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Inzombiac posted:So, I've lived in Portland Oregon my whole life and would really love to stay here. Portland is one of the hottest markets in the country right now. It will have cycles, like all markets, but it's one of those nice west coast cities that I doubt will be cheap in the near future. Home prices are skyrocketing, but rent is worse by a wide margin (because there are fewer millennials able to cough up enough money for a down payment on a $400k home than to pay $2k/mo in rent). That's not to say that renting is a poor decision. It could very easily be the safer and wiser decision in the short term if you won't be there much longer or don't have a down payment, plus there's home maintenance when you buy. As for your particular quandary, you're going to have to make some concession if you intend to buy. Anything on the inner east side is going to be $400k+ dropping to 300k as you move toward 205. East of 205 is cheaper but is also a crapshoot, and it sounds like you know that. Vancouver is legitimately cheaper and not terrible, but your commute will take years off your life, at least until they extend the MAX line into town. I'm at the appraisal stage on what I think is a reasonably priced, but very nice house in Brentwood (the current gentrification hot spot). Even so, in the 5 days this house was on the market, there were 8 offers up to $25k over asking. Anything in the hipper parts of town could easily see $30k-50k over an already absurd listing price. Having never been in the housing market before this year, it's easy to see why bubbles occur. I asked my lender for a pre-approval in the maximum amount and she returned some absurd figure I'd never consider, before factoring in my wife's salary. To sweeten the pot, the lender said there would be no interest rate hit if I put down as little as 5%, just PMI. Instead, I'm doing 20% down on a home that costs half what the bank says I can afford. In markets like Portland, I'm sure there are countless people who don't think twice about buying a house at or near their maximum (because you just MUST live near Alberta) with drat near nothing down. Banks are encouraging it (again) and people have short memories, or weren't in the market 5 years ago. You don't need 20-30% down to buy a house, nor is it always the best idea. If your career is stable, you buy less than you can afford, you plan to stay in your home long term, and you're confident an earthquake won't destroy your home, buying with 10% may not be terrible now. Magicaljesus fucked around with this message at 05:17 on May 3, 2016 |
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May 3, 2016 05:01
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Leperflesh posted:Anyone contemplating purchasing a house in Portland - or for that matter, anywhere west of the Cascades - should price in a big chunk of money for an earthquake retrofit. On the bright side, there should be affordable real estate in Portland and the coast immediately following Death Quake 2020. Andy Dufresne posted:Maybe it's because I'm drinking, but the more I think about it the "get a pre-approval letter before you shop" advice is probably perpetuated by realtors to make sure they aren't wasting their time. Not that that's a bad thing, I don't think anybody should work for free, but the only 2 people I've ever heard say it are the 2 realtors I've worked with. This is true for the most part. Realtors want to be sure they aren't wasting time with someone who will not be approved for a home, and so that they know what home price range they should be viewing. In hot markets (specifically Portland), there is a benefit to providing the first offer and you need (or should have?) a pre-approval letter to provide with the offer. In a market like Rockford IL, you could probably view a home in January, visit the lender for pre-approval in June, and make an offer in July without a hitch (assuming you didn't have the $20k to buy the house with cash). Magicaljesus fucked around with this message at 12:44 on May 4, 2016 |
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May 4, 2016 12:38
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Sub Par posted:Portland is a hot market, etc... In Portland, homes on the market for more than a week in that price range do not have offers for good reasons. The house is either overpriced and not comparable to other homes nearby, or there is something wrong with it. The latter bit is something you may be able to work with, depending on what's wrong. Unpermitted additions are popular in areas with capped annual tax assessment increases. Portland's taxable assessment can only increase by 3% annually regardless of the real assess value of the property. I believe permitted additions require a reassessment of taxable value, meaning your home might currently be taxed at a value of $100,000, but you turned your garage into a bedroom and now it's taxable at $300,000. Without the permitting process, your tax would increase by up to 3% per year from 100,000. With the permitting process, you'd be starting fresh at a freshly assessed $300k with potential tax increases of 3% annually. So, you now have significant leverage, but the home might also be less attractive. To correct the issue, the current owner would probably need to retroactively permit the addition. If it is code compliant, the new assessed value would be far higher than what it probably is now and you'll be paying 2-3X taxes, plus you or the prior owner would probably be liable for back taxes from the time the addition was installed. If the new addition is not up to current code, I'm not really sure what the process is, but you could be in a great position to negotiate for a large price discount. Instead of looking at a 2 bed, 1 bath house, you're looking at a 1/1 and you probably won't find comps nearby. $320k is a lot for in Portland for a 1/1 outside of a premium neighborhood, and if it was in such a neighborhood it probably would have an offer by now. Don't forget the impact of tax in your purchase decision. There was a house for sale in the NE Dekum area at about $350k that I considered simply because the assessed taxable value was around $65k, which resulted in roughly a $2k per year property tax benefit compared to comparable homes in the area. If you jump on a house near your mortgage cap and the taxes double or triple, that could be a real problem. Also, the taxes will not go away after you've paid off your mortgage. Also, sellers and buyers agents interest lies solely in making the sale. The seller doesn't really want to maximize the sale value and the buyers agent doesn't really want to minimize the cost to the buyer. The sale is how both are paid and minor sale price variations do not matter to either. The lender would err on the side of being slightly conservative, but they still want to get the loan approval through. Use your own judgement with these things in mind. Magicaljesus fucked around with this message at 03:51 on Aug 11, 2016 |
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Aug 11, 2016 03:46
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lampey posted:Are taxes not reassessed after a sale? No, not in Portland anyway.
