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...
23-Mar-23 9:47pm
#201 CoachMcGuirk
I have been actively looking for just over a month now. 0 for 4 on accepted offers thus far. My realtor is drafting up a fifth as I type; fingers crossed this one takes. Probably the best house I've seen thus far.
#201 CoachMcGuirk
I have been actively looking for just over a month now. 0 for 4 on accepted offers thus far. My realtor is drafting up a fifth as I type; fingers crossed this one takes. Probably the best house I've seen thus far.
24-Mar-23 11:44pm
#202 Chad
I got a new government job near Olympic national park.
Typical home there is $425-500k.
I'm still sitting on most of teh cash from my sale (haven't spent any but have invested some). But i want to get pre approved for a mortgage all the same.
there is a 7 unit multi family for a bit over $500k I want to go check out. I can't believe it is that cheap, studios are like $900-1100 over there, 1 bed are like $1000-1400, and as I understand it you can barely find an apartment over there because everything is air bnb.
Or I could get a pimp place on the ocean with an awesome view for $800k-1m.
so at least i know where to look for buying now!
#202 Chad
I got a new government job near Olympic national park.
Typical home there is $425-500k.
I'm still sitting on most of teh cash from my sale (haven't spent any but have invested some). But i want to get pre approved for a mortgage all the same.
there is a 7 unit multi family for a bit over $500k I want to go check out. I can't believe it is that cheap, studios are like $900-1100 over there, 1 bed are like $1000-1400, and as I understand it you can barely find an apartment over there because everything is air bnb.
Or I could get a pimp place on the ocean with an awesome view for $800k-1m.
so at least i know where to look for buying now!
25-Mar-23 12:33am
#203 SwiftJAB
Anything more than 4 units will require a commercial mortgage, which has different guidelines than a residential loan. You may want to talk with your bank about getting pre-approved for both commercial and residential.
#203 SwiftJAB
Anything more than 4 units will require a commercial mortgage, which has different guidelines than a residential loan. You may want to talk with your bank about getting pre-approved for both commercial and residential.
26-Mar-23 10:29pm
#205 ryanflucas
If it was in the Midwest, it would make a great Baptist church or Subway.
#205 ryanflucas
If it was in the Midwest, it would make a great Baptist church or Subway.
27-Mar-23 8:24am
#206 John
We've had a couple bank branches close in my town over the past few years. One became a coffee shop and the other is a Jimmy Johns now!
(The coffee shop one still has the drive-up lanes where the tubes would shoot stuff back and forth, but they just them for parking. I kinda wish the Jimmy Johns ones would have kept theirs and used it to shoot subs through!)
#206 John
We've had a couple bank branches close in my town over the past few years. One became a coffee shop and the other is a Jimmy Johns now!
(The coffee shop one still has the drive-up lanes where the tubes would shoot stuff back and forth, but they just them for parking. I kinda wish the Jimmy Johns ones would have kept theirs and used it to shoot subs through!)
27-Mar-23 4:11pm
#207 Chad
This one doesn't have the tubes unfortunately.
Still has the vault though, so figure a jewelry store or more likely, pawn shop would go good there. It's actually an incredible location, it is like 5 blocks outside of city limits so it is county, which is much cheaper to deal with. I think a detatched coffee place in the parking lot close to the entrance would be killer. For local commuters they drive by that spot every day, and its on the right hand side going into town.
That's a really touristy area, something like 2 million people go through every year to go to Hurricane Ridge and the Olympic National Park.
I feel like some restaurants would go good there. They have some good burger places already, but they are lacking good non-chain pizza and sub shops. Do that, turn the top floor into apartments and I think it could be a good deal long term. It's super prime location, in 10-20 years it will be annexed and probably close to the start of "down town".
#207 Chad
This one doesn't have the tubes unfortunately.
Still has the vault though, so figure a jewelry store or more likely, pawn shop would go good there. It's actually an incredible location, it is like 5 blocks outside of city limits so it is county, which is much cheaper to deal with. I think a detatched coffee place in the parking lot close to the entrance would be killer. For local commuters they drive by that spot every day, and its on the right hand side going into town.
That's a really touristy area, something like 2 million people go through every year to go to Hurricane Ridge and the Olympic National Park.
