Real Estate: Why is housing market crazy even though economy is bad(pandemic/joblessness)? |
- Why is housing market crazy even though economy is bad(pandemic/joblessness)?
- What kind of interest rate should I expect with a 722 credit score?
- Mistake on preapproval letter could effect my rate when it’s fixed?
- Do real estate agents send eachother money after a deal closes?
- Property Taxes Paid By Seller
- Tenant is refusing to allow potential buyers to view condo.
- Rent Houses for Sale
- Should I refinance my home
- If I wanted to do repairs to my home
- FIRST MONTHS INCOME
- Air BNB management
- New Tollway will be built near my home
- Td bank right step mortgage ?
- Advice on appraisals
- Help deciding on a lender
- Buying a newly constructed semi-detached, neighbor's shed encroaches about 2 x 10 feet in our backyard. The selling agent says it's an "acquired right"?
- Price increase after pending offer?
- How are you guys with vacation rentals cash flowing?
- Does housing developers prefer to sell fully/semi furnished real estate?
- North Laurel development in Maryland
- Sell and then rent while waiting for prices to go down ???
- Renovation and 403(K) Loan Advice
- Selling remotely (DC)
- Question on Capital Gains and Taxes
| Why is housing market crazy even though economy is bad(pandemic/joblessness)? Posted: 23 Jan 2021 06:00 PM PST Can someone help me understand why is housing market insanely crazy right now? Any house that gets put on goes on pending offer within 2-3 days (talking about NorCal) and selling price is more than double for their value lets say in 2018. Why is it that with pandemic and its after effect of joblessness house are selling like hot cakes? Why are people rushing to buy right now ? Will it ever cool down [link] [comments] |
| What kind of interest rate should I expect with a 722 credit score? Posted: 24 Jan 2021 08:27 AM PST I'm sure this is probably partly dependent on where you live (I'm in North Texas) I'm looking at a budget of $350,000 with a downpayment of $75,000 then an additional payment of $100,000 after my current house sells. So the loan would be around $175,000. Just wondering what to expect before I call my bank [link] [comments] |
| Mistake on preapproval letter could effect my rate when it’s fixed? Posted: 24 Jan 2021 09:36 AM PST My wife and I got preapproved about a month ago and are about to make our first offer on a house. Upon carefully re-reading the details of the preapproval letter, I noticed that the lender made a mistake under the previous addresses section. He checked a box that said my wife owned a house that she actually rented. When we fix this, could that change our interest rate? Should we wait to sort this out with the lender before we send our offer and the preapproval letter to the agent? First time homebuyers obviously, thanks in advance for any help! [link] [comments] |
| Do real estate agents send eachother money after a deal closes? Posted: 24 Jan 2021 07:02 AM PST - Seller wants $800,000 for his home - Buyer wants to pay $780,000 max - Buyer's agent tells seller's agent that if the deal closes at $780,000 they will pay seller's agent a portion of their commission earned [link] [comments] |
| Posted: 24 Jan 2021 06:46 AM PST Hi everyone, I closed on a house back in the beginning of November and recently the title company contacted me to let me know the county had sent them a check for a couple thousand dollars and that they wanted to forward me this check. In reviewing the closing costs document I found a line that stipulated the seller was prepaying 6 months of property taxes for that exact same dollar amount while I prepaid 2 months at the time. My county does not allow prepaying through a new year so the 6 month amount was returned. My question though, is that normal for a seller to prepay 6 months of property taxes? I'm concerned the title company made a mistake in the closing costs and the seller was accidentally charged this amount and I'd like to know if I need to push to get this back to them. All help and advice is appreciated! [link] [comments] |
| Tenant is refusing to allow potential buyers to view condo. Posted: 23 Jan 2021 02:57 PM PST Found an amazing condo, checks all the boxes for me. I had my realtor schedule an appointment with the listing agent to go view the unit but when we arrived the current tenant refused to let us in even though we had our own key. We explained that we had an appointment and the tenant started to yell that they were not letting us in, so instead of arguing with them, we left and the listing agent said they would go talk to the owner. I'm super bummed because had I been able to see the unit, and if it still looked the way it did in the pictures, I was 100% sure going to put in an offer. Is this a lost cause/major red flag? I'm not sure what happens when a tenant refuses to leave when a place is up for sale but this place would be my primary residence so I would need to be able to move in. I really don't want to deal with any tenant drama...is this something the owner can easily remedy or should I just move on? I appreciate any advice. Thank you. [link] [comments] |
