Real Estate: Former HUD Secretary thinks the median sale price of a Brooklyn home is 100K |
- Former HUD Secretary thinks the median sale price of a Brooklyn home is 100K
- Just bought my first house!
- “Wait Until Next Year”
- Rant: why do people post photos of their home looking like garbage!?
- [RANT] I actually answered a cold call from a realtor, and this is what happened (Highly sought after neighborhood in Austin, TX)
- Anything renters can do about aggressive realtors showing up at our home, sending letters and calling? It's starting to feel like harassment.
- Do I tell me agent that our next door neighbours don't like us?
- Do sellers ever actually walk when asked for an extension during escrow?
- Can Listing Agents and Buyer Agents help each other “under the table?”
- How rare is it in this market to buy a house in late December 2020 for $150K that can now easily be sold for over $250K in just 15 weeks?
- Need advice on getting out of a 50/50 ownership with a brother
- Bank screwed up our wire transfer for closing costs.
- Seller question: should we consider a pre-market offer on our home?
- Buyers, what’s your appraisal experience under the current market?
- Avoid home insurance with fdic disclosures?
- Repairs and nervousness regarding selling
- Pickens are slim
- Is it crazy to want to buy a rental property if I am renting my self (US)?
- We're in escrow!
- Builder not able to purchase lots due to "lis pendens"
- Would you share the appraisal results with the seller?
- Shakedown for First months rent
- Any tips on getting responses to inquiries on rental properties? First time renter
- How long does it take after the inspection for the buyer to get back to me?
- Advice on choosing first home?
| Former HUD Secretary thinks the median sale price of a Brooklyn home is 100K Posted: 11 May 2021 08:04 AM PDT
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| Posted: 10 May 2021 10:08 PM PDT After months of losing offers, I finally won a bid. Paperwork is all set. Money is in the bank. Waiting to close. I'm so excited I can't sleep. Just had to share somewhere. If you're struggling out there, just know that it can and will happen. Good luck to you. [link] [comments] |
| Posted: 11 May 2021 03:02 AM PDT Why do older generation aka parents always say "wait until next year, things will cool down"? Or "wait until next year, everything is over priced". This is not a rant or anything, more so a discussion. Looking at historical data, the average value of a house has been rising since the 1950s. An upward trend until the peak just because the crash of 2008. An upward trend meaning, overall positive. There may have been small decreases if you compare year to year but this looks to be at a micro level and not a macro level. So all in all, if a house has been appreciating for the past 50 years, where does the logic come into play that things will drop drastically in price in one year? —Edit— Another thing that I realized is a lot of parents went through the crash of 2008. Maybe this is why they believe such a depreciation will happen? [link] [comments] |
| Rant: why do people post photos of their home looking like garbage!? Posted: 11 May 2021 06:57 AM PDT I have seen many people list their homes and they look cluttered and unkempt on the inside. And then they have the audacity to ask top dollar for said home! If you are too lazy to hide your clutter and present your home well in photos, then you have no business expecting people to pay a premium for your shitty looking house. I just don't get it. Ok end of rant. [link] [comments] |
| Posted: 11 May 2021 07:06 AM PDT I apologize ahead of time as this is a rant, and this SR seems to downvote just about anything. I have a property in Crestview. This is in Austin, TX. I've been living here since 2013. I'm a fairly high earner, and I have a home in Colorado that I go to every summer. I've actually been thinking about selling this place and moving to CO for a while now. My property is an Airbnb so I could just shut that down and prep it for myself, etc. No biggie. The place has also appreciated wildly. I've also put quite a bit of work into this property. I've had a detached garage with an ADU built (750 sqft ADU) that I have been able to keep pretty occupied until COVID with Airbnb guests. The finishes on my house are all fairly new / modern. I even overhauled the electric / plumbing when I moved in. All my work is permitted with the city, too! The house isn't huge. It's a 1500 sqft home. I guess you could call the property 2250 with the ADU. Well anyways, I've been thinking of selling anyways and was about to start talking to realtors in June. I got a call from one, and figured maybe I can just cut out the middle-man and save some time by engaging with someone who's already interested in my property, when it's not even on the market. Here's how that call went: *exchange emails* I go look at the offer. $495,000. Oh, and they still want me to pay a 6% commission when I'm not even represented by a realtor. For a remodeled home with an ADU in Crestview, in Austin, TX. For those of you not familiar with the area.. Crestview is a very desirable neighborhood, just shy of 10 minutes from Downtown, with a train station walking distance, bus stops nearby, amazing bars (including a board-gaming bar called Vigilante that's awesome), and amazing food. It's walking distance