House Buying Thread

NTP66
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House Buying Thread

Postby NTP66 » Fri Sep 11, 2020 7:06 pm

:lol: Zillow has my house valued $50k lower than Redfin.

Troy Loney
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House Buying Thread

Postby Troy Loney » Mon Sep 14, 2020 10:57 am



Turns out your 3 br house in lawrenceville is not worth 500k

nocera
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House Buying Thread

Postby nocera » Mon Sep 14, 2020 11:02 am



Turns out your 3 br house in lawrenceville is not worth 500k
When were single family homes in Mt Lebanon ever NOT in demand?

skullman80
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House Buying Thread

Postby skullman80 » Mon Sep 14, 2020 11:06 am

I live in Monroeville, and the demand here has been pretty crazy. In our plan.. a house goes up and is under contract usually within days and ends up going for full ask or more. It happened when we bought our house here back in June too. Monroeville is not Mt. Lebo by any stretch, but the market is hot.

nocera
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Postby nocera » Mon Sep 14, 2020 11:13 am

Yeah something tells me it's less about city vs suburban and more that people realize Lawrenceville is severely overpriced for what you get. The upside is proximity to Butler, sure, but the downside is on-street parking, row houses, little to no outdoor space, crowded streets, and of course ridiculous mortgages. Why not live somewhere that's a little cheaper, has more conveniences, and just drive into Lawrenceville when you want some olive oil cupcakes?

MrKennethTKangaroo
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Postby MrKennethTKangaroo » Mon Sep 14, 2020 11:16 am

The demand for homes in the Strip and Lawrenceville was finite before the pandemic. There are only so many millenials that earn enough to not give a sht that they are paying three or four hundred thousand dollars for not a lot of house when 5 miles away in shaler you can get exponentially more. Sooner or later developers were going to face a reckoning. The problem for the Lawrenville/Strip market now is that not only was supply reaching a saturation point prior to the pandemic, the market is now faced with a country-wide instant migration from urban neighborhoods to suburbs.

skullman80
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Postby skullman80 » Mon Sep 14, 2020 11:16 am

Lawrenceville is the exact opposite of where I would choose to live. It's basically the anti-everything I want.

I get the appeal for some people though.

nocera
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Postby nocera » Mon Sep 14, 2020 11:21 am

Anecdotally, I've noticed a few houses going up in Greenfield that are way out of the normal price range. Houses here are generally around 170 - 250k. In the past few weeks I've seen some listed for 370, 450, and 500k. Not surprisingly, they're still on the market.

Also, two new apartments were just listed for $2,200/month. Lolz.

MrKennethTKangaroo
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Postby MrKennethTKangaroo » Mon Sep 14, 2020 11:35 am

Anecdotally, I've noticed a few houses going up in Greenfield that are way out of the normal price range. Houses here are generally around 170 - 250k. In the past few weeks I've seen some listed for 370, 450, and 500k. Not surprisingly, they're still on the market.

Also, two new apartments were just listed for $2,200/month. Lolz.
One thing to keep in mind is the impact of interest rates on this issue. When rates were 4.5%, a $1,000/month mortgage payment (no escrow) could net you a $247,000 house. Now that rates are absurdly low at 3.0%, that same payment gets you a $296,000. And that disparity gets bigger with higher monthly payments-the spread between a $1,200/mo payment at those two rates is about $63,000.

pens9192
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House Buying Thread

Postby pens9192 » Mon Sep 14, 2020 12:33 pm

We plan to move within the next three years, I'll kick myself if the sellers market is junk then.

NTP66
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Postby NTP66 » Mon Sep 14, 2020 12:40 pm

My current lender called me today to see if I would consider refinancing through them, offering to match or beat any rate I currently have. I spoke with the guy, and should hear back tomorrow. He thinks they'll be able to match the rate I have, but they'll eat the closing costs saving me a few grand.

MrKennethTKangaroo
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House Buying Thread

Postby MrKennethTKangaroo » Mon Sep 14, 2020 12:40 pm

What will the housing market be like in two or three years?


dodint
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House Buying Thread

Postby dodint » Mon Sep 14, 2020 12:44 pm

Hey, that tweet is me. Sold my Shaler/AP house for a really tidy profit, over list on the first day.

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Postby tifosi77 » Mon Sep 14, 2020 2:50 pm

We close (is that the right term?) on our re-fi tomorrow morning. Yahoo.

NTP66
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Postby NTP66 » Tue Sep 15, 2020 2:18 pm

My current lender called me today to see if I would consider refinancing through them, offering to match or beat any rate I currently have. I spoke with the guy, and should hear back tomorrow. He thinks they'll be able to match the rate I have, but they'll eat the closing costs saving me a few grand.
Current lender got back to me. They matched the interest rate, but their "eating the closing costs" was really rolling most of them into the loan. No thanks.

robbiestoupe
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House Buying Thread

Postby robbiestoupe » Tue Sep 15, 2020 4:26 pm

Bummer

NTP66
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Postby NTP66 » Tue Sep 15, 2020 4:51 pm

I can’t complain. The rate is killer and I can deal with the closing costs as I’ll end up saving quite a bit more, and shaving off nearly 2 years from the payoff.

robbiestoupe
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House Buying Thread

Postby robbiestoupe » Wed Sep 16, 2020 3:03 pm

Saw this on better.com today
The Federal Housing Finance Agency (FHFA) is introducing a 0.5% fee on all refinances. Avoid paying extra by locking your rate by 9/20
Good timing

NTP66
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Postby NTP66 » Wed Sep 16, 2020 3:06 pm

Saw this on better.com today
The Federal Housing Finance Agency (FHFA) is introducing a 0.5% fee on all refinances. Avoid paying extra by locking your rate by 9/20
Good timing
I swear that was delayed until December, but either way, yeah. I told Better about my lender knocking off like $900 in fees, and they're getting that matched for me so that I don't withdraw the app. I'm good with that. The only unknown is who they sell my mortgage to. I would love to remain with Mr. Cooper, if possible.

