Real Estate: As a first-time home buyer, this housing market has me feeling extremely depressed |
- As a first-time home buyer, this housing market has me feeling extremely depressed
- Viewed a house 6 hours after listing. Already had a sight unseen offer for 50k over list and the property had wood root, no foundation skirting, damaged roof, etc. Feeling so demoralized and that I just missed the boat by a few months or a year. Any other frustrating stories/venting from this week?
- Finally feel like I can breathe!
- Can it be a sub rule to label the city in question in your post or flair?
- We have a magical, glittering treasure gem, perfect goddess for a realtor
- Old Roof
- My wife and I are in an interesting situation.
- 3% listing commissions are absurd in today’s market!! Anyone with MLS access can sell a home over asking right now due to the market not the agent
- Changed mind on selling?
- Buying a house with a rotting support beam in basement?
- I need help/advice with renting an apartment!
- How do I advise my renting friends and neighbors?
- CFPB proposes foreclosure moratorium until 2022
- Anyone else noticed the overall inventory is actually creeping up?
- Buying a condo ASAP or wait to buy a townhome/single house?
- What can I do with 40 acres of undeveloped mountain property Riverside, CA?
- Waiting to hear back if offer is accepted is painful
- How long does a pre closing QC audit take?
- Timing Existing Sale and New Home Construction [WINSTON-SALEM, NC]
- What does this mean?
- [OH] [SW OH] Selling in October will miss the 'bubble'?
- Renting my Cash [AZ] House Out and Moving To [SC]?
- Identity Theft through Home Loan Applications
- Old renovated house
| As a first-time home buyer, this housing market has me feeling extremely depressed Posted: 08 Apr 2021 05:26 AM PDT I have been saving money for a decent down-payment for a year now and it seems like the rate im saving is being outpaced by the market. I'm being priced out of the market and I can't rationalize over-extending my buying power to buy something halfway decent. I know timing the market is a fools errand but I don't know what other choice I have but to continue to rent and save money. I feel so hopeless and frustrated because I have been responsible and diligent with my saving and spending. I have no debt, have a decent/stable job but it seems fruitless. Is anyone else in a similar position? [link] [comments] | ||||||||||||
| Posted: 07 Apr 2021 03:29 PM PDT I have been looking in the Austin since late last year. I had 1 property I got under contract (I was the backup offer) I backed out in Dec. due to some undisclosed electrical/roof/rodent/etc issues and now since then prices have escalated even further. I feel like everyday I get more hopeless and it is really wearing on me. Got blown out of the water with 150k+ over list, appraisal waivers, etc on a few since then. I have put in offers with waived inspection, partial appraisal waiver etc. All I can say is I hate this market and I kick myself everyday for not looking seriously earlier. [link] [comments] | ||||||||||||
| Finally feel like I can breathe! Posted: 08 Apr 2021 06:20 AM PDT My fiancé and I are first time homebuyers, and this market has been the epitome of stress. But, we managed to land a house. We put an offer for $15,000 over on a house, didn't waive any inspections or contingencies, the sellers agreed to pay most of our closing costs, and agreed to almost all of the needed repairs. Honestly, I still can't believe it! People who aren't buying and who don't know this market have been saying it's still not that great of a deal, but we feel like we just won the jackpot. We just got our appraisal back this morning and I finally can quit feeling like something is going to go wrong or drop out from under us. Just a few weeks til we're at the closing table. We're super excited and I needed to share with some people who would understand! Good luck to everyone with home buying in this horrible market. [link] [comments] | ||||||||||||
| Can it be a sub rule to label the city in question in your post or flair? Posted: 07 Apr 2021 08:52 PM PDT So much discussion really hinges on where you are - not even state, but on a city by city basis. I'd like to know where the stories you're all posting about are. Yes the market is crazy across the country but SF is still obviously a very different situation from Wichita. [link] [comments] | ||||||||||||
| We have a magical, glittering treasure gem, perfect goddess for a realtor Posted: 08 Apr 2021 08:47 AM PDT My fiance and I are trying to purchase our first home, and it's been a real adventure! We decided we were ready in January of last year and went under contract for a home in February. Then everything went wild--not just with the world, but the house we were trying to buy, too. It turned out to be a short sale with heaps of liens/judgements on the property. There was nothing in the listing or anywhere else to indicate it, the house is in beautiful shape, and the sellers did not tell us/negotiated like it was a normal purchase, so it wasn't revealed until we were pretty far into the process. Our lawyer told us it would be no problem and we had a closing date set for March. Since we've never bought a home before we didn't really know any better, and just believed our attorney when he said all would be well. We packed all of our things, arranged for movers, gave notice to our