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
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...
11-Aug-22 6:45pm
#121 Sun
Admiral wrote:
We bought our home for $190k nine years ago, sold it for $320k last month. It was listed for 4 days, and the first couple who walked through made an offer the next day for our asking price. They got 6.75% interest (for reference - we refinanced last year for just 2.75%
) Part of me said "WE ASKED FOR TOO LITTLE!!!"...but my GF says oh well, we got what we wanted. Problem for me is that our $320k was what our realitor recommended. I wonder if they went low just to get really quick sales?
You get the final say at the end of the day. You didn’t have to list it at $320K if you didn’t want to just because that’s what your realtor suggested.
My property management company want to rent out our rental property at $3000 after the first tenant moved out after being there for 2 years. They were paying $2725. I said list it at $3500 and lower it to $3300 if it doesn’t rent out in 2 weeks. They had 3 applications in the first week it was listed for rent.
#121 Sun
Admiral wrote:
We bought our home for $190k nine years ago, sold it for $320k last month. It was listed for 4 days, and the first couple who walked through made an offer the next day for our asking price. They got 6.75% interest (for reference - we refinanced last year for just 2.75%
) Part of me said "WE ASKED FOR TOO LITTLE!!!"...but my GF says oh well, we got what we wanted. Problem for me is that our $320k was what our realitor recommended. I wonder if they went low just to get really quick sales?You get the final say at the end of the day. You didn’t have to list it at $320K if you didn’t want to just because that’s what your realtor suggested.
My property management company want to rent out our rental property at $3000 after the first tenant moved out after being there for 2 years. They were paying $2725. I said list it at $3500 and lower it to $3300 if it doesn’t rent out in 2 weeks. They had 3 applications in the first week it was listed for rent.
11-Aug-22 7:08pm
#122 Master_Z
Admiral wrote:
We bought our home for $190k nine years ago, sold it for $320k last month. It was listed for 4 days, and the first couple who walked through made an offer the next day for our asking price. They got 6.75% interest (for reference - we refinanced last year for just 2.75%) Part of me said "WE ASKED FOR TOO LITTLE!!!"...but my GF says oh well, we got what we wanted. Problem for me is that our $320k was what our realitor recommended. I wonder if they went low just to get really quick sales?
But now what? Downgrade to a crappy apartment?
#122 Master_Z
Admiral wrote:
We bought our home for $190k nine years ago, sold it for $320k last month. It was listed for 4 days, and the first couple who walked through made an offer the next day for our asking price. They got 6.75% interest (for reference - we refinanced last year for just 2.75%
) Part of me said "WE ASKED FOR TOO LITTLE!!!"...but my GF says oh well, we got what we wanted. Problem for me is that our $320k was what our realitor recommended. I wonder if they went low just to get really quick sales?But now what? Downgrade to a crappy apartment?
12-Aug-22 10:33am
#124 beavis
Admiral wrote:
We bought our home for $190k nine years ago, sold it for $320k last month. It was listed for 4 days, and the first couple who walked through made an offer the next day for our asking price. They got 6.75% interest (for reference - we refinanced last year for just 2.75%) Part of me said "WE ASKED FOR TOO LITTLE!!!"...but my GF says oh well, we got what we wanted. Problem for me is that our $320k was what our realitor recommended. I wonder if they went low just to get really quick sales?
I'm in the opposite category, realtor talked me into putting house on market for $650k. I didn't think it would get that much and wanted to start at 600 but let her do it. Over the last month we have lowered it to 590 and nothing (but we have had more views, saves, and scheduled viewings). I wish we had started at 600 originally and we would have probably got alot more traction.
We are also in a weird pricing point I don't know what to do about. I really regret going with the realtor we did. I could tell she thought this place was going to sell itself and in my opinion put little thought or work into selling it. Now that it has been a month I'm getting updates every other day from her about what she is doing to drum up interest. Wish that was there in the beginning. Hell, the biggest selling point of this neighborhood was the pool and the close (less than half a mile) proximity to schools and a huge recreation area and it wasn't even mentioned in the listing.
