Mortgage rates jump up to 3.75% Real Estate |
- Mortgage rates jump up to 3.75%
- Since people aren't having as many kids, what will happen to the housing market in 30 years?
- What do rising interest rates do to a market? A hyper-local "study"
- What are delayed new construction buyers doing about rates?
- Concerned about missing a deadline
- Thinking of going FHA route. Anyone use an online application?
- Looking to make a career pivot
- Do contractors/plumbers/electricians/etc ask you whether you want work permitted or not?
- Renovate or Buy to net 1 bedroom and office space Raleigh, NC, USA
- Worth it to apply for a mortgage pre-approval months before our income doubles?
- What's considered a GOOD ROI% for a commercial property assuming a cash purchase?
- Is a mobile home built in the 60’s with all brand new restorations a poor investment for a first time homebuyer?
- Any benefit to using a VA loan if I am putting down 20%?
- Unconventional lending
- What’s your income and what is your PITI?
- Can't get removed from former HOAs call/email list.
- Biggest problem with real estate agents?
- Xome & Zestimate home values wildly off?
- VA Loan/Home Refinance - Worth it or not?
- How to avoid getting scammed for a land
- What are your thoughts on buying a home through a community land trust?
- Looking for mortgage calculator..is it worth it
| Mortgage rates jump up to 3.75% Posted: 18 Jan 2022 10:56 AM PST |
| Since people aren't having as many kids, what will happen to the housing market in 30 years? Posted: 18 Jan 2022 05:21 PM PST If we are seeing surging home prices now, in large part due to the huge millennial generation come of home buying age and underbuilding of housing since the great recession, what will happen in 30 years when the much smaller generation of 0-5 year olds now (since people are having fewer children) come of home buying age? What if homebuilders over build over the next 30 years to overcompensate. Together, will that mean that housing prices will go down since there will be more supply and less demand? Crazy how we are a product of history - with the current birth rate continuing to decline, millennials may end up being the largest generation in history! See this chart showing the distribution of the US population - millenials are the single largest generation now, followed by boomers: https://en.wikipedia.org/wiki/Demographics_of_the_United_States#/media/File:USA2020dec1.png What are your thoughts? [link] [comments] |
| What do rising interest rates do to a market? A hyper-local "study" Posted: 18 Jan 2022 02:07 PM PST There's been a lot of debate here lately as to what rising rates will do. I've noticed some industry professionals posting that 2018, with its multiple rate increases, was business as usual. My recollection, however, was that it was not, at least in SoCal. I recalled many articles in the media worrying about the state of the market and the sudden disappearance of buyers and multiple offers and the emergence of multiple price cuts. So, I decided to simply look at the listing history of homes being sold in one specific geographic region of SoCal (the west San Fernando Valley region), specifically focusing on homes that sold in the later part of the year, after several rate cuts. Here's what I found, listing by listing. What I found generally is that: 1) there seemed to be a lot less homes sold in 2018 than 2017 or 2019 (so sales activity during this time period generally lower) 2) It was generally rare to find a home that sold for over asking price later than April 2018, although I did stumble upon them from time to time These were generally priced way under market initially, like this place for $489k, a price that simply was not realistic for the neighborhood (by a couple of tens of thousands) even in 2018 (https://www.redfin.com/CA/Canoga-Park/20553-Stagg-St-91306/home/3694905). When they sold over asking, the over-ask was generally something in the range of 1-2% or less, sometimes just a couple of thousand dollars. As an example: https://www.redfin.com/CA/Canoga-Park/20657-Schoolcraft-St-91306/home/3960969 3) A very large chunk of homes listed as of about April 2018 had multiple price cuts, with some taking months to actually