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-Apr-23 9:41pm
#221 Chad
https://imgur.com/a/...
let me know if that works.
and 3 of the trees partially blocking the view are on this property. though i dont know if i will cut anything down, even with part of the view blocked, there is a good view from all floors.
and it definitely needs a coat of paint. i want to do something kind of bold. like a red or green or or something as the primary color.
#221 Chad
https://imgur.com/a/...
let me know if that works.
and 3 of the trees partially blocking the view are on this property. though i dont know if i will cut anything down, even with part of the view blocked, there is a good view from all floors.
and it definitely needs a coat of paint. i want to do something kind of bold. like a red or green or or something as the primary color.
10-Apr-23 10:11pm
#222 Bleed_DukeBlue
Congrats man! That looks really nice.
Chad wrote:
https://imgur.com/a/... let me know if that works. and 3 of the trees partially blocking the view are on this property. though i dont know if i will cut anything down, even with part of the view blocked, there is a good view from all floors. and it definitely needs a coat of paint. i want to do something kind of bold. like a red or green or or something as the primary color.
#222 Bleed_DukeBlue
Congrats man! That looks really nice.
Chad wrote:
https://imgur.com/a/... let me know if that works. and 3 of the trees partially blocking the view are on this property. though i dont know if i will cut anything down, even with part of the view blocked, there is a good view from all floors. and it definitely needs a coat of paint. i want to do something kind of bold. like a red or green or or something as the primary color.
11-Apr-23 7:15am
#223 kevolones
Chad wrote:
https://imgur.com/a/... let me know if that works. and 3 of the trees partially blocking the view are on this property. though i dont know if i will cut anything down, even with part of the view blocked, there is a good view from all floors. and it definitely needs a coat of paint. i want to do something kind of bold. like a red or green or or something as the primary color.
Dream house right there! Hope it goes thru for you! Good luck!
#223 kevolones
Chad wrote:
https://imgur.com/a/... let me know if that works. and 3 of the trees partially blocking the view are on this property. though i dont know if i will cut anything down, even with part of the view blocked, there is a good view from all floors. and it definitely needs a coat of paint. i want to do something kind of bold. like a red or green or or something as the primary color.
Dream house right there! Hope it goes thru for you! Good luck!
11-Apr-23 7:49pm
#225 Bishop
Chad wrote:
https://imgur.com/a/... let me know if that works. and 3 of the trees partially blocking the view are on this property. though i dont know if i will cut anything down, even with part of the view blocked, there is a good view from all floors. and it definitely needs a coat of paint. i want to do something kind of bold. like a red or green or or something as the primary color.
Legit thought you were going to clownpenis.fart me.
#225 Bishop
Chad wrote:
https://imgur.com/a/... let me know if that works. and 3 of the trees partially blocking the view are on this property. though i dont know if i will cut anything down, even with part of the view blocked, there is a good view from all floors. and it definitely needs a coat of paint. i want to do something kind of bold. like a red or green or or something as the primary color.
Legit thought you were going to clownpenis.fart me.
12-Apr-23 10:37pm
#226 Chad
I forgot to include the back up generator in my bid, and apparently all the stuff I thought was staging (furniture, art, rugs) is being offered for additional. We will see.
#226 Chad
I forgot to include the back up generator in my bid, and apparently all the stuff I thought was staging (furniture, art, rugs) is being offered for additional. We will see.
14-Apr-23 11:12pm
#227 MrBean
It'll go well over asking, but... Hoping to see this tomorrow. Checks lots of boxes but definitely not all. Soooo much wood, not as open of a floor plan as I'd like, roof probably needs replaced, no pool, hoa, blah blah.
Problem is, everything is 550+ around here and offers less. This market is such a kick in the balls. Inventory is starting to improve but everything is still overpriced and selling over ask. It amazes me that $600k these days and you are ultimately settling.
https://www.zillow.c...
#227 MrBean
It'll go well over asking, but... Hoping to see this tomorrow. Checks lots of boxes but definitely not all. Soooo much wood, not as open of a floor plan as I'd like, roof probably needs replaced, no pool, hoa, blah blah.
