Ivy Zelman: "I Think We’re at a Peak" Real Estate |
- Ivy Zelman: "I Think We’re at a Peak"
- Appraisal came in $150k under contract price. Turns out the appraiser left out 1050 sq. feet of finished space off of the appraisal report.
- Sellers Moving on Close Day..?
- Trying to buy in a crazy market
- Extremely Frustrated - 80% drop in home listings in parts of NJ since Nov 2021; Better to consider towns with average school districts?
- DFW home builds also suck [TX]
- Quickest way to get real estate license in CA.
- Why isn't this home getting any offers in this market?
- Builder not paying broker co-op?
- Covid restrictions have me weary of purchasing a duplex in NYS for rental
- How to fire an agent (buyers perspective)
- need some advice regarding the real estate industry in socal (orange county)
- From SaaS sales to Real Estate, what are things you wish you knew when you started in real estate?
- Offer contingent on seller finding suitable housing
- Question for home sellers in regards to offers
- How much does Flood Factor matter?
- House Pending for 5 Months?
- North Seattle: If I can't go over the list price, should I bother?
- How do I move without a home sale contingency?
- Loan amount different than offer.
- Forgoing appraisal
- Waiving all contingencies
- What are your Experiences for mediation v litigation post purchase? Is there a statue of limitation for mediation?
- [CA] Looking to buy a condo but I want to rent it out for the first 2 years
| Ivy Zelman: "I Think We’re at a Peak" Posted: 19 Feb 2022 06:33 PM PST
https://johnwake.substack.com/p/ivy-zelman-i-think-were-at-a-peak?utm_source=url [link] [comments] |
| Posted: 19 Feb 2022 11:16 AM PST Hi all. I'm buying a house in NY that was listed as a 5br/5bath 4,786 sq. foot house with the contract price of $849,000. We just got the appraisal report back yesterday and it came out 150k short of the sales price. The house has a finished basement that has 2 large rooms, one of which is currently a theater room and the other is a gym. In addition, there is a separate apartment with a full kitchen that is accessible though the garage that we had planned on renting out. The appraiser said of the finished basement: "The finished basement space is considered finished storage space, there is no second means on egress and the ceiling height is less than 7 feet. Of the apartment: "The space over the garage can not be accessed without going into the garage, limiting its utility. The appraiser has the house as a 4br/4bath house of 3,632 sq. feet. Did I just get a crappy appraiser? We are asking for a re-appraisal, but was wondering if we should ask for the fee to be waived as this seems like negligence on the part of the appraiser. Thanks. Edit: According to several postings, it sounds like the appraisal is correct and that the seller misrepresented the property in the listing. I didn't waive any contingencies so if I decide to walk, I'm covered. The sellers are pretty firm on their price, but maybe they will be a bit more flexible after the appraisal review. Does it matter what the tax records show? My realtor is going to pull them when she gets home, sometime today. [link] [comments] |
| Sellers Moving on Close Day..? Posted: 19 Feb 2022 05:29 PM PST We close on our home 2/28 and the agent says the seller isn't moving until that day. The purchase contract has the standard language about possession starting day of close so nothing legally saying they have to move prior. Our agent is pushing us to do final walkthrough 2/24 while they still live there and fund 2/25. Is this common? Our fear is: 1. It's not a fair final walkthrough. They could leave and take the fixtures and ceiling fans, leave holes from mounted fixtures, or there maybe things we can't see due to the furniture.
