Real Estate: The Miami condo market is crashing, Can the same happen in San Diego? |
- The Miami condo market is crashing, Can the same happen in San Diego?
- Frustrated First Time Home Buyer - Are we doing something wrong?
- Closed today :)
- Advice for newbie landlord leaving furniture in long term rental.
- Has anyone had a deal fall apart because of mortgage changes?
- Closed last Tuesday and am almost done with all internal painting!
- Thank you guys, closed today!
- Selling first house and need help wrapping my head around numbers.
- Feelings about waiting to buy?
- FHA LOAN
- Tax Appeal When Out Buildings No Longer Exist
- Want to buy and flip houses. Will getting my real estate license give me a competitive advantage or just be another expense?
- Outbid AGAIN in IA, USA.
- CANADA, BC: Switching from FTHB to landlord?
- Need Data on % of Off Market Sales
- Closing went smoothly today (MD)
- If gas is included in the HOA, is it possible or easy to install a gas dryer and stove?
- I just got out of college and just got a job that makes over $50k salary. How long do I have to wait until I would be approved for a mortgage?
- Best way to keep an eye on the market from afar?
- Refinance & New foundation - thinking out loud
- Hypothetically, could I get 1 loan for $200k and buy 2 $100k houses? Or does each house need a separate loan?
- First time buyers trying to figure out issues around flood plains and foundations! ANd the future!
- Weekend/Vacation house purchase?
- Buyers backed out over somewhat bogus inspection issues - a discussion
| The Miami condo market is crashing, Can the same happen in San Diego? Posted: 25 Apr 2020 03:21 AM PDT Wow. in 2018 at Miami condo market peak the prices were ridiculously high and rent for a nice one bedroom apartment was around 1800+ a month for a frame of reference. now in early 2020 prices are crashing, and comparable rent has dropped to around 1200 a month. Miami just became affordable again to the middle class. For example this $250,000 condo would have went for $300,000 in 2018. So while San Diego has been overheating for past 2 years and home values are up about $100,000 a similar condo in Miami has dropped $50,000 over this time period. (a $150,000 price swing from 2018->2020 comparing a similar condo is Miami vs San Diego). What are the chances whatever disaster is just starting to unfold in Miami, can make its way to San Diego and cause a nice little property crash so I can finally buy a condo at a better price? [link] [comments] |
| Frustrated First Time Home Buyer - Are we doing something wrong? Posted: 25 Apr 2020 06:57 AM PDT My wife and I are relocating from Columbus, Ohio to Cincinnati, Ohio for work and have been house hunting for a few months. We've put in three offers and have been outbid every time. First time we bid $250k on a $245k asking price, second time $255k on a $245k asking price, and this morning we found out we lost another one when we bid $240k on a $229k asking price. As far as our offers go it seems we're doing everything n pretty standard. No crazy demands. And we're being flexible with closing dates even though we're eager to find somewhere permanent to live in Cincinnati. It feels like we're going to have to go $15k over asking to even have a chance but that seems really risky if the appraisal comes in around asking price. We're wondering if the people beating us out are giving ridiculous offers then negotiating down after appraisal. Does anybody have a similar experience or advice? Thank you. [link] [comments] |
| Posted: 24 Apr 2020 01:47 PM PDT Just wanted to add a positive post to thread. Amidst the covid-19 fiasco just sold and purchased in Virginia! There are success stories still at this time. It was very stressful though coming into the last 24 hours. Be blessed all! [link] [comments] |
| Advice for newbie landlord leaving furniture in long term rental. Posted: 25 Apr 2020 03:31 AM PDT I'm a medical student that's graduating next month and moving out of state for residency. I bought my SFH when I started school 4 years ago and have decided to rent it out as there is a possibility I may move back after residency, not to mention the nightmare selling would be with the COVID situation. I have a couple groups of medical students coming to look at it in the next couple of days. As I'm new to being a landlord I have a couple questions I'm hoping y'all can help me out with. I'm moving into a fully furnished place and don't need to bring any of my furniture with me. I was thinking about leaving some furniture behind (couches, beds, dresser, etc.) and discussed this with the possible tenants and they seem very amenable. I feel comfortable doing so as I'm not attached to the furniture. I really want to rent to medical students as a whole they are generally a very responsible group and have to a lot of qualities that make for good tenants. I don't want to price them out, so instead of increasing the rent, I was thinking I would just increase the security deposit from $1500 (1 month's rent) to $2000. Is this a bad idea? Also, one of the possible tenants has a small 2 or 3 pound toy poodle. The vast majority of the house is hardwood/tile. Only carpet is in the den so I'm okay with this animal. Should I charge a pet fee ($25/month) or a separate pet deposit? Or can I just use the security deposit for any damages from the dog? I plan on getting a property management company as I will be out of state. I just wanted to find the tenants on my own to cut down on their fees associated with marketing and finding tenants. Any thing I should think about when deciding which PM company to use? Thanks for the help! Any other advice you feel like sharing will be appreciated! [link] [comments] |
