F&@! this housing market

[TimTaylor751647545500]

Lost out on a house with an 8 car garage because the selling agent is an unethical bitch. Just lost out on another gem because I was outbid. My initial offer was $10k over asking with an escalation clause up to $17.5k OVER asking and was outbid. These people have more money than sense.

 

I will say that the selling part was very good to us.

[STEVE-O]

Lost out on a house with an 8 car garage because the selling agent is an unethical bitch. Just lost out on another gem because I was outbid. My initial offer was $10k over asking with an escalation clause up to $17.5k OVER asking and was outbid. These people have more money than sense.

 

I will say that the selling part was very good to us.

 

Welcome to supply and demand , its been like this for about 2 years now and is not slowing down

[spankis]

Lost out on a house with an 8 car garage because the selling agent is an unethical bitch. Just lost out on another gem because I was outbid. My initial offer was $10k over asking with an escalation clause up to $17.5k OVER asking and was outbid. These people have more money than sense.

 

I will say that the selling part was very good to us.

 

If that's really true then report her. They can lose their credential if doing something unethical. Our realtor WAS the ethics person for the local district. We had somebody pull some shit like "Oh sorry we can't show the house at that time, sorry. Nope, not at that time either. Oh, nope sorry, that also won't work."....

 

They were effectively blocking us from seeing before another preferred realtor friend. Our realtor called them out, threatening an ethics violation and got us in 2 hours later .

 

Good Luck!

[TimTaylor751647545500]

The process is on going. Her buyers accepted my offer, but before she sent the confirmation to us, she went back to my competition once more to see if they'd go up. Then I didn't get to counter.

 

Told my agent the acknowledgement email was en route but it never showed up.

[iwashmycar]

Yeah that's a bummer. These agents turn into fucking used car salesmen in an instant lol.

 

I'm not complaining though. We're putting them in the ground as fast as we can too.

[Geeesammy]

Market is going to come to a grindng halt soonish. Give it 6 months

[AngryBMW]

Market is going to come to a grindng halt soonish. Give it 6 months

 

You think? What's your reasoning?

-Marc

[Supplicium]

Market is going to come to a grindng halt soonish. Give it 6 months

 

absolutely no chance of a slowdown in Central Ohio over the next 2 years.

[STEVE-O]

absolutely no chance of a slowdown in Central Ohio over the next 2 years.

 

This is truth

[zeitgeist57]

absolutely no chance of a slowdown in Central Ohio over the next 2 years.

 

+1.

 

Believe me, I was a naysayer for the last couple of years; the economic fundamentals are still too strong for it to slow down.

 

There may be a correction - note, NOT a recession - but good areas to live will always be popular.

[Bam]

The house next door to mine just listed at 315k....I bought 10 years ago for $135k....too bad we're looking to sell because we could make a killing! Houses are identical so I'm curious to see what it sells for and hope it stays strong for the next 6 years until we're ready to sell. Ha.

[C-Mart]

Try buying in Denver. Woof.

[Fiji ST]

Can anyone explain the boom going on right now? Is Columbus' population exploding the past two years? I don't get it. They're building houses like crazy in Delaware County, but they've also built at least 5 new apartment complexes within 5 miles of Tuttle Mall in the past 18 months with more coming. Hell, houses in my neighborhood go for asking or more within hours of being put on the market.

[STEVE-O]

Can anyone explain the boom going on right now? Is Columbus' population exploding the past two years? I don't get it. They're building houses like crazy in Delaware County, but they've also built at least 5 new apartment complexes within 5 miles of Tuttle Mall in the past 18 months with more coming. Hell, houses in my neighborhood go for asking or more within hours of being put on the market.

 

Supply and demand, people are not afraid to spend money now and haven't been for the last 2-3 years so market is high. Rates are good so people are building new because well they can afford to and Columbus is a major city with good neighborhoods just outside the city as well.

[Zx2guy19]

Try buying in Denver. Woof.

 

I believe Denver is #2 in buying right now, Columbus is #3. Shouldn't be much of a difference. Columbus is crazy right now.

[zeitgeist57]

Can anyone explain the boom going on right now? Is Columbus' population exploding the past two years? I don't get it. They're building houses like crazy in Delaware County, but they've also built at least 5 new apartment complexes within 5 miles of Tuttle Mall in the past 18 months with more coming. Hell, houses in my neighborhood go for asking or more within hours of being put on the market.

 

From a business perspective, there are a lot of:

 

1) New companies, growing organically. Either standing on their own, or being bolstered by Private Equity/Venture Capital investments.

 

2) regional/national/international companies investing in the area. Amazon, Retail, Honda, Medical...

 

3) Major IT/Data Management/call center investments

 

3) GOVERNMENT/HIGHER EDU/HEALTHCARE INVESTMENT. State capital, major universities, hospital chains

 

4) Business infrastructure support - think of not just the main companies, but all the service industries/sales/technicians that help those companies, and the OTHER feeder firms that help THOSE companies. I can tell you a lot of people I know moving into UA/Dublin areas are sales/business development people that essentially work-at-home, but travel. Enhancements to John Glenn make it a lot easier to get around the nation from C'Bus. These folks used to live in NYC, Philly, Atlanta, Chicago, Boston, Cali, DC, etc.....why the F would you keep paying double to triple for housing and cost-of-living when for the same salary you can still do bizness and put way more in the bank?

