RedFin Update: The market is gradually losing steam Real Estate |
- RedFin Update: The market is gradually losing steam
- Well. The sellers left cremains behind.
- Someone convince me that HOAs are not evil
- Market is killing me
- Ryan Homes - good or garbage?
- Lost the house 4 days before closing
- Craziest reason you’ve ever heard for selling a house?
- how to get rid of tenants who wouldn't leave even after the contract has ended?
- Would you buy a house with a big tree nearby?
- I just wasted the last 16 hours of my life.
- What’s the oldest house you would consider buying?
- Missed earnest money deadline?
- Miami Building collapse owners fate?
- Jackass Realtor!???
- Are iBuyers (Zillow/Opendoor/etc) severely overpaying for homes right now?
- If I found an off market deal for a home as a flip, should I contact a familiar realtor that’s going to represent me in the sale after and ask him to write me a purchase contract for a fee instead of a commission?
- How much weight to still put into Greatschools/school districts?
- Long Island man who hasn’t paid his mortgage in 20 years dodges eviction again
- Are there lenders out there that will allow closing costs to be included into the loan? My current lender says it has to be paid upfront and I don’t want to do that.
- Opendoor will not accept any offer without an agent (at least in Atlanta)
- Aftermath of Miami Condo Collapse
- [MN]Seeking advice regarding selling our first house way earlier than expected due to wanting to take advantage of the market.
- Are there any reits that offer 5x leveraged exposure to SFRs?
| RedFin Update: The market is gradually losing steam Posted: 03 Jul 2021 07:05 PM PDT More good news for potential buyers. Per latest Redfin email: "New listings are hitting the market at pre-pandemic levels while the number of pending sales continues to decrease. Some buyers have hit their limit on record-high prices, but others may return to the market with more homes to choose from and less competition. The U.S. housing market lost more steam as summer began, with pending sales continuing their slide and the number of homes for sale slowly growing. Google trends also revealed a continued decline in online house hunting, with searches for "Real Estate" dipping below 2019 levels (-4.5%) for the first time this year. Mortgage purchase applications fell dramatically week over week (-5%) to their lowest level since May 2020, according to the Mortgage Bankers Association home purchase index. Home prices are still climbing, posting their highest year-over-year gain on record, but the share of homes for sale with price drops inched above 2020 levels for the first time this year. Most measures of early-stage homebuying demand point to further cooling in the housing market over the summer. The month of June was a clear turning point in the ultra-hot housing market of 2021," said Redfin Lead Economist Taylor Marr. "As home prices continue to set records, some buyers have hit their limit and are stepping back. At the same time, homes are hitting the market at pre-pandemic levels again, which may finally ease competition and bring some sense of balance to the market. The upshot is that fewer bidding wars could actually keep some on-the-fence buyers in the market and lure back some of the homebuying dropouts." https://www.redfin.com/news/housing-market-update-new-listings-on-par-with-2019/ [link] [comments]  |
| Well. The sellers left cremains behind. Posted: 03 Jul 2021 10:09 AM PDT Subdued-looking container back corner on a high shelf. On a purely visual level I understand missing seeing it. On a personal level... Have not opened to see if they still have ashes in them. I'm a bit thrown by this. Are there any legal issues I need to be aware of here? I've sent an email to their real estate agent. [link] [comments]  |
| Someone convince me that HOAs are not evil Posted: 03 Jul 2021 02:57 PM PDT I'm nervous about buying a house in a neighborhood with an HOA as I've never lived in an HOA neighborhood and I know they can take your house, force you to pay fees, limit what you can do with your house, etc. However, I've seen a lot of amazing houses in HOA neighborhoods. Have any of you never had issues with your HOA and never been forced to pay fees like if a bridge collapses or something? Thanks! [link] [comments]  |
| Posted: 03 Jul 2021 02:59 PM PDT I've been searching for a house since February and am 0-15 on bids i've tried so many different strategies and nothings working. I've put 20k over just to lose to a cash offer at asking price. i don't want to give up because i really want to move out but it's seems impossible. I mean i'm staying positive knowing that i'm with my parents and have no bills so im saving a lot. But with the prices going up i feel as if it's the same situation as before. [link] [comments]  |
| Posted: 04 Jul 2021 01:11 AM PDT We are currently moving to Maryland where Ryan homes are quite popular. Maybe a better word is plentiful. However we are getting mixed reviews. Many people say they are the "Walmart" of homes and just mass produce houses with not great quality. Others say they are just fine. We went through a couple models and they seem totally fine to me, and I do like the layouts but my husband is more hesitant. I would be curious to hear other peoples experiences with Ryan homes! In terms of new construction in our price point not a ton of options. We have been working with Drees who I hear is a better builder but their management keeps yanking us around and their monthly price increases plus lot limits are going to price us out really soon. [link] [comments]  |
