Real Estate: Do you think real estate agents will become obsolete in the near future? |
- Do you think real estate agents will become obsolete in the near future?
- National Association of Realtors predicts 8.0% increase in home prices for 2021. 5.5% in 2022.
- Realtors can no longer say their services are free to buyers? Per DOJ.
- How does one select an agent?
- Zillow says the monthly payments of a 300k house in CT/NJ are the same as as 450k house in DE. Anything else I should consider?
- Considering purchasing a home soon, any market predictions with the CDC eviction ban possibly ending?
- We are building a custom home, what are things that add value and things that don't?
- Preparation for Mortgage Application
- Does any of this sound shady or am I biased?
- Financing land: what are my options
- Avoid the deferral program at all costs
- Permit for interior waterproofing?
- Why property tax rates matter! (OH)
- Wanting an opinion if a home is right for me
- Finished basement not counted as livable space. Can I dispute this to raise appraisal value?
- I have a 4 Unit Fixer Upper I decided to sell, never sold a house before [NY]
- I live in a duplex, is only half considered my primary residence?
- Realtor doesn’t agree that we should lower price
- Should I finish a basement just to sell faster?
- Kitchen/wet bar in basement
- Bad High Appraisal
- New Build - and my realtor might be MIA. What now?
- Finding an appraiser
- Pre-Fabs and Kit Houses
| Do you think real estate agents will become obsolete in the near future? Posted: 13 Dec 2020 07:30 AM PST As someone who recently bought a home(2 years ago) I cannot think of a less valuable use of my money than on our real estate agent. We paid thousands and thousands of dollars to someone to do what? The only value they brought was a monopoly on housing information that should have been available to us. We found the house online. We booked the appointment. The listing agent also served essentially no purpose. The owners could have just shown us the place. Then for all the actual important stuff we paid someone else. The inspections and lawyers. What the hell did I even pay the realtor for? To send us a couple of cookie cutter forms to sign? A secretary can do that. Why isn't there a bigger push to get the housing info out of the hands of Realtors? If you have the housing info, a house inspector, and a lawyer what do you need a realtor for? How has a phone app not replaced Realtors yet? [link] [comments] |
| National Association of Realtors predicts 8.0% increase in home prices for 2021. 5.5% in 2022. Posted: 12 Dec 2020 07:14 PM PST As a first time home buyer this shit is stressing me out lol. The other day I put in an offer on a home 52k over asking (10% over list). Didn't even get a counter and comps were 20k below what I offered. Almost all of my offers have been 5% or more over list, comps are all over the place; guess Southern California is just that crazy. What do you think about this article? Do you think the numbers are correct? Or do you think foreclosures (if they happen next year) will stall the market a little bit? [link] [comments] |
| Realtors can no longer say their services are free to buyers? Per DOJ. Posted: 13 Dec 2020 09:33 AM PST I haven't seen this posted here, and I think it's a pretty big deal. Sounds like at least one of the lawsuits against realtors has been settled (honestly I'm not sure which one, because there were several ongoing, and the link doesn't say). Edited to add, it doesn't seem related to any current suit, based on the DOJ link below. The DOJ filed a lawsuit and proposed settlement on the same day. But the most interesting excerpt, IMO: there will be a rule that more definitively states that buyers' agents cannot represent their services as free to clients. More info: https://www.nar.realtor/2020-nar-doj-agreement-regarding-mls-rules [link] [comments] |
| Posted: 13 Dec 2020 09:56 AM PST Selling a house in a small college town. I live several states away. How does one go about finding the right agent? It seems all agents have 5 stars (Zillow, yelp, google, etc). We moved away and have been renting this property for 25 years so I am not connected to the community. [link] [comments] |
| Posted: 12 Dec 2020 10:41 AM PST My work is being a little more flexible in where I can live, so i'm looking to move (basically limited to NY, CT, NJ, Eastern PA, North DE). I had been looking primarily at central CT (Hartford/New Haven) and Southern NJ (near Philly). On Zillow it says a 300k house in CT would be about 2500 (no downpayment). Zillow says a 450k house in DE would also be 2500 with no downpayment. When comparing houses in the different areas, can I simply compare the monthly cost, or are there other things to consider? I'm speaking purely financially, ignoring things like schools or things to do in the area. I've never bought a house before, so I have no idea if there are some other costs that would be higher with a higher value house that aren't captured by Zillow. [link] [comments] |
