State of the Market Megathread (9/2021) Real Estate |
- State of the Market Megathread (9/2021)
- My experience selling to Zillow
- Will smell of pot (in a legal state) negatively affect your perception of a neighborhood?
- I feel like my agent is not going at the same speed as I am. Am I being reasonable?
- Buyers found fleas during final walk through??
- Agent Did Not Put the House on the Market
- If you're a real estate agent that's trying hard with little results, it might just be the wrong time to be a newer agent in these trends.
- How to buy land?
- Did I f*** up?
- Does flood risk matter if we're buying a second-floor condo?
- Closing costs estimates vs. actual
- Can I be expected to pay for stolen water tank and furnace?
- $4700 for LVP in entry way/kitchen (533 sq ft) a good deal or no?
- Dispute with neighbor over parking
- If you pay off mortgage then sell house is the money from sale tax free I under $500k and married?
- Owning Real Estate By 20 GOAL
- [Sacramento CA] Our Meritage (builder) agent balked when we told her that we wanted a 3rd party home inspection before closing. Told us she had to get permission from the site supervisor because it's not normally done. Tried to assure us that we could submit any fixes after closing. WTH?
- I backed out of this home purchase due to home inspection issues would you have done the same?
- Where can I learn “buying” basics?
- Seller’s Attorney and Seller’s Agent Not Responding
- 1 of the 3 realtors I called to get CMAs from last week texted me saying he had a cash buyer interested in my house and could she come look at it. WWYD?
- Changing jobs and buying a house
- Does school district still matter ? (Austin, TX)
- Why isn't Zillow Offers buying in the Seattle / Bellevue area?
- Sellers agent refuses to sign fha addendum, holding up closing
| State of the Market Megathread (9/2021) Posted: 08 Sep 2021 11:54 AM PDT Observations, rants, theories, speculation on future market movement, experiences, offer heartbreak, buyer fatigue, seller drama, mortgage drama, appraisal drama, anecdotes, frustration with seller listing price strategy, crystal balls, and so on, that you may not feel warrant their own threads. Individual threads of that nature, that are repetitive (the 1000th thread consisting of "omg the market is hot!!", for example, doesn't warrant it's own thread if that's all the OP is) may be merged into here, too. [link] [comments]  |
| My experience selling to Zillow Posted: 08 Sep 2021 02:02 PM PDT Bought my house in SoCal for 599k with the VA loan in April 2020. Wife and I knew we wanted to move into something more spacious with the arrival of our baby. Had the opportunity to sell and move in with in-laws for the time being to make some profit. Decided to sell the house. Zillow initially offered 778k, we said come inspect. They were there the following week and the walkthrough took an hour. After the walkthrough they changed their offer to 767k with $0 repairs. They had a service charge of 1% and 4.3k closing costs. We liked it and said yes. Realtor wanted to list at 700k with closing costs and commissions far above what Zillow charged. We immediately went under contract, we asked for 14 days. Did all of the paperwork online. Communication between escrow team and us (sellers) was terrible. I assume they have tons of people to deal with. We really didn't care about the poor communication as the offer was amazing. We continuously called/emailed and eventually got what we needed. After closing they were flexible with transferring of funds. Overall, extremely easy and hassle-free. For those who will say, "why didn't you list?" Zillow owns multiple houses in my neighborhood, all of which have been price cut a few times now since being listed. Comps are no where near the offer Zillow gave us. TLDR: sell to Zillow they don't care if they lose money on a deal. They just want market ownership. [link] [comments]  |
| Will smell of pot (in a legal state) negatively affect your perception of a neighborhood? Posted: 08 Sep 2021 10:13 AM PDT I am wondering if all other things appeared great- and the you love the neighborhood for all other reasons but you then smell some pot smoke. Will that change your perception of the neighborhood- just by itself? [link] [comments]  |
| I feel like my agent is not going at the same speed as I am. Am I being reasonable? Posted: 09 Sep 2021 02:18 AM PDT I have submitted tons of offers to purchase an investment home. Out of six of these offers, I have not received a single feedback from any of them. I have offered more than asking at times and some at slightly less than asking. But none of them were ridiculously low. When I try to call him, he does not answer the phone. He'll shoot me a text. But then I'll take him hours, maybe six or seven hours to even respond back to what I had literally asked for. Yesterday, I had asked him to get more information in regards to this home I was interested in. It took him five hours later to get me an update on the house. And in this market houses move really fast. And I just feel like at the speed that he's going I'm not gonna be able to get a house. One time I had to remind him to write me an offer. I want to schedule a showing at times but he doesn't feel motivated to take me or something. Doesn't send me a reminder when I want to go see it etc. There are times where I want things done right away on the spot, but he can't make that happen for me at times. And it drives me insane. At this rate, do I find a new agent? [link] [comments]  |
