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TheWevel posted:Why not? Do you have any savings? While I do not think he should be going for a house with less than a 20% down-payment, in fairness to him, some areas have purchase markets highly decoupled from rental markets. I'm paying more for rent in the middle of nowhere than a lot of people have to pay in major cities. It's very frustrating to see (in my area) that house listings are falling into the $120K range (less than 1.5X my salary), while rents are remaining in the $1200+ range indefinitely. (They're actually going up rather quickly. I'm bracing myself for a $200-300 price increase in February when my lease resets.) I'm putting savings away, but not quickly enough to rack up the $24,000 I'd need for the 20%-minimum down-payment. (My credit union requires 35% minimum, no exceptions, but they also offer a fixed-rate 3.75%, so I'd love to grab that if I could get it.) Edit: Fixed an incorrect number. Sundae fucked around with this message at 18:53 on Nov 1, 2010 |
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Nov 1, 2010 17:22
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Leperflesh posted:Everyone who was foreclosed-upon had to move into somewhere, and that means renting. Meanwhile, there have been practically no new housing built in the last two years. Plus the huge unsold inventory of houses translates to in many cases, empty properties. Oh, I'm well aware of this. It's just annoying as loving hell to see houses you could absolutely afford if your rent didn't keep going up at a rate of 20-30% per year. Doesn't mean I think I can afford them as it stands (I clearly can't, or I'd have a down-payment), but if my rent wasn't priced at easily $500 per month more than it ought to be, I'd be sitting on a 20% by now. A good half of the state is like this. Sundae fucked around with this message at 18:16 on Nov 3, 2010 |
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Nov 3, 2010 18:14
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SirPablo posted:I live in the Phoenix, AZ area (Tempe). My wife and I moved here in April 2006 - absolute peak of the housing bubble. Luckily, my strong math background came in handy and I looked at housing prices/info over the past few years... There is no feeling quite as awesome as the feeling of smug when you know you were right, and you know it mattered that you were right. 
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Nov 5, 2010 17:53
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My family is still trying to get me to buy a house. It's absolutely not happening, but I can't help but laugh at the ways they're trying to push it. I am firmly in the camp of do never buy. They started with all the typical 'throwing your money away' arguments, which don't work on me in the slightest. Then, after that, I got an e-mail saying "okay so you want numbers, well look at your area! How can you not buy with the market like this!!!" and the graph below, courtesy of Zillow:  That's the 5 year horizon; a bit inaccurate being Zillow and all, but okay it's believable. Still... that's just five years. I clicked the ten year button and mailed the picture below back to my mother along with my four-digit bank balance and my five digit student loan balance.  This brought on an angry rant about how I'm doing such a disservice to my future children by not investing in their future by buying a house now while I'm young. (I'm 28 and about to blow most of that bank balance on a wedding as it is, since neither of our families are helping pay for it.) I'm really getting the impression that some people are just completely immune to thinking rationally, and I'm a little worried that I seem to be related to so many of them.
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Jan 31, 2011 18:21
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Dik Hz posted:Or, in this era of decreasing grant funding, a professor might move his entire lab to a new university for a new bundle of startup money. Honestly, this is probably the third biggest risk you run into as a graduate student. You (general you) seriously need to evaluate the likelihood that your professor hangs around for grad school. My opinion on likely causes of grad school instability: #1 - You can't actually cut it and burn out or get kicked out. It happens more than you think. It's a shame you bought that house, because you're not a student anymore. #2 - You discover, a few years in, that your interests aren't actually where you thought they were. It'd be great to go over to that other lab that is researching EXACTLY what you want, but you've got that damned house... #3 - Your professor loses funding or gets more funding elsewhere, or is offered a more prestigious position at another school. He heads off, and gives a nudge nudge wink wink to his grad students that he'll take them on if they come over with him. Great, right? STUPID loving HOUSE. #4 (BONUS!) - Your department's budget got cut, and they have had to reduce your stipend by 20% this year and next year. Your mortgage was being paid by that stipend. (Admittedly this can happen in the professional world too, but at least then you can quit and go to a new job without risking losing absolutely all progress you've made for the last several years.) Don't buy as a grad student. Seriously.
