I feel that there is still another great reshuffling of city vs rural living coming within the next few years. I have no facts, just logical observation. Real Estate |
- I feel that there is still another great reshuffling of city vs rural living coming within the next few years. I have no facts, just logical observation.
- Need advice on buyer pulling us off market 200k over ask to flip the switch and ask for 100k in repairs
- Had a package delivered to house before closing
- Inflection point- Mortgage applications dropped 13% last week
- Removed the Apps
- Selling house in contract, Buyer inspector came and now our outlets don't work
- House flooded at showing?!? How can I warn potential buyer??
- House for sale with tenants
- Real estate agent has not returned completed, signed contract; what should I do?
- Selling "AS IS"...are such listings selling quickly in the current market?
- Determining Rental Incone
- Longterm Rate Lock In?
- Question Regarding Listed Home Features
- (Georgia) House might be coming on market in next week, what are your thoughts on a letter?
- Is moving from HCOL to LCOL a good idea?
- Off market process, do I need a real estate lawyer or agent?
- Any opinion or data is much appreciated for this question.
- Home inspection found some asbestos in basement: advice?
- Housing Market Future’s?
- Building time?
- Would a dip in 10-year treasury mean mortgage interest rates may trend down due to current events?
- Why does my down payment % matter to seller
- Looking to rent a house and half the listings are from Invitation Homes
- Would you buy a bigger/nicer home at this time or invest in rental properties?
- How firm is the deadline to submit a deposit for Bid4Assets?
| Posted: 24 Feb 2022 05:46 AM PST Covid and the ease of work from home gave many people the opportunity to leave dense and expensive cities and seek out rural living. The masses descended upon medium and smaller sized cities like Spokane, Missoula, Asheville, Colorado Springs, etc. but I don't think it will last. After a few years the masses will start going back to the cities. 1). Work from home may not be a permanent option. Sure, it's convenient for a lot of people, but I feel some kind of hybrid office/home office will evolve. Unless you are at a tech company a lot of businesses need a physical workforce present. Also, I've been reading that people who work from home never seem to leave their work. They log in and off constantly. There is no 5:00 pm clock out. They are always living on their computers. That creates less satisfaction in life so hybrid is the way to go. 2). Living in a small town sounds great, but as everything is opened back up from Covid people still crave social contact, night life, restaurants, etc. These all exist to a lesser degree in smaller cities. I feel people will get bored and start looking at moving back to the cities when real estate settles. 3). The housing crunch will eventually lessen. This may take a few years, but the baby boomers will downsize houses and eventually die off. I also feel a building boom will begin across the country due to such severe demand. I'm being optimistic here, but I'm hoping city leaders across the country will revamp zoning laws and start allowing more multi unit dwellings to be built. Supply chains will be reestablished and building materials will become more affordable. 4). Politicians will do what is right and the government will save us! Ha ha, sorry that was a joke. Washington isn't going to do anything. Edit: Another good point that was made with regards to experience. New workers aren't going to be mentored well from a WFH environment. A 22 year old fresh out of college needs guidance and interpersonal experience to function in a professional corporate world. They will still seek jobs in the city for this. Part of promotion in a professional world happens from networking. If you work from your bedroom in Sheridan, WY then you don't have the same face to face advantages as someone who sees the boss in the office every day. [link] [comments] |
| Posted: 23 Feb 2022 05:56 PM PST Long story short, this super unique and beautiful lake house caught the eyes of at least 10 really serious buyers. We had many offers in hand by hour 12 of it being on market. This buyer came in 10k stronger than the rest, with a full appraisal waiver, matching all of our terms. It was a done deal, pulled it off the market, everyone was happy. Not 24 hours have passed, and I get a call from the realtor saying they're going to request some repairs, but no worries, it's not anything over 10k. We get a repair request for 100k. 100k. To include adding railings to the stairways, the same stairways they walked through in the open house and saw there were no railings -- they request this because it could be a risk to their guests (they are buying it as an investment property). 