This housing market
10-May-22 8:57am
#1 MrBean
I hope none of you are currently in the market. I've been in my house for 13 years and we committed to moving out before our oldest starts Kindergarten - which is this August.
I knew that costs were high, but what the fudge, even the interest rates are bat crap right now. I couldn't believe it when we started playing the numbers game and they're in the mid to high 5's right now. Son of a dog. Had we simply done this last year, we would have been in such a better spot.
This is just fudgeed. I really debate if we shouldn't wait longer, but the reality is ... is this the new norm? Will it come back down? Every time we find something in budget, it's gone the same day. Having a contingent bid, we're always behind the 8 ball as cash is king right now.
This is slightly out of our comfort zone for how much we want to spend, but man ... I love it. The problem is, the upkeep of the yard, jesus christ ... it's a bit much. https://www.zillow.c...
#1 MrBean
I hope none of you are currently in the market. I've been in my house for 13 years and we committed to moving out before our oldest starts Kindergarten - which is this August.
I knew that costs were high, but what the fudge, even the interest rates are bat crap right now. I couldn't believe it when we started playing the numbers game and they're in the mid to high 5's right now. Son of a dog. Had we simply done this last year, we would have been in such a better spot.
This is just fudgeed. I really debate if we shouldn't wait longer, but the reality is ... is this the new norm? Will it come back down? Every time we find something in budget, it's gone the same day. Having a contingent bid, we're always behind the 8 ball as cash is king right now.
This is slightly out of our comfort zone for how much we want to spend, but man ... I love it. The problem is, the upkeep of the yard, jesus christ ... it's a bit much. https://www.zillow.c...
11-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
11-May-22 1:05pm
#42 Feeb
Our home value doubled in the last 5 years- but doesn’t matter because we can’t afford to get into anything else nearby. Our taxes have gone way up because of it so mortgage escrow is short and I end up paying about 100$ month more annually. Seems cool that it’s worth more but it kind of sucks. I need to discuss with a financial advisor soon.
#42 Feeb
Our home value doubled in the last 5 years- but doesn’t matter because we can’t afford to get into anything else nearby. Our taxes have gone way up because of it so mortgage escrow is short and I end up paying about 100$ month more annually. Seems cool that it’s worth more but it kind of sucks. I need to discuss with a financial advisor soon.
11-May-22 1:50pm
#43 John
This thread reminds me that I should probably sell a rental house or two off...
Anyone want to move to Michigan? I'll make you a deal...
#43 John
This thread reminds me that I should probably sell a rental house or two off...
Anyone want to move to Michigan? I'll make you a deal...
11-May-22 1:51pm
#44 John
Also, I have a 2009 Hyundai Santa Fe that I was hoping to get $4000 for. Just ran it at KBB and they made an instant cash offer of $6800! It's insane!
#44 John
Also, I have a 2009 Hyundai Santa Fe that I was hoping to get $4000 for. Just ran it at KBB and they made an instant cash offer of $6800! It's insane!
11-May-22 2:57pm
#45 Sun
Yup, that's the problem with rising home values...you may be able to sell your home for way more than you paid for it...but everyone else's value rose too.
We refinanced Dec 2020 and got a 2.5% rate on a 30-year fixed on our primary (down from a 3.125% 10/1 ARM) and a 3.125% on a 20-year fixed on our rental property (down from 4.125% on a 30-year fixed).
We have a nice home (3200+ sqft) but the lot is small and the house is 3 floors (no basement) so it's not as open. But the prices are ridiculous here in the Portland metro area in Oregon.
#45 Sun
Yup, that's the problem with rising home values...you may be able to sell your home for way more than you paid for it...but everyone else's value rose too.
We refinanced Dec 2020 and got a 2.5% rate on a 30-year fixed on our primary (down from a 3.125% 10/1 ARM) and a 3.125% on a 20-year fixed on our rental property (down from 4.125% on a 30-year fixed).
We have a nice home (3200+ sqft) but the lot is small and the house is 3 floors (no basement) so it's not as open. But the prices are ridiculous here in the Portland metro area in Oregon.
11-May-22 2:59pm
#46 Porksta
Yeah, I was looking at getting a new car but I need one without a sunroof. Cars are already tough to get, much less ones they don't make too many of. Gave up and will probably just wait until next year's models.
#46 Porksta
Yeah, I was looking at getting a new car but I need one without a sunroof. Cars are already tough to get, much less ones they don't make too many of. Gave up and will probably just wait until next year's models.
11-May-22 3:47pm
#47 MrBean
The more we look into it, the more we are leaning towards waiting. I have a hard time giving up our 3.2% and having to double our mortgage knowing that we could be in a massive negative equity situation in a year. Yet it's hard not to debate... What if it only goes up!
#47 MrBean
The more we look into it, the more we are leaning towards waiting. I have a hard time giving up our 3.2% and having to double our mortgage knowing that we could be in a massive negative equity situation in a year. Yet it's hard not to debate... What if it only goes up!
