This housing market
10-May-22 8:57am
#1 MrBean
I hope none of you are currently in the market. I've been in my house for 13 years and we committed to moving out before our oldest starts Kindergarten - which is this August.
I knew that costs were high, but what the fudge, even the interest rates are bat crap right now. I couldn't believe it when we started playing the numbers game and they're in the mid to high 5's right now. Son of a dog. Had we simply done this last year, we would have been in such a better spot.
This is just fudgeed. I really debate if we shouldn't wait longer, but the reality is ... is this the new norm? Will it come back down? Every time we find something in budget, it's gone the same day. Having a contingent bid, we're always behind the 8 ball as cash is king right now.
This is slightly out of our comfort zone for how much we want to spend, but man ... I love it. The problem is, the upkeep of the yard, jesus christ ... it's a bit much. https://www.zillow.c...
#1 MrBean
| This topic had many older posts which were moved here: https://gametz.com/G... |
I hope none of you are currently in the market. I've been in my house for 13 years and we committed to moving out before our oldest starts Kindergarten - which is this August.
I knew that costs were high, but what the fudge, even the interest rates are bat crap right now. I couldn't believe it when we started playing the numbers game and they're in the mid to high 5's right now. Son of a dog. Had we simply done this last year, we would have been in such a better spot.
This is just fudgeed. I really debate if we shouldn't wait longer, but the reality is ... is this the new norm? Will it come back down? Every time we find something in budget, it's gone the same day. Having a contingent bid, we're always behind the 8 ball as cash is king right now.
This is slightly out of our comfort zone for how much we want to spend, but man ... I love it. The problem is, the upkeep of the yard, jesus christ ... it's a bit much. https://www.zillow.c...
7-Aug-23 12:24pm
#2 John
Noid wrote:
Will remodeling prices go back down to half of what they are now or is this just the new normal?
I really don't know. I don't see them going down to half again -- we just never get back that far. But I think they will eventually come down more. Lumber prices have come down, but they are still quoting crazy pricing for that. And, in my area, at least, I feel like a ton of construction places got busy and are slowly getting less busy. Hopefully, that causes some more competitive pricing.
#2 John
Noid wrote:
Will remodeling prices go back down to half of what they are now or is this just the new normal?
I really don't know. I don't see them going down to half again -- we just never get back that far. But I think they will eventually come down more. Lumber prices have come down, but they are still quoting crazy pricing for that. And, in my area, at least, I feel like a ton of construction places got busy and are slowly getting less busy. Hopefully, that causes some more competitive pricing.
15-Sep-23 11:49am
#3 MrBean
Just looked at, by far, the craziest house ever. I honestly don't hate it. LOTS of work/updating, but if we could get it for what the bank paid ($422k) and drop $200k into it, it'd be worth it.
https://apps.realtor...
#3 MrBean
Just looked at, by far, the craziest house ever. I honestly don't hate it. LOTS of work/updating, but if we could get it for what the bank paid ($422k) and drop $200k into it, it'd be worth it.
https://apps.realtor...
15-Sep-23 11:54am
#4 Feeb
MrBean wrote:
Just looked at, by far, the craziest house ever. I honestly don't hate it. LOTS of work/updating, but if we could get it for what the bank paid ($422k) and drop $200k into it, it'd be worth it. https://apps.realtor...
Nice. That place looks like an escape room setting. I love it.
#4 Feeb
MrBean wrote:
Just looked at, by far, the craziest house ever. I honestly don't hate it. LOTS of work/updating, but if we could get it for what the bank paid ($422k) and drop $200k into it, it'd be worth it. https://apps.realtor...
Nice. That place looks like an escape room setting. I love it.
15-Sep-23 12:00pm
#5 sa330206
MrBean wrote:
Just looked at, by far, the craziest house ever. I honestly don't hate it. LOTS of work/updating, but if we could get it for what the bank paid ($422k) and drop $200k into it, it'd be worth it. https://apps.realtor...
Wow, that is pretty cool. I feel like you'd have to at least keep the crazy design going up the stairs and on the fireplace, I love that. I'm not sure if 200k would be enough to fix it up or not though. Very unique and cool property, are you guys thinking of throwing in an offer?
