Real Estate: How quickly are housing prices increasing in your area? |
- How quickly are housing prices increasing in your area?
- [OR] Toured a house today with a Redfin agent and while discussing the lack of supply right now he said "I expect a lot of supply soon due to covid foreclosures..." ...is this a consensus belief among real estate folks?
- My realtor is saying I cant pull an offer on offer on a house im no longer interested in
- Do you think there will be more or less homes for sale this year compared to last year? I would love to hear people’s thoughts and opinions!
- New Build, Schoo Zone Change
- this market is really crazy
- Buying a house, and there's a new development proposed nearby, what would you do?
- Bank Statement Scrutiny During Mortgage Process
- [Rental Property] Payment to painter: 1099-MISC vs 1099-NEC?
- CA ( community property) - If mortgage is only in husband's name, does wife automatically get title as co-owner on deed during closing?
- Deed restriction in NJ
- Equidistant location tool
- A few questions about a quit claim deed in Texas
- How does a different credit score from your spouse affect home loan?
- 7 Unit as first Investment Property?
- Looking to get started on my goal - Seeking advice and input - much appreciated
- Should I refinance?
- Agent Refused to Provide Buyer's Agency Agreement (Florida)
- good resources to learn about renting/becoming a landlord (owner occupied duplex)?
- Does it make sense to take out a construction loan and add a flipper's repairs for primary residence?
- Unexpected expense prior to closing and impact on rate
- Thoughts on kit houses / log cabins for rental income?
- I’m looking into buying a home in California in couple of years after paying down debt and saving money. Is buying a manufactured home a good buy before buying a house after couple of years?
- Purchasing A House Listed Through Opendoor
| How quickly are housing prices increasing in your area? Posted: 17 Jan 2021 04:59 AM PST My wife and I closed on our first house this past June; we'd started looking in February right before the pandemic started. We bought a 6/4 duplex in the Miami/Ft. Lauderdale area for 355k. I recently talked to the realtor who sold us the house and he was saying how crazy the market is and that it is definitely a sellers market. He said that the duplex we bought would probably sell for around 400k now. When I got home I looked it up. There are two similar houses less than a block away (both duplexes with 6 beds and 4 baths) that sold for 475k just 4 and 5 (one in October one in November) months after we bought our house! Had we waited just 4 more months to start our search we wouldn't be able to afford our own house! [link] [comments] |
| Posted: 16 Jan 2021 04:36 PM PST I sold my house just over a year ago (before covid was a big thing) as I moved cities -- and I've been renting an apartment while I get to know the neighborhoods I like in my new city, and have been casually looking at houses -- about one a month. Anyway, today while touring a house and discussing the general lack of supply due to covid he said he predicts "a whole lot" of new supply "soon" due to covid foreclosures. I realize nobody can predict the future but is this a common belief among agents out there? [link] [comments] |
| My realtor is saying I cant pull an offer on offer on a house im no longer interested in Posted: 17 Jan 2021 08:48 AM PST I put in offer on Friday. They're not accepting any until this evening at 7. It hasnt been accepted. Is this legit? Update: she contacted her broker, who said I can rescind an offer. Offer rescinded. [link] [comments] |
| Posted: 17 Jan 2021 09:21 AM PST |
| Posted: 17 Jan 2021 08:00 AM PST Hi - looking for any advice or feedback in case you have been in a similar situation. We are under contract (South Eastern U.S.) to build a home in a community we have been wanting to live in for quite a while. Let's call it Stoneybrook (not real name). This Stoneybrook community centers around a highly rated public school that was deeded with the neighborhood, let's call it Stoneybrook School (elementary through 8th grade). This is one of only two communities in the area that features a school walkable to the community/neighborhood which is why we chose to live there. We are just about to get our pre-construction meeting off the ground (the forms of several homes in this new phase are already under way). the school district just proposed a rezonning and our phase has been cut off from this school. The new school zone is a brand new (unrated) new school a lot farther away (we'd actually need to drive by the neighborhood school in order to get to this new school which is absurd). This school is only going to be K1 and K2 and each year they will add on from there. Not much is known about this school (ETA the new zone is in a slightly transient area which is also concerning). Our area has a school choice program so you can tecnically request to go to any school in the area even if you aren't zoned for it as long as there is room. I feel like we could possible still attend the neighborhood school but worry about the ramifications to our home value. Will being the lone phase that's not a part of the community school make our home worth less than similar homes that are still in the neighborhood school zone? It basically feels like even though we are techincally in the stoneybrook neighborhood, we aren't "Really" a part of it since we are zoned differently. I'm not sure what my options are (we are considering even