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Do never buy
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Sep 14, 2013 22:49
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On the one hand, do never buy. On the other hand, I don't think Santa Rosa has really recovered yet. My mother-in-law bought an apartment there at the peak of the boom (against our advice) and is still underwater. I don't know if that means Santa Rosa is still going up, or if it will not get back to the peak prices, but I guess my point is, there's still upside in the area and not as much downside as in the hyper-inflated markets in the bay area. HUD houses aren't really a thing in the bay area or surrounding areas. I think $350k can get you a home, but if you are set on buying, you will need to adjust your expectations downward. I'd say don't be too discouraged, we're coming off a hot buying summer and the prices may soften a bit during the winter (although inventory will also drop). Keep looking, don't give up yet, give yourself a few months to shop and you'll have a much better chance at finding what you want. Also, Zillow can be a useful tool, but it's not MLS. If you aren't working with a realtor yet, take a look at Redfin. Zillow's info tends to lag behind reality, it can make some really bad estimates at times, and nobody should actually use it for making buying decisions.
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Sep 16, 2013 01:15
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OK, so we hate it up north...wife and I are thinking of picking up stakes and moving to Austin Texas area. Can anyone tell us something about it the area? Also, will anyone suggest a good realtor? One of the things we want to do is get a property with a lot of acreage, and ideally low property taxes(since acreage costs money right?). We'd like to build a long distance shooting range on the property for personal use(think 600 yards shooting). I know that I am going to get torn to poo poo over this, but its something I've always dreamed of doing.
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Sep 16, 2013 01:35
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Do you have a couple million dollars in the bank? Allow me to poke a few holes in your plan. 1: Texas is a no income tax state, so our property taxes are pretty high. Not as high as some of those crazy East Coast states, but estimate 2.7% of the properties value annually. I bought my house for about 160K and it's tax value is around 143. I pay about 4,000 a year in property taxes. Unimproved land is pretty cheap tax wise though but still something to consider. 2: Austin Real Estate is insane right now. You're not going to get what you're looking for anywhere close to Austin. 30+ minutes out maybe, but then you have to deal with the special kind of hell that is Austin traffic if you're working in the city. I'm not even sure if your gun range idea is feasible. Yes it's Texas but you'll probably have to be out in an unincorporated area to do something like that. Seriously though, Austin is a 'cool town' if your into one of the local scenes, but it's insane right now. There are tons of very high paying jobs moving into the city and the city can't keep up with the growth.
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Sep 16, 2013 04:33
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Also you should not buy a house in a city you've never lived in before. What if you hate it? Rent for a year or two, and then you'll have some basis to decide if it's the city you want to live in for the next 8 to 10 years. e. Or rural area, since you apparently want a big plot of land to shoot guns on.
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Sep 16, 2013 08:17
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To pile on about Austin: My employer is consolidating offices and moving "headquarters" to Austin. Part of this is offering a bunch of people working remotely/at other offices in CA, Denver, and Boston relocation packages. The average salary for the people who will be moving to Austin is ~$150-$175k. Half of them want to live downtown and the other half want a McMansion in the burbs. There are at least 10 other companies drawing the same types of salaries there through relocations/staff-ups. I'm staying far away.
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Sep 16, 2013 15:54
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In general, if you own over 40 acres you may shoot on your land anywhere in the state. Over 10 acres is permissible in unincorporated ares as well as many incorporated areas. Property taxes are high, but if you have over 10 acres you can potentially apply for an 'open-space land' exemption which will drastically reduce your property taxes. You'll still pay taxes on the house, but all that extra land will be fairly cheap, tax-wise.
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Sep 16, 2013 23:55
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Redfin is saying my house is worth $211k lol nope I bought it in March for $160k and it appraised at $165k. Unless it has somehow appreciated 28% in 7 months, that number is fantastically wrong. Zillow is Zestimating my house at $173k, which seems reasonable. Chase says it is $175k. The market here has been selling really hot, however, so if I got it appraised for real it might kick up an irrational number.
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Sep 17, 2013 02:54
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Grand Theft Autobot posted:Redfin is saying my house is worth $211k lol nope Redfin doesn't really do automated estimates. The estimate tool tries to dig up nearby homes that sold recently, and have comparable beds/baths/etc. After that, it's pretty important that you pluck out the bad comps, pick better ones, and tweak all the knobs. bartkusa fucked around with this message at 03:20 on Sep 17, 2013 |
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Sep 17, 2013 03:14
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That makes sense. Based on the available houses, I got my estimate more in line with my house's likely value.