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Jan 31, 2011 19:56
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alreadybeen posted:
Another issue I've noticed with condos in my area is that the contracts for the condo associations have clauses allowing the association to veto any attempt by you to sell your unit if they disagree with your sale price. The COAs are trying to prop up their unit prices by refusing to allow anyone to sell for what the market here will actually give. Empty units everywhere now, because people just got up and left to find jobs after getting laid off here. There aren't many real employers here, so if you get canned you're almost guaranteed to need to move away. I will never, ever buy a house/condo/apartment/whatever that I cannot voluntarily sell when I need to do so. They tie people down enough as it is without that poo poo.
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Feb 25, 2011 18:35
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quote:Houses should deprecate like cars, so after 20-40 years we can just tear this poo poo down without remorse, because it's almost completely unlivable in this day. My mother's / grandmother's shared house is nearly 100 years old, and it has the plumbing and electrical systems to prove it.  It makes sense "grandfathering" houses that were built before modern building codes existed just from a feasibility perspective, but god almighty is it a riot every time we try to put up Christmas lights. You get weird things like the power draw from the front lights causing anyone who turns on the microwave to blow the circuit breaker for the upstairs master bedroom, or the toaster causing an overload in the living room and turning off the television. My mother's monthly heating bill in the winter is over twice my rent, and apparently they can't put insulation on the house because according to the town, it'd constitute a structural change and require they bring the rest of the house up to code, which is completely impossible without demolishing it and starting over. That house is everything I need to know about DO NEVER BUY. I'll stick with an apartment and love every second of it, at least for now.
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May 31, 2011 17:49
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Carleton posted:There is a mistake here. If you buy with say 20% down and your house appreciates 3% in a year then you have made 15% on your investment, whereas in the stock market if you make 3% you just get 3% since most people are not leveraging their money. You're glossing over a major problem here. Only 12 states are non-recourse with regard to mortgage debt. Your potential downside with your real-estate investment is up to five times (with 20% down) the amount you're leveraging in the other 38 states. That is an added risk which you are, for the majority of long-term market investments, shielded from. You cannot lose more than your input investment for a normal stock purchase. (You may say that a house will never lose ALL its value, to which I'd say to check out Detroit and other parts of the rust belt.) I agree with your leverage comment, though I'd also note that those are unrealized gains until you manage to liquidate the house, which also entails extra fees and closing costs which will eat into your earnings as well. Sundae fucked around with this message at 18:33 on Jul 12, 2011 |
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Jul 12, 2011 18:30
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TraderStav posted:It doesn't cost 6% to exit a stock position. That is exactly my point.
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Jul 12, 2011 18:46
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PoliSciGirl posted:Can a PE perform ALL of the duties of a home inspector? Such as termite, mold, electrical? Not necessarily. Like the guy earlier said, you should get a home inspector who is also a PE, not just a PE. PE certification is for more than just civil / architectural roles, so you want to still be looking for a PE in the relevant fields. (Technically, next year I'll be eligible to take my PE exam, and even if I pass it, I guarantee you I am not qualified to inspect your house, unless your house is a cell culture, in which case you have bigger issues...) In short, look for a home inspector, and treat the additional P.E certification as proof that he's at least educated and has had to demonstrate that to an accreditation board.
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Oct 11, 2011 17:48
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Would it kill them to use a color, maybe?
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Mar 14, 2017 20:27
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EAT FASTER!!!!!! posted:Brown is a color! Look how nicely it contrasts with the gray, taupe, slate, earth, clay and asphalt colors already present! It's Denver, not Bermuda or San Francisco. Totally true. They'd be $2M each in San Francisco.
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Mar 14, 2017 21:34
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SplitDestiny posted:For everyone in the Bay Area, what household income and cash on hand are people going into real estate purchases at 1, 1.5, and 2 million? What would be your requirements? My friends and co-workers who are purchasing in the bay area are going in as DINKs with $150K-200K each, total incomes $300K-400K excluding bonuses, etc. A few of them keep complaining that they're getting outbid by "cash in full, no delays, no terms" sorts of bids. I believe them because one of my co-workers just retired and sold three homes he inherited in Mountain View (guillotine anyone?) to cash bids all from the same investment firm. I don't know what sorts of down payments my friends/co-workers are aiming for, sorry. My requirements? A giant gently caress-off earthquake ruining the entirety of SV while somehow leaving my little corner of biotech/pharma unscathed. I can retire in some places for less than the price of a small condo here, so there's no way I'm buying in the current market. I could win the lottery and I still wouldn't.
