Home buying thread

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fris

fris

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Blazin said:
Why not just look it up and instead of speculating?

View attachment 424101

Inventories are EXTREMELY low . Have they improved from the lowest number on record? Yup they have improved some last few months, outstripping demand??
Click to expand...
I assume you last sentence is asking if it's outstripped demand. I think so.

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June was first month to have more than 2 months of inventory in about 18 months. We'll know for sure once July and August numbers get posted.
 
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Fucker

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Blazin said:
None of that is a price decline that is just asking prices meaning maybe the price growth will slow, THERE IS NO SUPPLY for the 50th time. You guys have made this thread unreadable with this nonsense for so long now. Go back and look over a year ago of the impending doom when people would have to start paying their mortgages that not only didnt materialize prices went up. THe same posters dont question how they were so wrong instead just double down on it.

We are at near record levels of equity in homes, and you chucklefish keep talking about a RE crash. New Home starts are falling off a cliff but somehow even less supply is going to make the prices go down and millennials have just begun establishing new households. Must work for the Whitehouse economic team.

Yet if I asked any of the people saying this, "do you think the dollar is being de valued?" the response would be an overwhelming yes but somehow you then think the most critical hard assets valued against that currency are going to crash. Please make it make sense. This is nothing but missing out angst. People are pissed at RE prices so logically they must crash, hiding the fact all the people saying that are salivating at the chance to BUY and are upset the prices have got away from them.

I don't believe we have any substantive YoY decline in the avg national home price (>5%) and it won't surprise me if we don't get any at all. Even if it were to drop 5% from here it would still be up on the year. It sucks I know, but people really need to stop forming opinions on their feels and what they want the situation to be. Assets that crash are assets that nobody freaking wants at any price. The fact you want them to decline is why they wont.

This is not crypto or some no profit tech company. I don't go buy fagcoin just because it drops 70% because I don't give a shit about fagcoin and it has no tangible value . People are desperate for housing and we are the lowest levels of supply that we have ever seen in our lives. Do the math. What's more likely to happen is even less activity if that is possible. Meaning crazy low level of transactions. This problem doesn't go away until we find away to get a lot more houses on the market.

Affordability will always keep some lid on prices people may be desperate for a home but they still can only afford what they can afford. The net result is no sales, nobody builds anything, nobody moves. It's just a giant pent up demand for any unit that become available that the best off buyers can afford. We under built for over a decade after GFC .

Look at this chart. Realize we aren't even at 1970s level of production of housing units with a much larger population, and then everyone can start making posts that make a modicum of sense. We aren't even producing at replacement+pop growth rate and housing starts are in bad decline right now.
View attachment 424099


Some of these parts of the country austin, denver, etc. found the affordability "limit" that is not a pending crash, the voracious buyers aren't gone. The moment becomes affordable they will be right back bidding away. For it to crash you must have aseller who MUST sell and no willing buyer, meanwhile people are sitting on super affordable low interest mortgages and a shit ton of equity.
Click to expand...
Housing market where I moved from last fall down 5% from when I listed. All this means is that affordability limit has been reached and now there is inventory. But...here is the deal...it is still a crazy hot market. Some people think that prices stabilizing = market crash LOL.

Prices here still inching up, zero inventory. Rate increase taken most of the lunacy out of the market. Keyword:most. Closings and mortgages are down but down in a blazing hot market doesn't mean anything except now I have to wait maybe a few days to sell a house vs a few hours.
 
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Lanx

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Oblio said:
This is much more common that you realize., I see it all the time a 1/2 Bath just off the kitchen tucked neatly under the stairs. More and more 1/2-2 Story home designs lack a Bedrom on the first floor so a full Bath is unneeded and just takes up real sq.ft., the under stairs trick is a very common solution.
Click to expand...
i have no issue w/ the 1/2 bath under the stairs, its a good to put in a place so guests can pee n shit since under the stairs is usually a tiny closet or nothing at all, its just that it opens up into the kitchen.
 
Blazin

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Fucker said:
Housing market where I moved from last fall down 5% from when I listed. All this means is that affordability limit has been reached and now there is inventory. But...here is the deal...it is still a crazy hot market. Some people think that prices stabilizing = market crash LOL.