Problem is, everything is 550+ around here and offers less. This market is such a kick in the balls. Inventory is starting to improve but everything is still overpriced and selling over ask. It amazes me that $600k these days and you are ultimately settling.
https://www.zillow.c...
15-Apr-23 12:05am
#228 Chad
that looks really nice. but HOAs terrify me.
Inspection is over. Inspector seemed really good. Surprisingly few things to note. There will be some deck work like I expected, but super minimal. Some handrails needed, deck should be screwed in rather than nailed, a few support brackets needed for existing hand rails.
Getting a few contractors out and quotes for things, but I don't think I'll be able to even go in for a $20k price job. Maybe not even $10k. Meanwhile I think I am going to be asking for like 20-30k in generators, rugs, and art....
Their (sellers) realtor sure kind of fudgeed them on the sale with this listing IMO. The pictures are so bad compared to how it looks in real life. My inspector said he normally checks every place that has opportunity to be a multi-family but skipped by this one based on the pictures.
Oh and confirmed radiant ceiling heat. He said its super reliable, lasts a long time, but once it dies, not worth trying to repair. Was able to show it on the infrared camera which was cool.
Inspector and realtor were guessing main floor would rent for $2000-2200, bottom floor $1600-1800, and if I do the above garage unit up, $900-1200 for that. I think I might end up living on the bottom floor and renting out the top and eventually the studio.
#228 Chad
that looks really nice. but HOAs terrify me.
Inspection is over. Inspector seemed really good. Surprisingly few things to note. There will be some deck work like I expected, but super minimal. Some handrails needed, deck should be screwed in rather than nailed, a few support brackets needed for existing hand rails.
Getting a few contractors out and quotes for things, but I don't think I'll be able to even go in for a $20k price job. Maybe not even $10k. Meanwhile I think I am going to be asking for like 20-30k in generators, rugs, and art....
Their (sellers) realtor sure kind of fudgeed them on the sale with this listing IMO. The pictures are so bad compared to how it looks in real life. My inspector said he normally checks every place that has opportunity to be a multi-family but skipped by this one based on the pictures.
Oh and confirmed radiant ceiling heat. He said its super reliable, lasts a long time, but once it dies, not worth trying to repair. Was able to show it on the infrared camera which was cool.
Inspector and realtor were guessing main floor would rent for $2000-2200, bottom floor $1600-1800, and if I do the above garage unit up, $900-1200 for that. I think I might end up living on the bottom floor and renting out the top and eventually the studio.
15-Apr-23 6:02pm
#229 InigoMontoya
MrBean wrote:
It'll go well over asking, but... Hoping to see this tomorrow. Checks lots of boxes but definitely not all. Soooo much wood, not as open of a floor plan as I'd like, roof probably needs replaced, no pool, hoa, blah blah. Problem is, everything is 550+ around here and offers less. This market is such a kick in the balls. Inventory is starting to improve but everything is still overpriced and selling over ask. It amazes me that $600k these days and you are ultimately settling. https://www.zillow.c...
Part of the issue is you've got corporate buyers out there looking to pick up properties to add to their rental portfolio, and until/unless that backs off, people are going to feel the need to go over asking price to even have a shot to land a house in some markets.
Some of it is that interest rates have been abnormally low since 9/11, and the 5s and 6s we're seeing now might even still be on the low side compared to the 70s and 80s.
So it's a question of "will they continue to rise" and "how much?" The more they rise, the bigger a squeeze it puts on buying power, and so some buyers may be feeling incentivized to pay more for the house while they can lock in a relatively lower rate. Be interesting to see how long that double whammy lasts.
(We bought last fall at 5.25%, but we were also in the shallow end of the pricing pool, so we ended up not having to go over asking much at all; thank God in retrospect given some of the crap we've had to deal with since getting the keys.)
#229 InigoMontoya
MrBean wrote:
It'll go well over asking, but... Hoping to see this tomorrow. Checks lots of boxes but definitely not all. Soooo much wood, not as open of a floor plan as I'd like, roof probably needs replaced, no pool, hoa, blah blah. Problem is, everything is 550+ around here and offers less. This market is such a kick in the balls. Inventory is starting to improve but everything is still overpriced and selling over ask. It amazes me that $600k these days and you are ultimately settling. https://www.zillow.c...