landlady, etc. Our lawyer really let us down on that one. We didn't close in March, or April, or in fact at all last year. We felt like we were in limbo, unsure if we should unpack, what was going to happen, how long we would be living in our rental, etc. By the time we realized this house may never close, the market had gone completely crazy, and prices in the area we wanted to purchase in totally spiked. Back in January we had tons of options, over the summer, not so much. While we waited for the sellers to negotiate with the lienholders, we tried to keep an eye out for other properties to go for instead. All through last year, our realtor diligently sent us new properties that came up and got us in to see them within a day if we liked them. I know she has tons of clients but it never felt like we weren't a priority. For over a YEAR. We're picky about what we want, but she never objected to taking us to see something, or got irritable with us when none of those houses were a good fit. Unlike our lawyer, who never seemed bothered that we'd gotten into this mess, our realtor was devastated that she'd let us get into the short sale situation and said she wouldn't quit until she found a home we loved, no matter how long it took. Fast forward to today, the house we were under contract for was finally foreclosed on. We are attempting to buy it from the bank that owns it, and our realtor is offering to cut her own commission just to make the offer more appealing to them. After all of this time and work on her part. She deserves every penny of that money and she's still offering to take less. This whole process has been a stressful nightmare. But it would have been unimaginably worse without our realtor. She is so knowledgeable, so patient and just really in our corner. If we manage to buy a house, we'll likely never do it again, but if we did we'd go running right to her! And if anyone we know looks like they're even thinking about purchasing or selling we are going to shower them with her business cards. I notice a lot of posts from people complaining about their realtors, or wanting to fire them. So I wanted to talk a little about ours, who is such an absolute peach! [link] [comments] | ||||||||||||
| Posted: 08 Apr 2021 05:44 AM PDT Under contract on a home that will probably need a new roof as from records I can find it was installed in 1992. How should I proceed in negotiations should this be found in inspection? I've read that many insurance companies won't provide homeowners with this old of a roof and often times this is worked out in negotiations prior to closing, with the seller on average paying half of the cost. however with it being such a hot market for sellers right now, I'm wondering if the sellers would be willing to budge at all. I do have a lawyer I will consult with at the time, but trying to do some research ahead of what I see as inevitable. understand every situation is different, but wondering if anyone has any experience with how I should proceed. Some more info: The House has been on the market for only a bit over 2 weeks, but many in the area are going under contract in a couple days. Also, they accepted my offer the same day and agreed to my Lawyers addendums to the contract of sale without any gripe [link] [comments] | ||||||||||||
| My wife and I are in an interesting situation. Posted: 08 Apr 2021 08:58 AM PDT 4 1/2 years ago my wife and I bought our first house. It's nice little house on a country road. We purchased it at 95,000. It's a modular manufactured home built in the mid 80s with a built-on 4 car garage (built on sometime later). We are not in a mobile home park or anything like that, just a normal country road with a line of houses. At the time my credit was terrible, so the loan was only put in my wife's name but the I am on the title with her. Fast forward to now. The property values have skyrocketed in our area and we are considering selling. We've chatted with a few realtors and the consensus is to list it in the ballpark of 140-160. We owe somewhere around 80,000 as she was approved for a no down payment loan. We've set a tentative timeline of 2-5 years to move out of state and into a housing market that is not nearly as volatile as where we are now. My credit and salary has dramatically increased in the past few years. So I have a few questions:
[link] [comments] | ||||||||||||
| Posted: 08 Apr 2021 08:39 AM PDT | ||||||||||||
| Posted: 08 Apr 2021 04:48 AM PDT If you are working with a broker and they do some upfront photography work after you sign a contract but then you decide you don't want to sell, do you owe them for that photography? [link] [comments] | ||||||||||||
| Buying a house with a rotting support beam in basement? Posted: 08 Apr 2021 04:16 AM PDT Well, this is a really tough market and it sucks. We have little to choose from where we're looking to move and every house seems to have some sort of fault. Some of them we know to stay away from (example: we toured a house with a noticeably musty smell and tons of wood paneling in the basement - known water issues and likely a good amount of mold and water damage). We found a lovely home in a great neighborhood, but when doing the "3D Walkthrough", we noticed that one of the support beams in the basement is CLEARLY rotting. It seems like the homeowners installed some additional metal poles (bolted to the cement below and attached to the beam) to hold it in place.