#5 sa330206
MrBean wrote:
Just looked at, by far, the craziest house ever. I honestly don't hate it. LOTS of work/updating, but if we could get it for what the bank paid ($422k) and drop $200k into it, it'd be worth it. https://apps.realtor...
Wow, that is pretty cool. I feel like you'd have to at least keep the crazy design going up the stairs and on the fireplace, I love that. I'm not sure if 200k would be enough to fix it up or not though. Very unique and cool property, are you guys thinking of throwing in an offer?
15-Sep-23 12:19pm
#6 shadyfozzie
some rooms just need paint.. it looks like a house you'd see in an 80's comedy movie..
#6 shadyfozzie
some rooms just need paint.. it looks like a house you'd see in an 80's comedy movie..
15-Sep-23 12:46pm
#7 MrBean
sa330206 wrote:
MrBean wrote:> Just looked at, by far, the craziest house ever. I honestly don't hate it. LOTS of> work/updating, but if we could get it for what the bank paid ($422k) and drop $200k> into it, it'd be worth it. > > https://apps.realtor... Wow, that is pretty cool. I feel like you'd have to at least keep the crazy design going up the stairs and on the fireplace, I love that. I'm not sure if 200k would be enough to fix it up or not though. Very unique and cool property, are you guys thinking of throwing in an offer?
The stairs are amazingly cool in person. That wall is insane.
The $200k we are thinking would take care of the master bathroom, knock down the wall between kitchen and second living room, revamp the kitchen all together, and hopefully carpet.
There's so much that the pics don't show too. The house is big.
We don't think they'll take $425 but think we may throw it out there. We'll hire someone to come help determine approximate costs for major remodeling efforts to see what we can afford vs do later/on our own.
#7 MrBean
sa330206 wrote:
MrBean wrote:> Just looked at, by far, the craziest house ever. I honestly don't hate it. LOTS of> work/updating, but if we could get it for what the bank paid ($422k) and drop $200k> into it, it'd be worth it. > > https://apps.realtor... Wow, that is pretty cool. I feel like you'd have to at least keep the crazy design going up the stairs and on the fireplace, I love that. I'm not sure if 200k would be enough to fix it up or not though. Very unique and cool property, are you guys thinking of throwing in an offer?
The stairs are amazingly cool in person. That wall is insane.
The $200k we are thinking would take care of the master bathroom, knock down the wall between kitchen and second living room, revamp the kitchen all together, and hopefully carpet.
There's so much that the pics don't show too. The house is big.
We don't think they'll take $425 but think we may throw it out there. We'll hire someone to come help determine approximate costs for major remodeling efforts to see what we can afford vs do later/on our own.
15-Sep-23 12:49pm
#8 MrBean
shadyfozzie wrote:
some rooms just need paint.. it looks like a house you'd see in an 80's comedy movie..
Yah, quite a bit we'd be OK with for now with just some wallpaper removal and paint.
#8 MrBean
shadyfozzie wrote:
some rooms just need paint.. it looks like a house you'd see in an 80's comedy movie..
Yah, quite a bit we'd be OK with for now with just some wallpaper removal and paint.
15-Sep-23 12:50pm
#9 MrBean
Feeb wrote:
MrBean wrote:> Just looked at, by far, the craziest house ever. I honestly don't hate it. LOTS of> work/updating, but if we could get it for what the bank paid ($422k) and drop $200k> into it, it'd be worth it. > > https://apps.realtor... Nice. That place looks like an escape room setting. I love it.
Haha this made my wife laugh, she's like... He's not wrong.
#9 MrBean
Feeb wrote:
MrBean wrote:> Just looked at, by far, the craziest house ever. I honestly don't hate it. LOTS of> work/updating, but if we could get it for what the bank paid ($422k) and drop $200k> into it, it'd be worth it. > > https://apps.realtor... Nice. That place looks like an escape room setting. I love it.
Haha this made my wife laugh, she's like... He's not wrong.
16-Sep-23 11:16am
#10 HybridCRoW
Anyone got any particular sites they trust more in finding houses/apartments for rent? Obviously for the price of 1 bedroom/1 bath apartments I've been seeing, I should be able to rent a house for that much. Might even be able to avoid having to meet credit check requirements, etc that way also.
