Sweet baby jesus, a new WOB is born!!!
Home prices
- Thread starter Formerly Rockymtnole
- Start date
I just checked ours. We sold our house two weeks ago by just mentioning to a neighbor and we had a written offer by the end of the day for 10% over Zestimate. Probably could have gotten more, but getting it sold and not having a realtor involved was too good to pass up. We’ve been in this house for 5 years and sold for 30% over what we paid.
So do you have another place picked out? If not, what if you can't find something you like? We looked for decade in Ankeny and could not find the combination of lot, house, and price we wanted so we stayed put and added onto it and improved the house. Now in this stage of life we can afford a lot more house, but even then I see a house come up every other year or so that is even close to compelling.
I can tell you that the Broward County Florida housing market is absolutely nuts. There are a lot of folks that are going to get burned in a few years. I was trying to buy a home but finally decided to pull out of the market. It just didnt make financial sense. During a 4 month period of time, I made 10 offers. All of them above asking price. There was a house listed at $419. I offered $440. It sold for $485. The issue now is that the supply is so limited that people are listing their 3/2 at 1700 sqft for $490k and getting multiple offers. The places need completely remodeled.
My agent told me a couple weeks ago that we should just stop. The sellers are now able to deny an appraisal amendment. So the house that is listed for $480 that appraises for $440 , the seller has to come to the table at close with the extra 40k. So freaking dumb.
My agent told me a couple weeks ago that we should just stop. The sellers are now able to deny an appraisal amendment. So the house that is listed for $480 that appraises for $440 , the seller has to come to the table at close with the extra 40k. So freaking dumb.
Despite the 'progressive repression' in Minneapolis houses are selling faster and for more than ever.
Another facet to housing here is the 'tear down/rebuild' boon. $100,00 homes on city lots in my working class neighborhood are being demolished to make way for new housing.
And more and more apartment buildings are being built near light rail stations.
Another facet to housing here is the 'tear down/rebuild' boon. $100,00 homes on city lots in my working class neighborhood are being demolished to make way for new housing.
And more and more apartment buildings are being built near light rail stations.
Yes, we made an offer on a house we heard about through a friend and agreed to price and then sent them formal offer the same day. Avoiding realtor fees on both houses. You can’t do sale pending your house in this market.
Lots of people want to move to Florida to escape the oppressive lockdowns, punitive taxes, and crappy weather that you have in other states.
Mortgage debt is good debt because you get to deduct the interest.
I recommend refinancing to a 10% interest rate so you can really maximize that deduction.
Not anymore, for most people.
Well, that's simply not true. Even for a place like Tradition Manor, you can still deduct the first $750,000 of indebtedness, and that rises to $1 million for debt incurred before 2018.
Wife (no pic) and I moved to the Kansas side here in KC back in late 2015 a few months before our daughter was born. We bought a three bedroom, two bathroom mid-century modern home that is 1,550 square feet, all main floor space (no basement) for $275,000. We made an offer the day we looked at it because there were already two offers on the property. We could sell it tomorrow for $375-$400,000.
We are in a little bit of a quandary at the moment with our son due to arrive in July. We are considering a $100k expansion project or moving, which I am not really a huge fan of. We are hoping to add a fourth bedroom and open things up a bit with the expansion. Any square footage we add would translate to a significant bump in resale value. If we move, it would be further south or west which I am also not a fan of. We wouldn’t be able to buy in our current neighborhood and get square footage we would want as that would be pushing $600k. The market here is pretty nuts.
We are in a little bit of a quandary at the moment with our son due to arrive in July. We are considering a $100k expansion project or moving, which I am not really a huge fan of. We are hoping to add a fourth bedroom and open things up a bit with the expansion. Any square footage we add would translate to a significant bump in resale value. If we move, it would be further south or west which I am also not a fan of. We wouldn’t be able to buy in our current neighborhood and get square footage we would want as that would be pushing $600k. The market here is pretty nuts.
Folks from NY are buying most of these places. They are putting in above asking offers site unseen. They fly in for the inspection and then walk away. Ive seen houses on the MLS listed 5 times "Back on the Market".
The last house I lost was pretty emotional. The owner was an 80 year old retired agent. We agree on the price at 460k. the house needed all new floors and the master bath remodeled but I could spend 40k and still have it make sense. I wanted to do 5% down so I could spend more on the remodeling. He wanted 10% down. I agree to do the 10% and we sent over the offer. The guy said he was going to sign it. That was at 6pm on a Wednesday. The next morning he calls my agent and says he took another offer. Same price but the guy was putting down 400k.
The problem is that when rates start to rise, which they will, home values will flatten or worse, drop. Then you have the situation where people are upside down on their house and can't move or can't afford to give up that low rate mortgage and buy back into a higher rate market. It's all fine if this is going to be your long term home, but our society is very mobile. Maybe that changes with WFH but I never underestimate companies gumming this up by changing their WFH policies once this pandemic passes and we go back to a go to the office/live where you work society.
Why does the seller care how much you are putting down? We lost a couple houses to cash offers, which I sort of get as there is not risk for financing falling through, but haven’t heard of someone losing a house because of the size of the down payment.
