Real Estate: Why does everyone compare what caused the 2008 real estate collapse to present 2021 conditions? |
- Why does everyone compare what caused the 2008 real estate collapse to present 2021 conditions?
- Why buy with cash when interest rates are so low?
- Is inflation a good thing for first time buyers?
- Why listing agents don't care about competition?
- HOA wasn’t disclosed
- Strategy for buying foreclosed property for a non-investor?
- Competing for Real Estate Deals
- Is it better to ask seller to make repairs, ask for a credit at closing or ask to reduce price to offset cost?
- Contract meeting?
- Should I wait to purchase a house?
- Pre-underwriting on a down payment program
- Question about remote work and the housing market.
- Buying home for 100k under tax assessed value
- When is the appraisal?
- Selling unused portion of 1.5-acre lot
- Large Crack in Driveway After Inspection . Do I Need to Disclose
- Signed Purchase Agreement for new build Townhouse, breaking ground estimated 2/22
- Online Home Buyers
- Placing Bid but found Foundation Repairs
- Question about down payment on next house
- Buyers Agent Role When House Searching
- Craziness- SE Michigan
- Missed Great VA Rates by a week, how to get a good rate?
- I'm a first time home buyer looking for a little guidance
| Why does everyone compare what caused the 2008 real estate collapse to present 2021 conditions? Posted: 20 Feb 2021 08:20 PM PST I always see people saying that 2008 can't happen again because xyz is not like it was then. The problem I see with that logic is that major financial crises rarely happen for the exact same reasons. You can compare apples to apples for what caused the 2008 housing market collapse, but in reality the cause of the next major recession in real estate will be very different. Then, after that collapse's recovery, you'll have people in the future saying oh, 202* can't happen again, xyz caused the decline in housing prices then, and that's not what the data says now. [link] [comments] |
| Why buy with cash when interest rates are so low? Posted: 21 Feb 2021 04:14 AM PST I'm reviewing offers for my home fsbo now and am finding it helpful to understand the buyers' motives and strategies while qualifying their bids. What sort of reasons would someone be making a cash offer? Is it just to appeal to the seller with a sense of deeper financial security? [link] [comments] |
| Is inflation a good thing for first time buyers? Posted: 21 Feb 2021 07:58 AM PST If inflation does ever rise again, and if the prices drop along with it, would that be a positive for first time buyers? I'm in Los Angeles watching the prices creep up everyday. To get anything where I want to live and put 20% you need to have a lot of cash. Also buying a "starter" house for 900k seems ridiculous and what always annoys me when talking to the previous generation is hearing about refinancing. If inflation goes up it seems better because I can refinance in 15 years if rates are better right? You can't change amount of money you lended to buy the house, only the rate on which you pay right? Edit simplifying my question here: Would it make more financial sense to buy an expensive house with a low interest rate or that same house at a cheaper price with a higher interest? Basically timing when I would go into that market [link] [comments] |
| Why listing agents don't care about competition? Posted: 21 Feb 2021 07:29 AM PST Shopping in a hot seller market in WA (Snoqualmie) and see houses will go pending in less than 2 days even before we can see the property. I was under impression that listing agents are interested to have more competitions and recommend the sellers not to accept early offers. However, it is not the case. I even contacted one of them and told them I am going to submit an offer tomorrow but she didn't even care to reply or ask how much is going to be my offer and the property went pending overnight. I was under impression that listing agents like competitions and bid war. Why this is not the case in this location? I also thought maybe the seller is tired of living in the hotel after a few days but this also happen for a vacant house where seller was out of the property. [link] [comments] |
| Posted: 20 Feb 2021 05:04 PM PST First time home buyer and we bought a house about a month ago. It was stated on the paperwork that there was no known hoa, nothing came up during title search etc. but after I moved in I found paperwork talking about the HOA. I talked to one of the neighbors too and they said there is an hoa. I didn't sign any covenants or anything, am I still bound to an HOA? What recourse would I have here? [link] [comments] |