#10 HybridCRoW
Anyone got any particular sites they trust more in finding houses/apartments for rent? Obviously for the price of 1 bedroom/1 bath apartments I've been seeing, I should be able to rent a house for that much. Might even be able to avoid having to meet credit check requirements, etc that way also.
21-Sep-23 10:05am
#11 MrBean
We're on our 4th round of negotiations... I am excited but fearful, we're gonna win this crazy house!
#11 MrBean
We're on our 4th round of negotiations... I am excited but fearful, we're gonna win this crazy house!
21-Sep-23 11:07am
#12 shadyfozzie
MrBean wrote:
We're on our 4th round of negotiations... I am excited but fearful, we're gonna win this crazy house!
That backyard is really nice with the gazebo.. I don't like the tub only bathroom though...
which room is gonna be your murder room?? lol
#12 shadyfozzie
MrBean wrote:
We're on our 4th round of negotiations... I am excited but fearful, we're gonna win this crazy house!
That backyard is really nice with the gazebo.. I don't like the tub only bathroom though...
which room is gonna be your murder room?? lol
21-Sep-23 11:30am
#13 MrBean
shadyfozzie wrote:
MrBean wrote:> We're on our 4th round of negotiations... I am excited but fearful, we're gonna win> this crazy house! That backyard is really nice with the gazebo.. I don't like the tub only bathroom though... which room is gonna be your murder room?? lol
That tub room, is the master bath. We'd be redoing that whole bathroom.
Haha murder room in the basement fersure. Half the basement isn't in the pics. There's a workroom and a massive unfinished area that'll be perfect for a Theatre and pinball.
#13 MrBean
shadyfozzie wrote:
MrBean wrote:> We're on our 4th round of negotiations... I am excited but fearful, we're gonna win> this crazy house! That backyard is really nice with the gazebo.. I don't like the tub only bathroom though... which room is gonna be your murder room?? lol
That tub room, is the master bath. We'd be redoing that whole bathroom.
Haha murder room in the basement fersure. Half the basement isn't in the pics. There's a workroom and a massive unfinished area that'll be perfect for a Theatre and pinball.
22-Sep-23 9:17pm
#14 MrBean
Welp, Holy crap... We said yes. Talked bank down to $480k - from $600k (pushed for $450, but bank bought for $422k and paid off over $30k on back taxes). They came back as "best and final" so... We said yes.
We have the inspection as a safety net to bail if needed. We're estimating $150-$200k for the bigger efforts that I'll be paying for. Most of the other projects, I'll do myself and recruit friends.
If we do it right, the house should be worth high 7's, possible 8s. So assuming nothing scary in the inspection, it's a worthwhile investment. Just a LOT of work to do!
This thing is just nuts...
https://apps.realtor...
#14 MrBean
Welp, Holy crap... We said yes. Talked bank down to $480k - from $600k (pushed for $450, but bank bought for $422k and paid off over $30k on back taxes). They came back as "best and final" so... We said yes.
We have the inspection as a safety net to bail if needed. We're estimating $150-$200k for the bigger efforts that I'll be paying for. Most of the other projects, I'll do myself and recruit friends.
If we do it right, the house should be worth high 7's, possible 8s. So assuming nothing scary in the inspection, it's a worthwhile investment. Just a LOT of work to do!
This thing is just nuts...
https://apps.realtor...
22-Sep-23 9:28pm
#15 Feeb
I did residency on Cleve mass road at metropolitan vet hospital. Right around the corner from there.
#15 Feeb
I did residency on Cleve mass road at metropolitan vet hospital. Right around the corner from there.
22-Sep-23 11:17pm
#16 ryanflucas
I know the buyer of my old house. He’s been busy redoing the entire place. I’m going to take a tour when he’s done and see how different it looks.
#16 ryanflucas
I know the buyer of my old house. He’s been busy redoing the entire place. I’m going to take a tour when he’s done and see how different it looks.
23-Sep-23 12:17am
#17 SwiftJAB
Congrats man! Hope it ends up being a decision you look back on with great pride for years to come.
#17 SwiftJAB
Congrats man! Hope it ends up being a decision you look back on with great pride for years to come.