Phoenix market is very hot right now due to low inventory and low rates making the 500k and under market extremely competitive. Inventory is pretty low as more folks are just remodeling vs going to a new house and you also have a fear factor in selling your home is great, but what can you replace it with.
We lucked out as we did a new build which started before the covid boom and then we sold our old house during the Summer, got our rate locked in almost 1 percentage point less than what we would have gotten in March.
We lucked out as we did a new build which started before the covid boom and then we sold our old house during the Summer, got our rate locked in almost 1 percentage point less than what we would have gotten in March.
It really shouldn’t matter. We tried to make that point as well. I’m assuming he was burned by someone before me. That’s the only thing I can think of.
Yeah I don't get that either unless they're anxious to close and think it'll take a while longer for someone to complete financing at 5-10% down or they think you'll ask for more seller contribution to closing costs.
My big question is why is this all happening? Why are people making major purchase decisions and buying into a hot market with so much uncertainty in the future? We haven't even begun to pay the price for this pandemic, businesses closed, people losing their incomes, the Fed printing money and racking up debt. The economic future looks grim when I look at it because we are going to have to pay the piper here soon. We are setting ourselves up for a really bad situation here with a confluence of events that could happen all at the same time, a falling economy, devalued dollar, inflation, and a red hot housing bubble bursting all at once. Great Depression 2.0 incoming.
I guess with all else being the same, he was just looking for anything to help make a decision?
They avoid risk of the sale falling through. In 2017 when I bought a house, the market was good here and I had to put 20% down to beat out other offers. It shows you are more qualified and less likely to flake out as does putting more contingency money down.
I get the rationale, but I could technically afford to put 40% down, but that doesn’t mean my financing won’t go through any less than if I put 20% down.
The cost to build a new home is crazy, material costs are 30 to 50% higher in some situations and it’s hard to get them too from the concrete to the wood, to all the electronics in your house. That’s why homes are appreciating much higher. The cost to build the same house now as done five to ten years ago probably had doubled. Glad we built when we did as our home has appreciated well over $140,000 since we built five years ago.
LoL on the vehicles, live in a neighborhood with homes $500k to $2 mil and you see all kinds of vehicles - Jeeps to Land/Range Rovers, Tesla’s to Mercedes sedans, and all kinds of SUV’s to the high dollar pick ups too, all new ones at that or fairly new. Vehicles are preference of the person driving them so that’s a variable everywhere you go.
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Tripped out trucks is a WOB?
Do you know what a tripped out truck is?
2021 Ford F-150 Production Date Delayed
The Ford F-150, though it has its good and bad reviews across the board, is a trusted vehicle. It's America's favorite truck for decades and it is a
www.motorbiscuit.com
The Ford F-150, though it has its good and bad reviews across the board, is a trusted vehicle. It’s America’s favorite truck for decades and it is a favorite across the globe as well. It’s a fantastic family car and a workhorse towing machine. Will we see a 2021 Ford F-150?
As of today, it comes bare in the base model and tripped out with new tech and plush leather when you opt for the top. It’s both affordable and expensive depending what you choose, which is why it’s the most sold truck in America.
I live in Colorado and it is effin nuts. A buddy of mine listed his house on a Wednesday morning at 9 am. By 6pm they had 45 people lined up to view it. They are finalizing a deal where the buyer is giving a cash offer for 90k over listing. I will never be able to afford to buy in this state.
Congrats on finding someone else who does not know the difference between "tripped out" and "tricked out." I shall settle this with a poll.Tripped out trucks is a WOB?
Do you know what a tripped out truck is?
2021 Ford F-150 Production Date Delayed
The Ford F-150, though it has its good and bad reviews across the board, is a trusted vehicle. It's America's favorite truck for decades and it is a
The Ford F-150, though it has its good and bad reviews across the board, is a trusted vehicle. It’s America’s favorite truck for decades and it is a favorite across the globe as well. It’s a fantastic family car and a workhorse towing machine. Will we see a 2021 Ford F-150?As of today, it comes bare in the base model and tripped out with new tech and plush leather when you opt for the top. It’s both affordable and expensive depending what you choose, which is why it’s the most sold truck in America.
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Yes, "tripped out" means acting crazy (like you're on a drug trip). "Tricked out" means an extensive amount of customizations.
Decision 2021: HROT is deciding https://iowa.forums.rivals.com/threads/wob-or-not-wob-you-decide.346989/Tripped out trucks is a WOB?
Do you know what a tripped out truck is?
2021 Ford F-150 Production Date Delayed
The Ford F-150, though it has its good and bad reviews across the board, is a trusted vehicle. It's America's favorite truck for decades and it is a
The Ford F-150, though it has its good and bad reviews across the board, is a trusted vehicle. It’s America’s favorite truck for decades and it is a favorite across the globe as well. It’s a fantastic family car and a workhorse towing machine. Will we see a 2021 Ford F-150?As of today, it comes bare in the base model and tripped out with new tech and plush leather when you opt for the top. It’s both affordable and expensive depending what you choose, which is why it’s the most sold truck in America.
Not sure how it is overall in the Twin Cities, but it seems to have gone up quite a bit due to the regulations they’ve passed up here that have inflated many of these build prices. What you could build for $400K 5 years ago is now $550K.
