Real Estate: Zillow and NAR sued over anticompetitive practices |
- Zillow and NAR sued over anticompetitive practices
- Sick and tired of all the whining. If you’re aft to buy a home and your mortgage will fit your budget then buy.
- We are closing on a house in less than a month, and it is back on the MLS. What do I do about this?
- This housing market is insane and unsustainable, and people should stop trying to reason their way into thinking this is the new normal
- A small reminder why this market is unsustainable in NJ/NY
- Buyer here, I'm f... I'm out.
- Under contract!
- What are expectations on housing prices for the next year? Is not a bad time to buy?
- “All the out of state Californians are buying up all the houses in my market and pushing me out” is a common refrain - is there evidence for this or are we all repeating the same anecdotes?
- The ‘waive contingencies’ trend
- Biden's $15,000 down payment assistance?
- What's more important: purchase price or monthly payment?
- Buying a property and having a partner + friend move in
- Very large industrial park being built across from my house
- (Renting) went to look at house and all the electric and water are turned off. How do I make sure everything works?
- I will live in my apartment holding onto my $50K cash until this crazy market calms down.
- Home Buying in this Market
- Interested in buying an intestate property in NJ
- Pre-Foreclosure Condo
- Florida Real Estate State Exam Help
- 2 kitchens in a single family residence
- How to win a bidding war?
- Any details to be aware of when closing on a refinance?
- When to shop around with lenders?
- Untrustworthy buyers
| Zillow and NAR sued over anticompetitive practices Posted: 09 Mar 2021 08:50 AM PST |
| Posted: 09 Mar 2021 10:02 AM PST Prices will never come down as the second prices do all the people sidelined will re-enter the market keeping it stable. We've been under building homes for 14 years. Simple supply and demand. Lumber prices are way up and they probably won't come down as the manufactures know they can get away with charging it now. If there is a pull back good luck timing the bottom. You'll probably miss it. Buy and hold. The people who bought the top in 2008 have been selling for more than they paid for almost 4 years now. Time in the market beats timing the market. Another thing. You're primary residence is not an investment, it's shelter. Lastly, this is partly due to flawed economic metrics with the fed. They need to raise rates. We have inflation virtually everywhere but none of that shows up in consumer items like TVs so they say we don't have inflation and keep rates low. Until they change how it's measured this party ain't stopping. Cheers. [link] [comments] |
| We are closing on a house in less than a month, and it is back on the MLS. What do I do about this? Posted: 09 Mar 2021 05:27 AM PST Contracts have been signed, appraisal is done, mortgage is written up, they have our massive down payment. Yet our house is back up on all the websites after being removed. It's been up for the last four days now. What the hell? The realtor told me he spoke to the seller days ago, and they said it was the listing agents fault. Yet it's still up and accepting showings. What is this BS? I'm seriously angry about this. This seller has been weird the entire transaction. They pushed us to move so weirdly fast, that it was uncomfortable. They hassled us to increase our down payment by $5000 to accept our offer (like it really matters, but we said fine). They didn't want any appraisal contingency in the contracts, they allowed one inspection but the inspector suggested a chimney inspection and they didn't want anyone else coming to the house until the deal was done. We said fine, so we need to wait to do that inspection until after we have the keys. Now we're almost done with this, and they put the house back for sale on the MLS?? My realtor told me he gave this guy an ear full but frankly I have all sorts of alarm bells going off and I'm really not sure what to do. I wanna make a huge stink about it. Why would they be showing our house to people? They have a fck ton of our money and we have contracts. [link] [comments] |
| Posted: 08 Mar 2021 12:09 PM PST I am NOT a housing expert, nor am I even in the real estate industry. But I have lived through a lot and am observing things that are eerily familiar. Heres my observation: The fervor, panic and desperation I am seeing from buyers at the moment reminds me so much of how it felt in 2007, the run up to the big housing crash. I often see people on this sub bring up the insanity of this current 2021 market and how it feels like a bubble. But most of the time those sentiments are explained away by someone who says "this is completely different from 2008, it's hard to get approved for a loan now" - which is true. Or by saying "it's simple supply and demand right now" - which, yes, is not wrong. I also remember in 2006 and 2007 reading a lot of articles with the headline saying "Are We In a Housing Bubble?" Which would then list out all the reasons why we weren't, and we should all carry on. Spoiler alert: we were. It was just very hard to see. So hard in fact, that they even made a movie about the handful of people who were able to see