Home buying thread

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lurkingdirk

lurkingdirk

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Jasker said:
Hi guys, I'm looking to buy a home. I have good to excellent credit. Should I be buying now? I have a bank that I've been for a long time that personally knows my family an myself, who I have a general money account with. I'm single and not looking for anything above like 130k. Anyone have any lending recommends? Foreclosure or cheap-unknowns websites? Tips on getting a loan and how to talk to a semi trusted bank about it?
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I'd wait if I were you. Interest rates suck donkey balls right now. Every few years I remortgage my house for about $5K so I can keep the homesteaders exemption on my property taxes. My property was valued at $250K more than it was 5 years ago, and last time I got a mortgage it was for 2.3% or something like that. This time they want 6%, and I have excellent credit. The market is going to crash in the next year or so, wait for interest rates to come down.
 
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Tmac

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Jasker said:
Hi guys, I'm looking to buy a home. I have good to excellent credit. Should I be buying now? I have a bank that I've been for a long time that personally knows my family an myself, who I have a general money account with. I'm single and not looking for anything above like 130k. Anyone have any lending recommends? Foreclosure or cheap-unknowns websites? Tips on getting a loan and how to talk to a semi trusted bank about it?
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www.zillow.com
 
C

Captain Suave

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Sanrith Descartes said:
I have used Rocket Mortgage in the past. They are great for the computer literate. They give a single list of every required document upfront and you just upload them to the website. It was a seamless process and had no hiccups. Rates at the time were competitive. They have no physical branches so they they run lower costs and can offer lower rates (relative to brick and mortar banks).

If you have 20% down and decent credit you get a conforming mortgage and it should be a breeze.
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I bought through RocketMortgage in March (at 5.25%, phew!). It was easy.

Foler said:
Doesn’t the seller pay the commission for the buyers real estate agent? Maybe just Florida? I’d imagine in theory the seller would try to pass that cost on to you in some way.
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Just like credit card reward rates, agent fees get passed straight on to the buyers. Sellers price to their net takeaway.

Tide27 said:
There is going to be an entire generation stuck with 6% - 8%+ rates and it has nothing to do with their financial acuity, it was simply when they entered the market.
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As others have said, 6-8% is a lot closer to historical normal than 3% was.

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T

Tide27

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Fucker said:
6-8% not the end of the world by any means. People older than us bought homes at 15% and survived.

People are just going to have to *gasp* buy homes that fit their budgets.
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Houses also were not an average of $300k+ either. I would have been more than happy to have bought a nice starter home in the $100k range, but they dont exist anymore.

Hallmark, Lennar, Arbor, Ryan etc all build the cookie cutter new builds in the area, and even a 1,500 sqft home is averaging $300k-$350k. Want a 50-70 year old home with a ton of electrical issues and needs renovations....ok, can be found for $250k+

There is no more starter market.

Home prices now, versus just a few years ago, has drastically outpaced any normal buyers price range.

Dont act like some sort of financial savant just because someone bought a house a year ago. There are a ton of young adults that should be entering the market that can no longer afford any home, and thusly will end up living at home most likely till their 30s.

Im in my mid 40s and remember moving out at a young age when apartments were $200 a month and just having 1 roommate made that affordable at minimum wage. You could then save your money for a down payment on your own home and get a hell of a nice place for $75k.

There was a clear progression path for young folks. Move out and split an apartment with a friend, college was still affordable on a part time job and having an apartment was reasonable too. Now, there are no " entry level " apartments as the cost across the board has been pretty much been set by the fed govt creating a price floor for what they are willing to subsidize for people that fucking refuse to work. Avg apartment is now $1,500-$2,000 a month, which no young adult can afford.

The young folks coming up got fucked in damn near every different direction because of the boomer generation and our corrupt ass government.
 
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Fucker

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Tide27 said:
Houses also were not an average of $300k+ either. I would have been more than happy to have bought a nice starter home in the $100k range, but they dont exist anymore.

Hallmark, Lennar, Arbor, Ryan etc all build the cookie cutter new builds in the area, and even a 1,500 sqft home is averaging $300k-$350k. Want a 50-70 year old home with a ton of electrical issues and needs renovations....ok, can be found for $250k+

There is no more starter market.

Home prices now, versus just a few years ago, has drastically outpaced any normal buyers price range.

Dont act like some sort of financial savant just because someone bought a house a year ago. There are a ton of young adults that should be entering the market that can no longer afford any home, and thusly will end up living at home most likely till their 30s.

Im in my mid 40s and remember moving out at a young age when apartments were $200 a month and just having 1 roommate made that affordable at minimum wage. You could then save your money for a down payment on your own home and get a hell of a nice place for $75k.