| Posted: 13 Dec 2020 10:09 AM PST Just looking for opinions on what will happen to the general housing market if the CDC eviction ban is not extended? [link] [comments] |
| We are building a custom home, what are things that add value and things that don't? Posted: 13 Dec 2020 05:51 AM PST Trying to see if there is anything we should consider adding in vs not. For example, I've read that having one or maybe even two bedrooms on the first floor can add value. On the other hand, I've read that a swimming pool may actually not add value. Thanks! [link] [comments] |
| Preparation for Mortgage Application Posted: 13 Dec 2020 09:03 AM PST My offer just got accepted and will go through inspection etc. I'm prepping for mortgage application right now, gathering documentations and information in case everything goes smoothly and we go into contract. I googled what a mortgage application entails and lender may ask for rent history and such. I am technically subletting right now...my significant other is the one paying the rent directly and only her name is on the lease. I just transfer my portion of the rent money to her. How can I prove that I have been paying rent on time when I am not the one submitting the rent check and my name is not tied to the lease (therefore landlord will not recognize my name if lender contacts them). FYI, I will be the sole owner of the house and mortgage will only be under my name. [link] [comments] |
| Does any of this sound shady or am I biased? Posted: 13 Dec 2020 08:26 AM PST Ok, I'm in michigan just for context. My wife and I decided we wanted a new house this year and some more property. We have $60k in equity in our current house. So we went to our old realtor who sold us the house 8 years ago. We informed him we wanted to sell our current house and wanted a new place, but we were unwilling to sell first then hold the money and get an apartment or something. He told us that was unreasonable, we told him it was what we wanted and to make it work, he didn't love it but went along with us. So, we go shopping and things actually went super well, we found a cute fixer upper we loved, and our current home got an offer after 3 days on the market. Score! So, everything is agreed, our sale is conditional on our buying of the new house. Prices are negotiated, everyone agrees, our profit from our current house will pay the down payment on the new house, TONS of paperwork ensures. So everything is locked in, we go on Friday at 4pm to the title company to sign over our house, the money will come in Monday, Tuesday we will sign the papers to get the new house, then 30 days to move. Here's where it gets weird. We signed on Friday, then yesterday (Saturday) at noon our realtor calls us and tells us the house we're buying is in foreclosure and the current owners are underwater and the amount we're paying them won't cover the loan. He claims to have justttt learned this from the seller's realtor. So now I'm in a pickle, pretty sure they're going to try and squeeze more money out of me I don't have. Does this sound legit? I have cash to close documents, loan documents, I've paid for inspections, how did no one catch this? Isn't this literally the title companies job to prevent this? I can't shake the feeling our realtor knew this Friday and decided to not tell us knowing we wouldn't sign our house over and he wouldn't get paid. What do you ask think? I honestly don't know what to do.... [link] [comments] |
| Financing land: what are my options Posted: 13 Dec 2020 08:07 AM PST I'm looking at buying land to build on in the next 1-3 years and trying to see what my financing options are, I can't pay cash out right yet so looking into some options. I make 90k pre tax, and am looking at land that is ~225k I have 0 debt and have about 13k between my checking and savings, my rent is pretty low, currently pay 700 a month including all my utilities. I live pretty cheaply, no car payment, don't eat out much so I'm not too worried about adding a mortgage payment to my budget. Sadly I live in a super poshy town in Florida so land/housing options aren't cheap so this is a really great deal. [link] [comments] |
| Avoid the deferral program at all costs Posted: 13 Dec 2020 07:12 AM PST When I got the letter in the mail saying we could push our payments back three months I thought this is great! Little did I know this would be the start of a long nightmare. I was on the program for 2 months. I had to buy a car, when my credit was pulled I was told I couldn't be under that program. Ok, so I called BofA and asked to be removed. Each time I called the person would insist I have been. On my next statement there were never any changes made. This happened for 4 months! BANK OF AMERICA has been so shady with this whole process. I'll call to get updates/ answers and they transfer me to multiple departments. Has anyone had a similar issue? Have you gotten it resolved? I'm losing my mind trying to figure out what to do. Thanks for any help! [link] [comments] |
