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Looked at a nice townhouse and going to make an offer. Fingers cross this one isn't constructed entirely from problems.
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May 1, 2021 19:39
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There's a lot of caution against buying a home right now because of unsustainable prices. But in hot markets, like SF, NYC, Boston, etc. Isn't it now or never? I was looking at housing prices during the 2008 crash for these hot areas. Assuming you bought at the absolute peak before the crash, you still made your equity back in ~6 years. That doesn't seem terrible? Assuming you want to live in the house for a decade. And now the equity is even higher. I realize this is a high-level, simple question and I'm probably missing something obvious.
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May 1, 2021 19:50
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Guy Axlerod posted:Update: They hosed up the fax and only sent the back of the check. New thread title?
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May 1, 2021 20:52
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Ornery and Hornery posted:There's a lot of caution against buying a home right now because of unsustainable prices. I guess my question is why do you care? If you’re thinking you’re buying a house as an investment, IMO you’re looking at it wrong. If you’re buying a place to live who gives a gently caress what it’s worth in 5 years.
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May 1, 2021 21:21
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I'm buying a place to live, and we don't intend on moving for at least 10-20 years if ever, so really building equity or investment isn't my concern. Buyers like me are getting priced out of home ownership in general really fast, if I hadn't jumped now I can't say I could buy anything comparable in the next 5 years. Who knows what's going to happen post covid though.
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May 1, 2021 21:30
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Ornery and Hornery posted:There's a lot of caution against buying a home right now because of unsustainable prices. Denver's pretty hot, right? https://www.zillow.com/homedetails/510-Garfield-St-Denver-CO-80206/13327840_zpid/ Guy has been trying to sell for 10 years. We're now at the exact same price it was listed for back in 2011.
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May 1, 2021 21:31
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Pilfered Pallbearers posted:I guess my question is why do you care? That's precisely my point. If I just want to live somewhere, the price change in 5 years is (almost) meaningless. And over 30 years, the pricing of housing in a currently hot market is still likely to be a positive yield because there's generally such a tremendous deficit of housing supply.
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May 1, 2021 21:32
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Residency Evil posted:Denver's pretty hot, right? Sucks to be that guy. It was off the market for 6 of those years though. And it seems the most drastic competition and growth is in lower price brackets. Luxury housing like that can tend to have more protracted listings, right.
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May 1, 2021 22:11
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Anyone know of a good resource for reading about FHA vs conventional loans for first-time buyers? I'm looking for more details than the 1-2 paragraph summaries I've seen, but not something where I'd need a finance or law background to make heads or tales of a hundred pages of info.
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May 1, 2021 22:16
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Down in Portland visiting family and we stopped to look at a couple open houses, I still feel even with the houses prices inflated here it’s still reasonable and in talking with agents they’re not going for 100-200k over asking price. We could sell our home and buy something 3x the size here at the same price.
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May 1, 2021 22:22
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poeticoddity posted:Anyone know of a good resource for reading about FHA vs conventional loans for first-time buyers? https://www.investopedia.com/terms/f/fhaloan.asp Investopedia has a table in that breaks down conventional vs. FHA. Being a first time buyer shouldn’t matter unless there’s a special program in your area.
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May 1, 2021 22:42
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Motronic posted:Feels like the right time to drop this bomb in. It came from Reddit: It's a scorching hot take, but I can't say I disagree. One thing I love about visiting my friend's 160-year-old San Jose victorian is that it's still got rooms. They don't believe in HGTVing the original character of the house. Does it make it harder to "GATHER" in the home so we can "LIVE LAUGH LOVE" together? Maybe a little, but we're all adults and can figure out how to say "excuse me" when we need to get past. And we do so without sacrificing an actual honest-to-god piece of history. My own tiny house is so small that by necessity, the dining room spills into the living room, but at least the kitchen has a pocket door that can completely close it off. I never understood the love affair with kitchens anyway. Most Americans are so divorced from the idea of cooking their own food that the focus on having a big kitchen makes no sense to me. We cook almost 100% of our food at home and we have a kitchen the size of a large walk in closet AND we share that space with the laundry. It works for us--we cook the food, then we GTFO and enjoy it.
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May 1, 2021 22:49
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Maggie Fletcher posted:I never understood the love affair with kitchens anyway. Most Americans are so divorced from the idea of cooking their own food that the focus on having a big kitchen makes no sense to me. It is the only room left where you can entertain guests. Everyone just stands around the kitchen island, or sits at the dining table. All American "living" rooms are now just pews for giant flat-screen TVs that are mounted neck-snappingly high above a non-functional fireplace mantel.
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May 1, 2021 23:23
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I don't see the problem with people coming in while I'm cooking. Hand them a peeler and let them work. If they don't like me moving around constantly they can huddle in a corner.
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May 1, 2021 23:36
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ho fan posted:https://www.investopedia.com/terms/f/fhaloan.asp Thanks. I don't know why I didn't think to check Investopedia since I'm subscribed to their daily e-mail. I mentioned it only because I'm not selling an existing house so I'm not going to have an enormous down-payment to throw at a new mortgage.
