Real Estate: Fed Reports That Commercial Real Estate is Kind of Screwed |
- Fed Reports That Commercial Real Estate is Kind of Screwed
- Really wish Redfin would bring back the “All Time” option when looking at sold homes.
- Are people overextending their finances in the current residential market?
- Frustrated with Buyers Agent
- Is everyone moving out of California ?
- Pandemic Buy...Now Buyer's Remorse?
- NNN vs CAM leases
- Questions about Affordable Housing Income Restrictions (NJ)
- Flood insurance costs going up
- Double dipping agent?
- Mixed use lot, residential home.
- How do appraisers deal with markets like this, where prices are outrunning comps so quickly?
- Opinions on waiving inspection
- Would you lock rate?
- Fist time selling a home
- Taking previous owners to court bc of a disclosure issue
- Why are mortgage loan interest rates rising?
- If corporate real estate isn't doing well, why won't it be converted to residential real estate?
- Those of you in development: are you happy?
- Prepping before putting home on the market
- I am considering buying a new construction home. What are some things I should be aware of and do before doing so?
- Next move after no offers
- VA home loan new construction
- Sending an application to the association without addendum added for shorter term lease.
- Are past sales prices made up or accurate?
| Fed Reports That Commercial Real Estate is Kind of Screwed Posted: 22 Feb 2021 06:47 AM PST In news that I don't think anyone will find too surprising: [link] [comments] |
| Really wish Redfin would bring back the “All Time” option when looking at sold homes. Posted: 21 Feb 2021 06:08 PM PST That was really neat and I miss it. Wonder why they removed it... [link] [comments] |
| Are people overextending their finances in the current residential market? Posted: 22 Feb 2021 12:05 AM PST Newish lurker here. I saw a post here recently that touched on this question but it didn't garner much discussion. For context I'm located in SoCal, and I have been browsing Redfin/Zillow on and off the for past 6-8 months. Several people in my social circle are interested or have purchased a home the past year. I have spoken to some of these individuals about the topic and to be frank I can't imagine them affording a house in the range they are looking for / purchased based on what I know of their personal finances and spending habits with out help such as parents or family pitching in. My long time GF and I have talked about getting married in the next year and finding a SFH, but realistically without major help on the down payment from our parents I don't think we would be able to find anything we can afford on our own that's still within a reasonable distance to family and our jobs. We have a combined income of just over 100k, and will probably have 70-100K cash for a down payment by the end of the year, with another ~100k from my brokerage if needed. And this is under the best circumstances, with both of us living with parents not having to pay rent or for food; just saving the majority of our income. I know there are just loads of people with mountains of cash to throw around down here, but I'm sure there are just as many of not more people who perhaps are in a similar situation as myself if not quite as fortunate with family assistance and living situation. How are people in this second group affording houses here when the median price is pushing 700K? I feel like I would have to really overextend for a place in that range, and I don't want us to live house poor while the majority of our income shifts to paying down the mortgage + property taxes. [link] [comments] |
| Posted: 22 Feb 2021 06:40 AM PST So I need a sounding board here, Am I being a bit harsh. Our agent is constantly pushing us towards higher listings in addition to stating our offers were too low (both 50K over asking). The area we are looking in isn't the agents typical area (we are 80-100% more than his typical transactions $ wise) but we are doing this as a favor since the person is a family friend to help their career along. Each time the feedback has been minimal but my concern is our past experiences our buyers agent would call and try to get a number and we'd get the deal done. This person just puts the offer in and deals exclusively via email/text and does minimal follow ups. In addition to the comps the person sent us typically exclude listings where the offers went under or close to asking which is a red flag We have put a 3rd offer in and we are considering moving onto another agent that is more local if this deal falls through. I just don't want to be overspending another 30-50K because our agent can't make a phone call and prod the other agent. Thoughts? [link] [comments] |