it coming. But 99% of us couldn't see it until it was too late. That said, I don't understand how some people can be so steadfast in their belief that prices are only going to rise and 2021 buyers need to jump in as quickly as possible. Does it not occur to these people that there could be some economic force playing out right now that most of us are unaware of, that is going to be the harbinger of a big crash? Sure, demand is up and supply is down. Sure, loans are harder to get and not as many people will default. But what about the factors that aren't in plain sight? I'm not smart enough to conjecture what those factors could even possibly be. But I've lived through enough to know what a bubble feels like. And it feels like this. This is not normal. I'm sure some real estate agents and experts on this sub will disagree with me, and you all probably know much more than I do about this subject matter, so maybe you are right. But if there's anything I have learned about human nature: we only see the things we want to see. [link] [comments] |
| A small reminder why this market is unsustainable in NJ/NY Posted: 09 Mar 2021 06:47 AM PST There's a lot of exasperation in these threads - I myself am sitting on nearly 50% down, partially because I'm in no real need to buy, and partially because I simply don't think these houses are worth the price for the amenities or location they provide. There's a very simple reason why these price hikes are unsustainable in northern Jersey and Long Island/Westchester/Rockland in the future. Ignoring the downward pull from less desirable neighborhoods (guarantee you aren't buying in these), property taxes are already through the roof and are straining all but the ultra-elite. Westchester houses often pay 20k+ per year, Northern Jersey 12k+ per year, LI similar, Rockland at least 15k. Most of these places are smaller, sub-1500 sq. ft. homes. Now take those numbers, and add 20% given the 15-25% appreciation (excluding the 4% that they inevitably increase it each year anyway). Do that for a few years. Even if people want to leverage themselves to the max with low interest rates, that's a strain that will inevitably come. There's a reason why these places were cheaper prior to the pandemic - and aside from convenience, the primary factor was the property tax bill. Low property tax, high price, and vice versa. Then COVID became the great leverer. Listen, there are always people who won the lottery with tech, bitcoin, whatever. But good luck filling half a state+ with these folks. We're not talking about one centrally located area around some terrible transit system that necessitates everyone living as close to the center as possibly - this is half of northern Jersey + a good chunk of NY. Just a small reminder for everyone that while people may take out the maximum loan they can get because "free money", property tax hikes will pay them double. People in the sub prior to the pandemic were concerned about buying in Jersey due to the lack of property tax hike caps - let's see how this plays out. [link] [comments] |
| Posted: 08 Mar 2021 05:13 PM PST I don't know where things are headed, but I know I was shopping a neighborhood where a 1500 square foot ranch has gone up about 100k from a year ago. Another was just posted today at this inflated price, and after seeing that I'm done. I'm out. I don't know what's going on in this market, but prices are up roughly 17% where I'm looking in a single year, and I simply refuse to pay. I'll stay where I am. I remember 2008, and I'm not setting myself up for that reaming. I make the money necessary, I could budget it, but I won't. Moreover, I know where I am on the income distribution relative to other folks, and quite frankly I don't understand where all the buyers are coming from that are willing and able to pay the kind of prices we've been seeing. So that's it, I'm out. One buyer completely fatigued and over this market. [link] [comments] |
| Posted: 09 Mar 2021 07:01 AM PST After looking since last Fall, I'm happy to say that we are finally under contract for our first home! I'm really excited. We are purchasing in the Madison WI area. It has been insane watching how inflated this market got over the past 6 months. When we first started looking, 10-15k over ask could be competitive, but now it almost seems like 20k+ over asking is needed. We offered on 9 homes before we got this one. Some things that helped us this time around:
I don't know if any of this information will help, but for us, we have been saving money for almost 10 years to afford our first home, so I think having the cash helped us out here. [link] [comments] |
| What are expectations on housing prices for the next year? Is not a bad time to buy? Posted: 09 Mar 2021 08:12 AM PST My background: First time home buyer. In Denver area. Expecting 60k to 100k down payment. Expecting to buy in about 6 months. Hoping for a $1500 to $2k mortgage. Browsing in the 450k to 600k. Would like to live 5 to 10 miles within downtown. Prices are insane right now and I'm seeing more and more post about market bubble. Not sure if Denver is always just insane prices though. Should I expect housing prices to go down given some catalyst (higher interest rate on loans for example)? What are expectations of the time it would take to shift from a sellers market to a buyers market? Will Denver even be impacted or are these high mortgages just part of living in a fast growing city? Any thoughts would be helpful. [link] [comments] |