What are our options? EDIT TO ADD: Not that it changes the legality of it, but there are addtl things that seem fishy to us (as 1st timers). The escrow was originally 60 days bc sellers were also buying a home, then they changed the close date from Mar 20th then to Mar 11th and then again to Feb 28th and we obliged. Feb 14th our agent started calling us daily asking if we can close Feb 22nd and we said no. She tried to guilt us "we don't want the sellers to be upset" and lie "the 28th isn't a good day to close bc escrow might mess up the paperwork on the last day of the month." During the convo she disclosed that she talks to sellers (not the agent) EVERYDAY (which I'm sure is against code of ethics). We've lost trust in her. We also find it suspicious that sellers went from wanting to close feb 22 and now they can't move until the day we close on feb 28th. [link] [comments] |
| Trying to buy in a crazy market Posted: 19 Feb 2022 07:09 PM PST So, unfortunately trying to buy a home in a market that has very little stock. My husband and I looked at something that literally just got posted to the MLS and 14minutes after it was on Zillow, it was pending. Another house we wanted was on the market 16hours and it was contingent. How on earth are people making offers so quickly? How am I supposed to complete with this?! [link] [comments] |
| Posted: 19 Feb 2022 07:48 AM PST Our budget is $650K. There has been been a huge drop in listings in Central NJ since Nov 2021. In this extreme seller's market, many homes are intentionally being listed 10 to 15 days before showing to create a massive buzz. On Redfin, there is a typically just 1 picture of the home uploaded prior to showing. Many agents who confirmed private showings have cancelled showings a day prior to the appointment. They told us to go to the open house. I find this behavior very rude. What to do in this market? Is it better to settle for a home with average or below average schools as a short term measure (5-6 years)? We are not keen to go back to renting. My wife and I are keen to find a home soon. We have been searching since Sept 2021. [link] [comments] |
| DFW home builds also suck [TX] Posted: 19 Feb 2022 01:53 PM PST I personally think million-dollar homes are on the horizon here in DFW, even for your run-of-the-mill McMansions. We had put some earnest money down on a nice-sized lot with a developer here in DFW for a home build. This is the second (newer) development in the area for them, but the lot sizes and the floorplans are almost identical. We knew we wanted to get the first pick of the new development since it wasn't open to reserve yet. In our discussions with the builder's agent, she told us that the new neighborhood would be a little more expensive, mostly because of some upgrades. She even sent us a sheet with all of the floorplan prices before we put our earnest money down. As she said, it was about $30k more, which we were fine with. We were supposed to go sign the contract next week when last night, I was looking at their website and the floorplan we wanted now showed a $124k increase. According to the agent, lumber and materials prices are through the roof even compared to last year. The build would now be over $700k for a 3 bed, 3.5 bath on a 1+ acre lot! [link] [comments] |
| Quickest way to get real estate license in CA. Posted: 19 Feb 2022 11:08 PM PST Looking for the easiest and quickest way to get my license, and how to study. My mother does real estate so she can coach me thru any deals and overlook any mistakes i can/would make. Thanks in advanced. [link] [comments] |
| Why isn't this home getting any offers in this market? Posted: 19 Feb 2022 10:12 PM PST I am really wondering why hasn't this home received any offers in this market (that too in one of best neighborhoods in Seattle) where I have seen the most crappiest homes been sold within 3 days. It was bought in 2018 for $848k and listed in 2022 for $850k and hasn't received any offers for 10 days. What am I not seeing here? https://www.redfin.com/WA/Seattle/115-29th-Ave-98122/unit-A/home/148813 [link] [comments] |
| Builder not paying broker co-op? Posted: 19 Feb 2022 06:26 PM PST Hey all, we're looking to purchase a new construction home and have been referred to a real estate agent through a friend. Most of the builders we have been looking at have no issues, but one builder has clearly stated they will not pay a "broker co-op" fee. Now....I'm not smart when it comes to all this language and I'm not going to pretend like I have even the slightest idea what that phrase means. The way it comes off, I *assume* the builder does not want to compensate my agent for working with us. A few questions: Is this an accurate assumption? Why would a builder not want to work with a real estate agent? Just greed? Don't want to give them a cut of the closing cost? Is this becoming a common practice in new construction? I appreciate any insight provided. It just raised some red flags when it feels like they don't want an agent around. [link] [comments] |
