Real Estate: Are the Chicago Suburbs an anomaly in general real estate trends? |
- Are the Chicago Suburbs an anomaly in general real estate trends?
- Is taking fixtures weird or is this some kind of fallout of the new crazy market?
- Thinking about getting a duplex or triplex. Are we nuts?
- Be Careful Out There Please!!
- Appraisal / VA home loan
- Looking to buy in South Carolina - why do so many houses have dark stains at the base near their foundation?
- Now we have to compete with NFT investors too?
- Is there a way to view images off the previous listing on Zillow / Redfin / any real estate website?
- Can buyers back out the day of closing with no penalty?
- Is it normal to get cold feet??
- First time Buyer
- Looking to buy a condo or co-op in nyc. Need advice
- Il seller fsbo with flat fee mls. Question about disclosures
- Finishing the garage
- Tracking Where Businesses Pop Up
- Agent Offering Bigger Down payment than we want to actually make?
- marketing
- Rant - crazy new home market
- Just sent this to our agent
- Appraisal Gap clause: how much do I offer?
- Income and credit score inquiry...
- Should i 'try' and buy now or pay off my current townhome?
- Digitalization of real estate?
- Are real estate seminars worth it?
| Are the Chicago Suburbs an anomaly in general real estate trends? Posted: 25 Apr 2021 05:59 AM PDT The general consensus is that real estate has always appreciated in the United States, especially in major metropolitan areas. Over a 20 year period, most people's homes have nearly doubled in value if not more. However, in many mid-high end Chicago suburbs, this is NOT the case. Is this just explained by a demographic shift or boom-bust cycle? Do a Zillow search for homes in Lake Forest, Barrington, Hinsdale, Naperville. Look at sales history. While entry level inexpensive homes have nearly all appreciated in these towns, there are TONS of mansion type homes now priced between 850k and 2 million that sold for 10-20% higher in the late 1990s and early 2000s. Obviously the property taxes on them are insane and maybe today's wealthy buyers just don't want McMansions, but these are updated homes in excellent school districts where other homes in the 500k-800k price range are selling like hot cakes. [link] [comments] |
| Is taking fixtures weird or is this some kind of fallout of the new crazy market? Posted: 24 Apr 2021 06:57 PM PDT I live in a rural area that has a newly hot market. I've looked at two houses recently and one said on the disclosure they were talking all fixtures, which seems weird, but whatever. However, today takes the cake. The house is in an estate, the owner died. The disclosures say all fixtures come with the house, but when I was there, there were yellow post-it notes on literally everything in the house saying "We are taking this with us". I'm talking EVERYTHING. Every single light fixture, the countertops (seriously), the spigots, the sinks themselves, every appliance, the blinds, the garage shelving. Now a couple more houses have hit the market today and all the appliances are gone and the spigots are gone from the sink. What is the deal? Seriously, stop taking the fixtures. I'm not paying 20% over asking and then you take my countertops. [link] [comments] |
| Thinking about getting a duplex or triplex. Are we nuts? Posted: 25 Apr 2021 06:10 AM PDT We just relocated to a new city and are renting short term while we look for a property. My wife took a pay cut to basically do her dream job so we are looking to cut back living expenses a bit. Our old house hits the market this week and we should see a nice payout. We're considering getting a duplex or triplex in our new city and living in one of the units. Figured it would be smart to leverage our equity and maybe be able to live for reduced rent/mortgage in a nicer neighborhood in our new city. Does anyone have any tips for would-be landlords in this COVID-19 era rental market? [link] [comments] |
| Posted: 24 Apr 2021 01:38 PM PDT We found out our realtor tested positive for COVID just after we put an offer down on a house that might get accepted. I do feel bad for these Relators taking on crazy risk driving hours each day and interacting with many many people. Just be safe out there if you can! [link] [comments] |
| Posted: 25 Apr 2021 08:05 AM PDT Hello- Hoping to have this question answered in a way I can understand. I was left more confused than I started while researching it on my own. When using a VA loan, I know your home has to appraise for whatever value you're asking them to cover/roll into the loan. If you're purchasing a "new construction" / "move in ready" in a new neighborhood, how does that work? Like is there room to dispute how much the home is worth? For example: If the contractor/company is selling floor plan 2700 for 375k, would the VA automatically cover the 375k? (I'm not worried about income, debt ratio, etc, all of that aside.) The company has also said up to 22k of upgrades can be added, past that you have to cut a check to the contractors. Does that mean that the VA would at maximum roll in the 22k to the loan? Thanks in advance for any insight! [link] [comments] |
| Posted: 25 Apr 2021 08:33 AM PDT I have been looking to find a home in South Carolina and keep seeing homes that look like this near the foundation: https://i.imgur.com/fslC1rR.png I am from the mid-west of the US, so I have never seen anything like this but my best guess is it's some sort of water damage. This doesn't make sense to me, however, because many of the homes seem situated in a way where I couldn't imagine any flooding happening (on the top of a small hill with proper grading for example). It also doesn't seem like it snows enough out there for snow to be the factor, and if the issue is rain - how would the rain reach so high against the house? Is this something I should walk away from a sale over? Does it affect the foundation of a house? What are the risks here, and what's the deal? [link] [comments] |