| Strategy for buying foreclosed property for a non-investor? Posted: 21 Feb 2021 08:39 AM PST The lack of inventory in our state has made it difficult to find a reasonably priced home, just like most other current buyers. We've started to search for auction/preforeclosure/foreclosed etc. We actually found an auction property sale that's in the perfect location, near family and work. We're conventional buyers so can't put in a cash bid or anything... Plus it seems the home is still currently occupied. Anyway, the home did not sell on the first round of auction. If it doesn't sell again in round 2: does it become a real estate owned property? If so, what is the best strategy/timeline for us to grab this home before it hits the open market? Any advice appreciated [link] [comments] |
| Competing for Real Estate Deals Posted: 21 Feb 2021 07:20 AM PST How do you find and compete for real estate deals, when every investor and wholesaler are marketing to and pursuing those same off-market deals? It seems like everyone is targeting the same list using propstream or some other list building, skip tracing technology. [link] [comments] |
| Posted: 21 Feb 2021 08:16 AM PST Hi. Just completed an inspection in north NJ on a 660 sq ft 1 bed, 1 bath condo I'm under contract for. Two biggest things that came back in the inspection are:
I will be handing over the inspection for my real estate attorney to negotiate but in your experiences, is it better to ask the seller to fix before closing, ask for a credit so I can get it fixed after closing or ask to reduce sale price to offset how much I'll need to pay to make these fixes? Thank you, I appreciate any advice! [link] [comments] |
| Posted: 21 Feb 2021 06:16 AM PST Hi guys I signed a new construction recently thru docusign. Seller's agent want me to come in with my agent for a contract meeting. What usually goes down in this meeting? Is it just going thru the same document that I already signed before the builder officially signs it? I would appreciate some advice. [link] [comments] |
| Should I wait to purchase a house? Posted: 21 Feb 2021 09:51 AM PST (26F) I think this year i'm finally ready to purchase. My income is $75K, I have 35k in my savings and no debt, my credit is 800. I want to purchase a duplex in FL. I feel like i'm in a good place right now to buy. I was talking to my fiancée about it and he was watching youtube videos like graham stephen and such saying that the market is gonna crash and now he wants us to wait til the end of the year. He says he doesn't want to us to get a bad deal and overpay for a house that in the next few year might not be worth that. I'm kinda a noob at all this stuff. Is it a good idea to wait or should I go for it and talk to a mortgage lender. The duplexes I'm looking at are in the cape coral area and go for $250-300k. [link] [comments] |
| Pre-underwriting on a down payment program Posted: 21 Feb 2021 09:18 AM PST Is this possible? Can you get A pre-underwrite while you're getting assistance from the government? As I understand, this will be a second mortgage that will be deferred until we pay off our first mortgage, right? WA state. [link] [comments] |
| Question about remote work and the housing market. Posted: 21 Feb 2021 09:15 AM PST Hi all! It is clear that the "zoom boom" is one of, if not the main, primary driver of the crazy housing markets nationwide. People who used to rave about Manhattan living now realizing it is not so cool and paying 50k above asking, sight unseen. They are able to do this because they are working remotely, for now. However, all signs (and surveys) point to most business requiring some in office presence, which means these people will either have to move back to their big cities, find a job locally (which will be very hard), or find a remote job (which will also be very hard). What are your thoughts on what will happen to the market when all these covid city refugees have to go back? [link] [comments] |
| Buying home for 100k under tax assessed value Posted: 21 Feb 2021 08:56 AM PST I'm looking to buy a home priced at $325k. It's taxed assessed value is $425k. If I buy the home for $325k is there any way I can challenge the tax assessed value to pay less property taxes? [link] [comments] |
| Posted: 21 Feb 2021 04:58 AM PST I am in the process of closing on a house with a USDA loan. We paid for a regular inspection on the 15. I was just notified that the underwriting process for my loan is finished and we are approved to close, but to my knowledge there hasn't been an appraisal which I thought had to be completed for underwriting to be approved. Can the appraisal be anytime in the process? I'm asking here because my lender isn't available on Sundays and my anxiety is begging to know the answer. [link] [comments] |