| Is everyone moving out of California ? Posted: 21 Feb 2021 10:58 AM PST This is more for discussion. I have a Step Daughter and Son in Law in Stockton. They own a really nice home with a pool, great neighborhood. But, this year of Covid brought a 10% pay cut to her husband that works for the state and it looks like it is permanent. Rather than struggle they decided to sell their home and rent from her brother. He is moving too but for different reasons. They contacted a realtor. It officially went on the market yesterday 2/20 but they told us on 2/19 they already had 20+ viewings schedule starting 2/20 for the weekend. So many in fact they just took the weekend and left town to give the realtors full access without having to worry about their schedule. So, everyone is trying to get out of Cali? Why such demand for a house? Last time I drove up to Sacramento they seemed to be building every where. [link] [comments] |
| Pandemic Buy...Now Buyer's Remorse? Posted: 22 Feb 2021 09:44 AM PST Hello All! I'm a journalist working on a story about homeowners who purchased their home as the pandemic unfolded -- maybe you left a major metro area and hastily bought a home in the suburbs -- and now you feel a sense of regret, or buyer's remorse. I've been speaking to people who fall into this category -- who feel like they rushed into homeownership and now they're having second thoughts -- and if you too fall into said category please reach out. Don't want to disclose who I work for but it's one of the big news networks and I can give you more info upon contact. Thanks! [link] [comments] |
| Posted: 22 Feb 2021 07:16 AM PST In my area, basically all commercial leases are triple net. The NNN portion can make up a significant portion. For example, for $13/sqft base rent, the NNN is an additional $4-8/sqft I've been looking up leases in a different part of the country, and instead of NNN they only mention the additional costs being CAM. The CAM fee's listed are significantly smaller than that of a NNN lease. For the same $13-15/sqft base rent, the CAM fees are closer to $1-3/sqft My best guess is that the reason leases are NNN here is due to higher property tax, hence why the other area is more common for CAM. Is there something I'm missing, or is my assumption correct, and that the overall leases are actually just cheaper when they only charge CAM without the NNN due to lower property taxes? [link] [comments] |
| Questions about Affordable Housing Income Restrictions (NJ) Posted: 22 Feb 2021 08:47 AM PST Hi everyone, I have been following the housing market and due to the lack of options have found affordable housing units as something that could be a good fit for me. In New Jersey, the three income levels are very low, low, and moderate. Typically, the units I find interesting are in the "low" category. Currently I am renting, am not employed, but have enough savings/cash to cover the purchase of a unit and have a comfortable amount left over. I am trying to get an idea for how flexible/rigid income limits are. For instance:
Thank you for your assistance, [link] [comments] |
| Flood insurance costs going up Posted: 22 Feb 2021 08:44 AM PST The government has tried this a few times over the years, IIRC. It seems that the program loses money and has been heavily subsidized by federal funds, but with climate change models pointing to more flooding, not less, it seems like this effort has been revived. I guess I'd just caution anyone buying a house in an area where flood insurance is required to consider that premiums may get more expensive in the next few years, and, if the increases are large it will eventually impact values negatively in those areas. https://www.fema.gov/flood-insurance/work-with-nfip/risk-rating Interestingly, So Cal, which Arizonans have long predicted, or hoped, will eventually fall off into the sea, seems to be low-risk. [link] [comments] |
| Posted: 21 Feb 2021 06:56 PM PST My husband signed a real estate contract with a realtor (spouse of my husband's coworker) in Jan 2021 and we've been house hunting for a home since then on and off with our realtor. My husband had a coworker approach him about selling his house, asked if we wanted to see it and then invited us over. We've been to see it twice and only recently decided we would like to move forward with the purchase. We found out that this realtor, they their spouse, found out about us possibly being interested in this house, approached the seller and asked him about it and he said yes they've come to see the house. Realtor then proceeds to tell him he is selling it to us for too little and that if buyer would let her be his realtor, she would sell it for over $50k more. Realtor convinced him that his asking price was way too low...he was uninterested and wants to represent himself but now wants more for it. He told us everything during our recent second visit with him. I'm upset as I feel this is double dealing be the agent and a bit unethical. We kept it from realtor specifically because we were unsure about the location and he asked us to keep this quiet until we knew for sure if we wanted it or not. Is this breach fo contract by my realtor? Do they deserve a commission cut if we found the house/were offered the home? What can we do? [link] [comments] |
