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...
29-Jan-23 10:31pm
#161 MrBean
We were gonna do it... Go over budget and bid on the house. Haha... Yeah... We talked to the selling realtor, many bids over asking. There's such little inventory now and competition is aggressive. Super curios to see how much it goes for.
Probably best to wait until spring/summer regardless. Hopefully rates will come down a bit more too.
#161 MrBean
We were gonna do it... Go over budget and bid on the house. Haha... Yeah... We talked to the selling realtor, many bids over asking. There's such little inventory now and competition is aggressive. Super curios to see how much it goes for.
Probably best to wait until spring/summer regardless. Hopefully rates will come down a bit more too.
29-Jan-23 11:27pm
#162 Chad
My house sold. I'm sitting on cash now trying to decide next thing to do with my life. I've been talking to banks and figuring out the process to buy investment properties.
Commercial and multi-family real estate is going nuts. For the longest time in WA you couldn't find better than a 4% cap rate anywhere decent, maybe a theoretical 7% cap in Aberdeen or Goldendale or somewhere out in the boonies.
Now you can find 7-10% with relative ease. Moving to commercial / industrial, there is storage facility that I bet is doing 18-20% cap for what they are asking.
#162 Chad
My house sold. I'm sitting on cash now trying to decide next thing to do with my life. I've been talking to banks and figuring out the process to buy investment properties.
Commercial and multi-family real estate is going nuts. For the longest time in WA you couldn't find better than a 4% cap rate anywhere decent, maybe a theoretical 7% cap in Aberdeen or Goldendale or somewhere out in the boonies.
Now you can find 7-10% with relative ease. Moving to commercial / industrial, there is storage facility that I bet is doing 18-20% cap for what they are asking.
29-Jan-23 11:41pm
#163 Chad
sinnie wrote:
We are seeing homes come down in the St Louis area... not in the ghetto, but nice suburbs. I've seen a lot of real nice condos I would love to buy and rent out, fully updated for 150k. I could see myself doing that down the road but not just yet.
Right now St. Louis, Chicago, Philadelphia, and Pittsburg have IMO the housing markets with the most opportunity. St. Louis has some amazing buildings, some needing a lot of TLC, some move in ready.
https://www.loopnet....
I don't know the area at all, but that seems like an amazing wedding venue / rent out to boy scouts / rent out to a church, etc.
#163 Chad
sinnie wrote:
We are seeing homes come down in the St Louis area... not in the ghetto, but nice suburbs. I've seen a lot of real nice condos I would love to buy and rent out, fully updated for 150k. I could see myself doing that down the road but not just yet.
Right now St. Louis, Chicago, Philadelphia, and Pittsburg have IMO the housing markets with the most opportunity. St. Louis has some amazing buildings, some needing a lot of TLC, some move in ready.
https://www.loopnet....
I don't know the area at all, but that seems like an amazing wedding venue / rent out to boy scouts / rent out to a church, etc.
30-Jan-23 12:29am
#164 HybridCRoW
Not gonna lie, I feel like my rent is going to go up again this year since they did one of them appraisal things by a 3rd party company to assess repair costs, etc...
Surprisingly, while I was waiting on a job I applied for in Columbus, OH, I did some research and cost of living is similar, somewhat lower than where I am now... So far as I can tell it is safe to say I'm not considered for the job so I've decided to stop looking in that area. I was looking at possibly renting a studio apartment for the space.
Now that I'm going back to work at the same job I quit to focus on my education while I look for an IT job, I'm going to focus on getting my financials back in order, rebuild my savings to prepare for when I need to move for my IT job...
#164 HybridCRoW
Not gonna lie, I feel like my rent is going to go up again this year since they did one of them appraisal things by a 3rd party company to assess repair costs, etc...
Surprisingly, while I was waiting on a job I applied for in Columbus, OH, I did some research and cost of living is similar, somewhat lower than where I am now... So far as I can tell it is safe to say I'm not considered for the job so I've decided to stop looking in that area. I was looking at possibly renting a studio apartment for the space.
Now that I'm going back to work at the same job I quit to focus on my education while I look for an IT job, I'm going to focus on getting my financials back in order, rebuild my savings to prepare for when I need to move for my IT job...
30-Jan-23 12:49am
#165 ryanflucas
I bought a house and closed earlier this month. $325k. 3 bedroom, 2 bathroom, living and family room, full basement that's custom height one extra block (I'm 6'8" and I don't hit my head), gas fireplace, all hardwood floors, deck, New appliances, New furnace, New roof, dry basement.
