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-May-22 9:24pm
#82 Chad
John wrote:
Indeed! Congrats!
And, Chad, that sounds great! Congrats to you also! And good luck!
COVID has taught me I just can't do the whole working for the man thing anymore. I've wanted to start a business for years, it's time to do it.
#82 Chad
John wrote:
Indeed! Congrats!
And, Chad, that sounds great! Congrats to you also! And good luck! COVID has taught me I just can't do the whole working for the man thing anymore. I've wanted to start a business for years, it's time to do it.
29-May-22 9:27am
#83 MrBean
Just stupid.
We saw a house yesterday, first day open for viewing. Maybe 20 people saw it. Listed at $550k, sold same day for $710k.
We're not moving, haha.
#83 MrBean
Just stupid.
We saw a house yesterday, first day open for viewing. Maybe 20 people saw it. Listed at $550k, sold same day for $710k.
We're not moving, haha.
29-May-22 9:35am
#84 SwiftJAB
Sounds like the home was listed way under market to bring in more interest in the home.
#84 SwiftJAB
Sounds like the home was listed way under market to bring in more interest in the home.
29-May-22 1:57pm
#85 sinnie
SwiftJAB wrote:
Sounds like the home was listed way under market to bring in more interest in the home.
Depends on the local market still. Homes here are being listed over appraisal and getting 50-100k over that. People are trying to get in before rates go up even more. It's all crazy.. the time to house swap is gone. Gotta wait things out at this point. Another terrible point is, because it sold for over 700 and might only be worth 500, they won't get a mortgage on that and need to bring whatever excess to even close the loan. Though I know some shady banks will appraise a home right at the sale price to get it done. Happened with our last house.
#85 sinnie
SwiftJAB wrote:
Sounds like the home was listed way under market to bring in more interest in the home.
Depends on the local market still. Homes here are being listed over appraisal and getting 50-100k over that. People are trying to get in before rates go up even more. It's all crazy.. the time to house swap is gone. Gotta wait things out at this point. Another terrible point is, because it sold for over 700 and might only be worth 500, they won't get a mortgage on that and need to bring whatever excess to even close the loan. Though I know some shady banks will appraise a home right at the sale price to get it done. Happened with our last house.
30-Jul-22 1:02am
#86 MrBean
One day on the market. We were first scheduled to view it tommorow morning. Just got notified our appointment is cancelled, sold to a cash buyer, well over asking, sight unseen.
Son of a dog. We were legit excited for this one. Fudge this market.
https://www.zillow.c...
#86 MrBean
One day on the market. We were first scheduled to view it tommorow morning. Just got notified our appointment is cancelled, sold to a cash buyer, well over asking, sight unseen.
Son of a dog. We were legit excited for this one. Fudge this market.
https://www.zillow.c...
30-Jul-22 2:43am
#87 HybridCRoW
Yeah, if I had known how much money I could've taken out of my 401K just to put down for a deposit on a home loan, instead of focusing on having a new job/career, I would have taken the money and put it towards a house of my own instead of the education, but I feel like this education is going to be worth it and I may end up having better home buying opportunities down the road.
Who knows, maybe I'll end up getting my "castle" I've dreamed of...
#87 HybridCRoW
Yeah, if I had known how much money I could've taken out of my 401K just to put down for a deposit on a home loan, instead of focusing on having a new job/career, I would have taken the money and put it towards a house of my own instead of the education, but I feel like this education is going to be worth it and I may end up having better home buying opportunities down the road.
Who knows, maybe I'll end up getting my "castle" I've dreamed of...
30-Jul-22 7:26am
#88 razeak
We got lucky in the last housing crisis. Nabbed a foreclosure at 30% of it's value.
#88 razeak
We got lucky in the last housing crisis. Nabbed a foreclosure at 30% of it's value.
30-Jul-22 1:15pm
#89 d3vanj
My wife and I have been in the market since December last year and just closed yesterday. Most of our earlier offers were 30-40k over asking with full appraisal gaps and we were still losing. With the rate hikes, we ended up getting our home for 15k under asking. Feels so fucking good to not have to stress about this anymore.
#89 d3vanj
My wife and I have been in the market since December last year and just closed yesterday. Most of our earlier offers were 30-40k over asking with full appraisal gaps and we were still losing. With the rate hikes, we ended up getting our home for 15k under asking. Feels so fucking good to not have to stress about this anymore.
30-Jul-22 6:10pm
#90 HybridCRoW
I barely read into the whole buying up foreclosures and sheriff's auctions stuff, but it's to my understanding you need to have cash up front for them... I also don't like them because I think I read a LOT of them don't let you see what you're buying. Yet, I've had family members tell me to look into those options....
#90 HybridCRoW
I barely read into the whole buying up foreclosures and sheriff's auctions stuff, but it's to my understanding you need to have cash up front for them... I also don't like them because I think I read a LOT of them don't let you see what you're buying. Yet, I've had family members tell me to look into those options....
