All Forum Posts by: Jay Hinrichs

@moderators can we close this post - its gotten out of control.

Here in Lafayette Louisiana it depends on the exact location and the "quality" of the home. Regardless I am seeing a lot more price drops and longer DOM than the past few years. 

I recently listed a property for sale, good location, size etc - but needs a bit of work. Offers consistently asked 4-8k at closing, ~10-15k price drop, and to pay for the buyers agent (3%). What it appears is that no one has cash to bring to the closing. I had the house go under a contract a couple times - I adjusted the purchase price and essentially financed what the buyer was asking into the purchase price (w/ the realtor commission being based on the original price)

I've decided to make the repairs, do some upgrades and rent it out again for the next year. Repairs/upgrades will be made this week

What gets me is the offers are well below what the house would appraise for - it appraised for 193k in 2023 for reference. I don't think we've seen a decrease in house price where I live that would back-up the current offers. 

New suburb areas are continuing new construction - a small rental neighborhood should be coming online, a couple of luxury apartment complexes finishing up - so there is activity but it is primarily on the higher end of things from what I can see. DSLD has also just purchased a ton of land between two small cities outside of Lafayette, so I expect to see that completely built up in the next 5 or so years. 

Looking at a property right now where the owner is the agent, they are in foreclosure, owe over $60k in HOA fees - we know what they paid for it and its not worth much more than what they paid but are asking for $400k more (2x) - my agent has been speaking with their agent and they noted they have a full price offer.... My agent said why did you not accept it then since you are in default and accruing all these fees. I love when agents are completely dishonest. They asked us for best and final so we went lower than the last offer.

 What you just advertised is not relevant to this thread.  maybe you should start a new thread just with that instead of sabotaging this thread. 

Your talking about Devil's Night? 

 @Jay Hinrichs - no anyone who may be interested?

The classified ads in the major newspapers had a homes for sale area where all the big Realtors would take full page ads to showcase their listings. Additionally, they'd advertise individual home listings in those little 1/8 page columns. Some newspapers had a separate "FSBO" area where the FSBO was guaranteed at least 50 calls Monday morning - from Realtors wanting to list their property.
Previewing homes for Realtors was much more important then, as up u til the beginning 1980s the MLS book didn't even include photos.
Since I was in commercial real estate from the beginning of my real estate career (1978) I was only involved in residential when I personally wanted to purchase a SFR for investment.

I know a lot of people think they can do everything a broker representing them can do, and believe they can save the commission.  Here is my (admittedly biased) opinion after 45 years in real estate 

1. Most people are TERRIBLE at negotiation. 
2. These same people incorrectly believe that they are Great negotiators. 

More than just “leaving money on the table”, people who are inexperienced, lack knowledge, or just plain lousy at negotiating don’t even realize  when they lose a deal that could have been concluded by their incompetence.  And that’s not even considering the emotional “detrimental effect” that comes into play when attempting to negotiate their own home transaction. 

3-D printing for homes has LOOOOng been around and being fiddled with. Literally decades now. Have you seen any huge impact from 3-D home printing yet? No. It's an interesting idea that still hasn't landed any significant changes. 

SW is about the only place we can do it so that's where all the R&D is located by the daisy-chain of those trying to evolve the tech to something of viability. 

For now it's still a novelty more than anything. 

The recent leaps in pre-fab builds is the spear head of things. BOXABL is a standout leader in this segment. That is where your most likely to see any significant disruptions come from for any radical shift in how housing is built.