I was the only person who put an offer on it. My realtor used that to pressure the sellers to spend $20k to fix things before closing. That included steel basement wall stabilizing brackets (common in this area), chimney repairs and new hood, radon mitigation (also common to area), and some stone decorative replacement on the outside.
Lots of people toured the house but whined over dumb stuff. Things like Lot wasn't big enough (it's 0.75 acres wooded), garage wasn't big enough (it's 2.5 car), it's too close to the road (my backyard borders a busy 4 lane road. It's only busy from 10 am till 5pm and there's plenty of yard buffer), there's no shed, the cement drive needs mudjacking (two small spots outside my garage), it's too close to the school (I'm two houses away from a high school which is fancy as hell and super quiet). I have one neighbor bordering me that's super nice. Across the busy road my backyard borders is a golf course. Everyone on my block works 3rd shift so it's dark at night and pin drop quiet.
I plan on mudjacking the drive in spring, planting lots more trees, fencing in the backyard, finishing the basement, installing vinyl siding when prices drop.
#165 ryanflucas
I bought a house and closed earlier this month. $325k. 3 bedroom, 2 bathroom, living and family room, full basement that's custom height one extra block (I'm 6'8" and I don't hit my head), gas fireplace, all hardwood floors, deck, New appliances, New furnace, New roof, dry basement.
I was the only person who put an offer on it. My realtor used that to pressure the sellers to spend $20k to fix things before closing. That included steel basement wall stabilizing brackets (common in this area), chimney repairs and new hood, radon mitigation (also common to area), and some stone decorative replacement on the outside.
Lots of people toured the house but whined over dumb stuff. Things like Lot wasn't big enough (it's 0.75 acres wooded), garage wasn't big enough (it's 2.5 car), it's too close to the road (my backyard borders a busy 4 lane road. It's only busy from 10 am till 5pm and there's plenty of yard buffer), there's no shed, the cement drive needs mudjacking (two small spots outside my garage), it's too close to the school (I'm two houses away from a high school which is fancy as hell and super quiet). I have one neighbor bordering me that's super nice. Across the busy road my backyard borders is a golf course. Everyone on my block works 3rd shift so it's dark at night and pin drop quiet.
I plan on mudjacking the drive in spring, planting lots more trees, fencing in the backyard, finishing the basement, installing vinyl siding when prices drop.
30-Jan-23 12:52am
#166 ryanflucas
If anyone wants to buy my house in northwest Milwaukee, mention this thread and get $2k off asking price.
#166 ryanflucas
If anyone wants to buy my house in northwest Milwaukee, mention this thread and get $2k off asking price.
30-Jan-23 7:59pm
#167 sinnie
Chad wrote:
sinnie wrote:> We are seeing homes come down in the St Louis area... not in the ghetto, but nice> suburbs. I've seen a lot of real nice condos I would love to buy and rent out, fully> updated for 150k. I could see myself doing that down the road but not just yet.> > Right now St. Louis, Chicago, Philadelphia, and Pittsburg have IMO the housing markets with the most opportunity. St. Louis has some amazing buildings, some needing a lot of TLC, some move in ready. https://www.loopnet.... I don't know the area at all, but that seems like an amazing wedding venue / rent out to boy scouts / rent out to a church, etc.
The crime in a lot of these places is really bad and that's keeping a lot of investors out. Go there the wrong part of the day, get mugged, shot or carjacked. There's just some places you can't really easily go in STL and many other places.
#167 sinnie
Chad wrote:
sinnie wrote:> We are seeing homes come down in the St Louis area... not in the ghetto, but nice> suburbs. I've seen a lot of real nice condos I would love to buy and rent out, fully> updated for 150k. I could see myself doing that down the road but not just yet.> > Right now St. Louis, Chicago, Philadelphia, and Pittsburg have IMO the housing markets with the most opportunity. St. Louis has some amazing buildings, some needing a lot of TLC, some move in ready. https://www.loopnet.... I don't know the area at all, but that seems like an amazing wedding venue / rent out to boy scouts / rent out to a church, etc.
The crime in a lot of these places is really bad and that's keeping a lot of investors out. Go there the wrong part of the day, get mugged, shot or carjacked. There's just some places you can't really easily go in STL and many other places.
30-Jan-23 8:47pm
#168 BlueJava
sinnie wrote:
The crime in a lot of these places is really bad and that's keeping a lot of investors out. Go there the wrong part of the day, get mugged, shot or carjacked. There's just some places you can't really easily go in STL and many other places.Before I bought my house I visited during the weekend especially Friday and Saturday night to see how the area was.. Of course this was in 2012 before this market.. We've had so many houses change hands the last 2 years it's crazy. One house in particular has been bought and sold 4x.. One house went pending in 8 hours and the other in 9. The guy who bought the house on the corner waived inspection and the house has foundation, roofing and drainage problems. Now he knows why they took his offer even though they had 2 higher offers.
