Zillow predicts home prices will increase 13.6% over the next 12 months. Redfin predicts 3%. Real Estate |
- Zillow predicts home prices will increase 13.6% over the next 12 months. Redfin predicts 3%.
- Another ridiculous real estate startup
- Need advice, why isn’t our house selling?
- Sold to Opendoor - Way over market value
- Let's discuss :Non-Owner Occupied Homes taxed at 3x the tax rate to make homes more affordable?
- The wait for new homes to come on the market is brutal right now.
- Agent FOMO
- House I wanted is now active under contact. Should I wait for house contract to fall through?
- Building a Spec Home (NJ)
- My name on the title?
- Buying from Opendoor
- Is Zillow Offers terminating contracts for anyone else
- Thoughts on Fractionalized Rentals?
- Thinking of buying a house FSBO. Does the mortgage generally include payments to the home insurance and tax?
- First time selling a home. Considering listing by owner. Any reason not to?
- VA LOAN QUESTION
- Listing realtor wants to buy my house
- Endless preapprovals and waiving financing
- Best practice- asking tenant if they want to buy?
- Home has major issues
- They say you shouldn’t make big purchases when you’re getting ready to buy a home? What is considered a “big purchase”?
- California, appraisal problems during holiday season
- Buyers beware when buying from small builders
- Refinance appraisal
- Austin real estate
| Zillow predicts home prices will increase 13.6% over the next 12 months. Redfin predicts 3%. Posted: 20 Nov 2021 07:50 AM PST I thought it was interesting, as these agencies both have heaps of data and very smart people, but the difference in price forecasts is staggering. For the median home worth around 350K, the difference in price forecasts for next year is 35K! Now I know zillow had the ibuyer debacle, but that is a market segment whose margins are very sensitive to small changes in price. If I had to guess, I would say Zillow is a bit closer. But that's just a guess, and my point in sharing these predictions is anyone who tells you they know is not to be trusted. [link] [comments] |
| Another ridiculous real estate startup Posted: 20 Nov 2021 07:26 AM PST Saw this company "UpandUp" had just raised a few hundred million in equity and debt from prominent VCs: https://upandup.co/founders-letter Essentially as a renter, instead of a security deposit, you put two months worth of rent into a "wallet" that earns you some share of rental profits with the landlord (the startup) with the idea being that you can share in the upside of being a landlord as a renter https://upandup.co/faqs But here's the catch…now that you get to play landlord as a renter you also share all the repair and maintenance costs with the company! If you need repairs then your "wallet" will be deducted some portion of the costs on their terms. And what happens to the wallet once you want to exit your lease? Well you can transfer it to another of their properties or cash out…but only for up to 90% of the value. Is this the state of real estate and fintech innovation is this country now? This just sounds like a massive grift to push maintenance costs onto to renter while charging full rent prices under the guise of "sharing upside" when you could've just put extra savings into the S&P and not take on any of the repair liability as a renter. [link] [comments] |
| Need advice, why isn’t our house selling? Posted: 20 Nov 2021 06:52 AM PST We have been on market two weeks and haven't had an offer. We lowered our price by 10k, but still nothing. I would love advice if you have any! Thanks in advance! https://www.redfin.com/AZ/Vail/10359-S-Keegan-Ave-85641/home/145468206 [link] [comments] |
| Sold to Opendoor - Way over market value Posted: 19 Nov 2021 07:49 PM PST Closed yesterday with Opendoor. We first connected with them back in June, and selected a far out closing date as we were building a new house. Well yesterday was closing day, and everything went relatively smoothly, funds are now in my account and we move out next weekend. When we 1st started looking at selling, realtors were telling us to list around $340k, and we might get some upside. I connected with Opendoor in June and they offered us $365k, 5% fee, no showings, no repairs and flexible move out. It was a no-brainer so we went under contract. Out of curiosity, I checked with Zillow offers to see how much they would give us, and to my surprise they offered $410k. I went back to Opendoor to cancel so I could sell to Zillow, and they countered by giving us an additional $58k credit. I accepted, and waited it out, and finally closed yesterday and have the money in my account now. To put it in context, a couple of houses in our neighborhood on the open market recently sold at $129 and $138 per sq ft. Opendoor just paid me $193 per sq ft... I don't know how they plan to make money on it, but I'm happy we were able to take advantage of their offer! [link] [comments] |