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Aug 12, 2016 08:07
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pantsofwar posted:My wife and I are in a strange deal going on. First time home buyer and first experience going into escrow. Depends on how much you want the house. There are usually financing contingencies in your contract, meaning you can back out/renegotiate if financing falls through. (If not, fire your agent) In my very limited experience, appraisals really shouldn't fall short unless you're in a down market or if there is something wrong with the home. If the appraisal fell short, the appraiser couldn't find any reasonably comparable homes within a few miles of your location and the bank probably wouldn't want to finance the full offered amount. You really have three options at this point; offer cash up front to bridge the gap between selling price and the appraisal, negotiate a lower price, or walk away. I guess a fourth option would be to find another appraiser, but that could easily be a few hundred down the drain for the same result. I'd recommend offering down to the appraisal price on the assumption that further offers would yield the same appraisal value. If you walk, you should get back your earnest money if your contract had a financing contingency.
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Aug 23, 2016 07:39
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Rotten Red Rod posted:Agreed, and thank you. We plan to cut him out of our lives entirely after this. What kind of person goes to great lengths to screw over his/her own children? Is it about money, or is he just a genuine rear end in a top hat? Good lawyers usually aren't short on cash, though greed knows no bounds. I'm very curious how you were able to get the home loan approved with this $100k gift-vestment from your FIL. Terms of the deal would have had to be disclosed, I would think, or he'd be on the mortgage itself...or proof that the $100k was a term-less gift would be needed.
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Oct 11, 2016 19:09
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Inzombiac, do you have a family or some other requirement forcing you into a more expensive/large rental or home? $2100 is a lot, even for a home rental in portland, and $400k will buy you a nice house close in or a very nice house farther out.
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Jan 25, 2017 04:08
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joepinetree posted:Yeah, 2 of the bedrooms and the bathroom are not in any of the dozens of pictures listed there. You can imagine how bad it must be for them to include so many pictures of that backyard and not a single one of the bathroom. The downsides could potentially be offset if the seller is willing to convey the Cinderella castle on the kitchen island.
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Jul 14, 2020 03:33
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sim posted:First time buying a house in Washington state. It was news to me that when asking for repairs within the inspection contingency, we can't include the inspection report as a reference. Literally would waive the contingency unless the sellers provide written consent to read the inspection of their own home. That's absolutely wild. Ignorance is bliss for sellers I guess. In California we were given the inspection report of our buyers pretty much immediately. I think it's more that the seller won't accept the inspection report as they'd then know wtf is wrong with the house and would have to disclose everything to the next buyer should your sale tank. When I bought my house in Oregon and we received the inspection report, I assumed the report would be sent along with the repair concession request but it wasn't, for the above stated reason. They still ended up crediting ~$6k when we asked to cover the cost of several non-major issues that I've since forgotten about and didn't actually fix. I'm not sure why you'd waive the contingency, though, or maybe I'm misinterpreting your comment. It's information being provided to you that may influence your decision to buy a house. You can still ask for concessions or negotiate on price after receiving the inspection report, but the seller has nothing to gain by seeing proof that an army of racoons has shredded the crawl space and is now living in the walls.