#168 BlueJava
sinnie wrote:
The crime in a lot of these places is really bad and that's keeping a lot of investors out. Go there the wrong part of the day, get mugged, shot or carjacked. There's just some places you can't really easily go in STL and many other places.Before I bought my house I visited during the weekend especially Friday and Saturday night to see how the area was.. Of course this was in 2012 before this market.. We've had so many houses change hands the last 2 years it's crazy. One house in particular has been bought and sold 4x.. One house went pending in 8 hours and the other in 9. The guy who bought the house on the corner waived inspection and the house has foundation, roofing and drainage problems. Now he knows why they took his offer even though they had 2 higher offers.
30-Jan-23 9:36pm
#169 kevolones
Over here most realtors are being butt-holes. Either they ignore texts/calls or leave you hanging after an "appointment" to look at a house. Hoping the market gets better this year
#169 kevolones
Over here most realtors are being butt-holes. Either they ignore texts/calls or leave you hanging after an "appointment" to look at a house. Hoping the market gets better this year
31-Jan-23 12:06am
#170 ryanflucas
kevolones wrote:
Over here most realtors are being butt-holes. Either they ignore texts/calls or leave you hanging after an "appointment" to look at a house. Hoping the market gets better this year
Fire your realtors. I went through five before I found a keeper.
#170 ryanflucas
kevolones wrote:
Over here most realtors are being butt-holes. Either they ignore texts/calls or leave you hanging after an "appointment" to look at a house. Hoping the market gets better this year
Fire your realtors. I went through five before I found a keeper.
31-Jan-23 7:30am
#171 bill
I've had good experiences with realtors. The best was this couple that did it together. The wife was a super nice/helpful person. The husband (never actually met him) was the one who negotiated the price once we got an offer. I was shocked at how much more he got the buyer to pay. I almost felt bad for the buyer.
More recently, when my parents died, I had to sell their homes (out of state). The realtor helped me with all kinds of details (e.g. I had to clean the places out and do some minimal fix-ups). He even would meet people while I stayed remote in some cases too.
#171 bill
I've had good experiences with realtors. The best was this couple that did it together. The wife was a super nice/helpful person. The husband (never actually met him) was the one who negotiated the price once we got an offer. I was shocked at how much more he got the buyer to pay. I almost felt bad for the buyer.
More recently, when my parents died, I had to sell their homes (out of state). The realtor helped me with all kinds of details (e.g. I had to clean the places out and do some minimal fix-ups). He even would meet people while I stayed remote in some cases too.
31-Jan-23 8:11am
#172 John
Indeed -- there are great realtors and horrible ones. It's a bit too easy to get a license here (and maybe everywhere). I see way too many people picking it up as a "side gig" who have no idea what they are doing.
#172 John
Indeed -- there are great realtors and horrible ones. It's a bit too easy to get a license here (and maybe everywhere). I see way too many people picking it up as a "side gig" who have no idea what they are doing.
31-Jan-23 12:35pm
#173 ryanflucas
The city I'm moving to, almost 20 percent of residents have real estate agent licenses. It's crazy.
#173 ryanflucas
The city I'm moving to, almost 20 percent of residents have real estate agent licenses. It's crazy.
31-Jan-23 6:56pm
#174 kevolones
ryanflucas wrote:
kevolones wrote:> Over here most realtors are being butt-holes. Either they ignore texts/calls or leave> you hanging after an "appointment" to look at a house. Hoping the market gets better> this year Fire your realtors. I went through five before I found a keeper.
They are not really my realtors. Theyre just the people showing the houses on the market. I need to find a real realtor and stop dealing with these people.
#174 kevolones
ryanflucas wrote:
kevolones wrote:> Over here most realtors are being butt-holes. Either they ignore texts/calls or leave> you hanging after an "appointment" to look at a house. Hoping the market gets better> this year Fire your realtors. I went through five before I found a keeper.
They are not really my realtors. Theyre just the people showing the houses on the market. I need to find a real realtor and stop dealing with these people.
31-Jan-23 7:01pm
#175 KCPenguins
My first realtor was awesome for me. He gave me tons of tips and was brutally honest with certain houses. Nothing we were seriously interested in, but he flat out told us on certain properties he would not be our agent if we tried tried to buy them. He wanted nothing to do with having to sell them later. Props for that honesty.
Due to moving out of state, I've had 4 other realtors. I dumped 2 of them quickly as it was all about their commission. The other 2 were decent, gave me some breaks.
