Real Estate: why is everyone just deadset on a SFH in the suburbs or renting? |
- why is everyone just deadset on a SFH in the suburbs or renting?
- Any Appraisers Out There? Would love more insight
- Everything is coming up Milhouse!
- Even in small town Maine prices are getting ridiculous.
- Sellers came back to us after we rejected their counter
- Giving up - looks who’s winning deals
- Buying and selling timeline
- Missed out after being the highest bidder.
- NYC Co-Op Attorney is delaying closing, am I on the hook for fees incurred?
- average increase in home prices before 2020
- Disagree with realtors asking price.
- The Climate Real Estate Bubble: Is the U.S. on the Verge of Another Financial Crisis?
- Location mantra
- Florida: termite infestation in studio apt.
- AZ. When best and final offers submitted by 5 PM Sunday for final review isn't best and final. How would you proceed?
- Remortgage after 1 year? (Ottawa, Canada)
- Typical Notice from Builder on New Construction?
- Selling inherited property in FL
- Techbros and Gentrification, direct correlation?
- I'm interested in getting a real estate license
- Average Cost for Improvements?
- Can't get a lien release... not sure what to do.
- Which realtor should I go with for my next rental property?
- Seller taking his time, and it’s frustrating
| why is everyone just deadset on a SFH in the suburbs or renting? Posted: 19 Apr 2021 06:46 AM PDT it seems like everyone just wants a big suburb house at any costs. why isn't anyone changing tastes into townhomes in the same location (most have tiny yards), or condos in other locations, or homes in the cities? [link] [comments] |
| Any Appraisers Out There? Would love more insight Posted: 19 Apr 2021 08:40 AM PDT I am really curious as to how exactly appraisers determine their comps and valuations and what things do/don't matter when comparing one home to another. My realtor recently told us that things like age of the roof (one that has maybe a couple years left vs. one that was recently redone in the last 3-5 years) has little impact on appraised value when comparing homes. I've been told what they mostly look at is number of beds/baths, square footage, house style/type, and location. Does lot size and type (flat vs. hilly) come into play? Updates vs. outdated? Just wondering how much those differentiating factors put an appraisal higher/lower compared to a similar home. [link] [comments] |
| Everything is coming up Milhouse! Posted: 18 Apr 2021 01:40 PM PDT After a shit year of losing my business to the pandemic, having to sell me house, and having to move home to live with family, I finally got a place. After six months of absolutely nothing coming on the market that met my wife and my needs in the location we wanted, a condo finally went on the market that unfortunately was a bit more than we hoped to spend but still would be in budget. Because it was more than anticipated we could only offer $7k over asking and figured it was a total long shot it would be worth a try. To our and our agent's surprise we got it. It is in the exact location we wanted, had all of our needs, and included everything we wanted but figured we couldn't have. Guess I need to start going back to church, which is now in walking distance! TLDL: Our first offer was accepted on the first try. [link] [comments] |
| Even in small town Maine prices are getting ridiculous. Posted: 19 Apr 2021 07:16 AM PDT Here is the listing. https://www.zillow.com/homedetails/46-Shaw-St-Newport-ME-04953/95245969_zpid/ My house in the same town, is twice as big, has a 2 car detached garage and sits on about the same size lot and it wouldn't even appraise at what these folks are asking for something half the size with no garage. If this house was in Bangor someone might pay $129,000 for it but for Newport this is a $90,000 dollar home and even that is on the high side. [link] [comments] |
| Sellers came back to us after we rejected their counter Posted: 19 Apr 2021 08:56 AM PDT What does one do in this market in this situation? We offered 25k above ask with appraisal and inspection. They countered with waive appraisal and inspection. We told them to pound sand we need both. Now they have come back around and asked us if we want to submit our original offer again. Since our offer they had an open house and private showings and guessing they either have one offer or maybe none. What's the best thing to do? [link] [comments] |
| Giving up - looks who’s winning deals Posted: 19 Apr 2021 05:09 AM PDT After 10 offers and 2 months spent touring 30+ homes, we've decided to continue renting for 1-2 years. This market is absurd and depressing for any first time buyer hoping to begin the journey of home ownership. Our offers have all been 10% over list, no inspection, rent back contingencies, ect. Still, every one of them got beat. I simply can't compete. What's worse is I started looking at townhome rentals last night and they're all townhomes that I literally saw on the market a few weeks ago. So for all of you in a similar situation, this is who's beating you. Investors with either huge down payments or all cash deals. I genuinely hope these assholes get exactly what's coming for them once rates rise. Remember the toilet paper shortage? Housing market isn't much different right now. Btw if anyone can tell me some credible sites for renting that'd be great. Do people still use Craigslist? [link] [comments] |
| Posted: 19 Apr 2021 04:05 AM PDT How does buying and selling work?