sell. For anyone willing to kill an hour of their day, run the experiment in your local area and see what you come up with. Here are some examples of what I found: Listed Aug 5, 2018 - $565k Price reduced Oct 1, 2018 - $555k Pending - Nov 2, 2018 Sold - Dec 27, 2018 - $545k Listed April 12, 2018 - $590k Price changed Aug 7, 2018 - $570k Sold Dec 10, 2018 - $570k Listed Jul 12, 2018 - $635k, immediately increased to $650k Aug 3, 2018 - drop to $625k Aug 23, 2018 - drop to $620k Aug 24, 2018 - drop to $605k Sept 17, 2018 - goes pending Oct 12, 2018 - sold $597k Listed May 13, 2018 - $625k Jun 14, 2028 - dropped to $600k Aug 17, 2018 - sold for $600k Listed Oct 20, 2018 - $559,999 Pending Nov 13, 2018 - Dec 28, 2018, sold $519,500 Listed on May 4, 2018 - $569k, increased May 5, 2018 to $620k Price cut to $600K on May 23, 2018 Price cut to $585k on June 29, 2018 Price cut to $565k on Aug 2, 2018 Sept 14 - pending Oct 19, 2018 - sold, $559,500 May 15, 2018 - listed $589k Pending June 22, 2018 Sold July 24, 2018 - $575k Listed May 31, 2018 - $585k June 22, 2018 - price increased to $587k July 12, 2018 - pending Aug 7, 2018 - sold $579k Listed Oct 11, 2018 - $620k Oct 23, 2018 - price changed to $599k Nov 2, 2018 - pending Nov 29, 2018 - sold $580k Oct 13, 2018 - Listed for $610k Oct 24, 2018 - Drop to $600k Oct 29, 2018 - Pending Dec 4, 2018 - sold for $599k Jul 24, 2018 - listed for $649k Sept 5, 2018 - Dropped to $645k Oct 9, 2018 - Pending Nov 22, 2018 - sold for $625k Sept 11, 2018 - listed for $675k Oct 29, 2018 - sold for $640k The effects seemed to have lasted in early 2019, when you could still find stragglers selling for below asking. As an example, $579k ask, $571k sale price: https://www.redfin.com/CA/Canoga-Park/19725-Saticoy-St-91306/home/3671832 (I hope I don't get downvoted for this post :)) [link] [comments] |
| What are delayed new construction buyers doing about rates? Posted: 18 Jan 2022 09:34 PM PST Made an offer for a new construction home 6 months ago. Builder has constantly been extending the close date due to labor and materials delays. Rates are increasing, but based on past experience we can't lock in a rate since they keep pushing the date and the bank can only give a 45 day rate lock. Not sure if it'll fall within that time frame or we'll have to pay a fee to keep that rate or extend it further. For context, we bought a townhouse and are the 5 house. House 1 and 2 are closing next week. House 3 and 4 are getting doors and trim done. Our house will be be worked on next, but they won't have an update till this Friday or next Friday. Not sure what the best option is for people who've made an offer for a new construction and are stuck in a contract (that they want to stick with) without a confirmed close date? Should we just do a rate lock and pay a fee to extend it further? Should we hold out until the we get the go ahead for the appraisal? Would really appreciate any advice! Thank you! [link] [comments] |
| Concerned about missing a deadline Posted: 19 Jan 2022 07:21 AM PST I'm back! So, the seller accepted the offer I put in on a house and the contract was ratified at 7:30pm on 1/17. The contract states that the earnest money must be delivered in the form of check no later than 2 days after ratification. Yesterday, I contacted my realtor and asked her where I need to take the check. She said that they were working on scheduling the inspections and would send me an email with the information. Today it is now 10:30am and I assume I have until 7:30 to deliver this check. I'm not sure what happens if I don't get this check to where it needs to go in time. I don't want to keep bugging my realtor who seems like she knows what shes doing. At the same time, I've read that if earnest money isn't delivered on time, the seller can technically back out of the deal. Any advice? [link] [comments] |
| Thinking of going FHA route. Anyone use an online application? Posted: 19 Jan 2022 07:09 AM PST I am 31 and this is my first time buying a home. Here's some things to know -I'm a DC government employee, essential. Don't want to go through their options for housing purchase assurance because it forces me to live in DC.
-I make 50k and get yearly increases.