Prices here still inching up, zero inventory. Rate increase taken most of the lunacy out of the market. Keyword:most. Closings and mortgages are down but down in a blazing hot market doesn't mean anything except now I have to wait maybe a few days to sell a house vs a few hours.
Click to expand...
Certainly a testament to how crazy it got. As we discuss if 2 months inventory is a glut of supply :)
 
Fucker

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Lanx said:
i have no issue w/ the 1/2 bath under the stairs, its a good to put in a place so guests can pee n shit since under the stairs is usually a tiny closet or nothing at all, its just that it opens up into the kitchen.
Click to expand...
I hate it if it is anywhere near the kitchen. I looked at one house, and it had a full bath right off the kitchen. Very strange.
 
Kiroy

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Jysin said:
Some real data vs feels data.

(June: New Homes)

10:00 *(US) JUN NEW HOME SALES: 590K V 659KE
- Median price: $402.4K v $449K prior
- Months supply: 9.3 v 7.7 prior
- Homes for sale at end of period: 457K v 444K prior
- New Home sales by region y/y: Northeast -5.3%, Midwest +42.3%, South -2.0%, West -36.7% y/y

Click to expand...

yeash, guess the midwest is the new south when it comes to the plague of western locus
 
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Sanrith Descartes

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Lanx

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Sanrith Descartes said:
That fucking West y/y number. Oomf.
Click to expand...
another neighbor on the culdesac wants to take advantage of the crazy prices so he's got a uhaul and moving in with moms (he's gonna rent out)

the rest of us are taking bets on whether it's gonna be a cali or ny fuck nugget moving in.
 
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TJT

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Looks like the rate I'll be getting for my new place is 4.9% and thems the breaks.

Could have been worse.
 
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Koushirou

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Parents just closed on a house finally after trying for one for a while. Ended up at 6.5%. There was a shitload of other fuckery involved, though, which I’ll try to describe below. I was getting this piecemeal throughout the whole thing, so I’m sure I’ve fucked up some of the details.

Parents had been trying to get a house in TN for almost a year. They bought a plot in a community and then got an architect to get some plans going for a new build. By the time all that was settled, construction costs had skyrocketed and the build came out about $400k higher than their initial estimate, which was a no-go for them. So no build, but they still own the plot.

They find another community about 10miles away that has a house for sale that was built in 2019, and would also save them a couple hundred thousand vs. trying to reduce the original build on the plot they got. They sign the initial contract, put $85k down to start (about 10% and they planned to do another 10% later) and go get a lender.

Initially, things look good for the loan, other than some complete fucking bullshit that popped up during a credit deep dive (my parents bought me a laptop for my birthday in 2006 that was apparently never paid off. This was then sent to a collection company at some point and has sat there for 16 years. My parents have never been contacted by either Dell or the collection agency, despite both having correct contact info. RIP credit).

Lender goes and tries to get the approval on the loan, but there’s a problem. Apparently TN has some shit that out of state lending (lender is from MD) caps at a certain amount, somewhere between $6-700k, I think. So the remainder, my parents would have to cough up in cash. My parents don’t have enough cash lying around to handle that and the rest of their 20% down so it looks like the loan approval isn’t going to happen now.

Lender looks over their financials again and sees they have an IRA still and tells them to just cash the rest of it out. That’s the last of my parents IRA money, though, and they don’t want to drain the rest of it. Lender tells them either they can use the IRA, or they can go find a cheaper house. Parents say they’ll go find a cheaper house and they’re fine with the loan being denied because they aren’t doing those terms. Lender I guess gives them some shit over this but acknowledges it and that was that.

Couple weeks pass by, parents find another house they like in Ocean City, MD that’s in their budget and get ready to go put an offer on that. Before that happens, they get a phone call notifying them that settlement is on the 25th, barely 2 weeks away. The lender apparently said fuck it and just sent out an approval package anyway without informing my parents. At this point, they’ve not signed any additional paperwork, they’ve seen no loan info or disclosures or any of that shit. But the initial contract is still in play because the loan wasn’t denied. They can’t get an attorney to look at this shit in time and are worried now that if they try to delay or raise shit that their $85k earnest money is going to get snatched for being non-conformant(?).

