Real Estate: Real estate prices have only significantly declined once in the past 70 years. |
- Real estate prices have only significantly declined once in the past 70 years.
- Offer accepted: Boston
- Historically, what happens to markets after buyers start overpaying?
- Builders of Reddit, are shortages of materials like lumber worrisome for the future of the industry, or is high demand enough to offset the higher costs?
- Why are "YOU" spending so much over the sale price?
- Should I waive any contingencies? Make my offer stand out? (first-timer)
- $330k on $63k/yr: Should I stretch for my dream home?
- Sewer line tree roots maintenance
- Is granite worth it in today’s market?
- Inspection Findings - Please Help
- How to draft cohabitation agreement to give bf equity in my house?
- PMI Reappraisal Question
- Cameras in houses during a showing
- FHA PMI question
- Compared to a typical 9-5 (cubicle office job), do you like real estate better?
- First Time Homebuyer
- Where would you buy in the next 3 years
- Offer Accepted question about being a partner in an LLC
- UK First time buyer in need of some advice.
- Opinions on Townhomes
- Possible to change realtors after signing sales contract on new construction?
- Why do so many people get FOMO and buy real estate when rates are low?
- Thoughts on buying small in hopes of upgrading?
| Real estate prices have only significantly declined once in the past 70 years. Posted: 21 Mar 2021 03:45 AM PDT Historical results do not indicate future performance. [link] [comments] |
| Posted: 21 Mar 2021 06:05 AM PDT I've been looking for several years on and off for an affordable condo in Cambridge (just outside of Boston). I haven't had crazy expectations, but have been looking for a studio condo that was pet friendly under or at 400k. You would think that would be quite doable, but not in this city. The prices are crazy here and what does come in that range is gone next day. And it's always been that way here. I found an adorable place in an amazing location and with parking no less and offered asking at first (it was overpriced for the size, but level with comps). When it came time for best and final offers, I went up 6k. I almost just did 3k, but thought that wasn't worth a counter since I knew someone else had a higher offer. I was comfortable with 6k as it was just a smidge over what I had set as my max. And shockingly I got it. I have my inspection in an hour. What's crazy to me is that my personal max is less than half the mortgage that I qualified for. Total side note of course, but that is insane. I can't imagine paying more than I pay now on a monthly and still live comfortably. First world problems perhaps, but that type of housing payment gives me hives. I also realize a lot of folks would not live or particularly buy, a studio especially at my age (I'm over 40), but to me it's perfect. :) [link] [comments] |
| Historically, what happens to markets after buyers start overpaying? Posted: 21 Mar 2021 08:20 AM PDT Is there any historical precedent for what happens after buyers begin offering $100k (or more) over the appraisal value? Some drill down questions:
Asking as I am unsure where to find this data. Datasets such as "median price" won't show much on appraisal gaps, overpaying, etc. [link] [comments] |
| Posted: 21 Mar 2021 08:00 AM PDT |
| Why are "YOU" spending so much over the sale price? Posted: 20 Mar 2021 11:10 PM PDT What is it that's going on that is making people waive countless contingent items. As well as paying well above the ask on top of it? I really am curious what is driving this large spending spree. I honestly don't want to hear more about how "low supply, high demand, low interest rates" because while that may be what is driving high numbers to buy, not every single person walking in every door magically has all this cash they are willing to pay on top. Example: neighbor went to look at homes the other day. When he came back he said the homes were ok, and they put 3 offers anywhere from 30-50k over the asking price. The accepted offers on each home were anywhere from 80-110K ABOVE and a variety of appraisal, inspection (etc...) contingencies waived. How is this sustainable? What is it that all these people have to allow such dangerous purchases? As an investor, why would I want to go into my local market and pay MORE for a property that isn't necessarily worth that? The ways I see it is that these appreciations cannot last forever. the low interest rates may stay around for a while, but, eventually people will need ot be able to pay these incredibly high prices to make ends meet. Something has to give...... What do you think it is? [link] [comments] |