100K. We had offers with no option period that were a little less than theirs, but now, because they sent us the inspection report and repair requests, they know they have us in a tight place, since we would have to share this information with all interested parties once we put it back on the market. I guess what I'm just wondering (since I have never experienced this before), how do I even go about this? The email from the buyer's agent was worded like an infomercial "She'll still be getting x over ask!" Sounds like this was the plan all along. My client is going to pop if I bring her that outrageous number. This house is stunning and one of a kind, hence all of the offers. Help 😬 [link] [comments] |
| Had a package delivered to house before closing Posted: 24 Feb 2022 09:08 AM PST My MIL sent us a package to the house we're buying, over a month before closing. Is this going to cause us any issues? I'm not sure if this could be seen as us trying to take possession early and cause problems. I'm also not sure how to go about trying to get the package. House is vacant, with security cameras on the front porch that the owner monitors. Would it be inappropriate to ask our realtor to ask hers for permission to get it? [link] [comments] |
| Inflection point- Mortgage applications dropped 13% last week Posted: 23 Feb 2022 04:11 AM PST |
| Posted: 23 Feb 2022 07:52 PM PST After brooding on a lost "perfect home" for over a week, I decided to remove the Zillow and Redfin apps from my tech. Searching for a new home better than "the one that was lost" became daunting and took the fun out of the experience. I think I'll take a breather and come back fresh. I'm tapping out of the house hunt for a spell! Good luck to all! [link] [comments] |
| Selling house in contract, Buyer inspector came and now our outlets don't work Posted: 24 Feb 2022 06:09 AM PST Is there any recourse? What should I do? It seemed abundantly clear after the inspection, a few of our outlets don't work. I also think he didn't put that on his inspection report and I'm concerned he will chalk it up to us breaking the outlet after the inspection was performed. [link] [comments] |
| House flooded at showing?!? How can I warn potential buyer?? Posted: 23 Feb 2022 01:30 PM PST My wife and I recently went to look at a house that was priced just under 1 million. It was out of our price range but the agent insisted we went to go look at it so we did. We show up in the basement, which was just completely refinished, had about an inch of water in half of it. The hot water heater was in that room and the drain pan was completely full so the listing agent immediately said the hot water heater must be busted. It was a brand new hot water heater that was installed two days ago. After looking around I saw a 4 inch flood waterline on the garage door which was right next to the basement. This means enough water got in that basement to completely cover the hot water heater drain pan and there's no telling how much water still down there. We left in the house went under contract that day As we were leaving she already had a mitigation company out there cleaning everything up. There is no chance there's potential buyers know about this flood. Is there anything I can do to warn them before they ruin their lives?! [link] [comments] |
| Posted: 23 Feb 2022 08:21 PM PST Hello - has anyone ever bought a house where there are still tenants? I know I should talk to an agent but I was wondering if anyone had the same experience. How did you go about it and what's the normal arrangement? Thanks in advance! [link] [comments] |
| Real estate agent has not returned completed, signed contract; what should I do? Posted: 24 Feb 2022 09:24 AM PST I am purchasing an investment property near a resort in West Virginia. We live out-of-state and are using our previous lender located in Virginia for financing. However, we cold-called a real estate agent who represented a property we were interested in (but it is not the property we submitted an offer for). He showed us a few properties around town and we eventually made an offer on one of the properties he showed us. We directed the price and since the market is limited he did not provide direct comparable for us to use when selecting the price (this does not strike me as particularly strange). The West Virginia real estate market is different than what we are used to. For example, there is little to no cell service in the area and they do not use DocuSign for purchase contracts. Some of the language in the contract is different too, but no alarms there. Other than not being prompt with communications (time is of the essence), he has been helpful