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May 8, 2017 05:25
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cyxx posted:Yeah I've always known that in my heart. But I guess I'm willing to pay a 500k premium for a smaller house than I can get in Illinois just to be closer to my family. I live in the bay area. The secret to not buying a house in these insane markets is to think about all the places in the world you could straight up retire with the amount of money you'd have to put down to get even a lovely, "well, it'll do" sort of house in this state.
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Jul 30, 2017 19:30
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Thanatosian posted:I had never seen that NY Times calculator before. I decided to stick the numbers in there, with the assumption that the housing market would grow slightly slower over the next few years than over the last few years, that rents would grow at about the same speed, that property taxes go up substantially, that I would have a 3% down payment with a 4% mortgage, that my investment rate of return would average 7%, and that my maintenance would run 2% of my value, my commons fees would be $300 a month, and my utilities would be $200ish. Gotta love insane market areas. Average 2BR condo in my town runs between $990K-$1.4M and rent on a 2BR apartment runs between $3,500-$4,500 a month. Throw in the local numbers and technically it's still better to buy than rent per the calculator, but that's a meaningless statement because you'd have to be a high-income DINK to even pretend it's feasible. Technically, renting Versaille is not as cost-effective as buying it, so... I will continue to write ungodly rent checks each month rather than pay that much for a rundown condo built 30-50 years ago. quote:I think I can boil this down a lot. Some folks have reasonably good jobs but live in areas where the two choices - renting and buying - are both really lovely options. They are suffering hardship. Not the same hardship as the unemployed or homeless in their areas, but: they're being priced out of their own home towns, and that is terrible. I can directly relate: back in ~2004 I was priced out of my home town of San Francisco, and I'm resigned to the fact that I will likely never afford to live there again. I had to get a job elsewhere and move. I lost some friends and I live farther from my parents than I want to and it sucks. Amen. I moved here a year ago and live just south of SF. I've never seen anywhere as broken as the bay area.
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Aug 6, 2017 21:30
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Would you run screaming if neither the city records nor MLS have any idea when a house was built, on top of a no-permit garage-to-bedroom conversion? I think the first one scares me more, tbqh, but I don’t know how common that is.
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Apr 26, 2020 17:27
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kw0134 posted:Er, depending on what your locality's rules are for non-permit structural work, you may be walking into a regulatory nightmare on the latter. Yeah not touching this thing. Not at Bay Area prices.
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Apr 26, 2020 18:06
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Hadlock posted:San Jose specifically has loose restrictions on "accessory dwelling units" i.e. granny flats, there's a very generous provision (I think) that allows you to register it as a legal rental dwelling on the property for free/almost free, haven't looked into it myself but if you're in that county maybe worth looking at. That county in particular is aware that housing is in short supply and this is a loophole they're promoting/forgiving to increase housing stock It's San Bruno, and they added a bathroom and converted the garage into a third bedroom without permits. They even left the garage door on the exterior wall to hide the fact that they did it. While pulling the permit history, I found a previous work requirement where an owner had to demolish an illegal 2BR/2BA extension in the back, which explains why it has such a loving huge back yard. It's cheap for the area (2br/1ba + 1/1 illegal, @ 1140 sq ft = $798,000), but I can still retire on that basically anywhere else on earth. I don't have that sort of stomach for risk. Unrelated, but this particular line in a different (rental) listing is making my head hurt... "The house comes with an attached garage, but it is not to be used as it blocks the driveway." Sundae fucked around with this message at 05:48 on Apr 27, 2020 |
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Apr 27, 2020 05:46
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punk rebel ecks posted:So with the economy struggling and talk of another recession is it likely that home prices will fall? Depends on where you live.  A house I was looking at just went for 35% over list with no contingencies.
