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El Mero Mero posted:Looking at what's happening right now...sheesh. It's hard to even believe it. Yeah I agree 100% with that article. Pretty insane that housing supply is 50% of the low of any comparable year. Also yeah, why sell your house that's already well sorted, just to have to panic and buy whatever lovely distressed sale house is available in your neighborhood? Unless things are absolutely dire this is not the year to try and sell your house and then have to get bid to the moon trying to find a new place. The excessively competitive housing market right now might be pushing a lot of people out of the market causing a downward spiral of supply. The only reason we bought at the beginning of 2020 was we had a baby on the way and might have been our first and last chance to buy into the city we wanted to live in. Otherwise we'd be renting a house on the side of a volcano in hawaii right now, figuring out our next move. 2022 is looking like a pretty good year to buy a house, especially if the vaccine supply fills in like they're saying it will before school starts in the fall. Fingers crossed the domestic tourism market roars back.
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Mar 9, 2021 08:33
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Hadlock posted:Yeah I agree 100% with that article. Pretty insane that housing supply is 50% of the low of any comparable year. Also yeah, why sell your house that's already well sorted, just to have to panic and buy whatever lovely distressed sale house is available in your neighborhood? Unless things are absolutely dire this is not the year to try and sell your house and then have to get bid to the moon trying to find a new place. The excessively competitive housing market right now might be pushing a lot of people out of the market causing a downward spiral of supply. Rents are going down in aggregate because landlords can't evict non-paying tenants. Rents are going up for those that do pay. Housing inventory is very low because banks can't evict non-paying mortgage borrowers. It's not really that complicated.
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Mar 9, 2021 12:19
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Dik Hz posted:Holy poo poo that's a bad article. you honestly think foreclosure is a prime factor in driving open market house listings during a normal year? I don't think you've spent much time on zillow in the past few years housing inventory is low because there's been a pandemic and travel and job hopping and willingness to be around strangers has been radically suppressed, on top of that a lot of people with money snapped up available standalone single-family houses due to record low mortgage rates and a desire to flee high-density population areas for lower-density pop areas because of again, a pandemic (and riots) none of that has to do with your idea that banks "can't evict" as many people are they normally do
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Mar 9, 2021 13:29
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pmchem posted:you honestly think foreclosure is a prime factor in driving open market house listings during a normal year? I don't think you've spent much time on zillow in the past few years Foreclosures are off 80% in the past year, which equates to ~500,000 fewer houses on the market. That's 500,000 off from the what already was considered a very low inventory and foreclosure rate.
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Mar 9, 2021 13:38
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Dik Hz posted:Holy poo poo that's a bad article. My rent in my crumbling condo I've been in for 5 years just got cut after I threatened to walk away in Austin (this has never happened in the 5 years I've rented in this place), meanwhile I am bidding 30% over asking on houses and am losing. The next house that pops up, I will be waiving inspection and will just take the earnest money hit if something is really bad. Two of us with home gym equipment and work from home setups in a 850sqft place for a year with no yard has us throwing ourselves onto the pile of bodies. My coworkers with rapidly appreciating houses are all terrified and in wonder of my stories and they are also not selling biceps crimes fucked around with this message at 13:54 on Mar 9, 2021 |
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Mar 9, 2021 13:41
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Dik Hz posted:Yes? Just comparing the number of foreclosures to the number of houses sold suggests that 10-30% of houses sold in a year are foreclosures. that is bad math. here's some data for 2019, pre-pandemic [https://www.attomdata.com/news/market-trends/foreclosures/attom-data-solutions-2019-year-end-u-s-foreclosure-market-report/ note that starting the foreclosure process does not always result in a repossession. "Lenders repossessed 143,955 properties through foreclosure (REO) in 2019" at the exact 2019 date in the NYT graph, there were ~1m homes for sale at the moment. That's a number measured throughout the year. But you do not just divide 144k by 1m. Those 144k homes were repo'd _throughout_ the year. You'd need some assumption about time that a home stays on the market. Let's say 30d. Let's also assume a repo'd home instantly goes on the market for the purposes of this discussion. The percent of homes on the market at any given time as the result of a repo would be roughly 0.5% nationwide in 2019, given those assumptions.
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Mar 9, 2021 13:51
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you can go one further and google # of homes sold in 2019. a quick hit is 5.34m 144k/5.34m gives you 2.6% of homes sold are foreclosures in 2019 pretty far from 30%
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Mar 9, 2021 13:53
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just imagine someone in a normal city in 2019 opening up zillow and turning on the 'show foreclosed' button and suddenly the # of listings goes up by 40% that'd be like near depression era housing problems
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Mar 9, 2021 13:55
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Seems more likely that a bunch of people suddenly working from home a lot has got them hating their formerly-acceptable apartments and wanting more space, plus maybe existing homeowners not moving as much because idk, not as much hiring to make them need to?