| Selling unused portion of 1.5-acre lot Posted: 21 Feb 2021 08:09 AM PST We recently purchased a new house that came with an adjoining 1.5-acre vacant lot (which couldn't be sold separately due to road access). The eastern side of the property butts up against some woods, and this morning my neighbor (who owns the adjoining property) asked about buying around 100 square feet of it to plant some fruit trees. We're not planning to use that land for anything except recreation, and I wouldn't mind him having some of it, but I also feel like it's not going to be worth the potential hassle. It feels like once we get lawyers involved and whatever surveying/paperwork needs to happen to finalize the sale, it's going to be much more of a headache (and a potential source of ill-will, if the deal falls through) than it's worth. I can't imagine a small portion of land on the edge of a woods is going to be worth more than... what? A couple thousand bucks? Are my instincts off on this, or should I just politely turn him down the next time he brings it up? [link] [comments] |
| Large Crack in Driveway After Inspection . Do I Need to Disclose Posted: 21 Feb 2021 07:44 AM PST I'm selling my home and it passed inspection with a few items that need to be addressed before closing. We have those taken care of and they did not ask for a reinspection, just receipts and invoices proving the work was done. The closing is scheduled for mid March. I recently noticed a large crack across the length of the driveway grew much larger than it was originally. Nothing about the driveway was noted on the inspection. It's probably about 1/4 inch. My plan is to get some cold patch asphalt and fill the crack for now. It will probably need to be resealed once the weather is warm enough to allow that, but the house will be sold by that time. My question is, do I need to disclose this to the buyer, or should I just go ahead and make the repair and not say anything? [link] [comments] |
| Signed Purchase Agreement for new build Townhouse, breaking ground estimated 2/22 Posted: 21 Feb 2021 07:36 AM PST Hi all, Looking for advice, handholding, venting, etc. I've just signed a purchase agreement with a builder for a townhouse in a master planned community here in Texas. The townhouse is basically a duplex (common to call these townhouses in this area). The entire neighborhood in the master planned community was already plotted with about 5 different models. This is their 2nd townhouse community here, and there are plans for more. I currently lease a townhouse they built about 10 years ago in a nearby master planned community. I have been leasing for the past 11 years after losing my divorce settlement in the real estate crash in the midwest back 08-09. It has taken me this long to recover and become brave enough to make the leap. Of course I chose to jump right back into a hot market period which makes this scarier. But the time is right for me, this will be my final move (just turned 60), and I don't want to get into another 2 year lease with the lease prices rising as fast as purchase prices. Ground breaking was tentative for 2/22 prior to the Texas snowpocalypse this past week. It is supposed to be 4-5 months completion, so tentatively planning on a late July/early August close. I did not use a buyer realtor but in return received a $2k discount, 24 months deferral on the townhouse HOA (paid by builder), and if using their lender, $5k in closing costs paid. I do also get their buyer rep realtor who will negotiate me out of the last 2 months of my current lease (keeping through August, but lease ends Oct 31), and help set up the independent inspector I requested to inspect pre-drywall. I will probably wind up setting the inspector up by myself. Also, I do have stashed away enough for the balance of the lease just in case. I've met their construction manager, picked all my options, etc. Everything is exactly how I would want it to be. Once ground is broke, I will have access to a buyer portal on their website to track the construction. So any advice or words of encouragement are appreciated. Everything is already done to this point, so any criticisms of what has taken place are not needed. I chose to do everything the way I did, and that is what is right for me. I have never been through new construction before, but fully understand this is all builder grade work and builder grade products. The only thing I would have different is single family, but current prices are out of my comfort zone for the size/type/area I am wanting. Thanks in advance! [link] [comments] |