| Should I waive any contingencies? Make my offer stand out? (first-timer) Posted: 21 Mar 2021 09:16 AM PDT So I'm a first-timer, searching for my first starter home. I have been told by friends and coworkers that I should waive contingencies when making an offer due to the state of the market. However, I wonder if this is a good idea? I don't have any experience to go on and google is kind of overwhelming. Can someone tell me in simple terms the pros and cons of having a contingency offer, what it consists of, and why it would be good (or not good) to waive contingencies? My market is hot, but not as crazy as a few others. On average, a house will sit on the market listing for about 2 weeks. An example of a listing in my market:1300 sqft house (plus 1000 sqft basement so total of 2300 sqft) --> Listing Price: $185,000 . Average offers: $200,000. (Usually conventional offers with 20% down, but also sometimes a cash offer). So the market isn't too bad here, but in order to stand out should I waive anything? Close faster? [link] [comments] |
| $330k on $63k/yr: Should I stretch for my dream home? Posted: 21 Mar 2021 09:04 AM PDT I have cold feet after the seller signed my offer on my dream home. $330k purchase price, $80k down payment, so with taxes and insurance my payment will be about $1,660/mo. I make gross $5,250/month, take home $3710 after taxes, 401k, insurance, and kids' college savings. No other debt, but spend about $2,200 on groceries, bills, personal spending and kids' activities. We also take in about $1,500 in rental income (after expenses), but prefer to keep that as a long-term investment separate from our personal spending money. We can't afford this unless my partner (stay at home parent) goes back to work or we tap into our rental income, can we? (As I type this all out and see the numbers, I know the answer to my question, but I am blinded by my heart-eyes for this house. I'd love to hear your personal experiences if you've been in a similar situation. Is it worth it to stretch for a "perfect" house?) [link] [comments] |
| Sewer line tree roots maintenance Posted: 21 Mar 2021 05:10 AM PDT We had an offer accepted on a house all the bones were good etc but in our offer due to how competitive it has been we asked that we wanted an inspection but will not ask for any repairs. The person who is selling the home is also the real estate agent that bought it in 2019. In the backyard there was a willow tree which was recently cut down. In the front yard there is one willow tree that is still there. The seller agent/owner said there was a sewage backup because they forgot to do the annual sewer clean out due to the tree roots and they did it immediately and it was fine. The prior owners who owned the home before the current owner also had the same issue and then got a sewer line clean out which resolved the tree root issue from the main drain. With homes that have trees in the front yard is this a common issue, we absolutely love the home and are ecstatic that we had our offer accepted. If there is no bellies or sags in the sewer line from the sewer line inspection should it be fine if we just do the annual maintenance I assume it is maybe because the willow tree at the front is close to the sewer line, does having the snaked every fall sound like regular maintenance? Would chopping the tree down and applying poison around the trunk help (to stop it from growing roots) I am a bundle of emotions right now and nitpicking on this issue but I think with a tree at the front and back this was bound to happen especially a willow tree. [link] [comments] |
| Is granite worth it in today’s market? Posted: 21 Mar 2021 07:37 AM PDT We are considering selling and haven't upgraded our countertops. Is it worth putting granite in right before selling? Is the return there? I'm in the northern Atlanta suburbs and homes are selling within a week, typically. [link] [comments] |
| Inspection Findings - Please Help Posted: 21 Mar 2021 10:16 AM PDT Hi all!! First time home buyer here. I just had a home inspection performed for a house I'm under contract for. I am unfamiliar with the inner working of houses and systems and would love some 3rd party opinions/feedback on my inspection findings (https://docdro.id/JoOHayE). Seems like house is mostly free of large problems however I do have some concerns on the following:
I understand this is a seller's market and common courtesy is to include only material defects/repairs in the repair request. I'm trying to be reasonable and tried to identify only concerns that would cause a potential adverse impact on the property or pose an unreasonable risk to people. I'd like to present the sellers with legitimate repair items and would appreciate everyone's analysis and input. Thanks all!!! TLDR: First time homebuyer - just had inspection. Not sure what should be included in repair request to seller, would love analysis and feedback. (https://docdro.id/JoOHayE) [link] [comments] |