#124 beavis
Admiral wrote:
We bought our home for $190k nine years ago, sold it for $320k last month. It was listed for 4 days, and the first couple who walked through made an offer the next day for our asking price. They got 6.75% interest (for reference - we refinanced last year for just 2.75%
) Part of me said "WE ASKED FOR TOO LITTLE!!!"...but my GF says oh well, we got what we wanted. Problem for me is that our $320k was what our realitor recommended. I wonder if they went low just to get really quick sales?I'm in the opposite category, realtor talked me into putting house on market for $650k. I didn't think it would get that much and wanted to start at 600 but let her do it. Over the last month we have lowered it to 590 and nothing (but we have had more views, saves, and scheduled viewings). I wish we had started at 600 originally and we would have probably got alot more traction.
We are also in a weird pricing point I don't know what to do about. I really regret going with the realtor we did. I could tell she thought this place was going to sell itself and in my opinion put little thought or work into selling it. Now that it has been a month I'm getting updates every other day from her about what she is doing to drum up interest. Wish that was there in the beginning. Hell, the biggest selling point of this neighborhood was the pool and the close (less than half a mile) proximity to schools and a huge recreation area and it wasn't even mentioned in the listing.
12-Aug-22 8:50pm
#125 Chad
Finishing my house up for sale is taking a bit longer than expected. Master bathroom is nearly finished and is looking great. Still need paint, trim, toilet installed, but that's easy compared to the tiling and shower door.
https://imgur.com/a/...
About 1/4 of the way packed / thrown away / sold stuff. Trying to think if I want to sell my kitchen table. I don't particularly like it, but its big and has 8 good chairs. But its boring. I could keep the chairs and build my own table...
Getting a quote to sheetrock my shop and texture my shop. I will paint. Then I need to install like a pergo floor in there that roughly matches the rest of the house. Build better stairs for garage, probably just cover in pergo. Install trim, new light fixtures. Need to redo a small part of the roof on my out building (the overhangs). Need to paint out building. Need to paint exterior trim. Need to install interior trim in hallway, 1 bedroom, and living room. Need to paint trim in kitchen, living room. Then just needs a thorough clean and I'm ready to sell.
Neighbor 5 houses down sold for $930k, same size, bedroom, bathroom count. They have a much nicer yard but same size. But over all comparable home. That was closed in mid-July. 3 houses down closed for $750k, 500 sqft smaller, similar yard to mine (just nothing special). I'm hoping on $850k but willing to be happy with $800k.
#125 Chad
Finishing my house up for sale is taking a bit longer than expected. Master bathroom is nearly finished and is looking great. Still need paint, trim, toilet installed, but that's easy compared to the tiling and shower door.
https://imgur.com/a/...
About 1/4 of the way packed / thrown away / sold stuff. Trying to think if I want to sell my kitchen table. I don't particularly like it, but its big and has 8 good chairs. But its boring. I could keep the chairs and build my own table...
Getting a quote to sheetrock my shop and texture my shop. I will paint. Then I need to install like a pergo floor in there that roughly matches the rest of the house. Build better stairs for garage, probably just cover in pergo. Install trim, new light fixtures. Need to redo a small part of the roof on my out building (the overhangs). Need to paint out building. Need to paint exterior trim. Need to install interior trim in hallway, 1 bedroom, and living room. Need to paint trim in kitchen, living room. Then just needs a thorough clean and I'm ready to sell.
Neighbor 5 houses down sold for $930k, same size, bedroom, bathroom count. They have a much nicer yard but same size. But over all comparable home. That was closed in mid-July. 3 houses down closed for $750k, 500 sqft smaller, similar yard to mine (just nothing special). I'm hoping on $850k but willing to be happy with $800k.
12-Aug-22 8:52pm
#126 Feeb
Chad wrote:
Finishing my house up for sale is taking a bit longer than expected. Master bathroom is nearly finished and is looking great. Still need paint, trim, toilet installed, but that's easy compared to the tiling and shower door. https://imgur.com/a/... About 1/4 of the way packed / thrown away / sold stuff. Trying to think if I want to sell my kitchen table. I don't particularly like it, but its big and has 8 good chairs. But its boring. I could keep the chairs and build my own table... Neighbor 5 houses down sold for $930k, same size, bedroom, bathroom count. They have a much nicer yard but same size. But over all comparable home. That was closed in mid-July. 3 houses down closed for $750k, 500 sqft smaller, similar yard to mine (just nothing special). I'm hoping on $850k but willing to be happy with $800k.