31-Jul-22 7:51pm
#92 John
HybridCRoW wrote:
I barely read into the whole buying up foreclosures and sheriff's auctions stuff, but it's to my understanding you need to have cash up front for them... I also don't like them because I think I read a LOT of them don't let you see what you're buying. Yet, I've had family members tell me to look into those options....
I can confirm that this is risky and, for most, not a good solution. We bought one on the courthouse steps once due to unpaid property taxes. In my state, after this sale, they have 6 months to "redeem" the property by paying us what we paid plus a tiny amount of interest. They paid it on the last day.
And, yes, like you said, you generally need the total amount as cash-in-hand. And are often bought without being able to go inside and look. And, let's face it, people letting their house go to foreclosure for an unpaid mortgage or unpaid property taxes -- probably aren't taking the best care of it anyhow.
Also, with the market as it is, even foreclosures have gone for crazy money. Much more than they are worth.
Long story short... Family members telling you to look into those options likely have no idea what they are talking about.
#92 John
HybridCRoW wrote:
I barely read into the whole buying up foreclosures and sheriff's auctions stuff, but it's to my understanding you need to have cash up front for them... I also don't like them because I think I read a LOT of them don't let you see what you're buying. Yet, I've had family members tell me to look into those options....
I can confirm that this is risky and, for most, not a good solution. We bought one on the courthouse steps once due to unpaid property taxes. In my state, after this sale, they have 6 months to "redeem" the property by paying us what we paid plus a tiny amount of interest. They paid it on the last day.
And, yes, like you said, you generally need the total amount as cash-in-hand. And are often bought without being able to go inside and look. And, let's face it, people letting their house go to foreclosure for an unpaid mortgage or unpaid property taxes -- probably aren't taking the best care of it anyhow.
Also, with the market as it is, even foreclosures have gone for crazy money. Much more than they are worth.
Long story short... Family members telling you to look into those options likely have no idea what they are talking about.
31-Jul-22 10:06pm
#93 SwiftJAB
If you are a first time home buyer, check to see if your town or state offers any first time home buyer assistance. These programs are typically for people with lower incomes, but it doesn't hurt to spend a couple hours looking into what assistance might be available to you.
#93 SwiftJAB
If you are a first time home buyer, check to see if your town or state offers any first time home buyer assistance. These programs are typically for people with lower incomes, but it doesn't hurt to spend a couple hours looking into what assistance might be available to you.
31-Jul-22 10:14pm
#94 Porksta
If you live out in the country, look to see if your town qualifies for a USDA loan - they have no down payment.
#94 Porksta
If you live out in the country, look to see if your town qualifies for a USDA loan - they have no down payment.
31-Jul-22 10:18pm
#95 HybridCRoW
SwiftJAB wrote:
If you are a first time home buyer, check to see if your town or state offers any first time home buyer assistance. These programs are typically for people with lower incomes, but it doesn't hurt to spend a couple hours looking into what assistance might be available to you.
I can assure you I spoke w/ someone at a well known Credit Union near me about this.. The whole "First time home buyer" thing isn't a thing anymore. I mean it IS a thing, but basically the gist I got from the response was that it's not a thing anymore because practically anyone can get it now.
I'm sure there was something I may not be remembering or misunderstood, but the one thing I know I remember him saying was that it doesn't matter anymore if you're a first time home buyer.
#95 HybridCRoW
SwiftJAB wrote:
If you are a first time home buyer, check to see if your town or state offers any first time home buyer assistance. These programs are typically for people with lower incomes, but it doesn't hurt to spend a couple hours looking into what assistance might be available to you.
I can assure you I spoke w/ someone at a well known Credit Union near me about this.. The whole "First time home buyer" thing isn't a thing anymore. I mean it IS a thing, but basically the gist I got from the response was that it's not a thing anymore because practically anyone can get it now.
I'm sure there was something I may not be remembering or misunderstood, but the one thing I know I remember him saying was that it doesn't matter anymore if you're a first time home buyer.
31-Jul-22 10:37pm
#96 SwiftJAB
Not sure what the banker was referring to, but several cities within San Diego offer buying assistance to first time home buyers in the form of a low interest loan towards a down payment. Certain restrictions are placed on the home, like it can't be rented out for 10 years, and the loan payments can be deferred until the home is sold or refinanced.
#96 SwiftJAB
Not sure what the banker was referring to, but several cities within San Diego offer buying assistance to first time home buyers in the form of a low interest loan towards a down payment. Certain restrictions are placed on the home, like it can't be rented out for 10 years, and the loan payments can be deferred until the home is sold or refinanced.
1-Aug-22 12:45am
#97 HybridCRoW
I have no idea either... like I said, it's the gist of what I got from the email conversations. Maybe he's referring to my income level, credit history, etc...
I don't know. It just seemed like every time I tried to buy my own home so I could get out of rising rent, it always come back to as some stupid thing... like this time they said I needed $10-$15k saved for a downpayment... before that it was a mixture of my credit score and my student loan debt.
I decided I was tired of working the job I had for the crap wage I was making despite how well I did my job and how long I was there for, and decided to do the CCNA program I'm almost finished to get into cyber security, start a new career where I actually get paid my worth and have plenty of growth opportunities. I should then be easily able to afford rent even if it goes up again w/o thinking I can't knock off my student loans quicker. Also being single, I've sort of come to terms that it's pointless for me to buy my own home.
