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Message
re: Home buying advice
Posted on 6/16/21 at 2:13 pm to Chucktown_Badger
Posted on 6/16/21 at 2:13 pm to Chucktown_Badger
quote:
If you don't HAVE to buy a house now, why in the world would you choose to with the market being as crazy as it is? Keep saving and wait it out.
why would real estate come down anytime soon?
2
Posted on 6/16/21 at 2:15 pm to J_Hingle
That’s what I told her, but she’s just tired of living with her parents…it’s been a couple years now, so I get it. But man, she’s saving a lot of money doing that. She’s ready to gtfo and have her own spot, though.
Correct, there were people going to see it after her yesterday. It won’t last long.
quote:
False, a renovated house for 220 won't even reach a week on the market.
Correct, there were people going to see it after her yesterday. It won’t last long.
This post was edited on 6/16/21 at 2:17 pm
Posted on 6/16/21 at 2:18 pm to HermanBoone
I hear ya, I mean if it is a nice house in a decent price range in the perfect area, just go for it. Houses right now especially in that price range are selling like crazy
Posted on 6/16/21 at 2:19 pm to J_Hingle
quote:
False, a renovated house for 220 won't even reach a week on the market. Supply and demand, unless of course it is in a completely shite area lol
What is false? Prices are inflated 30%+ for new homes. Existing homes are up just as much. I can find homes right this second for 230k that have never even been nor will ever again sell for 200+. Demand will die when people go back to the cities, just look at what the morgan stanley ceo said, they wont pay people big city money to live somewhere else and work remote.
Posted on 6/16/21 at 2:21 pm to rocket31
quote:
why would real estate come down anytime soon?
Because they're incredibly inflated right now, and as the back to work thing happens and supply catches up with demand, prices will regress to the mean.
That being said, I admit if inflation runs wild they will continue to go up. But if I'm OP I don't use that possibility as the main reason to justify buying right now. I think his life situation supports NOT buying right now.
Posted on 6/16/21 at 2:24 pm to HermanBoone
quote:Unless you are POSITIVE you will be employed for several years in the same locale where you two are currently living, buying is a hell of a risk (especially for your GF). Were you to find a dream job in another city next year, selling that home will be costly for you. (6% reality costs at minimum). Rent something until you are certain.
That’s what I told her, but she’s just tired of living with her parents…it’s been a couple years now, so I get it.
Posted on 6/16/21 at 2:27 pm to HermanBoone
quote:
Correct, there were people going to see it after her yesterday. It won’t last long.
I think you are missing the point. The house likely wont appraise for the 220. You will have to come out of pocket and pay the difference. When home prices fall or come down, you will be upside down on your loan.
If you want the house, get it. If you can wait this surge out, it might be for the best. Nobody is saying the house wont sell for 220 right now.
Posted on 6/16/21 at 2:30 pm to kengel2
They will be protected if the house doesn't appraise for 220. They could then cancel the contract or agree to some other terms ( covering the difference with the bank ) up to the buyer. Problem is, right now, plenty of people have no issue with covering the difference or even offering 20% over asking price with no appraisal.
Posted on 6/16/21 at 2:34 pm to HermanBoone
I'd wait until you have a job. You don't want to be stuck with that house and a job somewhere else.
Posted on 6/16/21 at 2:36 pm to J_Hingle
quote:
They will be protected if the house doesn't appraise for 220. They could then cancel the contract or agree to some other terms ( covering the difference with the bank ) up to the buyer. Problem is, right now, plenty of people have no issue with covering the difference or even offering 20% over asking price with no appraisal.
I feel like you continue to miss the context of the situation.
Posted on 6/16/21 at 2:37 pm to J_Hingle
quote:
They will be protected if the house doesn't appraise for 220. They could then cancel the contract or agree to some other terms ( covering the difference with the bank ) up to the buyer. Problem is, right now, plenty of people have no issue with covering the difference or even offering 20% over asking price with no appraisal.
Right, people are paying more than what the homes are worth. You dont see the issue buying something for 20-30% more than its worth?
Posted on 6/16/21 at 2:42 pm to kengel2
quote:
You dont see the issue buying something for 20-30% more than its worth?
*when you may need to try and sell within a year or two so you can relocate, with a home where you don't have a ton of equity which may have lost value
Posted on 6/16/21 at 2:49 pm to kengel2
Yeah I do see a problem with it. I wouldn't do it lol but right now a lot of people are. I'm just saying if they were to try and buy the house at 220 its not like they are locked no matter what the appraisal is.
This post was edited on 6/16/21 at 2:58 pm
Posted on 6/16/21 at 6:56 pm to kengel2
quote:
Right, people are paying more than what the homes are worth. You dont see the issue buying something for 20-30% more than its worth?
I thought the price a willing buyer and a willing seller agree to is what one calls “worth”.
We have a lack of housing supply. We had one before the pandemic, the current supply chain issues will only make it worse.
Posted on 6/16/21 at 7:05 pm to Dawgfanman
The bank may not agree.
Posted on 6/16/21 at 7:20 pm to rocket31
quote:
where the hell is this deal
Gotta be Bawcomeville
Posted on 6/16/21 at 8:27 pm to jimbeam
quote:
The bank may not agree
Many people have been bringing money to the table due to low appraisals (which are of course based on recent sales/comps) and deals are still closing. Guess what the next set of comps on the next house is? Yes those that “aren’t worth it” set the market of tomorrow.
Fact is, we have low housing inventory, an inflationary environment, supply chain issues, interest rates so low that if they go up a full point they are still historically crazy low...nothing in any of that screams price crash in housing any time soon.
Posted on 6/16/21 at 9:30 pm to rocket31
quote:
why would real estate come down anytime soon?
Seriously?
This looks more like 2008 than 2008 did.
Posted on 6/24/21 at 9:01 am to thegreatboudini
no it doesn't. what are you even talking about?
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