Thanks I'm advance! Apologies for poor formatting. I'm on mobile. Edit: Here's a photo: https://imgur.com/gallery/q2EXwBn Looks like there is a towel taped to whatever that is on the right (HVAC unit?). Might be moisture / a leak from there causing a problem if that beam is indeed rotting. [link] [comments] | ||||||||||||
| I need help/advice with renting an apartment! Posted: 08 Apr 2021 05:21 AM PDT I just want to make sure I might not be getting scammed... I found a nice apartment on Padmapper, it's a newer condo building in Toronto. I replied the posting and I got a call from the leasing consultant soon after. After some back and forth she told me a 1 bedroom is available, a little more than listing price, but something we want to move into. She sent me the lease application and in the application they have a form called "pre authorized payment agreement". It asks for my banking info and it just makes me a bit nervous as we never actually saw the place. Due to covid they do virtual tours but how would I know that it is legit? I was excited yesterday but then today I woke up questioning some things and I just want to make sure that we're not getting scammed before I send everything in. Any thoughts? are these forms normal? So far I've only dealt with landlords that wanted e transfers or post dated cheques. This would be my first time dealing with a leasing consultant and a high rise condo building. [link] [comments] | ||||||||||||
| How do I advise my renting friends and neighbors? Posted: 07 Apr 2021 08:59 PM PDT I live in Austin. I am a homeowner. I am very grateful to have bought "before the storm." I am extremely sympathetic and concerned for my closest friends and neighbors who rent and want to buy; who are expressing a lot of FOMO/concern/distress because they are rapidly being priced out of the real estate market as first-time homebuyers here. My worry is that this sea change will wash out so many wonderful people who make this city what it is known for being: weird, soulful, and creative. I do my best to wrap my head around the macro-economics, the local RE market, personal financial strategy, etc. That said, what would y'all offer as encouraging advice to people who are hard working, decent-earning adults who are struck by bad timing? Should they wait, save, invest, rent? The tide may turn in several years? Should they up-sticks for the next "boom town?" Or rethink what equity means? [link] [comments] | ||||||||||||
| CFPB proposes foreclosure moratorium until 2022 Posted: 07 Apr 2021 05:51 PM PDT For those thirsty buyers hoping for a wave of foreclosures/short sales this year, you may be out of luck. The Consumer Financial Protection Bureau has proposed banning servicers from beginning foreclosure process on the 2.1M homes in forbearance past the 90 day window until next year. Politically, this is an easy win for the Biden admin among homeowners underwater, and renters of landlords who are underwater if they legislate in accordance with CFPB's recommendation here. For those who want to read, a non-paywalled link with more detail: https://www.housingwire.com/articles/cfpb-proposes-foreclosure-ban-until-2022/ [link] [comments] | ||||||||||||
| Anyone else noticed the overall inventory is actually creeping up? Posted: 07 Apr 2021 01:34 PM PDT This comes directly from the federal reserve website. https://fred.stlouisfed.org/series/MSACSR February saw a pretty good uptick of inventory according to this graph. The majority of appreciation occurred in the second half of 2020. Perhaps the panic buying we are seeing now is the remnant of that and won't last forever? I'm curious to know what you guys think. [link] [comments] | ||||||||||||
| Buying a condo ASAP or wait to buy a townhome/single house? Posted: 08 Apr 2021 10:00 AM PDT My fiancé and I'm debating on whether we should buy a condo (under 300k) ASAP or if we should save for another year or two to be able to afford a townhouse/small single house. We are both very young (I'm 24) and have stable income. What would be the best way to go about making this decision? Btw we live in a HCOL area (DC suburbs) [link] [comments] | ||||||||||||