| Buyers found fleas during final walk through?? Posted: 08 Sep 2021 01:50 PM PDT So here's a bizarre one. We moved out of our house around a month ago and had it professionally staged (we left none of our stuff behind and all floors are wood, so not carpets or anything.) Today at the final walk through (we close Friday) the buyers noticed fleas on the living room area rug (which belongs to the stager.) Our agent had the house bombed this morning and apparently did not tell the stager beforehand and now she's (the stager) pissed. But I can only imagine she's the one that BROUGHT the bugs into our house?? I mean, fleas can't live on hard surfaces. And actually I don't even think they can live without a host for more than a week or so, which makes me wonder if it's an entirely other kind of bug living in that rug. Anyway, a little final drama before close and I am really curious about WTF the bugs are and how TF they got there. [link] [comments]  |
| Agent Did Not Put the House on the Market Posted: 08 Sep 2021 02:27 PM PDT So my parents are trying to sell their house and instead of putting the house on the market, their agent (or their company) decided to just send out the listing to the agents within the same company. They received only one offer after a week or so and they have accepted the offer. However, the buyer wants my parents to pay for all the closing costs. Is it normal that the agent only send out the listing to their colleagues? [link] [comments]  |
| Posted: 08 Sep 2021 10:07 AM PDT Maybe it's only certain markets, but I had to remind myself why I'm having difficulties that are seriously breaking my mental health down. I came into this business with the understanding that I was never going to quit, and I knew it was going to be hard. But after doing everything right and doing my very best, even spending money on having as many conversations as possible, everyone I've gotten so close to closing has been destroyed by reasons out of my control. I came into real estate over 2 years ago, and there is a huge difference from the first year I started to the last year and 6 months. If you're struggling despite putting in your all, here's some reasons I found that you may relate to ease your mental break down. Disclaimer: this is my experience in my particular market. -In the last year, we've gathered so many new agents on top of our already saturated market, our MLS fees are now free for the next year. Yea I'm not kidding. MLS made so much money last year from new agents, the next 5 quarters are free. -less inventory means less inventory for agents as much as it is for buyers. 55 percent less on average (give or take in the last 18 months). -because of the rules for supply and demand, buyers are priced out. Qualifications from banks are more strict after 2008, and the combination of the acceleration of demand means first time home buyers dreams are crushed. I've had agents unethically steal clients I've had on agency out of desperation. I've had buyers completely priced out. Some buyers that banks couldn't approve. On the seller side, I've had ALL of my sellers give up due to no inventory to find a place to move. I used to work for a company that did that "4k full service listing fee" thing. Before I got fired for catching covid-19, the company was super busy. There was four of us and we had around 18 listings at once and like 8 buyers in less than a year of opening in our market. Of course our partnership with open door was 70 percent of our business. But now, I looked, and since firing me, they've barely closed any new business, have nothing under contract and 3 active on the market that aren't selling. Basically, the trends of real estate today are like nothing anyone has ever seen, and I'm sure my old shady company is about to close shop in my market. The primary problem is the building codes that is too slow to keep up demand, and low interest rates. So what have I been doing? I drop a lot of saving on leads to have as many conversations as possible within my budget as well as taking our office leads. Mind you, these are warm leads. In my data base, I have 315 warm leads that I have been reaching out to, following up with via all forms of communications. Sending properties and putting in my all in prospecting. The most promising leads so far have all fallen apart for reasons out of my control. It's extremely frustrating. In a normal market, I'd be killing it. And if you're putting in your all, so would you. Hang tight and have a plan. [link] [comments]  |
| Posted: 08 Sep 2021 08:29 PM PDT Perhaps more specifically, how to find land to buy? We're in rural Ohio and there's next to nothing for sale land wise. There's a few subdivision lots but we would like to be able to put up a decent sized pole barn and that wouldn't be an option. I've tried cold calling some farmers and have gotten pretty gruff "not for sale"s in response which I understand, no one likes cold calls… my next steps are: 1: sending 'cold letters'. Letter would outline what we're looking for and what we're willing to pay (8k an acres) for 2 acres.
