Home buying thread

Punko

Macho Ma'am
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we can only pray that the same black ppl that somehow qualify to buy a nissan don't also qualify for a mortgage

I pay about 54% tax on my income.

I live in a country with 11 million people, and we are short 160.000 social houses.

It won't ever be enough. As long as the left offers more benefits, demand for benefits will grow.

Source: Western Europe.

The miserable thing about all this is that I know (most of) you guys are trying to vote to get things changed, but it isn't happening.
 
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Fucker

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This is certainly not the same as 2008. Housing prices in 2008 were driven by greedy bankers/investors throwing out lending practices that existed for a reason. Housing prices right now are up due to supply/demand and materials. We'll probably see a decrease in prices, but it will be a justified one, and not as drastic as 2008. And it'll be more regional as well.
Yep, not the same thing. Buyers are bringing cash and lenders are largely sticking to sane lending practices. People are fleeing the liberal shitholes of their own creation and markets where 1.2MM buys you a tiny crapbox in a crapbox area with crapbox neighbors.

Prices may level off some, but there's a lot of people pouring out of California and this isn't going to stop for the foreseeable future.

It won't be long before the entirety of the west coast is going to be one subdivision from the Pacific all the way to Colorado.

Not only do you have out of staters buying up whatever they see, locals need houses too. This house was on the edge of town when it was built, and now it is barely at the beginning of all the subdivisions that have been put in. This predated the out of state flood by a good number of years.
 

Sanrith Descartes

Log Wizard
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I pay about 54% tax on my income.

I live in a country with 11 million people, and we are short 160.000 social houses.

It won't ever be enough. As long as the left offers more benefits, demand for benefits will grow.

Source: Western Europe.

The miserable thing about all this is that I know (most of) you guys are trying to vote to get things changed, but it isn't happening.
It's funny. Your country has the same population as NYC and you pay about the same in taxes.
 
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Tmac

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Lol I feel so ghetto now. I take my shepherd on the back patio, leash him to the fence and pull out the hose and shampoo. Being a GSD he doesn't get bathed but like once or twice a year though. He loves the hose in the summer.

Breh. I take my Goldendoodle and leash her to the GIANT PROPANE TANK at my parents and blast her w super high pressure city water 😂. She fkn haaaaates it. My wife wants to bathe her like every other week.

Like, my parents have gone through two legit water hoses this year, lmao. It’s not a fire hose, but it’s no joke.
 

TJT

Mr. Poopybutthole
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Housing prices are a bubble for sure, but I don't know if there is a serious event that will cause them to rocket out of clown world back to reality. If anything, people will just stop fucking buying for clown world prices and they will come back down to reality. That may happen fast, or it may happen slowly, if I knew I would be shit posting from my own private island and not from the suburbs.

I was under the impression that the moratorium was more related to rentals and not owned properties, but I haven't followed it much. Have banks even come out and given any sort of indication as to how many mortgages they are still holding off on foreclosure because of this?

Of course the more I think about it, extended unemployment benefits ending could also contribute to this, but if you could have afforded a house on your job that pays less than the benefits, you can probably just get that job again given the fact that everyone is looking for help.
Here's what I've read that sounds reasonable.

Every year there are 3.6M evictions across the States. Due to the moratoriums, this number is backed up and since we don't get that time back this is going to take years to work out even when evictions can start again. After 1.5 years as of now, let's call it an even 5M people who are still in places they haven't paid for. I take it that this would apply to evictions in rentals due to lack of payment as well as owned homes and not paying the mortgage. In some places, the evictions will free up inventory and theoretically drive prices down. Additionally, there is several hundred billion in unpaid rents out there in the wild on top of $9T in BRRRRR printing.

This likely doesn't apply to places like Florida and Texas where the Work From Home Revolution and lower taxes is drawing tons of migrants who can pay cash. It may be a bubble but it is small bubbles in multiple locations rather than a monolithic mortgage and mortgage-backed financial securities industry that is warping the entire market. This is compounded by the shutdown of industries during the Corona leading people to simply have way more cash on hand as the normal avenues of consumption were not available (vacations, restaurants, sports, whatever). So they offer more for a new house because they simply have more cash than they otherwise would.