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May 2, 2020 07:56
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FilthyImp posted:but also decide you'll move out and it's none of that "30 day notice + 3/4 of your deposit gone" shenanigans I would kill for this. It's 90 days notice, no option to lease break on a 12-mo lease, plus pet fee, pet deposit, and pet rent. The only good things are (1) I can have pets, and (2) my deposit is only $500 (plus $500 for the cats) and not the typical $4,000-6,000 most places here do. (Bay Area. Kill me.) I'm month-to-month now since I'm intending to GTFO, but it's still 90 days notice.
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May 3, 2020 04:17
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Does anyone have advice on finding trustworthy reviews on national-scale building companies? There are a bunch of new developments coming up in a town within my commute limit that fit the budget, but it appears that home builder reviews are one of those things people only bother doing when the house sucks, at least on sites I’ve checked. Most of the new devs are from Meritage or KB Home. I have no intention of using their financing, but I’m not sure how to check for other sleaziness.
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May 3, 2020 18:44
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skipdogg posted:You're not going to find any. Best thing you can do is try to ask some folks that live in that neighborhood about their experience. There's usually a Facebook group for the 'hood online. Thanks a bunch for this. I appreciate your response.
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May 5, 2020 21:36
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Fun of the day: 8 Bed, 7 Bath, $1.43M. (Bay area, sounds too good to be true. Outside my price range, but I can smell a trainwreck from a mile away now so I'm checking this out.) Top floor is a 2BR unit, which is the part the buyer gets to live in. Where are the other six? They're divided among five different apartments on the first and second floors, four of which are occupied. Oh good, you have tenants paying your mortgage! Investment! Free money! Get in and buy now now now! *checks photos.* Top floor looks nice. Others look shady. *checks tenants* All are college students. Not ideal, but hey. Last line of the MLS comments: Note: Property is recorded as SFH with the county. Subdivisions may not be up to code or permitted. Buyer to verify all permits after purchasing.  Theeeere it is, the inevitable disasterpiece of any hilariously under-market listing. Illegal tenants in unpermitted apartments that the owner probably can't force out, but who could (if they know the apartments are illegal) make his life a living hell all the same. SIGN ME THE gently caress UP. *pays more than most people's lifetime earnings*
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May 6, 2020 22:04
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H110Hawk posted:You can't not link this. I went looking on redfin and nothing matched. I just went back looking for it and can't find it either now.  It was in Hayward near Cal State East Bay. It's not in my browser history since clicking around in their site doesn't generate new entries unless you go to a listing-specific page. Maybe it got yanked for the illegal sub-units? I'll screen-cap and link it if it shows up again.
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May 7, 2020 08:02
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I had such a WEIRD showing today. The homeowner agreed to be gone from 12-1PM because COVID-19 restrictions say you can't show the place while you're in it, and that only one person + selling agent + buyer agent are allowed to be in on a showing at a time (with masks and gloves at all times). We show up at our timeslot and the selling agent isn't there. Good news, though, is that there's a lockbox. My agent retrieves the key and in we go. Five minutes into our walkthrough, the doorbell rings. Who's there? Another family to see the house. With no masks, gloves, or buyer/seller agents with them. The selling agent has literally just sent them over and told them it was okay. The homeowner still lives there, has all their furnishings and personal belongings around, and the agent is just sending people over to walk around alone. They argue that they should be allowed to come in, but my agent isn't letting them in because county rules say one at a time plus gloves and mask, and they're not following it. Then, the door opens from the garage and in walks another prospective buyer along with their agent. No mask. No gloves. The realtor himself has no mask or gloves. My agent turns to him and asks him WTF he's doing, and he shrugs and says "eh, who gives a poo poo about those rules?" before telling his client to take a look around. The couple my agent wasn't allowing to enter have now pushed the door open and are wandering around the living room. My agent grabs her phone and calls the selling agent, asking her what the hell is going on. The seller agent asks her if she'd show the house to them, because she's busy showing another property and can't get there. BA: "NO, of course I won't! One, I'm representing a potential buyer, two, I'm an exclusive buyer agent! Earn your own damned commission. And what's with the people here without any representation at all?" SA: "Oh them? I figure the homeowner will be back soon anyway." BA: "She's not allowed to be here while we're walking through!" SA: "What difference does it make?" As my agent yells at the selling agent over the phone for being a dumbass, I quickly go walk through and finish my look, check out the upstairs, and then as I come down, a fourth family is entering the living room with an infant in a baby-sling, saying they have a 12:00 appointment to see the place.  (Beautiful townhouse, actually. I'm probably going to put in an offer on it.)
