Should we sell in current sellers market and rent while waiting for buyers market to buy? Real Estate |
- Should we sell in current sellers market and rent while waiting for buyers market to buy?
- Do you have an item on your wish list that is a deal breaker for you but that others think is trivial?
- No offers after 4 months what to do?!
- Why hasn't COVID crashed the Real Estate market?
- Buying a home in Sinkhole Alley(FL).
- Does anyone else find it dark that people cheer on a housing market crash?
- Real estate Iowa
- Post-Sale: Buy High or Wait&Rent (Southern CA)
- Bad Roof Inspection
- Where to get true mortgage rate to compare against offers frombrokers?
- Legal fees in bidding war?
- Is the cost of construction linearly related to the value of a house?
- Opt for lower interest rate + higher closing cost?
- Higher hoa/lower property tax or lower hoa/high property tax
- Made an app that addresses the inventory crunch. Feedback welcome.
- Buying a home in a new city, what can I do do improve my chances of buying a home when my and my wife's jobs are easily transferable, but not yet secured in the new city?
- Nail holes - fix or leave when selling?
- Any advice re: building your own home?
- clueless buyer here pls help and be kind :)
- How To Buy A Multi Unit Property W/ Multiple People
- Opinions on buying home and taking over lease
- Refinancing w/ a First-Time Home Buyer Loan...is it worth it?
- Appraisals with lenders
- Post inspection credit negotiations, only 50% of asking?
| Should we sell in current sellers market and rent while waiting for buyers market to buy? Posted: 27 Feb 2021 09:34 PM PST We are in SoCal and have been wanting to buy a bigger home to start a family but are hesitant to jump in the market now with all the bidding wars and waiving of contingencies and what not. We don't hate our current house and could just stay here until we start having kids, but are wondering if we should just sell now to lock in the price gains and rent a bigger place for a year or two before buying again, hopefully when the market isn't as hot. I know we can't time the market and selling now means incurring all the closing costs to eat into profit chasing, so we're leaning towards staying put. Would appreciate any insights or angles we may not thinking of! [link] [comments]  |
| Posted: 27 Feb 2021 08:45 AM PST Mine is that the house has to have its own mailbox in front. So many newer communities in my area have cluster mailboxes that are located in one spot, apartment style, sometimes blocks away. I didn't even realize this was so common until I started looking at houses that I loved that didn't have a mailbox out front. My husband doesn't think this is a big deal, but this is going to be our forever home, so I couldn't imagine not being able to just run out and get my mail when I want to. Edit: in the Houston area [link] [comments]  |
| No offers after 4 months what to do?! Posted: 27 Feb 2021 09:09 PM PST Bought the house in 2018 for 189k. It was built in 1915ish, 1100 sq ft and marketed as a 3b/1.5ba home with a back deck. Interior is very updated with a lot of natural light. Some downsides are street parking only (quiet street, never had problems), and it's old with previous foundation repairs and an area that's settled (engineer recently came out to inspect. Suggested some repairs to help stabilize the structure but not immediately needed). It's also more like a 2.5 bed/1.5 bath as the 3rd bedroom is a big office but too small as a room for an adult. Taxes are also higher since it's in the city. Other than that it's pretty turn key move in ready or rental ready. On the market for 4 months now because I have to relocate soon and realized that homeownership really isn't for me anyway. Started at 225k but since have come down to 199k. Haven't gotten any offers after 60 showings, nor too much constructive feedback besides what I've mentioned above. It's already priced the lowest in the area. Is it smart to do another price drop? Need a new realtor?? Repairs?? PM for listing, could sure use a set of eyes and ideas!! [link] [comments]  |
| Why hasn't COVID crashed the Real Estate market? Posted: 27 Feb 2021 12:36 PM PST My family has been thinking about renting out our home and buying a second home close to our work in Louisville, KY. We thought the fallout of COVID would depress house prices. Boy were we wrong! But I'm not sure why. My logic was that many people/business owners would be financially stressed by the pandemic and there would be many foreclosures due to it. That does not seem to have panned out so far, nor does it seem to be looming on the horizon? FWIW I'm looking at solidly middle-class homes in the suburbs in the $350-450k range (4BR,2BA). We're flexible in our timetable since we are not selling our home, but I've begun to think we shouldn't bother with it. FWIW we are looking for the next 10 years or so and then potentially moving back to our first home. We're planning to cash out equity in this home to pay for the down payment on the 2nd. [link] [comments]  |
