Real Estate: Numbers all down |
- Numbers all down
- Trump announces that Housing and Urban Development (HUD) is suspending foreclosures and evictions until the end of April.
- Selling My House Through Zillow Cash Offers (California)
- We are buying a house April 3rd, should we move forward?
- Article: Economic Calamity Feels Like 2008 – But It’s Not Even Close
- Some Potential Resources For Those in the Middle of Transactions
- Hold or Sell Rental Properties?
- I am a new agent that is curious about using lead generating software/website such as Espresso Agent, RedX, and etc. Do you guys/gals have good experience with them? Any input would be appreciated. Thank you in advance.
- How do I delay closing?
- Assembling A Buying Team?
- Just listed my house for rent. Who else is in this situation?
- Prediction: Home prices will rise during recession
- I'm a new agent who just got started in February. How do I navigate COVID-19 so early in my career when most of my day-to-day is growing my database and no one is interested in talking with me, a stranger, about home-buying right now?
- Do all of these closing costs look legit?
- Valuing a Terrace with City Skyline Views
- I was considering buying land used for hunting but I have no clue about land buying or anything that involves.
- Need second opinion on rate. 3.375% First home, 20% down. Mortgage lender.
- Having second thoughts on my locked in rate
- Coating floors in apartment
- Buyer wants to move in a few days prior to closing - Coronavirus concerns
- Unique situation- buying for first time during coronavirus, mother-in-law suite included on property to rent out. Need advice
- Los Angeles first time home-buyer, in escrow as COVID-19 ramps up. What to do?
- 2 prong electrical sockets
- Closing 3/31 could virus mess up?
| Posted: 18 Mar 2020 04:14 AM PDT U.S MBA MORTGAGE APPLICATIONS (WOW) ACTUAL: -8.4% VS 55.4% PREVIOUS U.S MBA PURCHASE INDEX ACTUAL: 278.1 VS 280.7 PREVIOUS U.S MORTGAGE MARKET INDEX ACTUAL: 1073.6 VS 1172.1 PREVIOUS U.S MORTGAGE REFINANCE INDEX ACTUAL: 5751.0 VS 6418.9 PREVIOUS [link] [comments] |
| Posted: 18 Mar 2020 10:30 AM PDT |
| Selling My House Through Zillow Cash Offers (California) Posted: 17 Mar 2020 06:14 PM PDT After many years of debate, I have decided to sell my house, 4 bedroom 2.5 bathroom 2200 sq ft, as I think now is the best time to get the most value. I bought my home in 2012 for $350k and it was currently valued around $660K back in January. I have around $225K left on the mortgage so I am looking at great return on my investment. I learned about Zillow cash offers and I thought why not? Lets give it a try. I contacted them and they said they would do some market research and give me an initial offer. Few days go by and they say the value of my house is $560K. That comes as a huge surprise as I thought I would be getting something around $660K. I go through their home inspection, and they say I have $13K in repairs. SO with their offer, minus repairs and fees, I would get $512K. Their reasoning for the big difference from the zestimate and their offer is the freeway that I live next to. So the first thing I do is call a local real estate agent and tell him the details, he thinks he can sell my house for more money and fairly quick, like 7 days on the market quick. I decline Zillow's offer and try selling traditionally. This is the end of January. We prep the house and in a week we are ready for the open house. The house is listed at $595K to attract buyers. Lots of traffic the first weekend but no offers. Second weekend comes, no offers, lots of traffic. Number one complaint is the damn freeway. We lower the the price of the house to $570K to get even more attention. Third open house comes by and nothing. Now it is March, and we have no interest. The coronavirus has put a lot of fear into buyers, so we closed the last open house and everything has been quiet since. I gave Zillow a call last week for another offer. They gave me an initial offer of 545K and I had my inspection yesterday and I will probably be accepting their offer when it comes in. I guess I have learned that if there is something huge, like a freeway, it might not be so easy to resell and these cash offers aren't so bad. [link] [comments] |
| We are buying a house April 3rd, should we move forward? Posted: 18 Mar 2020 08:25 AM PDT It is well within our means and we live in a place with a bit of a market bubble. But we, of course, expect the current situation to still affect our market. Any advice and/or encouragement? [link] [comments] |
| Article: Economic Calamity Feels Like 2008 – But It’s Not Even Close Posted: 18 Mar 2020 04:58 AM PDT As a current renter and hopeful soon to be first time homebuyer, I thought this was a great read and somewhat comforting. While I understand this is somewhat opinion based,it does have some good data in it. Enjoy! Edit: Looks like the bulk of the article was taken from this article from USA Today. It goes a little more in depth about things. Also the article is a week old and may be a little stale already! [link] [comments] |