| Posted: 20 Feb 2021 11:30 PM PST Greetings, The link below is a very interesting article about online home buying and cutting out the middleman (agent). I'd like to hear some opinions if you so desire. I'm not intimidated enough to end my pursuit of becoming a RE but it's a little unsettling. https://www.nytimes.com/2021/02/19/realestate/house-buying-online.html [link] [comments] |
| Placing Bid but found Foundation Repairs Posted: 21 Feb 2021 05:29 AM PST This is a home purchase for my family and we love the property but found foundation cracks in the crawl space while at the open house. Bids have to be submitted by end of Sunday. Not enough time to find a structural engineer. $350,000. How should I proceed and should we just walk away? Without to much information, this is in a state where the seller is not required by law to repair this and can state it is our problem. We can walk away but lose the $2000 due diligence. It seems the project make take 5-10k to fix but again I'm not a structural engineer and we are just specualting. [link] [comments] |
| Question about down payment on next house Posted: 21 Feb 2021 05:17 AM PST For my down payment (~ $70K) on my next home in a year or 2 does it really matter if it is coming out of the sale of my current home (very liquid market) or sitting in a bank account? Assume any new home improvement money stockpiles or earnest money is covered. Reason I'm asking is I'm in a position to start paying down my current mortgage at 3.125% or putting that money in high yield savings account which rates aren't very high. I'm heavily leaning towards paying down mortgage over having money sit in a savings account earning almost nothing. I just wanted to make sure there are no major downsides. Thanks [link] [comments] |
| Buyers Agent Role When House Searching Posted: 21 Feb 2021 04:53 AM PST Looking to buy my next home. I understand the whole A-Z process very well, but here's the scoop: Right now, I am set up on an MLS search with the criteria I am searching for, in the areas I'm interested in. I get multiple emails a day and when I see something, it's suggested that I drive by it to see the area, then let my agent know if I want to schedule a viewing. My issue is, like most people, I work...A Lot. I don't necessarily have time to constantly monitor my emails, drive to house after work, then try to schedule a different time for an actual viewing. With the market the way it is right now, houses are lasting days, not weeks, on the market. I would think that agents would be a little more proactive and aggressive for their clients by suggesting houses as they come on the market, doing drive-by's and offering their opinions like, "Hey, this looks exactly like what you're looking for! When are you available for a viewing?" Is this just the way it is now or do I have a dud and buyer's agents should be putting in a little legwork for their clients to help them find a home beyond just putting their email into a system and leaving it at that? [link] [comments] |
| Posted: 20 Feb 2021 11:24 AM PST Just closed this last week: 3/2 listed New Years Day. I represented buyer. Wrote cash offer sight unseen, due to weather and the fact that buyer had seen multiple properties and lost out due to "thinking about it". Seller had 16 offers in 24 hours. At closing, seller said there were two other higher offers, but we offered free occupancy for 30 days and that sealed it. This is crazy.. hope the spring market brings more listings. [link] [comments] |
| Missed Great VA Rates by a week, how to get a good rate? Posted: 21 Feb 2021 04:33 AM PST We just signed a contract Friday after seeing the house and on Wednesday. A week ago PenFed was doing a 2.25%, 30 yr VA with 10,000 in lender credits. Today its 2.25%, but you pay about 2000. This is about a 12,000 swing. Any other lenders offering the very aggressive rate? Any hope of Penfed still giving me some lender's credits? [link] [comments] |
| I'm a first time home buyer looking for a little guidance Posted: 20 Feb 2021 09:53 PM PST I've been looking for a house for about 6 months now and recently I've noticed that whatever house I look at and ask my agent to set a tour for l, goes contingent. First I thought was juat being paranoid and it was coincidental but, ever since the last two times I asked the agent to have a tour setup for me for that particular house it instantly goes contingent. I don't know, but do any of you guys have had a similar situation or experience. Or if any of you know whether these agents have the power to change the status of a house from active to contingent, just to prevent me from buying it? I'll appreciate any help or guidance. Thank you [link] [comments] |
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