Home buying thread

Drinsic

Drinsic

privileged excrementlord
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Oblio said:
What about the lot?

The quality of the build?

The condition?

Room count?

Point being square footage isn't everything.
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Smaller lot, has other properties backing up to it where as I have a treeline.

Quality/condition is approximately the same, some slightly better appliances, some worse. House is several years older than mine.

Half the bedrooms, half the full baths.

I'm aware sq footage isn't everything.
 
fris

fris

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Blazin said:
Agents just took pics of my existing house, listing goes up Friday. Looking to take offers through Sunday night. Agent telling me to expect pretty high traffic despite the interest rates, there are just no homes for sale. We have like zero competition right now.
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i've been looking at zillow weekly for the past few months in Austin and Houston areas. the volume of homes listed and how long they've been up is increasing at a noticeable rate. my parents in Houston are trying to get their home ready to put on the market in a week or 2 and I think they missed the window
 
C

Captain Suave

Caesar si viveret, ad remum dareris.
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fris said:
i've been looking at zillow weekly for the past few months in Austin and Houston areas. the volume of homes listed and how long they've been up is increasing at a noticeable rate. my parents in Houston are trying to get their home ready to put on the market in a week or 2 and I think they missed the window
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Houses around me in LA are starting to be on market 1-2 months instead of 3-4 days. Common to see modest price reductions. (Prices are still high; reductions are probably people trying to extend the increase trends of last year and realizing they missed the boat.)

Maybe some sanity is returning.
 
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Creslin

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I’m in the burbs west of Boston and the market is still relatively low supply but price pressure definitely seems to be downward. More price cuts for sure, mostly to properties that got greedy and priced over last comp. We are probably still at the high but no longer rising.
 
Lanx

Lanx

<Prior Amod>
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Drinsic said:
Smaller lot, has other properties backing up to it where as I have a treeline.

Quality/condition is approximately the same, some slightly better appliances, some worse. House is several years older than mine.

Half the bedrooms, half the full baths.

I'm aware sq footage isn't everything.
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plus it's the nashville area hotness

i just met the new renters that moved in, he told me his company is paying for a 6month relo lease for 2600 per month. then he said he was in talks to buy the house and the lady said 700k and he laugh and i said
"why didn't you do it?"

and he was like, "what"?

and i said every house on the cul desac is 650 to 700k now
 
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Caligula_The_Cat

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Market is still on fire in central florida. Maybe the people in liberal cities are seeing housing last longer because there is less demand since a lot of people are fleeing the cities.
 
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Lanx

Lanx

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lulz live in a 1car garage
f38ec4aa0ddf9c6ce39be1276ea2bb67.png
 
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Sludig

Sludig

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Sooo sight unseen house out of state using video, inspector and wife's work friend was.... a major fuck up.

Significant issues that the inspector didn't cover, sinple other things her friend was oblivious too.

Wife first stepping foot on property now wants to sell immediately. Literally moved here but old house not sold but do have a listing agent in process.



My main question is, wasn't there something about selling the house where we really really shouldn't sell inside a year or was that just cap gains exemption living last 2 of 5.


Because we are as far as i see such between try to immediately move back, and sell this one immediately if we can,

Tough it out for some cheaper improvements from selling old house then sell it to buy something locally we can inspect ourselves.

Our possibly rent here while relisting this one.
 
U

Unidin

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Sludig said:
Sooo sight unseen house out of state using video, inspector and wife's work friend was.... a major fuck up.

Significant issues that the inspector didn't cover, sinple other things her friend was oblivious too.

Wife first stepping foot on property now wants to sell immediately. Literally moved here but old house not sold but do have a listing agent in process.



My main question is, wasn't there something about selling the house where we really really shouldn't sell inside a year or was that just cap gains exemption living last 2 of 5.


Because we are as far as i see such between try to immediately move back, and sell this one immediately if we can,

Tough it out for some cheaper improvements from selling old house then sell it to buy something locally we can inspect ourselves.

Our possibly rent here while relisting this one.
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The cap gains exemption only matters if you make money on it. After realtor fees for selling, there's no way you get back to even in that short of a window.
 
Lanx

Lanx

<Prior Amod>
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Sludig said:
Sooo sight unseen house out of state using video, inspector and wife's work friend was.... a major fuck up.

Significant issues that the inspector didn't cover, sinple other things her friend was oblivious too.

Wife first stepping foot on property now wants to sell immediately. Literally moved here but old house not sold but do have a listing agent in process.



My main question is, wasn't there something about selling the house where we really really shouldn't sell inside a year or was that just cap gains exemption living last 2 of 5.


Because we are as far as i see such between try to immediately move back, and sell this one immediately if we can,

Tough it out for some cheaper improvements from selling old house then sell it to buy something locally we can inspect ourselves.

Our possibly rent here while relisting this one.
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isn't this your second home? are you sure it's not just a matter of comparing it to your current home? or are we talking structural/water damage and shit?

wasn't there also an appraiser for the loan? did the appraisal form give any hints?
 
T

Tide27

Bronze Baronet of the Realm
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Everyone may have different results depending on region and personal circumastances, but I have a hard time believing interest rates are effecting home sales as drastically as thought.

