Resale Value insane?

[FischAutoTechGarten]

You're asking the wrong person that question. But since you specifically mentioned 'house'. I'll share an anecdote.

Twenty years ago, my wife and I were selling our Upstate NY home and were receiving multiple offers during the open house. They quickly eclipsed our asking price, which was fair market value and compensated us nicely for the 10 years we owned it (and massively improved it).

Two sets of abnoxious potential buyers, one couple from 'the city' and another couple from 'newark,' couldn't stop talking about what a deal upstate NY realty was, and how they would live in it for two years to avoid capital gains, and then divide it into two apatments and sell it and make bank... and blah, blah, blah. Both couples hit it off and seemed very pleased with themselves, the metropolitan masters of the universe they were, that were going to make a killing buying up property in upstate NY.

We looked over at the nice, local newly married, young couple who had been hoping they could get the house a bit cheape. However, they verbally offered our full asking price after a couple of calsl to friends and family. Unfortunatley, they quickly realized they couldn't go anywhere near the bids that were being tossed out.

We told the 3 serious parties we would think about it over night and let them know in the morning. Within an hour we had formal offers, via email, from all 3... The young couple at our full asking price, and the others at $10k and $15k above that.

My wife and I looked at each other and called the young couple immediately to tell them they were getting the house. We waited until the morning to call the others to let them know we had gone with the other buyer. Their response, both parties, was to demand we release the price we agreed upon with the other buyer, and that if their bids were higher, they would sue us for refusing to sell to them. Both of those parties said that, can't script this stuff.

So the house sold in 24 hours and closed in 4 weeks. Felt really good about it. For me, nothing has ever been about maximizing the amount of money that I can extract from someone. I know that you could care less and that reading these 7 paragraphs was 2 minutes of your life you'll never get back.... But hey, you do you, happy flipping life.

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[imboden013]

When my Mav comes in April I'm going to put a For Sale sign on the back window with a $60k price tag, if only to piss people off

 

[Decayed]

You're asking the wrong person that question. But since you specifically mentioned 'house'. I'll share an anecdote.

Twenty years ago, my wife and I were selling our Upstate NY home and were receiving multiple offers during the open house. They quickly eclipsed our asking price, which was fair market value and compensated us nicely for the 10 years we owned it (and massively improved it).

Two sets of abnoxious potential buyers, one couple from 'the city' and another couple from 'newark,' couldn't stop talking about what a deal upstate NY realty was, and how they would live in it for two years to avoid capital gains, and then divide it into two apatments and sell it and make bank... and blah, blah, blah. Both couples hit it off and seemed very pleased with themselves, the metropolitan masters of the universe they were, that were going to make a killing buying up property in upstate NY.

We looked over at the nice, local newly married, young couple who had been hoping they could get the house a bit cheape. However, they verbally offered our full asking price after a couple of calsl to friends and family. Unfortunatley, they quickly realized they couldn't go anywhere near the bids that were being tossed out.

We told the 3 serious parties we would think about it over night and let them know in the morning. Within an hour we had formal offers, via email, from all 3... The young couple at our full asking price, and the others at $10k and $15k above that.

My wife and I looked at each other and called the young couple immediately to tell them they were getting the house. We waited until the morning to call the others to let them know we had gone with the other buyer. Their response, both parties, was to demand we release the price we agreed upon with the other buyer, and that if their bids were higher, they would sue us for refusing to sell to them. Both of those parties said that, can't script this stuff.

So the house sold in 24 hours and closed in 4 weeks. Felt really good about it. For me, nothing has ever been about maximizing the amount of money that I can extract from someone. I know that you could care less and that reading these 7 paragraphs was 2 minutes of your life you'll never get back.... But hey, you do you, happy flipping life.

Don't conflate being an asshole with good business sense.

