Comments by "Daniel Bradford" (@Falconlibrary) on "Zillow To Sellers “It's Over”" video.

  1. Unfortunately, there's still a LOT of suckers out there. I've been tracking houses for sale and here's two examples: House #1: Listed at 205% of what the seller paid for it three years ago. Price cut to 185% of what the seller paid three years ago after 60+ days on the market. Yep, someone snapped it up because it's a "bargain". House #2: Listed at 220% of what the seller paid for it two years ago. Price cut to 175% of what the seller paid two years ago after 30+ days on the market. An "investor" bought it for a rental. These people are idiots. House #1, they should've just offered at most 10% over what the seller paid, take it or leave it. House #2, same thing. How can the investor earn back his money on that rental? The rent will have to be so high he'll struggle to keep it occupied because the coming recession will be very bad.
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  2. I'm in the Midwest, too. The only seller I've seen so far who is behaving realistically is one who bought the house for $75,000 two years ago, listed it for $220,000, and just cut the price to $95,000. I talked to the realtor repping the owner and she said "He wants to get out and hopefully make a small profit or break even rather than risk not selling when mortgage rates go up again." Sellers who are holding out for last year's prices in today's market are going to get burned.
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  3.  @cathie6606  A realtor got upset with me when I pointed this out to her: "So the seller bought this house two years ago, did no upgrades except painting every room gray, and now wants me to hand them a $50,000 profit for doing what, exactly?" But the house sold for asking price the next week. Can't fault the seller for getting their highest price; this one is on the buyer for being epically stupid. And it's in a town where wages are low and population is declining.
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  4.  @robertbrown1021  Opportunity cost. If I pay $150,000 for a rental house that doesn't rent out, or rents out at a rent that doesn't provide me with decent cash flow, I'm a sucker. You can invest that $150,000 in treasury securities, I bonds, etc or in a more productive asset. Point is: If the buyer had been patient, he could've had two houses for $150,000 instead of one house for the same money.
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