| What can I do with 40 acres of undeveloped mountain property Riverside, CA? Posted: 07 Apr 2021 08:22 PM PDT I recently "inherited" property from my parents because they can no longer afford the property taxes. They bought property in the randomest of places, a mountain in Riverside included. Here's the general GPS: https://goo.gl/maps/8X7CvJva1ZiYPPr38 I can't afford to build anything on it and leasing the property to solar, wind and marijuana farming is a no go. So I'm wondering what else can I do with this property? Does anyone have any ideas besides selling it? [link] [comments] | ||||||||||||
| Waiting to hear back if offer is accepted is painful Posted: 07 Apr 2021 04:27 PM PDT Although shorter than most other parts of the real estate transaction, I feel that the period of time between the offer submission and knowing if your offer was accepted feels the longest. CA buyer here waiting to hear back if our offer was accepted. **Update 1 **: Seller was supposed to get back to us by 6pm PST. It's 7:15pm now and still radio silence. Pins and needles. **Final update**: 8pm. We didn't get it. 25% over listing (10% over comps) no contingencies. Local big bank lender. Still didn't get picked. Typical for CA real estate deal. Sucks. [link] [comments] | ||||||||||||
| How long does a pre closing QC audit take? Posted: 08 Apr 2021 09:38 AM PDT I have received a clear to close from my underwriter but was told my file was selected for a QC audit. I've done a little research and seen some things that say it can be done within a couple of hours or maybe a day. Honestly that doesn't seem very realistic to me. I'm wondering if anyone has had to go through this before and how long I can expect it to take? All of the documents are already submitted so it should just be a matter of reviewing the documents. Also to all of the underwriters or people with experience is this QC audit a random thing? Are lenders required to do this audit on a certain percentage of files? I'm not too worried about the audit because all of my documentation and credit reports are accurate. I'm more worried about the time it may take to actually get this done. [link] [comments] | ||||||||||||
| Timing Existing Sale and New Home Construction [WINSTON-SALEM, NC] Posted: 08 Apr 2021 05:45 AM PDT I have a signed purchase agreement to build a new home in the area (about 5 miles from my existing home). The builder has given a completion estimate of July or August. When asked to give a timeline, they said it's roughly 45 days to completion from the time that the new house is "under roof." I'm also going to be selling my existing house, though it isn't on the market yet. I'd like to either have both closings on the same day (sell existing home in the morning, buy new home in the afternoon) or within a day or two (sell the existing home on Tuesday, buy the new home on Thursday). Has anyone had a situation similar to those? What was your experience? Any suggestions on when I should list my existing home? There have been a couple of comparable sales in the general neighborhood in the past 30 days. My realtor looked into them and said that all of them had an accepted offer within a week of the listing date. [link] [comments] | ||||||||||||
| Posted: 08 Apr 2021 08:58 AM PDT Seeing this a lot on zillow et al:
What does it mean? Obviously the house didn't burn down last year. Does indicate that the current owner is in forbearance, or something? Edit: Obviously I can't markdown. Fixed. [link] [comments] | ||||||||||||
| [OH] [SW OH] Selling in October will miss the 'bubble'? Posted: 08 Apr 2021 08:54 AM PDT I hope this is okay, I need more opinions. We plan to list in Sept, do you think that will be too late? Our house basically just needs fresh paint to be ready for sale. We want to have the summer to say goodbye to friends (we are moving states away) and save up money for the transition time. We plan to list in Sept, ideally moving in oct/nov depending on closings. Realtors says that we should list at 190k and will likely see closer to 200k or above with current market. 190k is great and I will take it, but more is always better. Houses in our area were selling for just over 130k in January of 2020. Everything about this screams too good to be true or "bubble" as a friend said. Our realtor checks in with us regularly, and says things are looking good for our price. Houses around us are being listed near what we want and actually selling for way above that (and some in not as great a condition as ours). Please give me your opinions. Are we waiting too long to list or am I just being an anxious fool? [link] [comments] | ||||||||||||