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Mar 9, 2021 13:57
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This thread is bonkers. This reminds me of the panic buying at the grocery stores back in March/April 2020. Pure terror in people's eyes as they lined up at the grocery stores before open. Filling up their carts with dozens of loaves of bread because that might be their last chance to ever buy bread. You can rent houses, y'know. And you can achieve financial independence without home ownership. I would love to buy in my neighborhood but this thread (and the home ownership thread) helped me figure out that I would not be comfortable with the amount of risk I would have to take on to do so even if I could *technically* afford to buy.
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Mar 9, 2021 14:09
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laxbro posted:This thread is bonkers. This reminds me of the panic buying at the grocery stores back in March/April 2020. Pure terror in people's eyes as they lined up at the grocery stores before open. Filling up their carts with dozens of loaves of bread because that might be their last chance to ever buy bread. I'm not buying a house for financial independence, I'm buying because I'm a tech dink who has lived below my means for fifteen years and am tired of having relationships with landlords and have long wanted to own a house and recently reached a breaking point. My condo has had water damage for the past year and my landlord won't do anything about it and this is the best landlord I've had. The only reason I can even compete right now is because of how much we've invested and saved while living below our means. Even if the inventory problem is solved and things stabilize, I don't see prices going back down in my market. Boomers treating houses as their retirement account is part of the problem
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Mar 9, 2021 14:19
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Someone listed a really nice mid-century house in our area, put it up as coming soon, listed an open house, and then put it for sale and accepted an offer before the open house. All within 3-4 days. This market is stupid. I’ve also started seeing a “accepting backup offers” status on Zillow which is just a bit silly.
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Mar 9, 2021 14:21
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Can you guys please keep buying houses for another month or so until we list our house?
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Mar 9, 2021 14:27
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Glad we bought in November 2019 for 2k under asking price yikes
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Mar 9, 2021 14:37
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The Slack Lagoon posted:Glad we bought in November 2019 for 2k under asking price yikes Location may be everything but timing is something.
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Mar 9, 2021 14:42
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Suddenly feeling both extremely lucky and deeply uneasy about how we got our future house for $17k under asking...
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Mar 9, 2021 14:57
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pmchem posted:you can go one further and google # of homes sold in 2019. a quick hit is 5.34m Foreclosures can be sold without the bank taking possession. Imminent foreclosure can prompt a sale, regular or short. Citing 2019 as a normal year is bonkers. 2019 saw the lowest rate of foreclosures in recent history. And it went down 80% from there. When inventory is at historical lows (as it was in 2019), further inventory disruptions have a disproportionate effect. If you want to cherry pick stats, go for 2009, where 3 million houses were hit with a foreclosure notice and only 4.3 million homes were sold.
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Mar 9, 2021 15:03
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new email showing how we lost! $x00,000-$x50,000 - 12 offers $x51,000-$x75,00 - 8 offers $x76,000-$x99,000 - 7 offers $x00,000-$x15,000 - 7 offers $x16,000-$x50,000 - 4 offers we were at the top of the 4 offers bracket. Appraisal/financing waived, 30% down payment, 3 day 10k options/dd, 2.5% earnest. We pay title and all closing costs. Only way terms could have been more favorable would have been waiving inspection. Do never buy. I'm taking a week long break from this crap and am uninstalling redfin. If you're a home owner, now's the time to cash out if you're looking to move somewhere LCOL. Sky's the limit on your asking and offers will be anchored to it, no matter how divorced from tax assessment and appraisal reality it is biceps crimes fucked around with this message at 15:14 on Mar 9, 2021 |
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Mar 9, 2021 15:05
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GunnerJ posted:Seems more likely that a bunch of people suddenly working from home a lot has got them hating their formerly-acceptable apartments and wanting more space, plus maybe existing homeowners not moving as much because idk, not as much hiring to make them need to? Don't forget a huge demographics shift driving preferences as well. I'm going to wager that the vast majority of the posters looking for houses in this here thread are ages 28-38, basically right in the middle of the Millennial boom. Even if Boomers were shifting out of the housing market as Millennials were shifting in (spoiler: they aren't), there still would be a massive gap in supply vs the demand. The Millennial generation is also in prime childbearing years, which drives them out of small downtown apartments and into SFHs in the 'burbs with good schools. 