| Permit for interior waterproofing? Posted: 13 Dec 2020 07:11 AM PST We did an interior waterproofing job in our basement about a year ago. My husband is very handy and actually did waterproofing for a living at one point, so he just did it himself. We're confident that it's up to code and everything, however, we did not pull a permit. We're getting ready to list our home, and it just dawned on me. Also to add, we bought the home foreclosed 5 years ago.. idk if we bought it "as is" but we were approved for an FHA loan on it. To be clear, the basement is still unfinished. So, does anyone know.. Did we even need a permit for that? (Probably or probably not, I know every state and county is different..) What should we do now if we did? Should we just wait until inspection time and if it comes up, say we don't know anything about it? Have you ever noticed this come up during inspections? Any advice is appreciated! [link] [comments] |
| Why property tax rates matter! (OH) Posted: 12 Dec 2020 04:44 PM PST I read discussions in which redditors act as if property tax rates were just "one of those things" that you have to accept. My friends also act as if there were no long term difference. NOT SO. I live in a suburb of a major Ohio city: I pay $5,000 at year. My neighbors across the street live in a different city: they pay $10,000. I have saved $5,000 a year, for 30 years, invested at an average return of 5%. I am ahead $353,000. Think about this before you buy a house. [link] [comments] |
| Wanting an opinion if a home is right for me Posted: 13 Dec 2020 06:31 AM PST I just moved to austin and have been wanting to buy a place for awhile. I'm single and in my early thirties. I have been debating between a condo or a home for awhile. The main goal was to sit on something that can appreciate if I am to be paying essentially the same amount as I would have in renting(minus the principal and interest). I know homes appreciate the best but I hesitate with buying an actual home because what if I get into a relationship and the home I bought it not suitable for future goals or if my partner doesn't like it? Am I thinking about this correctly? [link] [comments] |
| Finished basement not counted as livable space. Can I dispute this to raise appraisal value? Posted: 13 Dec 2020 05:39 AM PST My finished basement is approximately 800 sq ft but it did not get factored into the total sq footage on the appraisal. However, the basement sq footage is added to the total sq footage listed on zillow, redfin, realtor, etc. in order for the property list price to be much higher than the appraisal value. The non-basement living space is 2000 sq ft. Obviously 2800 sq ft is very different than 2000 sq ft when it comes to listing a home. Can I dispute the sq ft discrepancy on the appraisal? Or, if I sell the property one day can I add the finished basement sq footage (800) to the total sq footage. Afterall, when I purchased the property I paid based on a listed sq footage of 2800 sq ft. I appreciate any and all advice! [link] [comments] |
| I have a 4 Unit Fixer Upper I decided to sell, never sold a house before [NY] Posted: 13 Dec 2020 03:30 AM PST Quick explanation, my father passed in 2019. He left a 4 unit house directly to me and I stayed in it for a year trying to fix it up as the rent would be great income. (Estimated @ 800-950 each apartment as per the area.) However after many let downs, contractors walking out with my money, huge repairs and neglect keep getting found, and the tenants that were under my father giving me huge issues, I decided to sell it. I have an aunt in real estate who offered her services but she's a busy woman, so I'd like to get some "dumb" questions answered outside of her time. The house is accessed at 84,000. It's considered an historic house though not registered and the city is pretty stiff on not changing the brick exteriors image. I'd be perfectly happy with getting around 40,000 for it, but I don't know how accessed value works with actual value. Do I have to hire an appraiser or something to put it on sale? The main issues with the house is the roof, estimated 5-10k for a tear off and replace, outdated plumbing in the basement, and the venting/chimney for the boilers and hot water tanks being clogged with a temp vent running up the side of the house at the moment. All the boilers and tanks are less than 3 years old. Would a fixer upper consider the house with these issues still or am I looking at getting offers for the plot itself? Is emptying sections of the house a deal breaker for these types of sales? The units for the most part I will make sure are empty however the basement has like construction junk from a time my father used to work on the house that I can't afford for junk people to come empty. I was estimated 800-1k for it. If I did get the house sold either though my aunts real estate or a cash offer which is common for houses around here, do I get a window with the money to move out with it or do I have to save up ahead of time for my new apartment? Thank you for your time. [link] [comments] |