| Let's discuss :Non-Owner Occupied Homes taxed at 3x the tax rate to make homes more affordable? Posted: 20 Nov 2021 12:28 PM PST Sure, they'd try to pass the tax onto renters, but it would make owner occupied homes more affordable...and institutions may sell properties easing supply issues. [link] [comments] |
| The wait for new homes to come on the market is brutal right now. Posted: 20 Nov 2021 01:19 PM PST I was so excited for Thursday. Usually there's something new. Nothing this week. For those who have been a waiting a while should I expect this to continue until after the holidays? [link] [comments] |
| Posted: 20 Nov 2021 01:05 PM PST My agent is trying to tell me that rates will be going up to 4% next year, but he's also saying that prices will also be going up 10+% as well, versus coming down like you'd expect if rates went up. His rationale is that the supply/demand equation will still be way out of whack. He's warning me that if I don't buy now at the top of my budget (which I've been reluctant to do to avoid being house poor), I'll likely be priced out next year. This seems like some classic salesperson-type stuff, creating urgency. How seriously should I be taking this? [link] [comments] |
| House I wanted is now active under contact. Should I wait for house contract to fall through? Posted: 20 Nov 2021 12:56 PM PST Found a home that is nearly perfect, but it's already under contract with another buyer. Sell was contingent on the SELLER being able to close on another house, but that sell fell through so they asked for 60 days to find something else. Buyer agreed. What are my chances the original buyer walks away? 🥴🥴 We are not in a rush to buy so it's kind of perfect, but again, there seems to be too many what if's. What if the sellers just decide not to sell at all anymore? What if buyer stays as long as they want in order to purchase this home? Anyone been in a similar situation? Am I just my wasting time waiting for my dream home at a good price point? [link] [comments] |
| Posted: 20 Nov 2021 10:44 AM PST Hi all, looking for a little guidance here. I have been approached by a local high end builder about working together on a possible spec home in a very high end market. I have an architect/landscaper/interior design firm/real estate team all expressing interest in the project if we were to collaborate. This is an ultra hot, high end market that I am very familiar with. I have no concerns about the house selling, but I've never done a deal like this. Is there anywhere you guys can point me to learn more about the spec house process and how to structure the deal? Any particular tips you guys can provide? Thanks for any insight. [link] [comments] |
| Posted: 20 Nov 2021 12:51 PM PST Hello not sure if this is the right place to ask but my fathers health is declining (California) and he wants to put me on the title in case anything happens. How could this affect me? He still has a loan on it would I have to get added on to it as well? I had planned on seeking out a first time home buyer loan within the next two years. Would this disqualify me? [link] [comments] |
| Posted: 20 Nov 2021 10:27 AM PST We found a house we like that was built in 2019. Opendoor owns the property. We've seen negative reviews for inspections etc but we have hopes a newer home won't have as many issues. We have to sell our current home and don't want to run into close issues. Any experiences that went well? [link] [comments] |
| Is Zillow Offers terminating contracts for anyone else Posted: 19 Nov 2021 10:56 AM PST I was scheduled to close in March 2022 and they are terminating my contract stating they cannot close on homes after January 2022. They are offering me $3k to sign a termination letter in the next two weeks. Is this happening to anyone else? I thought they announce they will honor all contracts in place. [link] [comments] |
| Thoughts on Fractionalized Rentals? Posted: 20 Nov 2021 12:13 PM PST I enjoy collectibles - such as video games and trading cards - and those have boomed during covid. Since prices are out of reach for most collectors, a new trend of fractionalized ownership is taking place. Basically they turned collectibles into stock where people can buy and sell. A company called Arrived Homes - https://arrivedhomes.com - is doing the same thing for houses. Have you guys heard about this concept? Thoughts? [link] [comments] |
| Posted: 20 Nov 2021 06:12 AM PST I am sorry if this may seem like a dumb question. I looked into websites that only confused me even more. Are the mortgage, home insurance, yearly tax going to be separate payments we have to make? The house will cost 545k. The yearly tax (i checked the county website) is an average of 4300 per year. According to zillow, the insurance is generally 100 per month. Are those going to be in the mortgage payment all in all or do I have to pay the mortgage, home insurance, and house tax separate? What is that mortgage insurance I keep hearing about then? [link] [comments] |