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Mar 9, 2021 15:21
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Read the last couple pages and now I'm depressed haha. My situation: I just took a new job that wants me to move by the beginning of summer. Okay, sure. I've lived in this house (that I loving hate) for 11 years. Seller realtors are coming on Friday to look the place over and tell me what it'll list for. I'm not optimistic, since I don't live in a major city, but we'll see I guess. My question for the thread: buyer realtors in the destination location want me to get a preapproval before they start looking in earnest. Fair enough, I suppose. What's the process for that like? Do I need to find the lender that I really want to use for the sale? Or can I get a preapproval from pretty much anywhere to get the process started? Second question for the thread: The relocation company has a preferred lender for me to use. The buying realtors have a preferred lender for me to use. I'm not REQUIRED to use any of them, so: how do I evaluate lenders and decide which one is gonna be the best deal for me?
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Mar 9, 2021 15:53
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1.) This is entirely market specific 2.) Mortgages are a commodity product. Compare as many as you have time/sanity to handle and choose the least expensive one. It will get sold before you make your first payment anyway, so it doesn't matter.
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Mar 9, 2021 15:57
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B-Nasty posted:Don't forget a huge demographics shift driving preferences as well. I'm going to wager that the vast majority of the posters looking for houses in this here thread are ages 28-38, basically right in the middle of the Millennial boom. Even if Boomers were shifting out of the housing market as Millennials were shifting in (spoiler: they aren't), there still would be a massive gap in supply vs the demand. So you’re saying the only way to fix this is to legislate boomer’s deaths?
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Mar 9, 2021 16:05
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gay_crimes posted:I'm not buying a house for financial independence, I'm buying because I'm a tech dink who has lived below my means for fifteen years and am tired of having relationships with landlords and have long wanted to own a house and recently reached a breaking point. My condo has had water damage for the past year and my landlord won't do anything about it and this is the best landlord I've had. The only reason I can even compete right now is because of how much we've invested and saved while living below our means. Even if the inventory problem is solved and things stabilize, I don't see prices going back down in my market. Boomers treating houses as their retirement account is part of the problem Exactly. For us, with the added complications that our landlord died and his kids are, you guessed it, selling. I'm tired of moving every year because the rent goes up or the place is uninhabitable or the landlord sells or we just hate the place generally. Also, we love the town we're in and real estate is limited here due to the topography. We're possibly overpaying a bit for a townhouse that is just over half the size of what we're renting, but no one can make us move out if we don't want to. We can upgrade the appliances, paint, and install lighting that we want. We can change the doors and renovate the bathroom. The water runs hot and clear, and the heat and electrical all work. You rent, and with those problems you have to either trust your landlord or live with it, and our rental house is 60 years old. It's been a year of spiders and brown, tepid water and outdated, unusable non-grounded outlets and we have been powerless to fix them. Not so with buying. One day we'll buy a larger home when we are not facing the prospect of homelessness, and we can take our time selecting a dream home that is exactly how we want it, and either sell or keep our townhome for renters or my retired mother. Like yeah, rates are good now and the market is hot, but the timing is right for us and it worked out in our favor, so I'm not going to complain about the HOA or the tight parking situation or the smaller footprint. Not yet, anyway.
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Mar 9, 2021 16:07
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Motronic posted:1.) This is entirely market specific Yeah when i first bought a house i was all about wanting to use a credit union but after a little research i realized who gives a poo poo, they all get resold immediately to a government controlled bank anyway and they are all federally regulated, it doesn't matter who you get it from other than getting the best deal. Bank with a local CU, mortgage with whoever's cheapest.
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Mar 9, 2021 16:07
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The Slack Lagoon posted:Glad we bought in November 2019 for 2k under asking price yikes Let's go back even a few more years  24k under original listing price! A similar sqft house one street over just sold for 325k a few months ago lol
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Mar 9, 2021 16:12
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We're doing a septic inspection. Realtor recommends going with the company who currently services the system to do the inspection. Says they'll have the most history on it and have an interest in retaining us as customers. We're concerned about conflict of interest and their ability to be objective about their own work. Thoughts?
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Mar 9, 2021 17:44
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amethystbliss posted:We're doing a septic inspection. Realtor recommends going with the company who currently services the system to do the inspection. Says they'll have the most history on it and have an interest in retaining us as customers. We're concerned about conflict of interest and their ability to be objective about their own work. Thoughts? You should be concerned. History on the septic system is irrelevant. What matters is its current condition, which a qualified inspector can determine without anything other than access to the system.
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Mar 9, 2021 17:48
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Zarin posted:Second question for the thread: The relocation company has a preferred lender for me to use. The buying realtors have a preferred lender for me to use. I'm not REQUIRED to use any of them, so: how do I evaluate lenders and decide which one is gonna be the best deal for me?
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Mar 9, 2021 18:30
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AmbientParadox posted:They have preferred lenders because they probably get some sort of referral kickback. This isn't to say it's a bad option. You can certainly listen to their sales pitch. But you should really make a couple phone calls independent of those lenders to get more rate quotes. Ask to see everyones rate sheets. And when a large portion of them (in my limited experience) refuse to give you rates sheets until they pull your credit, never talk to them again.