| Mixed use lot, residential home. Posted: 22 Feb 2021 09:19 AM PST I've ran into a good deal for a house. Only problem is it's a mixed use lot. They wont give a residential mortgage on it, and it appears too cheap for a commercial loan. I'd almost fathom getting some kind of personal loan. It's under 100k, I have about 20k to swing at it, up to 35k if required. Need to make up the difference but I've been hitting roadblocks. Wondering if there are any better options. I'm planning to try to keep any payment under 1k. Hoping to pay it off in ten years at the most. Trying to not run straight into the knife here. [link] [comments] |
| How do appraisers deal with markets like this, where prices are outrunning comps so quickly? Posted: 22 Feb 2021 05:26 AM PST |
| Opinions on waiving inspection Posted: 22 Feb 2021 09:06 AM PST What is your opinion on waving inspections? Our market is crazy right now but nowhere near as crazy as some of yours. I simply would be terrified to wave inspections (first home) but how can we possibly compete with people that are waiving them? What are you opinions on waiving inspections and how risky is it? [link] [comments] |
| Posted: 22 Feb 2021 08:44 AM PST Happy Monday Everyone! I have a New construction build estimated for a Late April/Early May completion. Had been preapproved for 2.625, but last weeks jump has me at 2.875 as of today if I do an extended lock. I realize this is still a solid rate. The extended lock fee is $1500. I feel like it's more a peace of mind fee, but I feel like an idiot for not doing this a month ago. This extended lock allows for one time float down if the rate goes down. I'm in a bind because the normal lock in period will be approaching in the next few weeks. Using the data available today, would it would you eat the fee and lock it now to be safe or let it ride? I understand any post in response is not financial advice, I just want to get a sense of what others might do if put in my situation. Thanks! [link] [comments] |
| Posted: 21 Feb 2021 09:46 PM PST Curious to opinions. It's obviously a sellers market. I'm about to put my house up for sell. It's a basic rambler 3/2, my agent wants me to get an inspection which is $415 plus a 3D tour done which is included. Plus photos which is a given. I feel like the 3D tour and the inspection is a bit over kill. I've only had the home less than 1.5 years. Nothing is wrong with it from when the last inspection was done. Am I being weird about this? [link] [comments] |
| Taking previous owners to court bc of a disclosure issue Posted: 22 Feb 2021 08:19 AM PST Hi everyone, Ive been living in my place for about 6 months now and over the past month we've noticed 2 water damage issues related to back tuckpointing coming from the outside of the building. When we moved in we noticed there was a dried wrinkle on the ceiling but it was so small we didn't think anything of it. Anyway with the amount of water coming in its hard for me to believe that the previous owners didnt lie in their disclosure related to whether or not they had water leaks in the past year. My real estate agent informed that i should consultant my attorney and think about making this a legal matter. My question is, how can i even prove that they lied in their disclosure if they covered up previous water damage? Is it smart to attempt to take them to court or should i just swallow the damage? [link] [comments] |
| Why are mortgage loan interest rates rising? Posted: 21 Feb 2021 02:24 PM PST We want to buy a house and last weak, interest rates were 2.875%. Now they are 3.125% Why the dramatic change? [link] [comments] |
| If corporate real estate isn't doing well, why won't it be converted to residential real estate? Posted: 22 Feb 2021 08:17 AM PST |
| Those of you in development: are you happy? Posted: 22 Feb 2021 08:16 AM PST Hi friends, My question is fairly straightforward: for those of you in real estate development, are you happy? What do you like and dislike about the career? Would you do anything different? I ask because I am transitioning from another field that did not make me happy, and I learned too late that it is a field which has an extremely high level of depression and burnout. While I have many career ambitions in life, my one goal is to be happy. Everything I have learned about development sounds like exactly what I want to pursue, but I want to do my due diligence and actually listen to professionals for their honest stories beforehand. Thank you and I look forward to hearing your experiences! [link] [comments] |
