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...
10-May-22 12:07pm
#21 MrBean
There's nothing in the disclosure. I've been there twice. I can't find really anything wrong sans typical wear and tear (largely outside - the deck and the pavers). The basement is very dry. The carpet needs some help ... but legit doesn't feel like anything wrong with it at all. There are some older elements of the look, and that electric stove sucks (seriously, who 'likes' electric?), but so many other cool little things like the wine cooler, a master bathroom with a washer dryer + fridge (odd), the water fountains, dual fire pits, electric run through multiple parts of the yard. They were clearly entertainers at some point.
What's not pictured is the massive 4 car garage, and massive walk in attic above the garage (not finished), and a nearly finished basement bathroom, a gigantic walk-in master closet, and a whole separate work bench area with the utilities.
#21 MrBean
There's nothing in the disclosure. I've been there twice. I can't find really anything wrong sans typical wear and tear (largely outside - the deck and the pavers). The basement is very dry. The carpet needs some help ... but legit doesn't feel like anything wrong with it at all. There are some older elements of the look, and that electric stove sucks (seriously, who 'likes' electric?), but so many other cool little things like the wine cooler, a master bathroom with a washer dryer + fridge (odd), the water fountains, dual fire pits, electric run through multiple parts of the yard. They were clearly entertainers at some point.
What's not pictured is the massive 4 car garage, and massive walk in attic above the garage (not finished), and a nearly finished basement bathroom, a gigantic walk-in master closet, and a whole separate work bench area with the utilities.
10-May-22 12:08pm
#22 MrBean
SublimeFan wrote:
Those other two houses look wonderful (IMO, throughout of course). Minimal work you need to do for either - also, I know nothing about the OH market in particular so comparisons would be rough. I know you mentioned having young kids, but do these neighborhoods have parks? You talked about having enough space for them - and even the yard on the smaller lot seems like it's a good enough size to play in (BUT you also mentioned it's all hill, that's a killer. It makes our backyard nearly useless aside from our deck / one landing with a trampoline on the entire thing). Parks make things way easier and can save you money on building your own :)
Yah, we have a fair amount of parks all around us, we try to frequent them. This is where I'm torn between land, and development style living. I swore I'd never live in a development, and I've been in one for 13 years. New(er) developments, are amazing for kids, especially with wood/water access. Sadly our development, was built in 2002-2004, so most of the kids here are older. I would sacrifice land if it had nearby (walkable) access to woods and water, ideally with other kids nearby.
#22 MrBean
SublimeFan wrote:
Those other two houses look wonderful (IMO, throughout of course). Minimal work you need to do for either - also, I know nothing about the OH market in particular so comparisons would be rough. I know you mentioned having young kids, but do these neighborhoods have parks? You talked about having enough space for them - and even the yard on the smaller lot seems like it's a good enough size to play in (BUT you also mentioned it's all hill, that's a killer. It makes our backyard nearly useless aside from our deck / one landing with a trampoline on the entire thing). Parks make things way easier and can save you money on building your own :)
Yah, we have a fair amount of parks all around us, we try to frequent them. This is where I'm torn between land, and development style living. I swore I'd never live in a development, and I've been in one for 13 years. New(er) developments, are amazing for kids, especially with wood/water access. Sadly our development, was built in 2002-2004, so most of the kids here are older. I would sacrifice land if it had nearby (walkable) access to woods and water, ideally with other kids nearby.
10-May-22 12:39pm
#23 shadyfozzie
Damn Bean, both houses are nice.. That amount of $$ in NJ won't even get you something half as big.. I like house #2.
#23 shadyfozzie
Damn Bean, both houses are nice.. That amount of $$ in NJ won't even get you something half as big.. I like house #2.
10-May-22 12:41pm
#24 MrBean
Yeah, I just don't get it ... these prices are so much higher than they used to be; however, still vastly cheaper than so many other areas. I have some West Coast friends, and I'm just baffled at how much they pay, when we all make similar incomes. This is why places like us, are being bombarded by new out of state folks looking to gain bigger houses/land at a much cheaper price, now that many can work remotely.