| How to draft cohabitation agreement to give bf equity in my house? Posted: 21 Mar 2021 10:05 AM PDT My partner and I currently live together in a house I bought last summer. We decided on the house together, but I supplied all of the down payment ($86k) and mortgage/title are in my name only. I also paid for reno part 1 (~$80k), so I'm ~$170k in cash equity, excluding mortgage payments which I currently pay solo while he prepares to put his house on the market (not a point of contention). We always intended for him to "buy in" to equity in the property when he sold his house, maybe by paying for future reno projects, or a chunk toward the principle. Now that he's selling his house in the next couple of months, I'm trying to draft out how to legally allocate for his potentially changeable ownership stake. For example, if he pays $20k for basement remodel in 6 months, that's about 12% of my current equity. If he does another $20k remodel project 1 year later, then now he's at 24%. Not counting mortgage payments we'll be splitting. It would be ideal not to have to redraft a legal agreement every time he puts a chunk of change toward the house. Not sure if such an equity arrangement needs to be filed with the city or the mortgage company. For reference: we've been together for years, are planning on children soon, and will eventually get married. The house equity topic will need to be resolved prior to marriage due to the timeline. We've both talked about this extensively and agree on both our current and future arrangements, just trying to iron out the legal bits. [link] [comments] |
| Posted: 21 Mar 2021 09:42 AM PDT Say I bought a house for 400k with 5% down and paid closing. So balance is 380k. Then I rehab the house and the reappraisal comes in at 500k 6 months after I start the loan. Could I get my PMI removed? [link] [comments] |
| Cameras in houses during a showing Posted: 20 Mar 2021 05:34 PM PDT We've looked a few houses and our realtor has been very careful to have any discussions inside once she sees a camera. Do sellers watch and listen to potential buyers while they're inside the house? Is this a normal thing now? I haven't bought a house in over a decade so this is totally foreign and new to me. [link] [comments] |
| Posted: 21 Mar 2021 09:27 AM PDT First time homebuyer here in NJ and am interested in the state's down payment assistance program ($10,000 forgivable loan). From what I understand receiving the DPA requires an FHA mortgage as well which is where my question lies. Admittedly I've only done limited research so far, but from what I understand do FHA loans require some sort of mortgage insurance for the entire loan? I am able to put down 20%+ so I know for a conventional loan I would avoid PMI. Is that where the downside of an FHA loan lies, always having some type of insurance to pay regardless of LTV? Thanks! [link] [comments] |
| Compared to a typical 9-5 (cubicle office job), do you like real estate better? Posted: 21 Mar 2021 01:35 AM PDT Senior in college here about to graduate with my bachelors while also taking classes to get my real estate license. Like all college seniors I'm kinda confused on what I want to do after I graduate. I think I want to go straight into being a real estate agent, but I'm not gonna lie I'm intimidated by the risk. A cubicle 9-5 doesn't sound too bad the more scared I get haha. I'm also kinda overwhelmed with the idea of even getting started with real estate because all the experience I have so far is with my classes, nothing hands on. Any advice? [link] [comments] |
| Posted: 21 Mar 2021 09:05 AM PDT I don't know if this is the right place to ask but I'm going to try. I am trying to save some money and set myself up to buy a house, get my credit in shape. I have about $4k worth of credit card debt, am I better off paying that off to help my situation or continuing to make large payments on that? It would take about half of what I've saved so far. [link] [comments] |
| Where would you buy in the next 3 years Posted: 21 Mar 2021 08:17 AM PDT Looking for some relocation/home purchase advise. I have 3 years remaining and the last of my kids will be off to collage so I've been thinking of downsizing. If you where looking to downsize to something around 1200-1500sqft anywhere in the country that would offer a great place to live and a good investment where would you recommend? I'd be fine with a smaller home in a suburb or out in the country or a downtown condo, urban living has been very appealing to me for the last couple of years. I own my own business and can run it anywhere so long as I have reliable phone and internet and I am open to relocating anywhere in the continental US. I've lived in SoCal, the desert, the farm country of Michigan, and the space coast of Florida, and in downtown locations like Chicago, I can be happy living just about any place. I plan on retiring in another 15 years or so so the key will be getting a good return on my investment over that time, my budget would be anything $500k and under. Any one have any advise for where I should look? [link] [comments] |
| Offer Accepted question about being a partner in an LLC Posted: 21 Mar 2021 08:11 AM PDT We just had our offer accepted yesterday and we have been pre-qualified. My husband recently became a partner in a business. It's just starting and he isn't the one putting any money in the business his partner is the one that is providing funds. They are just starting and haven't even began selling or earning any income. My question is this: should we provide the info that he is a partner in an llc to our loan officer? He still has his full time job and doesn't plan on leaving it. [link] [comments] |