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Mar 9, 2021 19:23
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Our condo is not on the market but we got a letter from a local realtor saying "I have a client that wants to buy your place, all cash" this is my house go away 
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Mar 9, 2021 19:26
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The Slack Lagoon posted:Our condo is not on the market but we got a letter from a local realtor saying "I have a client that wants to buy your place, all cash" Bids start at $2million.
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Mar 9, 2021 19:28
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The Slack Lagoon posted:Our condo is not on the market but we got a letter from a local realtor saying "I have a client that wants to buy your place, all cash" Tell them to gently caress off and don’t even dignify them with a joke number. My relatives have a super cool farm that they sometimes get randos wanting to buy. One time they said a seven-figure joke price and the guy was like “yes I will pay that” and they had to backpedal and tell him what they really meant was gently caress off.
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Mar 9, 2021 19:45
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Queen Victorian posted:Tell them to gently caress off and don’t even dignify them with a joke number. My relatives have a super cool farm that they sometimes get randos wanting to buy. One time they said a seven-figure joke price and the guy was like “yes I will pay that” and they had to backpedal and tell him what they really meant was gently caress off. Oh don't tell them a number that you aren't willing to accept. If someone offered me $2MM for my $500k house I would sell no questions asked.
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Mar 9, 2021 19:49
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Yeah I should have specified not handing out a joke number if you are unwilling to sell period. My relatives were unwilling to sell for any price, even ones in the millions.
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Mar 9, 2021 20:37
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I'm finally seeing the housing market insanity first hand. I live in a half completed new construction neighborhood that is not even 4 years old yet. We were one of the first 20 houses or so finished, so we've been here 3 years in July. Not many people have sold here so far, one lady broke even on what she paid, but a comparable house to mine just hit the market at an easy 20% over what we paid less than 3 years ago and went under contract in 3 days. The builder is so far behind they're quoting 9 to 10 months for a new build right now. It's really tempting to sell right now, if I could clear 20% over what we'd pay I'd move no problem, the problem is replacement housing is also going absolutely nuts, so there's really no point. It's nice to get some actual neighborhood comps though. The builder has raised the base price of my floorplan over 10% in the last 2 years, which is also nuts to me.
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Mar 9, 2021 20:42
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AmbientParadox posted:They have preferred lenders because they probably get some sort of referral kickback. This isn't to say it's a bad option. You can certainly listen to their sales pitch. But you should really make a couple phone calls independent of those lenders to get more rate quotes. Ask to see everyones rate sheets. It depends on your relocation package. I’d check and make sure you aren’t losing out on things by not going with the recommended lenders. For us we got some good benefits by going with one of their preferred lenders, and since our loan officer was in the corporate relocation group I think our closing went smoothly due to that. We never had to give documents twice like it seems most everyone else has to.
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Mar 9, 2021 20:44
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My first piece of mail after moving in back in June (excluding forwards from my old apartment, I mean) was a realtor glosscard advertising that he'd sell my condo. I got it two days after I took possession.
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Mar 9, 2021 20:54
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Sundae posted:My first piece of mail after moving in back in June (excluding forwards from my old apartment, I mean) was a realtor glosscard advertising that he'd sell my condo. I got it two days after I took possession. Did you get dozens of  important notice regarding your mortgage scam letters too?
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Mar 9, 2021 20:55
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Zarin posted:Second question for the thread: The relocation company has a preferred lender for me to use. The buying realtors have a preferred lender for me to use. I'm not REQUIRED to use any of them, so: how do I evaluate lenders and decide which one is gonna be the best deal for me? Check with your relocation company and see if there is any benefit from using their preferred lender. When I took a new job and the company covered relocation, they paid an extra point on our behalf to buy down the rate, but it was contingent on using their preferred lender (since there was obviously some kind of referral kickback between my employer, the relo company, and the lender that was partially passed on to me in the discount point). We shopped the rate around to make sure we weren't getting screwed, but the preferred lender also had the best rate (even before calculating the extra discount point), so we ended up using them regardless. The preferred lender may also be able to do direct billing for certain closing cost expenses to the relocation company rather than you having to go out of pocket and then submit an expense report, if your other closing costs are being covered by the company. Basically, just ask your relocation coordinator person whether there is any benefit to you in using their preferred lender and, if so, make sure you've priced those benefits in as you comparison shop for a mortgage. NJ Deac fucked around with this message at 21:05 on Mar 9, 2021 |
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Mar 9, 2021 21:03
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Pilfered Pallbearers posted:So you’re saying the only way to fix this is to legislate boomer’s deaths? This would also fix underfunded Social Security and public pensions. The US tried to let COVID do it, but those pesky vaccine scientists foiled that plan.
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Mar 9, 2021 21:36
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