There was a clear progression path for young folks. Move out and split an apartment with a friend, college was still affordable on a part time job and having an apartment was reasonable too. Now, there are no " entry level " apartments as the cost across the board has been pretty much been set by the fed govt creating a price floor for what they are willing to subsidize for people that fucking refuse to work. Avg apartment is now $1,500-$2,000 a month, which no young adult can afford.

The young folks coming up got fucked in damn near every different direction because of the boomer generation and our corrupt ass government.
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Every place I've lived in the last 10 years still has starter homes in the $200k range. 1500 sq ft, not junk. Older, but still decent. Key words : starter home.

I'm early 40's, and apartments were never $200. My share of a 3-way split was $800, and that was right out of college.

College is still affordable. People just have to come up with a plan before going in. You know, just like always.

The progression has never changed. Get ace grades in high school, go to a good college, get a marketable degree and get ace grades. Get a job, bust ass, get promoted. Buy starter home, bust ass, get promoted...do that till retirement.

Yes, in some places the market for starter homes sucks, but people are allowed to move to different areas these days. I don't know a single person in college who stayed in their respective home towns.

I never said I was a savant at real estate. I've been buying and selling houses for a while, and made around $1.5MM after tax on them so far...pretty much for doing fuck all. Oh yeah, collecting rent checks and sending in handymen to fix ac units when I was a landlord.

Hell, my GF's kid sister is mid 20's+, ended up with no college debt and has plenty of options. She did get lucky and bag $300k after tax on a house she sold, but she was smart enough to put herself into a position to buy one, anyway.

The mid 20's married couple who painted my house have their own home and bag about $100k a year working 9-5 weekends off. It is a starter home that they are fixing up, and they drive a used SUV.
 
Gravel

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Tide27 said:
Houses also were not an average of $300k+ either. I would have been more than happy to have bought a nice starter home in the $100k range, but they dont exist anymore.

Hallmark, Lennar, Arbor, Ryan etc all build the cookie cutter new builds in the area, and even a 1,500 sqft home is averaging $300k-$350k. Want a 50-70 year old home with a ton of electrical issues and needs renovations....ok, can be found for $250k+

There is no more starter market.

Home prices now, versus just a few years ago, has drastically outpaced any normal buyers price range.

Dont act like some sort of financial savant just because someone bought a house a year ago. There are a ton of young adults that should be entering the market that can no longer afford any home, and thusly will end up living at home most likely till their 30s.

Im in my mid 40s and remember moving out at a young age when apartments were $200 a month and just having 1 roommate made that affordable at minimum wage. You could then save your money for a down payment on your own home and get a hell of a nice place for $75k.

There was a clear progression path for young folks. Move out and split an apartment with a friend, college was still affordable on a part time job and having an apartment was reasonable too. Now, there are no " entry level " apartments as the cost across the board has been pretty much been set by the fed govt creating a price floor for what they are willing to subsidize for people that fucking refuse to work. Avg apartment is now $1,500-$2,000 a month, which no young adult can afford.

The young folks coming up got fucked in damn near every different direction because of the boomer generation and our corrupt ass government.
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Not to veer too far off topic here, but women's liberation is partly to blame. It's why wages stagnated starting in the 70's (and the gold standard, but we'll ignore that for now). All of the gains that employees should've made just go hacked in half because the workforce doubled "overnight."

In order to afford a house over the last decade, you'd need a two income household.
 
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Koushirou

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I’m one that got one of the new construction on tiny lot houses. I can’t really complain, since hey, I at least have a house and my rate is under 4%, but damn I do wish I had some actual backyard or space between my neighbors. There’s literally only a lawnmower’s width between my AC unit and the property line on the one side. We got the smallest model available and it was still just a bit under $400k in WV. I wish we’d be able to move a few years earlier. Had almost just pulled the trigger and bought a cute house in MD for $250k that would have been the perfect size for us. Crazy how much the prices had changed in a couple years, though. Couldn’t in any way afford that area I was looking at by the time we could move.
 
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Kais

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Jesus fuck do NOT buy a Ryan home. They throw those homes up so fast with the absolute cheapest shittiest products on the market. You're almost guaranteed to have squirrely walls and serious settling issues (dry wall cracks, cabinet alignment, trim separation, squeaky floors, towel bars that fall off when noone is looking, etc). Know what lowes does with the lumber that's returned cause it's warped to shit? Ryan homes will take it.
 
