Real Estate: Article designating Las Vegas the most overpriced metro market in the US |
- Article designating Las Vegas the most overpriced metro market in the US
- Best friend is hurt for not hiring her husband as realtor
- Seriously consider a sewer line and HVAC inspection when buying.
- It won't fix the housing shortage overnight, but this is happening.
- Would living across the street from a wedding venue be a dealbreaker for you?
- For The Love of All That is Holy, Please Sell Your House!!
- New home owner essentials [QUESTION][DISCUSSION]
- What should I look for during construction of a new home?
- Can you sell a house with a roof that is at the end of its life?
- New Homeowner: Construction Delay
- First time home buyer - should we wait?
- Eviction in Florida
- Working at Keller Williams
- How to time a home purchase to maximize personal life/investment
- Purchasing a house without contingencies VA
- Resources
- Selling a townhome in central NJ
- Obligated to Disclose Previous Inspections?
- Switching careers to RE, what’s a going rate for part time work?
- question on financing new build
- Can you use a stock portfolio as a downpayment for a house?
- contemplating new build -- risk of purchasing at peak of bubble? Where can I find historical price data going back to 2000?
- Just passed my state and national and I gotta say...
- Getting discouraged looking for a house, and it’s all because of our financing condition.
| Article designating Las Vegas the most overpriced metro market in the US Posted: 05 Feb 2021 07:21 AM PST I just read this article on Market Watch from this morning and it surprised me, mostly because I don't see a lot of talk of LV on here. I don't want to break the sub rules by posting the link here, but just interested if anyone has any insight? Edited to add: I definitely take the Market Watch position with a grain of salt, but obviously its data had to come from somewhere. Clickbait or not, including Las Vegas in the group of majorly overpriced markets is just not one I had heard of before. [link] [comments] |
| Best friend is hurt for not hiring her husband as realtor Posted: 05 Feb 2021 09:05 AM PST I received a very hurt text from a friend of mine last night. She was really hurt that I casually brought up that I was now looking to purchase and that I was already working with a different real estate agent and not her husband. Ultimately, we chose a different real estate agent that's been calling, following up, emailing, helping our Spanish speaking family with housing issues, and he even sat down with us to explain the process. This realtor has been following up since 2016 with me. Even though I love my friend, her husband has been trying to have his realtor career take off at part time person for a couple years now and it still hasn't quite taken off. She used an example of a different friend that used her husband because that friend cares for her and her family. In her text to me she said she doesn't want an explanation from me and she'll forgive and forget. I'm not quite sure how to respond to this. This response is also exactly the reason I wouldn't feel comfortable. All of a sudden if feels much more personal than professional. This will be or first home. I know that real estate agents can feel hurt when you use their services and leave them for someone else but we never did. I think it was just the assumption that of course we would go with them. Any thoughts on a gentle response? I'm worried I may have ruined the friendship forever. [link] [comments] |
| Seriously consider a sewer line and HVAC inspection when buying. Posted: 04 Feb 2021 12:00 PM PST I know that buying a house is expensive, but a couple extra inspections can save you in the long run. Call an HVAC company for an $80 furnace and AC inspection. Looked for a cracked heat exchanger, low refrigerant, replaced capacitor in the AC, etc. All of this can tell you if you are looking at big $$$ in the next 2 years or 5+. Same with a sewer scope. This might not be necessary if the house is less the 15 years old... but anything older should be considered. Walk the neighborhood, do you see a lot of replaced sidewalk squares? It could be a sign that the sewer line was replaced. This is a $250-$300 expense that saves thousands. I just paid for a rag to get cleaned of a sewer line a couple feet away from the house. This was pre sale and Seller wouldn't do it (it's never clogged before...) I was not about to buy without seeing the entire sewer line on a 60 year old house. Everything worked out, but the plumber said it would have been $10k to replace the line. [link] [comments] |
| It won't fix the housing shortage overnight, but this is happening. Posted: 05 Feb 2021 07:44 AM PST This is just one example, I know of 2 projects in my market that are taking a similar tact of redeveloping distressed commercial properties as residential. One is a huge mall in a fairly-desirable area (see bottom link). https://www.cnbc.com/2021/02/04/want-to-own-an-apartment-building-buy-a-distressed-hotel-cheap.html This will help ease housing crunches in some areas. If someone is looking to be a buyer right now look around to see where this is happening in your market. Nearby areas are probably a solid bet for future appreciation (although that's always a gamble and depends on many location-specific factors). It's hard to say what it will do for values as new construction often depresses nearby prices, but prices usually rebound once construction is complete. Here's one project in my area: https://www.abc15.com/news/region-northeast-valley/paradise-valley/here-is-what-the-redevelopment-of-paradise-valley-mall-could-look-like The mall is pretty interesting to me, because, typically malls don't get knocked down until the surrounding area has been in a state of decline for quite some time. The area around this mall is still pretty nice, lots of less than 40 year old residential, busy/full schools, and newer commercial. So it's younger than most properties that get rezoned. I would guess Amazon, Covid, and work from home accelerated this cycle. [link] [comments] |
