Austin Market has truly gone to **** (landlords, organic, housing market)

[riaelise]

Originally Posted by ashbeeigh

Adding it here just in case anyone needed or cared for the update on the offer in San Marcos. They were outbid by a "considerably higher offer." I'm not even going to be upset when people put in asking and get outbid in the Austin metro anymore. They were the 1st offer in.

Sorry to hear that :/ Really, it's looking that right now in this frenzied market they simply don't have enough to play the game. The sad reality is that they either need to broaden their desired area or somehow come up with enough funds to outbid the others. Or just stay put. Are they selling their own home and using that money to move up?

I don't have a crystal ball, but I am glad we bought when we did because our home would now be much higher to buy. Also glad that this home was the 'move up' home so that staying put for another 15 years wouldn't be such a bother. You have people paying way more than we did for homes that are smaller and don't have pools.

[ashbeeigh]

Originally Posted by riaelise

Sorry to hear that :/ Really, it's looking that right now in this frenzied market they simply don't have enough to play the game. The sad reality is that they either need to broaden their desired area or somehow come up with enough funds to outbid the others. Or just stay put. Are they selling their own home and using that money to move up?

I don't have a crystal ball, but I am glad we bought when we did because our home would now be much higher to buy. Also glad that this home was the 'move up' home so that staying put for another 15 years wouldn't be such a bother. You have people paying way more than we did for homes that are smaller and don't have pools.

They’re renting currently. It’s a dump of a house where the landlord just kind of left it to us. I’ve suggested they buy it from the owner, remodel, sell, and use any profit to add on to down payment. But I worry about a lot of the things people do here, if they sell the rental, they’re going to be in a pinch to find a new home. And the market in SA isn’t the same as Austin.

[CarnivalGal]

Our neighbor is a Realtor and has recently put two offers in for $100K over asking here in Steiner (78732) and was outbid both times. A house here that just closed this week was listed for $849K and sold for $1.25 million, almost 50% over ask.

Honestly, if you have the choice, I would get out of the game right now and wait a while. I don't think prices are really going to go down, but I think the frenzy will settle.

Another issue here is that even rents are being bid up. And people who have had rental houses here forever are deciding to capitalize on the market and sell their rental homes, leaving the renters with very few options of places to go.

[redguard57]

Where in the heck are people getting all this money to do the bidding?

For the record, you guys, Austin is not the only market like this. It seems that basically anywhere in the U.S. that was hot or somewhat hot before covid, is now in absurd frenzy mode.

Just looked up San Antonio. It's still quite a bit cheaper than Austin, more inventory, but it looks like things have spiked there too. There are Austin-like neighborhoods where the spike is intense.

[va_residents]

Originally Posted by redguard57

Where in the heck are people getting all this money to do the bidding?

California people have too much cash from their stock options.

[Need4Camaro]

Originally Posted by redguard57

Where in the heck are people getting all this money to do the bidding?

For the record, you guys, Austin is not the only market like this. It seems that basically anywhere in the U.S. that was hot or somewhat hot before covid, is now in absurd frenzy mode.

Just looked up San Antonio. It's still quite a bit cheaper than Austin, more inventory, but it looks like things have spiked there too. There are Austin-like neighborhoods where the spike is intense.

Equity in their former homes.

[craftyreader]

Originally Posted by redguard57

Where in the heck are people getting all this money to do the bidding?

For the record, you guys, Austin is not the only market like this. It seems that basically anywhere in the U.S. that was hot or somewhat hot before covid, is now in absurd frenzy mode.

Just looked up San Antonio. It's still quite a bit cheaper than Austin, more inventory, but it looks like things have spiked there too. There are Austin-like neighborhoods where the spike is intense.

Our house in SA sold in 4 days. Just not enough inventory.

[ScoPro]

Originally Posted by redguard57

Where in the heck are people getting all this money to do the bidding?

For the record, you guys, Austin is not the only market like this. It seems that basically anywhere in the U.S. that was hot or somewhat hot before covid, is now in absurd frenzy mode.

Just looked up San Antonio. It's still quite a bit cheaper than Austin, more inventory, but it looks like things have spiked there too. There are Austin-like neighborhoods where the spike is intense.

Some friends in Traverse City, Michigan ran into the same kind of bidding war competition to get their home two weeks ago. They “won” the house only because the highest bidder had to back out.

Another couple had to beat several other bidders to win their Kentucky house out in the middle of nowhere six months ago.

[ashbeeigh]

Originally Posted by craftyreader

Our house in SA sold in 4 days. Just not enough inventory.

If I had my life together I'd go get a job for AISD and buy a house in the neighborhood I grew up in near Shavano Park. The homes are priced about the same as a tear down in east Austin and I would have access to all the things I love here, just there. But, I don't and I can't buy right now. Even then, it doesn't look as crazy as it does here.

[KerrTown]

Originally Posted by dicipher

More conjecture and stereotyping.

Prejudice: an unfair and unreasonable opinion or feeling, especially when formed without enough thought or knowledge

Remember everyone. If you're on unemployment, it doesn't matter what you did before that. You're simply a deadbeat that goes to Mickey D's

This is what happens when you get Faux News is your go-to source. Misinformation spreads more rapidly on right-wing propaganda channels than (sadly) social media!

The restaurant and retail workers took the brunt of the COVID infections and deaths when they were essential employees (but not front liners with doctors, nurses, fire/police thanks to the class issue perpetuated by the PR industry) during the lockdown era. Most of the deaths were caused by anti-maskers; some say that the anti-mask movement was cooked up by white supremacists to weaponize COVID on people of color who largely work in the service industry.

The pay right now for restaurant and retail workers is not commiserate with the risks of catching COVID. Even coal miners back in the day made a middle-class salary because of the hazard premium. Slick entrepreneurs are trying to skirt the market and use the savings from paying the hazard premium to pad their profits/pockets! Economics 101 and the free-market only apply to the capitalists, not the workers.

Obviously anti-maskers and anti-vaxxers are the obstacle from getting back to normal. There was lots of ruckus about ending the lockdown early, but not much about ending the actual viral emergency. Just lots of complacency--and the general defeatism leaves no doubt that America is in decline.