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Sep 17, 2013 03:44
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lord1234 posted:OK, so we hate it up north...wife and I are thinking of picking up stakes and moving to Austin Texas area. Can anyone tell us something about it the area? Also, will anyone suggest a good realtor? One of the things we want to do is get a property with a lot of acreage, and ideally low property taxes(since acreage costs money right?). We'd like to build a long distance shooting range on the property for personal use(think 600 yards shooting). I know that I am going to get torn to poo poo over this, but its something I've always dreamed of doing. Please don't buy without spending at least one summer here to see if you can take it. Seriously, I have friends who move here thinking "Alright, I make a decent salary but don't have to pay coastal prices to live in a cool city  " and then summer hits and it's 100 loving degrees for months on end (the summer I moved here it was over 100 degrees for something like 90+ days in a row) and they run screaming or stay and piss and moan endlessly about the heat. Now you may go "Oh I've dealt with hot before hyuck  " but unless you've lived someplace like Arizona, no, no you haven't.Real estate market here is currently turbo-powered insane and it's impossible to predict if the bubble will pop or if enough companies moving here will finally push us into LA/SF/Seattle territory, pricewise. Dr. Kyle Farnsworth fucked around with this message at 06:51 on Sep 17, 2013 |
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Sep 17, 2013 06:48
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If I were to buy a house is there a reason to not buy outright vs loan keep stock in Exxon? I'm looking to save driving 1.5 hours five days a week and 3 hours for my gf. Rent is currently $910 a month, looking at house for $70-90k range. House payments look like they would be $600-700 with 20% down depending on flood insurance rulings and gf can pay $250 a month that I would put back to savings. Between driving and rent looks like it would benefit around $600-700 a month? Thanks for advice
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Sep 17, 2013 19:45
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Christobevii3 posted:If I were to buy a house is there a reason to not buy outright vs loan keep stock in Exxon? I'm looking to save driving 1.5 hours five days a week and 3 hours for my gf. Rent is currently $910 a month, looking at house for $70-90k range. I'm confused. Do you have 90,000 dollars worth of Exxon stock that you would be selling to buy a house outright and you are asking if you should take a loan instead of selling the stock? One of the financial whiz's around here would probably answer that question better, but I would hold on to the stock and take the loan. Dr. Kyle Farnsworth posted:Real estate market here is currently turbo-powered insane and it's impossible to predict if the bubble will pop or if enough companies moving here will finally push us into LA/SF/Seattle territory, pricewise. My uneducated opinion is nothing short of a dot com bubble burst in the tech sector will stop the run away train that is Austin real estate.
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Sep 17, 2013 20:23
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skipdogg posted:I'm confused. Do you have 90,000 dollars worth of Exxon stock that you would be selling to buy a house outright and you are asking if you should take a loan instead of selling the stock? One of the financial whiz's around here would probably answer that question better, but I would hold on to the stock and take the loan. I spoke to my accountant this month about the best way to sell stock to buy a house and avoiding taxes. He advised me that as long as you can put 20% down to avoid PMI you are better leaving the money in the market and paying interest. In my area I could get a 15 year fixed mortgage with an interest of around 3.5%. My portfolio is up around 12%, the tax deduction for mortgage interest doesn't suck either. So I would be ahead 8.5% on my investment by putting money in the market over paying cash for a house. I am also under thirty so my savings goals are more long term and I can afford to be a little riskier with my investments. But looking at the mortgage calculators and seeing how much of my payment would go towards interest still makes me uneasy.
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Sep 17, 2013 21:05
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If Exxon doesn't work out, you can always sell it and invest in something more promising. Probably not as easy to do with greater home equity.
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Sep 17, 2013 21:29
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Keep in mind that mortgage interest is 1) tax deductible, and 2) largely unavoidable unless you pay significantly more toward your balance each payment. If you really want to avoid it, buy it with cold, hard cash.
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Sep 17, 2013 23:50
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Yeah, take the loan for sure
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Sep 18, 2013 04:03
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If more than like 10% of your net worth is invested in a single stock - even a blue chip - you're taking on a hell of a lot of risk. You might want to stop by the stock picking thread and/or the long-term investing thread to discuss strategies for diversifying your portfolio. Also, past performance does not guarantee future returns, etc. etc.