I feel like some restaurants would go good there. They have some good burger places already, but they are lacking good non-chain pizza and sub shops. Do that, turn the top floor into apartments and I think it could be a good deal long term. It's super prime location, in 10-20 years it will be annexed and probably close to the start of "down town".
28-Mar-23 9:39pm
#208 Chad
Have any of you that sold been getting lots of random texts and calls since you sold asking if you own your old house?
I'm averaging 2 of these per week since I sold. Didn't happen at all until house was pending. Any idea why that happens?
#208 Chad
Have any of you that sold been getting lots of random texts and calls since you sold asking if you own your old house?
I'm averaging 2 of these per week since I sold. Didn't happen at all until house was pending. Any idea why that happens?
8-Apr-23 3:35pm
#209 Chad
I think I found a place I want to put an offer in on.
Located on a hill, 5 bed, 4 bath, 2 current living units, there is a third potential living unit over the garage that currently is only a half bath.
Has ~240 degree views of water, shipping lanes, a logging plant, Canadian mountains in the background, the long sand bar ("hook").
Under $700k, really needs paint. Whoever installed the granite countertops sucked bad. Original builders were super high quality. Has 2 of the best bathrooms I've seen, one awesome one on each floor. The most beautiful staircase I've seen under like $1.2M. Deck was in great condition.
Between 3000-3500 square feet.
Biggest down side is garage doesn't open to the house. Second biggest is minimal off-street parking, though that could be remedied for not much money. Third biggest is the front door isn't where it should be. Final issue is no fence.
All but front door are easy enough to fix, just a matter of money. And even the front door issue isn't terrible, it needs like an extended deck so you don't walk down a hill just to walk up steps.
It's been on the market for a while so thinking of going like $75k under asking to see if they respond.
#209 Chad
I think I found a place I want to put an offer in on.
Located on a hill, 5 bed, 4 bath, 2 current living units, there is a third potential living unit over the garage that currently is only a half bath.
Has ~240 degree views of water, shipping lanes, a logging plant, Canadian mountains in the background, the long sand bar ("hook").
Under $700k, really needs paint. Whoever installed the granite countertops sucked bad. Original builders were super high quality. Has 2 of the best bathrooms I've seen, one awesome one on each floor. The most beautiful staircase I've seen under like $1.2M. Deck was in great condition.
Between 3000-3500 square feet.
Biggest down side is garage doesn't open to the house. Second biggest is minimal off-street parking, though that could be remedied for not much money. Third biggest is the front door isn't where it should be. Final issue is no fence.
All but front door are easy enough to fix, just a matter of money. And even the front door issue isn't terrible, it needs like an extended deck so you don't walk down a hill just to walk up steps.
It's been on the market for a while so thinking of going like $75k under asking to see if they respond.
9-Apr-23 11:36am
#211 Noid
No joke, @Scott! I hope you're able to close on that dream house, @Chad; I truly do. But, daaamn, son! You're clearly in a whole other tax-bracket-lifestyle than me. I felt like a million bucks last year just being able to move my wife and three kids outta a two-bedroom, one-and-a-half-bath house and into a four-bedroom, three-bath house. Diff'rent strokes for diff'rent folks, I suppose.
#211 Noid
No joke, @Scott! I hope you're able to close on that dream house, @Chad; I truly do. But, daaamn, son! You're clearly in a whole other tax-bracket-lifestyle than me. I felt like a million bucks last year just being able to move my wife and three kids outta a two-bedroom, one-and-a-half-bath house and into a four-bedroom, three-bath house. Diff'rent strokes for diff'rent folks, I suppose.
9-Apr-23 12:47pm
#212 MrBean
We're half tempted to buy land and build. Just randomly found a lot we like yesterday for $140k (1.5 acres, flat, creek in the back, no trees which really sucks). House would probably be at least $500k.
$650k was like our top we wanted to be but would prefer to be much more under. Don't want to be house poor and rob ourselves of lifestyle and vacations. Gonna chat with more builders.
I love the idea of building your own, but it also comes with more stress! Just tired of looking at houses and them not being the right one.
#212 MrBean
We're half tempted to buy land and build. Just randomly found a lot we like yesterday for $140k (1.5 acres, flat, creek in the back, no trees which really sucks). House would probably be at least $500k.