You’re in Seattle area I think you said? I wish I had bought into that area after school. Got a nice offer but was scared off by the 300k house prices. 🤦🏻♂️
#126 Feeb
Chad wrote:
Finishing my house up for sale is taking a bit longer than expected. Master bathroom is nearly finished and is looking great. Still need paint, trim, toilet installed, but that's easy compared to the tiling and shower door. https://imgur.com/a/... About 1/4 of the way packed / thrown away / sold stuff. Trying to think if I want to sell my kitchen table. I don't particularly like it, but its big and has 8 good chairs. But its boring. I could keep the chairs and build my own table... Neighbor 5 houses down sold for $930k, same size, bedroom, bathroom count. They have a much nicer yard but same size. But over all comparable home. That was closed in mid-July. 3 houses down closed for $750k, 500 sqft smaller, similar yard to mine (just nothing special). I'm hoping on $850k but willing to be happy with $800k.
You’re in Seattle area I think you said? I wish I had bought into that area after school. Got a nice offer but was scared off by the 300k house prices. 🤦🏻♂️
12-Aug-22 9:36pm
#127 Chad
Yeah I'm 15 minutes of down town. I bought my place for $222k on 2/22/2011. it was the cheapest 2 bath stand alone home in my area since at least 2008 (that's all the further back redfin would show). Total piece of crap. Replaced the siding, windows, roof, had to do a full tuck point on the chimney (close to the Puget Sound), tore down 5 walls, built 4 new walls, had a structural beam installed. Hallway bathroom replaced everything except the bathtub. Master bath replaced everything. High efficiency furnace, made the central heat run to all of the house (previously didn't go to master bedroom or master bath or where is now kitchen, those were part of an addition. Upgraded wiring in 2/3 of the house. New front door, new back door, added a nice knotty pine soffit to carport instead of painted plywood. New gates. Fair bit of yard maintenance and border definition, only a few plants. Overall I've put in ~$150k, with a lot of sweat equity. Kitchen alone was $60k. Roof was $23k. Siding and windows were $30k. Those were the big ones.
A house I put an offer in on for $300k, sold for $310k, sold last year for $1.3M. That house had been on the market like 4 months, and had a few low ball offers, same weekend I put in my offer, someone puts in a competing offer, I don't bother getting in a bid war. It was a much nicer house, in great condition. Neighborhood not quite as good as mine, further from any grocery store, park, and getting onto the main road can be in a pain there during rush hour I'm sure, since it would be a left most of the time.
#127 Chad
Yeah I'm 15 minutes of down town. I bought my place for $222k on 2/22/2011. it was the cheapest 2 bath stand alone home in my area since at least 2008 (that's all the further back redfin would show). Total piece of crap. Replaced the siding, windows, roof, had to do a full tuck point on the chimney (close to the Puget Sound), tore down 5 walls, built 4 new walls, had a structural beam installed. Hallway bathroom replaced everything except the bathtub. Master bath replaced everything. High efficiency furnace, made the central heat run to all of the house (previously didn't go to master bedroom or master bath or where is now kitchen, those were part of an addition. Upgraded wiring in 2/3 of the house. New front door, new back door, added a nice knotty pine soffit to carport instead of painted plywood. New gates. Fair bit of yard maintenance and border definition, only a few plants. Overall I've put in ~$150k, with a lot of sweat equity. Kitchen alone was $60k. Roof was $23k. Siding and windows were $30k. Those were the big ones.
A house I put an offer in on for $300k, sold for $310k, sold last year for $1.3M. That house had been on the market like 4 months, and had a few low ball offers, same weekend I put in my offer, someone puts in a competing offer, I don't bother getting in a bid war. It was a much nicer house, in great condition. Neighborhood not quite as good as mine, further from any grocery store, park, and getting onto the main road can be in a pain there during rush hour I'm sure, since it would be a left most of the time.
13-Aug-22 11:14am
#129 HybridCRoW
Admiral wrote:
Porksta wrote:> 6.75? They must have had really crapty credit. That's an insane rate.> > I'm not sure...they put down 10% in cash I think, plus $5k in escrow hand money....so I really don't think they struggle financially. I think that's just what is happening in the market right now.
This was similar to what the latest bank person I spoke with had said to me that I needed about buying a home THIS TIME when I was trying to find a home to buy because the rent went up again.
#129 HybridCRoW
Admiral wrote:
Porksta wrote:> 6.75? They must have had really crapty credit. That's an insane rate.> > I'm not sure...they put down 10% in cash I think, plus $5k in escrow hand money....so I really don't think they struggle financially. I think that's just what is happening in the market right now.