So yeah, IRA has to get nuked to pay off the difference for the mortgage cap. They get the bank/investment firm to setup the transfer the Wednesday before closing (The 20th). That morning, they get a call saying they need to do an appraisal again (?) because some documents or numbers were fucked up. They’ll get the results on Friday (closing is Monday, BTW). Appraisal comes in Friday slightly higher than before, so the money transfer is scheduled back on again.

Parents make the drive down Sunday, and they get ready to go do their walkthrough Monday (this will be the first time actually walking through the house, other than the quick glance they were first given when they initially got the contract). I get a call that morning. Apparently they need me as a reference (wtf for?) and someone (can’t remember which party) also has to verify the balances in their accounts (why the fuck do they care when they already were wired the money?).

Get to closing, they start going through the documents and all the info for my mom is wrong. Tell the lender to fix the shit, it gets sent back, but her name is still wrong. Send it back again, name’s still wrong. Send it back yet again, name’s still wrong. Title lady is sick of this shit (and was perplexed apparently by the whole situation in general) and just crosses it out, has my mom initial and says they’ll figure it out later. Lender at this point says they can’t send anymore, as everyone has left for the day (they’ve been in closing for 2 hours at this point).

Welp, everything is signed, boom, parents have a house and a hefty bill come next tax season and no more IRA. As they leave the title office, the secretary at the front tells them the lender sent the documents again. Name’s still wrong.
 
Araysar

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Lanx said:
another neighbor on the culdesac wants to take advantage of the crazy prices so he's got a uhaul and moving in with moms (he's gonna rent out)

the rest of us are taking bets on whether it's gonna be a cali or ny fuck nugget moving in.
Click to expand...

How many people on your cul de sac moved into it in the past 2 years?
 
Sludig

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Koushirou said:
Parents just closed on a house finally after trying for one for a while. Ended up at 6.5%. There was a shitload of other fuckery involved, though, which I’ll try to describe below. I was getting this piecemeal throughout the whole thing, so I’m sure I’ve fucked up some of the details.

Parents had been trying to get a house in TN for almost a year. They bought a plot in a community and then got an architect to get some plans going for a new build. By the time all that was settled, construction costs had skyrocketed and the build came out about $400k higher than their initial estimate, which was a no-go for them. So no build, but they still own the plot.

They find another community about 10miles away that has a house for sale that was built in 2019, and would also save them a couple hundred thousand vs. trying to reduce the original build on the plot they got. They sign the initial contract, put $85k down to start (about 10% and they planned to do another 10% later) and go get a lender.

Initially, things look good for the loan, other than some complete fucking bullshit that popped up during a credit deep dive (my parents bought me a laptop for my birthday in 2006 that was apparently never paid off. This was then sent to a collection company at some point and has sat there for 16 years. My parents have never been contacted by either Dell or the collection agency, despite both having correct contact info. RIP credit).

Lender goes and tries to get the approval on the loan, but there’s a problem. Apparently TN has some shit that out of state lending (lender is from MD) caps at a certain amount, somewhere between $6-700k, I think. So the remainder, my parents would have to cough up in cash. My parents don’t have enough cash lying around to handle that and the rest of their 20% down so it looks like the loan approval isn’t going to happen now.

Lender looks over their financials again and sees they have an IRA still and tells them to just cash the rest of it out. That’s the last of my parents IRA money, though, and they don’t want to drain the rest of it. Lender tells them either they can use the IRA, or they can go find a cheaper house. Parents say they’ll go find a cheaper house and they’re fine with the loan being denied because they aren’t doing those terms. Lender I guess gives them some shit over this but acknowledges it and that was that.

Couple weeks pass by, parents find another house they like in Ocean City, MD that’s in their budget and get ready to go put an offer on that. Before that happens, they get a phone call notifying them that settlement is on the 25th, barely 2 weeks away. The lender apparently said fuck it and just sent out an approval package anyway without informing my parents. At this point, they’ve not signed any additional paperwork, they’ve seen no loan info or disclosures or any of that shit. But the initial contract is still in play because the loan wasn’t denied. They can’t get an attorney to look at this shit in time and are worried now that if they try to delay or raise shit that their $85k earnest money is going to get snatched for being non-conformant(?).