Thoughts or suggestions on these strategies? [link] [comments]  |
| Posted: 09 Sep 2021 04:21 AM PDT I have a house I lived in for a year and 9 months. I then rented it out thinking that as long as I come back later on to capture the last 3 months, I'd be able to claim capital gains exemption. Now having read further, I think I am now subject to non-qualified use tax. If I had lived there for the full 2 years before renting out, I'd have been exempt from any non-qualified use tax. Is that correct? How badly did I mess up. Currently thinking 1/3 of a 150k profit. Subject to 15% long term capital gains I'd have a $5k tax obligation is that accurate? [link] [comments]  |
| Does flood risk matter if we're buying a second-floor condo? Posted: 09 Sep 2021 04:01 AM PDT Flood risk 6/10 on Redfin, zone AE (floodway) per FEMA (it's by a lake). Obviously a ground-floor unit would be a risk, but what about a second-floor one? I'd assume the unit itself wouldn't flood, but how could we be affected if the until below us does? [link] [comments]  |
| Closing costs estimates vs. actual Posted: 08 Sep 2021 05:10 PM PDT We've been working with the same LO throughout our home buying process and have been asking them consistently about what our closing costs are going to look like for different homes. We are pre-underwritten so I assumed these would be pretty accurate. The closing costs estimates have consistently hovered around $20k for similarly priced houses. We're finally under contract on a house and we just got the updated numbers on our initial loan docs, closing costs are coming in way higher at around $42k. Even if our LO was giving me "cash to close" numbers they're still almost $10k off from previous estimates. We're using a Homeadvantage Loan with DPA assistance that is above the $548k threshold so we're getting hit with an extra 1.5% fee on top. I know our closing costs are going to be brutal....but what I don't want is to feel like because we're this far in the process with them that we are stuck without leverage. Even if not, it feels like a bait and switch which doesn't sit well. Loan Amount: $641,725PMI: $11,230They're supposed to send me updated numbers yesterday/today but didn't deliver.I was pretty stern with our LO about the discrepancies and he said:
I'm sitting on the fence on pausing the appraisal with them right now because $1500 for an appraisal seems heinous too. We're in Seattle if that's helpful. Experience with LO has been great before this. Suggestions on how to proceed? Full closing costs estimates: https://imgur.com/a/N92U7LF [link] [comments]  |
| Can I be expected to pay for stolen water tank and furnace? Posted: 08 Sep 2021 05:12 AM PDT I started renting a property in Michigan and a month later when I left town for a few days there was a break-in where the water tank and furnace were stolen. The reason I left was because I tried to get a new gas meter installed, some of the pipes had a gas leak so I had to wait on the contractor to get them fixed. The rental company is expecting me to cover the costs of both. Should I be responsible for these replacements? [link] [comments]  |
| $4700 for LVP in entry way/kitchen (533 sq ft) a good deal or no? Posted: 08 Sep 2021 08:36 PM PDT Looking at 2-story new construction that will be complete next Spring. Builder is offering upgrade of standard crappy 8 mm thickness laminate to LVP for our entry way/dining area/kitchen on 1st floor (~533 sq ft). Worth it or overpriced for $4,700? Was told the laminate is poor choice for those areas but it seems their markup on LVP is very expensive as well. Not sure if to upgrade or change it down the road. EDIT: Forgot to mention that hardwood from builder is same price too. Hardwood a better deal over LVP if also $4,700? [link] [comments]  |
| Dispute with neighbor over parking Posted: 08 Sep 2021 08:13 PM PDT We live in a two unit condominium with just my family and our neighbor's family in the HOA. Our neighbor's ex-husband (not an owner) has been parking overnight in a space right in front of our front door for years, claiming that was their guest parking space. I must admit that we were stupid and let them have their way in order to avoid any conflicts. We are now selling the house and our realtor says that this is a huge issue as it causes a potential dispute. There is no language in the CC&R and HOA bylaw about assigned guest parking in common area. We tried to reason with the neighbor to no avail. What should be our best course of actions? Any input would be much appreciated. Thanks in advance. [link] [comments]  |