C

Caligula_The_Cat

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Kais said:
Jesus fuck do NOT buy a Ryan home. They throw those homes up so fast with the absolute cheapest shittiest products on the market. You're almost guaranteed to have squirrely walls and serious settling issues (dry wall cracks, cabinet alignment, trim separation, squeaky floors, towel bars that fall off when noone is looking, etc). Know what lowes does with the lumber that's returned cause it's warped to shit? Ryan homes will take it.
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Lennar Homes has entered the chat
 
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Furry

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Kais said:
Jesus fuck do NOT buy a Ryan home. They throw those homes up so fast with the absolute cheapest shittiest products on the market. You're almost guaranteed to have squirrely walls and serious settling issues (dry wall cracks, cabinet alignment, trim separation, squeaky floors, towel bars that fall off when noone is looking, etc). Know what lowes does with the lumber that's returned cause it's warped to shit? Ryan homes will take it.
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There's lumber that isn't warped to shit at lowes? Built a greenhouse not too long ago using exclusively left over super bent wood. I got some comments when it was half built at how ugly and crooked it was. But then I went and braced everything properly, carefully and it all straightened out and flew through HOA approval.

Most of the time construction is being competent in using the materials you have.
 
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TJT

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Jasker said:
Hi guys, I'm looking to buy a home. I have good to excellent credit. Should I be buying now? I have a bank that I've been for a long time that personally knows my family an myself, who I have a general money account with. I'm single and not looking for anything above like 130k. Anyone have any lending recommends? Foreclosure or cheap-unknowns websites? Tips on getting a loan and how to talk to a semi trusted bank about it?
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Bro I have some real bad news for you.
 
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Haus

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Another thing to realize about rates right now. It's inevitable that the economy will necessitate the fed dropping rates to the floor again at some point, probably in the next couple years. So even if you have a steep payment getting into the house it's a matter of waiting to refi when they have to capitulate on rates again.
 
R

Rais

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I’m out side Chicago away from all the crime. Outside the weather and this is coming from living in Orlando for 35 years, I’d rather have a house in the city I’m in than move back to Florida. According to that map I’d need to make about 10k more to own a house. That Map is bullshit. If you’re making 100k you can live almost anywhere in Florida if you aren’t drowning in debit and or buy land and a small house with 60k. You get shit schools and neighborhoods being reversed gentrification.
I’d take the no state income tax, but Florida can fuck right off outside of vacations.
 
Daidraco

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Rais said:
I’m out side Chicago away from all the crime. Outside the weather and this is coming from living in Orlando for 35 years, I’d rather have a house in the city I’m in than move back to Florida. According to that map I’d need to make about 10k more to own a house. That Map is bullshit. If you’re making 100k you can live almost anywhere in Florida if you aren’t drowning in debit and or buy land and a small house with 60k. You get shit schools and neighborhoods being reversed gentrification.
I’d take the no state income tax, but Florida can fuck right off outside of vacations.
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Theyre using generic statistics. Most of which dont even apply to the type of people that are generally looking to buy a house. Then, its based on the most populated areas and not a nice, pleasant area, to live in. I will never live in a "large city" because I'm not a fucking dumb ass. You pay higher real estate (mortgage or rent), higher taxes, higher utilities, and have to deal with fucking sky high crime rate and more. Congrats, you make 20k more than someone living 3 hours outside of the major city - too bad you're just paying that shit right into a Democrats hands.

Average rental I have in central Virginia is 1700. Nicest house I rent out is 4200 and thats here at the lake with a boat dock. The primary tenant has to make at least enough to where the payment doesnt exceed 40% RTI. Thats typically higher than the national average, but the income hasnt caught up to the real estate market so far. At least not in this area. One of those two things is going to have to change eventually, but as long as this area has a massive influx of people moving in - I dont see it getting any better. Point Im making is that if people can afford that in rent - then they can afford a mortgage easy.
 
TomServo

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Rais said:
I’m out side Chicago away from all the crime. Outside the weather and this is coming from living in Orlando for 35 years, I’d rather have a house in the city I’m in than move back to Florida. According to that map I’d need to make about 10k more to own a house. That Map is bullshit. If you’re making 100k you can live almost anywhere in Florida if you aren’t drowning in debit and or buy land and a small house with 60k. You get shit schools and neighborhoods being reversed gentrification.
I’d take the no state income tax, but Florida can fuck right off outside of vacations.
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Enjoy your descent into hell.
 
Palum

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The most surprising for me is Richmond, unless it's drastically changed in the last 10 years. Shittiest downtown and just the absolute ruins like the shopping mall graveyard of Midlothian next door. I don't understand how Virginia Beach can be lower?
 
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