23-Sep-23 2:51am
#18 Noid
InSANE house, @MrBean! I know you've been looking and looking for y'all's dream house and this...well, this is a dream come true! The only nitpick I could find is that it's connected to an HOA and HOA's suck and are of the devil. But, again, that aside, freakin' a•maz•ing. P.S. What the heck do you and the missus do for a living to afford that much square footage?! Color me impressed!
#18 Noid
InSANE house, @MrBean! I know you've been looking and looking for y'all's dream house and this...well, this is a dream come true! The only nitpick I could find is that it's connected to an HOA and HOA's suck and are of the devil. But, again, that aside, freakin' a•maz•ing. P.S. What the heck do you and the missus do for a living to afford that much square footage?! Color me impressed!
23-Sep-23 7:15am
#19 MrBean
@Noid - thanks! The HOA is just a neighborhood (16 homes) block party fund, from what we've learned. Small neighborhood, but really nice. Only downside is they're all (minus one or two) original owners from early 80s, so not many kids (we spotted one). Hoping the old generation moves on as they're probably empty nesters.
Dream house will be next house once the kids move on (only 20ish years to go, haha) as I'd want a beach home! This checks many boxes, but not all (really wanted more land and a pond). Still, there is A lot not pictured, this get us close enough and we have lots of options for future projects. True dream home would cost much much more that we'll never be able to afford unless I get my crap together!
My wife does auditing for a major bank, and I work at Microsoft focused on Customer Success, Project Management and Sales. We both grew up in borderline poverty, crazy low income families/neighborhoods, never thought we'd equate to much.
We've done well for ourselves (I still don't have a degree). Yet we should have been walking into this with more in the bank, but doing well enough that this is very manageable (still sucks to more than double current mortgage). Just hoping the damn mortgage rates come down in the next couple years as I'll refi into a 15.
Still not a done deal though. Need the inspection (possible concern with septic) and my initial quotes to ensure this isn't a money pit (don't think so).
#19 MrBean
@Noid - thanks! The HOA is just a neighborhood (16 homes) block party fund, from what we've learned. Small neighborhood, but really nice. Only downside is they're all (minus one or two) original owners from early 80s, so not many kids (we spotted one). Hoping the old generation moves on as they're probably empty nesters.
Dream house will be next house once the kids move on (only 20ish years to go, haha) as I'd want a beach home! This checks many boxes, but not all (really wanted more land and a pond). Still, there is A lot not pictured, this get us close enough and we have lots of options for future projects. True dream home would cost much much more that we'll never be able to afford unless I get my crap together!
My wife does auditing for a major bank, and I work at Microsoft focused on Customer Success, Project Management and Sales. We both grew up in borderline poverty, crazy low income families/neighborhoods, never thought we'd equate to much.
We've done well for ourselves (I still don't have a degree). Yet we should have been walking into this with more in the bank, but doing well enough that this is very manageable (still sucks to more than double current mortgage). Just hoping the damn mortgage rates come down in the next couple years as I'll refi into a 15.
Still not a done deal though. Need the inspection (possible concern with septic) and my initial quotes to ensure this isn't a money pit (don't think so).
23-Sep-23 10:35am
#20 Staraang
@MrBean Congrats! House looks great. I know this has been a long time coming for you so I’m sure you guys are ecstatic. Did you ever figure out your car situation?
#20 Staraang
@MrBean Congrats! House looks great. I know this has been a long time coming for you so I’m sure you guys are ecstatic. Did you ever figure out your car situation?
23-Sep-23 10:40am
#21 MrBean
Staraang wrote:
@MrBean Congrats! House looks great. I know this has been a long time coming for you so I’m sure you guys are ecstatic. Did you ever figure out your car situation?
Thanks! It's gonna look vastly different with all new walls, carpets, and multiple renovations we have planned.
Car? Nope. Especially if the house comes through, no way gonna take the negative equity hit for now. So, gonna rock the Wrangler with all 3 kiddos for a bit!
#21 MrBean
Staraang wrote:
@MrBean Congrats! House looks great. I know this has been a long time coming for you so I’m sure you guys are ecstatic. Did you ever figure out your car situation?
Thanks! It's gonna look vastly different with all new walls, carpets, and multiple renovations we have planned.
Car? Nope. Especially if the house comes through, no way gonna take the negative equity hit for now. So, gonna rock the Wrangler with all 3 kiddos for a bit!
This housing market