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May 1, 2021 23:45
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umbrage posted:It is the only room left where you can entertain guests. Everyone just stands around the kitchen island, or sits at the dining table. All American "living" rooms are now just pews for giant flat-screen TVs that are mounted neck-snappingly high above a non-functional fireplace mantel. I saw a house the other day where the tv was mounted way higher (probably 8ft) than I had ever seen before because the fireplace + mantle was fairly tall. I don’t know how that family didn’t have neck pains at that height. You’d have to be laying on your back and looking up. I personally don’t like the formal dining/living room areas as they go unused most of the time at least for us. I wouldn’t find much use in it because when we have friends over it’s more casual and they hang out while we cook and we can keep an eye on the little kids. The newer houses we’ve seen have a open kitchen and great room with a family/bonus room upstairs.
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May 2, 2021 00:03
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Glumwheels posted:Down in Portland visiting family and we stopped to look at a couple open houses, I still feel even with the houses prices inflated here it’s still reasonable and in talking with agents they’re not going for 100-200k over asking price. We could sell our home and buy something 3x the size here at the same price. No. Go Away! We already have enough Californians/Washingtonians loving things up with money from their even crazier housing markets.
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May 2, 2021 00:18
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poeticoddity posted:Thanks. I don't know why I didn't think to check Investopedia since I'm subscribed to their daily e-mail. Generally speaking avoid fha if at all possible. It's very expensive post housing bubble. What % down do you have right now? If it's below 10% consider not buying yet.
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May 2, 2021 00:23
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Glumwheels posted:I saw a house the other day where the tv was mounted way higher (probably 8ft) than I had ever seen before because the fireplace + mantle was fairly tall. I don’t know how that family didn’t have neck pains at that height. You’d have to be laying on your back and looking up. This is a popular take here, and I don't get it. Do goon eyes not have vertical movement capability? Do you all just crane your necks up and down to change your sight elevation? I just don't have a problem with it. It bothers no one else in my family either. Fire places in older home are literally made to be the centerpiece of the room. Unless you want to arrange furniture to de-emphasize that and towards an alternate TV mounting location thereby losing those good sitting around the fireplace nights there doesn't seem to be much of a more appropriate location. On your formal dining room stuff, that's very much dependent on your entertaining style. If it doesn't work for you then absolutely don't get a house with one/repurpose it. But it works for us and it gets used regularly. Well....it did. We still eat in there sometimes just for a change of pace.
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May 2, 2021 00:27
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umbrage posted:It is the only room left where you can entertain guests. Everyone just stands around the kitchen island, or sits at the dining table. All American "living" rooms are now just pews for giant flat-screen TVs that are mounted neck-snappingly high above a non-functional fireplace mantel. Never been a problem for me, or other friends who have non-open houses. (Granted, we have yet to entertain in the new place.) Entertaining happens in the living room or patio. It is funny how people congregate in the kitchen, though. Open or closed, people will still jam themselves where they think food will be. I threw a party once where ALL the food/drinks were outside the kitchen, and people STILL congregated there. Just another reason I am happy our kitchen can be closed off. No one needs to see the mess I made while prepping, and they can still chat/eat/drink/whatever.
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May 2, 2021 00:37
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My favorite new house-shopping experience today was opening a closet cabinet door and finding an unsecured Glock 19 along with boxes of 9mm ammo beside it.
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May 2, 2021 01:04
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GEMorris posted:My favorite new house-shopping experience today was opening a closet cabinet door and finding an unsecured Glock 19 along with boxes of 9mm ammo beside it. God that is dumb as gently caress. That's a good gun but that's really dumb.
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May 2, 2021 01:15
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Inner Light posted:God that is dumb as gently caress. That's a good gun but that's really dumb. Toyota Corolla taste in guns Ford Pinto taste in gun safety
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May 2, 2021 01:18
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GEMorris posted:Toyota Corolla taste in guns
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May 2, 2021 01:46
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GEMorris posted:My favorite new house-shopping experience today was opening a closet cabinet door and finding an unsecured Glock 19 along with boxes of 9mm ammo beside it. I see you’ve toured GGGC’s home
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May 2, 2021 02:49
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What would you offer if you really liked this place in Port Angeles, WA? https://rebrand.ly/h1nwx68 It's listed at $429k - and my wife and I are *extremely* excited about this place. It's gorgeous to an extent that the photos don't convey, and the drive in is among the prettiest drives I've ever done. It's small and there's no bathroom on the second floor, but we really don't care - it's tier 1 gorgeous outside with a huge shop/garage, RV pad, parking, even room for animals. We could probably tap out at around $520k if we really had to - but would that be enough? Or should we offer lower with some kind of escalation clause?
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May 2, 2021 03:39
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stellers bae posted:We could probably tap out at around $520k if we really had to - but would that be enough? Or should we offer lower with some kind of escalation clause? Do you have an agent that knows that market? Like without knowing anything about the market, how would you know how much to offer? Going straight to 100k over is pretty extreme without knowing anything. Since I don't know anything about the market, and it has the list price 30% over the zestimate from before it was listed, I'd wager that list might be fair since most places are up ~30%ish, but again I know nothing about the market in port angeles.