| First time selling a home. Considering listing by owner. Any reason not to? Posted: 20 Nov 2021 12:01 PM PST |
| Posted: 20 Nov 2021 11:18 AM PST I know that the limits increased in 2020. We are looking to purchase a home now but because of the size and our growing family, we'd look to buy a larger home in 3-5 years. My question is since we are using the VA Loan to purchase this 1st home, would we be able to use the VA Loan again? does the current home have to be sold? How would that work? I just dont want to be locked in and not able to purchase in the future. we are in Texas if it matters. [link] [comments] |
| Listing realtor wants to buy my house Posted: 19 Nov 2021 08:31 PM PST I own a townhome in the tampa Bay Area. My realtor is making me an offer before I even list. She wants to rent back to me too until my home is complete (6-9months). She's offering my lower than what she initially thought I could get for it. After discounts it's about a 4K difference possibly. (I've heard houses are going 15-30k over asking price though so potentially a much larger difference) She will rent back to me lower than market pricing. I do have an infant and dog so moving 2-3x would be a pain in the ass. My question is. Am I making a smart decision because it's convenient or should I still list and see what other offers I get? Very on the fence! [link] [comments] |
| Endless preapprovals and waiving financing Posted: 20 Nov 2021 01:05 PM PST With a housing search going on over a year, repetitive preapproval hard pulls are starting to weigh down on the credit report. Is there any real downside to making offers without an active preapproval if financing is waived? There's no reason it's truly less risky for the seller, unless you're dealing with an idiot willing to throw away earnest money (which in my market is about the cost of a Tesla). A recent expired preapproval clearly shows the buyer is in a reasonable financial situation. Granted, I also feel that waiving a financing contingency has no true bearing on the success of an offer (if a preapproval is present), and is just a crazy step forced by every other buyer doing it. On another note, is there any hard number on the number of credit pulls over 2 years that'll result in a rate increase (assuming FICO stays above 740-750)? [link] [comments] |
| Best practice- asking tenant if they want to buy? Posted: 20 Nov 2021 04:35 AM PST Long story, my 2 sisters and I inherited 4 pieces of property when my mother passed away. 3 pieces are in close proximity. 1 residential home is an hour away. There's only 5k or so left on the mortgage. My sisters and I made the group decision to sell it. Talked it over with my lawyer and a realtor… good to go. Insert the soft spot in heart for the tenant. I plan to call her today. "Hey *tenant, my sisters and I have made a group decision and we want to sell the house. We haven't listed it yet, wanted to speak with you first. You are of course in the front of the line. Would you be interested in buying it? I know it's a lot to take in, we wanted to give you some time to think about it" Sound good? The tenant should see it coming in my eyes. 3 kids in their 20s. Why would we want to keep it. Tenants been there for like 6 years too, from my calculations it should be cheaper for her to pay a mortgage (15 and 30yr) rather than pay rent. Verbal agreement they had with my mom too. Month to month no lease that I found anyway… Thanks for the review Edit: I only have appraisal value from 10 years ago and a tax assessment (both extremely low in my eyes). We of course have Zillow/realtor/other online estimates. Was planning to go off of those numbers [link] [comments] |
| Posted: 20 Nov 2021 05:19 AM PST I am buying my first home. My realtor lives about two hours from the area I would like to buy in. I went with him because he is an in house agent for the program I am using to buy the home. He had the bright idea to first put in offers and if someone accepts then go look at the home. Mainly due to fact that he doesn't want to drive constantly to show me homes. I found a home that dropped the price more than 40k in one week of going up on the market. I thought it was strange but we put in an offer even lower and they accepted. It is an older home but description and pictures looked decent. We went to look at home and there are major issues. Doors are inoperable, rusted old water heater, original fire hazard electrical panels from 1969 no running water and other very costly issues. Seller was trying to flip home and did a terrible job. The kitchen cabinets are new but installed very poorly. They also did the roof themselves and some of the shingles are coming up. I can press down on the kitchen sink and it bends. They are trying to get the same price as move in ready homes and they did a terrible job upgrading the home. The home inspector estimates