| Posted: 24 Jan 2021 07:21 AM PST There are quite a few of these coming up on the market. They tend to not be updated or well maintained and asking top dollar. Are there any other non-obvious downsides to buying a house to live in which is purely an investment house for someone else? [link] [comments] |
| Posted: 24 Jan 2021 06:01 AM PST I own a home with a loan balance of 130k purchased for 145k Appraised at 215k Been in home for 3.3 years, I plan on keeping this property long term It also provides me rental income in the form of a mother in law suite I rent out for $750 monthly ($9,000 a year) Current mortgage payment is $1,265 a month with $215 in pmi payments, 4.65% interest rate Refinance payment would be $837 a month eliminating pmi, lowering my payment and bringing me to a 2.375% rate Refinance would cost me 10k or bring the loan back up to 140k where I originally started 3 years ago (I put 5k down when purchased) but no out of pocket costs to me. I'd need to get the balance down to 115,000 to get rid of pmi currently. Which would bring my payment to 1,050 a month. Or refinance now and get it down to $837 but add 10k onto my loan balance. What would be my best option? Thanks!! Any opinions or insight welcomed! The only opinion I got was from my mother whom I love but has never bought a house, she said I'd be stupid for waisting 3 years of paying down the principal to refinance and start over again. So I'm having mixed thoughts and don't know what would be the right thing to do [link] [comments] |
| If I wanted to do repairs to my home Posted: 24 Jan 2021 09:42 AM PST If I wanted to do home repairs which certificate would I need to do so to increase the value of my house [link] [comments] |
| Posted: 24 Jan 2021 09:42 AM PST I know that this is a common question people get all the time here. But how much is an average agent predicted to make on their first two months. More specifically in Phoenix,AZ doing fool commission [link] [comments] |
| Posted: 24 Jan 2021 09:34 AM PST I am researching Air BnBs, and management deals. I was thinking of creating a buisness model behind being an rental mamager for out if state renters in my area. As they vastly present in my area. I was thinking of trying to capitalize on this. I would like, feed back and thoughts on this. As i am wanting to develop a proper buisness plan and understanding of it. Property focuses i was thinking of are houses, and Air BnB style. Perhaps be responsible for finding renters. We have a vacation industry that is important for this area, besides the production and various services that are prevalent here. Large factories, tons of food services, IT jobs, and many other forms of employment here so the economy is pretty sound. [link] [comments] |
| New Tollway will be built near my home Posted: 24 Jan 2021 09:27 AM PST (Texas) Within probably the next five years, a new segment of toll road called the grand parkway will be built about 1/4 mile from my home. This is a large loop that will encircle the city of Houston and surrounding suburbs. It will be visible from the upstairs windows, and presumably you'd be able to hear it also. I'm curious about the effect that this could have on my home value. On one hand, it would be great for a commuter, but do people really want to live that close to a major road? Does anyone have any experience dealing with home values in the situation? I'm wondering if I should sell before the construction starts. [link] [comments] |
| Posted: 24 Jan 2021 05:32 AM PST Hi! Has anyone had an successes with Td banks first step mortgage ? With Td bank they offer a 3% down and no pmi The fees are: Appraisal 500.00 Tax 58.00 Credit 42.00 Flood search 5.00. It sounds too good with no pmi? Thoughts? Thank you!!! [link] [comments] |
| Posted: 24 Jan 2021 09:17 AM PST My wife and I are looking to buy a house, and as anyone looking knows the market is pretty tough. We are working with an agent. Ignoring other concerns we have had about him, he told us something regarding appraisals and I am looking to see if it is correct. (edit) We are financing via conventional mortgage. We found a house listed for 340k. It had been on the market for >90 days. Purchased in 2015 for 206k. It had minor cosmetic updates since the sellers purchased it (resurface kitchen cabinets, new flooring, painted some flooring, new paint, new hvac) is pretty much it. Based on looking at what had sold and is selling in the area, I felt it was really worth around 265k, but we realized that would never go and were willing to pay more based on our need. We offered 295k. They countered at 325k. I didnt want to go any higher as I