| Buying a home in Sinkhole Alley(FL). Posted: 27 Feb 2021 12:46 PM PST My GF is intent on buying a home in the Spring Hill, FL area. While I initially fought against it as my commute to USF would be two hours a day for classes, I gave in. Recently, I started looking into the sinkhole issues. Found the Hernando County GIS map. Thousands of sinkholes in Spring Hill alone. There are literally entire neighborhoods with sinkholes at every single parcel. Shes out there today looking at homes. The first property she looked at, sinkhole at the neighbor behind and across the street. They are considered "Stabilization complete" but since the county no longer shows whether it was placed on stilts or actually fixed right with grout, we have no clue. Plus, all these homes are overpriced due to current market conditions. $210k for a 3br, 2 bath @ 1400sqft. The agent was forthcoming and acknowledged the sinkholes before she could, which is nice but in my opinion, that house is worth nowhere near $210k. My natural thinking is we shouldn't buy anything within a mile of a sinkhole. What would be your opinion? Am I overreacting? I've read that sinkholes immediately remove 35% of your homes value, fixed or not. Not only is our safety on the line but our financial safety is also in jeopardy. I just need some opinions. My solution was to buy south of Riverview. The state maps show a considerably smaller amount of sinkhole issues due to the ground being much thicker. Edit: We are getting married in 2 months. Maybe should have said fiancé and that would have helped that? We had a conversation when she returned today and mutually decided to stay in Pinellas County. Thanks. [link] [comments]  |
| Does anyone else find it dark that people cheer on a housing market crash? Posted: 28 Feb 2021 02:28 AM PST I logically get that we want prices to go down, to increase our chances of being able to afford a house, but it ignores the fact that a "crash" happening likely would mean some bad preconditions for everyone and pretty shitty consequences for some current homeowners. Instead of praying for a crash, can we collectively pray for a slowing down or dip? I just don't to want to see people thrown out of their homes in mass, so I can have my dream come true. But I'd love to see an increase in the of houses being built or people being interested in living in city rentals again. [link] [comments]  |
| Posted: 28 Feb 2021 04:05 AM PST Been thinking about buying my very first investment property in Iowa. Can someone who knows the market in that area enlighten me a bit more on this topic? [link] [comments]  |
| Post-Sale: Buy High or Wait&Rent (Southern CA) Posted: 27 Feb 2021 05:53 PM PST Hello! Seeking advice here. Situation: Pro - Able to sell home through employer relocation with significant equity to gain and no closing costs to pay. Con - purchasing a new home of similar size with decent school districts in Southern California will be high prices and very competitive, even with 20% down. Question: Should renting be considered to see if the market cools and competition dwindles? Risks being considered are that interests rates increase, competition remains strong, prices and demand increase more and lost tax benefits of home ownership while renting. Thanks! [link] [comments]  |
| Posted: 27 Feb 2021 09:18 PM PST Hey guys, I'm a first time homebuyer and I was lucky enough to get an offer accepted and I was super excited about it until we got the roof inspection report back. Now I did not waive the inspection contingency and after the roofing company did their inspection they determined that the roof had been improperly installed and needed to be completely replaced. I'm wondering how I should proceed in negotiations because obviously I'm not going to pay what I offered when I need to get a whole new roof. I've been reading that I don't want to have them fix it because they might cheap out and do a crappy job to save cash. Is there truth to this? What options do I have here, and on top of that are there any other major red flags I should look for on my final inspection day that scream back out of the deal. Edit: I'm in CA where we do a separate roof and sewage inspection, along with the general inspection. My general inspection is on Tuesday where I find out about the rest. [link] [comments]  |
| Where to get true mortgage rate to compare against offers frombrokers? Posted: 27 Feb 2021 09:15 PM PST Hi everyone, what source does this sub rely on when they compare rates. I got 2 offers for 590k loan after 20% down at 2.875 and 3.125 to 3.25. It makes a big difference at high loan, so where do we get reliable numbers that we can throw back at the broker who quotes higher, or do we just keep calling and asking different banks for rates? [link] [comments]  |