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May 10, 2020 03:58
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Zero VGS posted:Pretty sure all these other people got cough spittle in your eyeballs, RIP buddy Joke's on them; I've been dead inside for decades.
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May 10, 2020 05:00
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Condo use restriction states no oil drilling or natural gas extraction may be performed inside the unit. I REALLY want to know the story behind that one.
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May 10, 2020 21:57
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quote:(Beautiful townhouse, actually. I'm probably going to put in an offer on it.) Blarp... one of those idiots put in yet another loving no-contingencies offer immediately after the showing yesterday. Seller's already accepted it. Back to the bay area drawing board.
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May 11, 2020 01:33
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Deviant posted:Edit: I love this. It's out of my area, and at the top of my budget, but I have to go see it. Gorgeous house. I'll take two. Double that is my budget for a long-commute condo in the bay area. 
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May 11, 2020 23:14
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Inner Light posted:God that email is total trash. It seems it's not been updated since 1990 and lacks even the most basic of Redfin or Zillow stuff. I really wonder what it is with realtors being able to do the bare minimum possible, if even that, and still pocket substantial commissions on sales. Photos at 300x200 resolution, somehow still stretched? Check! Website incompatible with anything newer than Netscape Navigator? Check! Didn't even bother to tell the other buyers that an offer was accepted three months ago? Check! You'd think that you'd need to do some sort of work in a market with $3M houses on every corner, but nope! Just barely exist, fart into the wind a few times, and pocket your $180K. I get a bunch of stuff through ListingAlert and the first message I get once I click is "THIS PAGE CAN'T LOAD GOOGLE MAPS CORRECTLY." None of the properties have photos, etc etc, and I end up going over to Zillow anyway.
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May 12, 2020 04:46
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Anonymous Zebra posted:I've had an existing bank relationship with them and their rates are always significantly higher than actual lending companies. Quicken is essentially Rocket Mortgage in my experience, by which I mean they advertise hard, won't stop calling, and their rates are always higher than other online lenders. Oddly enough, Rocket Mortgage was not only the lowest rate / closing costs I've had so far, but they're also the only one who was willing to acknowledge that the Bay Area was "special" and that jumbo loans needed to be redefined. They qual'd me at 3.5% with no points on a $750K loan (of course now I can't find anything to spend it on, but that's a different matter), while SoFi rejected me outright, BoA wanted 4.2%, and NFCU quoted me 3.875% after 2.5 points. The one I'm not sure I understand is that (at least in the quick calculators) Better offers 4.125% with 20% down, but offers 3.975% with 5% down. What am I missing there? Edit: Actually went through their pre-approval to see. It came back even worse. 4.125% with 1.5 points with 20% down. lol: Bzzt, nope. Sundae fucked around with this message at 07:20 on May 13, 2020 |
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May 13, 2020 07:13
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Academician Nomad posted:Ugh, paused searching a few months ago, now we're trying to restart in a hurry because our landlord isn't renewing our lease, and Rocket Mortgage / Quicken is no longer offering Jumbo loans and say most other lenders aren't either. Now I have to try to rush through a pre-approval elsewhere. This process sucks. Talk to Rocket about their "high-value market" loans and see if your targeted region applies. It's possible that's just a bay area thing, but out here they're processing gently caress-off-huge loans as standard conventionals because there's nothing conventional about the bay area market. The jumbo limit simply doesn't work out here, so I have a $750K verified approval on a conventional mortgage. Maybe your area applies too?
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May 15, 2020 00:45
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Academician Nomad posted:Even though it's the loving ridiculous Boston area market, nope. At least according to the email I got from the mortgage agent - all they're offering are conventional, up to $690k. Around here that might get you a 1BR if you're not picky, which doesn't work for me. Oof, that sucks. Boston market is going absolutely bonkers right now, too. Sorry.