felt I was already offering a premium price. My agent was suggesting 310k and I was uncomfortable going that high. I was thinking that if I am actually right and its worth less, it might not be a problem if it actually appraises for less I could use that to negotiate. My agent said that it didn't matter it would appraise for whatever the agreed purchase price was and the deal would stop if it wasn't 310k. I said I'd offer 300k and they didn't take it. If I was right (not saying I am) and the true value was around 265-275k, is what the agent said true? Would it probably just appraise for 310k if we offered 310k? Any help is appreciated! (edited for clarity) (edit to add comps) House in question: Price Date Setup Bed/Bath Sqft Price/sqft Acre Year Built 325000 * 2 Story 4/2.5 1772 183 0.62 1977 Comps: Price Date Setup Bed/Bath Sqft Price/sqft Acre Year Built 282500 8/30/2020 Single 4/2.5 1868 151 1.15 1968 309000 8/4/2020 2 Story 4/2.5 2511 123 0.97 1990 278100 08/02/2020 2 Story 4/2.5 1828 152 0.55 2012 320000 10/20/20 2 Story 4/2.5 2513 127 0.7 1972 315000 08/02/20 2 Story 4/3.5 2540 124 0.55 2012 295000 12/14/2020 2 Story 4/2.5 1800 164 0.9 2015 338000 12/27/2020 2 Story 4/3.5 2460 137 1.58 1989 355000 10/1/2020 2 Story 4/3.5 2108 168 1 1990 Price estimate based on Average price/sqft) Price Price/sqft 248572 140 - average 297696 168 - Based on Highest $/sqft comp (1990 construction, newer roof, newer hvac, updated high quality interior, more land, nicer lot) Price estimate based on 5 yrs appreciation only, no comps Price Price/sqft Orig. 206,500 117 3% 239390.1 135 4% 251238.8 142 5% 263552.1 149 6% 276343.6 156 [link] [comments] |
| Posted: 24 Jan 2021 08:56 AM PST Hi! My husband and I are (and have been now for several months) looking to buy our first home and I'm having a bit of difficulty deciding upon which lender to go with. Originally our realtor set us up with the lender that works through his agency but the longer this process goes on the more difficult I am finding her (won't give me straight answers or completely ignores some of my questions.) I've been speaking with a loan officer through our bank who has been very transparent and helpful but I want to make sure we get the absolute best mortgage possible. We have received prequalification letters from both. We both have excellent credit (800+), are looking for a house around $300,000, will put down 20%, never had a foreclosure or filed bankruptcy, minimal debt and good income. Does anyone have other recommendations on where I should look? And is it correct that rates will not lock until you go to contract? [link] [comments] |
| Posted: 24 Jan 2021 08:47 AM PST My GF and I, first time home buyers, are planning to sign the preliminary contract on a new semi-detached. While visiting the backyard, we noticed that our neighbor in the back has a shed that is about 2 feet deeper than the rest of the fence, therefore serving as the "fence" in that area. When I asked the agent if it was our land or not, she told us "It's your land, but the neighbor has an acquired right to have his shed there" (paraphrased from french). It's a pretty big shed that serves as a garage. Looking at google streets, it's been there since at least 2007. What does that mean? What can we do about it? Practically speaking, we don't care too much about that encroachment. However, I've been told that it can lead to issues later on when we try to sell the house, and problems with our certificate of location. [link] [comments] |
| Price increase after pending offer? Posted: 24 Jan 2021 08:22 AM PST Condo went up in my town (northern ma) for 400k at 10:30pm last night. One hour later Redfin sent notification that it was contingent, and within minutes the price was raised to 500k. Today it is still contingent, so doesn't seem to be an error. Realtors: what is going on here?? [link] [comments] |
| How are you guys with vacation rentals cash flowing? Posted: 24 Jan 2021 08:03 AM PST Not necessarily COVID times, but say past two or three years, are any of you cash flowing in the thousands? Feel free not to mention location, more so just curious if anyone is doing really well. The reason for the question is usually I always see people here saying $1k cash flow or less, but there has to be some of you out there that are cash flowing $4k+ and I feel like vacation areas will always have those high earnings — Airbnb or otherwise. [link] [comments] |
| Does housing developers prefer to sell fully/semi furnished real estate? Posted: 24 Jan 2021 07:48 AM PST Is it in the developer's interest to offer fully/semi furnished real estates to home purchasers? Do let me know why as well to your answer. I'm studying. [link] [comments] |
