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    Tuesday, February 23, 2021

    Home Unlabelled Real Estate: How do people afford the million dollar houses/apts. in NYC?

    Real Estate: How do people afford the million dollar houses/apts. in NYC?

    February 23, 2021

    Real Estate: How do people afford the million dollar houses/apts. in NYC?

    How do people afford the million dollar houses/apts. in NYC?

    Posted: 23 Feb 2021 04:42 AM PST

    I live in NYC and as a past time I enjoy looking at NYC real estate, particularly on street easy. There are thousands of apartments and single family homes well over 3 million dollars. To afford a home in this range or above, you need to be making hundreds of thousands of dollars a year, around 650k if you're conservative with your money, less if you're willing to spend more of your gross income on housing. According to salary.com (not sure if this is a reliable site, sorry), a dentist makes an average of 203k a year in NYC. If you and your significant other are both dentists, that wouldn't be enough money to afford a 3 million dollar apt/house. Living in NYC, I can assure you that not everybody here is a cardiothoracic surgeon married to the CEO of a trillion dollar business. I understand that some people have a lot of stocks, and others have many streams of income, but I'm having trouble understanding how people make enough money a year to afford to live like this. There are thousands of homes in this range, so there is definitely a demand for them. Sorry if this is a 'dumb' question, I am not a home owner, and live with my parent so I don't know what its like to actually buy a home. Thanks for reading this far, let me know if my numbers are incorrect lol

    submitted by /u/Sofies111
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    Is changing street number possible?

    Posted: 22 Feb 2021 05:39 PM PST

    We recently found our dream house in California but the place has a few number '4's in its street number. Coming from a Chinese family, our parents, who are supporting us financially for the house purchase, are strongly against buying the house (as '4' means death in Chinese just like something like '666' in the west). Is it possible to change our street number if we do buy the house? If yes, how should we go about changing it? Is there any potential risk to changing the street number? Thanks in advance.

    submitted by /u/lifeisprecious2018
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    Am I a horrible person for this?

    Posted: 22 Feb 2021 09:04 PM PST

    Gonna try to keep it short as I can but bear with me. I'm losing sleep and feeling all sorts of ways about this.

    So I've been looking for a house for 10 months now. (First time home buyer). My old boss from a retail store that I worked at for like 4 years is also a part time realtor. We were pretty close she was kinda like a mom to me. She told me she would love to help me find a house when she heard I was looking. I was super excited to use someone I know at first. Out of the whole 10 month span she has only shown me 8 houses, 1 offer on a house (she talked me out of every single house bc of issues so that's why only 1 offer). She wasn't the best agent at times and I got frustrated a lot because she wouldn't reply to my texts for days sometimes or couldn't show houses until the weekend or after she was off work the next day etc bc she had another job. I missed out on seeing a lot of houses bc of this.

    I was feeling super defeated not finding a house. I was super motivated and looking for houses every day on realtor.com app. She was super nice to me when we did talk, and since I knew her personally I felt bad and kept using her. I did bring up the issues I had with her not being very prompt showing me houses and responding. She got better after that but still didn't do much.

    Anyway, I got a huge lucky break with one of my patients at work. I'm a dental hygienist. A patient I see every 3 months wants to sell me his house but he's doing it FSBO. The contract I made with the agent has expired bc it's been so long. The house is perfect and has everything I wanted and with this crazy market not dealing with other people and bidding wars is a blessing. He's going under asking by 10k for me to buy it, he wants it to go to someone he knows/doesn't want to deal with listing it and showings etc. he has put a lot of work into the house so having a buyer he knows means a lot to him.

    Once I brought the situation up to my agent, she of course was upset. She got pretty hostile towards me. I came to her super excited that I found a house after all this time and that it just happened by chance but it's an opportunity I need to take otherwise who knows how long I'll be waiting. Every moment up till now she expressed how my time will come, that the perfect house will show up and she can't wait Till I find a house yada yada. But after I told her this house is so perfect and it's the one, Not once did she say congrats or anything. I get it, she wants money, but I told her since she put time into helping me see houses I am going to personally compensate her as a thank you.