| Covid restrictions have me weary of purchasing a duplex in NYS for rental Posted: 19 Feb 2022 05:07 PM PST Looking at a NYS duplex, over 1% rule without updates currently. Tenants are month to month, have been for years and want to stay with new owner and sign lease. Rents are 25%+ under market without updates. How easy is it to remove tenants when taking ownership of a new property in NYS with covid restrictions? Would it be easier to tell current owner to do cash for keys? [link] [comments] |
| How to fire an agent (buyers perspective) Posted: 19 Feb 2022 04:26 PM PST I have an agent who has been "working" to find me a place to live. I met with them maybe a month ago, looked at a few places, but wasn't overly impressed. I thanked them for their time and told them we'd pick things up in a few weeks (time now) after I was more comfortable. It seems the agent really isn't interested in working with me anymore. I called her a week ago asking if we could get a search set up for new properties, we re-discussed the parameters I was looking for, etc. It's been a week and she's sent me nothing. I check Zillow every few hours and constantly see new stuff on the market, things that have been listed for a day, etc. Finally today I sent a few of them to her asking if they were available or if she hadn't sent them to me because perhaps they were in HOA communities (I explicitly said no HOA). Her response was that Zillow is a bad place to shop around, it doesn't have accurate data, and she'd send me things if she found anything that fit my parameters. I think it's time to relieve her of her duties and find another agent. I don't believe it's possible nothing in my area (extremely large US suburb) has gone on the market in the last 2 weeks and I just don't think she wants to send ME those options. How do I go about this? [link] [comments] |
| need some advice regarding the real estate industry in socal (orange county) Posted: 19 Feb 2022 07:05 PM PST Hello everyone! I've been doing a lot of research and have talked to a few real estate agents and still can't get a clear answer. I would appreciate advices and opinions from fellow redditors. Is it possible to be successful in real estate if I can only start off part time? Would you guys recommend going to a small or big brokerage? Do you guys see the real estate career field to be pretty steady for the next ~30 years? Thanks everyone! [link] [comments] |
| From SaaS sales to Real Estate, what are things you wish you knew when you started in real estate? Posted: 20 Feb 2022 12:25 AM PST What characteristics, habits, philosophy, and so on have you discovered over your career that you would share with new agents? [link] [comments] |
| Offer contingent on seller finding suitable housing Posted: 19 Feb 2022 08:35 PM PST We are kind of new to the home buying game. We are in a position to buy a family home at a discount and renovate but are also looking to see if we can find something we don't have to spend the time rehabbing. We have March and April to find something - otherwise we need to commit here. A house we really liked just came back on the market. It was contingent at 560 at the end of November and came back on at 590k. I figured financing fell through and went to check it out and we loved it. We could make a really competitive offer with minimal contingencies. However - the sellers want to make it contingent on them having 60 days to sign a PS. That's why it fell through the first time - they didn't find anything. They're looking in one very specific community in MA with very limited inventory. We can offer a long close and rent back, but making an offer and just fingers crossing it that they find something in 60 days when they didn't with the first buyer seems risky. Especially when we only have like 65 days to answer about the family home. I know the markets cray but this doesn't seem like a risk most people can take right? Are seller contingencies like this where they can just back out after 60 days normal? [link] [comments] |
| Question for home sellers in regards to offers Posted: 19 Feb 2022 02:24 PM PST A recent article spoke about first time homebuyers and their never ending battle with all cash offers and investors. It got me thinking on how the government could better support homebuyers in this market where investors are taking a big chunk of homes off the market. As a home seller, is there any policy or incentive that the government could offer to you that would make you select a fthbuyer with a loan over all cash? Anything that would make you feel more open to an FHA loan? A tax credit at year end if you are rolling your sale into another purchase, straight money, tax relief on sale if not rolling into another home, round trip vacation, first born child, money in a trust for your child? Any and all suggestions welcome. [link] [comments] |