| Renting my Cash [AZ] House Out and Moving To [SC]? Posted: 08 Apr 2021 08:40 AM PDT I have a bunch of extra cash and a weird nostalgic feeling to move back near my hometown in SC for a while and am thinking it might be awesome to get some passive income going in the process. I have a bunch of friends and family out there and it would be great to put down some roots in the area. So, what do you all think about me just renting this house here in AZ out? It's slightly outside of the city center in Goodyear and does have a pretty hefty HOA (as most neighborhoods here do) so that would hurt the income generated a bit, but otherwise this entire area is being flooded by big corporations dropping HQ's and stuff over the last decade so its in a constant state of rapid growth. I'd hate to miss out on that by selling. The idea would be to buy up a small house in SC. Something around the 90-150k range. I have cash to pay up to 120k on it while preserving my emergency fund. The current house is completely paid off. I'm trying to think of a breakdown in expenses. I'd be looking at rental insurance, taxes, HOA, a property management company fee, and general repairs. It's a newer house so everything is in really good condition, but anything could go wrong. The yard is also just a dirt yard. Would I have to do something with that? I guess I just want to know if it makes financial sense. Of course I'd be using a company to manage it since I'll be across the country, so they take a cut. [link] [comments] | ||||||||||||
| Identity Theft through Home Loan Applications Posted: 07 Apr 2021 11:35 PM PDT Sorry if this topic has been brought up before (I tried using the search and didn't find anything), but I'm genuinely curious if this is an issue. I'm a first time home buyer who just finished submitting multiple applications for a mortgage and am a little surprised at the amount of information the banks and brokers need from me. I understand why they need it, but considering they're getting my name, ssn, dob, and bank account numbers/balances, they essentially have everything they need to easily steal my identity and empty my wallet. In this day and age where identity theft is so prevalent, what's stopping one bad apple from misusing my information? [link] [comments] | ||||||||||||
| Posted: 08 Apr 2021 08:12 AM PDT So I've adjusted my search and have been waiting for a small 2-3br 1-2ba detached home with a yard. We have quite a few small old homes from the 20s-50s here that fit the bill although with low supply I maybe get 1 a week to look at along with 20-30 other people. I found a (supposedly) 1950s house with a permitted addition where a new kitchen has been installed and large nice yard. It has new flooring, new windows, metal roof. Wiring is modern. The way this house was built I'm thinking it may be older. It has new flooring over original shiplap flooring (cedar?), one basement beam is a log and the rest are large timbres in good shape. In the attic the timbres are in good shape and still have bark on them, incredible to see this. The framing is definitely unconventional by today's standards. I can definitely tell in the original part of the house that the floor slopes slightly from the centre point towards the new addition. The foundation stem walls all look in good shape and the basement is dry (right now is a great time to notice musty basements). In this market you can't get inspections. I've had someone with experience with old houses look at it with me and he didn't seem worried about anything. I'm aware of the potential for asbestos but I don't plan on touching the attic insulation anytime soon (there's tons of fiberglass in there now). Anything else I should be concerned about? My offer would still leave me some money for a few upgrades I want to do (remove oil furnace, fix up some minor things I noticed). [link] [comments] |
| You are subscribed to email updates from HomeOwners & Investors. To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google, 1600 Amphitheatre Parkway, Mountain View, CA 94043, United States | |
No comments:
Post a Comment