    She has been texting me snarky, saying I signed a contract with her and she is going to contact her brokers office. I explained that the contract has actually expired but reminded her that I am going to pay her for helping me still. No response from her. Then a week later she texts me telling me that she wants to know how much I'm paying an attorney, and that if I use her for doing the transaction, she will only charge 2% if he is FSBO and seller has to pay transaction fees and the 2%. My bosses wife is an attorney so we aren't paying one, saving money there, and my sister works at a title company so I am getting a good discount using her company too (connections are amazing). The seller also is already paying all the title company fees and transaction fees for both me and him. Am I being rude to tell her that we basically have it handled?? She keeps pushing me to use her and trying to sneak a way back in. What would she even do if she did the transaction. We have our title company picked out, we have an attorney for free, he's paying my fees for the paperwork, wouldn't using her just make it all messy and confusing? Then the seller would have to pay her $3,600 (the 2%) for not really doing anything? She didn't find the house, I did. Am I wrong for thinking shes not needed anymore? I told her I will be paying her multiple times now and every time she ignores me or is rude. She still has not even expressed that she is happy I found a house finally, I've known her since 2014 and I thought she would at least be happy for me, not make it ONLY about the money. The whole time during when she showed me houses she kept saying she doesn't care about the money she just wants to find me a great house. Now I'm finding out the truth and that all was a lie.

    I feel horrible but at the same time she is making me mad bc I thought as a friend she would be happy for me, not react so hostile. Its not like I'm just leaving her high and dry. I have to do what's best for me and this is a big deal as it's my first house and I think I got super lucky with this house. Thoughts?? Sorry it was so long, I tried . Lol.

    submitted by /u/flossboss00
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    First Time Homebuyer in a hot market? (Denver)

    Posted: 23 Feb 2021 08:11 AM PST

    Hey All, looking for some guidance here. My wife and I have been saving to buy a home for a year or two, but have been looking for some time. We decided before Covid hit last year that 2021 was the year we were going all in. I understand the market here is crazy, but was not prepared for this level. I am flexible though and willing to bend as much as I can. We are looking for a single family home ~400k. We are looking in Denver metro (likely Aurora as it fits our budget best.) We are a few weeks in the process and have put in offers on 3/5 homes we have seen. The first offer was 15k over with 15k appraisal gap. The second was 27k over with 15k appraisal gap. The latest was 43k over with 15k appraisal gap. All of these offers are with 3% down. From the start our realtor explained that we need to be aggressive because of the market and I promised that I would with the assets I have. Currently on the latest offer, we maxed out our lender approval and are using all of our cash assets. I cannot grow more money as much as I would like to. Each month I am contributing to our savings with what I can and we will increase offers accordingly. From the start I asked my realtor (who I do truly like and believe they are good at what they do as they were recommended by several people) if we were competitive with these offers. They have said that we should be in the mix, but obviously the more we contribute to the appraisal gap contingency with help us greatly. I also am under the impression that while houses are going way over listing, the appraisals are coming back way over listing as well. I am not going to offer appraisal gap coverage for an amount I cannot cover, but I get the feeling people are just waiving appraisal contingencies without the funds to do so and banking on the appraisal to come back high enough that they won't need to cover anything. I could be wrong on that though.

    Yesterday my realtor told me that we may want to consider being more open to something like a townhome. From the start I explained this is my bottom line I am coming in at and I am giving as much flexibility as I can. We have already come down on so much as far as size and space and area, but a townhome to me is just not worth it with the fees and I don't trust paying so much over appraisal for a townhome that I would plan to move out of as soon as possible anyway. I am already renting a townhome currently, the yard is the selling point for me in a house.

    I am ok knowing that I will miss out on 90% of my offers. It's tough because I am in a lease and month to month is possible, but makes it ridiculously expensive for rent. I am wanting to do what makes the most sense financially of course, but gives us the flexibility to jump into a home should the offer actually get accepted. All I really want to know is, am I in over my head here or is there a chance we could find a house?

    TLDR: Buying a home in Denver metro ~400k conventional loan with 3% down and $15,000 appraisal gap coverage. Is this possible or am I wasting my time?

    submitted by /u/BlitZxSiN
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    Sadistic appraisers

    Posted: 23 Feb 2021 02:53 AM PST

    Ever wait three weeks for an appraisal, then a week and a half for basic revisions - for which you had to pester the appraiser as they repeatedly ignore the request- only to find the appraiser submitted the revisions without a digital signature so that your underwriter can't finalize the file? There goes the hopes of closing on Friday and there goes the seller's simultaneous closing on their new home. This one jerk screwed 4 closings either on purpose or purely by being incompetent.