| I live in a duplex, is only half considered my primary residence? Posted: 12 Dec 2020 12:10 PM PST I have a duplex where I live in 1 unit with a roommate (tenant) and rent out the entire 2nd unit. If I sell it in 2 years, then is only half consider my primary residence and the other unit as an investment? Let's suppose I bought the house for 250,000 and then sell the duplex after 2 years for 300,000, thus generating a gain of 50,000. Scenario A - The whole house is considered my primary residence so all 50k can avoid capital gains taxes. Scenario B - Only the unit I live in is considered primary residence and the other unit is an investment. Therefore, 25k doesn't have capital gains tax but the other 25k does unless I do 1031 exchange. Is scenario B the most likely scenario? Thanks~ [link] [comments] |
| Realtor doesn’t agree that we should lower price Posted: 12 Dec 2020 09:08 PM PST We have been on the market for 45 days so far and no offer. We had one right away after listing but It fell through. We have had like 25 showings already. We want to drop the price a few thousand. We updated the listing a few weeks ago to include a flooring concession because we know the floors have to be replaced. Our agent doesn't agree that we should drop the price. She keeps insisting that we are priced right.. but we have now closed on our new joke and moved in and our home is now vacant. We need it sold quickly. Ultimately I know it's our decision. I just want to know.. is there any downfall for us dropping the price beside the obvious loss of profit? Why is she so against us dropping it? [link] [comments] |
| Should I finish a basement just to sell faster? Posted: 12 Dec 2020 09:37 PM PST So I listed my house 3 weeks ago. Had only 2 showings so far. My agent says this is typical for homes at this price (upper 600s) in my area, which is a suburb of Chicago. Some of the feedback mentioned our smallish yard and unfinished basement. Our home is 2 years old and we are moving due to a job. Is it a good idea to finish the basement with a storage room, maybe an office space and drywall the rest of the open area? Most comps in our neighborhood have finished basements. I'm very unsure if it will make my home sell faster and if I can recoup any of that investment. Does 10k seem like a reasonable price for finishing the basement? Not looking for anything fancy. Just to check a box on MLS. Also wondering if I should pull it off the market and relist in spring. [link] [comments] |
| Posted: 12 Dec 2020 05:21 PM PST Hi All, hoping someone can help clarify some things for me. I'm planning out and hoping to get started on a wet bar in my basement, and i'm wondering what is considered a wet bar vs a kitchen. I'm planning on installing lower cabinets, countertop space (L shaped in corner), a small (maybe 12" in diameter) sink, and a small, under counter fridge. The area is near the washer and drying so at times it will be used to fold laundry. There is also my peloton and hydrow machine next to it. I'm wondering what type of things I need to know before I start down the road of permitting and dealing with my insurance who may/may not think I now have 2 kitchens. So what constitutes a kitchen vs a wet bar? I had a friend a long time ago sell his house that had an illegal in-law apartment and the agent or insurance company (I forget who it was) made him remove the stove. That was it... It then no longer was considered a kitchen, and thus, no longer an in-law unit but now a spare bedroom with an ensuite bathroom. [link] [comments] |