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May 2, 2021 03:43
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gwrtheyrn posted:Do you have an agent that knows that market? Like without knowing anything about the market, how would you know how much to offer? Going straight to 100k over is pretty extreme without knowing anything. Since I don't know anything about the market, and it has the list price 30% over the zestimate from before it was listed, I'd wager that list might be fair since most places are up ~30%ish, but again I know nothing about the market in port angeles. We do - she feels that $500k would be the top, but that the market's gone crazy and that ultimately we should offer what we want to pay. I honestly think the Zestimate really undervalued the house for the land/views/outbuildings, but maybe I'm just too excited about it.
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May 2, 2021 03:46
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You already sound way too emotionally attached to this property. Looks like a nice second home/weekend/vacation place, you planning on living there full time?
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May 2, 2021 03:53
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I drove through Port Angeles on my way from Victoria BC to St Louis. What exactly does anyone do there for a living? Who even knows the place exists other than from the Twilight movies?
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May 2, 2021 04:05
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stellers bae posted:We do - she feels that $500k would be the top, but that the market's gone crazy and that ultimately we should offer what we want to pay. I honestly think the Zestimate really undervalued the house for the land/views/outbuildings, but maybe I'm just too excited about it. You're too emotionally attached. Hell your realtor probably is starting to think "gently caress it, it's more commission" based on what I feel through these two posts. You're looking at tacking on another 30% ontop of the 30%. Looking at the houses "in town" you're already at the high end of the market, and not everyone loves being that isolated. You should take a deep breath and ask how many offers that place is going to get, and stick to escalations with a requirement to show the competing offer, and keep the drat financing contingency. I bet asking or just over gets it done.
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May 2, 2021 04:11
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We'd live there full time once we're out of the soon-to-expire occupancy requirement on our primary residence. We both work remotely and Starlink/Fixed Broadband/Cell all work in the area. Is it cheezy to offer something like $450k with a bigger escalation, like to $500k? We'll definitely ask for the competing offer - but you think keep the normal financing contingency and don't offer to pay any over appraisal? And that's Forks in the Twilight movies, thank you very much.
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May 2, 2021 04:21
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Cacafuego posted:I see you’ve toured GGGC’s home Bwahaha. Not one of my guns was legal in California though so I had to say goodbye to them all last year  I'll get a Barrett 50bmg to celebrate next summer
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May 2, 2021 04:24
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stellers bae posted:We'd live there full time once we're out of the soon-to-expire occupancy requirement on our primary residence. We both work remotely and Starlink/Fixed Broadband/Cell all work in the area. You can make the decision on cash to cover when you get back the appraisal. If it comes in at the zestimate price (pretend) do you have the $150k cash to cover the spread? On top of your 20% down payment? And the rest of the closing costs?
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May 2, 2021 04:28
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stellers bae posted:We'd live there full time once we're out of the soon-to-expire occupancy requirement on our primary residence. We both work remotely and Starlink/Fixed Broadband/Cell all work in the area. There's not much point in offering more than asking start with an escalation. Either you'll have an offer to compete against, or they'll counter based on your max escalation if they don't get anything else to get the price they're looking for. You're putting all your cards on the table anyways, so there's no point in starting over asking. I took a very quick look at whats listed in town and some recent sales, and I definitely don't think it's worth over $450k, but who the hell knows in TYOOL 2021. Forks is also known for some uh...other recent events
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May 2, 2021 04:31
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gwrtheyrn posted:There's not much point in offering more than asking start with an escalation. Either you'll have an offer to compete against, or they'll counter based on your max escalation if they don't get anything else to get the price they're looking for. You're putting all your cards on the table anyways, so there's no point in starting over asking. At no point in our home buying experience were we ever asked to make a counter offer, we just got told that we were beaten by a million offers with better terms and that was that RIP
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May 2, 2021 05:05
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I found corroded 22 shells in the house we bought when we looked through it on Wednesday. Regarding the tv above the fireplace question, I'm in the same boat. The new house has the fireplace as the main attraction and they've mounted the tv above it. We'll see how it goes for a while on that location, otherwise we might consider some other solution. Verman fucked around with this message at 19:51 on May 2, 2021 |
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May 2, 2021 05:07
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the holy poopacy posted:At no point in our home buying experience were we ever asked to make a counter offer, we just got told that we were beaten by a million offers with better terms and that was that RIP I've heard back 4 times during offer review and given opportunities to amend my offer to beat whatever they said was highest. That being said, if you offer asking to +100k and you're the only offer, you will probably hear back with a counter well above asking since you've already basically told them you're willing to pay 100k over asking.
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May 2, 2021 05:20
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We temporarily put the TV on the mantle where it was obviously too high, and it ended up being perfectly comfortable and we never even considered moving it again. I think maybe it isn't actually an issue.
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May 2, 2021 05:29
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Wtf is going on with this “pool” exactly? 
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May 2, 2021 07:47
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