11-May-22 4:37pm
#48 Feeb
MrBean wrote:
The more we look into it, the more we are leaning towards waiting. I have a hard time giving up our 3.2% and having to double our mortgage knowing that we could be in a massive negative equity situation in a year. Yet it's hard not to debate... What if it only goes up!
My first home this happened to me. Bought in 2006 and moved after residency- 3 years- during the collapse. Had to short sell it and got a loan / mortgage to get out. Took about 8 years to pay out of it.
#48 Feeb
MrBean wrote:
The more we look into it, the more we are leaning towards waiting. I have a hard time giving up our 3.2% and having to double our mortgage knowing that we could be in a massive negative equity situation in a year. Yet it's hard not to debate... What if it only goes up!
My first home this happened to me. Bought in 2006 and moved after residency- 3 years- during the collapse. Had to short sell it and got a loan / mortgage to get out. Took about 8 years to pay out of it.
11-May-22 5:15pm
#49 MrBean
Feeb wrote:
MrBean wrote:> The more we look into it, the more we are leaning towards waiting. I have a hard> time giving up our 3.2% and having to double our mortgage knowing that we could be> in a massive negative equity situation in a year. Yet it's hard not to debate...> What if it only goes up! My first home this happened to me. Bought in 2006 and moved after residency- 3 years- during the collapse. Had to short sell it and got a loan / mortgage to get out. Took about 8 years to pay out of it.
Oofff, that sucks!
#49 MrBean
Feeb wrote:
MrBean wrote:> The more we look into it, the more we are leaning towards waiting. I have a hard> time giving up our 3.2% and having to double our mortgage knowing that we could be> in a massive negative equity situation in a year. Yet it's hard not to debate...> What if it only goes up! My first home this happened to me. Bought in 2006 and moved after residency- 3 years- during the collapse. Had to short sell it and got a loan / mortgage to get out. Took about 8 years to pay out of it.
Oofff, that sucks!
11-May-22 7:05pm
#50 shadyfozzie
Yeah we sold our old house and lost like 50k (bought two months before market collapsed, was underwater ever since). Now, if we sell our current house (which I wont) we could make 150k lol
#50 shadyfozzie
Yeah we sold our old house and lost like 50k (bought two months before market collapsed, was underwater ever since). Now, if we sell our current house (which I wont) we could make 150k lol
11-May-22 7:12pm
#51 KCPenguins
All I have to say is Bean listen to your wife. You don't exactly have the personality for sound financial decisions... unless I'm mistaken.
#51 KCPenguins
All I have to say is Bean listen to your wife. You don't exactly have the personality for sound financial decisions... unless I'm mistaken.
11-May-22 9:39pm
#52 sinnie
John wrote:
This thread reminds me that I should probably sell a rental house or two off... Anyone want to move to Michigan? I'll make you a deal...
CML
#52 sinnie
John wrote:
This thread reminds me that I should probably sell a rental house or two off... Anyone want to move to Michigan? I'll make you a deal...
CML
11-May-22 9:40pm
#53 sinnie
John wrote:
Also, I have a 2009 Hyundai Santa Fe that I was hoping to get $4000 for. Just ran it at KBB and they made an instant cash offer of $6800! It's insane!
lol reminds me in 2020 I was going to sell my 2018 Renegade and get something cheap because I needed some fast cash. I was offered basically what I owed on it, 14k. Now trade in at the dealership they're offering me 23-25k. Of course you can't find a damn thing to buy and anything you order is 2-6 months out at minimum. Still I'm gonna probably trade up. Once I put a stroller in it plus two car seats, I can't get anything else in it.
#53 sinnie
John wrote:
Also, I have a 2009 Hyundai Santa Fe that I was hoping to get $4000 for. Just ran it at KBB and they made an instant cash offer of $6800! It's insane!
lol reminds me in 2020 I was going to sell my 2018 Renegade and get something cheap because I needed some fast cash. I was offered basically what I owed on it, 14k. Now trade in at the dealership they're offering me 23-25k. Of course you can't find a damn thing to buy and anything you order is 2-6 months out at minimum. Still I'm gonna probably trade up. Once I put a stroller in it plus two car seats, I can't get anything else in it.
11-May-22 9:42pm
#54 Porksta
Even if you do buy something you will have to bring it back later to get the chip installed.
#54 Porksta
Even if you do buy something you will have to bring it back later to get the chip installed.
11-May-22 9:47pm
#55 sinnie
Porksta wrote:
Even if you do buy something you will have to bring it back later to get the chip installed.
It greatly depends. I think Chevy is the only main one having issues and they're selling vehicles without heated/vented seats and steering wheels, some other features. I am not seeing that with Hyundai, Jeep or Kia. However I have heard that thanks to the Telluride Kia can't get caught up and are refusing orders on that vehicle through next year. I was inches away from buying a Palisade but am holding out for the new Jeep Cherokee 4XE and will likely decide between that and a full sized L. Of course it could be these other makes aren't openly advertising reduced features due to chip shortage either. I guess I'll find out.