and met my expectations. Until we decided to make an offer. Here's the timeline of events: * We submitted an initial offer in form which was forwarded to the seller's agent Thursday evening * The seller negotiated verbally (which was strange to us) and we had a verbal agreement on an updated price on Saturday. We sent over an updated contract to the seller on Saturday which expired on Monday. * On Monday around noon we heard from our agent that the seller had accepted our offer in form. The agent told us that they would forward us the contract and other relevant documents on Tuesday (the one day delay raised an eyebrow from us). * On Tuesday night I messaged the agent asking for the contract and the instructions to send earnest deposit. He told me he would talk to us on Wednesday. * On Wednesday I messaged him in the evening and he explained he was having dinner with clients and would get back to me on Thursday. * It's noon on Thursday and I haven't heard from him. I have no submitted the earnest money deposit yet because I do not have the signed contract or instructions for how to send the money. Should I be alarmed? Am I overreacting? Should I call his broker? Any recommendations for how to handle this would be appreciated. [link] [comments] |
| Selling "AS IS"...are such listings selling quickly in the current market? Posted: 24 Feb 2022 09:17 AM PST Asking because I have an older 'earth home' that will be put on the market in 2-3 months. I did some updates on the inside, but the outside still looks crappy. I bought the home in 2012 with the intention of tearing it down and building a new home...but not long after purchase i allowed a friend to reside there so that her kids could attend school in that highly rated school district. Times have changed...they have moved out, and i have since retired and will be moving to a warmer state. The 1950 house needs siding, gutters, and new windows, but i really don't feel like putting more money into it. That would amount to putting lipstick on a pig. The roof is 3 years old (insurance covered for wind damage). As for the rest of the property...it's 1-1/4 acre lot, and it has a 48' x 36' pole barn/garage that was built in 2017. Question...would updating the exterior and fixing what other issues on what i consider to be a tear down really help in this market? Please say "no"...I'm tired :) [link] [comments] |
| Posted: 24 Feb 2022 08:49 AM PST Hey all. I'm looking into buying my first property and am looking at duplexes in my area as I wanted to use rental income to cover (or help cover) my mortgage and other expenses. I'm having trouble determining what I would be able to actually rent a property for. I've had my agent send me over information for units within a 1.5 mile radius, but there is such a wide range of price points per square foot and they all appear similar. Is there any way to really pinpoint what a property might actually rent for or do I have to sort of go with my gut on what I think I can get for the specific property? [link] [comments] |
| Posted: 24 Feb 2022 08:36 AM PST I realize trying to determine what's going to happen with rates is fruitless (they're going up but how much is anyone's guess). Looking for insight on what others would do in this situation though….new construction. House should be done by fall (I realize that's not a definite). Can lock in a rate now for 1% fee (about $7k) and .25% rate increase (leaves us at about 3.9%) but locks us through December with a float down 30 days prior to close. A few lenders have suggested not to rate lock as it may not be necessary but my gut feels differently. I'm not loving gambling the $7k but maybe it's worth it? The alternative is waiting until April/May to lock provided they've poured the foundation. Curious to know what others would do in this situation. Thanks in advance for your insight!! [link] [comments] |
| Question Regarding Listed Home Features Posted: 24 Feb 2022 07:51 AM PST Apologies if this isnt the right sub. We have officially gone binding...woo! I got the paperwork and the Listed Features has the attic r-balue for insulation at r-38. However, our paperwork says r-30, with insulation thickness of 8 inches. Does that mean that rhe r-value overall is 38? [link] [comments] |
| (Georgia) House might be coming on market in next week, what are your thoughts on a letter? Posted: 24 Feb 2022 07:40 AM PST Short story: I am targeting a specific neighborhood, and houses go quickly. There is a possible house coming onto the market, by word of someone who lives in the neighborhood (they heard it at the bus stop). What is the benefit/value of writing a letter to the homeowner? Is it a Fair Housing Violation to do so before the house is on the market? What are the risks of doing this? What are the possible benefits? I'd love to avoid a bidding war. [link] [comments] |
