Flippin’ Pronstar

Brains · Aug 4, 2020

pronstar said:
This market is crazy.

You ain't kidding, poor suckers like me who are kinda being forced into a move are trying to push the timeline back as much as possible

We've been looking at houses and thinking "this should be a WHOLE lot nicer for this kinda money." People are listing for crazy dollars and getting it.

TheDan · Aug 4, 2020

Which is weird since we have record unemployment. Isn't commercial real estate crashing right now?

toddnjoyce · Aug 4, 2020

TheDan said:
Which is weird since we have record unemployment. Isn't commercial real estate crashing right now?

Kind of like the rona, I don’t directly know someone who’s unemployed right now. I’m still waiting to see the fallout from record unemployment...sure, Q2 revenue sucked, but the recession doesn’t seem to be following suit.

What I do know is that most of the people I know with a job feel fairly secure in it, with the exception being people I know in the airline industry. Record hiring numbers at all levels turned completely off overnight. The bloodbaths will begin earnestly in October when the six-month commitment to keep employees on the roles as a condition for rona welfare loans expires.

What I expect is that most of the unemployment claims are based on reduced work hours and not job loss.

SQLGeek · Aug 4, 2020

toddnjoyce said:
I don’t directly know someone who’s unemployed right now.

I have a couple of friends who were laid off. I'm not feeling super confident in my own job right now. That's best discussed in person over beers though.

deemus · Aug 4, 2020

toddnjoyce said:
Kind of like the rona, I don’t directly know someone who’s unemployed right now. I’m still waiting to see the fallout from record unemployment...sure, Q2 revenue sucked, but the recession doesn’t seem to be following suit.

What I do know is that most of the people I know with a job feel fairly secure in it, with the exception being people I know in the airline industry. Record hiring numbers at all levels turned completely off overnight. The bloodbaths will begin earnestly in October when the six-month commitment to keep employees on the roles as a condition for rona welfare loans expires.

What I expect is that most of the unemployment claims are based on reduced work hours and not job loss.

many of the unemployed are in the food service industry.

TheDan · Aug 4, 2020

toddnjoyce said:
Kind of like the rona, I don’t directly know someone who’s unemployed right now. I’m still waiting to see the fallout from record unemployment...sure, Q2 revenue sucked, but the recession doesn’t seem to be following suit.

What I do know is that most of the people I know with a job feel fairly secure in it, with the exception being people I know in the airline industry. Record hiring numbers at all levels turned completely off overnight. The bloodbaths will begin earnestly in October when the six-month commitment to keep employees on the roles as a condition for rona welfare loans expires.

What I expect is that most of the unemployment claims are based on reduced work hours and not job loss.

There's more problems with the economy than just the government being ronarded. The shutdowns are causing problems, but I think they are masking others. I got laid off last month... The weird part was last year I was expecting to be laid off in March just in time to wrap up Q1. I think the shutdowns actually delayed that.

Axxe55 · Aug 4, 2020

deemus said:
many of the unemployed are in the food service industry.

The wife was telling me last night, that they just shut down our local Whataburger. Nope, not for CV19. To remodel. They just did a huge total makeover just two years ago to that store.

I wonder if business slowed down to where they thought this would be the best time to do the remodel?

ZX9RCAM · Aug 4, 2020

Whataburger announced earlier in the year that they would be remodeling the majority of their stores.

Axxe55 · Aug 4, 2020

ZX9RCAM said:
Whataburger announced earlier in the year that they would be remodeling the majority of their stores.

Thanks Cam.

gdr_11 · Aug 4, 2020

The comments about decor remind me of 2016 when I was looking for a rural home here in East Texas. 75% - 80% of the homes had wood paneling in two or more rooms; some had paneling in the living room, dining room, kitchen, and bedrooms! I hate paneling and no way I am going to spend 5 minutes tearing it out so we passed on looking at any home with paneling, including some pretty nice ones. Oh, and don't get me started in the knotty pine....that went out with my grandparents.

toddnjoyce · Aug 4, 2020

deemus said:
many of the unemployed are in the food service industry.

Barron’s did a real good article back in June on the hardest hit segments and plans to due a follow later in Q3 or early Q4.

https://www.barrons.com/articles/co...dest-heres-how-they-could-recover-51592643600

pronstar · Aug 4, 2020

gdr_11 said:
The comments about decor remind me of 2016 when I was looking for a rural home here in East Texas. 75% - 80% of the homes had wood paneling in two or more rooms; some had paneling in the living room, dining room, kitchen, and bedrooms! I hate paneling and no way I am going to spend 5 minutes tearing it out so we passed on looking at any home with paneling, including some pretty nice ones. Oh, and don't get me started in the knotty pine....that went out with my grandparents.