| Posted: 28 Feb 2021 02:40 AM PST I made an offer on a co-op apartment in New York City. Perhaps a mistake, but I have not been working with a buyers broker so the sellers agent is acting as a dual agent. After some offers/counters and jumping through a ton of hoops, the seller accepted my offer and his lawyer sent a deal sheet to my lawyer, who charges a flat fee of $4,000 for home purchases. My lawyer starts working on due diligence, the deal sheet and a rider. A couple of days later the broker calls me to say that the seller has received another offer and is "un-accepting" mine. We hadn't signed the contract yet. I'm fortunate to be financially secure enough to even be thinking of purchasing an apartment in NYC, but $4,000 is a lot of money. It's 2 months of rent or 2 months of childcare. I feel like a chump for so carefully saving for years and blowing this much with nothing to show. For what it's worth, I could increase my offer (thanks to the ridiculously low interest rates) but I don't think the property is worth it. I don't even know if the seller will accept a higher offer from me as I got the impression that the other buyer looked better on paper. Is there anything I can / should do in this situation? PS. everything I've read online about how to win a bidding war doesn't discuss the cost of ending up participating in one. [link] [comments]  |
| Is the cost of construction linearly related to the value of a house? Posted: 28 Feb 2021 02:24 AM PST The prices of homes are high right now, are also the prices of construction materials? Thank you [link] [comments]  |
| Opt for lower interest rate + higher closing cost? Posted: 27 Feb 2021 08:20 PM PST Hey everyone I currently have a mortgage at a 30 year fixed term at 4.125% with $281,272 left. I'm looking to refinance and I'm looking at 2 options:
Because of the cost savings at 10 years I'm leaning towards option 1 with the 30 year fixed rate term at 2.625%. I've heard from others that it's better to take a higher interest rate with $0 in closing costs but looking at the cost savings 10 years down the line it looks like I would come out ahead if I opted for the lower interest rate but higher closing costs. Wanted to get some input from everyone here thanks! [link] [comments]  |
| Higher hoa/lower property tax or lower hoa/high property tax Posted: 28 Feb 2021 12:12 AM PST Ideally you would choose neither and if you must choose one of the two. I understand none but if you had to choose one. What would you choose? Buy mortgage for single family loan and assuming everything else is similiar. Both are great locations and similiar SF but major difference below A. House with higher property tax than B but lower HOA than B B. Higher HOA (900 dollars more annually than A) than A but lower property tax than B (900-1200 dollars less than A). Annually the difference in total cost between A and B are similiar and dont save much if choosing one over the other. A or B? [link] [comments]  |
| Made an app that addresses the inventory crunch. Feedback welcome. Posted: 27 Feb 2021 11:48 PM PST Made an app that lets you send offers directly to home owners without a real estate agent. Straight buyer to home owner. Fill out the offer form: address, price, attach your prequal and such, hit submit and off it goes. Would love feedback. The app needs some more tweaking that I'm working on now. [Lowkey Offers](www.lowkeyoffers.com) http://www.lowkeyoffers.com Would anyone use such a service? TIA! [link] [comments]  |
| Posted: 27 Feb 2021 04:08 PM PST My wife and I are looking at homes in the area where I grew up. We're pretty familiar with it and know we want to live there. We've considered moving there to rent, but rental prices are no less than 2x what a mortgage is there and no less than a year commitment on a rental, and there are very few rentals available. We've decided to try to buy since our current lease is up at the end of April, and we do have a temporary place to stay in the area while we work out details if need be. I'm a nurse, and my wife is a banker for a very well-known bank that's has locations all over the US. I'm considered an independent contractor through my job, and I can start working in a new city in as little as a couple of days since all my branches are connected. My wife has to apply for a transfer, or new position with her bank, or she'll need to apply for a job at a new bank. I'm worried about being granted a loan with us currently having jobs where we live, and not in the area we want to move to. Is that ease of job transfer something that the underwriter will take into consideration, or do we absolutely have to have jobs secured and ready (or already working at them) in order to qualify? Is there anything we can do to prove that we will have an income shortly after moving, potentially before? I should mention that we both have 6+ years of work history in our fields individually. We have other arrangements that can be made in order to live in that area, like borrowing a 5th wheel camper from a family member and living out of that for a short time. It's just that we'd really like to avoid that if we can. Any advice is welcome. [link] [comments]  |