Where are you living in between closing dates? Where's all of your stuff? Even if they're on the same day, where's all of your stuff? Do most people buy and then sell? They have the 20% down payment just lying around? [link] [comments] |
| Missed out after being the highest bidder. Posted: 19 Apr 2021 05:10 AM PDT I just missed out on a house after making an offer of more than 17% over the asking price. The winner didn't need inspection. Should I take the risk next time and making an offer without inspection contingency? I have absolutely no experience with house. Should I bring an inspector with me during my time to tour the house? Thanks for any advice!!! [link] [comments] |
| NYC Co-Op Attorney is delaying closing, am I on the hook for fees incurred? Posted: 19 Apr 2021 09:14 AM PDT Hey all, I'm in the process of buying a co-op in NYC. Everything seemed to be going very smoothly, until it took the board more than a month to review my application package and interview me. Still, I had a month of leeway after the approval until my rate lock was set to expire, so I tried not to worry. By this point, the on or about closing date on my contract had already passed. Everyone, the sellers, me, the bank, was ready for closing. Now we just need the co-op attorney to give us a date. And... nothing. I'm having my attorney follow up with them every single day, but they're very slow in responding, and return with excuses that even my lender has never heard of in his 20 years of financing co-ops. Now with my rate lock expiring less than a week away, it's seeming pretty unlikely that we're going to close anytime soon. At this point, am I pretty much on the hook for paying rate lock extension fees? I don't even have a clear idea on how long to extend it by, and the fees will be higher the longer I extend. Is there any accountability on the part of the co-op, or do they have the liberty to take as long as they like without consequences? My attorney did tell me the worst case scenario is that I pay the extension fees, but I really don't want it to come to that. [link] [comments] |
| average increase in home prices before 2020 Posted: 19 Apr 2021 06:09 AM PDT I know 2020-2021 were pretty crazy in terms of house prices. I'm wondering what the average rate of appreciation was between 2015-2019 in relatively desirable areas I see some reports that say housing pretty much follows inflation and maybe 1-2% additional. [link] [comments] |
| Disagree with realtors asking price. Posted: 19 Apr 2021 08:25 AM PDT Our realtor is about $15k below what we want to ask for our home. The comps he is using are lame, as there have been very few sales in our town in months (no inventory). With the lack of inventory, and our square footage I feel strongly we should be asking about $15k more than his CMA. Is it ok to insist on the price we want? [link] [comments] |
| The Climate Real Estate Bubble: Is the U.S. on the Verge of Another Financial Crisis? Posted: 19 Apr 2021 08:16 AM PDT I just read a good article in Time Magazine with that title. It makes the case that it's already happening. The article looks at a home in Charlotte NC that's been flooded twice in the past few years. It's not "in the flood zone" but Trump put a pause on redrawing the maps. So now it's been flipped after going into foreclosure with no mention of the water damage. Buyer beware. The Climate Real Estate Bubble: Is the U.S. on the Verge of Another Financial Crisis? [link] [comments] |
| Posted: 19 Apr 2021 08:41 AM PDT Just a reminder with house hunting being so difficult these days that location is still the most important factor in being a good investment. I just looked up my house on zillow that I bought in 2008 and sold in 2017. In 2021 it is still worth less than what we paid in 2008. Yes this neighborhood still has not fully recovered from the housing collapse after 13 years and a now booming market. We always knew it was a crap neighborhood, but it was all we could afford at the time. The location was good for being close to work but terrible schools and on "the wrong side of the tracks" in a midwestern city. We sold it for a loss and learned a powerful lesson. Either stretch your budget to get the house you want in a good location, or lower your expectations to get a less desirable house in a good location. But always choose a good location and don't settle. [link] [comments] |