| Some Potential Resources For Those in the Middle of Transactions Posted: 18 Mar 2020 06:46 AM PDT For those of you in the middle of transactions... Many states and local jurisdictions are working on addenda specifically developed to address pandemic issues that will likely arise during the next several weeks. Your agent should be able to get at least the drafts if not the sanctioned addenda to review options with you. Your agent should have access to an attorney within their brokerages and/or their local association's Legal Hotline. Both are usually underutilized, but are surely getting a workout recently, so it may be a few days before they get answers. Your agent should be able to tap these resources on your behalf to get up-to-date legal advice. Use them. If you need to get out of your contract, demand your agent do it correctly and with the proper paperwork, it'll save later headaches. If you don't trust your agent to be on your side, find a local Real Estate Attorney to consult. Not your pal in corporate contracts and not the local DUI/Estate attorney. An experienced LOCAL real estate attorney is your correct phone call. They're probably swamped too, so give them a couple days to get back to you. [link] [comments] |
| Hold or Sell Rental Properties? Posted: 18 Mar 2020 05:58 AM PDT Hi everyone. I have a rental residential property in Utah that I'm in the process of refinancing on, but I'm starting to wonder if it's worth holding on to versus selling for liquidity. Most of my money is invested in this property, so if tenants (rented by the room) start falling behind on rent due to hardships, things might get tight. Any recommendations on what to do would be most appreciated and welcomed! [link] [comments] |
| Posted: 18 Mar 2020 08:11 AM PDT So I am a brand spanking new agent in California and I've been contemplating whether I should pay for this type of service or not. If I'm not mistaken, both websites offer FSBOs, expired listings, and they provide data for geographical farming. I am obviously trying to prospect and expand my database and I feel like my options are either paying for these websites or asking title companies for numbers at much cheaper price (but the information may not be as updated). [link] [comments] |
| Posted: 18 Mar 2020 05:06 AM PDT I'm through inspection, closing supposed to happen May 1. This property is going to be an income short term rental property, so due to the current virus I'm okay with pushing off the closing as long as possible since I may not be getting any tourism money in May. How can I push off closing? [link] [comments] |
| Posted: 18 Mar 2020 08:14 AM PDT I am looking at buying a plot of land as sort of a "bundle". It's a half acre of land with a two story building being sold with another building that was just renovated last year. I had toured the renovated building before completion so obviously I'm wanting to go over it again but I'm concerned about the other building too. From the outside it just doesn't look that great and if it needs to be a demo and start over, I want to know before I start laying money down. (I'm paying cash and I would have enough to pay asking price but obviously I'm gonna work it down as best I can). So I know I need a broker (how do I hire one?) and would it be better to have a building inspector or a contractor look at the place with me? Maybe both? I know I sound like a newb but I just don't want to get screwed. Thanks everyone! [link] [comments] |
| Just listed my house for rent. Who else is in this situation? Posted: 18 Mar 2020 05:29 AM PDT We finally moved into our new home and our old home has now been listed for rent (east coast US). Someone already requested a showing but I am very wary about being outside and being near complete strangers. I need to rent this out asap to avoid paying double mortgage for the third month in a row...but now is the worst time to find renters with the potential of people not being able to pay rents or just coming in contact with other people. Who else is dealing with this situation right now and what actions are you taking? [link] [comments] |
| Prediction: Home prices will rise during recession Posted: 18 Mar 2020 11:00 AM PDT This is an unpopular Opinion, but I've already done the calculations. We've had 6 recessions since 1970 and the only one that impacted housing prices was the Subprime recession. Since then lending standards have tightened as well. Case Shiller Index since 1975: https://inflationdata.com/articles/wp-content/uploads/2013/06/Inflation-Adj-Housing-Prices.jpg Unemployment rate for comparison January and February 2020 saw record low Home inventory. I suspect inventory will drop even further as sellers retract during uncertainty in alternative markets. Also, there was a huge wave of refinances to take advantage of historically low mortgage rates. Today Trump announced a halt on foreclosures through April for HUD backed loans. As well as a direct pay stimulus package. The Fed is buying $200+ billion of MBS to keep mortgage rates low, and keeping interest rates near 0%. I predict within the next 6 months that US home prices (excluding some hard hit markets) will balloon then flatline going into 2021. [link] [comments] |
