Home buying thread

Gravel

Gravel

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Blazin said:
Let's see 10% inflation and a 5% mortgage that is a negative -5% real rate, it's not just good its unimaginably good. People thinking 3% during 1.5% inflation is better than 5% with 10%. Can't make this shit up.

5% is only bad if you think the inflation is transitory and the same lot saying how bad this shit is are the same ones thinking inflation isn't going away.
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Don't forget that rents are still astronomical compared to mortgages.

I'd say there's probably a faction in this country of renters looking to buy just to save money that never existed before. Rents in my area are like 75% more than what the mortgage payment (with tax and insurance) would be.
 
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Captain Suave

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Gravel said:
Don't forget that rents are still astronomical compared to mortgages.

I'd say there's probably a faction in this country of renters looking to buy just to save money that never existed before. Rents in my area are like 75% more than what the mortgage payment (with tax and insurance) would be.
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It varies a lot. Rents where I am in the Los Angeles suburbs are significantly cheaper (~25%) than buying the same property. This probably says more about how high the sale prices are, though, as rents are hardly cheap relative to incomes.
 
Kriptini

Kriptini

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Captain Suave said:
It varies a lot. Rents where I am in the Los Angeles suburbs are significantly cheaper (~25%) than buying the same property. This probably says more about how high the sale prices are, though, as rents are hardly cheap relative to incomes.
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I'm looking at condos and townhomes in San Bernardino county right now and I'm finding their mortgages to be pretty close to the same as rents in LA apartments. I'm happy to finally be moving out of this hellhole of a city, even if it's just outside.
 
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Cad

Cad

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Haus said:
So as I mentioned I have been looking/wanting to buy some land and build a home outside Dallas for a while. I know at this point I'm accumulating capital to throw at the problem and waiting for what I suspect will be an inevitable downturn/correction in the real estate market. I still poke around on Zillow though mostly to entertain myself, get ideas, keep that dream alive and whatnot. I see this add today :


scanning through it and I see the sentence : "The underground 3 bedroom, 2 bath home, currently not livable but has many possibilities. "

hol up....

Suddenly my inner mountain dwarf is saying we need to accelerate some plans... And my not so subtle inner prepper is agreeing with him.... Buy this, build @Mrs. Haus her fancy "above ground" dream house... And then refurb my , literal, cave.
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The fact that there aren't pictures of "currently unlivable" means it's probably collapsed and/or under water or covered in black mold.

It'd be interesting to go see though!
 
Haus

Haus

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Cad said:
The fact that there aren't pictures of "currently unlivable" means it's probably collapsed and/or under water or covered in black mold.

It'd be interesting to go see though!
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My bet's on black mold... Which would be something of a unique hell to clear an entire underground dwelling of....

The "perfect geek dream variation" of this would be that I would build welded shipping container based modular housing with a basement level, and second story, then make sure the doors and windows were extended tube structures from the welded building. Then cover the entire structure with dirt and sod. Build my own shire just to screw with people.
 
Izo

Izo

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Blazin said:
Footers of bank barn
View attachment 417901

Lower field that I'm converting to pasture is doing really well much better than what I thought it would in the first year.
View attachment 417902View attachment 417904
I thought @lurkingdirk and Izo Izo might like this particular part of the pasture
View attachment 417903
View of the back of house

View attachment 417905

Painted about 1500 ln ft of trim today
View attachment 417906
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captain hook smiling GIF

Now that's a very enticing view of your pastures, appreciate it. The lushness of the field and the hills are breathtaking. We would most definetely enjoy seeing more of your land. Oh, and how far are you with the barn and trim?
 
Blazin

Blazin

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Izo said:
captain hook smiling GIF

Now that's a very enticing view of your pastures, appreciate it. The lushness of the field and the hills are breathtaking. We would most definetely enjoy seeing more of your land. Oh, and how far are you with the barn and trim?
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you can lead a horse to water…

Homesteading and Hobby Farm/Ranch

So got to Oklahoma, already getting a farmers tan. Still trying to work out how to use the land. I have a pond that I think is just rainfall and a bit of groundwater seepage from uphill. Seems to leech behind it's berm into the stand of tree's behind ought to be good shady mudhole for livestock...
www.firesofheaven.org www.firesofheaven.org
 
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Big Phoenix

Big Phoenix

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The house opendoor bought for 440k and listed for 480k? Theyve now dropped the price to 370k
 
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Oblio

Oblio

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Lanx

Lanx

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Oblio said:
Zillow lost their ass on a bunch of houses in the last year or so, I fucking love it. If you believe Zillow is that actual value of your home then I have a bridge I would like to sell you.