| Florida: termite infestation in studio apt. Posted: 19 Apr 2021 05:19 AM PDT I'm renting a studio and have notified management about the issue. They've sent someone to spot treat twice but the situation has not improved. I live in a studio, so the swarming can get overwhelming really fast. What can I do In this situation? I feel like they're trying to avoid tenting the building (two story building) but I think that's the only option left for them. What can I do if they continue to not properly resolve the situation? I don't want to live with termites anymore... [link] [comments] |
| Posted: 19 Apr 2021 09:41 AM PDT Home was listed Thursday, with showings all weekend. Listing agent clearly stated submit your best and final offer by Sunday at 5 PM. Listing agent wouldn't give any info on offers to our agent. We submitted nearly 60K over asking with 15K appraisal waiver. Heard nothing Sunday, this morning our realtor was told we were in the top six of offers and to resubmit a new final offer by today. We already gave our best and are not negotiating against ourselves. I'm going to assume we do not win this one. I'm a little annoyed at the new move to engage a bidding war after the best offers by Sunday at 5 PM game. [link] [comments] |
| Remortgage after 1 year? (Ottawa, Canada) Posted: 19 Apr 2021 09:17 AM PDT Hi there, I'm one of the lucky ones that bought a Townhome before the whole Covid/bidding wars Started (Feb 28th, 2020) We bought the place for 255 000$ (No renovations). Our close neighbor put the house on the market for 399, 900$ and sold for 475 000$ (Fully renovated) Yesterday. Right now our Mortgage rate is 2.69% for the next 4 years. I see mortgage rate as low as 1.5%. Since we only Been in the house for 1 year, would it be worth it to remortgage the place for a lower interest rate? Also would be wise to take a line of credit from the mortgage to pay off debt and make some renovations? Any advice would be greatly appreciated. Thank you for your time. [link] [comments] |
| Typical Notice from Builder on New Construction? Posted: 19 Apr 2021 06:59 AM PDT Hello all, I was wondering your experiences in how much notice is typically given by the builder in a new home build. Specifically, when a home is nearing completion, how much notice did you get before the builder gave you the official date they expected the COO? All of our loan paperwork is done, and we are waiting on the final appraisal for the bank to give us their closing date, but the bank understandably won't schedule the final appraisal until the builder says the home is ready for that. According to the builder, we are a week out from our final inspection, but when asked if we could schedule the final appraisal he refused. Is this a normal time frame for most builders? We have a lot of other factors to schedule around this, and want to set our expectations properly (movers, utilities, current landlord, time off of work, etc.) [link] [comments] |
| Selling inherited property in FL Posted: 19 Apr 2021 09:35 AM PDT A friend inherited an apartment from her uncle, let's say the value at that time was $100k, valued now at let's say $150k. Her father paid for her graduate school and now says that the apartment should be his and wants to sell it. My concern is that my friend is being taken advantage of by her father. Here are my silly questions for you experts:
Thank you for any insight you might be able to give me. [link] [comments] |
| Techbros and Gentrification, direct correlation? Posted: 19 Apr 2021 09:28 AM PDT Much of the current housing crisis is caused by people in the technology sector and corporate tech companies, like Microsoft, FB, Airbnb, Twitter, Oracle, etc. moving to formerly affordable cities (Nashville, Asheville, Dallas, Miami, Denver, Austin, Seattle, etc) and blowing up housing costs for locals and people of other industries. Agree? [link] [comments] |
| I'm interested in getting a real estate license Posted: 19 Apr 2021 09:21 AM PDT I'm looking into selling real estate part-time for some extra money. I know the upfront costs for getting a real estate license aren't to expensive, currently I'm debating if it will be worth it in the long run. How long did it take for you to begin selling consistently and what should I know (both pros and cons) about being a realtor before I get into it? [link] [comments] |
| Average Cost for Improvements? Posted: 19 Apr 2021 09:09 AM PDT Hi everyone, As we look for houses in this market, I'm trying to look into the potential costs to upgrade certain features. For example if the only one thing we don't like about a house is the master bathroom, then we could consider it if the costs to upgrade it makes sense. Is there anywhere I can look online to find averages for some of this work? A common one I am coming across is to remove a standard tub (with shower head) in a master bath and replace with a bigger tub. Thank you! [link] [comments] |