| Lost the house 4 days before closing Posted: 04 Jul 2021 05:11 AM PDT This other house is in the sticks of Arkansas. In this market it has been sitting empty for 6 months. Needed a ton of work. Zillow had 10 likes in that time. This is not a house that will sell honestly but we saw something in it. Guy who owned it took really good care of it. Died at 90. His daughters are fighting over it now and want $50k more than it is worth. Again this is in the sticks of Arkansas. House is at the point where if someone doesn't move into it and take care of it soon it will start falling apart. So now I am 2 days from closing on my current house. We were 4 days from closing on the Arkansas house. I have to be out of my current house by the end of July so I don't have time in this market to look for another house in that time. Wish me luck in finding even a rental house in less than a month for my family in the DFW area. This is more of a vent post really. Trying not to show it to the wife and kiddos but I am honestly scared shitless of even finding a rental. If I can get us in a rental then we will sit tight through a school year and try looking again. EDIT for clarification Appraisal came in very low. We tried to meet in the middle - sellers wouldn't budge off the original price a $1. After they also refused all repairs and even springing for a home warranty for a year we just couldn't reward them with more money. We are staying in the DFW area so my wife can find work. We hope it is the right move. We are fine with living in Arkansas or East Texas. With the way the market is right now we are just going to stay where she can find work and then save all her income plus extra from mine and be in a better position cash wise and hopefully in a cooler market. [link] [comments]  |
| Craziest reason you’ve ever heard for selling a house? Posted: 03 Jul 2021 10:52 AM PDT I heard about a wife who forced the husband to sell their house soon after moving in because the local grocery store was full of "scary" minorities. A friend sold their house six months after moving in because the lingering cigarette odor was giving her headaches. She tried to get rid of the odor unsuccessfully and couldn't, so she sold it. Thanks for the responses! [link] [comments]  |
| how to get rid of tenants who wouldn't leave even after the contract has ended? Posted: 03 Jul 2021 11:29 PM PDT they're a politician goon family. they weren't when they moved. now they're being annoying and legal proceedings have been slow in this lockdown any quicker ways? [link] [comments]  |
| Would you buy a house with a big tree nearby? Posted: 04 Jul 2021 04:26 AM PDT We are under contract for a home but are concerned with a big tree in the neighbor's yard that is planted 5-6 feet from the house. It looks like it could be some kind of cedar or pine tree. Would you back out out fear of foundation issues? We're considering talking to our future neighbor about it but skeptical they will actually do anything [link] [comments]  |
| I just wasted the last 16 hours of my life. Posted: 03 Jul 2021 05:23 PM PDT As you may or may not know, the appraisal came back as needing some paint scraped and new paint put on. Well it didn't say where exactly. So I call the appraiser because up near the wood soffit, there is some cracks in the paint from sunlight, but it's not peeling. I also wanted to make sure what exactly needed paint. He told me, and I quote "actually..the entire house needs painted, because I let someone just "spot paint" last time and got in trouble". What...the...fuck. So cue me renting an extension ladder, getting up on a roof when its 90 out and the shingles are burning my heel through my shoes (to paint above the porch on the siding), my wife calling in work to help, my dad coming up from 150 miles away, because the appraiser was coming back Tuesday to check on it (because I told the lender I would be done today before being told this), bringing over my giant air compressor, buying a spray gun, and going to town painting. Realtor calls me around 4, because the seller called wondering why I needed to get on the roof (shes been pretty chill through all this). I explained to the realtor about the appraiser telling me to paint the whole house, top to bottom and if I could read minds, her screaming "what the fuck" internally. She told me that he is absolutely full of shit, to just scrape and paint any peeling paint. I told her I did, and also about that not being acceptable because the whole house needs painted, and I guess she is going to call him and rip him a new one. Normally one isn't supposed to call an appraiser, but his entire vagueness about what needed painted, including "I took a photo of what needs fixed, but there is more", told me to ask for clarification, and I'm glad I did, because if the appraiser had to come back out a 3rd time, it would of cost more and possible delayed closing. Oh, he also told me due to the possibility of the paint containing lead, I would have to pick up literally every single chip out of any grass, rock, or shingles, which also was BS per the realtor, I did sweep and shopvac as much as I could. I also found out all this after completely painting 90% of the entire house. I mean it looks nice, but the wood is quite old, I plan on just having it resided with vinyl in a few years. So here I sit with 2nd degree sunburns around my neck and arms, burns on my heels, and completely worn out from working 12 hours yesterday and today, and finding out 16 out of those 24 hours was completely unnecessary. [link] [comments]  |
