warning to out of staters moving here... (for sale by owner, apartments)

[12buttons]

I posted this in another thread..bares repeating...for your own good...read on...someone asked why some apartments for rent and houses for sale are going for more money than they are worth?

I reside in TN and here is my take...it's my opinion and hope it helps...

Because clueless chuckies are coming in from out of state looking the wrong way - instead of doing their DD on their new city, they (duh) comp the price they are coming from!! No wonder the locals just shake their heads...one doughnut short of a hole as we say and the salivating realtors laughing all the way to their banks...oh do they love the new guy - especially if they come from the bubble cities or the NE -they appear to be the most desireable and most amenable to giving up the green stuff thinking they are getting a deal cuz it's cheaper than the old place. The poor things. They will pay for their folly eventually - they always do. Everybody loves the Moderator cut: changed to "new comers" So get smart out of stater, do your homework, get ruthless.Your old zip code doesn't compute here..Apples to oranges.

[GatorTrout]

Originally Posted by 12buttons

I posted this in another thread..bares repeating...for your own good...read on...someone asked why some apartments for rent and houses for sale are going for more money than they are worth?

I reside in TN and here is my take...it's my opinion and hope it helps...

Because clueless chuckies are coming in from out of state looking the wrong way - instead of doing their DD on their new city, they (duh) comp the price they are coming from!! No wonder the locals just shake their heads...one doughnut short of a hole as we say and the salivating realtors laughing all the way to their banks...oh do they love the new guy - especially if they come from the bubble cities or the NE -they appear to be the most desireable and most amenable to giving up the green stuff thinking they are getting a deal cuz it's cheaper than the old place. The poor things. They will pay for their folly eventually - they always do. Everybody loves the new sucker Moderator cut: "new comers" So get smart out of stater, do your homework, get ruthless.Your old zip code doesn't compute here..Apples to oranges.

Let me get this right.....you're complaining about your property value being raised by an influx of customers willing to pay more?

Moderator cut: insults not nessesary

[12buttons]

Originally Posted by GatorTrout

Let me get this right.....you're complaining about your property value being raised by an influx of customers willing to pay more?

Moderator cut: cut

Moderator cut: cut as a buyer I have ot compete with these inflated prices..duh!

[williboy]

12buttons, just what part of our lovely state are you posting from, if you wouldn't mind letting us know?

[goodbyehollywood]

Originally Posted by 12buttons

I posted this in another thread..bares repeating...for your own good...read on...someone asked why some apartments for rent and houses for sale are going for more money than they are worth?

I reside in TN and here is my take...it's my opinion and hope it helps...

Because clueless chuckies are coming in from out of state looking the wrong way - instead of doing their DD on their new city, they (duh) comp the price they are coming from!! No wonder the locals just shake their heads...one doughnut short of a hole as we say and the salivating realtors laughing all the way to their banks...oh do they love the new guy - especially if they come from the bubble cities or the NE -they appear to be the most desireable and most amenable to giving up the green stuff thinking they are getting a deal cuz it's cheaper than the old place. The poor things. They will pay for their folly eventually - they always do. Everybody loves the new sucker Moderator cut: cut So get smart out of stater, do your homework, get ruthless.Your old zip code doesn't compute here..Apples to oranges.

Perhaps they're not the ones being clueless, hmmm? After all, if they're coming from a bubble city, they're not exactly falling off the turnip truck. I seriously doubt that they're not doing their DD-- they're probably just making a personal decision, based on their individual needs and financial situation, which you know nothing about.

BTW, "bares" is spelled "bears." Moderator cut: insults not nessesary

[jtnbound]

I can't speak for others but I have bought land and believe to have gotten a good deal. Compared to other properties sold in the same area. Know I can tell you there are builders out there who are throwing out prices that make Palm Bch Florida seem average at best. These people smell blood but as the saying goes it's only worth what someone else is willing to pay for it. I for one have been doing my DD!
Note there are others who are very up front, honest and reasonable.

[mbmouse]

I personally know of several Realtors who tell people moving here that they can get more for their money and need to lower their looking price range here in TN. I too see some properties that are listed WAY to high, but those are also the ones that sit and don't sell either. Mostly those are for sale by owner listings actualy. If they do get a contract, the appraisal comes in low and they have to drop the price before closing anyway.

[goodbyehollywood]

I have bought and sold property in five states-- I've moved a lot-- and I think realtors and buyers are pretty much the same everywhere. Realtors get a lot of business from referrals and word-of-mouth, and it's in their own best interest to steer clients toward a fair price point. And most buyers do their homework. If they don't the first time, they usually do the next. Sweeping generalizations and negative absolutes like those made by the OP seldom apply, and they don't here.

[hiknapster]

I go away for awhile and all the excitement happens!

I think that most of the overpriced areas are out in the middle-of-nowhere, sold by shady developers. It isn't affecting most people.

And the directive to people in bubble areas is a moot point. They can't sell their homes where they are, and in some cases it could be years before they do.

Look, there are a lot of stupid people out there. Still, telling them not to buy overpriced property isn't going to work. People do what they want to do. Telling stupid people not to be stupid is...well, you know what I mean.

And then there are some smart people. They won't get taken.

I wouldn't worry about it. Things have a way of working out. Darwinism at its best.

[gemkeeper]

This is a problem for not only the dufus from out-of-state who pays way too much for their property.

This creates a huge trickle down - or maybe up- problem for other buyers. This is part of the housing bubble catastrophe in the first place.

You get one of these big spenders who have not done their research and the next guy comes into the neighborhood to buy and when the comps are checked -Hey! It looks like these homes are going for more than we thought.

Pretty soon you have 6 or 7 of these happy sales (for the seller and RE) and the comps really do get reset. Now, everybody moving in there has to expect to pay higher unrealistic prices.

This is especially true in the newer developments aimed at retirees and out of staters. It is counted on that they will not do any due diligence and so up the prices go.