#24 MrBean
Yeah, I just don't get it ... these prices are so much higher than they used to be; however, still vastly cheaper than so many other areas. I have some West Coast friends, and I'm just baffled at how much they pay, when we all make similar incomes. This is why places like us, are being bombarded by new out of state folks looking to gain bigger houses/land at a much cheaper price, now that many can work remotely.
10-May-22 1:17pm
#25 Scott
MrBean wrote:
SublimeFan wrote:> Those other two houses look wonderful (IMO, throughout of course). Minimal work> you need to do for either - also, I know nothing about the OH market in particular> so comparisons would be rough. > > I know you mentioned having young kids, but do these neighborhoods have parks? You> talked about having enough space for them - and even the yard on the smaller lot> seems like it's a good enough size to play in (BUT you also mentioned it's all hill,> that's a killer. It makes our backyard nearly useless aside from our deck / one> landing with a trampoline on the entire thing). Parks make things way easier and> can save you money on building your own :) Yah, we have a fair amount of parks all around us, we try to frequent them. This is where I'm torn between land, and development style living. I swore I'd never live in a development, and I've been in one for 13 years. New(er) developments, are amazing for kids, especially with wood/water access. Sadly our development, was built in 2002-2004, so most of the kids here are older. I would sacrifice land if it had nearby (walkable) access to woods and water, ideally with other kids nearby.
Parks are nice to visit occasionally, especially if you have no other option but to move into a house with little/no yard space, but nothing beats the convenience of being able to just walk out into your yard and play, IMO. Not to mention the privacy.
#25 Scott
MrBean wrote:
SublimeFan wrote:> Those other two houses look wonderful (IMO, throughout of course). Minimal work> you need to do for either - also, I know nothing about the OH market in particular> so comparisons would be rough. > > I know you mentioned having young kids, but do these neighborhoods have parks? You> talked about having enough space for them - and even the yard on the smaller lot> seems like it's a good enough size to play in (BUT you also mentioned it's all hill,> that's a killer. It makes our backyard nearly useless aside from our deck / one> landing with a trampoline on the entire thing). Parks make things way easier and> can save you money on building your own :) Yah, we have a fair amount of parks all around us, we try to frequent them. This is where I'm torn between land, and development style living. I swore I'd never live in a development, and I've been in one for 13 years. New(er) developments, are amazing for kids, especially with wood/water access. Sadly our development, was built in 2002-2004, so most of the kids here are older. I would sacrifice land if it had nearby (walkable) access to woods and water, ideally with other kids nearby.
Parks are nice to visit occasionally, especially if you have no other option but to move into a house with little/no yard space, but nothing beats the convenience of being able to just walk out into your yard and play, IMO. Not to mention the privacy.
10-May-22 1:40pm
#26 theyrhere
We built a house through last year and did a ton of the work ourselves. Our market has slowed down a bit from the recent insanity, but our house is easily worth twice what we have in it right now. Sometimes I'm tempted to sell.
#26 theyrhere
We built a house through last year and did a ton of the work ourselves. Our market has slowed down a bit from the recent insanity, but our house is easily worth twice what we have in it right now. Sometimes I'm tempted to sell.
10-May-22 4:14pm
#27 akfa
yeah housing market is nuts, car market is nuts, everything is pretty nuts. Houses around here going for way above asking, there was one in north Houston that got talked about a bit for going 80k over market value. How's that even work with a bank anyway? If the value is 300k, is the buyer paying cash fort he rest so the bank isn't too far upside down on a loan?
Is there any truth to tech workers with lots of cash buying up houses without negotiating/wanting to just get the deal done?
#27 akfa
yeah housing market is nuts, car market is nuts, everything is pretty nuts. Houses around here going for way above asking, there was one in north Houston that got talked about a bit for going 80k over market value. How's that even work with a bank anyway? If the value is 300k, is the buyer paying cash fort he rest so the bank isn't too far upside down on a loan?
Is there any truth to tech workers with lots of cash buying up houses without negotiating/wanting to just get the deal done?