| UK First time buyer in need of some advice. Posted: 21 Mar 2021 07:53 AM PDT I'm currently living at home with parents, Been saving a deposit and planned on saving a bit more but just spotted a property on one of the many sites that offer properties for sale/rent. It's the first one thats took my attention,where it is situated, the potential for being able to decorate/shape to my needs etc.. and although i planned on saving/waiting a bit more i'm really tempted as i dont want to see it go. I currently have 10k saved and its showing as offers over 75k. The EER is very good C with potential of B. Council tax is band B which is also on the cheap end. With a 10k deposit and no rush move out my parents place. I could potentially get it for 350pm and then council tax on top and then take my time doing it up whilst still living at home... buying one item for the flat at a time until im ready to move in. Would i need to take over the energy bills right away or could i hold off until i actually move in ? as I wont require any as im planning on buying in summer and spending next 2-3 months getting it done up during the summer months... so plenty of lighting and no need for any heating until winter so pipes would be fine etc.. ? How i've described it above is how i've simplified it for myself in my head... that was until I started reading about the other 100 things i need to before even putting in the offer... Needing surveys done and countless other things I have no idea about. House insurance is big requirement ? getting someone to look the property over to make sure its a good buy etc... And this has now left me doubting it all and probably going to end up procastinating over it. Any easy tips and breakdowns for me would great to get me on track for going for this property. Thanks [link] [comments] |
| Posted: 21 Mar 2021 07:40 AM PDT Based on all the responses from my original post yesterday, we are leaning towards buying a townhouse in Alexandria for my husband's job in JBAB. To reiterate, we are relocating from CA in the summer for 3-4 years and would like to rent it out at that time. I personally have never been to NOVA so relying on online pictures and video tour. I've heard mixed things on buying condos/townhomes as they don't have as much value. But it does depend on location. What are your thoughts on the situation? [link] [comments] |
| Possible to change realtors after signing sales contract on new construction? Posted: 21 Mar 2021 07:18 AM PDT Signed a sales contract on a new construction home and the realtor I worked with has not been helpful at all to the point this person doesn't seem to be involved in any questions I have (I get better communication and updates on the home progress directly from the sales person at the builder at this point)/doesn't do any follow up, didn't provide any helpful feedback when I was challenging and questioning the sales contract and felt this person is collecting an easy 3% or whatever commission buyers agents usually get all for very little work. Now that I have signed the contract already, I don't think it would be helpful switching realtors but I also think if something were to come up between now and closing (I already found and hiring my own home inspector) I'd want better representation instead of the realtor I've been dealing with. Question is, is it worth the hassle (or can I even do it at all since I've already signed the sales contract and realtor has as well) at this point, change realtors? [link] [comments] |
| Why do so many people get FOMO and buy real estate when rates are low? Posted: 20 Mar 2021 03:17 PM PDT From my research, generally it evens out. If rates are low, prices are high, taxes are high. If rates are high, prices are low, taxes are low. Why do people get FOMO and want to buy real estate when rates are low like it's a once in a lifetime opportunity? Am I missing something here? [link] [comments] |
| Thoughts on buying small in hopes of upgrading? Posted: 20 Mar 2021 11:32 PM PDT Seattle market. Having a tough time as first time home buyers with roughly $50K to put down, max $600K budget, would rather be in the $500K range for breathing room. We want a garage and a yard for pets. No townhomes or condos. Not seeing anything we can afford or like except for teensy tiny homes less than 900sf. What are opinions on buying something tiny like that for now in hopes of upgrading in 3-4 years? No kids now but will have them in the next 2 years. Thinking a tiny place is ok while they're still young. Will we be able to keep up better with ever increasing prices as homeowners gaining equity or as renters paying $500 less than the mortgage a month w/o major repair worries? [link] [comments] |
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