America is shitty at saving money but when you shut down everything people started saving more.
 
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Blazin

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Bubble talk is pure fantasy . People don’t sell houses for a loss unless forced to. People are in the best financial shape with the highest home equity we have ever seen in our lifetime. New supply is constrained and shows no sign of improvement . Demand is strong . Where you guys keep coming up with this, other than just frustration at the situation.

There will be periods where activity gets very low because of a combination of sticker shock and the lack of choices. Neither of these things causes a price drop. Stop jerking off about evictions and look at how many units short of demand the market is.

Could there be a year over year decline as the momentum slows? Maybe like a few percent but even that is probably unlikely. We all have a bias from 08 housing very rarely declines it tends to flatline during slow downs. Think it all the way thru the dynamics that are in place effecting supply and demand are very hard and slow to change .
 

Gravel

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Today has been the most stressful day I've had in a long time.

Offers (highest/best) were due yesterday at 6pm. Been waiting all day.

I feel like the longer it drags on, the less likely we got it.
We got it at asking price! Our additional escalation didn't even come into play.

There's a small part that wonders if we could've offered lower, but with the comps, the price was justified. So I kind of don't give a shit.

We've seen a bunch of re-sales at the $190-220/sqft range, same general size, and we got it at $198.
 

Intrinsic

Person of Whiteness
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There's a small part that wonders if we could've offered lower, but with the comps, the price was justified. So I kind of don't give a shit.

Yeah just go ahead and cut that line of thinking right out and save yourself the anxiety. Congrats.

We're still planning on moving Sunday. Was hoping to get in early but doesn't look like that'll happen.
 
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Gravel

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Yeah just go ahead and cut that line of thinking right out and save yourself the anxiety. Congrats.

We're still planning on moving Sunday. Was hoping to get in early but doesn't look like that'll happen.
The only part that stings is, once again, we bought our house in California for $240k in 2015. At 2100 sqft. Sold it for $315k in April ($156/sqft).

We're getting about 1500 sqft with this one for $292k ($198/sqft).

We had a real hard time with a mental block of not paying $240k. Period. After seeing houses for the last month and a half though, we said fuck it.

Since our agent is awesome we have a good idea of how much insurance here in Florida runs, and the difference between a new construction vs 10-15 years old vs 20-30 years old is like $1200/year for each jump. With today's interest rates, that's about $20-25k in equivalent mortgage amount. So it was kind of a no brainer (and more, insurance is permanent). Add in things like at least 10 years of delayed maintenance and that they're covering $5k in closing, it more than justifies the price.
 

Tmac

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Bubble talk is pure fantasy . People don’t sell houses for a loss unless forced to. People are in the best financial shape with the highest home equity we have ever seen in our lifetime. New supply is constrained and shows no sign of improvement . Demand is strong . Where you guys keep coming up with this, other than just frustration at the situation.

There will be periods where activity gets very low because of a combination of sticker shock and the lack of choices. Neither of these things causes a price drop. Stop jerking off about evictions and look at how many units short of demand the market is.

Could there be a year over year decline as the momentum slows? Maybe like a few percent but even that is probably unlikely. We all have a bias from 08 housing very rarely declines it tends to flatline during slow downs. Think it all the way thru the dynamics that are in place effecting supply and demand are very hard and slow to change .

I was at a conference last week and a few economists spoke on housing. If you look at the trend since 2000, and assume a 4.5% annual growth in housing, we're actually right on target for pricing in 2021. The problem is that housing basically jumped 30% to make up lost ground in March of last year, which I think is the result of alot of different factors and the main reason everyone is saying, "WTF IS GOING ON? BUBBLE?". The economists didn't really talk about "why" it made that huge leap, just that COVID didn't impact the housing market like they expected, and that housing did the exact opposite of what they expected: it exploded instead of crashed. [edit] They also didn't talk about all of the hedge funds buying up home inventory and spoke about the market strictly from a consumer perspective.