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May 15, 2020 01:20
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gwrtheyrn posted:750k is within the conforming limit for san francisco county. 690k is the limit for suffolk county per https://www.fhfa.gov/DataTools/Tools/Pages/Conforming-Loan-Limits-Map.aspx they're already taking the 'high value' market into account. There are a bunch of lenders who aren't acknowledging those limits, though. NFCU and Better declined to consider those conforming and insisted on using the national limits that only have exclusions for AK/HI. To them, it was Jumbo or nothing for the bay area, and their interest rates reflected it.
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May 15, 2020 03:08
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"Siri, show me a portal to hell within my price range." $799,950.     quote:2 Separate Living Spaces With a BREATHTAKING BAY VIEW? YUP! (Sundae edit: Nope. There is no bay view unless you cut down the trees.) Live in one and rent out the other! 3/1 Upstairs and 2/1 plus a small den downstairs! Home has been freshly painted inside and out! Brand new plush carpeting throughout! Very cool Sun/bonus Room off of kitchen. Newer roll up garage door! Lots of cool little extras throughout. Home can easily be turned back into 1 SFR (stairway still there). ( The huge lot is 0.17 acres, btw. I desperately want to ask my buyer agent to get me the disclosures on this for the laughs, but the last one I asked her to send me literally had dead bodies and she added "You sure do know how to pick them, Sundae," so I'm going to give her a break on this one.  (In the disclosures, multiple members of the family had died of natural causes in various rooms of the house. Not like "built on top of their graves" or anything, but still.)
Sundae fucked around with this message at 04:24 on May 16, 2020 |
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May 16, 2020 04:20
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Inner Light posted:This is nuts. Is that a standard disclosure?? Yeah, there's a section in the disclosure form that asks if any deaths are known. The answer was yes, with "Multiple family members (natural causes)." Given the age of the house, I expect it's just one of those things where Grandpa and Grandma both kicked it in their sleep.
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May 16, 2020 05:10
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Yeah, it was a standard disclosure on the form. It's not a big deal, just funny in context of betting my agent it'd have a pile of bodies somewhere and a foundation made of fossilized termites.quote:I would guess that prior to the modern era of basically everyone dying in hospitals, a lot more people died in their home; and also of course the older the home, the more time there's been for people to get old and die there. Exactly. If you're looking at a house built in the early 1900s, as an example, you can absolutely bet that somebody died there. It may be a perfectly mundane thing like 92-yr-old grandma passing in her sleep, but someone's definitely died there.
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May 17, 2020 02:00
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Hadlock posted:I have heard rumors, nay read newspaper articles, about some cultures not buying houses where someone has died, particularly a big problem in Hong Kong As someone trying to buy in the bay area, let's just say that those rumors please me greatly because it means I have far less competition for places in Colma.
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May 17, 2020 05:38
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Hadlock posted:I hope you like the sound of rustling chains I don’t come to this thread for kinkshaming, thank you very much. 
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May 18, 2020 02:05
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Inner Light posted:I also think this man is insane but yes I have heard that often, people get bothered when a HOA appears too low. I just watched a condo complex in my area dish out a $90,000-per-property special assessment for structural issues because they were only collecting $110 per month and, lo and behold, weren't actually saving enough for maintenance and repair activities. If the HOA fees seem substantially below what I'd reasonably conceive I'd spend on maintaining my own unit as a standalone, I'm definitely digging into the HOA financials before I put in an offer. $110 per month x 12 = $1320 per year per unit, where the units are currently valued at around $800K. There is no way I'm spending only $1300 per year maintaining my own place; that's maybe a single coat of paint, plus a weekly lawn mowing guy. Sure, when you have 200 units contributing the expenses aren't 1:1 like that, but if it's not even close, something's going on. New residents buying into the complex now have to pay $760 p/month, while the existing residents are getting a slow scale-up to current rate (in addition to having the assessment). Nobody likes paying extra fees, but HOA dues (at least for condo/townhouse purposes - I don't understand them for SFH neighborhoods) aren't just extra fees. They're pooled maintenance expenses, and if they're too low for your area / size of unit, it means they're not doing maintenance. Sundae fucked around with this message at 03:05 on May 18, 2020 |
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May 18, 2020 03:02
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