#55 sinnie
Porksta wrote:
Even if you do buy something you will have to bring it back later to get the chip installed.
It greatly depends. I think Chevy is the only main one having issues and they're selling vehicles without heated/vented seats and steering wheels, some other features. I am not seeing that with Hyundai, Jeep or Kia. However I have heard that thanks to the Telluride Kia can't get caught up and are refusing orders on that vehicle through next year. I was inches away from buying a Palisade but am holding out for the new Jeep Cherokee 4XE and will likely decide between that and a full sized L. Of course it could be these other makes aren't openly advertising reduced features due to chip shortage either. I guess I'll find out.
11-May-22 11:34pm
#56 MrBean
KCPenguins wrote:
All I have to say is Bean listen to your wife. You don't exactly have the personality for sound financial decisions... unless I'm mistaken.
Hahaha, whaaaaaat? My DOGE investment is doing oh so well....
#56 MrBean
KCPenguins wrote:
All I have to say is Bean listen to your wife. You don't exactly have the personality for sound financial decisions... unless I'm mistaken.
Hahaha, whaaaaaat? My DOGE investment is doing oh so well....
12-May-22 6:54pm
#57 BlueJava
sinnie wrote:
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.That may vary state to state because when I was looking for a home years ago a realtor told us that it's legal to break a lease if you are purchasing a home. I'm sure you have to give proper notice and I don't know what that would be.
#57 BlueJava
sinnie wrote:
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.That may vary state to state because when I was looking for a home years ago a realtor told us that it's legal to break a lease if you are purchasing a home. I'm sure you have to give proper notice and I don't know what that would be.
12-May-22 8:36pm
#58 sinnie
BlueJava wrote:
sinnie wrote:> 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. That may vary state to state because when I was looking for a home years ago a realtor told us that it's legal to break a lease if you are purchasing a home. I'm sure you have to give proper notice and I don't know what that would be.
Could be true. I know it wasn't the case here. We were stuck in a situation a few years back where we had to decide to renew a year lease or get out. Our home in another state was in the process of being sold and we just kind of bought our current house because it was what was available where we wanted to be. I just didn't want to be locked into a lease for a year.
#58 sinnie
BlueJava wrote:
sinnie wrote:> 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. That may vary state to state because when I was looking for a home years ago a realtor told us that it's legal to break a lease if you are purchasing a home. I'm sure you have to give proper notice and I don't know what that would be.
Could be true. I know it wasn't the case here. We were stuck in a situation a few years back where we had to decide to renew a year lease or get out. Our home in another state was in the process of being sold and we just kind of bought our current house because it was what was available where we wanted to be. I just didn't want to be locked into a lease for a year.
13-May-22 12:42am
#59 John
BlueJava wrote:
That may vary state to state because when I was looking for a home years ago a realtor told us that it's legal to break a lease if you are purchasing a home. I'm sure you have to give proper notice and I don't know what that would be.
I don't know of any state where that is true/accurate. Sounds like Realtor bull.
#59 John
BlueJava wrote:
That may vary state to state because when I was looking for a home years ago a realtor told us that it's legal to break a lease if you are purchasing a home. I'm sure you have to give proper notice and I don't know what that would be.
I don't know of any state where that is true/accurate. Sounds like Realtor bull.
13-May-22 12:50am
#60 SwiftJAB
In my experience, leases can be broken, but there is usually a fee of some sort to do so. It can be quite a bit though. One lease I had said I basically on the hook for the rent until a new renter moved in and I had to pay for all marketing costs.
#60 SwiftJAB
In my experience, leases can be broken, but there is usually a fee of some sort to do so. It can be quite a bit though. One lease I had said I basically on the hook for the rent until a new renter moved in and I had to pay for all marketing costs.
13-May-22 1:59am
#61 Miranda
SwiftJAB wrote:
In my experience, leases can be broken, but there is usually a fee of some sort to do so. It can be quite a bit though. One lease I had said I basically on the hook for the rent until a new renter moved in and I had to pay for all marketing costs.
Yeah, that's what I had to deal with here in MO years ago. I was offered a buy out option. My security deposit plus one additional months rent. I took it. That damn place was PITA. Residents throughout the building were awful.
Some states have a law that DV victims must be released from their lease. I've never heard of the release based on a home purchase though.
#61 Miranda
SwiftJAB wrote:
In my experience, leases can be broken, but there is usually a fee of some sort to do so. It can be quite a bit though. One lease I had said I basically on the hook for the rent until a new renter moved in and I had to pay for all marketing costs.
Yeah, that's what I had to deal with here in MO years ago. I was offered a buy out option. My security deposit plus one additional months rent. I took it. That damn place was PITA. Residents throughout the building were awful.
Some states have a law that DV victims must be released from their lease. I've never heard of the release based on a home purchase though.
This housing market