| Posted: 18 Mar 2020 10:46 AM PDT I'm a part of a team, so I have a lots of support (which I am really thankful for). We are all taking this seriously and working from home for the most part, but it's still expected that we all hit or get close to our number of contacts this week, etc. to maintain our annual goal (within our metric sheets) that we each chose when joining the team. I'm just not sure how useful it seems to continue working to grow my database and reach out to people right now. I have been doing so when it feels less icky and contrived, but my entire job during these first few months is to talk with people most of my day who could potentially become my clients. I don't have a set pool to pull from or talk with. Does anyone have any tips of what I can do to still be "productive" but that makes more sense than this? I'm not sure what's best at this point. I want to continue building my career, but nothing feels right or makes sense during all this. [link] [comments] |
| Do all of these closing costs look legit? Posted: 18 Mar 2020 10:46 AM PDT Purchasing a house for $760,000 with 20% down. This is the breakdown of closing costs. Are all of these fees legit? [link] [comments] |
| Valuing a Terrace with City Skyline Views Posted: 18 Mar 2020 06:49 AM PDT Good morning! We are looking to purchase a condo in the West Loop neighborhood of Chicago. The building has dozens of 2 bedroom units that are all 1,300 square feet. Besides interior finishes (flooring, fixtures, etc.), the only difference between some of the units is the exterior space and view. Most units have a small 40-50 square foot balcony. Those units sell for $550K-$615K depending on the finishes and view (some view west at a parking lot, some view east at the skyline, etc.). Alternatively, there are two units in the building on the third floor that have a 3,000+ square foot walk out wrap around terrace (with tiles and nicely finished overall). These units have the optimal view of the skyline as well. How would you value the unit with the larger terrace? [link] [comments] |
| Posted: 18 Mar 2020 10:32 AM PDT There's a very large piece of land not to far from from where I live currently that I was interested in purchasing and living on. THe problem is, the land from what I've read has been used and made for hunting. I know that I'd own the land if I bought it, but would I be able to live on it? Would I be able to make it private property and keep others off it? Again I know nothing of land ownership or real estate so I would appreciate some input. [link] [comments] |
| Need second opinion on rate. 3.375% First home, 20% down. Mortgage lender. Posted: 18 Mar 2020 09:46 AM PDT I'm reading all these posts about ridiculously low rates being locked down and i just want to know if i should ask my lender for a lower rate. They have said they already "Locked down my rate" but i haven't signed anything. Here are the specifics. loan amount 320k (House price 400k) new construction, First time home buyer, credit 757, Philly, and my rate was apparently locked march 9th, at 3.375 with no float. Should i ask for lower? like 3.25? ALso closing on the 24th. Tuesday. [link] [comments] |
| Having second thoughts on my locked in rate Posted: 18 Mar 2020 09:35 AM PDT I bought my place early last year with a conventional 4.375% 30-year fixed mortgage, and I've been in the market to refinancing for months. My credit score was, and still is, in the high 700s, and that was the best rate at the time with 0 discount points. About three weeks ago, I finally locked in at 3.375% with $1100 in lender credits and a waived appraisal, so I missed out on the rates following that when they dropped even lower. I have been cleared to close, but I'm thinking of cancelling the loan and pulling this application to lock in a new rate once originators/lenders/underwriters/lawyers/inspectors/etc. all get back to their normal capacity, and rates are allowed to fall back to true market levels. Does that sound sensible, or would it be a better idea to stick with this for now and refinance again sometime in the fall or at the end of year, assuming the low 3s and high 2 rates become the new normal? With the credits and waived appraisal, this refinance pays for itself in just 4 to 5 months, but is there any disadvantage or anything I'm missing when it comes to refinancing so frequently? [link] [comments] |
| Posted: 18 Mar 2020 09:22 AM PDT I have white stone floors in an apartment that I bought. The stone surface is porous and this absorbs and highlights dirt. Even once it has been scrubbed clean the floors still look like I just tracked mud all over them. The apartment always looks filthy as a result. Does anyone know what I can coat the floors with to prevent them from looking like muddy disasters? [link] [comments] |
