Sanrith Descartes
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Home buying thread
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Asshat wormie
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Staten Island. We were projecting ~450k a unit a year ago. Now its ~550k.
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Sanrith Descartes
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Asshat wormie
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The prices are bonkers everywhere in vicinity of NYC. And people are still fighting viciously over each property.
Sanrith Descartes
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Asshat wormie
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Hell, place I moved into 16 months ago would go for ~80% more today. If I had hit the 2 year mark to avoid excess capital gains and was single I'd be all over that to try to turn a quick profit in anticipation of prices dropping.
Its hard to imagine the market is not at some local peak right now. I know all the printed money has been a huge boost to the price increases and a lot of the purchases may be investments using excess cash - but those interest rates are going up faster than the home prices now. Something is about to break the other way, and its probably not the interest rates.
I got my loan at 2.5% end of 2020 - looks like it'd be at 4.5%+ today. Some quick math says that if i bought the same house at today's price with today's interest rates, my monthly payment would be 2.5x higher. Jeebus.
Its hard to imagine the market is not at some local peak right now. I know all the printed money has been a huge boost to the price increases and a lot of the purchases may be investments using excess cash - but those interest rates are going up faster than the home prices now. Something is about to break the other way, and its probably not the interest rates.
I got my loan at 2.5% end of 2020 - looks like it'd be at 4.5%+ today. Some quick math says that if i bought the same house at today's price with today's interest rates, my monthly payment would be 2.5x higher. Jeebus.
In my part of LA you can't even get a vacant lot for under a million. Prices have run up so far it's fucking insane. A 2k sq ft 3/2 in decent condition is closing for $1.4-1.7M, all cash, in three days, with literally 50-60 bids. Granted, it's a small city with buyer competition for A+++ schools, but still...
Weirdly, the cost of rentals (if you can find them, inventory is TINY) is on the order of half the cost of ownership.
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Tmac
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Atlanta has the opposite issue. Houses are renting for 1.5x what they'd otherwise mortgage for.
Sludig
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Fuck home shopping. Was ready to bid 25k over on this because we have no tolerance for a 6 month hunt again. Of course it went under contract yesterday.
apps.realtor.com
Added difficulty because we have such a large area, hard to get a realtor that wants to or can even help with it. But the realty sites like this one are a couple days behind.
Essentially looking 30mins to an hour outside okc/tulsa in any direction. Many fine houses. Many fine properties for trees outbuildings etc. But rarely both. Meanwhile like when i bought in 14, interest rates, prices, everything is rising so added time pressure.
10301 S Luther Rd, Newalla, OK 74857 | realtor.com®
View 36 photos for 10301 S Luther Rd, Newalla, OK 74857, a 3 bed, 3 bath, 1,822 Sq. Ft. single family home built in 2014 that was last sold on 05/20/2022.
Added difficulty because we have such a large area, hard to get a realtor that wants to or can even help with it. But the realty sites like this one are a couple days behind.
Essentially looking 30mins to an hour outside okc/tulsa in any direction. Many fine houses. Many fine properties for trees outbuildings etc. But rarely both. Meanwhile like when i bought in 14, interest rates, prices, everything is rising so added time pressure.
Sanrith Descartes
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Sludig
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Sanrith Descartes
Looking at this. 707 SW 499 Dr, Pryor, OK 74361 | realtor.com®
Price was at upper end but nearly a full hour from tulsa. Upper range of price we wanted, figured it'd Be sleepy. But talking to our realtor it is red hot and probably going for a fair bit over asking. Looking on Google News it looks like there's major google data center another company data center and other manufacturing going in and I started thinking maybe this would actually make a really good investment property 5+years down the road. Also maybe better accounting for wife or jobs for me rather than commuting to tulsa. Be it local pd/ high end security or i take courses and get a technical job.
Or maybe i just don't want to walk from another property that hits our desires of nice house with wood Fireplace and gas stove. Extra outdoor garage/shed, areas for animals and tree cover. Extra bonus for shooting on property. We should be able to afford it especially if we sell colorado instead of renting it out.
Lanx
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bitches home sold for 370, probably was toxic and just wanted to get rid of it
Home builders cancel buyers' contracts right before closing — then sell on open market for more
Hanna James contracted a year ago for a new house, but in January a week before closing the builder tore up her contract and has since increased the price 25%.www.wkyc.com
Sanrith Descartes
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Loser Araysar
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I'm closing on an investment property in 3 days. My lender just called me and goes, "yeah the rate on your loan went from 4.375 that we quoted you and wrote on all your paperwork, to 4.875 because of the market"
Naturally, I became quite livid because it looked like they waited till the very last moment to pull this on me instead of warning me about locking in the rate, or disclosing in advance that this would likely happen.
I went to look over the paperwork and I didnt lock in the rate. Am I just at their mercy now or is there anything I can do? I mean if it was 5-15 basis points I probably wouldnt be as rustled, but 50 basis points is just straight insulting.
Naturally, I became quite livid because it looked like they waited till the very last moment to pull this on me instead of warning me about locking in the rate, or disclosing in advance that this would likely happen.
I went to look over the paperwork and I didnt lock in the rate. Am I just at their mercy now or is there anything I can do? I mean if it was 5-15 basis points I probably wouldnt be as rustled, but 50 basis points is just straight insulting.
Sanrith Descartes
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Prepare to assume the Ossoi position. Face down and ass up.
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Loser Araysar
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Drinsic
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AFAIK, you're boned on the rate, unless you have reason to believe it's gonna go back down in the next 24 hours. Which it won't.