They also mentioned that Millenials and Boomers are fighting over the same houses, which has put additional strain on that inventory. Millenials are upgrading from their 800 sq ft apartments to 1800 sq ft homes, while Boomers are downgrading from 3000 sq ft homes to 1800 sq ft homes, so they're effectively competing for the same houses.

There's also been a lot of regulatory burdens added to housing in the past 50 years that are changing back to what they were before. One example are mansions that were converted into apartments. Apparently, stuff like that was made illegal, but due to the housing shortages the regulations are slowly changing back now or something? That's essentially the jist.

But then, home purchases flat-lined in June, 3,000,000 evictions are on the horizon, and the Fed is talking about tapering, so there's also that.
 
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Gravel

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I think just like equities, at worst we'll see a 10% overall correction.

Some certain cities (or sectors in equities) may see a 20% or more drawdown, but on the whole, there isn't going to be a huge discount.

And if interest rates ever rise again, all that gets wiped out anyway, so if you're in the market there's little reason to wait.
 

Pancreas

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Closed on my house last Tuesday.

I got it for the asking price of 250 with 20% down. There was another offer at 265. I had a veteran agent, was pre-approved, was very knowledgeable about the property when I met the owner to see it, and just threw a nut of cash at it.

I am glad I didn't go above asking though. I was worried I might be overpaying but the appraisal came in at 262. Not that appraisals mean a whole lot in the grand scheme, it still feels good to know I didn't get caught up in the hype.

It's an old house, 171 years old, but the wiring and plumbing are solid. And the finish inside is decent with some room for improvement. It's also split into 2 units and will be providing some rental income.

*Cue the sappy emotional backstory music.*

It's been a rough 4 years since my last house. I co-owned it with my fiance, but luckily things fell apart just before our wedding. She took over that mortgage.

At the end of that relationship I had a whopping 3k cash, a truck, some clothes and a lumpy futon to my name.

I ended sleeping on a couch, moving in with a proffesional poker player as a room mate, moved out when the poker player got replaced with a progressive woman from San Francisco named star, then an apartment next to a crazy guy that would whisper outside my door at night.

Now I have a house, I am saving for retirement, a newer truck, some crypto and much better attitude about life in general.

I believe that everyone gets what they deserve. Even the supposedly random terrible bullshit. We all can do things to mitigate agaisnt those chances. Just taking full personal responsibility for everything that happens to me has been very liberating.

I don't worry about the future anymore, I just try to plan for it.
 

grumblethorn

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We got it at asking price! Our additional escalation didn't even come into play.

There's a small part that wonders if we could've offered lower, but with the comps, the price was justified. So I kind of don't give a shit.

We've seen a bunch of re-sales at the $190-220/sqft range, same general size, and we got it at $198.
happy for you bro!
 
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Gravel

Mr. Poopybutthole
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It's an old house, 171 years old, but the wiring and plumbing are solid. And the finish inside is decent with some room for improvement. It's also split into 2 units and will be providing some rental income.
Honestly, I feel like having a house that old has to be somewhat comforting. It means it's likely to stand as long as you do even basic maintenance.

Like those houses in Europe that are 500+ years old. If it's lasted that long, it's probably good to go.

It's why one of my concerns with new housing was that construction seems to just be kind of meh nowadays. Will my house be standing in 50 years? I hope so!
 

grumblethorn

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Honestly, I feel like having a house that old has to be somewhat comforting. It means it's likely to stand as long as you do even basic maintenance.

Like those houses in Europe that are 500+ years old. If it's lasted that long, it's probably good to go.