-I do have children and will unfortunately have to be moving within 6 months. My thing is what are my odds here. Also would it be easier to get a pre approval for FHA online ? I'm very new to this. [link] [comments] |
| Looking to make a career pivot Posted: 19 Jan 2022 07:02 AM PST Looking to make a career pivot. How can I break into the real estate industry? Hello everyone, I am early in my career with about 5 months into a software sales position looking to change things up and move into real estate. My dream is to open up my own real estate investment company where I can manage a portfolio of assets. I never really wanted to work for anyone but myself but I know that working for someone could help me learn a thing or two. I have been looking for jobs within the real estate business and I'm having no luck in finding positions that could lead me on the right path. Additionally, it seems like a lot of positions stress an education in finance. While I have a degree in economics and marketing analytics, my skills in reading a balance sheet or DCF is pretty limited. Is a masters program in Real Estate something that could help me network, expand my knowledge and break into the industry? I know an education is not necessary at all because my dad has his own development company and started from nothing. I could easily take the tuition money I would spend on a masters and put it towards buying my own properties. However, I'm making such terrible money within my current career and am dreading every day I work here. I know that it would take some time to strictly depend on an income from my own real estate business. I guess you could say I know where I want to end up but I'm not sure of what the correct path is. [link] [comments] |
| Do contractors/plumbers/electricians/etc ask you whether you want work permitted or not? Posted: 19 Jan 2022 06:57 AM PST I closed on a house in the middle of 2019 in the Miami/Ft. Lauderdale area and I've been getting estimates for and making repairs to parts of the house. I noticed that often times when I get an estimate, the tradesman will ask me whether or not I want to get permits for the repair. I always get the permits so I know it'll take longer and cost more. I was surprised the first time I was asked but as it kept happening I just realized that's how things are done here. Does this normally happen in other parts of the country? This is my first house so I never had to do this type of stuff anywhere else. [link] [comments] |
| Renovate or Buy to net 1 bedroom and office space Raleigh, NC, USA Posted: 19 Jan 2022 06:49 AM PST I just wanted to get some outside opinions on this. Currently we live in a 1800 sq ft house that is about 1 bedroom and some office space short of our long-term plans. Initially we set out to buy a new home however we have become discouraged during the searching process as it seems the houses we are targeting are just out of our price range. We are debating continuing the house search or resolving to close in our former carport to add ~200 sq ft as an additional bedroom to suit our near term needs and then renovate the house as needed to make it more of what we want. We do like our existing house and the house search so far has consisted of searching for basically what we have now but for 1 more bedroom. We do have some amenities in our current home that we would had to lose such as a nice kitchen, large lot and larger older style bedrooms. Any opinions are appreciated, especially those particular to the Raleigh area. Thanks! [link] [comments] |
| Worth it to apply for a mortgage pre-approval months before our income doubles? Posted: 19 Jan 2022 06:40 AM PST I have informal phone calls set up with two acquaintances who are realtors but I'm coming to r/RealEstate first because I worry about wasting their time and asking the right questions. Feedback and advice are much appreciated. Location: New Jersey, USA. Questions:
---------- Background: My husband and I are planning to buy a house in NJ within the next calendar year. We are not ready to apply for a mortgage pre-approval yet but we could use some informal guidance around organizing our timeline. We currently live in IL and are moving to NJ in July 2022. My husband is also starting a new job in September (same field). My husband and I were originally planning to apply for a mortgage pre-approval in NJ in October 2022. Ideally, I would like to apply sooner but we need to wait (or so we think) until he receives 2 paychecks from his new job that begins in September. My husband's new job will nearly double our combined income. Currently, our combined income is $160,000. After my