| Nail holes - fix or leave when selling? Posted: 27 Feb 2021 07:20 PM PST This is our first time selling our home and I'm not sure what's standard practice regarding holes in the walls 😅 Do you leave them or do you spackle and fix up like you do before leaving a rental? [link] [comments]  |
| Any advice re: building your own home? Posted: 27 Feb 2021 10:28 AM PST My in-laws have given a parcel of land to my wife and I (Vancouver WA area) and we're trying to weigh our options in terms of building a home. Permits appear to be straightforward, for now at least. Has anyone gone through this process? Is it best to go with a company to handle everything, or try to be your own general contractor? (I'm not handy, at all.) We currently own a home and have about $160k in equity, should we go with a bridge loan (or whatever the precise mechanism would be) or try to sell the house first and rent somewhere for a year while the new house is built? Any other advice would be greatly appreciated. [link] [comments]  |
| clueless buyer here pls help and be kind :) Posted: 27 Feb 2021 10:41 PM PST Hi!! I'm struggling to find something affordable in this current sellers market in Richmond, VA. Can any of you real estate buffs help me out? Houses in RVA are generally affordable but are now selling for $300's in areas that should be mid $250's. I'm not getting much help from the real estate agent so I guess my question is— do you see the market turning anytime soon?? Like January 2022 will it become a buyers market orrrrr should I just hope and pray something comes my way. Extra: there is this new build that's $360k, been on Zillow for more than 3 months... yall think they'll come down to $260 LOLOLOLOLOL [link] [comments]  |
| How To Buy A Multi Unit Property W/ Multiple People Posted: 27 Feb 2021 10:22 PM PST Hello sorry if this has been asked before. I live in So Cal and I'm thinking of buying and living in a multi unit property with another couple. We'd each get our own unit and, depending if there's more units, renting the remaining units out and splitting the profit. What's the best way to do this? We'd be first time home owners. would have around 100k down. Price wise, this seams like our only option to get a decent place in this crazy market. [link] [comments]  |
| Opinions on buying home and taking over lease Posted: 27 Feb 2021 06:30 PM PST My wife and I are considering purchasing a home that would require us to take over the lease of the current renters and then we would move in within 6 months. Has anyone out there done this, have feelings or opinions on it? It's a great property and checks the boxes for us to be willing to do it. How would you handle it? What options do we have, if any, to reduce to time for the current lease to end? [link] [comments]  |
| Refinancing w/ a First-Time Home Buyer Loan...is it worth it? Posted: 27 Feb 2021 04:12 PM PST I believe that if I refinance our home, we would have to "pay" the first time homeowners grant back. It's something like $7k for 15yrs (starts to go down at year 10). Here's some info: Loan: 189,1k Rate: 4.75% Term: 30yr Type: Conventional Year purchased: 2017 First time homeowners grant: $5.6k (180mo loan) Monthly: $1475 with PMI, Escrow; $987 principal & interest Location: Charlotte Area, NC I've briefly looked into refinancing already with couple of companies but backed out because I have no clue if it's worth going through. I know I can very likely get a rate under 3.75% but wanted to know if anyone else has done this before? [link] [comments]  |
| Posted: 27 Feb 2021 06:16 PM PST I have recently been Preapproved for a mortgage and have some questions refuseding how the apprasial factors into buying. Let's say I find a house for 250k, get an offer accepted for 240k and submit to my lender. Part of the process will be the house getting a proper appraisal. How close does the property have to be to the proper appraisal value? If it appraises at 220k, or 200k would that likely shut the whole deal down? Does it have to be within a certain percentage of the loan amount or how exactly picky are lenders when it comes to appraisals on accepted offers? [link] [comments]  |
| Post inspection credit negotiations, only 50% of asking? Posted: 27 Feb 2021 10:00 PM PST We placed an offer on a home and inspections came back with recommendations totaling $50K (major sewer problems, needs new roof, plumbing issues, list goes on). This is an older home but is in highly desirable area of SF so we are paying in the seven figures for this home. Seller is only willing to credit half of what we asked for. We've already spent $1K+ in inspection fees and relatively could see ourselves live here for 10+ years. Don't really want to start over again and see inspection fees go to waste. Advise? Is this a bad deal or we can't expect seller to agree to full amount asked? Thank you [link] [comments]  |
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