from great sushi, ramen, burgers, beer, and a few nice bars. It's 7 minutes from UT Austin. Basically, it's a good place to own property right now. Tear-downs are selling for $650k in my neighborhood. (If you don't believe me then just go pop up Zillow or Redfin in Crestview / Highland, Austin) I guess I'll end with this. I totally get that I don't have to accept this offer. Nobody gets hurt by making an offer. However, I'd assume when my home isn't even for sale, in a sellers marker, that the offer would at least be in the same fucking universe as what houses go for in Austin, TX. Realtors. If your client wants you to push an insultingly low offer, just know that it may rub the seller the wrong way and reflect poorly on you, as well. I'm understanding of the relationship a realtor has with their client, and that your hand is tied in some cases, but this just seemed stupid. [link] [comments] |
| Posted: 10 May 2021 01:16 PM PDT We rent a home. We have around six months left on the lease of a home we've been renting for 3.5 years. Until last summer, we would get letters every now and then from realtors that wanted to let our landlord know they wanted to help him sell the house we live in. No big deal. However, like most areas of the country at the moment, ours has a big shortage of homes available for sale. In the last few months, agents from various real estate agencies in our area have really ramped up their efforts to get our landlord to sell the property. They send letters with pictures of our house (to include our vehicles in the driveway.) They stand in the street and discuss the property at length. They park their vehicles with company logos in front of the house and take pictures. I've even had them knock on the door to ask how long is left on my lease because a neighbor told them the house was a rental (after she pretended she thought I was the owner and then let it slip about the conversation with the neighbor.) Our landlord lives overseas. Our dealings with him are all through a property manager who is also a realtor. I asked her recently if she thought he was going to sell and she said he has expressed no interest in selling and that she anticipated that if we wanted to continue renting, he'd have no problem renewing the lease. I told her about the increasing activity and she just kind of waved it off and mentioned the crazy market. She did say that as long as they weren't on the property, there's not much I could do. This is all very frustrating. I just want to sit in my home without looking out of the window to see someone taking pictures, or bring in my groceries and go check my mail without dodging the real estate feeding frenzy. It sounds crazy but all of this is giving ME anxiety about the housing market even though I have no intentions of trying to buy or find another place to rent right now. It's honestly making me feel paranoid that he's maybe going to sell the house even though he hasn't said anything and I will have to scramble to find somewhere comparable to live. If I hear my kids say, "Mom! Someone's taking pictures of the house again," I'm going to lose it. [link] [comments] |
| Do I tell me agent that our next door neighbours don't like us? Posted: 11 May 2021 09:00 AM PDT We are looking to buy and sell. We are currently interviewing agents. The next door neighbours on both sides have never liked us. When we try to tend to our yard buy they watch us and accost us whenever they get a chance. I'm a believer of tall fences make great neighbours. Do I tell the agent that we sign with about it? I don't want to advertise this house until we find a house and are ready to move out. They are very nosey and gossip with one another. Is this something my agent know? [link] [comments] |
| Do sellers ever actually walk when asked for an extension during escrow? Posted: 11 May 2021 07:42 AM PDT We're in escrow right now and supposed to close 5/20. That's definitely not going to happen and we're going to need an extension. Most likely 7-10 days. Our bank is moving super slow and our appraisal was done on 5/1 but still have not had the report sent to us. Do sellers ever walk when asked for extensions or do they usually fuss and grant them? How common are extensions in this crazy market? [link] [comments] |
| Can Listing Agents and Buyer Agents help each other “under the table?” Posted: 11 May 2021 06:44 AM PDT Not sure how else to phrase the "under the table" part. But I'll explain... I had heard that agents work together to help their clients out and will even trash other better offers that come from other buyers. I never thought that to be true. But after loosing 4 crazy high bids this month (2 of those were all-cash offers), and then getting bogus reasons why from the listing agents, I was beginning to wonder.... My mother attended an open house for me over the weekend (I'm buying from out of town to move closer to her). She signed the guest book. That house sold quickly that very day. But the listing agent calls my mother and asks what we were looking for. (So clearly, open houses are only for the agent to get more prospect clients I see) She tells my mother that she works with a team and they will pass houses between each other and can sell a house without it ever going to market. Never letting anyone else place offers. And so now that brings me back to the possibility of what I heard. I'm starting to believe that agents rub elbows together to help each other out, and so likely my offers aren't even shown to the seller to begin with. Does this really happen? Has all my work been for nothing? [link] [comments] |