husband starts his new job in September (same field), our combined income will rise to around $300,000. Our budget for a house in NJ is $850,000 but we would prefer to purchase around $750,000. Both of our credit scores are above 800. The Conflict: We live in IL and our apartment lease ends in July 2022. That means we will have to figure out short-term residency from July to whenever we close on a house. I find moving to be really cumbersome. If I can help it, it would be nice to reduce the number of times we have to move. We would also likely move in with my husband's parents for short-term housing, which we are both motivated to avoid. Therefore I am considering house hunting this winter/spring to close by the summer and be fully moved in during late July. To make this happen, this means we would have to apply for a mortgage pre-approval with our lower income of $160,000. If we are still looking for a house by the Fall, we will update our increased income with the lending company. Of course, we would let the loan officer know immediately about my husband's future job change during our first appointment with them. Please refer back to the 4 questions above. ---------- Original Timeline: Now: Living in an apartment in IL 07/2022: Lease ends, move to NJ, secure short-term residency 09/2022: Husband begins new job, raising our income from $160k to $300k 10/2022: Husband will have 2 paychecks from his new job 10/2022: Apply for a mortgage pre-approval and begin touring houses on our higher income 20222-2023: Close on new house, move in Proposed New Timeline: Now: Living in an apartment in IL Soon: Apply for a mortgage pre-approval on our lower income of $160k. Tour homes and aim to close by 07/2022. 07/2022: Apartment lease ends, move to our new house in NJ 09/2022: Husband begins new job, raising our income from $160k to $300k 10/2022: Husband will have 2 paychecks from his new job 11/2022: Refinance our mortgage with our increased income [link] [comments] |
| What's considered a GOOD ROI% for a commercial property assuming a cash purchase? Posted: 19 Jan 2022 06:36 AM PST |
| Posted: 19 Jan 2022 06:21 AM PST I realize this is a loaded question, so here's a little background. I, single 23F living in New England am purchasing my own home. I've gotten preapproved for $230K with a down payment of 20k, however the market right now in New England is, well.. the market everywhere. For the last 5 months, I've been looking at single family homes with at least 2 bedrooms, 1 bathroom, a garage or outdoor storage to hold tools or lawn care things, and that's about where my list ends. Fast forward to today. What's listed as a "mobile home" is for sale, with a full concrete basement, 2 full bathrooms, 2 bedrooms, 1300sq. feet, attached garage, brand new heating, insulation, electric, roof, plumbing, walls and flooring. If this home were not a "mobile" home (which I thought mobile homes were only ones without basements?) and it were a standard single family, it would sell for upwards of $300k. This home is for sale for 90k. Although I never wanted to be a double wide Queen, this home checks all my boxes. Is this a poor investment? Will outdoor repairs that fix curb appeal raise the property value over time? Should I jump on this or jump ship? TIA! [link] [comments] |
| Any benefit to using a VA loan if I am putting down 20%? Posted: 19 Jan 2022 05:14 AM PST I believe I can avoid mortgage insurance by putting down 20% so should I still go the VA loan rout for a mortgage? [link] [comments] |
| Posted: 18 Jan 2022 09:42 PM PST I have a unique situation and would appreciate any advice or suggestions. Two years ago I purchased my home cash. At the time I received an early inheritance and didnt qualify for a mortgage. But my plan/hope was to eventually pull some (not all) of the equity out as having liquid cash was important to me. My financial situation has since changed for the worst and pulling some of the equity out of my home would be a huge relief; however my credit has also taken a hit. Ive looked into asset based lending but most wont lend against an owner occupied home. I do not want to sell my home and thats really a last resort for me. Any P2P lenders out there or has anyone ever done a personal loan of sorts with the home being used as collateral? [link] [comments] |
| What’s your income and what is your PITI? Posted: 18 Jan 2022 03:06 PM PST I know some other threads have been made, but being in a high property tax state + significant amount for homeowners insurance I'm curious to know what others entire payment is. We pay a significant amount towards taxes ($11,000) and insurance ($3600) $685k purchase price with 20% down and we're at ~$3700 Income varies due to nature of work but roughly combined $200-220k to be conservative or about 22% of gross monthly. How about you? [link] [comments] |