10-May-22 4:22pm
#28 Porksta
akfa wrote:
yeah housing market is nuts, car market is nuts, everything is pretty nuts. Houses around here going for way above asking, there was one in north Houston that got talked about a bit for going 80k over market value. How's that even work with a bank anyway? If the value is 300k, is the buyer paying cash fort he rest so the bank isn't too far upside down on a loan?Borrower has to pay any difference between appraisal and sales price. Banks will only give you a loan up to the home's value. If an appraisal says a home is worth $100,000, but you are paying $180,000 that extra $80,000 is on you.
Is there any truth to tech workers with lots of cash buying up houses without negotiating/wanting to just get the deal done? Yes
#28 Porksta
akfa wrote:
yeah housing market is nuts, car market is nuts, everything is pretty nuts. Houses around here going for way above asking, there was one in north Houston that got talked about a bit for going 80k over market value. How's that even work with a bank anyway? If the value is 300k, is the buyer paying cash fort he rest so the bank isn't too far upside down on a loan?Borrower has to pay any difference between appraisal and sales price. Banks will only give you a loan up to the home's value. If an appraisal says a home is worth $100,000, but you are paying $180,000 that extra $80,000 is on you.
Is there any truth to tech workers with lots of cash buying up houses without negotiating/wanting to just get the deal done? Yes
10-May-22 4:31pm
#29 shadyfozzie
My parents wanted to buy a house in the Poconos as a vacation home 2 years ago.. The realtor was telling them that people were paying 20-30k over asking value SIGHT UNSEEN!!! They were basically buying the house without even seeing it first.. That's very risky in that climate with all the wooded areas and moisture, but paying over asking value for a house you never even step foot in is just insane.
#29 shadyfozzie
My parents wanted to buy a house in the Poconos as a vacation home 2 years ago.. The realtor was telling them that people were paying 20-30k over asking value SIGHT UNSEEN!!! They were basically buying the house without even seeing it first.. That's very risky in that climate with all the wooded areas and moisture, but paying over asking value for a house you never even step foot in is just insane.
10-May-22 4:35pm
#30 theyrhere
Places like Zillow were buying up tons of crap to try and manipulate the market in their favor. I thought it had kinda simmered down, but I guess not.
#30 theyrhere
Places like Zillow were buying up tons of crap to try and manipulate the market in their favor. I thought it had kinda simmered down, but I guess not.
10-May-22 4:40pm
#31 Porksta
Didn't I read somewhere Zillow was trying to sell off all the homes they had bought? Maybe that was Redfin.
#31 Porksta
Didn't I read somewhere Zillow was trying to sell off all the homes they had bought? Maybe that was Redfin.
10-May-22 4:53pm
#32 Staraang
I feel like I’m seeing just a little softening in the market compared with a year ago. I think the interest rate hikes should definitely have an effect. Stock market is down, inflation is up; people only have so many dollars to spend. No way these prices can be sustained (at least I hope not). I don’t think they’re going back to pre-pandemic levels but I’ll be surprised if they stay high with rates climbing.
Not to charge this topic with politics but I read something interesting the other day about how if Roe is overturned it might drive some people out of red states which would cool down the market in these traditionally lower COL states. Will be interesting to see how that develops in the next 6-12 months.
#32 Staraang
I feel like I’m seeing just a little softening in the market compared with a year ago. I think the interest rate hikes should definitely have an effect. Stock market is down, inflation is up; people only have so many dollars to spend. No way these prices can be sustained (at least I hope not). I don’t think they’re going back to pre-pandemic levels but I’ll be surprised if they stay high with rates climbing.
Not to charge this topic with politics but I read something interesting the other day about how if Roe is overturned it might drive some people out of red states which would cool down the market in these traditionally lower COL states. Will be interesting to see how that develops in the next 6-12 months.
10-May-22 5:23pm
#33 metsfan718
My sister and brother in law bought a Duplex in Queens for nearly 400K last year. It's maybe 1000 square feet. 2 beds 1 bath. They locked in at under 3 percent. The rates were substantially low and it's not a surprise that they've gone up.
The housing market is crazy here. And many are paying straight up cash for million dollar homes in my neighborhood.