| Posted: 09 Mar 2021 10:09 AM PST I've seen this claim more times than I can count in all the real estate subs and I'm wondering if we're all doing that hivemind thing of repeating anecdotes until they seem like facts. How do the buyers even know if houses in their area are being bought by Californians? That's not public information anyway... I imagine a real estate agent could say "I have a lot of Californian clients right now" and that's definitely true, but I'm curious to hear from people's experiences on this! To be clear: I'm sure it's partially true, I'm just wondering if it's a bit overblown, and if prospective buyers are defaulting to an easy explanation of blaming Californians without actually knowing whether that was the case. I feel like it's also possible that rich people in their own state are the ones beating them 🤷🏼♀️ but no one ever seems to blame that, they always blame Californians. Edit: Also I'm not a Californian shopping out of state so I don't have a horse in this race, just curious to hear people's experiences [link] [comments] |
| The ‘waive contingencies’ trend Posted: 09 Mar 2021 11:20 AM PST I know I'm not the first to turn here for rants about the current market. Like many I have lost numerous bids to all cash buyers, buyers willing to go tens (sometimes hundreds) of thousands over asking, and people waiving things like basic home protection plans, usual standard appliances, and lately.... contingencies. But worse than that, there has been a trend on all the last few offers I have made where the seller has been countering not only the shitty 'best and highest offer' rather than countering with an actual number I can the try to meet, but they are demanding the buyer waive appraisal contingencies. How has this become the norm for purchasing a home? And worse - how are buyers agreeing to this? I lost the last bid to a buyer willing to waive appraisal contingency on a house going over 80k above asking. I am currently on the receiving end of my third seller coming back with a counter offer to waive appraisal contingency. I can't get my loan without an appraisal. If the house doesn't appraise at the offer price, I am on the hook for whatever the difference is between the offer and the appraisal. In a market with houses going upwards of 100k over asking, that is a risk I am just not willing to take. Buyers need to stop accepting terms like this. Sellers are taking scalper-level advantage of an insane market where the buyers have absolutely no leverage. [link] [comments] |
| Biden's $15,000 down payment assistance? Posted: 09 Mar 2021 09:07 AM PST I heard awhile back that one of Biden's campaign promises was $15,000 down payment assistance for anyone who hasn't owned a home in the last three years. Does anyone know if/when this is looking to go into effect? I haven't heard much about it lately. [link] [comments] |
| What's more important: purchase price or monthly payment? Posted: 09 Mar 2021 10:20 AM PST I'm trying to reconcile just how crazy the market is right now. It seems like the consensus is that this is a significant seller's market due primarily to low inventory and low interest rates. A lot of buyers are getting frustrated by high prices and seemingly crazy bidding wars. What I'll postulate is that we're stuck in a mindset of what purchase prices used to be, and are having a hard time wrapping our heads around the impact of low interest rates. Let's try a different perspective. Let's hold our monthly payment as a constant. Right now, the mid-point of my budget is $500k. I have around $100k ready for down payment, and I'll estimate my annual interest rate is 3.20% (I was quoted 2.90% a couple weeks ago but it's gone up). The math on this comes out to be monthly principal + int of $1,730. Factor in $700 of additional charges, and we're looking at me cutting a check for $2,430 every month. Ok now let's look at what interest rates were in Mar 2020 and 2019: 03.19: 4.27%; 03.20: 3.45%. If I had the same $100k in down payment, and I wanted to continue paying the same $2,430 every month, the change in interest rate would dictate purchase prices of $451k in '19 and $488k in '20. That's a $49k and $12k respective difference in price! Crazy difference in purchasing price, but I'm still cutting the same exact check. In the end, isn't that the most important thing? Let's also look at how much of the $2,430 is going towards to int, princ, charges... Or at least the first payment. 2021: $700 charges, $1067 int, $663 prin 2020: $700 charges, $1,114 int, $615 prin 2019: $700 charges, $1,248 int, $482 prin I'm this scenario, I'll be contributing $182 and $48 more to principal than I would have in the past. This less monthly payments "thrown away," and an opportunity to eat away at principal balance every month. The takeaway I'm getting is that the sky isn't falling. Instead, this is actually a great opportunity to buy -- if you can win a bid. Once you can wrap your head around inflated prices, the low interest rates will benefit the buyer. I'm throwing this perspective out there because I want to test if I'm thinking things through correctly. If I can figure out how to post the math behind these findings, I'll add it. Please point out any flaws in my thinking. Thanks for reading! [link] [comments] |