Most buyers are the same.

Houses that are 100% move in ready will sell quickly.

Houses that need $2k in work will need a $20k price cut (compared to comps) to garner interest...I’m embellishing a bit, but you get the gist.

I equate it to buying a classic car.

There’s demand for restored cars.
There’s demand for cars in need of restoration.
But demand is soft for a car that’s been partially renovated...no one wants to pay for the work that’s been partially done.

Sent from my iPad using Tapatalk

Darkpriest667 · Aug 4, 2020

Brains said:
You ain't kidding, poor suckers like me who are kinda being forced into a move are trying to push the timeline back as much as possible

We've been looking at houses and thinking "this should be a WHOLE lot nicer for this kinda money." People are listing for crazy dollars and getting it.

I am buying a house. I sent the offer in July when the market seemed best to buy. In the Austin area if you don't bid on it the day it's listed you won't get it. I got lucky that I got it AT list price. Most houses within 50 miles of the city are going for 5 to 10% more than listing price AND buyers are paying closing costs. It's brutal!

pronstar · Sep 6, 2020

Ton of drama with a silver lining.

First buyer wanted me to rewire the house (it’s aluminum), new panel and a new roof. Hard pass.

Under contract with another buyer...got my permit issues worked out...but then a freak hail storm damaged the roof!
Buyer pulls out.

The old roof was ancient but didn’t leak.
Both previous buyers wanted concessions for the roof.

Got a new roof put on by insurance.
While the roof doesn’t add value per se, it does allow me to avoid giving concessions for it on the back end, so that’s more money in my pocket.

House went back on the market last Wednesday. Have been getting offers every day and just accepted an offer today. Over asking and a quick close.

FML I need to get our from under these houses quicker...now I’m shopping for the next flip, hoping to have one soon so we can have it to market around thanksgiving

Sent from my iPhone using Tapatalk Pro

Brains · Sep 7, 2020

Home sales are crazy right now. Listed our house and filled all available showings right off the bat, multiple full price offers day one (close to 10% over appraisal). One of those came back to proactively revise offer above asking but we're going with the quicker close option to avoid pressure on closing on the new house. With interest rates this low people are buying whatever they can it seems, thankfully we were able to find a property that fits us pretty well. We're probably overpaying for it by maybe 20k, balanced by the ease of selling our current house.

Wife does an amazing job on upgrading our houses, and we price them in the sweet spot so they basically become impulse buys. The showing reviews coming back have all been 4's and 5's out of 5. Leaving money on the table? Likely, but neither of us enjoys this process so we're happy just getting it done and over with.

SQLGeek · Sep 7, 2020

I'm just glad I'm not in the market right now.

Sasquatch · Sep 9, 2020

You need a wife with bleach blonde hair, DD personality, and a convertible so that you can get your own show - Flippin' with Pronstar - if the housing market tanks, you transition the show into a bass fishing show - the title stays the same, but you replace the bleach blonde wife with a guy wearing flannel and denim with a beard, and use the phrase "Ooooo dawgies" a lot.

pronstar · Sep 9, 2020

Accepted an offer, $13k over asking.
Close on the 30th.

Let’s hope this one goes thru without a hitch.

Then on to the next one!

Sent from my iPhone using Tapatalk Pro

ZX9RCAM · Sep 9, 2020

pronstar said:
Accepted an offer, $13k over asking.
Close on the 30th.

Let’s hope this one goes thru without a hitch.

Then on to the next one!

Sent from my iPhone using Tapatalk Pro

Why do people offer over asking?
Is it due to a bidding war or something?

pronstar · Sep 9, 2020

ZX9RCAM said:
Why do people offer over asking?
Is it due to a bidding war or something?

Bidding war

Sent from my iPhone using Tapatalk Pro

Flippin’ Pronstar

The #1 community for Gun Owners in Texas

Member Benefits:

One of the idiots

deplorable malcontent scofflaw

TGT Addict

Muh state lines

my mama says I'm special

deplorable malcontent scofflaw

Retiretgtshit stirrer

Over the Rainbow bridge...

Retiretgtshit stirrer

TGT Addict

TGT Addict

TGT Addict

Actually Attends

TGT Addict

One of the idiots

Muh state lines

TGT Addict

TGT Addict

Over the Rainbow bridge...

TGT Addict

Forum statistics