Most of my block changed.hands in the past few years. Mainly Koreans and Chinese people bought most of my block.
#33 metsfan718
My sister and brother in law bought a Duplex in Queens for nearly 400K last year. It's maybe 1000 square feet. 2 beds 1 bath. They locked in at under 3 percent. The rates were substantially low and it's not a surprise that they've gone up.
The housing market is crazy here. And many are paying straight up cash for million dollar homes in my neighborhood.
Most of my block changed.hands in the past few years. Mainly Koreans and Chinese people bought most of my block.
10-May-22 10:17pm
#34 Anxiouz
If you want/need to move then do it. But don't bother buying an overpriced place, just rent for a year at a time until the market re-adjusts back to being realistic. That's what we're planning on doing before this next school year...probably. Or we'll just stay put another year, not sure yet.
Yes, you're not paying towards the house but it'll be either the same monthly payment or cheaper than a mortgage. Plus someone else has to fix all the issues while prices stabilize without putting you in any risk.
metsfan718 wrote:
Most of my block changed.hands in the past few years. Mainly Koreans and Chinese people bought most of my block.
I take it that's worth mentioning because they all like the Yankees?
#34 Anxiouz
If you want/need to move then do it. But don't bother buying an overpriced place, just rent for a year at a time until the market re-adjusts back to being realistic. That's what we're planning on doing before this next school year...probably. Or we'll just stay put another year, not sure yet.
Yes, you're not paying towards the house but it'll be either the same monthly payment or cheaper than a mortgage. Plus someone else has to fix all the issues while prices stabilize without putting you in any risk.
metsfan718 wrote:
Most of my block changed.hands in the past few years. Mainly Koreans and Chinese people bought most of my block.
I take it that's worth mentioning because they all like the Yankees?
11-May-22 2:43am
#35 ryanflucas
I've been in the market for 3 years now. It was hard before and even harder now. I've been hoping interest rates go up so I have less competition. I have a large down payment and my mortgage would probably be $30-$50k for most houses. I'd be paying it back inside of a year or as soon as my current house sells, which I own outright. I'm on the lower end of the market for a narrow area I want to move to. Anything I buy would likely need to be remodeled and that's fine. I've had chances lately but the properties were in such disrepair I've passed on them.
#35 ryanflucas
I've been in the market for 3 years now. It was hard before and even harder now. I've been hoping interest rates go up so I have less competition. I have a large down payment and my mortgage would probably be $30-$50k for most houses. I'd be paying it back inside of a year or as soon as my current house sells, which I own outright. I'm on the lower end of the market for a narrow area I want to move to. Anything I buy would likely need to be remodeled and that's fine. I've had chances lately but the properties were in such disrepair I've passed on them.
11-May-22 2:47am
#36 ryanflucas
Also that house linked in the first post... 600k here gets you lakefront property or a house with multiple acres and a stable.
#36 ryanflucas
Also that house linked in the first post... 600k here gets you lakefront property or a house with multiple acres and a stable.
11-May-22 3:05am
#38 metsfan718
Anxiouz wrote:
If you want/need to move then do it. But don't bother buying an overpriced place, just rent for a year at a time until the market re-adjusts back to being realistic. That's what we're planning on doing before this next school year...probably. Or we'll just stay put another year, not sure yet. Yes, you're not paying towards the house but it'll be either the same monthly payment or cheaper than a mortgage. Plus someone else has to fix all the issues while prices stabilize without putting you in any risk. metsfan718 wrote:> Most of my block changed.hands in the past few years. Mainly Koreans and Chinese> people bought most of my block. I take it that's worth mentioning because they all like the Yankees?
Lol. It's worth mentioning because they are normally the ones who are able to buy a 1.5 million dollar house in my area with straight up cash. It's expanding into long island now as well. The Asian population in NYC has more than doubled in not too long of a time span as a result of that.