| Posted: 11 May 2021 08:15 AM PDT A 60% increase in real salable value in just the last 15 weeks. Is this a common thing happening now in this market or was it just dumb luck for this home owner when he bought it (cash) last December? Home owner has no intention to sell while offers are still being made. The house is in excellent condition on a beautiful lot in a great suburban neighborhood in north east Ohio. [link] [comments] |
| Need advice on getting out of a 50/50 ownership with a brother Posted: 11 May 2021 10:12 AM PDT My father passed away years ago and my brother and I inherited his property. We still owe mortgage on the house but we own the majority. Rough estimates: 800k house - 200k left on mortgage = 300k brother 300k me. My brother wants to buy me out of my portion as I'm tired of having a property across the country from me and I don't want to be tied to his decisions on the house. He also doesn't want to sell as renting it is his main form of income now...issue is (skipping long story) my brother doesn't have recent work history and is on disability so very unlikely will he be able to get a loan to buy me out of such a large portion. Is there any other alternative besides waiting for my brother to get healthy in order to get a job and prove he can get a loan to buy me out? [link] [comments] |
| Bank screwed up our wire transfer for closing costs. Posted: 11 May 2021 10:00 AM PDT Life Pro Tip: Go into a physical bank to do your do the wire transfer for your closing costs. Today, we were supposed to close on our townhome. We get to the closing attorney's office and gave them paperwork with proof of the wire transfer. We get a few signatures in and an office clerk ran in saying we had the wrong kind of wire transfer. Turns out my husband requested a domestic wire transfer online and Bank of America sent them an ACH instead. We called and the customer service line confirmed that we didn't request the wrong thing. So, Bank of America is the reason we're not closing on our house today. Luckily, the seller was okay delaying closing to Thursday, our interest rate is locked until June 1st and we weren't planning on moving until July anyway to give us time for needed repairs. But holy shit. I am so angry. [link] [comments] |
| Seller question: should we consider a pre-market offer on our home? Posted: 11 May 2021 07:13 AM PDT We live in rural Northern Virginia (Frederick county) in a gated lake community. 5 bed, 2 bath home with finished basement, updated kitchen and bathrooms, large yard. We contacted a realtor a few months ago to ask what she'd suggest we focus on to get ready to sell our home in the fall/winter. (My parents plan to move internationally within the year and we will buy their home). Last week the realtor contacted us saying she had a family who is very interested in making an offer on our home. They are desperate because their home already sold so they would let us "rent back" for FREE until September. We would move in with my parents. The realtor suggested we ask $285k. We paid $235k 4 years ago. We thought that was great and agreed to list as an office listing (not on MLS) with 5% commission so this family can walk through Friday and give us an offer. No harm right? Now that I'm reading more about the current market, I wonder if this scenario is smart on our part. Would really appreciate your input on pros/cons of going this route vs listing on open market. For additional info, there is not a single home for sale in our neighborhood currently. And in the surrounding area, almost available under $350k. But considering recent sales, our asking price of $285k seems reasonable to me. [link] [comments] |
| Buyers, what’s your appraisal experience under the current market? Posted: 11 May 2021 12:38 AM PDT In my state (MD/DC/VA), hot homes we've seen in our price range (1m - 1.5m) are almost always sold 10-15% above listing in three days. The market is completely nuts. Since we are waiving all contingencies, we are worried that we have to pay a lot out of pocket if appraisal is under sales price. Can you share with us your appraisal experience under this unprecedented market? Is it within a reasonable range of the price you offered, much higher, or a lot lower? [link] [comments] |
| Avoid home insurance with fdic disclosures? Posted: 11 May 2021 08:44 AM PDT My lenders home insurance (Towne Insurance) company has multiple disclosures that they are NOT FDIC insured. I know the policy will not be considered to be a deposit but i don't see this type of disclosure with other insurance companies… So i dont know how to tell if i should still switch with liberty/travelers or to stick with towne insurance. After a while they all look the same 🤷🏾♀️🙆🏾♀️ Help. 😩 Please be nice 😇😇 [link] [comments] |
| Repairs and nervousness regarding selling Posted: 11 May 2021 03:26 AM PDT Hello all, So my partner and I are separating which means we are going to sell our home. We haven't reached out to a realtor yet, but honestly I'm nervous to. Our house is older and is nice in parts, but I'm worried with all the little repairs that it needs, I won't be able to sell it. For instance...