So yeah, IRA has to get nuked to pay off the difference for the mortgage cap. They get the bank/investment firm to setup the transfer the Wednesday before closing (The 20th). That morning, they get a call saying they need to do an appraisal again (?) because some documents or numbers were fucked up. They’ll get the results on Friday (closing is Monday, BTW). Appraisal comes in Friday slightly higher than before, so the money transfer is scheduled back on again.

Parents make the drive down Sunday, and they get ready to go do their walkthrough Monday (this will be the first time actually walking through the house, other than the quick glance they were first given when they initially got the contract). I get a call that morning. Apparently they need me as a reference (wtf for?) and someone (can’t remember which party) also has to verify the balances in their accounts (why the fuck do they care when they already were wired the money?).

Get to closing, they start going through the documents and all the info for my mom is wrong. Tell the lender to fix the shit, it gets sent back, but her name is still wrong. Send it back again, name’s still wrong. Send it back yet again, name’s still wrong. Title lady is sick of this shit (and was perplexed apparently by the whole situation in general) and just crosses it out, has my mom initial and says they’ll figure it out later. Lender at this point says they can’t send anymore, as everyone has left for the day (they’ve been in closing for 2 hours at this point).

Welp, everything is signed, boom, parents have a house and a hefty bill come next tax season and no more IRA. As they leave the title office, the secretary at the front tells them the lender sent the documents again. Name’s still wrong.
Click to expand...
Barring you getting some details wrong or your parents fibbing. This is multiple levels of crazy but largely lands at your parents own feet of being dumb and not standing up for themselves, getting anything in writing at various stages, etc. Like I'm more angry at them. And no offense reminds me of a few of your own stories over the years of preventable shaftings.
 
Sanrith Descartes

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Koushirou said:
Parents just closed on a house finally after trying for one for a while. Ended up at 6.5%. There was a shitload of other fuckery involved, though, which I’ll try to describe below. I was getting this piecemeal throughout the whole thing, so I’m sure I’ve fucked up some of the details.

Parents had been trying to get a house in TN for almost a year. They bought a plot in a community and then got an architect to get some plans going for a new build. By the time all that was settled, construction costs had skyrocketed and the build came out about $400k higher than their initial estimate, which was a no-go for them. So no build, but they still own the plot.

They find another community about 10miles away that has a house for sale that was built in 2019, and would also save them a couple hundred thousand vs. trying to reduce the original build on the plot they got. They sign the initial contract, put $85k down to start (about 10% and they planned to do another 10% later) and go get a lender.

Initially, things look good for the loan, other than some complete fucking bullshit that popped up during a credit deep dive (my parents bought me a laptop for my birthday in 2006 that was apparently never paid off. This was then sent to a collection company at some point and has sat there for 16 years. My parents have never been contacted by either Dell or the collection agency, despite both having correct contact info. RIP credit).

Lender goes and tries to get the approval on the loan, but there’s a problem. Apparently TN has some shit that out of state lending (lender is from MD) caps at a certain amount, somewhere between $6-700k, I think. So the remainder, my parents would have to cough up in cash. My parents don’t have enough cash lying around to handle that and the rest of their 20% down so it looks like the loan approval isn’t going to happen now.

Lender looks over their financials again and sees they have an IRA still and tells them to just cash the rest of it out. That’s the last of my parents IRA money, though, and they don’t want to drain the rest of it. Lender tells them either they can use the IRA, or they can go find a cheaper house. Parents say they’ll go find a cheaper house and they’re fine with the loan being denied because they aren’t doing those terms. Lender I guess gives them some shit over this but acknowledges it and that was that.

Couple weeks pass by, parents find another house they like in Ocean City, MD that’s in their budget and get ready to go put an offer on that. Before that happens, they get a phone call notifying them that settlement is on the 25th, barely 2 weeks away. The lender apparently said fuck it and just sent out an approval package anyway without informing my parents. At this point, they’ve not signed any additional paperwork, they’ve seen no loan info or disclosures or any of that shit. But the initial contract is still in play because the loan wasn’t denied. They can’t get an attorney to look at this shit in time and are worried now that if they try to delay or raise shit that their $85k earnest money is going to get snatched for being non-conformant(?).

So yeah, IRA has to get nuked to pay off the difference for the mortgage cap. They get the bank/investment firm to setup the transfer the Wednesday before closing (The 20th). That morning, they get a call saying they need to do an appraisal again (?) because some documents or numbers were fucked up. They’ll get the results on Friday (closing is Monday, BTW). Appraisal comes in Friday slightly higher than before, so the money transfer is scheduled back on again.

