House Buying

[JWags85]

Belvedere is really nice and a great place to live, not surprised it's commanding those type of prices. Absurd, but understandable when looking at Bay Area alternatives.

Oh I wasn't meaning to slag on Belvedere at all, but rather highlight the insanity of Bay Area real estate.

[dgies9156]

Gang, need some advice.

How many real estate agents do you interview before selecting an agent? How did you go about the process?

We still have our home in the Chicago suburbs and are planning to sell this summer. Given taxes and the overall ownership costs in the Chicago market, we have elected to become part-time renters. We've owned our home since 1994 and the last two sales experiences in Illinois were AWFUL!!!!!

By contrast, in Florida, we used a friend who worked our neighborhood hard. She was incredible both from a sales and market understanding basis. Heck, she didn't like how we cleaned our house so instead of asking us to do something, she jumped in and did it. She earned every cent of her commission.

Let me know your thoughts. We hope to list in the next few weeks.

Thanks....

[Skatastrophy]

If you don't have a trusted agent in your network already, I'd suggest going with your local Compass agent. Compass acquired all of the competent brokerages nationwide and has the most modern tech to facilitate buying/selling.

[Herman Cain]

Gang, need some advice.

How many real estate agents do you interview before selecting an agent? How did you go about the process?

We still have our home in the Chicago suburbs and are planning to sell this summer. Given taxes and the overall ownership costs in the Chicago market, we have elected to become part-time renters. We've owned our home since 1994 and the last two sales experiences in Illinois were AWFUL!!!!!

By contrast, in Florida, we used a friend who worked our neighborhood hard. She was incredible both from a sales and market understanding basis. Heck, she didn't like how we cleaned our house so instead of asking us to do something, she jumped in and did it. She earned every cent of her commission.

Let me know your thoughts. We hope to list in the next few weeks.

Thanks....

Interview Several and pick the one that is most committed to a complete marketing program and has the experience closing deals and working through issues .

Good luck with Your sale .

[Dr. Blackheart]

Also, a shortage of new house builds.

It's everything, really.

And the stimulus checks gave younger people enough cash to make a down payment. Now their mortgage payments are less than their rents.

And they are buying from boomers who now need a place to move.

[JWags85]

And the stimulus checks gave younger people enough cash to make a down payment. Now their mortgage payments are less than their rents.

Teal?

[Skatastrophy]

Teal?

I mean it's one banana. What could it cost? $10?

[Porky's Butthole]

Gang, need some advice.

How many real estate agents do you interview before selecting an agent? How did you go about the process?

We still have our home in the Chicago suburbs and are planning to sell this summer. Given taxes and the overall ownership costs in the Chicago market, we have elected to become part-time renters. We've owned our home since 1994 and the last two sales experiences in Illinois were AWFUL!!!!!

By contrast, in Florida, we used a friend who worked our neighborhood hard. She was incredible both from a sales and market understanding basis. Heck, she didn't like how we cleaned our house so instead of asking us to do something, she jumped in and did it. She earned every cent of her commission.

Let me know your thoughts. We hope to list in the next few weeks.

Thanks....

Hopefully rents in the Chicago Market aren't as insane as they are elsewhere.   There are plenty of folks in Porky's NYC suburban town that would love to take advantage of this market and sell but most of those people can't afford what's available and are stuck.  There are very little condo or rental units in the burbs for empty nesters, so demand for those types of units exceeds supply by a substantial margin.  There's virtually no difference in rents in Stamford CT, a desirable place for empty nesters about 35 miles northeast of the city than in Manhattan itself.   Sure you'll get a little more space than you would in the city, but the monthly outlay is more or less the same as Manhattan these days, and in most cases that rent will be at least 75% more if not double what their previous mortgage / property tax taxes were.  It's a bad situation.   Personally both Porky and Mrs. Porky think home ownership is a pain in the ass, and much prefer city living, but we couldn't afford $60K a year for pvt special needs school tuition so we had to move to the burbs.  We'd happy sell our home if there was a viable condo or even rental property to move into until our son graduates from high school but what little is available costs more than double our mortgage payment. 

[MU82]

Mortgage rates actually have ticked down two weeks in a row.

30-year fixed-rate mortgage averaged 5.10% with an average 0.9 point for the week ending May 26, down from last week when it averaged 5.25%, according to the Freddie Mac Primary Mortgage Survey.

That's still high compared to the historic lows of 2021, but quite low compared to anything before the Great Recession.

[Dr. Blackheart]

Teal?

???

$5600 per family wasn't a significant boost to an average family on their credit rating (paying off debt) or towards a down payment? That and shelter in place, migration to cheaper areas played a significant part in jump starting home sales.

Scoopers must be in the 1% if that only covered their banana bills. That's over 8% of the median family income.

[JWags85]

???

$5600 per family wasn't a significant boost to an average family on their credit rating (paying off debt) or towards a down payment? That and shelter in place, migration to cheaper areas played a significant part in jump starting home sales.

Scoopers must be in the 1% if that only covered their banana bills. That's over 8% of the median family income.

You said it "gave them enough cash to make a down payment".  10% down on a $250K house is $25K.  That stimulus is barely 20% of that down payment if they used it for nothing else.  That seems to be a pretty big leap in saying that started a rush of home buying.

Many things caused the housing market to do what it has, millenials with fat stacks of stimulus payments now being able to buy a house as a result is not one of them

[The Sultan]

You said it "gave them enough cash to make a down payment".  10% down on a $250K house is $25K.  That stimulus is barely 20% of that down payment if they used it for nothing else.  That seems to be a pretty big leap in saying that started a rush of home buying.