#97 HybridCRoW
I have no idea either... like I said, it's the gist of what I got from the email conversations. Maybe he's referring to my income level, credit history, etc...
I don't know. It just seemed like every time I tried to buy my own home so I could get out of rising rent, it always come back to as some stupid thing... like this time they said I needed $10-$15k saved for a downpayment... before that it was a mixture of my credit score and my student loan debt.
I decided I was tired of working the job I had for the crap wage I was making despite how well I did my job and how long I was there for, and decided to do the CCNA program I'm almost finished to get into cyber security, start a new career where I actually get paid my worth and have plenty of growth opportunities. I should then be easily able to afford rent even if it goes up again w/o thinking I can't knock off my student loans quicker. Also being single, I've sort of come to terms that it's pointless for me to buy my own home.
1-Aug-22 8:41am
#98 Scott
razeak wrote:
We got lucky in the last housing crisis. Nabbed a foreclosure at 30% of it's value.
We did the same thing
#98 Scott
razeak wrote:
We got lucky in the last housing crisis. Nabbed a foreclosure at 30% of it's value.
We did the same thing
1-Aug-22 11:25am
#99 brian9824
Scott wrote:
razeak wrote:> We got lucky in the last housing crisis. Nabbed a foreclosure at 30% of it's value. We did the same thing
Not quite the same, but I got my current 2/2.5 `1200 SF townhouse for around $160k when the previous owners paid $300k. I know its worth over 300k now. The market is crazy and its going to crash again soon.
It has to as people can't afford anything.
#99 brian9824
Scott wrote:
razeak wrote:> We got lucky in the last housing crisis. Nabbed a foreclosure at 30% of it's value. We did the same thing
Not quite the same, but I got my current 2/2.5 `1200 SF townhouse for around $160k when the previous owners paid $300k. I know its worth over 300k now. The market is crazy and its going to crash again soon.
It has to as people can't afford anything.
1-Aug-22 1:06pm
#100 SwiftJAB
While do suspect there will be a dip in housing prices over the next two-three years, it's unlikely we'll see the massive drop like we saw 11-12 years ago unless we see a large jump in unemployment and a shrinking amount of available jobs. Especially in the Tech sector where people were moving out of state but keeping their high salaries. This would be an indicator that we could see many foreclosures/short sales in the years to follow and there be a large influx of available homes to purchase, driving down home prices.
Basically, until there is a surplus of available homes, prices are going to stay pretty high. Interest rates will help drive prices down, but cash buyers don't care about interest rates. If you live in a town that has a large rental business, it may be prime for investors to buy up properties and turn them into rentals.
#100 SwiftJAB
While do suspect there will be a dip in housing prices over the next two-three years, it's unlikely we'll see the massive drop like we saw 11-12 years ago unless we see a large jump in unemployment and a shrinking amount of available jobs. Especially in the Tech sector where people were moving out of state but keeping their high salaries. This would be an indicator that we could see many foreclosures/short sales in the years to follow and there be a large influx of available homes to purchase, driving down home prices.
Basically, until there is a surplus of available homes, prices are going to stay pretty high. Interest rates will help drive prices down, but cash buyers don't care about interest rates. If you live in a town that has a large rental business, it may be prime for investors to buy up properties and turn them into rentals.
1-Aug-22 2:15pm
#101 Scott
brian9824 wrote:
Scott wrote:> razeak wrote: |>> We got lucky in the last housing crisis. Nabbed a foreclosure at 30% of it's value.> > We did the same thing Not quite the same, but I got my current 2/2.5 `1200 SF townhouse for around $160k when the previous owners paid $300k. I know its worth over 300k now. The market is crazy and its going to crash again soon. It has to as people can't afford anything.
We bought our previous house in early 2009. The market wasn't at its absolute worst then, but it was pretty close. The house was built in 2005 and sold for $215k originally. We bought it for $80k. We ended up selling it in 2019 because we wanted to move back to our home state. We sold it for $165k and only owed around $66k on it, so we were able to put a sizeable down-payment on our new home, and it was a pretty big upgrade from the previous house. I'm still amazed and thankful for how it all worked out.
#101 Scott
brian9824 wrote:
Scott wrote:> razeak wrote: |>> We got lucky in the last housing crisis. Nabbed a foreclosure at 30% of it's value.> > We did the same thing
Not quite the same, but I got my current 2/2.5 `1200 SF townhouse for around $160k when the previous owners paid $300k. I know its worth over 300k now. The market is crazy and its going to crash again soon. It has to as people can't afford anything. We bought our previous house in early 2009. The market wasn't at its absolute worst then, but it was pretty close. The house was built in 2005 and sold for $215k originally. We bought it for $80k. We ended up selling it in 2019 because we wanted to move back to our home state. We sold it for $165k and only owed around $66k on it, so we were able to put a sizeable down-payment on our new home, and it was a pretty big upgrade from the previous house. I'm still amazed and thankful for how it all worked out.
This housing market