 

You're seeing a lot of government/private sector collaboration that helps bolster the local and regional economy as well (Columbus 2020, Columb*US, etc)

 

Really, if you're going to choose to live in the Midwest you're here because of two things:

1) Family ties

2) Low cost of living

Columbus does the whole "midwest" thing better than most cities, like Detroit, Chicago, Indy, Cleveland/Cincy, etc...

[Geeto67]

Can anyone explain the boom going on right now? Is Columbus' population exploding the past two years? I don't get it. They're building houses like crazy in Delaware County, but they've also built at least 5 new apartment complexes within 5 miles of Tuttle Mall in the past 18 months with more coming. Hell, houses in my neighborhood go for asking or more within hours of being put on the market.

 

For the last several years (about 5) Cbus has been increasing in population. A lot of this was driven by employment growth - Columbus has a well balanced and diverse employment landscape (by diverse I mean a good mix of blue and white collar jobs, not ethnic, gender or racial diversity) so a prop up in one area tends to bring the others along. The speculation is that the professional and business services industry is driving the growth.

 

With those new jobs comes new people into the state that need housing. While there are many rentals around, the for purchase residential market is lagging behind the population growth, meaning if you want to buy a house in this city in a good neighborhood you better be ready to pay and move quickly. What is interesting is that the job market has been outpacing the population growth as well, so there is some speculation the new apartment builds are anticipating population growth catching up to employment growth.

[BStowers023]

There are like 7-8 large apartment/condo buildings going up in/near downtown. Our company is working on a few on them. It's just crazy how much money there must be in Columbus for there to be that many places being built that are $1500+/month rent for a 1 bedroom or $400k+ for a 2 bedroom condo while the prices in areas like Grandview stay steady or steadily increase.

[mrs.cos]

I read an article the other day stating columbus is incurring 50k new residents a year over the last 4 years and there just isn't enough housing for them.

 

I'll be very interested in new census numbers

 

 

Sent from my iPhone using Tapatalk

[Diamonds]

You think? What's your reasoning?

-Marc

 

We're due. In fact.... overdue. Granted, 614 will be less affected. But, a down market is in the future and is said to begin in 4Q 17.

[coltboostin]

. Just lost out on another gem because I was outbid.

 

I will say that the selling part was very good to us.

 

You know what they say about having your cake and eating it too?

[TimTaylor751647545500]

You know what they say about having your cake and eating it too?

 

Does that make me greedy?

[Supplicium]

Its much simpler for the central ohio market. We are going to take on ~750k new residents over the next 10 years. Our new builds/housing starts trend is extremely lacking the demand in the area. This is due to minimal land available, expensive. Every single trade involved in building a house has risen their prices extremely high because, there is a lack of skill labor. Without the land and a skilled workforce you cant pump out thousands of houses like we did in the 90s. Lack of supply and high demand = supply gets a premium regardless if it is really warranted.

 

To give some context in the 90's the largest home builder built 1200 homes a year here. As a whole there was 12,000+ starts. Last year that builder built 450, this year 600.

 

I recommend Ted Jones his twitter feed is great. I go to his meeting every year about ohio's economic forecast, he is very real and insightful.

https://blog.stewart.com/stewart/author/tjones/

 

Twitter: @drtcj

[Brandon]

We're due. In fact.... overdue. Granted, 614 will be less affected. But, a down market is in the future and is said to begin in 4Q 17.

 

Meh.

 

There is about 290-300 billion dollars out there looking to be placed right now.

 

Raising capital is the "easy" part right now. Placement is the more critical part.

 

 

 

As to relate, we sold for 120k over our original purchase price this April after 7 years. Backing out upgrades we made ect, I paid myself about 9k a year to live in my last home. However I am building now, and got in on 16' pricing before these builders all raised rates in 17' by 1-2% ! We also locked in almost a full point lower on a 30 year note then our previous home which I felt was reaching near its full value. Where as our new home from the moment we move in will instantly have 10k in value from the builders cost raises, and several comp homes (albeit Northstar community is so new) are going for 25-50k over build price (what we pay) with in 1 month of completion...SO all in all it made fair sense for us to upgrade and get our "dream home", all while cashing out large appreciation, and lower lending costs.

 

What is interesting is we have also been looking at a vacation rental for investment/personal holding down along the beaches in NC...They are not nearly as escalated in price as Columbus (think supra dyno graph), much slower steady appreciation.

[Geeesammy]

Columbus wont be effected nearly as much as well as other large markets just due to sheer size and numbers. Sale pending homes have gone down the last year. The NAR numver was 3.3% lower iirc. Id be glad to give my super amateur opinion once im off work tonight.