| Would living across the street from a wedding venue be a dealbreaker for you? Posted: 05 Feb 2021 03:53 AM PST We're thinking of buying a very nice property a little bit out in the country, but it happens to be directly across the street from a wedding venue - think of a big-barn, farmhouse-type wedding venue. They also sometimes have bluegrass concerts at the venue... Would this be a dealbreaker for for you? Their property sits about 200 yards from the one we are looking at. Other tidbits of information - the house is at the top of our budget, but pretty much everything about it is great. We have several small children so we wouldn't want to potentially be up until midnight every weekend of the summer... I'm wondering if the potential noise from the wedding venue should have us look elsewhere? [link] [comments] |
| For The Love of All That is Holy, Please Sell Your House!! Posted: 04 Feb 2021 07:55 PM PST Since January 1st, we (King and Snohomish counties in Washington, greater Seattle area) have entered the most insane seller's market I've ever seen. So, so bad. I have 10-15 active buyers that I'm writing up offers for weekly and we are getting nothing. Every house has dozens of offers and gets bid way up with EVERY contingency waived. When it inevitably comes in with a low appraisal, it doesn't even matter because they waived appraisal. It's insane. We need more inventory. I have heard it's like this everywhere - so people if you're thinking of selling, NOW IS THE TIME!!!! If you need free rent back, that is completely doable in this market. Sell your starter home and use the 2.5% rates to get your forever home. We need more $400-600k homes on the market! Please, please, please! Updated to add: There have been some very valid comments about how it makes no sense to sell if you're buying in the same market. That is true. I'm mostly talking to people who own vacant homes, have rentals they need to offload, are moving to a lower cost of living area, can downsize (sometimes they can sell and then buy the smaller house for cash), are upgrading enough that they are in a category of houses with less competition, etc. I've seen a lot of people in my local community be a bit unaware about the market conditions and then say they had been considering selling for a year or whatever, but obviously this forum is not the audience who will be unaware of the real estate market. My bad. And also to people saying realtors are the vampires that suck the life blood of society, I get it. I try not to be a major douchebag agent, but I know some people hate real estate agents as much as I hate it when people try to sell me essential oil infused mary kay sex toys in their mlm. Know that I'm coming from a place of genuinely caring about my clients and hating it when they're disappointed time and time again. Or think I'm a vampire because I'm a stranger on the internet, that works too. Either way, I agree that reform is needed in this space. [link] [comments] |
| New home owner essentials [QUESTION][DISCUSSION] Posted: 05 Feb 2021 07:57 AM PST Hi all, As a soon to be first time home owner, what essentials should I plan to budget for to purchase immediately and in the long run and what budget should I set aside for these things and repairs as a good starting point besides furniture, solar and moving expenses? Here is my list so far:
[link] [comments] |
| What should I look for during construction of a new home? Posted: 05 Feb 2021 09:17 AM PST Just put down a construction deposit for a new home! They'll be getting started in about 3 weeks and I'm planning to visit the worksite a few times a week to check on progress. The patch o' dirt looks real nice so far. I have some DIY experience and finished a basement, but I am far far from an expert and I'm wondering what things I should keep an eye out for. Some things I've come up with on my own and viewing previous posts:
Side note: I've seen a lot of places that building rapport with the construction team is a good idea so I plan on buying them lunch and/or supplying beer on Friday (if the PM is cool with it). What else can I do or what have I overlooked? [link] [comments] |
| Can you sell a house with a roof that is at the end of its life? Posted: 05 Feb 2021 04:00 AM PST This is in Florida We are wanting to move in a year or so and we had someone take a look at our roof for a leak in the attic; it wasn't dripping all the way in, it was just getting the plywood wet. So the roof inspector goes up and takes a look, after his inspection he tells us that we need a whole new roof. He then started explaining that we won't be allowed to sell the house if the roof isn't replaced. This sounds wild to me because I've never heard of it and when I was shopping around for houses a few years back, plenty of them had shit roofs and were very much on the market. Is there truth to any of this? Dropping 7k on a roof is basically going to fuck our plans to move and it seems like a load of bullshit to say we straight up can't sell the house. [link] [comments] |