Parents make the drive down Sunday, and they get ready to go do their walkthrough Monday (this will be the first time actually walking through the house, other than the quick glance they were first given when they initially got the contract). I get a call that morning. Apparently they need me as a reference (wtf for?) and someone (can’t remember which party) also has to verify the balances in their accounts (why the fuck do they care when they already were wired the money?).

Get to closing, they start going through the documents and all the info for my mom is wrong. Tell the lender to fix the shit, it gets sent back, but her name is still wrong. Send it back again, name’s still wrong. Send it back yet again, name’s still wrong. Title lady is sick of this shit (and was perplexed apparently by the whole situation in general) and just crosses it out, has my mom initial and says they’ll figure it out later. Lender at this point says they can’t send anymore, as everyone has left for the day (they’ve been in closing for 2 hours at this point).

Welp, everything is signed, boom, parents have a house and a hefty bill come next tax season and no more IRA. As they leave the title office, the secretary at the front tells them the lender sent the documents again. Name’s still wrong.
Click to expand...
Lender fucked them on purpose and probably sent the app on to someone he knew would say yes to fuck them. You should find someone to break his legs with an axe handle.
 
Lanx

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Araysar said:
How many people on your cul de sac moved into it in the past 2 years?
Click to expand...
since i moved there (counting the dude who moved a month before) 5, a longtime renter moved out and now another dude is putting his house up for rent.
 
Araysar

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Lanx said:
since i moved there (counting the dude who moved a month before) 5, a longtime renter moved out and now another dude is putting his house up for rent.
Click to expand...

Then you should all probably shut the fuck up. You're all "fuck nuggets".
 
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Sludig

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Sanrith Descartes said:
Lender fucked them on purpose and probably sent the app on to someone he knew would say yes to fuck them. You should find someone to break his legs with an axe handle.
Click to expand...
Ya but who the fuck puts up 85k earnest money as opposed to what i assumed at first was just whatever they wanted their down to be. If your creative plenty of ways to also find a valid reason to bail including at final inspection. Or did they not have email at balking on the loan or all on the phone? They had 2 weeks, thats at least a day or two to complain up the guys chain at the company and try to take that correspondance to walk away from deal as good faith, or normally worst case you are out a 5-10k earnest on the house don't add it was well under a million.


Which other thing makes no sense, credit supposedly fucked over one like 1500 loan? As old as it was, id think itd fallen off or come up at any other point they used credit before then.
 
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Haus

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So as I mentioned I have been looking/wanting to buy some land and build a home outside Dallas for a while. I know at this point I'm accumulating capital to throw at the problem and waiting for what I suspect will be an inevitable downturn/correction in the real estate market. I still poke around on Zillow though mostly to entertain myself, get ideas, keep that dream alive and whatnot. I see this add today :


scanning through it and I see the sentence : "The underground 3 bedroom, 2 bath home, currently not livable but has many possibilities. "

hol up....

Suddenly my inner mountain dwarf is saying we need to accelerate some plans... And my not so subtle inner prepper is agreeing with him.... Buy this, build Mrs. Haus Mrs. Haus her fancy "above ground" dream house... And then refurb my , literal, cave.
 
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Fucker

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Haus said:
So as I mentioned I have been looking/wanting to buy some land and build a home outside Dallas for a while. I know at this point I'm accumulating capital to throw at the problem and waiting for what I suspect will be an inevitable downturn/correction in the real estate market. I still poke around on Zillow though mostly to entertain myself, get ideas, keep that dream alive and whatnot. I see this add today :


scanning through it and I see the sentence : "The underground 3 bedroom, 2 bath home, currently not livable but has many possibilities. "

hol up....

Suddenly my inner mountain dwarf is saying we need to accelerate some plans... And my not so subtle inner prepper is agreeing with him.... Buy this, build Mrs. Haus Mrs. Haus her fancy "above ground" dream house... And then refurb my , literal, cave.
Click to expand...
Man caves suck unless your name ends in tu. I bet they don't have moisture barrier or anything...just some bricks in the ground. Not worth the time to fiddle with unless you really like spiders.
 
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