walking away), but am curious if anyone has any insight regarding how something like this impacts our investment? I am hoping they will at least renegotiate the price or allow us to remove some upgrades b/c I worry this house is no longer worth the upgrades we selected. Basically we were sold this "community with walkable school, etc" (it's still adverstised on all the builders' sites) and now we are unsure. End of day, we will not be attending the new school. I know we have other educational options, but again, we are a lot less comfortable with the price we paid given this new development. TYIA for any feedback/advice. Notes: the builder is actually horrified and is meeting with the school district next week. There is thought that the school district didn't realize there were homes in the location they put the proposed zoning (our streets were missing from the map they submitted). So there is hope, but I'm worried if won't work out. By deeded I mean there is a covenant in place between the school and the neighborhood which specifies kids in the neighborhood get priority access to the school. This isn't a situation of "welp, the neighborhood is already at capacity with the school so it can't accomadate more phases". There is still plenty of room. We will be part of the HOA with the other phases as well. This isn't a new Neighborhood or a Stoneybrook part 2. This phase is small, only 80 homes, and there is nothing directly next to it. Just a ton of trees and as of yet undeveloped land. If you picture a rectangle our phase is on the very left with the new school on the very right. It seems like an odd place to "draw the line". ETA: detail [link] [comments] |
| Posted: 16 Jan 2021 06:18 PM PST Ive been looking for a house in North Jersey since June of last year. Around Nov i finally found a house that i like but my fiance was iffy about it. The bid was at 449,000 but we ended up submitting one for 470000. Of course our bid got rejected. I find out the house sold for 575000. I find it ridiculous because kitchen and basement needed work.. I'm starting to lose my hope [link] [comments] |
| Buying a house, and there's a new development proposed nearby, what would you do? Posted: 17 Jan 2021 05:14 AM PST Hi All, My first time posting in this thread, trying not to break any rules! I've just started the steps to buying a house to move into in the north of England. It's not my first purchase and having had delays and difficulties with previous purchases and above selling chains, I've tried to do my best to speed up the process with this one as much as possible. I've had the initial inventory and vendor enquires back which were rather non-committal but didn't contain anything problematic or surprising, except for a "yes" if there are any council planning applications they were aware of. They were then asked for details and to elaborate but this hasn't been provided yet. It's likely because they don't know too much about the proposal, as it was their deceased parents home which they are selling and they don't live there. So I did my own investigating. Now this property is in a relatively quiet area, with nearby fields to the side and behind then property, which are currently used as stables and are very pleasant/quiet. It turns out these have been put forward to be a new location for a new estate property development for over 70 homes. The road entrance is to be about 20 meters from the property I'm buying, with a plan to also build homes next to this property, and behind the garden too. It's a significant surprise and rather disappointing, but the plans haven't had approval yet so it may not go ahead (or at least go ahead to the current proposal), but I wondered what my options are. Does anyone have any advice, previous experience, or opinions on what they think would be the best approach? It's a great house, and I don't mind if there are more neighbours, but it will significantly add to road traffic in front of the property, and will result in 3 to 4 years of construction nearby and potential difficulty selling later in the future because of this. All serious opinions welcome. [link] [comments] |
| Bank Statement Scrutiny During Mortgage Process Posted: 17 Jan 2021 05:43 AM PST Question about how lenders scrutinize bank statements. My husband and I plan to buy a home in 2021. We have the funds for a 20% down payment. We plan to park the down payment in a savings account for at least 2 months prior to applying for a mortgage. Will lenders still scrutinize our checking accounts for spending activity, selling of stocks to obtain the down payment, etc even though we had the money free and clear in a savings account for over 2 months? I've read that lenders only look at 2 months of statements. We are both employed and can demonstrate our ability to pay the mortgage with our pay check stubs. Will lenders also look at our retirement accounts in a situation like this? Thank you in advance. [link] [comments] |
| [Rental Property] Payment to painter: 1099-MISC vs 1099-NEC? Posted: 17 Jan 2021 10:22 AM PST Hello, I have a rental property for which we paid $2000 for painting. I believe I need to issue a 1099. In the past I had issued 1099-MISC, now there is 1099-NEC. I'm not sure what to use. Any guidance? [link] [comments] |
