Home buying thread

Intrinsic · Mar 22, 2021

I’m about three weeks away from listing, maybe 2 if I push it and tidy some things up. We went looking at a few open houses yesterday just to see what was around. All of them had been on the market for 2-3 days. Three of the agents said they’d already received multiple offers and the last one FSBO said he’d already received three as well. The real estate agents were so starved with houses they spent more time asking about my house than wanting to show us the one we were viewing.

LachiusTZ · Mar 22, 2021

Reading this thread makes me feel like I bought at a high. Lol

Might get a chance to buy a house on the west coast in the next decade. Who the fuck would want to . . . but still. Lol

Gravel · Mar 22, 2021

Maybe, maybe not. Inventory is still at a 100 year low, lumber prices are insane. Housing could still keep going up.

Sanrith Descartes · Mar 22, 2021

Gravel said:
Maybe, maybe not. Inventory is still at a 100 year low, lumber prices are insane. Housing could still keep going up.

This might seem to be relevant..

Gravel · Mar 22, 2021

It may be that sellers haven't yet caught onto the fact that interest rates are rising and so their houses are now overpriced. But then that goes back to Lachius's point that he may have bought at a high. Who the fuck knows?

Then again, that article also states that actual homes for sale declined almost 30%. I have a hard time taking ZH seriously though as it's just fear porn.

Sanrith Descartes · Mar 22, 2021

Gravel said:
It may be that sellers haven't yet caught onto the fact that interest rates are rising and so their houses are now overpriced. But then that goes back to Lachius's point that he may have bought at a high. Who the fuck knows?

Then again, that article also states that actual homes for sale declined almost 30%. I have a hard time taking ZH seriously though as it's just fear porn.

Bear porn it is, but few people ever stand up and say the data is fake. They just dismiss it as bear porn.

Falstaff · Mar 23, 2021

Higher rates might be scaring some people off but the fact that there are so many buyers out there means that even if a decent % of them decide to stop looking because of higher rates, you still have an over-abundance of people out there who don't care.

LachiusTZ · Mar 23, 2021

Rates increasing just means "buy now" imo.

I might have bought at near peak market, but cash flow wise I think I did well.

I can't imagine getting a home like this for under 1000/mo.

Best case it turns into a rental, worst case I live in it for a few years more than I intended. Either way I'm happy

TJT · Mar 23, 2021

Rates might be increasing but its not going to go from 2.75% (right now) to 5% in like 6 months.

I mean... I guess its possible but I'll label that as extremely unlikely.

TomServo · Mar 23, 2021

was this a federal reserve increase? i thought i read a month ago they said no new rates till the end of the year?

Gravel · Mar 23, 2021

LachiusTZ said:
Rates increasing just means "buy now" imo.

I might have bought at near peak market, but cash flow wise I think I did well.

I can't imagine getting a home like this for under 1000/mo.

Best case it turns into a rental, worst case I live in it for a few years more than I intended. Either way I'm happy

I mean, ignore price for a second, we're getting inflation at some point. You've locked in one of the best hedges against inflation there is. That counts for something.

Araysar · Mar 23, 2021

Asking price was $300k, we offered upwards of $320K, someone offered $370K, house was sold in 2 days

LachiusTZ · Mar 23, 2021

TJT said:
Rates might be increasing but its not going to go from 2.75% (right now) to 5% in like 6 months.

I mean... I guess its possible but I'll label that as extremely unlikely.

I know, I mean compared to rentals etc. Just raw cash flow

If the market goes down, and interest goes up, it's not an automatic loss is my point.

So I over paid, but I think it wasn't horrible.

Might be.

TheBeagle · Mar 23, 2021

Araysar said:
Asking price was $300k, we offered upwards of $320K, someone offered $370K in middle of nowhere kentucky, house was sold in 2 days

How do you know someone offered $370? Agents aren't supposed to reveal counter offers to other buyers. That's highly unethical.

Araysar · Mar 23, 2021

TheBeagle said:
How do you know someone offered $370? Agents aren't supposed to reveal counter offers to other buyers. That's highly unethical.

Our RE agent said that someone made an offer that was considerably higher than ours and based on the conversation she had with the listing agent, she would have estimated about $50k higher than what we were willing to offer.

TheBeagle · Mar 23, 2021

Araysar said:
Our RE agent said that someone made an offer that was considerably higher than ours and based on the conversation she had with the listing agent, she would have estimated about $50k higher than what we were willing to offer.

That's kind of shady. Sounds like a couple small town agents that know each other and are driving up prices in their area by telling their clients that they were $50k short, better luck next time. When we made an offer our agent would call their agent on speaker phone in front of us and the only info we got was how many other bids there were. Sometimes not even that much info.

TJT · Mar 23, 2021

Araysar said:
Asking price was $300k, we offered upwards of $320K, someone offered $370K in middle of nowhere kentucky, house was sold in 2 days

What the fuck? That is overpaying even more than I did just last month in Austin.

Ours was List $420k, we offered $440k and got it. On new construction.

LachiusTZ · Mar 23, 2021

TheBeagle said:
How do you know someone offered $370? Agents aren't supposed to reveal counter offers to other buyers. That's highly unethical.

I bet you think used car salesmen are ethical too

I kid, but seriously, this happens a lot

Araysar · Mar 23, 2021

TJT said:
What the fuck? That is overpaying even more than I did just last month in Austin.

Ours was List $420k, we offered $440k and got it. On new construction.

It was a really great house though.

Noble Savage · Mar 23, 2021

Araysar said:
It was a really great house though.

How much land came with the house?

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