$650k was like our top we wanted to be but would prefer to be much more under. Don't want to be house poor and rob ourselves of lifestyle and vacations. Gonna chat with more builders.
I love the idea of building your own, but it also comes with more stress! Just tired of looking at houses and them not being the right one.
9-Apr-23 3:18pm
#214 Chad
Yeah, just trying to figure out my offer. I'm thinking $653k, $50% down payment, $50k earnest money, 30 day closing would be a pretty strong offer with a decent chance to get them to accept. $653k would be a 5% price drop. They have been listed 6 months and did a 5.1% price drop around a month ago. It would also keep enough money from my previous sale to do the immediate needs (parking and fence).
#214 Chad
Yeah, just trying to figure out my offer. I'm thinking $653k, $50% down payment, $50k earnest money, 30 day closing would be a pretty strong offer with a decent chance to get them to accept. $653k would be a 5% price drop. They have been listed 6 months and did a 5.1% price drop around a month ago. It would also keep enough money from my previous sale to do the immediate needs (parking and fence).
9-Apr-23 6:51pm
#215 Chad
Contacted my agent to put in an offer. Supposedly another party is interested and is going to be putting in an offer. If so, I'm guessing they are at least looking for partial investment as well, given the property. So I am assuming they will low ball. I went $660k. At $660k I'm comfortable on the mortgage even if I don't rent anything out, if I do start renting then its just gravy.
I'm ok if I don't get it, but will be really happy at the price if I do get it. Especially if in 3 or 4 years I can refinance at 4%.
If the other party is like multi-generational living, they might get in a bidding war. But in that case, no thanks.
#215 Chad
Contacted my agent to put in an offer. Supposedly another party is interested and is going to be putting in an offer. If so, I'm guessing they are at least looking for partial investment as well, given the property. So I am assuming they will low ball. I went $660k. At $660k I'm comfortable on the mortgage even if I don't rent anything out, if I do start renting then its just gravy.
I'm ok if I don't get it, but will be really happy at the price if I do get it. Especially if in 3 or 4 years I can refinance at 4%.
If the other party is like multi-generational living, they might get in a bidding war. But in that case, no thanks.
10-Apr-23 4:48pm
#217 Chad
Offer was accepted. I suspect the competing offer was a lie or came in really low. Still very happy with this price. Especially since this is only first round of negotiations, like I mentioned, I think more will come off from inspection.
#217 Chad
Offer was accepted. I suspect the competing offer was a lie or came in really low. Still very happy with this price. Especially since this is only first round of negotiations, like I mentioned, I think more will come off from inspection.
10-Apr-23 6:04pm
#218 John
Yeah, so, in my experience buying rentals that have been on the market for a while -- there ALWAYS suddenly seems to be another party that is interested and they therefore need us to make our "highest and best" offer. We usually say "Yup, already did. Thanks." and see how it goes. Usually we get it -- which, like you said, makes me think there was never anyone else.
But congrats, certainly! 👍
#218 John
Yeah, so, in my experience buying rentals that have been on the market for a while -- there ALWAYS suddenly seems to be another party that is interested and they therefore need us to make our "highest and best" offer. We usually say "Yup, already did. Thanks." and see how it goes. Usually we get it -- which, like you said, makes me think there was never anyone else.
But congrats, certainly! 👍
10-Apr-23 7:48pm
#219 MrBean
Badass, congrats @Chad ! Hopefully you've started a wave of momentum here ...
#219 MrBean
Badass, congrats @Chad ! Hopefully you've started a wave of momentum here ...
10-Apr-23 8:55pm
#220 Bishop
Chad wrote:
Offer was accepted. I suspect the competing offer was a lie or came in really low. Still very happy with this price. Especially since this is only first round of negotiations, like I mentioned, I think more will come off from inspection.
Congrats. Did you post any pictures that I may have missed? I understand not wanting to display the address but curious what the place looks like. Tease me.
#220 Bishop
Chad wrote:
Offer was accepted. I suspect the competing offer was a lie or came in really low. Still very happy with this price. Especially since this is only first round of negotiations, like I mentioned, I think more will come off from inspection.
Congrats. Did you post any pictures that I may have missed? I understand not wanting to display the address but curious what the place looks like. Tease me.
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.
This housing market