| Can't get removed from former HOAs call/email list. Posted: 19 Jan 2022 04:12 AM PST I had a condo I rented out years ago. I finally sold, but even a year later, I still am getting automated emails and phone calls. I spoke to the previous management company rep (he gave out his cell number once), and he said I'd be removed. Par for the course, nothing happened. A new rep came around, who couldn't even spell her own name correctly in emails. I've left messages and sent emails, but so far, no action. They aren't commercial emails/calls, so I don't think they fall under CAM-SPAM. (Snow removal, trash stuff, etc) Any suggestions? I'm gonna try going up the chain of the company, but they're all remote and we just leave messages right now. Edit: I'm well aware I can block them. It's more about the principle of the matter. [link] [comments] |
| Biggest problem with real estate agents? Posted: 18 Jan 2022 11:41 PM PST Why do some people seem to dislike real estate agents? I'm not an agent, nor am I saying I am a fan of them either, but I've encountered a lot of homeowners that view agents in a very negative light. Any thoughts? [link] [comments] |
| Xome & Zestimate home values wildly off? Posted: 18 Jan 2022 08:33 PM PST Bought my home for $295K last year. Xome says my home's estimated market value is $412K. Zillow says it is $322K. Any reason for the huge discrepancy? [link] [comments] |
| VA Loan/Home Refinance - Worth it or not? Posted: 18 Jan 2022 04:13 PM PST My dad is wondering whether or not refinancing his home is worth it or not right now. He's kind of shocked at how much the closing costs are. In my mind though, it appears at the surface to be a good deal. He'd be saving $800/month in out of pocket cash (albeit extending the loan). Also, the interest rate is much lower, the cash to close is comparatively not a lot since most of the fees can be financed, and most of the closing costs go towards escrow anyway. I've put the summary of the proposal below, what are your thoughts? I'm not sure if any of this can be negotiated, especially since it's a VA loan. Thank you! Existing/original loan amount: $424,297, 30 year loan @ 4%: $2,250/month Proposed Loan: Loan Amount: $366,825 Interest Rate: 30 years @ 2.375% Monthly Principal & Interest: $1,425.68 Prepayment Penalty: NO Balloon Payment: NO Closing Costs: $16,633 (Includes $8,700 in Loan Costs + $7,933 in Other Costs - $0 in Lender Credits Estimated Cash to Close: $5,085 – Includes Closing Costs A) Origination Charges: · 0.625% of Loan Amount; $2,293 · Underwriting Fee: $1,095 B) Services you cannot shop for: $2,093 · Credit report: $50 · MERS Fee: $25 · Flood certification: $8 · Tax Service: $85 · Title – Attorney Doc Prep Fee: $100 · VA Funding Fee: $1,825 C) Services you Can Shop For: $3,219
D) Total Loan Costs (A+B+C): $8,700 E) Taxes and Other Govt Fees: $102 F) Prepaids: $358 G) Initial Escrow Payment at Closing: $7,473
I) Total Other Costs (E+F+G+H): $7,933 J) Total Closing Costs: $16,633 Cash to Close: [link] [comments] |
| How to avoid getting scammed for a land Posted: 18 Jan 2022 10:52 PM PST What should one be aware of before buying a land or an old villa to demolish? [link] [comments] |
| What are your thoughts on buying a home through a community land trust? Posted: 18 Jan 2022 03:18 PM PST I want to buy a condo to live in, but housing prices in my area are very high. What seems like my best option is to buy a condo through a community land trust. It will be affordable, close to work, and the unit is in very good shape. Has anyone else here bought a home through a CLT? What was your experience? Are there any downsides to community land trusts? [link] [comments] |
| Looking for mortgage calculator..is it worth it Posted: 18 Jan 2022 06:58 PM PST We just went under contract today for a condo in California...this will be our second home purchase, the first being in mid west a few years ago...so I am somewhat familiar with the process... One part is mortgage rates and points and term duration options and so on...for our first the loan amount was 128k so I didn't think it to be worth the effort of running the combinations....but this time the loan amount is around 700k..so not jumbo, but still a huge amount for us...and I am starting to wonder if it is worth finding the points and payments etc calculation.... Anyone have a good online calculator/resource? [link] [comments] |
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