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May 21, 2021 01:43
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QuarkJets posted:You’re paying the interest to yourself, so there's that at least. Definitely need to account for that in terms of take home pay though For all these reasons I view a 401k loan as something best used in place of a bridge loan or something you'll have fully repaid in a year or less. If you get canned by your employer, you're not likely to be able to repay; i.e. maybe save more and buy a house another time. My employer offers two flavors of 401k loans; an up-to-5-year that can be used for anything, or a residential up-to-30-year. I'm curious how many people dip into the ol' 30 year option without considering how long they actually intend to stick around, or are bullish enough to think 30 seems reasonable. FWIW, the plan has a 60 day grace period for repayment post-termination/resignation. Magicaljesus fucked around with this message at 02:02 on May 27, 2021 |
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May 27, 2021 01:57
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eddiewalker posted:The lien on my name that showed up during my title search. I mentioned it here a few pages back. See thread title. I hope you're doing the sorting, otherwise maybe it won't. $6MM is pretty hilarious, though.
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May 28, 2021 00:20
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I visited a friend I hadn't seen since the pandemic began and he told me about his home buying experience in April 2020. Standard, smooth buying process until just before closing. He and his wife dropped in on closing day for the walkthrough and they found the sellers still there with all of their stuff and no visible signs they had begun to pack. This is a big three story country house in the middle of nowhere, so we're talking several days of adequately outsourced packing. The buyers had plans to move in one day after closing. Apparently the seller's response was that they thought it was customary to allow several weeks to move after closing and assumed this wouldn't be a problem, then complained that they didn't have the money to buy/rent their next house and that "this isn't how you treat people." The home sold for $1.5M. Rather than have the sellers forcibly removed without their possessions, the buyers ultimately relented on a leaseback for a month. Everyone, at least on the seller side, was so deeply stupid that it's hard to wrap my head around it. So many questions.
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Jun 15, 2021 18:51
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Beef Of Ages posted:I'm not a lawyer or even remotely skilled in this area, but could you not make an argument that anything left in the house after the closing contract was executed now belongs to the buyers? I'm guessing probably not but it ought to be for the sellers doing something that lovely. I think the buyer becomes the owner of any possessions left behind unless something is written into the agreement to address this. While tempting to simply kick the sellers out for being idiots, the logistics of removing all their poo poo from atop a mountain 20 winding-dirt-road-minutes from the nearest pavement was less appealing than a one month leaseback. I suppose they could have just heaped everything into a pile and lit a match. Make no mistake, the buyers were livid.
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Jun 15, 2021 20:36
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QuarkJets posted:We are looking at a little 1000 sqft house on a 10000 sqft lot. It is about the size of our apartment, but 3 bedrooms instead of 2 and much older (late 60s) so its structural supports are probably made of old tires or something. What's the context of your question? The size of the home or the condition requiring renovations? Small homes on big lots are great. Building material prices are already coming down quickly so I doubt it'll be long before renovation pricing is relatively normal, or at least less than insane. If you're comfortable with the home and know exactly what you'd like to renovate, and what it takes to get there (many buyers don't), it sounds fine. Magicaljesus fucked around with this message at 15:03 on Jul 3, 2021 |
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Jul 2, 2021 19:42
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Haifisch posted:IME stuff stored in a garage that isn't yardwork or vehicle related tends to just sit there gathering dust until you move or until you decide to throw out poo poo you haven't touched in 5 years. I live in an area where the typical house does not have a basement, so we see exactly this; most garages are full of random poo poo and cars are parked on the driveway/street. It blows my mind that people do this, but I seem to be in the minority. My house has neither a garage nor a basement, and the yard shed is 6'x10' and exclusively holds yard/garden supplies/tools. It would be nice to be able to park the cars inside, but I'm not exactly torn up about it since "weather" is basically rain in the winter. If somebody is looking at buying my house, I would hope they're moving from an apartment, as the basement/garage thing is mostly a one-way street. All that poo poo either needs to be disposed or it'll sit outside in the rain.
