out at. Just crazy high numbers right now.

boatman37 said:

We have been tossing around the idea of moving but we have been here 20 years, kids are out of the house, everything is done and updated (windows, furnace, central A/C, etc). In my town a new construction 2000 sq ft house would be about $250,000. The house next to us sold about 6 months ago for $135,000. It had been flipped by an experienced realtor/flipper that my mother has known for years (she was in real estate about 30 years before retiring). He told me how much he sold it for and I was shocked. I was thinking maybe $100,000. He said my house would easily get $180,000. Problem is, if we sold the places we would look we would be looking at about $300,000. I'm 51 and our house will be paid off in a few years. I don't want to get into another long term loan. We could find something for about $200,000 but then it would need updated and having just done all that to ours I'm not looking to do it again. I don't care much for this house or the location but financially it doesn't make sense for us to sell. My goal is to be debt free in 5 years and semi-retire

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Don't forget about packing. It's a PIA.

I bought my current house in 2008, a 2/1. At the time I was single, and figured I would stay that way. Now I'm married with a 6 year old son and we're busting at the seams. I have completely remodeled the house during that time, apparently to good effect.
We listed it for sale last week, and within two hours of the open house had three offers for 10k over our asking price. We accepted a cash offer, which is good because I don't think the appraisal would hit the offer price. We close in early August on a much bigger, newer place 15 minutes away.

JMG said:

I bought my current house in 2008, a 2/1. At the time I was single, and figured I would stay that way. Now I'm married with a 6 year old son and we're busting at the seams. I have completely remodeled the house during that time, apparently to good effect.
We listed it for sale last week, and within two hours of the open house had three offers for 10k over our asking price. We accepted a cash offer, which is good because I don't think the appraisal would hit the offer price. We close in early August on a much bigger, newer place 15 minutes away.

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I found myself in a similar situation with my house.

when I divorced my ex bought me out of our first home we bought together in the nineties. We did well on that purchase and I rolled a portion of my equity into a smaller townhouse. Being so disturbed by the process of divorce and the effects on my children I couldn’t see myself getting married again.

fast forward to teenage daughters and more alone time I ended up meeting a type of woman I did not know existed. We hit it off and are happily married.

My wife has a nice single family home with a great lot in a nice neighborhood. She also has teenage children. The townhouse suddenly became a liability. I’m thankful I was able to sell it to a wonderful young family moving up from renting into their first home.

The quick sale was not necessarily from the hot market or good luck. Much like other markets there is a reasonable value to sell for. I priced my home somewhat aggressively compared to the neighborhood median price. I was not going to let an extra $15000-$20000 make me loose sight of the money I was loosing paying bills for a house I don’t need anymore and don’t want to rent. If It stayed on the market for 3 months it would have pinched me. being reasonable about value and condition is important if you expect to have buyers.

The other major factor in the quick sale is not cheeping out on having an experienced realtor. Paying a little more commission for the knowledge they own will help with the unforeseen circumstances which can arise during a real estate transaction. In my case I was able to select the most stable buyer so there would be no sudden demands, changes, or mistakes at settlement. My realtor brought to me the multiple offers and pointed out which were strong and which were weak. I was able to select the buyer most qualified and serious so my contract contingencies were released upon inspection in a REASONABLE way.

I don’t know what everyone else has seen of bad real estate transactions but it is expensive and carries inherent liability to your wallet or litigation. Either for or against, being locked in a contract dispute which becomes a legal matter can create a cascade of other issues to deal with.

I am very thankful to have a wonderful wife to share our house together. Moving is a lot of work. Selling a home can be very stressful. Why create more problems for yourself by thinking you know things you don’t in an effort to gain/save a little more money.

Much like any other professional who assists you, such as an attorney, or medical doctor, reputation, and fit are everything. Choose wisely and you will have a better outcome.

Golfman25 said:

I have no clue, that's why I asked about boats. And it's not just unemployment. The economy is taking a hit. Are all these people's jobs that "safe?" Usually in times of crisis people hold back. This time it seem like they are going nuts -- like the end of the world is here, so fk it.

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its only a guess but i think people are investing now because they fear inflation will follow in future and their money on a bank account will become only a meaningless number. they might be right .

My son bought a new house, moved in this past Friday. They had been packing up for a month, got rid of some stuff in the process. My wife went down to help during the week. She stepped on the edge of the concrete driveway, rolled her ankle and somehow broke a bone in her foot, she's in a cast and on crutches for a while.

So my son had to get a new house this year, after getting a new wife last year....coincedence?

Me, same wife for 47 years and house for almost as long. I'm planning some overdue updates on the house but there's not much that can be done for Me and the Admiral.

Woody said:

My son bought a new house, moved in this past Friday. They had been packing up for a month, got rid of some stuff in the process. My wife went down to help during the week. She stepped on the edge of the concrete driveway, rolled her ankle and somehow broke a bone in her foot, she's in a cast and on crutches for a while.

So my son had to get a new house this year, after getting a new wife last year....coincedence?

Me, same wife for 47 years and house for almost as long. I'm planning some overdue updates on the house but there's not much that can be done for Me and the Admiral.

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He's smart. New house is cheaper than an ex wife.

Golfman25 said:

He's smart. New house is cheaper than an ex wife.

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No, the ex wife is getting a monthly check and the new young wife wants babies, the first one is due in a month. This is going to be expensive. He'll learn, I think...I hope.