    Worst $570 my client has ever spent. I guarantee the revisions were submitted without a digital signature on purpose. A purely sadistic move by a self-important appraiser controlling the one thing in their life they can control. Hey, at least COVID proved we don't really need them, a computer is already doing 3/4 of their job with desktop appraisals. Too bad they are sheltered from incompetence preventing future business, the rest of us have to perform at a minimum competence or face never being hired again.

    So frustrating. Thank god for appraisal waivers or loans would never close on time. Worst players in the industry by far, disgusting.

    submitted by /u/LittleHottie8675309
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    [TX Winter Freeze] Found water leak due to freeze the day before closing. Seller says HOA can fix the outside fire sprinkler system that's causing this, but are they trying to get away with not fixing the inside?

    Posted: 23 Feb 2021 10:19 AM PST

    14 second video of the leak:

    If you can't access imgur for some reason:

    I am standing in the garage looking outward to backyard.

    Notice the water ripple -it's bubbling out from the below the weather strip. Door frame is dry.

    From realtor:

    "They had a plumber go out and take a look at the property late yesterday. He determined that it was coming from the fire sprinkler panel on the side of the unit. They turned off that water source and the seller said that no more water is coming into the garage since they shut off the water sprinkler and the garage floor is starting to dry already.

    This is a HOA responsibility to fix, and as you can see below, they are working to have it repaired by Wednesday."

    If it's a fire sprinkler thing, and HOA fixes it on the outside, doesn't the seller still have to hire a plumber to look at the INSIDE of unit where it's leaking?

    Not feeling good about realtor saying the exterior fix is enough.

    submitted by /u/swingthatwang
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    Dallas, TX - is it still a good idea to move there?

    Posted: 23 Feb 2021 09:45 AM PST

    Hi everyone,

    First home buyer here and my husband and I are hoping to move to North Dallas by May this year (looking at Plano/Carrollton/Frisco/Irving area). We are visiting Dallas in just a few weeks to look at houses with our realtor and to get a feel for the area (We currently live in the Midwest).
    We were really excited about living in Texas until last week when the winter storm hit Texas and many have been going through really traumatic losses over there!

    Even though we are hopeful that things will be okay, we are now wondering is it still a good idea to try to buy a home there? We assume homeowners insurance prices will inevitably go up, and we are not sure if some of the houses that are available in the market (or come up in few weeks) have gone through some damages that we might have to deal with if we purchase a home there. Also with pretty intense weather patterns like that (we know Tornado is a thing although not frequent, and now we know winter storm can hit hard and the state is not yet equipped to handle such winter weathers), are we signing up to potentially live with a pretty scary situation where we could lose a home?

    ​

    We feel some pressure to buy a home now since almost everywhere people are saying this is THE time to buy a home due to low-interest rates. (although the competition is pretty intense!)

    We fell in love with the idea of living in Dallas area for multiple reasons, but after considering all of these factors...should we look elsewhere?

    Any thoughts/inputs on this would be helpful!

    submitted by /u/alittlebitaboutalot
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    Question regarding informing client of bids

    Posted: 23 Feb 2021 09:12 AM PST

    Hi! I took the test but I just failed the law part. All state's laws are a bit different but i feel like this question is more universal or general. The question asked, generally, if you receive multiple bids for your principal's home ... do you simply report the bids chronologically, or can you cherry pick and report the highest and best bid?? I can't seem to find the answer in my study packet

    submitted by /u/FweeFwee_
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    How are appraisals looking in Orange County, CA?

    Posted: 22 Feb 2021 09:43 PM PST

    Since this information is not publicly available, I was curious what the majority of buyers are seeing in the last 3 months in terms of appraisals vs the closing price they are paying. Seems EVERYTHING is going well over asking and I am wondering if that many people are filling the gap with cash, are the gaps pretty low since most offers without waving the appraisal contingency are just being thrown out, or is it very varied and some people just have the money for it, and others are just losing their EMD. I would be suprised by this, because our realtor is having us put quite a bit of EMD in our offers (50k), and i cant imagine anyone losing that much without problems.