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Oct 1, 2021 17:34
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skipdogg posted:Gorgeous 4 bedroom 3.5 bathroom estate on over 1 acre in Kestrel Air Park with access to private airstrip. This hill country retreat comes with RV parking garage, large pool, hot tub & beautiful outdoor fireplace. I'm not sure I can get past the placement of that permanent smoker behind the pool. It almost looks like that rock volcano erupted sometime after construction, destroying the no longer visible outdoor dining space, forever separating the smoker from the grill. On the plus side, the 'cano is now dormant and a hot spring may now be found feeding into the pool. Magicaljesus fucked around with this message at 00:37 on Oct 2, 2021 |
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Oct 2, 2021 00:09
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actionjackson posted:can someone tell me if this is the (incredibly approximate) way to think about the cost of getting a new home, I'm ignoring all the fees and poo poo for simplicity Sale of current home: Starting with the home sale price of $300,000, subtract the realtor fees. Let's say 6% for simplicity. Then subtract the principal owed on your current home mortgage, ignoring interest that hasn't accrued. Your mortgage statement should show you the current principal value. For illustrative purposes, I'll use $100,000. $300,000 - $18,000 goes to seller agent -$100,000 goes to mortgage lender Net proceeds = $182,000 goes to you. There may be other fees associated with selling/closing (seller credit, staging, etc), or variations depending on timing, but this more or less what you'll see. With that $182,000, you can do whatever you wish. Want to put that toward another house? Consider down payment, closing costs, and any other improvements you wish to make to the house, as well as whether you can afford the new payment. e: f,b but whatever Magicaljesus fucked around with this message at 21:06 on Oct 8, 2021 |
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Oct 8, 2021 21:04
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actionjackson posted:no I totally get that part. I think it's more of the psychological aspect of continually being in debt, but at the same time, you still have equity, and number go up, so yeah Nothing wrong with that, but numbers don't always go up. Magicaljesus fucked around with this message at 00:17 on Oct 9, 2021 |
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Oct 9, 2021 00:15
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That's a hell of a story. Their current employment situation doesn't really tell the whole story. Sounds like they sold their "two-bedroom rat trap" for $635k and put $200k down on the crack house. Then they refi'd their second condo to cash out another $260k for the crack house reno. What gets me is that they had previously purchased a flip and had a bad experience with it, and so decided they weren't going to make that mistake again. The next logical step being, obviously, buy a giant, run-down rooming house sight-unseen (by the wife, at least) with no contingencies, and no cost estimate to reno. Makes perfect sense. The first walkthrough with their 2 year old is priceless. Magicaljesus fucked around with this message at 00:15 on Nov 1, 2021 |
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Oct 31, 2021 23:49
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Nice and hot piss posted:...but after reading the Sellers Property Disclosure I am pretty sure the individual was Bob Vila himself.. This reads more like a red flag than a selling point. I'm also curious what was included in the disclosure.
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Nov 1, 2021 16:57
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Usually those performed by the buyer after closing, to their taste and specifications.
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Nov 4, 2021 23:55
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Why? It looks like a developer/flipper bought a run down house and is flipping it while developing the plot next to it. The $1.2M listing is a development of the plot next to the flip. Street view from a few years ago show the house on the verge of being reclaimed by nature.
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Nov 9, 2021 21:31
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It's also worth mentioning that purchasing a home at the extreme upper limit of affordability is inadvisable for numerous reasons. Monthly payments are only part of the equation. You'll probably need to fill the empty house with crap and regularly pay a lot of cash to maintain the house (eg. new roof every X years, appliance/mechanical repairs, etc), plus have enough money left over each month to fund your lifestyle choices. I'm not sure if this fits your situation, but it sounds like it might be close.
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Nov 15, 2021 21:02
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Well, I didn't expect the thread title to be relevant so early in my home search, but on the other hand I should have expected anything. Holy poo poo. I just got off the phone with a local bank lender to request a mortgage pre-approval and a pre-approval letter. He recorded $15,000 as a down payment for a $600k pre-approval when it was to be $150,000. Before I figured out the error, he started asking about my family and whether there was anyone I could ask for a gift, providing an anecdote about a friend of his who offered a relative "a little extra cash" if he "gifted" money to cover a down payment, which would be repaid after selling his other house. Then he made a second suggestion, distinguishing it from the first by describing it as a "perfectly legal option," which entailed using another bank to apply for a HELOC now on my current primary residence while applying for a mortgage for a primary residence with his bank. This was all in a sales-y, spitbally, monologue and I could only listen. When he was finished, I corrected the down payment figure and the conversation went smoothly from there. I'll get the pre-approval letter tomorrow and don't plan on speaking to that bank again.