#38 metsfan718
Anxiouz wrote:
If you want/need to move then do it. But don't bother buying an overpriced place, just rent for a year at a time until the market re-adjusts back to being realistic. That's what we're planning on doing before this next school year...probably. Or we'll just stay put another year, not sure yet. Yes, you're not paying towards the house but it'll be either the same monthly payment or cheaper than a mortgage. Plus someone else has to fix all the issues while prices stabilize without putting you in any risk. metsfan718 wrote:> Most of my block changed.hands in the past few years. Mainly Koreans and Chinese> people bought most of my block. I take it that's worth mentioning because they all like the Yankees?
Lol. It's worth mentioning because they are normally the ones who are able to buy a 1.5 million dollar house in my area with straight up cash. It's expanding into long island now as well. The Asian population in NYC has more than doubled in not too long of a time span as a result of that.
11-May-22 10:51am
#39 sinnie
We were tempted to sell our house and move closer to my store (I have a 20-25 minute commute and my husband is going to stay virtual post covid.) Even though our house has gained nearly 200k in value (yes that is not a typo) we know we'd immediately lose any of that gain in buying another home as all homes are inflated. That's even if we could find one. So instead we're staying put. We love our school and our neighborhood. Instead we're putting cash into the house to fix it up to be what we want and need.
I'm dropping 50k on a new composite deck with enclosure/electric and ceiling fan. Another 10k for windows and a sliding glass door. After we're caught up on that we're going to look into remodeling the kitchen because our kitchen sucks and makes no sense. We have a ton of open empty area for another table and like 2 tiny counters to work on. There's always a traffic jam at the pantry/fridge/laundry room door and our home is so huge there's no need for a tight area like that.
So yeah we've resigned to staying put for a while and loving our home. Plus we don't wanna lose our 2.5% interest rate at this point
#39 sinnie
We were tempted to sell our house and move closer to my store (I have a 20-25 minute commute and my husband is going to stay virtual post covid.) Even though our house has gained nearly 200k in value (yes that is not a typo) we know we'd immediately lose any of that gain in buying another home as all homes are inflated. That's even if we could find one. So instead we're staying put. We love our school and our neighborhood. Instead we're putting cash into the house to fix it up to be what we want and need.
I'm dropping 50k on a new composite deck with enclosure/electric and ceiling fan. Another 10k for windows and a sliding glass door. After we're caught up on that we're going to look into remodeling the kitchen because our kitchen sucks and makes no sense. We have a ton of open empty area for another table and like 2 tiny counters to work on. There's always a traffic jam at the pantry/fridge/laundry room door and our home is so huge there's no need for a tight area like that.
So yeah we've resigned to staying put for a while and loving our home. Plus we don't wanna lose our 2.5% interest rate at this point
11-May-22 10:57am
#40 Scott
I was starting to seriously consider selling our house now while the market is so high and then just renting until things calm down. But, I checked rental prices and they're pretty ridiculous. It's probably not worth it, especially with no guarantee of how long until things really calm down.
#40 Scott
I was starting to seriously consider selling our house now while the market is so high and then just renting until things calm down. But, I checked rental prices and they're pretty ridiculous. It's probably not worth it, especially with no guarantee of how long until things really calm down.
11-May-22 11:08am
#41 sinnie
Scott wrote:
I was starting to seriously consider selling our house now while the market is so high and then just renting until things calm down. But, I checked rental prices and they're pretty ridiculous. It's probably not worth it, especially with no guarantee of how long until things really calm down.
Then if you're stuck in a lease that's another issue.
One of my employees hit the rent jackpot last month. Found a nice newer apartment, under priced, NO DEPOSIT and they let her move in with just a letter from me stating she was a good employee and makes X amount of money. Her first place too, so she's pretty happy. I wonder if someone was murdered there? lol
#41 sinnie
Scott wrote:
I was starting to seriously consider selling our house now while the market is so high and then just renting until things calm down. But, I checked rental prices and they're pretty ridiculous. It's probably not worth it, especially with no guarantee of how long until things really calm down.
Then if you're stuck in a lease that's another issue.
One of my employees hit the rent jackpot last month. Found a nice newer apartment, under priced, NO DEPOSIT and they let her move in with just a letter from me stating she was a good employee and makes X amount of money. Her first place too, so she's pretty happy. I wonder if someone was murdered there? lol
This housing market