It's why one of my concerns with new housing was that construction seems to just be kind of meh nowadays. Will my house be standing in 50 years? I hope so!
tbo, the build standards for the last 10 years are pretty rock solid, pun intended. your house is gonna be standing for a while. now whether the foundation is good is another matter :p
 

Sanrith Descartes

Log Wizard
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The only part that stings is, once again, we bought our house in California for $240k in 2015. At 2100 sqft. Sold it for $315k in April ($156/sqft).

We're getting about 1500 sqft with this one for $292k ($198/sqft).

We had a real hard time with a mental block of not paying $240k. Period. After seeing houses for the last month and a half though, we said fuck it.

Since our agent is awesome we have a good idea of how much insurance here in Florida runs, and the difference between a new construction vs 10-15 years old vs 20-30 years old is like $1200/year for each jump. With today's interest rates, that's about $20-25k in equivalent mortgage amount. So it was kind of a no brainer (and more, insurance is permanent). Add in things like at least 10 years of delayed maintenance and that they're covering $5k in closing, it more than justifies the price.
Remind yourself you are in FL and CA and it will take the sting out. CA is a shithole.
 

Lanx

<Prior Amod>
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Breh. I take my Goldendoodle and leash her to the GIANT PROPANE TANK at my parents and blast her w super high pressure city water 😂. She fkn haaaaates it. My wife wants to bathe her like every other week.

Like, my parents have gone through two legit water hoses this year, lmao. It’s not a fire hose, but it’s no joke.
i started using those flex hoses, i like em better.

when i moved the owner left his hoses, so i used, but them shits kinked and i had zero water pressure, forced me to unbox all my garage moving boxes to find my flex hoses, zero kink.
 

Lanx

<Prior Amod>
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The only part that stings is, once again, we bought our house in California for $240k in 2015. At 2100 sqft. Sold it for $315k in April ($156/sqft).

We're getting about 1500 sqft with this one for $292k ($198/sqft).

We had a real hard time with a mental block of not paying $240k. Period. After seeing houses for the last month and a half though, we said fuck it.

Since our agent is awesome we have a good idea of how much insurance here in Florida runs, and the difference between a new construction vs 10-15 years old vs 20-30 years old is like $1200/year for each jump. With today's interest rates, that's about $20-25k in equivalent mortgage amount. So it was kind of a no brainer (and more, insurance is permanent). Add in things like at least 10 years of delayed maintenance and that they're covering $5k in closing, it more than justifies the price.
yea i was in the same type of "mental block" initially too, we ended up paying 225/sq and tbh we got a good deal, jesus christ, my realtor already told me less than a month of ownership the mls is estimating the house rose 22k

wtf, seriously!

he's now seeing a minor trend of ppl taking homes OFF MARKET and waiting another month or 2 to see if they could get more $$$ and this is creating another "shortage on inventory"

i'm actually now glad that this previous homeowner spent (seemingly) good money on contractors (new flooring/carpet/kitchen cabs/driveway) while letting basic home maintenance fester.
 
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Rais

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Spent the last few weeks searching for a possible landing spot back in FL if Cuomo decides to make the jab mandatory for kids to go back to school. Target zone is central-ish FL (im done with S Fla). I like the population and growth of the Orlando metro area. Looking at high schools and housing that is within an hour to Orlando proper it appears that N/NE of Orlando and the Melbourne-ish area seem the top prospects. The school demographics are the most "compatible" to what I am looking for. I am thinking an arc from Sanford/Oviedo/UCF and also the Space Coast. Anyone got experience in this area?

View attachment 364100
I lived in Winter Springs /Tuskawilla and even graduated from UCF. I lived there for over 35 years until I moved to LA 3 years ago. I won’t ever move back to Florida, but I f I did it would be in the new Lake Nona area or if you want higher end housing Heathrow area. My best friend bought a new house at Lake Nona. It’s 4 bed/bath for 275k at the time 5 years ago. The entire area is much higher now. I’d recommend looking into Lake Nona. Public schools in that area are pretty good. I’m 12 years older than my sister and what they did with upgrades with schools were amazing.