Home buying thread
- Thread starter Pasteton
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Guest, it's time once again for the massively important and exciting FoH Asshat Tournament!
Go here and give us your nominations!Who's been the biggest Asshat in the last year? Give us your worst ones!
Tarrant
<Prior Amod>
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Palum
what Suineg set it to
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- 47,495
Just Zillow emails and this one service my broker sends me on the zip code. Not sure if you can actually see it on Zillow anywhere else?
- 49,698
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My house/land is currently worth just about double what I paid for it less than 20 years ago. This shit is bonkers.
Sanrith Descartes
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There are some that will. I sold my condo a little while back and hold the seller's note at 30-yr fixed rolling a 7.5% rate.
Cad
scientia potentia est
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Its awesome if you own a house, kinda shitty if you don't. Since we can't do anything about it ourselves, might as well enjoy the fruits of our investment.
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You're absolutely right. If you don't own a house now, you're pretty screwed. Especially as a first time buyer with no equity to transfer. I honestly feel badly for people in that situation. When my kids settle, have a job and all that, I'm going to help them buy a house for sure. But I'm able to do that, and many people are not. I've been investing a bit for each of the kids, and when they get to the point of buying, I'll cash out the investment and the money will be theirs. If they don't buy, they get it at 30 for whatever. My kids are spoiled and they know it. And I love being able to do it.
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We're seeing a mix of new construction clients wanting to hold off, or lock in their contract right the fuck now over tarrif and price speculation. Costs are going to go up, it's just a matter of when. Masonry went up 10% already this year (on top of 15% late last year). Lumber can't decide if it's going to go up or go pandemic bonkers, and is holding it's breathe for the moment. We are locking in quotes on speculation of business. It's a risk but not doing so hoping prices stabilize is riskier still. Noone has a clue what mortgage rates are going to do but they sure aren't falling.
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tugofpeace
Pronouns: zie/zhem/zer
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It's shitty that non owners missed out on the rise in prices had they been owners, but as a nonowner myself, I have a fair bit saved up for a downpayment. I actually prefer apartment living for now being single and somewhat young. A home is a very long term purchase IMO, I don't like being tied down unless I have kids/wife.
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Palum
what Suineg set it to
- 28,700
- 47,495
The reality is someone who had like 60k in 2018 wanting to one day be a homeowner, invested in SPX and saved a bit more, they're still in a position to own a home at some point here. Two issues are really that most of those people didn't save and didn't invest, and the younger Gen z and Gen alpha that didn't have the benefit of time are well and truly behind.
I am a bit scared about what will happen if rates do come back down, though. First fuck the realtors and their percentage bullshit, but also I just do not want to be in a perpetual sellers market either because I want to buy the house I want, not the one I can get. Normal balanced market is much more conducive to everyone getting what they want and can afford. The market here since COVID has been you get what you get and you still pay through the nose for it.
I am a bit scared about what will happen if rates do come back down, though. First fuck the realtors and their percentage bullshit, but also I just do not want to be in a perpetual sellers market either because I want to buy the house I want, not the one I can get. Normal balanced market is much more conducive to everyone getting what they want and can afford. The market here since COVID has been you get what you get and you still pay through the nose for it.
- 49,698
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I really think lumber is going to go bonkers again. Trade war with Canada is going to mean stupid expensive lumber in the US.
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I get that completely. A home is, indeed, a very long term purchase. Don't do it until you're ready. And save all the money you'd be spending on drywall, doors, and vanities.
How I bought in 2017 for 200,000 is now “zestimated” at 434,000-546,000. Since buying the house I put hurricane impact windows, updated the water heater, electric panel, got a new air conditioner, and put new flooring in the house. So about 30,000K into it.
Luckily I refinanced it to a 15 year mortgage at 2.75% and can keep it as a rental forever.
Luckily I refinanced it to a 15 year mortgage at 2.75% and can keep it as a rental forever.
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Gravel
Mr. Poopybutthole
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What happened with that real estate agent fee thing last year? I thought they got sued and that shit would go away, but I hadn't heard anything since.
OU Ariakas
Diet Dr. Pepper Enjoyer
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They all make you sign an agreement for their 3% cut before they will show you a house now. I am sure you can negotiate with them on that agreement, but that is the way they do it now.
Palum
what Suineg set it to
- 28,700
- 47,495
My understanding is this didn't actually change anything. It removed the listing component of commission (e.g. could entice agents to push customer towards a house), which for me never came up because I don't give a shit what my realtor thinks.
You have to sign the forms agreeing to commission explicitly now on the buying side. I would imagine this means now that much like closing costs and transfer taxes, it's just informally the seller's issue through 'normal concessions' rather than a formally informal standard real estate agents used.
I would be interested in seeing if this has any material changes, but for reference, Zillow still lists 'estimated agent commissions' as 100% seller, and default is 6%. So clearly Zillow doesn't think it's changed enough to warrant updating their website/app.
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Mizake
Vyemm Raider
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The main thing is buyers agents commission. Seller is responsible for paying both buyers and sellers commission. Sellers agents would list commission of both parties as a convenience, but there sometimes was collusion. Now buyers agent has to sign a contract with buyer prior to helping them look for homes. If you sell a home it’s much easier to negotiate the commission, since you can refuse to accept , let’s say, 3% commission for the buyers agent.
So far it hasn’t made a big dent, we will see over time what happens. Personally I have been able to negotiated the buyers commission down to 1-2 percent.
Palum
what Suineg set it to
- 28,700
- 47,495
I mean here's my thing, I would be much more inclined to pay a flat fee on the sale and a dollar amount up to x% (say 2-3) based on weeks listed.
Last house I sold, was a very hot market and I put in all the effort staging and touching up everything, made it look like a million bucks and sold it in one day of showings. Why the fuck should I be paying someone 15-30k or whatever for 1 day of work? I dunno the whole thing is scam. It's very hard to get fair showings/sales without getting in bed with these faggots for MLS access, and the buyers side again isn't on work (like what if you buy the first house you walk into and there's no negotiation just offer accepted?).