| Has anyone had a deal fall apart because of mortgage changes? Posted: 25 Apr 2020 07:37 AM PDT Just wondering. I'm hearing stories of lenders changing rules mid-transaction and failing to close. [link] [comments] |
| Closed last Tuesday and am almost done with all internal painting! Posted: 24 Apr 2020 06:38 PM PDT $139,500 house in a good neighborhood. 0% down, 3.2% interest. Almost have all the painting done in the rooms and am so ready to get moving stuff into it! Only thing that changed during signing was only me and the title company lady were in the room and we had to wait in our car until the sellers were finished. Overall went very smoothly! [link] [comments] |
| Posted: 24 Apr 2020 04:04 PM PDT Just wanted to thank this community which helped me keep my sanity through this whole process. As a first-time homebuyer, and someone who moved to the US so was unfamiliar with the whole process, seeing more people going through the same things like I was helped me put my mind at ease, especially in these crazy times. I went under contract on March 4th, after 2 months of active looking in a pretty hot market and decided on April 20th as the closing date so the sellers have time to close on their new home and move. right after that, all the COVID stuff broke out and I wasn't sure if this was going to happen or not. My lease expires end of May, so that was a timing factor, too. In the end, everything worked out perfectly. We pushed the closing date to today, and I still managed to get my 2.5% interest rate (conventional 15yr, 20% down). I really lucked out with my agent who not only was of great help when searching for a home, but kept on top of all the negotiations and made sure everything was settled well before the closing date. The mortgage broker was also nothing short of amazing not only because of the low rate, but also because he helped me make sure I have all the necessary documents. But the advice and questions I found on this sub helped me learn so much more and it definitely played a huge role in this whole process. So, thanks again! [link] [comments] |
| Selling first house and need help wrapping my head around numbers. Posted: 24 Apr 2020 09:31 PM PDT As title says I am selling my first house. We have it listed for $169,900 and have had several offers in the first few days of being listed. My original loan was $154,156. I have $147353 remaining on the loan after roughly 2 years of owning the house. Initially the real estate agent stated the house was in a very rare market and wanted to list it for 180k. The week after stating that they then stated the 170k instead. All the estimates for the house I can find are showing a rough value of 172k anyway. The part I am having an issue with understanding is the real estate agent is stating that selling the house at list price and covering closing cost of 5k leaves us walking away with about 5k after all is said and done. However, inspections were done and the buyer requested 8K to cover new HVAC on top of closing cost leaving us actually paying 3K out of pocket to sell the house even though value of the home went up quite a bit. We didn't accept the offer as HVAC works fine and would be covered under home warranty anyways. My real estate agent is telling me to prepare to pay for an HVAC system as we have another offer. I do not even have a job anymore and this will be impossible. What am I missing that we would not be walking away with more money and does all this seem normal? What options do I have? I have asked the real estate agent these questions, but do not really get a clear direct answer. [link] [comments] |
| Feelings about waiting to buy? Posted: 25 Apr 2020 06:10 AM PDT Hey y'all, I know there's a mega-thread on this issue but most of the posts seem to be ~30 days old and given the rapidly changing situation I figured I'd open a new one. Feel free to delete if you hate me for it :) ANyway, my wife and I are first time buyers in Austin. We've been pre-approved for 470k, we have about 110 we can put down. Austin is obvs a hot market and we're priced out a lot of neighborhoods already. Homes seem to still be selling, especially turnkey place- Some are only on the market for 3-5 days. But the obvious question is, uh, should we wait? Common sense would seem to say that a crash is coming. But the layoffs and economic issues have disproportionately affected lower wage workers- Folks in a position to buy homes are, as of yet, insulated and the local market doesn't seem to be slowing down. But I'd also hate to buy at the top of the market and see it all fall apart. What're fellow Texans feelings here? [link] [comments] |