| How much does Flood Factor matter? Posted: 19 Feb 2022 02:22 PM PST Hey everyone! We're currently looking for apartments in Chicago, and a lot of the areas we love, like Bucktown and Logan Square, have high flood factors(6-9). We're not looking at ground units, so the flooding wouldn't impact us directly, but we're worried about resale, and having a hard time finding buyers. Is this a valid concern? Or are we overthinking that number? Anyone have experience with reselling an apartment with a high flood factor? Any advice on the matter would help!! [link] [comments] |
| Posted: 19 Feb 2022 06:06 PM PST A house in Queens has been pending since Sept 2021 and it seems like a really good deal (100k less) compared to other prices in the neighborhood. The online sites seem to be fairly accurate and no mistake. Does it usually take this long to close in NY? This is the house: [link] [comments] |
| North Seattle: If I can't go over the list price, should I bother? Posted: 19 Feb 2022 01:14 PM PST Looking at a condo in Snohomish County, north of Seattle. It's a perfect spot for me as a newly single dad splitting custody of a kid (close to my ex and my kid's school), but at list price, it's already right at the top of my price range. Am I wasting my time and a credit ding to even apply at the list price? Or will I just be outbid? (And it's ok, I had already resigned to renting. This just popped up unexpectedly.) [link] [comments] |
| How do I move without a home sale contingency? Posted: 19 Feb 2022 05:44 PM PST I currently own a home with a mortgage and we're looking to move 150 miles in June. We will need to use equity from the current home as a down payment on the new home. Given the housing market, we won't be able to include a home sale contingency in our offer(s). Our realtor has said this means we can't place offers until we've closed on the sale of our current home. Is this true? Is there any way for us to avoid the need to rent somewhere between homes? Rent-back has a 60 day limit, so it would be extremely tight if we tried to put in offers and close on the new home in that window. [link] [comments] |
| Loan amount different than offer. Posted: 19 Feb 2022 05:38 PM PST I'm really close to closing on a house, or at least I think I am. I just looked at the loan amount and it says it's for 187,520, but the offer was 190,800. It appraised for 200,000. What does this mean? Will I have to come up with the 3,500 dollar difference? It's in the underwriting process. So, is there a possibility that number could change? [link] [comments] |
| Posted: 19 Feb 2022 05:15 PM PST Can anyone explain to me like a kindergartner why forgoing appraisal is bad? I completely agonize over the thought of forgoing inspection and have decided I will not do that. Forgoing appraisal seems less risky but I'm not sure I actually understand it. I know what's happening at appraisal just not what it is completely bad for the buyer to skip it. Edit to add: I am talking about waiving appraisal contingency. Thank you kind fellow Reddit person for pointing this out. [link] [comments] |
| Posted: 19 Feb 2022 12:28 PM PST The only way to get a semi decent house in my market is at a minimum to waive all contingencies. Talking through it: Inspection contingency - All homes here are sold as is anyway, and pretty much anything can be fixed so who cares Loan contingency - I wouldn't be buying a house in the first place if I didn't know I could get a loan so what's the big deal Appraisal contingency - This seems like the scariest one, but comps are all so crazy high now that it's hard to see it coming in under. [link] [comments] |
| Posted: 19 Feb 2022 10:23 PM PST |
| [CA] Looking to buy a condo but I want to rent it out for the first 2 years Posted: 19 Feb 2022 10:14 PM PST As title says, I'm looking to buy my first home/property, a small condo. I plan to live there eventually, however for the first 2-3 years I'd prefer to rent it out and rent a smaller place nearby to live in myself (potentially with roommates). It seems like mortgage rates/laws are set up in the reverse, where living in a property for at least a year is preferable, then after that it matters less. Is there any way I could avoid paying a higher interest rate on my mortgage without living in the property for the first couple years (without doing fraud)? Is it possible to re-finance my mortgage once I start living there to get a more favorable rate? [link] [comments] |
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