| If you pay off mortgage then sell house is the money from sale tax free I under $500k and married? Posted: 08 Sep 2021 08:33 AM PDT Just wondering if a married couple sells their home for say $450k bit only after paying off a remaining $100k on mortgage, would the money they get from the sale be tax free? [link] [comments]  |
| Posted: 09 Sep 2021 01:34 AM PDT Hello, my name is Milo. I'm currently 19 and have the goal of owning a house by 20. I was wondering what was the best route to achieving this based on the lifestyle I am living in which is. I am working seasonal jobs meaning I work for three months at one place then move somewhere else to work at another place. This way I get the most amount of money in the least amount of time with minimal qualifications. I'm currently making just over $1000 every week (before tax). My parents are willing to cosign with me for a loan as they have a lot of belief in me and want me to do well. I currently live in a regional town with my parents but I (without my parents)b am moving to Perth which is about 500km away which is where I want to invest in real estate. I was wondering what would be the best thing to do, whether it be to house hack, own a duplex and rent the whole thing out or even live in one side, or buy a home and rent the whole thing out. Looking for any advice, please. I do have the option of living with my Grandmother in Perth so I do have the option of renting a whole house out, or I could stay in Albany. Whatever is best. Thanks. [link] [comments]  |
| Posted: 08 Sep 2021 09:10 PM PDT This is our second time buying a new build, but this time from a different builder, Meritage. We've looked at the home and walked through during multiple phases of the build. So far, really happy. So, I'm confused then on why she'd try to dissuade us on a third-party home inspection -- they stand behind their product, don't they? [link] [comments]  |
| I backed out of this home purchase due to home inspection issues would you have done the same? Posted: 09 Sep 2021 12:35 AM PDT I loved the location of this home. It was on 3 acres of land with timber and near a lake. The home was constructed in 2007. It was apparent that the deck needed to be worked on which I would have taken on as the home buyer. This was a for sale by owner (This is how most country homes in my region are sold). Since this was my 6th home purchase I felt comfortable outlining my contingencies to be put into the contract, I put a home inspection in there with 20 days inspection period which I am inside. I sent the seller the list detailed below for repair. Of course, they picked to fix the easy things like the GFCI plugs but want to give me a credit for everything else. They gave me 24 hours to come back with a number. First of all I think the list of things wrong with this home is extensive for being constructed in 2007. Much of it looks to be DIY from the pictures. The roof and driveway/walkway settling into the home foundation is of particular worry to me as they will continue to worsen over time. My parents of course are upset with me. But I have family on the other side in construction that say by the pictures that best case I am looking at 20 to 30k in repairs worst case could be upwards in the 80K-100K range. Am I blowing this out of proportion? For 420K I cant see myself taking the hit and underestimating these repairs. And being that the home wasn't constructed well nor cared for I worry about what else I will discover later on. The sellers have only owned the home for one month. They haven't even moved in! They decided to purchase the home two doors down from this one because it was their "dream home" so they are selling this one. Of course, they chose not to do a home inspection when they bought it for sale by owner..... What do you all think about the list of repairs for a 13-year-old home? Was I right to walk away? Roof: - The ridge caps on the main roof have appear to have been partially replaced. The caps are improper as they used shingles rather than appropriate caps. Replace. - A damaged shingle noted on the west side should be repaired as needed. - (See Photo 2) - Significant granular loss is noted on the roof. Also, many hail hits are noted. Possibly enough to warrant an insurance claim. Check with the owners to see if a claim has been made. - The home lacks gutters and down spouts to help keep water away from the foundation. Significant settling of the approach and front steps are noted. Suggest adding gutters. - (See Photo 5) Exterior: - GFCI protected outlets are missing in required locations. Suggest a licensed electrician evaluate and add as needed. -Form ties were not