| What’s the oldest house you would consider buying? Posted: 03 Jul 2021 06:27 PM PDT Just trying to get an idea if most folks are trying to buy brand new homes, or if people are ok with '90s houses, or perhaps even older? [link] [comments]  |
| Missed earnest money deadline? Posted: 03 Jul 2021 10:44 PM PDT So if the seller terminates because earnest money wasn't paid, is the money still technically owed? Are there usually other legal ramifications for the buyer? [link] [comments]  |
| Miami Building collapse owners fate? Posted: 03 Jul 2021 03:24 PM PDT I am wondering what will happen to owners of the condos in that building? Some of them were bought very recently and they were not cheap. Will these owners lose all the money they invested in it or insurance will pay them off. What if some owners did not have insurance, will buildings insurance take care off them? Also if insurance will eventually pay them, who would take care of medical bills if they r hospitalized etc and also for day to day expenses? [link] [comments]  |
| Posted: 03 Jul 2021 09:53 AM PDT My sisters and I are selling my mom's house. Our Realtor called mid afternoon yesterday. Another Realtor's clients wanted to tour the house at 6 but he was out of town and could not find anyone else in his office to cover for him. He asked our Realtor to show the house but he was already committed to a showing at that time in another part of town. Our guy was just keeping us informed. We asked if it would be ok if one of us opened the house for them to look and that is what we did. We got an apologetic call from our Realtor at 10:30 that night. He had just received a written offer on the house but they wanted an answer by 10 am. So we are supposed to review 32 pages of legal documents regarding a 500k+ house in a 12 hour overnight time frame? The offer was a little low and had contingencies that were all in their favor. We agreed on a counter offer which was presented unofficially by email while written was being prepared. Their Realtor called ours and yelled at him for 30 minutes because his clients will have to live with traffic noises as long as they live in the house. That was factored into our price and why are you looking at houses near busy streets if that matters to you so much. We feel like there are a lot of red flags here and their Realtor is an ass. Thoughts??? UPDATE: We countered. Buyer's agent sent an email with 5 paragraphs ranting about "his clients will have to live with the street noise for the rest of their lives". WTH. Then don't buy the damn house! They countered our counter (is that right??) and it expired 2 hours after they submitted it. We did not reply. We are not going to deal with this this. We are not desperate to sell. We know it is priced right. We want to be reasonable and be treated reasonably Thank you everyone!! [link] [comments]  |
| Are iBuyers (Zillow/Opendoor/etc) severely overpaying for homes right now? Posted: 03 Jul 2021 11:33 AM PDT Not sure if this is happening in anyone else's market, but it seems in the Phoenix area several of the iBuyers are severely overvaluing homes. Either that or everyone else is severely undervaluing homes. We have a 1300sqft 3br/2ba home and just went through the valuation process for Opendoor and Zillow Offers. After the inspections for both companies, Zillow offered a whopping 480k with 1% closing and $0 repairs, while Opendoor was slightly lower at 450k with 5% closing. Offerpad was even lower so we didn't consider them. Looking at the current and sold MLS listings, this is waay above what someone would pay for a house like this in our neighborhood (small lot, no pool, original fixtures still). Especially since of course they're gonna go right back and resell it at a higher listing price for a profit. And we can schedule closing out to 90 days which is good for us since we need to wait for renovations to complete on our new house. Has anyone else experienced this? Are they trying to capture market share by losing money on homes? [link] [comments]  |
| Posted: 04 Jul 2021 12:56 AM PDT |
| How much weight to still put into Greatschools/school districts? Posted: 03 Jul 2021 09:52 PM PDT Is the general consensus still to always look for homes with above average school ratings for maintaining home value and ease of resell? Currently looking at houses in the white hot so cal market. Ultimately, we'd get more home buying in an area with lower rating school districts vs not (via using Greatschools rating) There is still the means of saving the money you'd spend by buying in a district with lower rated schools, and using that money for private school. Has anyone taken either route, and how did it go? [link] [comments]  |
