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Anybody buy a house recently?

Discussion in 'Bad Dog Cafe' started by naveed211, Mar 6, 2021.

  1. naveed211

    naveed211 Friend of Leo's

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    How did it go for you?

    Seems any halfway decent house at even a mediocre price is flying off the market the day it’s listed (or even before, we’re getting updates from our realtor as they come down the pipeline).

    I suppose we can’t complain too much because our house sold within a day, as well. Just put in an offer on a new place and it’s so competitive I don’t have high hopes. I feel like we’re going to have to seriously overpay to get into a good house in a good location.

    Just venting. I really hate this process.
     
  2. Cpb2020

    Cpb2020 Tele-Meister Silver Supporter

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    I didn’t buy one recently but refinanced to a 2.75% 30-yr mortgage, and it took a crazy long time to close as they were making house sales a priority and there have been a ton of purchases.

    We recently went away for a weekend to a small town and they told us that rolling inventory in the market there was typically 1,500 houses, but that it is down to 500 with all those fleeing the cities. This was about 3.5 hours outside of NYC.

    While prices are elevated, rates are low making the overall monthly nut more palatable. On balance, I’d rather buy when houses are priced lower at a higher interest rate with the ability to refinance to a lower rate in the future, but we can’t time these things and no one has a crystal ball on rates.

    We bought back when there were bidding wars and I hated the process.

    Good luck.

    edit: to make you feel better, taxes for a 2,500 sf house are around $20k/yr in my area. So when my youngest is out of HS we are going to flee.
     
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  3. Patton

    Patton Tele-Meister

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    I'm not buying but refinancing my house of 20 years. I refi'd about 2013 at the then super low rate of 4.0% on a 30 year. I've been paying extra every moth to pay it off by the time I'm 63 (I'm 52). Then the rates hit 2.5% at my credit union for a 15 year and I don't care for my mortgage company so I started the process back in mid January. My credit is very good and everything looked like it would go smoothly and quickly.

    Next Wednesday the appraiser will FINALLY come out and the whole process has been slow as molasses.
     
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  4. raito

    raito Poster Extraordinaire

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    No, but a couple people have asked us about refinancing. Doesn't make sense for us, because the current rates aren't enough lower than ours to make a difference, and trying to refinance to the term left on our current mortgage is a hassle. The banks can do it, but don't want to.

    We had ours built in the low market after 2008. Low cost for what we got. No one was building and the builders just wanted work.
     
  5. Bluego1

    Bluego1 Tele-Afflicted

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    .
     
    Last edited: Mar 6, 2021
  6. glenlivet

    glenlivet Tele-Afflicted

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    Didn't buy, but the house next door sold in 2 days for 20k over the asking price.
     
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  7. Old Smokey

    Old Smokey Tele-Meister

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    Yeah. Bought in November. You have to act fast and put in a clean offer, but the prices around here weren’t crazy.

    If you love the house, can afford the payments, and don’t plan on selling anytime soon, then I wouldn’t worry too much about “overpaying” — especially if you are currently renting.
     
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  8. Bryan A

    Bryan A Tele-Meister

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    I live near the coast in SC. Everything here is selling immediately for ridiculous prices, usually site unseen, to people fleeing the northeast like rats off a sinking ship. We’ve got flooding going on because they’re clearing all the land they can for new developments with little to no regulation. I feel like we’re in for another housing bubble bust ala 2008 because no one in this country ever seems to learn a lesson.

    the plus side is that the house I built for $196k in 2003 is now probably worth at least $600k.
     
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  9. mfguitar

    mfguitar Tele-Afflicted Silver Supporter

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    My son has been trying to buy in Austin for over a year. He has put in offers 10% above asking multiple times and does not even get counter offers, very interesting times.
     