| Buyer wants to move in a few days prior to closing - Coronavirus concerns Posted: 18 Mar 2020 08:45 AM PDT Hi everyone, Hope you can help. Given the crazy state of the economy, we are agreeing to allow the the buyer to move in early on 3/21. He is set to close on 3/25. He is offering us the earnest money as consideration. We really want to push this deal forward as much as possible because of the Coronavirus situation, so are considering the early occupancy. What do you recommend we include in the agreement? [link] [comments] |
| Posted: 18 Mar 2020 08:21 AM PDT Unique situation- thinking of buying now. Is this smart/good timing? So here is my situation: I am currently renting a 3/1 house in St Petersburg, Florida. The property itself is pretty big with a backyard, carport, detached screened in patio, and also a detached garage with a renovated apartment on top. He rents this apartment out separately on AirBnB, which generates around $1500-1800 every month. Now, my landlord recently came to me and said he's going to sell the property. I thought about it a lot and told him a few days later that I was interested in buying it. He wants $325K for it, but the highest I could go is 300K. The idea is to supplement my mortgage every month by renting out the apartment/mother-in-law suite. Essentially covering or reducing my mortgage payment drastically every month as sort of self-generating income. Does anyone out there have experience with this? Would you recommend for or against this type of situation? Any idea of what my total monthly payment would be on a $300K home, with whatever my lowest possible interest rate could be? I am a first time home buyer with excellent credit. Any answers are much appreciated. I'm just trying to get as educated as possible on this before making any moves. Thank you!! TLDR: Is it worth it to buy a home with a mother-in-law suite and rent/AirBnB it to supplement mortgage? [link] [comments] |
| Los Angeles first time home-buyer, in escrow as COVID-19 ramps up. What to do? Posted: 18 Mar 2020 07:37 AM PDT I need some help from people that are smarter than me. Please note: I am talking about the Los Angeles real-estate market, which is extremely competitive & expensive. We are also one of the hardest hit states by COVID-19 and may be told to shelter in place for 3 weeks). After 5-6 years of looking for the right (first) house, being outbid by LA trustfund kids and foreign investors, we finally got an offer accepted on a house we love! The only problem is, we entered escrow right as COVID-19 was ramping up. We are two weeks away from closing and given the state of the world, I can't help but to wonder if this is the most idiotic decision ever. I want to be smart and think long term, however I want to be logical given what we known. No one knows what's going to happen tomorrow, but I'm hoping some of you super smart people can provide some input based off data surrounding COVID-19, past recessions, and anything else that would be useful in answering: Should I back out of escrow and of getting my first house? Facts: - We will lose $35k if we back out of escrow On my mind: - What if we are buying at the height of the LA market and see opportunities like 2008? Of course no one knows, but that would be absolutely crushing to us. We've been at this for so so long. We've worked so hard and saved like crazy. We've put in 7 offers over the years and have been out outbid by trust fund kids and foreign investors every time. - A mandated shutter-in seems likely to happen. What if we can't notarize and finalize paperwork to close Escrow? Will the loan even go through? What will happen to the house? - If there is a shutter-in, what if we we can't even hire movers or move in to the house? What if we're stuck paying rent *and* a mortgage for longer than we anticipated? - Even though we're in the middle of escrow, could I back out and use that as leverage to reduce the price given the state of the world? What are good tactics? Thanks everyone. [link] [comments] |
| Posted: 18 Mar 2020 07:03 AM PDT We are looking at houses built in the 1960 age range, about $160k each. What price difference might I see in comparing a house with two prongs and one with three prongs, assuming the service panel has already been updated to 200 amp service? (Southwest Virginia) I have an estimate of $2500 to upgrade the service if I need to.. The panel is 200 amps, so there should be enough power for this house. [link] [comments] |
| Closing 3/31 could virus mess up? Posted: 17 Mar 2020 05:31 PM PDT We're closing in 1.5 weeks and loan is practically at approval stage, rate locked etc. if everything starts shutting down for this damn virus Can it effect closing? I don't want to get screwed out of my rate lock [link] [comments] |
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