| Posted: 17 Jan 2021 10:04 AM PST In California, a community property, if a mortgage is only in husband's name, - Does wife automatically get a title as co-owner on deed during closing? - Or do we need specific wording to be placed on the deed that states wife's title on the house such as "Community Property With Right Of Survivorship"? - Or do do nothing because we live in a community property? So, if something happens to husband, entire house passes on to wife (because purchased during marriage)? - Also, does the non-mortgage spouse sign any documents during closing? [link] [comments] |
| Posted: 17 Jan 2021 09:53 AM PST Got a few days away from closing date and title search turned up some deed restrictions in NJ. Most normal crap, but there is one property line building restriction that the home is in violation of. Now, the home was definitely built after the restriction, but it had been 40+ years since the addition violating the restriction was put onto the house. Anyone deal with anything similar? [link] [comments] |
| Posted: 17 Jan 2021 09:45 AM PST I'm trying to find a tool that will help me find the ideal town to look for buying a house that is in a equidistant location between two commutes. Does anyone have a link for something like this that exists [link] [comments] |
| A few questions about a quit claim deed in Texas Posted: 17 Jan 2021 08:46 AM PST I've googled this all but still unclear and have to have this figured out by wednesday! I own a home that is in both my name and ex's. I got it in divorce settlement 8 years ago but because I suck at life apparently I never bothered to get his name off the title. He will be in town this wednesday so this is my only shot for a while to take care of this. He has agreed to meet up to do paperwork but not sure if everything involved. Key facts:
So it looks like I have to have him sign this form in front of a notary at the county clerk's office, and then I pay to file it. But my questions are: What other paperwork do I need to have, if any? I do not currently have a copy of the deed or anything. It was lost years ago. I know I can get a copy of it from the title office for a fee but I am not sure if that is necessary. Do I need a lawyer if we bother agree on everything? Anything else I am missing? Thank you so much for your help! [link] [comments] |
| How does a different credit score from your spouse affect home loan? Posted: 17 Jan 2021 04:54 AM PST I have a higher score (but I do not have an income right now) and he has a lower score. How will this affect the interest rate for a home loan? Is there any point for me to apply for the loan as well because I do not have an income OR will it help if I also apply in order to get a lower interest rate? [link] [comments] |
| 7 Unit as first Investment Property? Posted: 17 Jan 2021 08:28 AM PST Got a property that im looking at up in CT thats a 7 unit property with about 70k in gross and 44 in NET income. Is there a way for me to get around the minimum 20-25% downpayment and crazy closing costs. Property is only going for 430k but after speaking to my agents they said I needed about 150k minimum to have a chance at getting the property because in commercial properties the closing costs are insane. Any help? I have the money available right now that I can liquidate from the stock market. Would this be a good investment or let the stocks run up and get another property with a FHA? Thank you for any help. [link] [comments] |
| Looking to get started on my goal - Seeking advice and input - much appreciated Posted: 17 Jan 2021 06:42 AM PST Goals
Looking/Purchasing Property Questions
Post-Purchase Questions
Renting Property Questions
[link] [comments] |
| Posted: 16 Jan 2021 08:16 PM PST I'm hearing crazy low numbers on current interest rates. I'm in California and just bought my first home in 2020 with 10% down. Interest rate is 3.25%. Loan balance remaining is 453k and estimated home value is 520k. The broker that assisted with the mortgage got me a PMI payment of only $80/month. As this is my first home, I have little knowledge on the subject. I asked a few people I know and was advised of waiting till 80% loan to value before refinancing, but it seems like this year will be unpredictable. I'm wondering if I should just refinance now even though im at about 86% loan to value and end up with keeping a PMI payment but at least having a lower interest rate. I don't plan on moving anytime soon. A lower interest rate seems like I'd be saving several hundred a month depending on how low a rate I can get, but again I don't know mortgage and loans that we'll ask you folks. Credit score is about 700+. [link] [comments] |
| Agent Refused to Provide Buyer's Agency Agreement (Florida) Posted: 16 Jan 2021 01:59 PM PST Hi everyone, I'm on the market to buy a home in Florida. I'm relatively new to the state but not a first-time home buyer. I've been sharing some emails with an agent that was referred to me and we went out today to see a couple houses. She seemed nice and insightful and I wanted to work with her so at the end of our meeting I asked her if her brokerage provided buyer's agency agreements. To my surprise, she said no. She said that they were uncommon in Florida and that since she typically works on referrals I can count on her to have my best interest in mind. While that's nice and all I would rather have something on paper so that I know she has my fiduciary interest guaranteed. Does anyone have experience in the Florida market? Is it really uncommon for there to be buyer's agency agreements here? Before I assume this is shady I wanted to check. Would appreciate any advice on next steps. [link] [comments] |