removed. Remove these to prevent accidental injury. - (See Photo 12) - Missing screens should be replaced where needed. - (See Photo 2) - Noted missing cladding at the front entrance dormer. Repair as needed. A live bat was noted up where the soffit meets the roofline. - Several areas show loose siding courses. This should be evaluated and repaired as needed by a qualified contractor as installation errors may be present. - Remove wasp nests where needed. - Improper back flashing on the NW corner leaving exposed OSB sheeting. - Loose fascia on the north gable. Repair and check other face nailed fascia for installation errors. Grounds: - The approach / drive shows significant settling around the foundation and garage entrance. Also, causing the front entrance step to be a trip hazard. This will likely continue and worsen over time. Suggest proper elevation and slope of grade be restored via mud jacking, poly raising or remove, regrade and replace. - The cap stones on the retaining wall are loose. These should be stayed with adhesive to prevent injury. - - Spalling is noted on the front steps and at the drive edge. This has been repaired and will continue to deteriorate over time until replaced. - The deck and steps do not appear to have ever been sealed. They appear to have been recently power washed. Some of the fasteners on the deck construction may be regarded as insufficient and may be replaced with ledger locks or lag bolts. There should be a flashing between the ledger board and home that is not present. A brace has been added to the upper rail that is loose and some of the deck boards are cut short. Suggest the deck be evaluated further. Garage: - Add a handrail to the basement access stairs. - (See Photo 1) - GFCI not present in the garage. It is required. - (See Photo 2) - The garage door seals are damaged or missing. Suggest this be replaced to keep vermin and moisture out. - Cracked window in the rear of the garage. - The basement bathroom vent fan should not discharge into the garage. - The garage door operator drive chain is loose and needs to be adjusted. Garage doors require periodic maintenance to maintain proper balance and safety. Suggest the door be serviced as part of regular maintenance. HVAC: - The A/C mount is improper and failing. Repair or replace. - There are no return air ducts for the basement. Consult an HVAC contractor for advice and repair options. Plumbing: - Leaks at the Pex manifold. Repair. - Apparent mold growth on the pressure tank. Clean and sanitize. Then maintain a dehumidifier in the basement to control moisture levels. - (See Photo 2) - Corroded and leaking valves at the water main entry. Replace. Electrical: Rodent nests were noted in the main service panel. Remove and seal. Laundry/Kitchen: - GFCI protected outlets were not found in some of the required locations. We recommend that GFCI protected outlets be installed as a safety upgrade. - Drywall tape failure in the laundry room. General Rooms: - The west upstairs bedroom closet door hinge is stripped. - - Some of the doors do not operate properly as the entry striker is improperly installed. Basement: - The basement to garage door is improperly installed hitting the jam and the deadbolt does not work properly. - Missing carpet pad in the basement. The carpet is well stained and in poor condition. - Blown thermal seal on the NW basement window. Replace the sash. - Failed drywall tape is noted on the basement ceiling. Repair. - - The rear slider lock does not engage the strike plate. Repair. [link] [comments]  |
| Where can I learn “buying” basics? Posted: 08 Sep 2021 06:35 PM PDT Hello all, I am hoping to buy a house in summer 2022. I know absolutely nothing about home buying and would like to go into my search with basic knowledge at the very least. Do you recommend any YouTube channels or anything I can go to for reference on purchasing a home so that I am prepared to know what to look for, what to ask, and know generally what to expect when buying a home? [link] [comments]  |