I guess what I'm asking is if it's even worth reaching out to a realtor with all the issues this house has. I do have about 40k worth of equity in the house, but I just don't see me walking away with much or even being able to sell it at all. Maybe I'm being pessimistic though. Thanks for your help [link] [comments] |
| Posted: 11 May 2021 06:12 AM PDT Am I too picky? I'm not really finding anything in my budget that I like and there is not a lot to choose from. My apartment lease ends in September (I can go month to month if need be). I feel like I'm running out of time and need to get something soon. But I don't want to have buyers remorse when it comes to such a large purchase? [link] [comments] |
| Is it crazy to want to buy a rental property if I am renting my self (US)? Posted: 11 May 2021 08:09 AM PDT I live in a HCOL area in the US and don't see myself being able to afford a home anytime soon. I also believe that my wife and I will be here for the next few years due to family, work, etc. What do people think about buy a multi family rental property in a LCOL area as a starting point while I continue to rent in a HCOL area? I'm thinking a 3-4 unit property in the rust belt area. [link] [comments] |
| Posted: 10 May 2021 02:47 PM PDT OMG! I didn't think that this day would ever come!! We did it! We found a needle in the haystack! We live in Portland, OR where the housing market is insane (much like everywhere else). We must have seen 10 houses this weekend, alone, and almost took this one off our list because it was going to be at the top of our budget and we wouldn't have been able to compete if others offered on it. Thank goodness we didn't. We knew as soon as we walked in, it was meant for us. We put an offer in that night and by the next day, we got confirmation. Now we are scheduling inspections and in escrow. The best part is we didn't offer a ridiculous amount over the asking price! We wrote a compelling love letter to the sellers and had a strong offer with good terms. I am here telling you it will happen for y'all. Keep it up and keep going. We are in our mid 30's, both with good salaried jobs, and have a good amount saved up for down payment + closing costs (3.5% for an FHA loan). We aren't broke by any means, but searching in this market sure made us feel that way. You don't have to offer an arm and leg to get a place, and if you do- maybe it's not worth it or meant to be. [link] [comments] |
| Builder not able to purchase lots due to "lis pendens" Posted: 10 May 2021 05:51 PM PDT First time home buyer here. After several failed attempts to buy a home in the last 9 months, I gave up and signed up for a new home construction. I paid the earnest money deposit, paid 50% of the design center upgrades and was eagerly waiting for the construction to start. I got an update today from the builder that they are unable to purchase the lots from the developer as there is a "lis pendens". I am not a lawyer but what I understand is that another builder has filed a lawsuit against the land developer and the developer is now unable to sell lots to any builder. I do not understand how my builder ended up in this situation. How did my builder "sell" the lot to me by entering into a contract with me? Is this how new home construction works? Do builders sell lots in advance which they do not even own? Builder says that this issue will delay the construction by several weeks, but I have my doubts.
This is in North Central Texas. I am really frustrated with all this home buying experience and I know I cannot do much now as the contract I signed is all builder friendly. [link] [comments] |
| Would you share the appraisal results with the seller? Posted: 10 May 2021 09:08 PM PDT I know I bought my condo for very cheap, and my condo appraised 5k over the price that we agreed on (and that was a very low appraisal). I just got word through my realtor that the seller wants to know the results of the appraisal. Would you tell the seller? [link] [comments] |
| Shakedown for First months rent Posted: 11 May 2021 10:22 AM PDT Recently me and some roommates signed a lease specifying rent to be collected on the first of each month. We are moving in halfway through June, so the first month should be $1500. The broker is demanding $3000 now for first months rent even though it's only May 11th and we won't be moving in until June 15. This seems like a complete shakedown as it's not mentioned in the contract anywhere. What's the best course of action here? Most of us have planned expenses and we're not anticipating paying until at least June 15 and even then we expected to pay $1500. Really just seems like they want their commission. [link] [comments] |
| Any tips on getting responses to inquiries on rental properties? First time renter Posted: 11 May 2021 10:20 AM PDT My boyfriend and I have been looking for a place to rent for 3 weeks non stop. There aren't many places available in our area and the places that are available never respond back to us. We have only gotten two responses back so far, and one of those was to tell us the place was no longer available. I have been reaching out through Zillow, trulia, apartments.com, realtor.com and other similar sites. I always write a custom message and reach out directly to whatever phone number is written in the description. What am I doing wrong? I am a first time renter [link] [comments] |
| How long does it take after the inspection for the buyer to get back to me? Posted: 11 May 2021 10:15 AM PDT Hey guys, buyers completed inspection four days ago on Friday and still we haven't heard from them. Is this normal? Asking for everyone's experience on this since I'm new. Thank you! [link] [comments] |
| Advice on choosing first home? Posted: 11 May 2021 04:14 AM PDT I am looking at purchasing a first home (apartment/condo), and I am looking for books or resources to look at that would help me narrow down what I am looking for. I don't know which factors to consider. I am looking in a large city, with a large suburban area, as well, and while I know it well, I feel confused about how to choose neighborhoods, age of building, how to judge build quality (is it a crapshoot condo or something that will turn into a century-old apartment?), and more. I would be living here, but I would also want good resale value, something that at least keeps up with inflation if not more, after all expenses. Are there any books you've personally read or websites you'd recommend? [link] [comments] |
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This collection of real estate stories provides such a raw and honest look into the current housing market challenges. It really highlights how crucial professional presentation and a high-quality photo editing service are for sellers who want to stand out and avoid those common listing pitfalls.
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