    Or are most buyers just timing the appraisal with the inspection window and rescinding their offers if the gap is too high, with the inspection contingency?

    Thanks!

    submitted by /u/56killa
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    Selling - partner wants to guard the house until sale time CA

    Posted: 22 Feb 2021 08:32 PM PST

    I'm really hoping for some ideas here. We live in HCOL in CA. Unfortunately we live in a somewhat iffy neighborhood where crime has gone up big time in the past year. We're planning on moving out and into our new home next month & have work done on our old place to get it ready for sale.

    My partner is extremely worried that people are going to break into the house and strip it of copper/steal appliances etc. His fear is warranted because one of our neighbors has questionable friends who are known thieves in the area. Partner's plan is to camp out at the house on an air mattress every night with a shotgun in case someone comes thieving. Any other ideas? Are there security firms that would do this i.e. send a guard there overnight everyday for about 6 weeks? I'm really struggling because while I agree with him that shit might happen, figuring out logistics with our kiddos + me solo during the nights in the new house is making me question this. Thank you for any advice.

    submitted by /u/ynnov
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    Central Florida Real Estate : Is this a local bubble?

    Posted: 23 Feb 2021 07:37 AM PST

    Hi all,

    Realizing that home prices are skyrocketing in Central Florida, we've now moved in with my in laws. 2 adults and 2 kids in a single bed room while we look for a new place. We've done this for the past 6 weeks. We're able to put away about $4k per month into savings due to a combination of factors that may not be sustainable (COVID relief forbearance on student loans, most of our living expenses covered by living with my in-laws, side hustles have been paying well, etc). We have no debt outside of student loans and excellent credit scores (800s). We're sitting on about $30k in cash at this very moment. Stable household income history at $100k per year (my wife stays home with the kids at the moment, but she is a nurse and could easily find a job for around $60-70k locally). We're aggressive, we view houses the same day that they come on and put offers in on those houses same day. We go well above asking. We have yet to win on a property. Properties have had accepted offers, sometimes in the middle of us physically viewing a property. Every house we've put an offer in on we've lost to a cash offer.

    We started house hunting about 6 weeks ago when a 3BR / 2BA, 1500 sq feet was going for about $250k-260k. We put offers in on a few places and we didn't get accepted on any of them. Fast forward 2-3 weeks, the same size houses seem to be going for $270k-280k. Now, the same size houses are going for $300k. We're getting priced out, and we can't save at the rate that homes are selling for.

    90% of the homes we've viewed have been listed by an investment group rather than a real family. Almost none of the homes seem to actually be sold by their original owners (maybe 20% of the ones that we have viewed have). Articles I've read in the local news indicate that financial groups are buying up all the new construction as well. Realtor.com listings for new construction show prices changing every few weeks on the same listings.

    I understand supply and demand, that there needs to be an excess in supply to cover the market, but my understanding is that supply is in max capacity production mode, but the demand appears to be just this high. It seems like investment groups and/or flippers are buying up the houses instead of primary residence buyers. Every resource I read claims that this isn't a bubble, but it sure feels that way being in the buyer situation. Is it possible that this is a local bubble?

    submitted by /u/eboxrocks
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    New build appraisal came back 110k lower than sale price. Is this an error??? Can appraisals really be this off?

    Posted: 22 Feb 2021 09:17 PM PST

    I'm praying that this was some sort of egregious typo. Buying price for our new build is 330k and the appraisal just came back at 220k despite all the comps being 300k-380k. Indicated value by sales comparison and cost approach were both above sale value. No notes on the entire document indicated why it would be so low in value. Do large discrepancies like this happen? If so, why?

    I am speaking with my realtor tomorrow but I honestly can't sleep. This is our dream home and I can't bear the thought of losing it because of this.

    Edited: spelling

    Update: So it was a typo. Apparently our lender had the correct amount (330k) on their end and didn't know they sent us the uncorrected appraisal. Very relieved but Jesus, I could have don't without that kind of stress, even if it was for one night.

    submitted by /u/Soundless_
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    Investment property

    Posted: 23 Feb 2021 09:51 AM PST

    Should I put investment property under my personal Name or put under separate entity. Looking for advise , what are the +/- for each option ?

    submitted by /u/zaatrim
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    Help with inspection - what to ask for credit/repairs on

    Posted: 23 Feb 2021 05:53 AM PST

    I got my inspection back on a 45 year old house. The market in my town is pretty competitive even though it's a semi-rural area overall. I'd appreciate any advice on what is appropriate to ask for repairs on or start getting other estimates on.