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  10. BobbyZ

    BobbyZ Doctor of Teleocity

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    I was going to build last spring, then 2020 happened so I held off. Apparently I was the only one that held off!
    Lumber and building materials are crazy expensive!
    Buying an existing house around here is nuts too! 150k buys you a dump that needs a total renovation.
    If you want to live on a lake, 500k is about the low end there, for a year round place that isn't full of raccoons. :)
     
  11. Tyuk

    Tyuk TDPRI Member

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    I live in one of the most expensive cities in Canada and it’s the same way here. What will get you get a small condo here (250-300k) will get you a townhouse (and then some) in other provinces.
     
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  12. naveed211

    naveed211 Friend of Leo's

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    Yeah, we’re considering that as option. I think we’ll see how the next few weeks go and then we’ll have to make a decision on that. We had considered that with our last move, but also found it added up really quickly unless you just got basic bare bones kinda stuff.

    Also, problem is we have a young son, two dogs, and a cat (and a fish, ha), so renting for a couple months and then moving again is definitely not ideal. I’m really hoping we can get into something ready to go, even if it means compromising a little.

    Congrats on your house, by the way.
     
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  13. naveed211

    naveed211 Friend of Leo's

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    Yeah, we offered $15k over and honestly I don’t think we’re going to get it.
     
  14. naveed211

    naveed211 Friend of Leo's

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    Not renting right now, trying to avoid that. We bought ourselves some time. Our house sold right away and we don’t have to be out til end of June. But even so, we’ll have to figure something out in the next month or so probably if we want to continue avoiding renting.

    But yeah, we’re prepared to overpay a little. We’re moving out of state which makes it even harder, but we’re looking to find a place we can settle in for a long time.
     
  15. naveed211

    naveed211 Friend of Leo's

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    Yeah, it’s crazy. We knew stuff would fly off the market at 300, but even 350 is going quick unless there’s something wrong with it. Any initial thought we had of putting in a lower offer on just about anything is looking like a pipe dream.
     
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  16. decibel

    decibel Tele-Meister

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    About a year and a half ago during a small dip. Found a for sale by owner listing and jumped on it. Got it 10k under asking. Things have changed since that little dip, though, and most markets are back to being on fire. This will last a long while because millenials have decided finally that they want homes.
     
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  17. Engine Swap

    Engine Swap Tele-Afflicted

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    Seller's market here. Three houses for sale on my block. 2 of them went under contract in one day, at crazy high asking prices. The third house is a wreck and priced too high to appraise fir asking, so will need a cash buyer. One of the houses in getting inspected this morning and they also have an architect on site.

    Sold my parents house 2 years ago. 6 hours on the market and we took a cash offer for asking. Closed in 3 weeks.
     
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  18. NateD81

    NateD81 Tele-Meister

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    I bought in S. California in October. It was a nightmare because our offer was contingent on the sale of our condo. We lost out on many places because of thiss as, there were plenty of homes listing below market value in order to get lots of offers and drive up the price. Many sellers asking buyers to remove all contingencies and appraisal contingencies if you want your offer accepted. It was insane.

    we ended up finding a great home and what sealed the deal for us is the letter we wrote with a picture of our family. The couple were retirement age, we told them we were teachers and the details we appreciated about their home, they ended up choosing us over another slightly better offer. It’s a crazy market, we just did everything we could think of to standout. Definitely an emotional rollercoaster.
    Building would be a nice option if there’s the space. I’m in a beach town with protected farmland inland so there’s really nowhere to grow which creates perpetual demand for supply.
     
  19. JKPickin

    JKPickin Tele-Meister

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    Or a house with an ocean view in Nova Scotia for 100k and be mortgage free :)
     
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  20. Cpb2020

    Cpb2020 Tele-Meister Silver Supporter

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    My interest is what is going to happen 7 years from now, as selfishly my plan is to downsize and semi-retire to a more rural existence at that time.

    I know someone a year from retirement who decided to sell early and take advantage of the market and is living in what was a weekend home.

    One scenario 5-10 years down the road is that rates will be up (hard to imagine that won’t be the case) and prices will soften to accommodate that. In such a market, those that already own a home and have a low mortgage rate are less likely to make a move due to higher rates, unless they’re paying cash or putting a lot down. That means less turnover.

    In any event, once rates rise it benefits those with cash on hand.
     
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