And since I have you here, this is their full list of loan servicers for if/when your mortgage is sold (Better.com is starting to keep 25%+ of the loans and not sell them):
ACH Trust• Ally• AmeriHome Mortgage• ArcHome• Associated Bank• Bayview• Better Mandatory• Better Refi• BetterSolar• Better Held For Sale• BetterHFI• BofI Federal Bank• BBT• Brokered• Caliber Home Loans• Chase Correspondent• Citi• Deephaven• Ditech• Fannie• Fifth Third Mortgage• Flagstar Bank• Galton Funding• Better-Second Liens• Home Point Financial• Impac• Lakeview• LenderLive• Merchants Mortgage• Mid America Mortgage• MLD Mortgage• Mr Cooper• NewRez• Northpointe Bank• NYCB Mortgage Bank• Onslow Bay• PennyMac• Provident Funding• SG Capital Partners• SunTrust• Texas Capital Bank• TIAA Bank• US Bank Correspondent• United Bank• Wells Fargo• WinTrust Mortgage• The Money Source (TMS) is our interim sub-servicer. Clients may end up submitting their first payment(s) to TMS until their loan is sold to another investor if it is not serviced by Better.

NTP66
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House Buying Thread

Postby NTP66 » Wed Sep 16, 2020 3:37 pm

My current lender called me today to see if I would consider refinancing through them, offering to match or beat any rate I currently have. I spoke with the guy, and should hear back tomorrow. He thinks they'll be able to match the rate I have, but they'll eat the closing costs saving me a few grand.
Current lender got back to me. They matched the interest rate, but their "eating the closing costs" was really rolling most of them into the loan. No thanks.
Man, Better.com has been outstanding. I mentioned the LE from Mr. Cooper, and they told me to forward it to them to see what they can do. They knocked another $1k off my closing costs (took it from the points), which is outstanding. $2800 to close, and most of that is bullshit PA title bullshit which I can't avoid.

robbiestoupe
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House Buying Thread

Postby robbiestoupe » Wed Sep 16, 2020 4:16 pm

Thanks for all the info NTP. My current mortgage is through Northwest, and they haven't been anything special. When I called today for a statement which is needed for the refi, they didn't bat an eye and didn't seem to care that I was not going with them. So I really don't have any bullets in my back pocket to throw at better.com just yet.

I'm still pleased that they have skipped the appraisal, saving me $550. Something also came through today that lowered my closing costs another $100, so this will still go down as a big win. I'll end up paying around $3300 in closing costs when all is said and done. A big chunk of that I may be able to pay with the escrow balance I have in my existing loan, which is nice.

NTP66
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House Buying Thread

Postby NTP66 » Tue Sep 22, 2020 8:02 am

I should be closing in the next week or so. Final closing costs are down to $2100 (after the $550 appraisal waiver refund), which I'm more than happy with. Glad I checked when I did, because rates have been increasing quickly since then.

robbiestoupe
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House Buying Thread

Postby robbiestoupe » Tue Sep 22, 2020 10:17 am

Good to hear NTP. I'm having a bit of a time with Better trying to give them a statement from Northwest Savings. Northwest doesn't give me monthly statements; instead they provide me with a coupon book. There's no way for me to make payments online through their website, so I have my monthly mortgage withdrawn from my bank account directly to Northwest. Haven't had any issues doing it that way.

For some reason, Better requires a monthly statement showing the latest payments have been made, and what the loan balance is. I was able to get a payoff letter from Northwest, and also provided my bank statement showing I made a payment in August. Apparently that isn't enough. This is starting to become a headache.

NTP66
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Postby NTP66 » Tue Sep 22, 2020 10:18 am

Good to hear NTP. I'm having a bit of a time with Better trying to give them a statement from Northwest Savings. Northwest doesn't give me monthly statements; instead they provide me with a coupon book. There's no way for me to make payments online through their website, so I have my monthly mortgage withdrawn from my bank account directly to Northwest. Haven't had any issues doing it that way.

For some reason, Better requires a monthly statement showing the latest payments have been made, and what the loan balance is. I was able to get a payoff letter from Northwest, and also provided my bank statement showing I made a payment in August. Apparently that isn't enough. This is starting to become a headache.
Oof, that does sound like a pain. That said, what kind of bank doesn't provide statements?!

robbiestoupe
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House Buying Thread

Postby robbiestoupe » Tue Sep 22, 2020 10:24 am

I'm still locked in until October 26 at 2.5%, so hopefully this doesn't drag out longer.

My mortgage was bought by Northwest within a year of me buying the house. I sure wouldn't have used them if I knew they were so archaic.

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