    There's a number of small things I won't include like a couple missing electrical cover plates, areas where the siding is slightly detached, caulk needed, rusty hvac pipes, etc.

    Photos and my bigger list of bigger items is:

    • termite evidence - recommended $700 treatment plan or transfer of existing warranty if already treated
    • detached truss
    • mold in attic - Suggest additions to house block soffits, add turtle vents and have mold cleaned.
    • foundation leak & mold in crawl space - Suggested grading change to help drainage, remove vapor barrier & insulation from bottom of joists since there's a ground barrier.
    • small shower drip - unknown source
    • few electrical issues - open breaker slot, gfci breaker not functional, outdoor box with floating breaker
    • exterior door installed backwards

    Would you run for safety or is this about what to expect for a 45 year old house? Feels like a lot, but maybe I'm over estimating how big some of these jobs are.

    submitted by /u/FirmIndependence2
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    How can I tell the ratings of builders in my area?

    Posted: 23 Feb 2021 05:37 AM PST

    I've been seeing beautiful homes here in Las Vegas, but which ones are good builders?

    Is there a website about builders quality rating?

    Thanks!

    submitted by /u/wpen
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    How to avoid capital gains tax?

    Posted: 23 Feb 2021 09:17 AM PST

    My husband and I have to sell our home that we have been in for 1 year and 9 months because we are moving to a different city for work. We are thinking about renting instead of buying right away because it is a major city and we want to make sure we buy in the correct spot, but we want to avoid the profits of the sale of our current home being taxed. Any suggestions on how to avoid?

    submitted by /u/Crazy_Potato7088
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    Subdivision - Lawyer? Agent?

    Posted: 23 Feb 2021 09:00 AM PST

    I am looking at buying a house that has a large amount of land with it that is acknowledged to be sub dividable. Since a significant portion of the value is the in land, exactly how I could subdivide it and how much the new parcels would be worth is an important calculation, that I would want guidance on. Do I need a RE lawyer, agent, other specialty? do I pay for a land survey pre-offer to determine price, or make an optimistic offer contingent on the subdivision making sense financially and the plan being done and accepted by the county?

    One of the sellers agents offered to "switch sides" and represent us as they buyers agent. Thought that was odd.

    submitted by /u/MrSnowden
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    Need help convincing husband that a real estate agent is worth it

    Posted: 22 Feb 2021 01:35 PM PST

    We are looking to sell our home. It is a small, but updated home in a HCOL area. Similar homes have been going for 25k over list price within days.

    My husband is adamant that since we have our own professional photographer, and the market is a seller's market, that we do NOT need a real estate agent.

    I would rather have an agent, because they can "hand hold" us through the process, they can take care of all loose ends, and I would just feel more comfortable. This is not enough to convince him.

    I would love some talking points that I could bring evidence to him on why we still should have an agent, even in this market.

    Any help is greatly appreciated.

    submitted by /u/elizarose02
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    Buying+selling a house

    Posted: 23 Feb 2021 04:36 AM PST

    My wife and I are committed to selling or starter home and upgrading to a better area in the next 3-5 years. Buying a house was complicated enough, the prospect of buying and selling at the same time, while handling a move, seems pretty daunting. How difficult a process is this to manage? I live in northern VA, perspective or tips from local realtors would be most appreciated!

    submitted by /u/ShakinBacon24
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    Taxes/underwriting

    Posted: 23 Feb 2021 02:12 AM PST

    So I have been putting off filing my taxes bc I was on unemployment for a brief period of time this year while restaurants were closed. We are buying a house but in my husband's name only. Will me being on unemployment and that reflecting on our transcript effect his loan at all? What is the best thing to do? Wait to file until last minute and hope we find and close on a house before that, file separately, or file as usual? I assume lots of people had a period of unemployment in 2020 and that my unemployment wouldn't effect a loan im not even going to be on right?

    submitted by /u/IndependentReality88
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    MT State Exam

    Posted: 23 Feb 2021 07:52 AM PST

    Hello, I'm on my fourth attempt at the Montana State Real Estate Exam. I took the McKissock course that prepared me for the national, and I passed that the first time. The toughest part is I don't know which questions I'm getting wrong. If anyone has any resources for the Montana State exam I would greatly appreciate it!

    submitted by /u/drmcnaughty
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    Under Contract for a new home and planning to rent out existing

    Posted: 23 Feb 2021 07:38 AM PST

    I'm currently under contract for a new home that COE is set to be for 3/5. I'm a current homeowner of the home that I'm living in and I plan to move out of this house and into the new one. I plan to rent out my existing home after I close escrow and move out. I was thinking of having the home available for renters by 4/1.