Part of the issue is you've got corporate buyers out there looking to pick up properties to add to their rental portfolio, and until/unless that backs off, people are going to feel the need to go over asking price to even have a shot to land a house in some markets.
Some of it is that interest rates have been abnormally low since 9/11, and the 5s and 6s we're seeing now might even still be on the low side compared to the 70s and 80s.
So it's a question of "will they continue to rise" and "how much?" The more they rise, the bigger a squeeze it puts on buying power, and so some buyers may be feeling incentivized to pay more for the house while they can lock in a relatively lower rate. Be interesting to see how long that double whammy lasts.
(We bought last fall at 5.25%, but we were also in the shallow end of the pricing pool, so we ended up not having to go over asking much at all; thank God in retrospect given some of the crap we've had to deal with since getting the keys.)
16-Apr-23 12:42am
#231 InigoMontoya
Feeb wrote:
Volkswagen bought my home for cash a few years ago to house an employee.
Different flavor of corporate. What I mean is mass landlord situations, where one buyer (usually incorporated to minimize personal liability) or possibly a group are buying up the affordable homes to turn around and rent them out to generate "passive" income.
VW was trying to unfudge crap for one of their employees. Good on them. Different beast than the sort looking to exploit the situation to make things actively worse for would-be homebuyers.
#231 InigoMontoya
Feeb wrote:
Volkswagen bought my home for cash a few years ago to house an employee.
Different flavor of corporate. What I mean is mass landlord situations, where one buyer (usually incorporated to minimize personal liability) or possibly a group are buying up the affordable homes to turn around and rent them out to generate "passive" income.
VW was trying to unfudge crap for one of their employees. Good on them. Different beast than the sort looking to exploit the situation to make things actively worse for would-be homebuyers.
16-Apr-23 5:52pm
#232 MrBean
MrBean wrote:
It'll go well over asking, but... Hoping to see this tomorrow. Checks lots of boxes but definitely not all. Soooo much wood, not as open of a floor plan as I'd like, roof probably needs replaced, no pool, hoa, blah blah. Problem is, everything is 550+ around here and offers less. This market is such a kick in the balls. Inventory is starting to improve but everything is still overpriced and selling over ask. It amazes me that $600k these days and you are ultimately settling. https://www.zillow.c...
Well, the 90's wood trim is ... not the best, it's largely a hill, but everything else is quite awesome. One of the best school systems in Ohio, nearby some kickass cities, neighboord is crazy nice, near family ... nearly 6k sq ft (with the potential to add quite a bit more via a closed off cedar closet).
We're feeling it. They shut off bids at 5pm today, and we were bidder #4 at 4pm, so there may be another two last minute, we'll see.
Put in the offer at $620k, with escalation to $650k. More than we want to be at, but it checks too many boxes to keep waiting for the perfect house.
Oh, we also talked to a builder after we found a lot of land, haha ... SO much more expensive. Realistically, to come even 2/3 as close to this house, it'd be well over $800k, soooo, yeah, no.
#232 MrBean
MrBean wrote:
It'll go well over asking, but... Hoping to see this tomorrow. Checks lots of boxes but definitely not all. Soooo much wood, not as open of a floor plan as I'd like, roof probably needs replaced, no pool, hoa, blah blah. Problem is, everything is 550+ around here and offers less. This market is such a kick in the balls. Inventory is starting to improve but everything is still overpriced and selling over ask. It amazes me that $600k these days and you are ultimately settling. https://www.zillow.c...
Well, the 90's wood trim is ... not the best, it's largely a hill, but everything else is quite awesome. One of the best school systems in Ohio, nearby some kickass cities, neighboord is crazy nice, near family ... nearly 6k sq ft (with the potential to add quite a bit more via a closed off cedar closet).
We're feeling it. They shut off bids at 5pm today, and we were bidder #4 at 4pm, so there may be another two last minute, we'll see.
Put in the offer at $620k, with escalation to $650k. More than we want to be at, but it checks too many boxes to keep waiting for the perfect house.