This was similar to what the latest bank person I spoke with had said to me that I needed about buying a home THIS TIME when I was trying to find a home to buy because the rent went up again.
15-Aug-22 2:28pm
#130 Master_Z
Porksta wrote:
After three years you can requalify as a first time home buyer!
Does that mean anything today though? Are there any first-time interest rates or government programs? I remember there used to be back in like 2008-2009.
#130 Master_Z
Porksta wrote:
After three years you can requalify as a first time home buyer!
Does that mean anything today though? Are there any first-time interest rates or government programs? I remember there used to be back in like 2008-2009.
15-Aug-22 2:32pm
#131 Feeb
There once was a large tax credit and states provide grants if you qualify.
#131 Feeb
There once was a large tax credit and states provide grants if you qualify.
15-Aug-22 2:55pm
#132 Porksta
Master_Z wrote:
Porksta wrote:> After three years you can requalify as a first time home buyer!> > Does that mean anything today though? Are there any first-time interest rates or government programs? I remember there used to be back in like 2008-2009.
Different lenders would have different things - be it programs, waived fees, rates, etc. There may be some government grants you can qualify for.
#132 Porksta
Master_Z wrote:
Porksta wrote:> After three years you can requalify as a first time home buyer!> > Does that mean anything today though? Are there any first-time interest rates or government programs? I remember there used to be back in like 2008-2009.
Different lenders would have different things - be it programs, waived fees, rates, etc. There may be some government grants you can qualify for.
16-Aug-22 2:15am
#134 HybridCRoW
Feeb wrote:
Also much easier to get a low down payment FHA loan I think.
That would depend on the following factors: down payment, credit score, and DTI ratio.
#134 HybridCRoW
Feeb wrote:
Also much easier to get a low down payment FHA loan I think.
That would depend on the following factors: down payment, credit score, and DTI ratio.
30-Aug-22 10:49am
#135 Admiral
Sun wrote:
Admiral wrote:> We bought our home for $190k nine years ago, sold it for $320k last month. It was> listed for 4 days, and the first couple who walked through made an offer the next> day for our asking price. They got 6.75% interest (for reference - we refinanced> last year for just 2.75%)> > Part of me said "WE ASKED FOR TOO LITTLE!!!"...but my GF says oh well, we got what> we wanted. Problem for me is that our $320k was what our realitor recommended. I> wonder if they went low just to get really quick sales?> You get the final say at the end of the day. You didn’t have to list it at $320K if you didn’t want to just because that’s what your realtor suggested.
I mean...YEAH...but they should be the experts
She sort of convinced me in a way also, by showing similarly listed and sold properties in the area...and $320k DID make sense at the time. It's just hindsight getting to me really.
My property management company want to rent out our rental property at $3000 after the first tenant moved out after being there for 2 years. They were paying $2725. I said list it at $3500 and lower it to $3300 if it doesn’t rent out in 2 weeks. They had 3 applications in the first week it was listed for rent.
See, when selling though - if you list too high, it takes your house out of search results for SO many people (who are probably "saving" houses as they find them in the seach), then it doesn't get attention. Plus, lowing the price CAN BE a bad look for a property - people think "something must be wrong with it". Furthermore, we had a place lined up to move into at the end of summer, so we really couldn't sit on our home for too long.
I don't disagree with you in theory, but we were in a unique situation I think.
#135 Admiral
Sun wrote:
Admiral wrote:> We bought our home for $190k nine years ago, sold it for $320k last month. It was> listed for 4 days, and the first couple who walked through made an offer the next> day for our asking price. They got 6.75% interest (for reference - we refinanced> last year for just 2.75%
)> > Part of me said "WE ASKED FOR TOO LITTLE!!!"...but my GF says oh well, we got what> we wanted. Problem for me is that our $320k was what our realitor recommended. I> wonder if they went low just to get really quick sales?> You get the final say at the end of the day. You didn’t have to list it at $320K if you didn’t want to just because that’s what your realtor suggested.I mean...YEAH...but they should be the experts
She sort of convinced me in a way also, by showing similarly listed and sold properties in the area...and $320k DID make sense at the time. It's just hindsight getting to me really.My property management company want to rent out our rental property at $3000 after the first tenant moved out after being there for 2 years. They were paying $2725. I said list it at $3500 and lower it to $3300 if it doesn’t rent out in 2 weeks. They had 3 applications in the first week it was listed for rent.