There was a big snowstorm year about 20 years ago. Some enterprising young men rented a box truck, drove south until they were out of the storm, loaded up the truck with bags of snow melt they bought, drove back through the snowstorm and sold salt from the back of their truck for $40 a bag. People were pissed off at the price but they were also glad to get it because they needed it. They told anyone who complained where they rented the truck, where they bought the salt and invited them to do the same. For some reason, nobody did.

Without the profit motive those enterprising young men would never have bothered driving all night through a snowstorm to go get salt. With it, they provided a necessary product to people who needed it. Everyone was better off.

Free enterprise capitalism is the greatest wealth producing engine in human history and it's sad when people are so deluded by socialist nonsense that they can't see the truth.

 

[imboden013]

Sounds like fun thing to do. My luck though someone would take me up on it. And I don’t know if I’d let mine go for $60K. I got lucky and picked mine up used with 9K miles on it and have only had it for 3 months but it’s the most fun vehicle to drive I’ve ever had.

 

[gte105u]

Don't conflate being an asshole with good business sense.

There was a big snowstorm year about 20 years ago. Some enterprising young men rented a box truck, drove south until they were out of the storm, loaded up the truck with bags of snow melt they bought, drove back through the snowstorm and sold salt from the back of their truck for $40 a bag. People were pissed off at the price but they were also glad to get it because they needed it. They told anyone who complained where they rented the truck, where they bought the salt and invited them to do the same. For some reason, nobody did.

Without the profit motive those enterprising young men would never have bothered driving all night through a snowstorm to go get salt. With it, they provided a necessary product to people who needed it. Everyone was better off

That is illegal price gouging in most places and should be called out. You don't jack up the price of fuel after a hurricane. You don't charge $10 for a bottle water during a power outage. Shame on them and anyone who supports that. Sell it, sell it for a profit, but also help your neighbors and don't be a flying jack wad.

And I'm as capitalistic as it comes BTW... Don't confuse my having ethics with socialism.

 

[FischAutoTechGarten]

Don't conflate being an asshole with good business sense.

There was a big snowstorm year about 20 years ago. Some enterprising young men rented a box truck, drove south until they were out of the storm, loaded up the truck with bags of snow melt they bought, drove back through the snowstorm and sold salt from the back of their truck for $40 a bag. People were pissed off at the price but they were also glad to get it because they needed it. They told anyone who complained where they rented the truck, where they bought the salt and invited them to do the same. For some reason, nobody did.

Without the profit motive those enterprising young men would never have bothered driving all night through a snowstorm to go get salt. With it, they provided a necessary product to people who needed it. Everyone was better off.

Free enterprise capitalism is the greatest wealth producing engine in human history and it's sad when people are so deluded by socialist nonsense that they can't see the truth.

awesome. gee, I'm about to do a 180 degree spin and call in to question everything i think and feel. maverick flippers are now essential cogs of free enterprise captitalism..... and here I am spounting my unamerican socialist drivel...... hellfire, i need to overspend on a maverick, like pronto, if only to save our struggling us economy and propel our great nation forward.. <- that was tongue in cheek sarcasm should anyone be left doubting....

in all fairness.... the poster asked if I would ever sell a home below market value.... apparently I did. It wasn't commentary on macro economics... there is a very fine line however between profit motive and greed... some of us draw the line differently then others. (a Scott Tucker wouldn't know what I'm talking about).

I'll stop commenting becuase flipping mavericks for substantially more than MSRP is just a hot button issue here that sidetracks otherwise productive exchanges of ideas... annoyed with myself for getting baited ... carry on....

 

[FischAutoTechGarten]

of course you didn't... your question was rhetorical... I knew that you had no interest in reading anything that didn't support your .... whatever you flippers, scalpers call it... bias, belief systems, bidnezz savvy... that's it...

 

[bentley72]

Just did a carvana quote on my almost 1 year old hybrid with 16,000 miles. Their quote was a touch over 29k and msrp on it was 25,130. My 23 has shipped and should arrive in the next few weeks with an msrp of 30k, so should about cover the upgrade

 

[Michaelkov]

hey, whatever you scalpers need to tell yourself.