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Sep 18, 2013 04:08
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skipdogg posted:My uneducated opinion is nothing short of a dot com bubble burst in the tech sector will stop the run away train that is Austin real estate. I'd agree with this. It kind of feels like a bubble situation but a lot of the companies here and moving here are fairly solid. I mean, Apple's not exactly Flooz.com. I'd say the traffic situation would be kind of a throttle on it but everyone in LA seems content to sit in traffic for hours all the time.
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Sep 18, 2013 07:24
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Dr. Kyle Farnsworth posted:I'd agree with this. It kind of feels like a bubble situation but a lot of the companies here and moving here are fairly solid. I mean, Apple's not exactly Flooz.com. I'd say the traffic situation would be kind of a throttle on it but everyone in LA seems content to sit in traffic for hours all the time. Traffic is the #1 reason why I'm reconsidering buying a house in Austin, I'm sad to say. In the past few years my commute has gotten progressively worse. Plus, no one at city council seems to care about getting GOOD public transportation in place. We're so busy building all these condos but it seems like no one is considering how the people will get around, other than by another car on the streets.
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Sep 18, 2013 13:09
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Lixer posted:Traffic is the #1 reason why I'm reconsidering buying a house in Austin, I'm sad to say. In the past few years my commute has gotten progressively worse. Plus, no one at city council seems to care about getting GOOD public transportation in place. We're so busy building all these condos but it seems like no one is considering how the people will get around, other than by another car on the streets. That's why I'm pretty happy with university hills. My wife's job is just across 183, I can take Springdale->MLK to get downtown, and am going against traffic the majority of the time. Plus in theory they are going to put a rail terminus of some sort around Mueller, someday. On that note, I saw an SUV of some kind with a grenade sticker at a property for sale up the block from me. I don't want you guys dragging down my property values.
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Sep 18, 2013 15:30
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I don't actually live in Austin, I commute from Schertz to our office there a few days a week. When I leave though 183N is always complete gridlock. I have no idea how those folks up in Cedar Park/Leander deal with it every day. A lady who lived up that way told me her and her husband were paying 20 dollars a day in tolls almost so they didn't lose their mind in traffic. They found a closer rental home eventually. I can't move there though, anywhere without a crippling commute to the office around 183/Braker I can't afford. I'm not a 6 figure earner like most folks in the area, and at most I could afford a 200K house. That's going to put me out way north, or way south, and honestly if I have to move to Kyle, I might as well stay in Schertz. I don't have to be in the office 5 days a week though, so it isn't so bad for me.
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Sep 18, 2013 15:53
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I got a quote for a new wooden fence last night, and it seems kind of high. I'd like your opinions: The fence is 60 ft total, 1 gate, 4 feet tall, and the price includes removal of the existing chain-link. The price quoted is $1400. The guy said we'd get a better deal if we did the fence along the opposite property line as well, but I haven't had an opportunity to make a deal with that neighbor to split the cost. Anyways, Homewyse is suggesting that the average install price for a wooden fence in my zip code is $16.68 per ft, so 60 ft is roughly $1000. That leaves $400 for removal of the chain link, waste disposal, and a gate. Does that sound reasonable at all?
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Sep 18, 2013 15:57
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I'd be amazed if I could get it done here for under twice that, so I may be a bad judge. So yeah, $1400 seems like a fine price.
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Sep 18, 2013 16:37
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skipdogg posted:I don't actually live in Austin, I commute from Schertz to our office there a few days a week. When I leave though 183N is always complete gridlock. I have no idea how those folks up in Cedar Park/Leander deal with it every day. A lady who lived up that way told me her and her husband were paying 20 dollars a day in tolls almost so they didn't lose their mind in traffic. They found a closer rental home eventually. 183 and Braker, you say? If you don't need a large house, check out Lamplight Village (Parmer east of Mopac, within walking distance of Fry's, 1970's construction). For a while there were a number of houses for sale and rent, all under $200k. And behind/near/surrounding that is Scoffield Ridge. No idea what the prices are there but it's the same area.
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Sep 18, 2013 17:02
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Grand Theft Autobot posted:I got a quote for a new wooden fence last night, and it seems kind of high. I'd like your opinions:
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Sep 18, 2013 17:32
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Grand Theft Autobot posted:
It would probably take one person a few hours at least to take down that much chain link fence, load it up into a trailer and haul it away. If that's worth your time, you have a trailer, why not do it yourself and see how much he knocks off?
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Sep 18, 2013 18:15
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Dogen posted:On that note, I saw an SUV of some kind with a grenade sticker at a property for sale up the block from me. I don't want you guys dragging down my property values. There's some surf or skateboard company with grenade stickers. I see them around here a lot. Just FYI.