that repairs would take another 30k to 40 it hasn't had the hvac serviced since 2004, and the unit itself is even older maybe more than 25 years. Old tires and bricks left in the backyard. I don't mind buying a fixer upper but not at move in ready price. The description of the home reads as as if they have done major work. They cut corners and barely put in any effort and it shows. I am already at the top of my budget. Also as it stands I wouldn't be able to secure financing or insurance at the current state of the home. We haven't had a chance to go back with report but we plan on asking to renegotiate the price.Should I just walk away? The seller is trying to get rich quick without putting the work in. I am afraid that the home will keep having issues down the line. More than likely the Kitchen will have to be redone at some point as well. [link] [comments] |
| Posted: 20 Nov 2021 10:17 AM PST There's a concert I'd really like to go to ($200) and I need to take a flight to get there ($300). I wouldn't be paying this with a credit card. Would this be considered a "big purchase"? Should I be hesitant? [link] [comments] |
| California, appraisal problems during holiday season Posted: 20 Nov 2021 04:16 AM PST So we are in the first week of escrow, we are using the standard california CAR contract, with 30 day close of escrow. We have a 14 day inspection contingency, 17 day appraisal contingency and 21 day loan contingency. So my lender (CIT bank) has been hinting that appraisal is going to take a while due to holiday season and busy appraisal market. My question is what happens after 14 days has passed and there is no longer inspection contingency. Can you back out using appraisal/loan contingency if you haven't actually gotten the appraisal yet? OR do you have to have an appraisal before 17 days or a loan denial by 21 days to use those contingencies? I am worried that we wont close in 30 days and then lose the earnest money deposit. Are there any things i can do to get the appraisal faster (already offered to pay rush fee)? [link] [comments] |
| Buyers beware when buying from small builders Posted: 19 Nov 2021 09:41 PM PST So we were in the process of closing escrow on a new built home in rural area of east Dallas, Texas. My husband walked the home and noticed alot of issued with the new home that was supposedly completed per the sellers agent. The house had issues from not built per plan to some construction defects. From windows not properly installed, several windows wouldnt lock, front door was incorrectly installed that you can feel a breeze coming through, shower tiles with large grout caps and cracked, new appliances with some dents, garage door not closing properly, missing front ext. Flashing etc...we noted over 80 items. We live in California and I'm in the construction industry. The seller told our agent to send the list and that the builder will decide what to fix?! We sent the list and called them out on how the deviated from the floor plan that they showed us and as well all the defects that were found, not to mention the poor quality workmanship. Because my background in construction and indicating my concerns with the poor construction that could cause serious issues in the future. They decided to cancel the contract. I ended up doing further research on this builder and found out. The sellers agent is the daughter of the builder who builts these homes with different companies. I feel that in the end if the day, we lucked out of a larger problem. Anyone buying a new built, specially from a builder who isnt well know. Please be careful! Make sure you hire an inspector to check on the home. If we found these issues on a finish product and instead of correcting the issue, they canceled on us. Imagine what corners they cut that are behind the walls! [link] [comments] |
| Posted: 20 Nov 2021 10:07 AM PST Can someone help me determine what my appraisal amount may come back as? I am shooting for 268k. It's a 3 bedroom 2 bath house built in 2017. No issues still basically brand new. Hardwoods in living room dining room and extra room off of the dining room. Big kitchen bonus room above the garage. French doors in dining room. .75 acres of land. Anderson South Carolina. [link] [comments] |
| Posted: 20 Nov 2021 08:53 AM PST Anyone have predictions based on real life data as to what the market will look like in the next 6 months? Which areas in the Austin proper (so NOT Round Rock, Pflugerville, Hutto) seem to be on a path to appreciating nicely? Any neighborhoods that we should NOT be looking to buy in? Me and my husband are currently renting but want to buy in the next 6 months. Our price range is $400-550k. We have noticed a lot of price cuts in the past 3 weeks, so I wonder if prices will fall even more next year (Jan-April), so we're wondering if it is worth it to just wait it out. Thanks. [link] [comments] |
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