Dubbington
Slamdunk Champion
Lots of people with big cheddar around here. 31 offers and the accepted offer was at least $1.34m in cash
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31 offers?!Lots of people with big cheddar around here. 31 offers and the accepted offer was at least $1.34m in cash![]()
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31 offers?!
Why the rush? Have you looked into the details of buying a home more than the appraised value? It's a non issue for cash offers, but can get wonky with a mortgage, the LTV, possibly having to pay the difference up front in cash etc.
Also with the forever home you'll be stuck with property tax on a 1.3mil home with a 2% max increase every year...forever.
Appraisal is a problem if you have to offer over asking price and you don't know with 100% confidence what the appraisal will be until after your offer is accepted. Or can you get an appraisal before going into contract these days?
IMO with the bay area it's all very uncertain given that eviction moratoriums are still in place. SJ just extended it another month to the end of Sept. The moment those are lifted and a boatload of people are evicted (who the heck can pay back 6+ months of rent over a year or so), landlords will be scrambling to get paying tenants. If there's no tenants to fill in, landlords may have to sell, creating a supply of homes for sale. No idea how big of an impact, if any, this could have on the real estate market. More unknowns these days than ever before, there's no reference point for what we're going through imo.
you're 30 something right?
you're not buying a forever home
Also, I don't see a collapse in the real estate market everyone is hoping for. What would cause it? If houses are still selling despite Covid and lenders actually making it harder to qualify, I don't see a strong dip. So it drops a little in a couple years, prop taxes can be re-assessed and drop too. In 5 years that house we missed will be worth $1.7m easily.
I'll.bet you $100 right now that house will not appreciate nearly 50%.
I can't believe you are so short sighted you can't see the real damage being done to the economy. Salesforce posted massive profits and still laid off almost 200 people in sf.
50% of food places are closed permanently per yelp. You may say ohh those poor blue collar workers but they are contributing to the tax base that pays your salary. The next fiscal year is going to look fucked for a lot of people, businesses and governments.
You stated it yourself, you assume 100% of the risk in cash between the appraisal price and the bidding war price that you won.Appraisals are important, I understand, but when you put 40% down, the appraisal according to the bank is less important. If the house appraises at $1,250,000 but are only loaning $765k, the higher the house sells for, the less risk the bank has to get their $765k back. We default and they easily sell the house for $1.2m, get their $765k loan back and we the buyers lose our down.
The fact that much is being put down offsets a lot of risk for the bank and makes it a very small monthly payment relatively.
Interesting article on bay area real estate. Also as mentioned above, rates are historically low and its single family residence we'd plan to stay for decades. Any fluctuations in the market will be weathered and won't impact our ability to make the mortgage payment. If 31 offers were made, its clearly a desirable area.
I'll.bet you $100 right now that house will not appreciate nearly 50%.
I can't believe you are so short sighted you can't see the real damage being done to the economy. Salesforce posted massive profits and still laid off almost 200 people in sf.
50% of food places are closed permanently per yelp. You may say ohh those poor blue collar workers but they are contributing to the tax base that pays your salary. The next fiscal year is going to look fucked for a lot of people, businesses and governments.
... want a house on that's 2000sqft with at least a 10000sqft lot, $1.1m is going to be the base price. This house's location was special with a creak backyard, house was 99% done remodeled, needed nothing...
We can look in pleasant hill and ...
C'mon man, real estate only goes up! Buy now or forever miss out.
That 1.3 mil house will see a 1.7 mil price tag some day nearly for certain. But it will likely see 1.1 or even under a mil first.
Quite right. Lots of pain ahead. The economy is running on fumes and economic stimulus crack.
I've got my eye on Sac. The Pocket/Greenwood area looks pretty nice but I am going to wait and see what happens when all this market stimulus and eviction/foreclosure moratoriums run their course.
BTW "Greenhaven" not Greenwood, Zip 95831. Adjacent 95822 has some similar properties too. Right now it is multiple offers and quick sales for most areas in Sac.
Cheers
I'll have to look around there too. And you are right, right now things are way too hot to jump in.
My house is now at the same price it was in the peak market a year or two ago. It's crazy.