The Cracks Are Showing In the Housing Market Once Again

[rangerrebew]

[Oceander]

Here's to hoping it crashes good and hard this time.

[DCPatriot]

Here's to hoping it crashes good and hard this time.

FYI....while I am actually retired today, I sold real estate for over 35 years.  However, I'm still exposed to it on a daily basis in my "retirement job". 

We're still seeing multiple offers on properties here in the DC region.  Some zipcodes are more active than others of course.

'We' just had a property that had SIX bonafide offers and after accepting what was clearly the cleanest offer, at the eleventh hour the bank declined to fund the mortgage because "....over 10% of the existing condos in the complex are currently HOC (Housing Opportunities Commission) funded sales.

Unlike a guaranteed payday for listing agents, it's a nightmare for agents who choose to represent purchasers. 

One can be a bridesmaid in a multiple offer situation so many times before human nature kicks in and the buyer 'blames' the agent counseling them instead of the market conditions.

[Oceander]

FYI....while I am actually retired today, I sold real estate for over 35 years.  However, I'm still exposed to it on a daily basis in my "retirement job". 

We're still seeing multiple offers on properties here in the DC region.  Some zipcodes are more active than others of course.

'We' just had a property that had SIX bonafide offers and after accepting what was clearly the cleanest offer, at the eleventh hour the bank declined to fund the mortgage because "....over 10% of the existing condos in the complex are currently HOC (Housing Opportunities Commission) funded sales.

Unlike a guaranteed payday for listing agents, it's a nightmare for agents who choose to represent purchasers. 

One can be a bridesmaid in a multiple offer situation so many times before human nature kicks in and the buyer 'blames' the agent counseling them instead of the market conditions.

Thank goodness for all that government largesse being dispensed to the federal government's public union members.  In the rest of the country things aren't quite so rosy.

[DCPatriot]

Thank goodness for all that government largesse being dispensed to the federal government's public union members.  In the rest of the country things aren't quite so rosy.

Actually, the largest group buying real estate with cash offers are Chinese. 

Makes me wonder if the people/investors, etc. are agents of the Chinese government.  Where the hell do these people get all this money?

Some banks have opened up offers to only 'owner/occupants' for the 1st two weeks placed on the market....in order to keep the investor "wolves" at bay.

[Oceander]

Actually, the largest group buying real estate with cash offers are Chinese. 

Makes me wonder if the people/investors, etc. are agents of the Chinese government.  Where the hell do these people get all this money?

Some banks have opened up offers to only 'owner/occupants' for the 1st two weeks placed on the market....in order to keep the investor "wolves" at bay.

They may be moving money offshore (from China, that is) and "storing" it in US real estate - an asset that won't lose value the way that paper money can (and does).

[alicewonders]

Actually, the largest group buying real estate with cash offers are Chinese. 

Makes me wonder if the people/investors, etc. are agents of the Chinese government.  Where the hell do these people get all this money?

Some banks have opened up offers to only 'owner/occupants' for the 1st two weeks placed on the market....in order to keep the investor "wolves" at bay.

When we had our antique mall, we had some dealers that dealt in fine antique jewelry.  There were several Chinese customers that would buy practically all of the jade and ivory they had - plus gold pieces that were priced right.  They spent PLENTY of money - thousands and thousands of dollars at a time.  It was nice when they came buying - but it was a pain in the ass too.  They would talk to each other in Chinese and I never had a clue what they were saying. 

[DCPatriot]

When we had our antique mall, we had some dealers that dealt in fine antique jewelry.  There were several Chinese customers that would buy practically all of the jade and ivory they had - plus gold pieces that were priced right.  They spent PLENTY of money - thousands and thousands of dollars at a time.  It was nice when they came buying - but it was a pain in the ass too.  They would talk to each other in Chinese and I never had a clue what they were saying.

Yep....I'm so jealous of this agent friend of mine.   He speaks fluent Mandarin. 

Although, nowadays, there are dozens of well-known Chinese-American real estate agents to serve their needs, with direct access to their respective embassy.

But at least he knows what they're saying in real time, vs. having translators.

[alicewonders]

Yep....I'm so jealous of this agent friend of mine.   He speaks fluent Mandarin. 

Although, nowadays, there are dozens of well-known Chinese-American real estate agents to serve their needs, with direct access to their respective embassy.

But at least he knows what they're saying in real time, vs. having translators.

I did get one of them to teach me how to say "thank you" in Chinese.  It's "xiexie" - pronounced "she-she".  I wanted to say thank you to them in their language because they were such good customers. 

[EC]

I did get one of them to teach me how to say "thank you" in Chinese.  It's "xiexie" - pronounced "she-she".  I wanted to say thank you to them in their language because they were such good customers.

Probably guaranteed you even more custom! 

The chinese are huge on respect, and saying thank you in their own language is a really big sign of respect.

[alicewonders]

Probably guaranteed you even more custom! 

The chinese are huge on respect, and saying thank you in their own language is a really big sign of respect.

It got to where they would let me know when they were coming to town so I could alert the dealers to "bring in the good stuff". 
 

[rangerrebew]

I did get one of them to teach me how to say "thank you" in Chinese.  It's "xiexie" - pronounced "she-she".  I wanted to say thank you to them in their language because they were such good customers.

I know the Chinese word for constipation - Hungchow.

[alicewonders]

I know the Chinese word for constipation - Hungchow.

Sum ting wong - I have hungchow.   

I'm so sorry for hijacking this thread.