| Posted: 25 Apr 2020 09:51 AM PDT If I use an FHA loan do I have to live in that home for a year before I can sell it? [link] [comments] |
| Tax Appeal When Out Buildings No Longer Exist Posted: 25 Apr 2020 09:45 AM PDT Hi, I am considering purchasing a property. The house on the property is in bad shape and is therefore heavily discounted. We are primarily interested due to the acreage and location of the property and we're fine with fixing the house up ourselves, which we've done in the past. The caveat is that the annual taxes on the property are pretty steep for the area. Not necessarily out of budget, but they are still higher than I'd like to go. Looking at the county website, they have 6 outbuildings listed, which no longer exist. I can see them on old Google earth images. There is one large, metal barn that does still (sort of) exist, but it is literally falling down and would need to be removed immediately, before we'd even occupy the property. I am wondering - if we prove that all the outbuildings are no longer there, what are the odds of going through a tax appeal within the next year and having the taxes reduced? Thanks in advance for the help. [link] [comments] |
| Posted: 25 Apr 2020 09:27 AM PDT I have a full time job that is extremely flexible. I am looking into getting my RE license so that I have access to MLS. I understand I have to be under a broker in my state (Missouri) but didn't know if getting a license with the sole purpose of acquiring and flipping house is "allowed". [link] [comments] |
| Posted: 25 Apr 2020 09:02 AM PDT How are homes going over the listed price amid covid in Iowa? Like...I thought I'd be able to pick up a place for cheap cheap. I am going in OVER asking price even. [link] [comments] |
| CANADA, BC: Switching from FTHB to landlord? Posted: 25 Apr 2020 08:58 AM PDT I got a condo in BC under first time home buyer and am still within my first year of owning it. I remember being told if I switched it from FTHB to renting it out within the 1st year then I would have to pay the property transfer tax. So a 2 part question. 1. When would I have to pay this tax? End of the year...when the change is done...or? 2. Anything else I would have to pay for the switch? [link] [comments] |
| Need Data on % of Off Market Sales Posted: 25 Apr 2020 08:50 AM PDT Working on a presentation for school and I need to know what % of homes are sold off market instead of the mls. Does anyone know where I could find such data? [link] [comments] |
| Closing went smoothly today (MD) Posted: 24 Apr 2020 03:16 PM PDT Social distancing practices were in place during the signing of paperwork. Process went smoothly. Nice thing is we have seven weeks to complete our move across town. Planning to spread it out so it's not a full day of suck. 😂 [link] [comments] |
| If gas is included in the HOA, is it possible or easy to install a gas dryer and stove? Posted: 25 Apr 2020 08:13 AM PDT My dream was always to have a gas range, and I am asking here because a place I'm considering buying has gas included in the HOA. So I'm assuming the places are already piped for gas apparently it's just for heat in the winter though so not sure of that means they shut off the gas at other times of the year. [link] [comments] |
| Posted: 25 Apr 2020 12:03 AM PDT |
| Best way to keep an eye on the market from afar? Posted: 25 Apr 2020 06:59 AM PDT I'm selling my house in a rural state, and moving my family across the country to a major city in Arizona for a new job. I have time while my current house sells. We are trying to see what happens to the market. What is the best way to see what the housing market does in Arizona? Just check Zillow and see if houses are getting more or less expensive over the next 90-180 days? I will have to move eventually, but want to gather data to know if we should rent a year(for prices to come down) or just buy now. What data are you all looking at to see what the market is doing? [link] [comments] |
| Refinance & New foundation - thinking out loud Posted: 25 Apr 2020 02:53 AM PDT Alright, off the wall question here everyone. I am thinking of refinancing to pour a new basement under my house. Background, I bought a 1300 sf house on two acres off of a short sale in the middle of a suburb of KC, MO in 2015 for $106k. I had an offer for $126k a for it a week or two later, and genuinely figured we could have sold the place for about $140k at the time-- got super lucky with the short sale. Us and our next door neighbor are the only places in the surrounding neighborhoods with any land, which makes it a very nice spot. They are good friends, it is like our own little paradise. I built a 3200 sf detached shop at a cost of about $100k and refinanced in 2017 at $160k - the place appraised with the the unfinished shop for $201k . Since then have got a bathroom, 2" sprayed insulation, floor heat(previously had pipes but not hooked up), wiring, internet/wifi, 2-post car lift, dimmed/photocell controlled exterior lights up on the shop. Both next doors have sold since my appraisal. One is ginormous at 3200 sf and decently modern, say 80's construction but sits on a much smaller but still large