| good resources to learn about renting/becoming a landlord (owner occupied duplex)? Posted: 16 Jan 2021 02:59 PM PST i've been scouring for good resources to learn about this but a lot of the steps given are pretty vague. when it comes to actually making a lease/rental agreement, finding tenants/vetting them, where can i look to learn about this process? i probably won't be buying a house for at least another year but i'm just trying to get a handle on the whole thing before then. [link] [comments] |
| Posted: 16 Jan 2021 02:57 PM PST I've been shopping for McMansions in the LA area, and I noticed that these are all obvious flips. From what I can gather, the flipper's template is to buy a dated one story or gutted two-story home at 800k to 1.5m. Then, they follow the same steps to increase value:
In the best case, after that they've added 2.5k sqft and/or increased the price per sqft by $200, they can then command a selling price around 20 to 30 percent higher than the cost of their initial payment + renovations. Since they are taking on a construction loan or hard money loan during the 8-10 months of renovations, the payments during their 8-10 months are just interest payments. As such, I think they are only betting with bank or lender money, and then the buyer pays the 20 to 30 percent premium for the convenience of getting a turn-key. First, am I correct or are flippers providing more value or are seeing different margins from what I expect? If I am roughly correct, is there a formula that I can use to get ahead by doing the flip myself and using the house as my primary residence for 5-10 years or forever? I think that my details provide wiggle room in whatever the formula, but if I'm wrong, I want to be proven wrong before I start. I would be getting a construction loan for the costs of initial purchase and construction, so I would need a 1m -1.9m loan. My rate would be something like 4.25% to 4.5% on the cost of the post-rehab estimated home value (or is it the percent over the full loan amount?) I would have 350k in cash, 1.5m in investments, 50k in retirement accounts, no debt, somewhere between 500-850k in my income, and good/excellent credit when I apply for the loan. My current rent would be 4.2k. I expect that I will need to stay in my current apartment for 10 months while construction happens, so I would lose 42k to rent during the construction. Please please don't hesitate to let me know if I'm outright wrong about anything or missing nuance. [link] [comments] |
| Unexpected expense prior to closing and impact on rate Posted: 16 Jan 2021 03:43 PM PST My wife and I are closing on a house in a few months (new build), and we've been careful about not spending anything extra, so the mortgage company doesn't ding us. However we just had an unexpected $3k medical expense pop up. Luckily we're able to pay it off right away, and still have plenty for our downpayment, but I'm a little concerned as to how this is gonna impact our rates. If it's a 1 time unexpected expense, how do mortgage companies look at that? Obviously I'm not gonna share the details with them about the medical emergency, but is it even worth worrying about if we're able to pay it off right away and still have plenty for a downpayment? [link] [comments] |
| Thoughts on kit houses / log cabins for rental income? Posted: 16 Jan 2021 03:42 PM PST Hi guys, I'm super interested in kit houses and log cabins as an investment opportunity. I can source them here for about 30 - 50k a house, delivered and assembled on site. I'm considering buying some land and 5 to 10 of these to rent out. Does anyone have experience with these? I'm looking forward to hearing your opinions. Thanks! [link] [comments] |
| Posted: 17 Jan 2021 02:01 AM PST I've recently got a new job where the income is good. I'm currently paying down debt and hoping to save some money so I can buy a house in couple of years. However, due to high house prices in Southern California, they seem to be out of my range. I'm currently living in an apartment and it's throwing money away so I'm hoping to buy a small place and building equity. I'm thinking of buying a manufactured home to build that equity until I have enough to buy a house. Is buying a manufactured home prior to buying a house worth it? Should i just save money longer and just go straight to buying a house? I also had property management experience so I'm thinking of going for 203k rehab loan as well, as I think I can handle the process. Is manufactured home worth getting into? I'll be getting a loan to get it, this would be in about a year or so [link] [comments] |
| Purchasing A House Listed Through Opendoor Posted: 17 Jan 2021 01:44 AM PST I'm looking to buy a townhome under $200,000 in the Raleigh/Cary area. I toured properties with my realtor recently and we viewed one that I really liked. It's currently listed by Opendoor, which I understand is a relatively new thing. My realtor doesn't have much experience working with them, so I was hoping for more information on the service and how to strategize purchasing the house. The current list price is $195,000, but the Zestimate is $178,759 for off-market. Likewise, on the Zestimate history, it shows a jump from 178.8K to 195K in a very short amount of time. This would certainly seem to suggest that the price is inflated. The average of the comps that my realtor showed me was $180K so it definitely seems that way. While I want to submit an offer and ultimately purchase the house, I don't want to overpay. Does anyone have any tips or recommendations on how to proceed? [link] [comments] |
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