Oh, we also talked to a builder after we found a lot of land, haha ... SO much more expensive. Realistically, to come even 2/3 as close to this house, it'd be well over $800k, soooo, yeah, no.
16-Apr-23 9:05pm
#233 MrBean
Fudge this crap, we lost it. gosh darnit.
Only in this modern fudgeed up world do you lose out by overbidding $20k with only 4 bidders.
I give up.
#233 MrBean
Fudge this crap, we lost it. gosh darnit.
Only in this modern fudgeed up world do you lose out by overbidding $20k with only 4 bidders.
I give up.
16-Apr-23 9:42pm
#234 Chad
sorry to hear that. and yeah, building is ridiculous. You have to take on large portions of it yourself to not get completely fudgeed.
#234 Chad
sorry to hear that. and yeah, building is ridiculous. You have to take on large portions of it yourself to not get completely fudgeed.
16-Apr-23 10:13pm
#235 kevolones
MrBean wrote:
Fudge this crap, we lost it. gosh darnit. Only in this modern fudgeed up world do you lose out by overbidding $20k with only 4 bidders. I give up.
I still dont understand how people are paying that much over asking price. And it is every single time! 20k and you still didnt get it? This market is insane!
I actually made an offer on a house yesterday. Definitely have 0% chance of getting it but I thought Id try.
#235 kevolones
MrBean wrote:
Fudge this crap, we lost it. gosh darnit. Only in this modern fudgeed up world do you lose out by overbidding $20k with only 4 bidders. I give up.
I still dont understand how people are paying that much over asking price. And it is every single time! 20k and you still didnt get it? This market is insane!
I actually made an offer on a house yesterday. Definitely have 0% chance of getting it but I thought Id try.
16-Apr-23 11:42pm
#236 Noid
Congratulations, @Chad! I look forward to reading more of your updates as the journey continues. Remember, in the words of the great Yogi Berra, "It ain't over 'til it's over."
That super-sucks, @MrBean. But, don't lose hope. My wife and I had to deal with at least four other competing offers when we bought our house early last year. It was listed right at 300K and, to the shock and surprise of both my wife and our realtor (who's also my cousin's husband and one of my best friends), I decided to go super-nuts and make the power-play of 325K. Well, long story short, we won the house and, right now, online realty sites such as Redfin and Zillow estimate the property value at just under 350K. Mind you, that's excluding all the equity we pumped into the place before moving in like refinishing original hardwood floors, tearing out linoleum floors, installing and finishing new hardwood floors, installing new tiled floors, tearing out linoleum countertops and backsplashes, installing quartz countertops and tile backsplashes, and painting each and every room.
So, the next time you step up to the plate, @MrBean, go for the brass ring. Make your next offer a stupid amount. Not only will you finally win, you'll also find that you'll recoup your "losses" way faster than you may think.
#236 Noid
Congratulations, @Chad! I look forward to reading more of your updates as the journey continues. Remember, in the words of the great Yogi Berra, "It ain't over 'til it's over."
That super-sucks, @MrBean. But, don't lose hope. My wife and I had to deal with at least four other competing offers when we bought our house early last year. It was listed right at 300K and, to the shock and surprise of both my wife and our realtor (who's also my cousin's husband and one of my best friends), I decided to go super-nuts and make the power-play of 325K. Well, long story short, we won the house and, right now, online realty sites such as Redfin and Zillow estimate the property value at just under 350K. Mind you, that's excluding all the equity we pumped into the place before moving in like refinishing original hardwood floors, tearing out linoleum floors, installing and finishing new hardwood floors, installing new tiled floors, tearing out linoleum countertops and backsplashes, installing quartz countertops and tile backsplashes, and painting each and every room.
So, the next time you step up to the plate, @MrBean, go for the brass ring. Make your next offer a stupid amount. Not only will you finally win, you'll also find that you'll recoup your "losses" way faster than you may think.
17-Apr-23 1:29pm
#237 Qpalzm
It's been will they or wont they for 2 months.
Originally blown out of the water by a +35k plus asking. Winning buyer had an as-is clause, and then there was a little bit of trouble with the inspection the buyer balked. Sellers lawyers said "no dice, you presented an as-is offer" and by some stroke of luck, we were next in line.