 

[vabchusa]

Even before I recieved my 2022 Rapid Red hybrid First edition I had a firm offer of $60k (OTD price was $34,605). Now I have 7k+ miles on it and got another offer from same person for $ 65k. It is just insane ( $30k over) Hard to resist but I like the truck and can probabily get MSRP after 5 or 6 yrs as it is a First edition.

 

[Timothyd]

Sic transit gloria

Enjoy it while it lasts. It's a pitiless, predatory capitalist system. Enjoy the ride up. Brace for the inevitable ride down.

If you live right and prepare for it, it's not so bad. There will always be ups and downs no matter what the system. But, yeah, sucks to be in a corner without resources.

 

[NextTruck]

Risk and reward. At some point someone will speculate and the market will flip and they will have over paid, be underwater, and that will follow them to the next vehicle or prohibit them from moving to the next one. But they should not really worry, bailouts are happening more and more.

 

[NextTruck]

That is illegal price gouging in most places and should be called out. You don't jack up the price of fuel after a hurricane. You don't charge $10 for a bottle water during a power outage. Shame on them and anyone who supports that. Sell it, sell it for a profit, but also help your neighbors and don't be a flying jack wad.

And I'm as capitalistic as it comes BTW... Don't confuse my having ethics with socialism.

Agreed. America all the way vs. socialism and anything else it leads to. But taking advantage in disaster situations is not America. Covering cost and some profit is not an issue, but then there is taking advantage of misfortune. I wonder how many other great business ventures the salt guys accomplished, or did they look for the next hardship to exploit.

 

[sanpablo]

You're asking the wrong person that question. But since you specifically mentioned 'house'. I'll share an anecdote.

Twenty years ago, my wife and I were selling our Upstate NY home and were receiving multiple offers during the open house. They quickly eclipsed our asking price, which was fair market value and compensated us nicely for the 10 years we owned it (and massively improved it).

Two sets of abnoxious potential buyers, one couple from 'the city' and another couple from 'newark,' couldn't stop talking about what a deal upstate NY realty was, and how they would live in it for two years to avoid capital gains, and then divide it into two apatments and sell it and make bank... and blah, blah, blah. Both couples hit it off and seemed very pleased with themselves, the metropolitan masters of the universe they were, that were going to make a killing buying up property in upstate NY.

We looked over at the nice, local newly married, young couple who had been hoping they could get the house a bit cheape. However, they verbally offered our full asking price after a couple of calsl to friends and family. Unfortunatley, they quickly realized they couldn't go anywhere near the bids that were being tossed out.

We told the 3 serious parties we would think about it over night and let them know in the morning. Within an hour we had formal offers, via email, from all 3... The young couple at our full asking price, and the others at $10k and $15k above that.

My wife and I looked at each other and called the young couple immediately to tell them they were getting the house. We waited until the morning to call the others to let them know we had gone with the other buyer. Their response, both parties, was to demand we release the price we agreed upon with the other buyer, and that if their bids were higher, they would sue us for refusing to sell to them. Both of those parties said that, can't script this stuff.

So the house sold in 24 hours and closed in 4 weeks. Felt really good about it. For me, nothing has ever been about maximizing the amount of money that I can extract from someone. I know that you could care less and that reading these 7 paragraphs was 2 minutes of your life you'll never get back.... But hey, you do you, happy flipping life.

Great story. I have a similar story. My wife and I bought our first house in 1984. New York real estate market was stupid, a sellers market. It was a great, small house, easily expanded. Utilities and taxes were very low in this market. 4 years later we bought my wife's aunt and uncles house. At the time it was a good buy but of course bigger meaning more expenses but we could swing it.
We made out very well selling the first house. Listed it ourselves. Numerous offers, some above our asking price. We sold it at our asking price to a couple who had grown up on the block. Her parents lived a few doors down.
My wife is still friends with our old next door neighbor who baby sat my son. He is 37 now
We always were paycheck to paycheck until finally paying off the mortgage.
Sorry for being off topic.

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