| Seller’s Attorney and Seller’s Agent Not Responding Posted: 08 Sep 2021 08:39 PM PDT Hey everyone, I am looking for some advice on what to do regarding some issues I am having with the closing on a co-op I'm buying. Here is some background: the seller accepted my full asking offer about 4 months ago. He said that he was interested in closing in mid August and would be able to move by early September. Both the contract and the rider were signed and we completed attorney review. The contract had to be amended because my lender stated the seller's use and occupancy could not be in the contract. So we went back into attorney review and a new rider, new contract, and new separate contract for the use and occupancy was drafted and signed by both parties. My application for the co-op was then accepted by the co-op and my loan was approved by my lender on August 3rd. I had to pay an additional fee to rush the application approval to meet the contract deadline of August 15th for the closing. An inspection was done promptly. The seller requested I moved the inspection to accommodate his work schedule. I did and he still was present in the unit for the inspection. Once the inspection was complete we negotiated on issues found on the inspection. It took 2 1/2 weeks for him to respond that he would not fix all issues with the unit aside from an issue with the shower diverter and a busted power box. I agreed with his terms. My attorney has been calling and emailing the seller's attorney for over 2 weeks to schedule a closing, but has been unable to reach him. My real estate agent has been calling and emailing the seller's agent and has been unable to reach her. Everything has gone radio silent on the seller's end with no information on why closing is being held up. We are now almost a month past our on or about date, and my rate is set to expire on the 27th. There are no contingencies in the contract on the seller securing housing. My agent believes he is stalling the closing to avoid paying rent as per the use and occupancy the seller requested. What should I do? [link] [comments]  |
| Posted: 08 Sep 2021 06:12 PM PDT I've been curious what I could get for my home, not necessarily looking to sell immediately, so I called a few realtors to get CMAs. They wanted to come meet me and look at the house to get a better CMA. This was last week. Today one of the realtors texts me "Good evening, checking in again. My buyer would be someone who didn't have to move right away and could possibly lease back. Cash buyer. Would you be open to me showing her the property?" This was out of the blue and I was a bit confused because the way the text reads is as if he had already spoken to me about a buyer, he hadn't. He then texts me "If this buyer were interested we could negotiate a lower commission rate." I don't know what to say or do. (My thinking is if they make a good enough offer I may actually be willing. One CMA said to list at $180 another at $185 so if they offer let's say $195 I'd be down because it's not even like I want or need to sell right now, it'd just be a make me an offer I can't refuse type situation. Plus I'd not want to pay the seller commission of course.) [link] [comments]  |
| Changing jobs and buying a house Posted: 08 Sep 2021 10:04 AM PDT I am currently in a dental insurance job. I make about $47K annually. I have been here for a year and a half. My fiancé also works at the same job and makes about $36K and has been here 7 months. We are looking to buy a house at the end of next summer so roughly between 10-12 months from now. We have been offered a job in a dental office making the same money we currently do. If we accept right now would it interfere with us buying a house next year? [link] [comments]  |
| Does school district still matter ? (Austin, TX) Posted: 08 Sep 2021 08:11 PM PDT So I have been noticing a lot of folks of my age (early 30s) who are willing to pay more (like $500 - 600k ) to stay closer to downtown (~10 ish minutes) but in a worse school district (worse can be subjective but i am going by great schools ratings) than move out to suburbs in good school district . My question is that is this becoming the norm ? Is it just Austin or folks in other cities are seeing the same trend ? Is buying a home in a good school district not lucrative anymore ? [link] [comments]  |
| Why isn't Zillow Offers buying in the Seattle / Bellevue area? Posted: 08 Sep 2021 04:11 PM PDT |
| Sellers agent refuses to sign fha addendum, holding up closing Posted: 08 Sep 2021 07:55 PM PDT She been asked since August 4th, then the 30th. My agents, my attorney, my agents broker and my lender all reached out to have her sign it. Last week became last weekend which it's still isn't signed and done. We're closing on Tuesday..ctc is literally waiting on her submitting this document and for whatever reason, she just hasn't or won't and everyone that's talked to her- you think she'll submit it that day or evening but doesn't. What happens in this situation of an extremely lazy/lacadasical agent? My lender has said she's never seen this before and is in shock at the incompetence. TIA [link] [comments]  |
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