We inspected, found the issue to be something that could be fixed for around ~10k, Since there were other bidders still in line, came up 2.5k on bid, then based on inspection asked for a 7.5k concession. They came back with 3.5k in concession. Then when the appraisal came in value on property was10k above asking.
To Noid's point, I'm actualizing that value elsewhere. You're in the long-haul now.
#237 Qpalzm
It's been will they or wont they for 2 months.
Originally blown out of the water by a +35k plus asking. Winning buyer had an as-is clause, and then there was a little bit of trouble with the inspection the buyer balked. Sellers lawyers said "no dice, you presented an as-is offer" and by some stroke of luck, we were next in line.
We inspected, found the issue to be something that could be fixed for around ~10k, Since there were other bidders still in line, came up 2.5k on bid, then based on inspection asked for a 7.5k concession. They came back with 3.5k in concession. Then when the appraisal came in value on property was10k above asking.
To Noid's point, I'm actualizing that value elsewhere. You're in the long-haul now.
17-Apr-23 1:39pm
#238 shadyfozzie
MrBean wrote:
Fudge this crap, we lost it. gosh darnit. Only in this modern fudgeed up world do you lose out by overbidding $20k with only 4 bidders. I give up.
Man, that house would go for at least $1 million in NJ..
#238 shadyfozzie
MrBean wrote:
Fudge this crap, we lost it. gosh darnit. Only in this modern fudgeed up world do you lose out by overbidding $20k with only 4 bidders. I give up.
Man, that house would go for at least $1 million in NJ..
17-Apr-23 5:40pm
#239 MrBean
shadyfozzie wrote:
MrBean wrote:> Fudge this crap, we lost it. gosh darnit.> > Only in this modern fudgeed up world do you lose out by overbidding $20k with only> 4 bidders.> > I give up. Man, that house would go for at least $1 million in NJ..
Yeah, even though the market is still bat crap here, it's still better here than elsewhere. We were considered under-valued for years ... and now we 180'd and are over-valued. Still, one of my friends in Florida said this would sell for ~$2m there!
We'll never find that big of a house in that range again, it was a crazy listing. That size is typically ~$750k+. Sure it needed some work, but that price was crazy given all the other factors.
We should have bid more, but it's over. Sucks, but ... what can ya do. You have to set a cut off at some point, and while we can afford more, we don't want to be house poor. We came to alignment that $650k is our max so if we don't get the next one either ... is what it is.
Still, salty ... been a crapty day
#239 MrBean
shadyfozzie wrote:
MrBean wrote:> Fudge this crap, we lost it. gosh darnit.> > Only in this modern fudgeed up world do you lose out by overbidding $20k with only> 4 bidders.> > I give up. Man, that house would go for at least $1 million in NJ..
Yeah, even though the market is still bat crap here, it's still better here than elsewhere. We were considered under-valued for years ... and now we 180'd and are over-valued. Still, one of my friends in Florida said this would sell for ~$2m there!
We'll never find that big of a house in that range again, it was a crazy listing. That size is typically ~$750k+. Sure it needed some work, but that price was crazy given all the other factors.
We should have bid more, but it's over. Sucks, but ... what can ya do. You have to set a cut off at some point, and while we can afford more, we don't want to be house poor. We came to alignment that $650k is our max so if we don't get the next one either ... is what it is.
Still, salty ... been a crapty day
18-Apr-23 8:17am
#240 John
What's crazy is that you could buy that house here for likely well under $400k.
Like, if you're in a $350k house here, you're in a REALLY nice house...
#240 John
What's crazy is that you could buy that house here for likely well under $400k.
Like, if you're in a $350k house here, you're in a REALLY nice house...
18-Apr-23 8:31am
#241 Feeb
John wrote:
What's crazy is that you could buy that house here for likely well under $400k. Like, if you're in a $350k house here, you're in a REALLY nice house...
Same here. Depending on school zone. That would be anywhere from 300-600k
#241 Feeb
John wrote:
What's crazy is that you could buy that house here for likely well under $400k. Like, if you're in a $350k house here, you're in a REALLY nice house...
Same here. Depending on school zone. That would be anywhere from 300-600k
This housing market