| Now we have to compete with NFT investors too? Posted: 24 Apr 2021 04:03 PM PDT https://www.redfin.com/CA/Thousand-Oaks/221-Dryden-St-91360/home/4674399 Almost 300k above market value because of some NFT attached to it? I would have loved to make an offer without the bullshit art. This is just bonkers but not surprising at all. [link] [comments] |
| Is there a way to view images off the previous listing on Zillow / Redfin / any real estate website? Posted: 24 Apr 2021 07:07 PM PDT Hi there, So basically I'm looking at a house that was recently renovated in my area. I want to see pictures of the house before the renovation, from the listing from 4 months ago. Is there a way to do this? Google image search has them but when I click on the listing to make them bigger it goes to the new ones. Thanks. [link] [comments] |
| Can buyers back out the day of closing with no penalty? Posted: 24 Apr 2021 06:54 PM PDT My family and I live on a farm in South Carolina. We would like to sell it and move to South Florida. The farm consists of 256 acres and a house and barn. We already sold 65 acres, leaving us with 191. We've had 2 contracts on the house, and both of them failed. Our farm has been listed for over a year. We have buyers now who would like to close in about 3 weeks. The contract says that they have no penalty if they back out. So we could have all of our stuff packed, spend thousands of dollars on moving trucks, hotels, etc. and have them back out the day of closing and lose all that money. When we asked our agent why there wasn't a non refundable deposit yet, she said that it doesn't work like that in SC. Is this normal? Our real estate agent is great, but we are unsure if we should start packing if they can back out just like that. Thanks [link] [comments] |
| Is it normal to get cold feet?? Posted: 25 Apr 2021 05:59 AM PDT My husband and I are actively shopping for a home, and put in an offer on a home yesterday. We put in an offer at asking price because the market is so hot - I thought for sure we wouldn't get the house and I hoped that the listing price would just get our offer on the table. But the realtor texted us this morning that so far we're the only offer and we'll know by tonight. We suddenly got a HUGE case of cold feet. Our minds are swirling with fears that we should have offered less, etc. All I'm doing this morning is getting on Zillow and looking at that house and trying to decide if I really love it. I think we both thought we wouldn't get the house, and now that it's possibly real, we're totally freaking out. We even texted the realtor about our fears and he's not pressuring us at all, but I definitely feel like we're acting insane. My question is.... is it normal to get cold feet? Is that just a normal experience of buying a house? We have never bought a house together and I can't tell if it's a gut instinct thing saying "get out"...... or if we listen to those fears, we'll end up never buying a house because we'll feel this way every time lol For context, the house is a beautiful older house that has been overall very updated, in a fantastic location (like waaaaay better than I thought we would get), but the only drawbacks are slightly small bedrooms and only one bathroom. It's perfectly in our price range. I think we just have a fear that we're paying too much because we're the only offer. Edited to add: my husband wanted to make an offer for about 30K below listing and I didn't listen to him. I think we are both smacking our foreheads for not actually doing that. I thought there would be 10 offers on the house above asking and I convinced him that we should do the asking price so that we could even get invited to the party of countering. So on top of the stress of buying a house, I feel a little like a sucker, too. [link] [comments] |
| Posted: 25 Apr 2021 09:31 AM PDT im a first time home buyer and have been really interested in acquiring a four plex. 1 to live in and the others rented out to tenants. i have a pretty good credit score and have been saving some money to get me ready for such a big step for myself. is there any kind of knowledge anybody wants to share with me on what to watch out for, save money in certain cases, or go about doing the whole process? anything is appreciated thanks. [link] [comments] |
| Looking to buy a condo or co-op in nyc. Need advice Posted: 25 Apr 2021 09:24 AM PDT I am currently looking to purchase a condo or co-op in nyc under 250k. I make 50k annually. I can put down at least 20-25% down. As a first time home buyer, which lenders are recommended [link] [comments] |
| Il seller fsbo with flat fee mls. Question about disclosures Posted: 25 Apr 2021 08:37 AM PDT We are going to list our house FSBO in Illinois with flat fee MLS listing. We will schedule tours with buyers agents, but were planning on being away while the see the house. 1. Should we stay home during their tours? 2. At what point should we provide them with signed homeowner disclosures? Leave them available for pickup during the tours or email later only to interested parties? [link] [comments] |
| Posted: 25 Apr 2021 08:34 AM PDT I've got an unfinished garage. It's bare concrete and some joint compound to seal everything. In terms of resale, is it worth it to finish it? [link] [comments] |
| Tracking Where Businesses Pop Up Posted: 25 Apr 2021 08:02 AM PDT Is there anywhere that we can track where new businesses are being stood up? e.g. if a new Chick-Fil-A is being built in my neighborhood or if certain space is being invested in? [link] [comments] |