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Sep 18, 2013 19:43
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Is there any way to beat the flippers on foreclosures? A couple times now I've seen a brand new bank-owned listing and in the day or two it takes to call the agent and arrange a viewing, it's sold. Is it just pretty much impossible to grab one of these deals without putting down money sight unseen?
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Sep 18, 2013 20:20
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Stupid question I know, but I've never owned a house and am looking. When you renew your mortgage after X amount of years, is the new mortgage for the new amount I owe (hwat I've already paid off) or what the original amount I borrowed?
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Sep 18, 2013 20:25
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Mutande posted:Stupid question I know, but I've never owned a house and am looking. When you renew your mortgage after X amount of years, is the new mortgage for the new amount I owe (hwat I've already paid off) or what the original amount I borrowed? And yeah, it's for the original amount minus what you have paid off, i.e., the principal remaining on your old mortgage.
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Sep 18, 2013 20:40
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From his terminology I'm guessing Mutande is from Canada where they do those weird 5 year mortgages I'm not familiar with.
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Sep 18, 2013 20:54
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I am, sorry should of specified.
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Sep 18, 2013 21:20
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Stultus Maximus posted:Is there any way to beat the flippers on foreclosures? A couple times now I've seen a brand new bank-owned listing and in the day or two it takes to call the agent and arrange a viewing, it's sold. Is it just pretty much impossible to grab one of these deals without putting down money sight unseen? Why does your agent take two days? Find a new agent. HUD foreclosures give preference to owner occupiers. There should be some of those around. I am not sold on foreclosures are always the best deal wagon though.
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Sep 18, 2013 21:52
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Elephanthead posted:Why does your agent take two days? Find a new agent. HUD foreclosures give preference to owner occupiers. There should be some of those around. I am not sold on foreclosures are always the best deal wagon though. I'm not specifically looking for foreclosures, just this has come up in the area in which I am looking - a house in just the location I want to be and holy cow what a great deal, even if it needs $30k worth of work it would still be worth it. And the two days, for example this listing went up Monday. I email the agent on Tuesday and say I'm interested, let's look on Wednesday when I'm not working. Today is Wednesday and it's already sold. Not that it would matter if I had been able to look the day it went up because it would have taken longer than Mon-Wed to give an initial look, call my inspector, get it inspected, and make a decision anyway. Stultus Maximus fucked around with this message at 22:02 on Sep 18, 2013 |
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Sep 18, 2013 21:59
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Well with a minimal amount of haggling I got him to $1200, and then said I'd talk to my wife about it. I could try the demo myself, but I have a feeling it would piss me off, so I think I might just take the $1200 offer.
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Sep 18, 2013 22:05
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CrazyLittle posted:Ugh. Two weeks out from closing and now the owner is procrastinating moving out. I'm going to be furious if I busted my rear end for a quick close (in order to win the bid) only to have it hosed up by a lazy seller. Taking possession on Friday. Anyone have any tips/tricks for (*changing) locks on sliding glass doors? *edit* CrazyLittle fucked around with this message at 01:34 on Sep 19, 2013 |
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Sep 19, 2013 01:17
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We put a couple cut-off closet rods in the track of ours the day of closing. Even a 2x2 or 1x1 cut to length would work, and keeps the door from sliding open. The doors have locks themselves, but just a latch lock in the handle, nothing keyed at all.
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Sep 19, 2013 01:24
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PitViper posted:We put a couple cut-off closet rods in the track of ours the day of closing. Even a 2x2 or 1x1 cut to length would work, and keeps the door from sliding open. The doors have locks themselves, but just a latch lock in the handle, nothing keyed at all. Yeah, I planned to do that already. I don't recall offhand, but one of the sliding glass doors is facing the side of the house, so if it has a keyed lock in it, do you know how hard it would be to get that lock changed? I'm handy enough to change locks on my own, and even swap cylinders in a lock. Just wondering if it would be better to just toss my hands up in a case like this and call a locksmith to do it for me.
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Sep 19, 2013 01:33
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If it has a keyed lock, the lock cylinder can be replaced. Most likely by opening the door and removing screws from the side. I've never seen a keyed lock on anything that couldn't be replaced in some way or another. Now, whether it takes a cylinder you can just buy at Home Depot, or whether you have to special-order something online, I dunno. But I bet a call to a locksmith will answer the question for you.
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Sep 19, 2013 01:38
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