While my personal situation is one of the ones effected, many are not. Just this week we got offered 400k cash on the house we rent....

Literally a dude walked to our house and made a cash offer. We have seen this guy around the neighborhood frequently and told him we rented it, we were not the owners. Turns out he was a wealth of info.

This dude doesnt give 2 fucks about interest rates. Pays cash and moves on. After doing a bit more research, this seems to be a hell of a lot more common that one would have thought and with mass exodus out of Cali / NY etc, these peeps are buying 5 homes for the cost of theirs 1 back home and still have cash left over.

He was tired of NY, covid effected his business, so his family moved. He sold his home for $1.9m ( his house was only 1200 sq feet. ) Moved to Indiana and saw homes for 300k that would be $3m + where he is from...so basically he bought 4 homes already for cash and looking to buy more for rentals. Within 2 months this 1 guy relocating from NY has purchased 25% of the homes on our street, for less than his 1 home in NY.
 
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Sanrith Descartes

Sanrith Descartes

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Tide27 said:
Everyone may have different results depending on region and personal circumastances, but I have a hard time believing interest rates are effecting home sales as drastically as thought.

While my personal situation is one of the ones effected, many are not. Just this week we got offered 400k cash on the house we rent....

Literally a dude walked to our house and made a cash offer. We have seen this guy around the neighborhood frequently and told him we rented it, we were not the owners. Turns out he was a wealth of info.

This dude doesnt give 2 fucks about interest rates. Pays cash and moves on. After doing a bit more research, this seems to be a hell of a lot more common that one would have thought and with mass exodus out of Cali / NY etc, these peeps are buying 5 homes for the cost of theirs 1 back home and still have cash left over.

He was tired of NY, covid effected his business, so his family moved. He sold his home for $1.9m ( his house was only 1200 sq feet. ) Moved to Indiana and saw homes for 300k that would be $3m + where he is from...so basically he bought 4 homes already for cash and looking to buy more for rentals. Within 2 months this 1 guy relocating from NY has purchased 25% of the homes on our street, for less than his 1 home in NY.
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It makes basic sense. He cashed out his equity and put it into real estate elsewhere. His gamble is that the lower cost of living locations will hold value and/or appreciate in value at a level to make the investment viable. Fleeing NY cuts his cost of living and taxes but he needs to be able to make money there. If he closed his business and just retired that is a different scenario.
 
Lanx

Lanx

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Sanrith Descartes said:
It makes basic sense. He cashed out his equity and put it into real estate elsewhere. His gamble is that the lower cost of living locations will hold value and/or appreciate in value at a level to make the investment viable. Fleeing NY cuts his cost of living and taxes but he needs to be able to make money there. If he closed his business and just retired that is a different scenario.
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being king of the block sounds awesome, just walk around the block to make sure weird shit isn't happening once a month instead of driving all over town if you were a slum lord
 
Sanrith Descartes

Sanrith Descartes

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Lanx said:
being king of the block sounds awesome, just walk around the block to make sure weird shit isn't happening once a month instead of driving all over town if you were a slum lord
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Yep. The real secret is to go the gentrification route and get some friends/partners to buy up all the houses in the subdivision/neighborhood and the ones that come open in the future. Control the quality of the residents and if the town is small enough you get to own a not-insignificant number of votes on the town council. If it has an HOA you can probably control that too.
 
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Creslin

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It is an interesting bet on his part. Not one without risk though. We are seeing a huge migration to lower cost areas and this in turn has made those lower cost areas much higher cost.

I think that migration had a confluence of factors that all drove people in the same direction. One was the liberal states generally stricter lockdowns. Another was millennials aging and a desire to move out from the cities but generally being priced out of the market for houses in their states, that was further reinforced because so many people living in apartments were ok with it in the evenings but wanted more space when in the house 24/7.

and all of that dovetailed into work from home for the most part allowing them to keep their high paying job while moving to these new areas.

now take your bets on which of those trends reverses and how your area would be impacted coupled with rising rates acting as a damper as well…
 
Falstaff

Falstaff

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Tide27 said:
Everyone may have different results depending on region and personal circumastances, but I have a hard time believing interest rates are effecting home sales as drastically as thought.

While my personal situation is one of the ones effected, many are not. Just this week we got offered 400k cash on the house we rent....

Literally a dude walked to our house and made a cash offer. We have seen this guy around the neighborhood frequently and told him we rented it, we were not the owners. Turns out he was a wealth of info.

This dude doesnt give 2 fucks about interest rates. Pays cash and moves on. After doing a bit more research, this seems to be a hell of a lot more common that one would have thought and with mass exodus out of Cali / NY etc, these peeps are buying 5 homes for the cost of theirs 1 back home and still have cash left over.

He was tired of NY, covid effected his business, so his family moved. He sold his home for $1.9m ( his house was only 1200 sq feet. ) Moved to Indiana and saw homes for 300k that would be $3m + where he is from...so basically he bought 4 homes already for cash and looking to buy more for rentals. Within 2 months this 1 guy relocating from NY has purchased 25% of the homes on our street, for less than his 1 home in NY.
Click to expand...
eww, Indiana.
 
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