| Agent Offering Bigger Down payment than we want to actually make? Posted: 24 Apr 2021 08:43 PM PDT Hi, I have seen this situation with multiple agents in CA. Basically the buyers agent is recommending putting in an offer with a down payment of 20% as opposed to the 10% amount we actually are going to give/want to give. According to the agent, as long as we can get the financing for the final amount of the transaction, the sellers never actually care in the end how big the down payment is. To me this seems super shady but I have seen this multiple times being proposed. Has anyone ever had this experience? Is it common? [link] [comments] |
| Posted: 25 Apr 2021 07:44 AM PDT If you live a block away from the beach can you market the property as a waterfront property? [link] [comments] |
| Posted: 25 Apr 2021 07:41 AM PDT Hi all, We recently went into contract on a resale and are very happy with the area we're moving into. Before we went under contract we were looking at new construction but didn't necessarily love the area. We almost went under contract but backed out. I just checked the price of the new construction and the base price is up $168,000 in the last 8 weeks since we backed out and went with the resale. I wasn't in love with the area and overall we're happy with the resale we bought but it's just crazy out there and I can't believe we would have had that much equity in the house in just two months. They're still in phase one so I'm sure the prices will go up another hundred thousand or so by the time they sell everything. It's just insane. Good luck out there. [link] [comments] |
| Posted: 24 Apr 2021 06:37 PM PDT Lost count of how many times this guy has done us right. And yes he's from Minnesota. Backstory: Offered 305 for a house that had two price drops in 2 weeks and was listed for the third week. Did a sewer scope, needs a full line replacement at the main junction. Sellers initially said they would give us 10k max (quote was 12, and we had other items that needed addressing (broken window in the basement, radon levels over EPA, rotted windows in the attic, sagged roof on rear addition). Kinda realize now that this house is only really worth 280 to us. Sellers finally agreed to the sewer line however no additional concessions. I'm sure 3k isn't enough to walk away over for some or even most but when you feel like you're overpaying (yes, I know everyone is), it leaves a bad taste in my mouth. So we're going to hold firm and reevaluate in the fall if this deal doesn't go through. Also, if you need an agent in the cities (buyers or sellers) send me a PM and I can pass you his details. [link] [comments] |
| Appraisal Gap clause: how much do I offer? Posted: 24 Apr 2021 09:23 PM PDT An article I read recently gave the following example of an appraisal gap guarantee clause: "In the event the appraised value comes in below Purchase Price, then Buyer agrees to pay up to $6,000.00* over appraised value not to exceed purchase price." Is $6,000 typical? I don't want to waive the appraisal contingency completely (too risky for me) but I'm not sure what amount people typically offer. $5000? $10,000? I have no idea. For some context, I am in Massachusetts, looking in semi-rural "suburbs" about an hour outside of Boston. I recently bid $630,000 on a house that was listed for $580,000. I waived all inspections and had a pre- commitment from my lender, but I suspected it might not appraise for $630,000, so I also added an addendum that said I had the funds to negotiate an appraisal gap. I didn't specify an amount. I was hoping we could negotiate, but it didn't get that far because the seller decided to avoid appraisal entirely by going with an all-cash offer. What can I do better next time? Does it help to be more specific about the appraisal gap I'm willing to cover? What are other people offering? EDIT: So to figure out how much to offer for the appraisal gap, I'm thinking I should fill in the blanks on the following: "I'm paying [$630,000], but if I resold it, I might only get [$615,000] for it, and I'm okay with that." If I like the house enough to confidently say that, then I should offer a $15,000 appraisal gap. If I start to feel sick about the number difference (let's say I paid $630,000 but the house would only resell for $580,000 = $50,000 gap) then it's not the house for me. Thanks everyone! [link] [comments] |
| Income and credit score inquiry... Posted: 25 Apr 2021 07:01 AM PDT When purchasing a home, what do you think would get a better interest rate? A.) 2 incomes; 1 credit score of 770, the other is 700 B.) 1 income; 1 credit score of 770 TIA [link] [comments] |
| Should i 'try' and buy now or pay off my current townhome? Posted: 25 Apr 2021 06:53 AM PDT I currently own a 2/3 townhome which i have 130k in debt left. I have 100k saved for a new family home, which it has been impossible to fine. So my question is. Should i payoff my current home and start saving again hoping that the market will settle down or hopefully crash or should i keep trying to buy a new family home. Ps: i am 33, married, no kids and planning on to have the first one in 3 years (maybe). [link] [comments] |
| Digitalization of real estate? Posted: 25 Apr 2021 06:07 AM PDT Labsgroup.io what are your thoughts about this company and the future of real estate? [link] [comments] |
| Are real estate seminars worth it? Posted: 25 Apr 2021 06:06 AM PDT To give some context, Im in my mid 20s and i hope to start investing in real estate within the next year or 2. Im in school right now but hope to finish this year. My goal is to own multiple real estate and to be able to be financially independent. Are real estate seminars worth doing? I am considering moving out of my state to another one that is about a 4 hour flight away. If i decide to do a seminar, would it still be worth going to one in my current state if i plan on moving to a different state? If i move should i just wait to go to a seminar in the new state? [link] [comments] |
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