| Buying a property and having a partner + friend move in Posted: 09 Mar 2021 08:02 AM PST Hello all, In a whirlwind two weeks I went from casually looking at places to discussing putting an offer on this Condo. Ideally, I would be living here with my partner who would move in with me, and a friend of hers who wanted to move in with us a few months ago. Would this be okay? I've informally spoken to my partner about how this could work (I'd pay more due to making a bit more and then she and her friend could pay the same, so example I pay $950 and they each pay $700). However I also understand that as this is a mortgage, I'm at an "advantage" as they'd be paying into it but not receive equity. I guess I'm wondering how this would best work taxes wise? I assume she and her friend pay me and then I pay the mortgage monthly. I've read a few posts saying it's better to not mention I'm renting to them but then others where they do... So I'm a bit lost! Would they pay me their rent and then I pay my monthly mortgage? In tax time, do they put they paid rent to me? If so, as this is paying my mortgage and I'm technically not making any income to this, how would that work tax wise? I also realize that should any issues arise (something is clogged. etc.) that falls on me! Sorry if this is a bit all over the place, any conversation is appreciated!! [link] [comments] |
| Very large industrial park being built across from my house Posted: 09 Mar 2021 09:59 AM PST Throwaway because I don't want my location easily tracked.. I live across the street from 100s of acres of farmland. There is an old barn on the property and the land has been farmed the last 2 years I lived here. Today I noticed an excavator sitting in front of the old barn so I did some digging (haha?). I found this plan for the construction that I am sure is about to take place: https://i.imgur.com/gXYADQk.jpg My house is the red X - I bought it nearly 2 years ago. I only have 1 acre of land and have houses on both sides of me. This new warehouse is basically going to be my front yard. The road I live on is tiny, it doesn't even have lines on it. I'm sure they are going to completely replace it. At this point, I'm sure its too late to try and sell my house. I would need to disclose this to any potential buyers. Surely this will drastically impact the value of my house, right? I really don't want to live across the street from this. Is there any hope for getting any money from the developers? [link] [comments] |
| Posted: 09 Mar 2021 07:33 AM PST So I talked to a management company that gas a house for rent. It was just bought recently (in November). I went to look today but the electric and water are not on so I can't see if all the outlets, etc. work. How do I make sure they do before I sign a lease?? I like the place and would rent if ik all works [link] [comments] |
| I will live in my apartment holding onto my $50K cash until this crazy market calms down. Posted: 08 Mar 2021 11:12 AM PST No, I will not be in a bidding war. No, I will not pay over asking price. No, I will not pay more than the home is worth. I don't care if I rent until I am old and gray. This market SUCKS for average people. Edit: They need a rant flair for how bad this market is on normal people lol [link] [comments] |
| Posted: 09 Mar 2021 04:55 AM PST For people who work in contracting I feel like buying in this market is like bid day if you are the lowest bidder. You know you overpaid (in contracting you left money on the table). Anyways I face less bidders for public work than on a house right now (6-8 versus 20+). Good luck everyone. [link] [comments] |
| Interested in buying an intestate property in NJ Posted: 09 Mar 2021 11:30 AM PST There is a property that hasn't been tended to in several years. The entire property is completely destroyed and there are cars (model is early 2000's) in the driveway. There are also notices to vacate the property from the town due to safety reasons (there are over 5 notices dating back to 2018). It appears, based on my research, that the last known owner was an elderly woman who passed away in 2003. Whether the property is intestate or someone from the family did inherit the property, what are my options? I'm assuming the property gets taken over by the town, and then settles with a bank, is that correct? If I wanted to buy this property, how can I slip into the negotiations and possibly buy it directly from the town/bank? Any relevant information would be helpful. Thanks. [link] [comments] |
| Posted: 09 Mar 2021 11:28 AM PST Any risks to purchasing pre-foreclosure condo in new construction building? [link] [comments] |
| Florida Real Estate State Exam Help Posted: 09 Mar 2021 11:27 AM PST I need help passing the Florida Real Estate State exam, I'll be taking the exam next month so I'm hoping if someone could point me in the correct direction as to what to study, and if they used an online program that helped or any study tips that helped them. I figured id just write down vocabulary on a flashcard but I don't know if that would be enough. I kinda just need guidance as to where to start or if there a good online program for it. thank you [link] [comments] |