| North Laurel development in Maryland Posted: 24 Jan 2021 07:41 AM PST Ryan homes have a new townhome condos (2-over-2 buildings and elevator condos) community called the Paddock Pointe near the Laurel Park. The community is in Howard county but is in the border of Prince George's county and Anne Arundel county. Anyone familiar with this area? Considering buying one of those condos and want to hear from others who are familiar with this area. I went to see the condos there and to be honest, the area as of now looked not so desirable. I see that the area is not so safe either based on the crime rate that I see online. However, I see that changes and new developments are happening in that area and wonder if this is the good time to buy without paying the premium. Here's the website which describes the development plan in that specific community. https://experiencepaddockpointe.com/ There's a new development plan in the nearby area as well. https://www.henricocitizen.com/articles/developer-wins-approval-to-remake-laurel-shopping-center-property/ Would love to hear other's opinions. [link] [comments] |
| Sell and then rent while waiting for prices to go down ??? Posted: 24 Jan 2021 01:42 AM PST To sell home or not ??? To sell home or not to sell? We live in an area that has become a "zoom town", meaning people from the city are flocking here , buying houses up quickly and working remote for their home city . It was like this before but is now growing exponentially the last year due to Covid. Home prices went up 11% last year and are expected to go up again the same this year. Long story short, my husband and I have a chance to sell (we got an appraisal and got an estimate from a very well known realtor) make $200,000 profit after all the fees and everything . Also, people are buying houses in cash right and left and there have been bidding wars and competition at every turn. We likely would have to do nothing at all to change our house and we're told if we sell to get ready to move in 30 days . Here's the caveat: I make $65k and my husband and I started a contractor business last fall. To get a loan with our combined income, the lenders require 2 years of tax returns to show income. We would not get approved for another house right now as prices for a 3/2 are about $500k. We wouldn't want to buy at the height and we don't want to put all the profit towards another house- we'd rather hang on to some and put a partial down payment . So the question - do we sell , pocket the cash and save it, and then rent for two years ? Will the market see a correction ? We aren't expecting it to drop to 2008 prices but are hoping it would come back within some kind of reasonable way. Our biggest fear is that prices would continue to climb as they have been and we wouldn't be in any better situation . Any advice ? Thanks in advance! [link] [comments] |
| Renovation and 403(K) Loan Advice Posted: 24 Jan 2021 06:22 AM PST First home purchase so I have been super anxious about my situation. I'm currently looking for a fixer upper and have seen a couple properties in my area within my pre-approved price range. To my excitement I saw a property yesterday that I'm looking to make an offer on. After talking to my lender about the property, I had the unfortunate conversation that they would not finance that property through a conventional loan. They referenced that I would need a Renovation/Rehab/403(K) loan due to the state of the home. It is a rundown property that has been stripped down to the studs in some rooms and others have all 4 walls covered. The previous owner ran out of funds and is looking to get out at a loss. Looking for advice or information on the pros and cons of these types of loans. Also do I HAVE to get a renovation loan for this house? It will be my primary residence and has a furnished barn that I can live in during construction. I just don't want to lose out on the house because I got bad information from my lender. [link] [comments] |
| Posted: 24 Jan 2021 06:12 AM PST I'll be moving into a new house about 6 hours away from my current one in two weeks. My wife and I have been waiting until we're completely out of here before we put it on the market. Once we leave, we realllly don't want to have to come back. Are there any things you guys recommend we take care of before we hit the road? [link] [comments] |
| Question on Capital Gains and Taxes Posted: 24 Jan 2021 05:43 AM PST Hello! Question, hoping you guys may be able to help. I bought my house in August 2020 under a first time home buyers loan by myself on the mortgage. The loan was fully funded and 0 money down. The purchase of the house was 435,000.00. I recently just got divorced and I making less money than when i was approved for the house. I have the option to sell the house with a potential offer of $470-480K without using any realitors. Is there any way to qualify under the taxpayer relief fund? I will invest the proceeds into a smaller townhome. The mortgage is currently at $429,000. [link] [comments] |
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