    My neighbors were notified recently that they will not be able to renew their lease because the property owner wants to move back in. They are very interested in renting my property because they can just drag all their things over and the neighborhood is great. They are interested in getting a lease agreement so that they don't have to worry about finding another place to live (for good reason).

    I am concerned about sighing a lease agreement before the close of escrow for my new property in case anything happens. Is it reasonable to suggest a contingency on my lease agreement that I provide the future tenants that it relies on the close of the other property?

    submitted by /u/mikebones
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    Backing out of deal due to my own negligence -- how to handle situation with agent?

    Posted: 22 Feb 2021 08:28 PM PST

    Hey all -- I know we are all getting caught up in this crazy market and I just want to tell my story and ask for advice.

    I am a young out of state investor (I don't want to go into detail on why I'm looking out of state, but basically I am not interested in losing $600 a month to rent out a SFH home in California). I am pretty serious about buying and have found an agent who's been very helpful, however he has pressured me at some points. The first instance is when he found an off-market for me. At first it looked great -- it was near a military base and was rented out to the point where it would cash flow. I got a text telling me to check my email and after 30 - 45 min, I was ready to sign the papers. Then he sent over the contract and it hit me how real this has become. I started doing a ton of research and was concerned about the neighborhood (primarily the school district). I ended making a slightly below asking price offer and was hit with a counter, and at that point I just had to tell my agent I didn't feel comfortable with the deal. He was very pushy about the whole thing which I didn't like (since he didn't want to look bad to his agent friend who sent over the off-market deal) and started to concern me telling I was never going to find a deal in this market but I held my ground and he rescinded the offer. He seemed understanding and said he found another buyer within 15 min.

    I then started getting nervous about market conditions to the point where I was checking the MLS every few hours. I found a property a few days ago that was in a nice school district and priced fairly, and I made an offer at asking price. To my surprise, the offer was accepted the next day (which was crazy because everything is going over asking) and then shit got real. I started doing a ton of research on rent and essentially I don't think I can rent this property out at the original price I thought I could when I made the offer. It would leave me at a net loss every month which I'm not comfortable with, and now I have to tell my agent I want to back out.

    He made it very clear it was written in my contract that I have 10 days to back out for whatever reason I want, so I'm not concerned about the legal issues. I just am concerned about how upset he's gonna be considering this is the second offer I'm backing out of and it's due to my own negligence. I do stand strong to believe I was pressured into the first deal so I don't feel as bad about backing out, but he has put a lot of time into me and I definitely feel that he's going to drop me as a client (which honestly is fine with me, I deserve it). I am just worried if it's gonna affect his or my reputation?

    I still do plan to buy and want to be clear that I didn't just randomly get cold feet, I am purely backing out because the numbers just didn't make sense (which is my own fault for not doing my research). He has already contacted the lender I am using and am wondering if my lender will get pissed and drop me since he is tight with my agent.

    I plan on texting my agent tomorrow morning saying that honestly I fucked up but the numbers don't make sense. I honestly just got swept up in this crazy market especially as a first time home buyer and investor. I am so eager to make a deal I just felt throwing out an offer wouldn't mean anything.

    Does anyone have any thoughts, recommendations, or similar anecdotes to make me feel better?

    submitted by /u/freebird348
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    Pre-inspection vs traditional inspection?

    Posted: 23 Feb 2021 06:00 AM PST

    Does anyone have insight into pre-inspections (which are apparently both less expensive and more cursory) vs the findings in a thorough, traditional inspection? I'm not willing to totally waive all inspections, but I'm wondering how often traditional inspections find things these more cursory pre-inspections miss. It seems like you have to waive an inspection to get under contract here, but that is just such a major risk.

    submitted by /u/IvyDivey
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