half-acre lot, it sold for $280k. The house on the other side is also larger at about 2000 sf, and dated at 1950s construction but solid: dry, full, poured basement, 3 acres and about a 1500 sf shop that is a lot more dated. I am thinking of turning my attention to my house, of replacing our dingy cinderblock foundation with a full poured concrete job. Wife and I have our second child on the way, and will need another bedroom. I think if I got a full new basement poured, I could add 1000 sf, and could do it right to keep it dry and finishable. I can jack it up myself for just the cost of materials and a few months planning, being a construction man, and I have good contacts to get the walls poured. We could add two beds, a bath, a couple tv nooks and a bathroom under the place for, just guessing, about 30,000... $30/sf seems totally reasonable for the extra space. I have about $10k available... does trying for a cash out refi seem like the way to go to come up with the rest? I know I'm on crazy pills, but is it a bad plan? [link] [comments] |
| Posted: 25 Apr 2020 02:18 AM PDT Hello, I just graduated college (I was supposed to walk today RIP) and I have a job that pays a good starting salary. I want to get into investing in real estate within the next year and will probably be here asking questions a lot. This one came up in my head and I thought I'd ask it. Also, this doesn't include the other fees involved in buying a house so please don't say, "you'll have to get a higher loan." This is all hypothetical and for the time being I don't plan on getting 2 cheap houses when I don't even have my own lol. Thanks for your time and I can't wait to keep learning from this community! [link] [comments] |
| First time buyers trying to figure out issues around flood plains and foundations! ANd the future! Posted: 25 Apr 2020 05:58 AM PDT Hi y'all, My wife and I have been looking for homes for a bit and saw one yesterday that just really sang to us. It is a flip, someone bought it late last year and did a total gut job- New sheet rock, new appliances/hvac/water heater/roof/windows/floors. It's almost 50 years old (Built in '72) We got the inspection report the flippers had done and a few things jumped out. One was that the foundation was rated 'Deficient' in the inspection. We know they had repairs done and there's a lifetime warranty on the work, but I don't know what was done. Additionally, the home is in a 100 year floodplain. It's never flooded since '72, but that's no predictor of the future, ofc. It would add to our monthly cost, although by how much is a question. We've heard that the previous owners paid ~200$ a month, but have had a hard time getting a quote in the last 12 hours :) Anyway, the questions here:
Thanks for thoughts and advice! [link] [comments] |
| Weekend/Vacation house purchase? Posted: 25 Apr 2020 05:56 AM PDT We have been talking about buying a weekend "country" house for years, and finally decided now is the time. I was wondering if anyone has experience with this? We live and rent in NYC, and are looking for a place about 1.5 to 2 hours drive away, with the goal of spending weekends there, when possible. We were originally looking to purchase an apartment here in the city, but have decided to shift our plans, as we have been hunting over a year, without even finding one place to make an offer on. Also wondering if now is a bad time to buy, since inventory is so low, which might drive prices higher than they would ordinarily be. Thanks! [link] [comments] |
| Buyers backed out over somewhat bogus inspection issues - a discussion Posted: 24 Apr 2020 03:37 PM PDT We put our house on the market last week and had three offers within 12 hours. We had a lot of trouble deciding which offer to take since each of them had some funny things about them but ultimately we went with a full price offer with a conventional loan, buyer was supposedly a pretty safe bet. You can look at my post history to see a discussion about those offers. Anyway, Inspection was Tuesday of this week and it took them until today to get back to us at which point they told us they were terminating the contract because of inspection issues. I took a minute for my real estate agent to even get their agent to say what the issues were specifically but eventually we got the following out of them, and I'll address each point as well below:
What's your feeling on what happened here? None of these issues feel even remotely like something that should warrant backing out of the contract and the buyers didn't even ask for repairs! We're not in a crisis situation because we have a back up buyer but it's just feels shady to me. Like these people put an offer in just so they had dibs on the house and then either found something better or had buyers remorse and they were able to just ditch the contract with zero consequences. I guess if that's the case what's the point of even having a contract, you know? I guess I'm just looking for some unbiased professional opinions since I don't feel like anyone close to the transaction is going to give me a straight answer. Thanks all. [link] [comments] |
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