| 2 kitchens in a single family residence Posted: 09 Mar 2021 03:46 AM PST The house I am selling has two kitchens. One on the main floor and one on the upstairs. They have the permits to built the second kitchen but it doesn't have have certificate of occupancy for a two family residence. Since it doesn't have a certificate of occupancy for a two family residence they are not allowed to have two kitchens. We have to pretend it is just a wet bar and remove the stove and refrigerator. Would it be worth it do get the permit for it to become an accessory dwelling unit so that we can count the second kitchen? The second kitchen adds 10k dollars in value and I feel like telling my seller to remove the stove and refrigerator they will want to know why, and I haven't been able to find any CFR regulation saying that a second kitchen in a single family house is unacceptable. I'm just doing what appraisers say to do but what is their proof? [link] [comments] |
| Posted: 09 Mar 2021 11:17 AM PST So it is a very competitive market but had a few questions... Typically best way to make your bid more competitive is
Had some questions though... I need a mortgage for the house, have quite a bit saved to put down, but I don't have enough to buy a house in full just laying around. Sooo I'm assuming that I'm not able to drop the appraisal contingency. Also, in terms of making higher offers, is it better to make a higher offer outright or specify 'I will offer e.g. 5K above appraisal if the house appraises low') Because, let's say a house listed at 200K appraises for 170K. Assuming I made an offer of 215K, it doen't make any difference that I offered 215K if the house appraises at 170K, the bank/lender won't give me 215K. Would I still be able to buy the house if I agreed to pay the seller the difference of 45K and just eat the cost? Even if I did have an appraisal contingency? What is typical in current market? How much do people typically pay above asking or over appraisal? I'd be willing to pay some over appraisal but going way over appraisal just seems a shame, like that's 45K that could have been used for a down payment! And you probably won't get that back if you need to sell the house unless the market stays crazy so rather than an investment it's just 100% for sure a sunk cost. Do ppl typically pay 2K above appraisal? 5K? 15K? What is competitive? Or do they just make higher offers contingent upon appraisal and then duke it out with seller if appraisal is low for who pays what and how much? Also as far as a clean offer, are there really that many ppl who waive inspections? Seems very risky. Are there extra additions you could include to make your offer competitive like a fast inspection lined up or being less picky but still contingent on certain parts of the inspection? I'm assuming I can't waive a mortgage or appraisal contingency because I need a mortgage. [link] [comments] |
| Any details to be aware of when closing on a refinance? Posted: 09 Mar 2021 11:13 AM PST We are closing on our mortgage refinance next week, and I'm a little nervous about missing any details that could get us in financial trouble. I've had three mortgages in the past, but my realtor always held my hand during the closing and paperwork portion. Is there any way to be swindled in this? Or who is liable for the transfer of the 150k in equity that I currently have in the house? How do ensure that money is moved properly? Thanks for your help! [link] [comments] |
| When to shop around with lenders? Posted: 09 Mar 2021 11:11 AM PST My fiancée and I looking to buy our first home this spring/summer, but I am confused on when we should be shopping around and credit pulls. The timeline to me looks as such:
Is this correct? I've seen other posts or comments saying you need to shop around early when you're getting pre-approved and get one from each of the lenders you might go with, but that doesn't make sense to me if you're not under contract. If my timeline is correct, for the last bullet would the other lenders provide me with a loan estimate or just a quote? And would they need just the original loan estimate or would they also pull credit at that time? Thanks in advance for any help provided! [link] [comments] |
| Posted: 09 Mar 2021 11:07 AM PST Hey, So I'm selling a condo in Florida. Realistically it is valued at about 950. About a month and a half ago we got a offer of 840 which we counted with 890 they countered with 880. They wouldn't go up to 890 so we walked away. A few months later they come back with a offer for 900 cash. We rejected that offer because we suspect they will try to reduce the price drastically after the inspection. They now came back with a offer for 925 but with a 10 day inspection period. In your experience in real estate is this a legitimate offer or are they going to try to reduce the price after the inspection. Note: besides a stain in a tile on the floor and a closet door that is broken, slight buckling in a part of the floor the house is good condition. It was renovated about 8 years ago. [link] [comments] |
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