| Posted: 12 Dec 2020 03:57 PM PST We put in an offer on a home listed for $505k (a tad low for this home in the current market) for $555k (multiple offer situation) which we knew it was a little high and might not appraise out but we put an addendum in place to pay 5k over appraisal if it appraised lower. Our offer was accepted. Inspection waived by us, contingent on appraisal and them closing an open remodel permit prior to closing. Seller is an LLC in another state. To our surprise the appraisal came back at $555k, suspicious, but let's move on and get this deal closed. We are on our way to close (supposed to be next Thursday) when the lender called yesterday telling us the appraisal had been rejected because of unjustified adjustments and bad comps, "chasing the value". A letter of justification from the appraisal would not help the cause in this case, per lender. Now we will need to do a new appraisal and closing extension, not to mention adjust the price when the appraisal comes in if it's lower. Realtor said she's never seen this happen ever, neither has anyone in her brokers office. Lender said this is uncommon and he's only seen it on jumbo loans, this is a conventional loan. We did indicate we weren't happy this came to light 9 days after the appraisal report was received. Does anyone have experience with this situation? Are the sellers obligated to take the addendum price of 5k over appraisal if the appraisal comes back below $555 but above their asking of $505k? Should I report this appraiser to a board of licensing or will someone else do that? Regardless it's not our fault as buyers and we would get our earnest money back if it fell through but I really did want this home, just not at an inflated price. [link] [comments] |
| New Build - and my realtor might be MIA. What now? Posted: 12 Dec 2020 11:02 PM PST I haven't heard from my realtor since late Oct/early Nov. We are building, and I understand they are working on permitting so not much is going on right now. Leading to this point, I have been progressively disappointed in our realtor so I want to ask this sub for an opinion to make sure I am looking at this fairly. Is this lapse of contact typical in this situation? For context, our last contact was after our design appt which she didn't attend and neither was she aware of for reasons. Not completely sure where the mix up was, but she wasn't proactive about getting it done in the five days we had to do it per the contract. I understand that no realtor is there to spoon feed, but we were limited in what we could do without a contact from the builder. Once I got my hands on that info, we haven't had a problem because I can contact them directly when need be. There's only been one other time that I have and they have been responsive so far. That led me to wonder why our realtor is even there, tbh. After discussing the situation here, I decided to ask her to clarify her role in the process as we are new to this and want to understand ....she never responded. This was over a mth ago, and I am just now getting to the point where I have the bandwidth to revisit this situation. She didn't even find this house (I did!) so honestly she has brought nothing to the table. She got the initial info from the builder and she surprised us with a conference call with the builder that totally disrupted our work day. We hadn't planned on having an in depth meeting at that time. She said that she just wanted to go over the contract with us "real quick" before we signed so we thought a lunch break would be sufficient. One minute before the meeting time she told me she would have the construction manager and sales manager on the line. I was too stunned to say anything then, but had we known it was a full sale presentation/builder presentation with Q/A we would have planned accordingly. So with all of this being said, I am just really confused and disappointed. Should we continue to ride this out since there's a break in the process or is the lack of contact a reason to reach out again to see what's going on? We do have a mutual friend/acquaintance so I was worried at first about ruffling feathers. I won't be rude at all, but now I am getting concerned about what if something comes up during this process and our realtor is no where to be found. I am just looking for clarity as this is a huge investment for us, financially and emotionally. [link] [comments] |
| Posted: 12 Dec 2020 10:57 PM PST I am half way done with my appraisal courses and am having a hard time trying to finding an appraiser willing to take on an Appraisal trainee. I live in Sacramento, Ca. Does anyone know of any businesses or appraisers willing to take on a trainee in Northern California? [link] [comments] |
| Posted: 12 Dec 2020 10:46 PM PST Has anyone ever considered doing this, or have actually done this? My husband and I are looking at land, and looking at a lot of nice pre-fabricated homes that can be built for a lot less than a traditional build. I was wondering what your experiences were if you had, was it harder or easier for you than previously thought? Also, if you considered it but didn't do it, what was the reasoning behind your decision? I'm just trying to keep options open. We want to have a bit of land and are thinking that building will be better in the long run than buying because the inventory is so low. I'd love to hear your thoughts! [link] [comments] |
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