My guess is a lot of first time homebuyers aren't putting 10% down and probably buying a house less than $250k.

[TAMU, Knower of Ball]

My guess is a lot of first time homebuyers aren't putting 10% down and probably buying a house less than $250k.

There are houses below $250k?

Only half joking here.

[JWags85]

My guess is a lot of first time homebuyers aren't putting 10% down and probably buying a house less than $250k.

Last time I saw, pre-COVID, the median first time home buyer price nationally was like $230-240K.

And fine, call it 7% on a $200K home, my point still stands.  Inventory issues and the current insanity of the housing market isn't driven in any meaningful way cause people had an extra $5K and were suddenly spurred to buy a house.

I'm a millennial.  I know about a dozen fellow millenials that moved in some way as a result of the pandemic.  None of them doing so became first time home buyers in the process.  And 3 of them were home owners and then became renters in their new location, at least for the short/mid term.

[reinko]

Giving this an old bump bump.

Finally taking the leap at buying our first home, hopefully in the next six months...the fam currently is on a month to month to rental, access to a pretty solid down payment (at least 15-20%), and was prequalified for a jumbo loan to save some on the interest side of things.

I am consuming as much information as possible, want to find the right agent, in the hopes of the right place at the right price.  I know it's basic, but holding true to the one thing you can never change about a home is the location, and we have narrowed it down to a few in the area (Montgomery County Maryland), with schools, safety, quality of life, and the of course the house/property.

Happy to listen to any and all tips or strategies that folks have learned over the years.

[Hards Alumni]

Giving this an old bump bump.

Finally taking the leap at buying our first home, hopefully in the next six months...the fam currently is on a month to month to rental, access to a pretty solid down payment (at least 15-20%), and was prequalified for a jumbo loan to save some on the interest side of things.

I am consuming as much information as possible, want to find the right agent, in the hopes of the right place at the right price.  I know it's basic, but holding true to the one thing you can never change about a home is the location, and we have narrowed it down to a few in the area (Montgomery County Maryland), with schools, safety, quality of life, and the of course the house/property.

Happy to listen to any and all tips or strategies that folks have learned over the years.

Hope that mortgage rates drop soon so you can refinance at a lower rate than 5% (give or take).   

Get a really good home inspector.  Don't be afraid to overbid for a property you really like... because once your home inspector goes through it he should be able to pay for his services, and ideally lower the agreed upon offer.  I haven't bought a house in over a decade, but waiving the inspection is becoming much more common, and I don't like it.

[4everwarriors]

Reeks, listen ta Hards, Fluffy BM, Jockster, and Smithy cuz dem youngsters no everythin', hey?



#freerocket2022v2

#freeziggy2022

[JWags85]

Hope that mortgage rates drop soon so you can refinance at a lower rate than 5% (give or take).   

Get a really good home inspector.  Don't be afraid to overbid for a property you really like... because once your home inspector goes through it he should be able to pay for his services, and ideally lower the agreed upon offer.  I haven't bought a house in over a decade, but waiving the inspection is becoming much more common, and I don't like it.

My good friend bought a beautiful old house in Evanston a couple months ago from an elderly widower.  It clearly needed a lot of work.  Great bones, but a 100 year old house with an 80+ year old resident just screams "there is some stuff that needs to be inspected".  The seller's agent and team was AGGRESSIVELY pushing for no inspection.  Even bluffing with a pocket offer that they were ready to accept with no inspection.  Luckily my friend and his wife stuck to their guns and still made out ok.

My sister just bought in Richmond end of July.  They were ready to put in 3 different offers on places before no inspection clauses were presented.  2 of them were higher bids, well over asking, and agreeing to no inspection.  Just wild and unsustainable.

[Hards Alumni]

Reeks, listen ta Hards, Fluffy BM, Jockster, and Smithy cuz dem youngsters no everythin', hey?



#freerocket2022v2

#freeziggy2022

Whenz da last tyme u an da missus bowt a houz, da same year da Bearz one the hole shebang?

Wags seams ta no hiz chit two, aina?

#slacktivism

#lockdemup

[brewcity77]

We just agreed terms on a duplex yesterday. Two 3BR units and in good shape. Strictly investment, got a 4.5% rate and will be inheriting two tenants both on month-to-month. Really hope to keep them (both have been there for 4+ years) but need to raise rents to cover the mortgage.

[TAMU, Knower of Ball]

Currently in a holding pattern hoping this is a bubble about to burst

[Hards Alumni]

Currently in a holding pattern hoping this is a bubble about to burst

I thought this a couple of years ago that we were in a bubble.  I have been seriously convinced otherwise.

Your area may be different, but materials are very expensive still, and there isn't a ton of inventory.

We bought a second property a few years ago and are very glad we did.

[4everwarriors]

Whenz da last tyme u an da missus bowt a houz, da same year da Bearz one the hole shebang?

Wags seams ta no hiz chit two, aina?

#slacktivism

#lockdemup

Pretty sure Roosevelt was da POTUS, hey?


#freerocket2022v2

#freeziggy2022

[Hards Alumni]

Pretty sure Roosevelt was da POTUS, hey?


#freerocket2022v2

#freeziggy2022

Witch Roosevelt, ya owld goat?

[tower912]

He likes to 'Bully'.   And he rejects 'the only thing we have to fear is fear itself'.   So I am going with Teddy.