| New Homeowner: Construction Delay Posted: 05 Feb 2021 07:39 AM PST Hello everyone I have never posted here but feel that this is a potential question that other people have right now. My home construction is being delayed due to supply shortage. Our closing date has been pushed back 2 weeks already so we are getting worried it will get pushed back further. We are thinking about trying to buy a home for sale. The only problem is we are worried we wouldn't find something else. We live in Austin Tx which is an extremely aggressive market right now. Is it legal to make offers on other homes without backing out completely of a contract in case we did not find something? [link] [comments] |
| First time home buyer - should we wait? Posted: 05 Feb 2021 12:13 AM PST First time home buyers. Excellent income, enough cash savings to put a down payment of 10%, our target home price is $600,000. Credit 735 or so. We received a interest rate of 2.78%. We're supposed to tour our first five houses this weekend. I have been hearing that we're going to have to offer at least 10% over the market rate and waive appraisal contingency. In other words, it may not be the best time for a buy, BUT:
I don't want to make a catastrophic financial mistake. We plan to own the home for five years, at least. Then, buy our forever home. If we make a little on the house when we sell, great. I don't want to LOSE money. I could use ALL the advice please! [link] [comments] |
| Posted: 05 Feb 2021 10:11 AM PST Does anyone know if the current moratoriums on evictions prevent booting a renter who has gotten to the end of their lease term but refuses to leave? Question: To manage the lack of evictions issue are landlords: - requiring all rent to be paid upfront? - not renting to anyone that has the least bit of risk? - simply keeping their property off the market? I suspect this is happening. [link] [comments] |
| Posted: 05 Feb 2021 10:09 AM PST I recently filled out an application for KW virtual tech support. I just did my 3rd interview and I have been invited back for a 4th group interview. Does anyone else work here? Why is this process so long? It's just an entry-level position, getting it would really help me out in life because I am in a bad spot but I am wondering what comes next. Has anyone gone through this process? How was it for you? [link] [comments] |
| How to time a home purchase to maximize personal life/investment Posted: 05 Feb 2021 09:44 AM PST I know you can't time the market but... My partner and I both have big careers in New York City, but plan to settle down in Austin eventually. Before anybody from Austin chimes in telling us to stay out, I was born and raised there! The pandemic has driven most of our friends out of the city and we don't plan to recover the lifestyle we had there for quite a while. But, we want to be close to my wife's family a few more years, and our jobs are tied geographically to the east coast (although we probably won't be required to be back in the city daily). I've been watching the market in Austin and property values there are just skyrocketing. I truly don't believe it's a bubble there there are so many companies building massive offices, and wealthy tech workers and relocators coming from California and New York. What is this sub's opinion on buying a house now, with the plans to rent and move in when we are ready? We have local family who could take care of property management. Even if the property didn't cash flow, we could count on appreciation of property value, as well as taking advantage of the current low interest rates. And I go to sleep with the story of a friend who bought a house for 200K in 2016 that he just sold for 450K... I know buying in Austin is a nightmare, but I've watched proeprty values go up over the past 10 years and have kicked myself for not buying earlier a million times... I wonder if it's worth it to try to "time the market" in this way, or if there are aspects of this type of strategy I'm not considering. Thanks to this sub full of great, insightful humans! [link] [comments] |
| Purchasing a house without contingencies VA Posted: 05 Feb 2021 09:41 AM PST I have been looking to purchase a house for the past few weeks now. I have put 4 offers in. The first offer was at asking price, waiving the home inspection contingency. The next 3 offers were 5-25k above asking price and I am still getting out bid and people are waiving appraisal contingency. My question is, is it worth it to waive the appraisal contingency and continue to bid above asking price, or will waiving it come back to bite me in the butt down the line? My relator also suggested waiving the appraisal contingency and if it appraises lower have our lender deny the loan. Is that something worth risking? [link] [comments] |
| Posted: 05 Feb 2021 09:12 AM PST Hey guys, can anyone help me find some resources for buying a condo in NYC? I'm Australian and I just want to know the implications of a foreign National buying in NYC. Thanks! [link] [comments] |
| Selling a townhome in central NJ Posted: 05 Feb 2021 09:06 AM PST I am currently in the process of selling my end unit 2bd/2.5 bathroom townhome in central NJ, close to Princeton at $299,999. I have an agent (I haven't signed with her) who is interested in bringing clients with the promise of only taking 2%. My neighbor is pressuring me to sell the house to him for $285000. He is using high pressure tactics and threatening me saying if I agree for someone who can pay me 299k then they will ask for credits based on inspection and the appraisal gap, since the zestimate is around 282k only. He is saying that if someone else offers more I will only take that and somehow makes me look like a horrible person. I honestly don't care because at the end money is money. I don't have a seller agent and want to see from you all how the market is in Central NJ. I am not too keen on selling to my neighbor because of how his attitude is, but I also want him to see the house and give a chance to put in a formal offer. But, I don't get good vibes from him and want to look at other offers as well. House goes on the market on Sunday. Can anyone offer some advice? How is the market in this area? Also, are the buyers asking for credits post inspection? I don't foresee any issues with inspection as everything is in working condition or has been replaced in the last 3 years. How is the appraisal gap being dealt with in Central NJ now? Thanks in advance! [link] [comments] |