| Is moving from HCOL to LCOL a good idea? Posted: 23 Feb 2022 08:12 PM PST Currently own in a highly desirable community in SoCal. Our home value has steadily gone up, now double what we paid 6.5 years ago. We've gotten very competitive offers from iBuyers in the last week and we're weighing that against putting the house on the market and probably getting multiple offers in a weekend. It's a dizzying amount of money, honestly. I spent 15 minutes showing an iBuyer my house on Zoom and they offered me an absolutely fortune... WHAT A TIME TO BE ALIVE?!?! We are considering moving to a lower cost of living part of California and buying a very nice home with property and a short-term rental in a tourist area. We'd put down 20% on this property and invest the rest in other investment interests. This is a property we'd dreamt of buying for retirement, this would put us about 20 years ahead of schedule. Financially this makes tons of sense. We have permanently remote jobs, we really like visiting the area we're looking to buy, it is an area we'd hoped to retire, and we'd have plenty of cash available to be a nice bump in lifestyle. (Or even move somewhere else if it all went bad.) We're 48 hours from executing this plan... so time for a gut check. We'd love to hear from others who have done this. How is it going? Any regrets? How is life without Trader Joes and great takeout? Are you making friends? Are we stupid to do this? Would you do it again? [link] [comments] |
| Off market process, do I need a real estate lawyer or agent? Posted: 24 Feb 2022 06:33 AM PST I'm buying a home off market and we agreed on a price of 175k. Then the sellers rep. Sends me a contract saying that I need to pay him 3500 outside of the contract. Is this normal? I know from when I've sold other things off market I've never did that or when you're buying anything from an business, you are never paying the selling person upfront. Their pay is supposed to be already apart the sales price. Also. Later on the rep says that the seller want to know if you can put up earnest money to show that you are serious. I told him that if I wasn't serious I would not have went through other lenders, have my max rechecked. Sent screen of what my lenders said. Plus sent multiple pdf of sellers finance payments with dates amount. Plus when it should end as I would get it refinance on x date. I thought that buying an off market home was supposed to be simpleand save both partiestime and money: we agreed upon ___ price, I have my inspection and appraisal and we close. To summarize: Is paying the sellers rep outside of the agreed price normal and do I need to get a real estate lawyer ? [link] [comments] |
| Any opinion or data is much appreciated for this question. Posted: 24 Feb 2022 06:24 AM PST How common it is in this market to buy a house in an insanely good neighborhood for more than 15% under appraisal value? [link] [comments] |
| Home inspection found some asbestos in basement: advice? Posted: 23 Feb 2022 07:49 PM PST First time home buyers under contact; we waived appraisal but are having an inspection done and offer is contingent on one for major structural defects. My partner and I love the house and agreed with the sellers to address any issues and allow for fixing before walking, which of course we will do. There is (likely) asbestos on some of the pipes in the basement (it's an old house, but otherwise in quite good shape considering) which our inspector found today. He mentioned it's quite expensive to get removed, so the sellers are likely going to say they'll encapsulate if we try to negotiate. From what I'm reading online this shouldn't be a dealbreaker but is certainly a major environmental issue. I know this market is insane so I don't want to push too much for anything unreasonable, but sellers did already have one offer that fell through and we were next in line. Any advice? Anyone dealing with a similar issue? What did you do? [link] [comments] |
| Posted: 24 Feb 2022 05:59 AM PST Hey all, I'm honestly racking my brain on what could be the future of Housing. I am looking to buy around the DMV area. I normally write different options that could pan out and then a percentage of the likelihood beside it when analyzing things like this. I'm Hoping there is someone smarter than me that can chime in. Summary: QE, Low rates, and high demand has sparked an increase of 20-30% ask price and a bidding war that goes far above that behind closed doors. Is this the new norm for housing? The Fed is being swallowed by our current economic state of about 8-10% inflation realistically speaking. They will be forced to raise rates which if done to abruptly will result in a