| Prepping before putting home on the market Posted: 22 Feb 2021 07:54 AM PST Hey all! So my parents are in the process of selling our family home as my brother and I have both moved out and on in our lives and my parents are also in midsts of a separation as well. I did have my real estate license but am not with a firm in the same county nor would I have easy access to be the listing agent if I were to be. Because of this I am doing what I can to get both of my parents as prepared as they can be for meeting with listing agents. I know things are moving quickly so I want to make sure they get the most for the house that they can, go at the pace they feel comfortable with, and have some space to have closure from the home before they sell. With all of that said please provide me any insight on some of the things I am recommending they do before approaching a listing agent group. My mom knows where she will land but my dad is a bit less firm on where he needs to be which I know is a separate part of this but something to keep in mind. - Review the home and confirm any and all projects that you plan to complete or have someone else complete before you put the home on the market. - Create your ideal timeline for this process from listing the home, moving out, moving into a new space and handing over keys. - Review some recent local sales and get a firm number in your head of what you think the home should be able to sell for. (use this number to compare listing agents honesty and input when discussing listing the home) - Review with some friends or trusted associates in the area regarding any listing agents they have used and how they have felt about the process. Use that to start the list of groups you will start to reach out too. - Go through the home and get a date of most recent replacement for all appliances/figure out what you want to bring with you to your next home if any fixtures at all. Please let me know thoughts and/or if there is anything important I am missing! Edit: In Wisconsin btw and the home is in a small suburban area between Milwaukee, Madison, and Chicago. [link] [comments] |
| Posted: 21 Feb 2021 02:32 PM PST I am currently on a waitlist of about 40-60 people. This new community only releases 8 homes at a time. They just sold their first phase, now I'm on the waitlist for the next phase. I was told if I get qualified through Richmond American(the homebuilder), the builder will give me 3% of the base price to cover closing costs. They said to not fill out the qualifications yet til they call me. What other things should I take into consideration when buying new construction? [link] [comments] |
| Posted: 22 Feb 2021 06:36 AM PST I posted here earlier this week. My house was listed 1 week ago, and we ended up having an open house this weekend.. there were several people who came and a few that seemed very interested (per my realtor two that stayed over an hour) Yet here we are with no offers. A house similar to my house but slightly smaller and less updated sold for 472k in Dec and we're listing at 499k. I trusted my realtor on this one. Maybe the list price is too high? Not alot else has sold in my area recently. Fwiw im in northern massachusetts, 3 bed 1.5 baths 1700sq ft house w garage on over an acre. About 9 minutes drive to 93 (major highway) and 35 mins to Boston. The zestimate says 527k and the redfin says 499k (I know those are to be taken w a grain of salt but I think buyers do look at those) We are in a bit of a rush to sell because we have to close by April 16 or will lose our deposits on our new construction home being built. I'm just wondering what's the next best move from here?
-lower the price and have another open house this weekend? None of the above?? [link] [comments] |
| Posted: 21 Feb 2021 09:38 PM PST I'm planning on buying a new construction since existing houses are going like hot cakes. I feel with a VA home loan (main benefit being 0% down) a lot of sellers get spooked by it. Was curious if anyone had experience with buying a New Construction through a builder that's listed by their agent with a VA home loan? I'm not looking to purchase land and have a home built. Market I'm looking at is in Northern New England. [link] [comments] |
| Sending an application to the association without addendum added for shorter term lease. Posted: 22 Feb 2021 05:59 AM PST I've been looking at spots to live in, South Florida, for a 6-month lease. Found one spot, the 1-year lease agreement has an addendum to add - no penalty for breaking the lease after 6 months with written notice. Was sent the application thereafter to apply for review by the condo association. They state no leases are to be less than 1 year. The realtors asked me to send a copy of the lease without the addendum attached, as part of the condo association application accordingly. What gives in this situation? Am I protected? Can I back out due to not being made aware of this earlier? Or am I fine to go ahead with this. Thank you. [link] [comments] |
| Are past sales prices made up or accurate? Posted: 22 Feb 2021 05:54 AM PST A house across the road the road from where I lived several years ago (Vic, Aus)... real estate sites say that in 2015, it sold for 300,000 (i'd post links or pictures if i am allowed). I predict in 2015 the value of the house would have been atleast 600,000. The same people have lived in the house and still live there for at least 35 years. How is it possible that it sold at such a low price or sold at all, if the same people have lived there for 35+ years? I have seen other people I know with a sale price on their houses that never sold on that date. I also see many recent sale prices that make me wonder if they are accurate because I follow sales in my town and I have never seen low sales. [link] [comments] |
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