| Obligated to Disclose Previous Inspections? Posted: 05 Feb 2021 08:41 AM PST Hi, this is something I'm not sure of. Our current buyers called out a structural engineer to our home, it's an old house so of course I expect there to be some settling. My concern is that if we need to walk away from the deal, are we required as sellers to disclose all issues they might find? My agent said that we have to reveal all inspections to any other potential buyers, but this sounds incorrect to me? I was under the impression that we could refuse to see their report? Thank you [link] [comments] |
| Switching careers to RE, what’s a going rate for part time work? Posted: 05 Feb 2021 08:19 AM PST As the title says, I'm looking to make a career move into the Real Estate world. Currently in a non-RE sales role at the moment and have an opportunity with a small, midwest real estate investment firm that acquires class B and C multi-family units and in short, flips them. There's a position open for part-time work, to essentially learn the business of asset management, property management, et al. I'm having trouble coming up with a fair number as far as what my hourly rate should be. I've been in sales for 8-9 years so I'm used to getting commission and a small salary. Any help would be great! Thanks in advance. [link] [comments] |
| question on financing new build Posted: 05 Feb 2021 08:18 AM PST Wife and I have been talking with a builder the past few weeks regarding a lot they have near our house. We're very interested and are thinking we may want to enter into contract with them. Builder is saying house will be completed 8-9 months after contract is signed. Builder requires 10% down. Builder is proposing these terms: $5,000 at contract signing. Balance of 5% within 30 days. Remaining 5% when foundation is poured. The house will fall into the $650,000 - $700,000 range. Wife and I are preaprooved for a jumbo loan. 10% down, no PMI at 3%. A few questions: 1.). how does a deal like this work regarding the mortgage? At what point do we actually apply for mortgage loan? 2.). Does the 10% paid to builder meet the 10% down requirement of the jumbo loan? 3.). If we don't apply and process loan until we actually close on house (i.e. ~8 months after putting 10% down with builder) is it possible to guarantee our loan? I don't like the thought of putting 10% down without a guaranteed loan at the end of build. [link] [comments] |
| Can you use a stock portfolio as a downpayment for a house? Posted: 05 Feb 2021 08:05 AM PST This real estate investor mentions what he did here: https://twitter.com/nikitabier/status/1357549098694397952?s=20 (I'll include full text of thread below)
Thread:
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| Posted: 05 Feb 2021 07:53 AM PST currently considering building a home. Price is within our budget. But I'm wary of buying anything in the current market because it just seems so overheated. We're in our mid 30s. So we were just getting out of college when last bubble burst. We have no personal experience to form a frame of reference. We're in the suburbs of St. Louis MO. I always heard that leading up to the last crash, the market never heated up here as much as other major metros, and so the crash wasn't as bad. But I can't find house pricing data going back that far to confirm either way. As an exercise, I'm curious to see had we bought at the last peak in our zipcode, how long it would have been until we were "in the black" again? The risk of mid-term value loss doesn't worry me so much because we would likely be in this house for 5+ years. but a major event that cuts our house value in half or something does frighten me. Is there somewhere I can find long term pricing data for a given zipcode or region? Zillow/Redfin pricing data doesn't appear to go back that far? For reference, we're looking in $600 - $700k range. [link] [comments] |
| Just passed my state and national and I gotta say... Posted: 05 Feb 2021 07:32 AM PST Fuck PSI and your bullshit questions, the most incoherently worded test I've ever taken. You suck, that's all. [link] [comments] |
| Getting discouraged looking for a house, and it’s all because of our financing condition. Posted: 05 Feb 2021 05:35 AM PST My partner and I have now lost out on 5 houses because of our financing condition, 7 houses total. The first two we lost because we bid only about 80k over asking, and they sold for about 130k over. The next 5 houses we put offers in on, we had either competitive offers, or the highest offer, and our offer wasn't chosen due to the fact that we have a financing condition in our offer. Our mortgage broker will not remove the financing condition for us. Is this common for all brokers? How are some people putting in offers without a financing condition? Should we look around for a new broker? [link] [comments] |
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