| Long Island man who hasn’t paid his mortgage in 20 years dodges eviction again Posted: 03 Jul 2021 04:31 PM PDT Fox News: Long Island man who hasn't paid his mortgage in 20 years dodges eviction again. https://www.foxnews.com/us/long-island-man-who-hasnt-paid-his-mortgage-in-20-years-dodges-eviction-again [link] [comments]  |
| Posted: 04 Jul 2021 03:00 AM PDT |
| Opendoor will not accept any offer without an agent (at least in Atlanta) Posted: 03 Jul 2021 11:11 AM PDT This is me trying to buy a house from Opendoor. "Unfortunately, we no longer facilitate direct buying. You would need to either partner with our buying agent, or make the purchase with your own outside agent." I got a reply, it's the entire company, not region specific. "This is going to be company wide. You work with one of our trusted buying agents or partner with an outside realtor of your choice. Please let me know if you have any other questions - we're always happy to help!" Oh well. [link] [comments]  |
| Aftermath of Miami Condo Collapse Posted: 03 Jul 2021 08:25 PM PDT Disclaimer: I do not have any relationship with this condo. I am just curious. My question is - what to expect, as a condo owner, after the Miami Condo collapsed. There obviously are still lots of variables at this point of time. Please feel free to make assumptions. My specific question is, in this case, there are tens of owners, it might be very hard to get them to agree on anything (like new building design etc). Therefore, it seems the only path forward is to collect the insurance and sell the land, and then pay each owner accordingly. Is that true? However, putatively, if there are 3 buildings in the same HOA and only one build collapsed, selling part of the land may not be feasible. What can they do in this case? It will take a long time to tease out whose responsibility it is. However, if HOA is at fault (i.e. did not fix issues quickly), will home owners be responsible for paying additional monetary damages? I assume that insurance + property resale will be used to pay the damages. Will home owners pay additional? [link] [comments]  |
| Posted: 04 Jul 2021 02:20 AM PDT Sirryt for any typos. My brain is a little messed ups o this iis a little tough but I'll do my best. I'll try not to fluff this up too much as I don't know how much information is necessary, and I'm looking for as much feedback as possible since this is all pretty foreign to me, and my wife and I don't really have anyone in our lives we can turn to with advice on this kind of stuff. My wife and I bought our first home in December of 2017 for ~$230k. We had a bankruptcy (yay medical bills) in 2012 so were not eligible for a conventional mortgage. We also had pretty much nothing for a down payment, and were eligible for a second mortgage down payment program where we effectively took out a $10k second mortgage (interest free) and were able to use this for down payment assistance. All a part of the FHA program we qualified for. With mortgage payyments, insurance, and property taxes, our monthly payment is aorund ~$1700. We've been in touch with our realtor and she thinks our house is currently valued at around ~$290k, our Zestimate is around ~$320k. We still have about ~$220k left on our mortgage. My logic is that if we were to make a lateral move into a similarly priced property, we would have a pretty sizable down payment and our overall monthly payment would be significantly lower. Optimistically, if we had a $70k down payment, our monthly payment drops to around $1250 on a $300k property. Even a $50k down payment drops out payment to just over $1320 on a $300k propety. In my mind this just makes all the sense the world for us. Suddenly we have a few extra hundred bucks a month and are no longer just scraping by. We could build up a proper savings and potentially geto ut of the living pacyheck-topaycheck nightmare. My wife is hesitant. In part, because it's my idea nad my brain isn't working the best at the moment du eto my disability, so she's fair in thinking I may ahve looked over something. But also because it sounds too good to be true. Usually when that's the case then we're obviously missing something crazy. So I wanted to turn to an outside source for advice. A few things I wanted to note that didn't really fit in with the rest of the situation:
Thank you for any and all advice! [link] [comments]  |
| Are there any reits that offer 5x leveraged exposure to SFRs? Posted: 03 Jul 2021 05:03 PM PDT Every reit that I see appears to be focusing on rental income and has experienced relatively modest gains in the last year. Meanwhile, your typical homeowner that put 20% down made out like a bandit. Why do these supposed masters of the market focus on pennies(rental income) while ignoring dollars(price appreciation on leverage)? I want exposure to this market without the hassle. People who want gold can just buy a gold etf and be pretty well in line with gold prices. Why can't we do that with real estate? [link] [comments]  |
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