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Nov 23, 2021 21:48
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Well, I think I'll be firing my agent after only a few days. We found a sweet 50's ranch on a big lot and went for a visit. It smelled like a bowling alley in the 80's (old cigarette smell, likely smoked in over 65 years) and it had a giant oil furnace connected to an underground oil tank, likely original from the 50's. It's an estate and the prior occupant has been dead for 1.5 years, so we're really smelling 63.5 years of perma-smoke seeping out of the walls. The sellers won't remove the oil tank but were willing to make other concessions, though I will not take on the oil tank liability so we walked even before considering the impossibility of removing the permanent smoke smell. Our agent "didn't really notice the smell" that we found overwhelming (maybe she smokes?) and said we could just paint over it, which we can't. She also didn't have any issues making an offer on a house with a 65 year old underground oil tank. She's been an agent for 20 years and has apparently learned little about acting in the best interest of the client. If we were first time buyers, we very well could have purchased this nightmare of a house. This entire industry pisses me off in that you need to watch every move of everyone involved.
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Dec 3, 2021 18:17
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pokie posted:It's a rural-ish suburb of Vancouver, WA. The asking price is 700k fwiw. The offer depends on how the asking amount was set and how long it's been on the market. Some homes are priced to sell quickly at or over asking. Some are priced aggressively and will often take longer to sell. How long has it been on the market? If it's been a while and hasn't received offers, an offer at asking should be sufficient. Your agent can get this answer quickly. If it's been on the market for a few days and the agent expects it to go quickly, then yeah, decide how badly you need this home and which child you'll be willing to give up to get it.
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Dec 6, 2021 18:00
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pokie posted:Either way, we accepted their counter that was equal to our max escalation amount. That's usually how escalation clauses end up, since you've disclosed your max offer and the seller usually is under no obligation to disclose the other offers. But maybe that's how it would have shaken out anyway. Congrats and condolences!
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Dec 6, 2021 22:34
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gwrtheyrn posted:... they either just do a straight counter offer or send the next highest offer and ask you to amend your offer to the escalated amount. I've only heard of counteroffers to escalation clause offers, but I'm sure there are exceptions that prompt disclosure of the next highest offer. I can't knock the escalation clause, as it's how I got my current home and works for many, but it's good to be honest about what it actually is. 
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Dec 7, 2021 03:41
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Pham Nuwen posted:Might be escaping the SF bay area (I've lasted a whole year!) and I'd like to end up in the Willamette Valley in Oregon, but we've got no particular town in mind; we're more interested in finding a nice house on (ideally) 5-10 acres. Sounds like a great plan, but I'd recommend trying to pin down exactly what it is you want and spend some time there. Have you lived in the area before? If not, rent a place for a week or two and go out and do things other than browse Zillow before you really start looking at homes. There are a bunch of great towns, but they're all different and the lifestyle couldn't be more removed from the bay area. If you're committed to the W Valley, yeah, find an agent (alnilam's?) and work out the target location and other details. Some people are comfortable buying sight-unseen, but this to me is mind blowing. SFO to PDX is like $120 or less round trip, so you should be able to visit a few homes on a cheap, quick trip and react if a sweet spot lists.
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Dec 8, 2021 16:14
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Don't pull cash from retirement accounts to buy a house, except maybe a 401k loan (which will eat into your net pay). I'd go with the $30k you have for the down payment if that's enough to quality, and it looks like you're rolling closing costs into the loan. It won't be a competitive offer, though. Is the VA funding fee basically PMI equivalent, or something else? Your approach to the "how much can I afford" question seems to be far more grounded than what lenders will tell you, so that's a good start and your figures look pretty reasonable. You can get property-specific tax information on assessor sites if you really want to get granular.
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Jan 12, 2022 21:29
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Thom Yorke raps posted:Ok yeah, I thought it was pretty out of line. They said they closed on 40 houses last year, and they have good reviews, so someone is paying them that but.. they're getting 3% of around a million dollars, for taking some photos and showing some houses. Where are you located? This sounds like horse poo poo. If they want something up front, negotiate a 4% sale commission (seller and buyer combined) and nothing on the buy side. Better yet, find someone else.
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Jan 13, 2022 03:21
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Thom Yorke raps posted:I'm in Philly. They're the third realtor I've talked to, considering talking to a fourth, considering just going with the people who said they'd do a 5% commission on selling my place if I went with them for both buy and sell. Wait, so they didn't think a person looking to sell/buy wasn't serious about buying, or were you shopping sell and buy separately?
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Jan 13, 2022 04:35
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marjorie posted:Heck yeah, my recent purchase was for SE Portland as well! Agreed that the market wasn't quite as crazy as I thought it'd be either (noting that I actually started my process in late September), and it helped balance everything since I was buying and selling. That may have been a good time to buy (comparatively). Inventory is super low again and buyers have rabies again. I currently own in SE and would like a slightly larger place, but I'm not sure I have the stomach to deal with the market.