See, when selling though - if you list too high, it takes your house out of search results for SO many people (who are probably "saving" houses as they find them in the seach), then it doesn't get attention. Plus, lowing the price CAN BE a bad look for a property - people think "something must be wrong with it". Furthermore, we had a place lined up to move into at the end of summer, so we really couldn't sit on our home for too long.
I don't disagree with you in theory, but we were in a unique situation I think.
30-Aug-22 10:52am
#136 Admiral
Wow, great story @Chad
@beavis sorry that is happening to you :( I hope it works out sooner than later in your favor
#136 Admiral
Wow, great story @Chad
@beavis sorry that is happening to you :( I hope it works out sooner than later in your favor
30-Aug-22 12:30pm
#138 Admiral
akfa wrote:
our lease runs up next year, i'm pretty terrified of what ill find
Indeed.
And people renting right now (ME!)....be prepared for huge rent hikes when it's time to renew. My friends were paying $1800/mo for a city 2 bedroom 1k sqft apartment.
The next year, it went up to $2600. Almost a 50% increase!
#138 Admiral
akfa wrote:
our lease runs up next year, i'm pretty terrified of what ill find
Indeed.
And people renting right now (ME!)....be prepared for huge rent hikes when it's time to renew. My friends were paying $1800/mo for a city 2 bedroom 1k sqft apartment.
The next year, it went up to $2600. Almost a 50% increase!
30-Aug-22 12:43pm
#139 HybridCRoW
My rent has gone up every year since I been here... I'm on my 4th year. It hasn't gone up too much, like $25 a year, but it's a 1 bedroom apartment and what I'm paying a month is literally likely a monthly payment for a 3 bedroom house... w/ a garage...
I can afford it, don't get me wrong. It would be nice to know why a long term tenant w/o issues has to pay more every year, besides the usual "corporate decision" spiel.
#139 HybridCRoW
My rent has gone up every year since I been here... I'm on my 4th year. It hasn't gone up too much, like $25 a year, but it's a 1 bedroom apartment and what I'm paying a month is literally likely a monthly payment for a 3 bedroom house... w/ a garage...
I can afford it, don't get me wrong. It would be nice to know why a long term tenant w/o issues has to pay more every year, besides the usual "corporate decision" spiel.
30-Aug-22 1:17pm
#140 Admiral
HybridCRoW wrote:
My rent has gone up every year since I been here... I'm on my 4th year. It hasn't gone up too much, like $25 a year, but it's a 1 bedroom apartment and what I'm paying a month is literally likely a monthly payment for a 3 bedroom house... w/ a garage... I can afford it, don't get me wrong. It would be nice to know why a long term tenant w/o issues has to pay more every year, besides the usual "corporate decision" spiel.
I had the same issue with a previous apartment...
Their response was "everybody else gets raises, why shouldn't we?"
#140 Admiral
HybridCRoW wrote:
My rent has gone up every year since I been here... I'm on my 4th year. It hasn't gone up too much, like $25 a year, but it's a 1 bedroom apartment and what I'm paying a month is literally likely a monthly payment for a 3 bedroom house... w/ a garage... I can afford it, don't get me wrong. It would be nice to know why a long term tenant w/o issues has to pay more every year, besides the usual "corporate decision" spiel.
I had the same issue with a previous apartment...
Their response was "everybody else gets raises, why shouldn't we?"
30-Aug-22 1:53pm
#141 John
While I'm sure greed is also often involved... Note that, right now, everyone's property values are jumping hugely each year -- which often means increases in property taxes. As a landlord, our rents have gone up a bit each year -- but, the last couple of years, we're actually making LESS because our property taxes have gone up so much.
Increasing the value of a property means nothing until we sell one day. And, heck, things could be worth less then even. Right now, we're paying more in property taxes for "value" that we'll likely never realize.
#141 John
While I'm sure greed is also often involved... Note that, right now, everyone's property values are jumping hugely each year -- which often means increases in property taxes. As a landlord, our rents have gone up a bit each year -- but, the last couple of years, we're actually making LESS because our property taxes have gone up so much.
Increasing the value of a property means nothing until we sell one day. And, heck, things could be worth less then even. Right now, we're paying more in property taxes for "value" that we'll likely never realize.
This housing market