recession. However, at this point, if not done abruptly, will result in higher inflation. (They would have to raise rates close to or higher than the pace of inflation to get it under control). With the inflation and speed the economy is running at, I fear that a raise in rates has to be fairly high to mean anything and will cause a recession. If the Fed puts rates too low then there will still be high inflation making this the new normal. Which essentially could lead to even worse consequences. The US dollar could lose its strength and reduce the confidence of investors. For a government that relies on borrowed money to run the country, this won't turn out well. In addition, it could mean that our salary would go down by 5-10% YoY. Lord knows that corporations won't accommodate or even recognize that fact. In addition, Rents would likely go up to reflect the higher rates and higher cost of living. What does this mean for housing? Example- Option1: FED raises rates significantly to curb inflation sparking a recession. Housing prices would reflect but could still be propped up by demand if lucky. Option2: FED slowly increases rates like they have been doing but it still doesn't out pace inflation. (This is the new normal) If it's not close enough to the rate of inflation, a worse recession occurs down the road. I cannot put a finger on the likelihood of both options, if you've got more options and can put a percentage next to it I'm all ears. [link] [comments] |
| Posted: 24 Feb 2022 05:21 AM PST Hey guys, I got approved for a construction loan and I'm curious what you'd guy say, is it still a good time to build? The markets a bit sketchy at the moment and with everything going on with Urkaine/Russia is lingering my mind, what's your opinion? [link] [comments] |
| Would a dip in 10-year treasury mean mortgage interest rates may trend down due to current events? Posted: 24 Feb 2022 04:50 AM PST Closing on a new construction house that will be completed by late March. We were pre-qualified with several lenders. We ended up locking an interest rate on a 30-year fixed about 2 weeks ago. I see that due to recent news, the 10-year treasury has dipped, even lower to what it was on day we locked in our rate. If the 10-year treasury continues to decrease, would be safe to assume that mortgage rates may reverse a little bit upcoming days/weeks? If so, would it be better to try to re-lock with another lender since we still have time? [link] [comments] |
| Why does my down payment % matter to seller Posted: 23 Feb 2022 09:32 AM PST Recently lost a bid (even though my offer was higher) because I only planned to put 5% down. I could have increased to 10% but wanted to hold back funds to put towards minor renovations. We were told a higher down payment may help for an easier close but why wouldn't my pre-approval be enough to prove I can close? [link] [comments] |
| Looking to rent a house and half the listings are from Invitation Homes Posted: 23 Feb 2022 07:50 PM PST It feels slightly dystopian that Invitation Homes controls such a large portion of the market around here in Sacramento. When you schedule a tour, no one from the company meets you there. They give you a code to enter half an hour before the start time. And none of the places have a refrigerator, washer, or dryer which was standard when I've rented apartments before. Anyone have a similar experience in their area? I know most here are interested in buying and selling, but I couldn't find a better subreddit to post in. [link] [comments] |
| Would you buy a bigger/nicer home at this time or invest in rental properties? Posted: 24 Feb 2022 06:55 AM PST Hi all, what would you do with your money at the moment? Our situation: we have a nice (albeit on the smaller end size wise but that's because 2 young kids and toys) 3 bedroom house in the city. Mortgage payments will be done in a year or two here. Now there's an opportunity and income boost to either buy a bigger a bit splashier (but nothing extraordinary with housing prices here) home or to invest in one or two smaller/average homes and use them as passive incomes. Any helpful suggestion is welcome Edit: also are small average 3 bedroom ish homes good rental properties? [link] [comments] |
| How firm is the deadline to submit a deposit for Bid4Assets? Posted: 23 Feb 2022 09:52 PM PST The website says that the deadline to have a deposit arrive in the bank of the company was yesterday (which means if I submit it tomorrow, it will be 2-3 days late) for an auction on 3/1. I'm going to give them a call tomorrow, and I would assume that they would want as many bidders as possible, so there might be some flexibility? Anyone have any advice / suggestions? [link] [comments] |
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