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Jan 14, 2022 21:34
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therobit posted:I bought from an estate and do not recommend. In Oregon for instance, and probably elsewhere, there is no disclosure required for estates even if there are known issues. Known issues? Relatives of the deceased or the estate executor may have never stepped foot in the home. This is why you find a good inspector, estate or not, on the expectation that the owner of the home you're looking at is probably hiding something or is completely unaware of issues. If something is found, or is questionable, it's still negotiable or you can walk.
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Jan 26, 2022 06:05
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therobit posted:The family of the dead woman was living in the house, and there were a ton of issues that the inspector didn’t catch. Like what?
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Jan 26, 2022 17:55
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Good call requiring vacancy at signing. It's tough to be poor, and especially in a place like Portland. The neighbor was cool with a dude sleeping in his driveway? My neighbor isn't much different and often has rando friends/family sleeping over in their vehicles but they tend to keep to themselves and it's fine. I learned a lot from my first home purchase experience, and living in it for 6 years. The primary lesson is that you can't really trust anyone because [thread title], but that's a bit of a cop out. I think more to the point is that we should expect defects and build that into our budget. POs will lie, and inspector competence varies widely. I'm curious what the inspector's report said re: cabinetry that had to be ripped out. Was it an actual defect that the inspector should have seen (omission), or just shoddily constructed cabinetry? Either way, sorry to hear you had to redo a lot of his work. Magicaljesus fucked around with this message at 19:30 on Jan 26, 2022 |
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Jan 26, 2022 19:23
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Saint Celestine posted:So turns out, the new construction we bought in Dec, the builder never hooked up the house to the sewer main and its been draining into the crawlspace. I understand that [thread title], but wtf? I'm curious to hear the story detailing how you discovered this omission. Waiving inspections is a risk no matter what, and everyone's risk tolerance is a bit different. Just be sure you know exactly what you're getting into and have a cushion to correct whatever the PO or builder did.
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Feb 2, 2022 00:57
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According to the article, only 21% thought they overpaid. These are the worst possible buying conditions for first time home buyers, so maybe only 21% of those participating in the poll were FTHB? It's not quite as bad if you already owned a rapidly appreciating home, but it still seems insane. Also, things you don't learn on Instagram: “You see these people on Instagram with their farm life,” Ms. Mohan said. “Nobody tells you what actual hard work that is and how time consuming it is.”
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Feb 9, 2022 01:00
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QuarkJets posted:Yeah hard to say that you overpaid when 3 months later prices are even higher I think this just means somebody else would pay more, or that's just where the market is. I can't argue with that. The whole discussion is about perception, though. I have no doubt that many people who are buying now and for the first time do not regret the purchase, and many can comfortably afford it, but context matters. If I purchased a taco today for $15+firstborn child, and I enjoyed the taco and can certainly afford the taco, I would still feel as if I overpaid for that taco given that two years ago that same taco would have cost me $9.49 and no children. Residency Evil posted:Rent for a bit you coward. I'm in exactly the same position as Thom Yorke raps in that I put in (what I thought were) generous offers on a few homes and was handily beat out so I'm not going to play with the market as-is. I never want to be house poor and I do not approach housing as an investment. The difference is that I just signed a lease to rent a home, will sell my current home in about a month, then reassess in 9-12 months what I want to do for housing. I may get burned slightly if inflation keeps on keeping on, but I am now also not paying 9% state income tax anymore so it's sort of a wash? Magicaljesus fucked around with this message at 18:55 on Feb 9, 2022 |
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Feb 9, 2022 18:38
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Upgrade posted:Don't fall into the trap of assessing the right-ness of a purchase by home value. It will never end well. I think we're talking about entirely different things. Buyers have thoughts (elation, ambivalence, remorse, etc) prior to the sale of the home they just purchased. The Times article noted that a small percentage of home buyers thought they overpaid despite the white-hot, overly competitive real estate market. This is entirely perception, even if factors impacting that perception can be objectively/subjectively measured. The current perception is very much in the rosy-lens category, and would likely reverse if the housing market tanked tomorrow. I was simply surprised by the enthusiasm in the market, not commenting on the correctness of the purchase. That's another rabbit hole discussion. In any case, I'm about to sell and not buy. I'll make a few minor repairs that would otherwise be a detriment to the sale, but otherwise not much to do. Can't wait to not have to worry about needing a new roof, a water leak, or a tree falling on the house. I'll revisit those feelings in the year of our Lord 2023.
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Feb 9, 2022 22:52
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