therealdeal.com

Zillow Reports $880M Loss on Failed Home-Flipping Business

Listings giant Zillow lost more than $880 million on ints failed home-flipping business in 2021, according to its earnings report.
therealdeal.com
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i mean your house is only worth what it is compared to other houses in the hood, they still use the "comp" system which is stupid

my area is still competitive, this tiny shitty 1k sq/ft home is going for under 500k
007b9bc045bbce048bc0804b4f83f447.jpg


i listed this b/c it looks like it was a single owner house cuz of
7cc42f3e7096309687ad2f9f7697c8f1.png


yup thats it, 1 sale original owner
 
Oblio

Oblio

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Bro ask your bank if they will lend on your home using only Zillow for the value. I will save you the trouble, they won't. Zillow is hot garbage.
 
Lanx

Lanx

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Oblio said:
Bro ask your bank if they will lend on your home using only Zillow for the value. I will save you the trouble, they won't. Zillow is hot garbage.
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yea, they'll lend to you based on the appraisal which still takes "comps" in their ever changing formula

and they try to get as high as possible to the asking price which is based off of zillow
 
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Blazin

Blazin

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Oblio said:
Bro ask your bank if they will lend on your home using only Zillow for the value. I will save you the trouble, they won't. Zillow is hot garbage.
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Appraisers use the exact same method as zillow.

So I don't really disagree since appraisers are hot garbage.
 
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Oblio

Oblio

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Lanx said:
yea, they'll lend to you based on the appraisal which still takes "comps" in their ever changing formula

and they try to get as high as possible to the asking price which is based off of zillow
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Admit it, you are totally talking out of your ass right now. You have no clue how appraisals work other than to say comps. The other dead give away is you saying "their ever changing formula." Please tell me what changed.

And who exactly is the "they" in your last sentence.
 
Oblio

Oblio

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Blazin said:
Appraisers use the exact same method as zillow
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Does Zillow do a personal interior and exterior inspection when they value a home? Do they have the correct room count? Do they know the overall condition of the home/effective age?
 
Blazin

Blazin

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Oblio said:
Does Zillow do a personal interior and exterior inspection when they value a home? Do they have the correct room count? Do they know the overall condition of the home/effective age?
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Must not have seen edit. Zillow is hot garbage, only people with an even more nonsense opinion on real estate values is an appraiser .


the best determinate of value is price paid on the open market .
 
Oblio

Oblio

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Blazin said:
Must not have seen edit. Zillow is hot garbage, only people with an even more nonsense opinion on real estate values is an appraiser .


the best determinate of value is price paid on the open market .
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I am not gonna disagree that there are a lot of appraisers that have no clue, just like any industry there are good and bad. Since you made this statement though I assume you know dozens if not hundreds of appraisers and their methodology. Right? Or are you just talking out of your ass like Lanx?

Your statement was completely wrong though, Zillow does not use the same method as appraisers and that is what I took issue with. I don't really care what your opinion of appraisers is because it just your opinion which likely based off anecdotal evidence. I know you are a smart guy Blazin, but you are clearly ignorant on this subject.

EDIT: And your definition of market value is kind of correct for a purely cash market, which is roughly 30% of home purchases. However, for the majority (other 70%) it is a bit different, because financing. If you want me to get into the weeds on this topic and explain this further I will.
 
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C

Captain Suave

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Oblio said:
I don't really care what your opinion of appraisers is because it just your opinion which likely based off anecdotal evidence.
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Given this comment, I assume your evidence is based on the statistically significant results of well-designed formal studies comparing appraisals to realized market value? Lol.

Let's be honest here. Appraisers predominantly do a sniff test on the surrounding market and will rubber-stamp whatever price the buyer and seller have agreed to absent some wild and obvious outlier in condition or comps. I've personally bought a house where the appraiser never even went inside.
 
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Oblio

Oblio

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Captain Suave said:
Given this comment, I assume your evidence is based on the statistically significant results of well-designed formal studies? Lol.

Let's be honest here. Appraisers predominantly do a sniff test on the surrounding market and will rubber-stamp whatever price the buyer and seller have agreed to absent some wild and obvious outlier in condition or comps. I've personally bought a house where the appraiser never even went inside.
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My evidence is that I am one.

Your evidence is anecdotal. And again there are bad appraisers just like every industry. Regarding your "rubber stamp" comment, we call those guys and gals "Number Hitters" and yes they are the biggest problem in the industry.

The scenario you described is called Drive-by or a 2055 exterior. The type of appraisal was a lending decision based off your risk assessment. What % did you put down? Was it during COVID? Was it new construction?
 
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