Be weary of a realtor who struggles to find negatives about a property, especially if they consistently spin your concerns to non-issues. Also as soon as you know or suspect it won't work, cut ties.
#175 KCPenguins
My first realtor was awesome for me. He gave me tons of tips and was brutally honest with certain houses. Nothing we were seriously interested in, but he flat out told us on certain properties he would not be our agent if we tried tried to buy them. He wanted nothing to do with having to sell them later. Props for that honesty.
Due to moving out of state, I've had 4 other realtors. I dumped 2 of them quickly as it was all about their commission. The other 2 were decent, gave me some breaks.
Be weary of a realtor who struggles to find negatives about a property, especially if they consistently spin your concerns to non-issues. Also as soon as you know or suspect it won't work, cut ties.
31-Jan-23 9:41pm
#176 Anxiouz
I don't have nice things to say about the realtors I've dealt with. Some have been "ok" but at no point has anyone ever met the value of their commission. $20k+ for just fielding calls from other realtors is pretty insane.
I've sold 2 houses and both times the realtor said they could get $X and when the appraisal inspection came around everybody was nervous. And both times the appraisal was below the expectation, but at that point you're tied to the realtor to some degree even with their false promises.
For one of the houses we actually talked directly with the buyer to work some stuff out (without our reps ever knowing), as the song-and-dance BS through the realtors was so dumb. And they still got paid.
#176 Anxiouz
I don't have nice things to say about the realtors I've dealt with. Some have been "ok" but at no point has anyone ever met the value of their commission. $20k+ for just fielding calls from other realtors is pretty insane.
I've sold 2 houses and both times the realtor said they could get $X and when the appraisal inspection came around everybody was nervous. And both times the appraisal was below the expectation, but at that point you're tied to the realtor to some degree even with their false promises.
For one of the houses we actually talked directly with the buyer to work some stuff out (without our reps ever knowing), as the song-and-dance BS through the realtors was so dumb. And they still got paid.
31-Jan-23 10:43pm
#177 ryanflucas
I went through realtors fast because I didn't buy a house fast enough. I had a few really good ones but they spent more time helping people that bought the first house they saw for quick money.
#177 ryanflucas
I went through realtors fast because I didn't buy a house fast enough. I had a few really good ones but they spent more time helping people that bought the first house they saw for quick money.
1-Feb-23 6:56am
#178 MrBean
My sister in law is a realtor and she's really great at her job. Yet in the grand scheme, I find that realtors aren't needed. Feels like a a car salesman. A role that used to have a lot more value, but has proven to be far less needed and valuable as technology has taken over. The insane amount of money they can make for doing so little, is baffling. Sadly, still a bit of a necessary evil until things further change. We'll sell for sale by owner and buy a new house through her.
#178 MrBean
My sister in law is a realtor and she's really great at her job. Yet in the grand scheme, I find that realtors aren't needed. Feels like a a car salesman. A role that used to have a lot more value, but has proven to be far less needed and valuable as technology has taken over. The insane amount of money they can make for doing so little, is baffling. Sadly, still a bit of a necessary evil until things further change. We'll sell for sale by owner and buy a new house through her.
1-Feb-23 8:30am
#179 John
Indeed. Realtors have a large lobby group that basically makes it difficult for anyone to get access to MLS. If people had easier access to it, then they would be less and less needed.
Sure, this varies by house and location, of course. But, in general, in many areas and with average/normal homes, buying direct access to MLS to list your own house might make the most sense.
#179 John
Indeed. Realtors have a large lobby group that basically makes it difficult for anyone to get access to MLS. If people had easier access to it, then they would be less and less needed.
Sure, this varies by house and location, of course. But, in general, in many areas and with average/normal homes, buying direct access to MLS to list your own house might make the most sense.
1-Feb-23 3:00pm
#180 Chad
I thought my realtor was amazing selling my place. If I sold when stuff was hot I would have done Redfin. But when everything is going to crap? She was very good. Did like 15 open houses, helped arrange a whole lot of stuff.
Buying though, I think I might just use an attorney next time. Buying is no way worth 3% in most markets.
#180 Chad
I thought my realtor was amazing selling my place. If I sold when stuff was hot I would have done Redfin. But when everything is going to crap? She was very good. Did like 15 open houses, helped arrange a whole lot of stuff.
Buying though, I think I might just use an attorney next time. Buying is no way worth 3% in most markets.
1-Feb-23 7:50pm
#181 Bishop
Generally 2% buyers fee and that's usually baked into the seller's realtor.
#181 Bishop
Generally 2% buyers fee and that's usually baked into the seller's realtor.
This housing market