| Can't get a lien release... not sure what to do. Posted: 19 Apr 2021 09:00 AM PDT We're selling our home and, in the process, found out that there's a lien on it from Wells Fargo. They were our original lender, and then the mortgage was sold to another company. The title still shows WF as having a lien on the property from the original purchase (it was an FHA loan if that matters). The title company says no one at WF can help them and passed it back to me to deal with. I called WF and they said it should be on file with the county. I called the county and they said they have no record of it. I called WF back and they don't even have a record of our loan, a lien, or anything under my or my husband's name of SSN. I called the other lender who the loan was transferred to and they're sympathetic, but say there's nothing they can do. So... any advice? [link] [comments] |
| Which realtor should I go with for my next rental property? Posted: 19 Apr 2021 08:54 AM PDT Realtor A: Pros: - used him for my first rental property - no regrets as home prices have gone crazy since buying - great and honest guy, really care about clients, we vibed really well - referred me to an amazing property manager - very personalized (Facetimes me to view every property) Cons: - super conservative on market (his estimates of sold prices were way off) - not an investor himself Realtor B: Pros: - widely known and pretty decent social media presence (many successful investors used him and scaled really quickly) - avid investor (scaled to 30 units in 2 years) - wide range of network - more knowledgeable on markets and investing Cons: - way too many clients -records a video tour and sends it to a drive and sends link to clients - if I go with this realtor and still use my current property manager, Realtor A will for sure find out and i don't want to burn bridges [link] [comments] |
| Seller taking his time, and it’s frustrating Posted: 19 Apr 2021 08:44 AM PDT Gonna try to make this brief. After a long unsuccessful search in the market i approached my mother's landlord. I grew up in that same house, so as we aren't best buds, we have a solid tenant landlord relationship (even though I've since moved out). I asked him in October if he'd be interested in selling to me. I told him how much I was thinking about offering and he said he needed to double check the market and decide if he even wanted to sell. He thought on it, and after about 2-4 weeks he agreed, but said he first wanted to get some things fixed around the house, then he'd get it appraised himself and get back to me with a price. Fast forward to April, he's JUST getting finished with his patch ups and fixes. He didn't reach out at all during the 5-6 month waiting period. I checked in on him every now and again, and even started looking with my realtor at other properties again because he didn't seem serious. The issues he was fixing didn't warrant a 5-6 month process. He finally gets back to me, we discuss price. He and my realtor say the market value on the home is 280k-320k. I tell him the most I can do is 250k. He said "let me think on it, and I'll get back to you". That's fair. So he gets back to me on April 10th. He said he can agree to 250k. He then asks me what exactly the steps are to the entire home buying/selling process. Idk the exact steps, this is my first home buying experience. I did research and have some knowledge but I can't lay out the step by step process. I gave him the little info I knew and he said he'd look into himself. After the convo I reach out to my lender to get re-preapproved because it had been so long. I get the pre-approval letter at the end of the week. I call the landlord April 16th to work out the details: Who is gonna pay the realtor, transfer tax, and let him know our options when it comes to the realtor and paying for her. I told him after speaking with my realtor, she said her commission was 6% but would do 3% because of our relationship and typically the seller pays for the realtor and half of the transfer tax. He sounded a bit unsure when I told him the seller traditionally pays for the realtor and half of transfer tax. He tells me he still hasn't researched what the process is and isn't ready to talk. I offered to have my realtor call to discuss with him and he declined. It's now been 9 days since he agreed to 250k, and we haven't gotten any further to signing anything. what is the hold up? I'm getting frustrated. Idky I posted this. Maybe to vent and see if anyone has dealt with this before. If nothing else, happy I got this off my chest. [link] [comments] |
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