House Buying Thread

dodint
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House Buying Thread

Postby dodint » Mon Feb 22, 2021 9:05 am

I shifted my HELOC from one bank to another while doubling the line. Reached out to the new bank on 29-Jan and we're closing the HELOC on 25-Feb. Not bad.

NTP66
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House Buying Thread

Postby NTP66 » Mon Feb 22, 2021 9:14 am

Appraiser just came/left.

"How much do you need it to appraise for" was his first question. Seemed a little dirty but hey, I'm not complaining. :lol:
That doesn't surprise me at all, since appraisers have always basically matched the sale/refinance price when they're ordered. They're absolutely useless.

willeyeam
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House Buying Thread

Postby willeyeam » Mon Feb 22, 2021 9:49 am

mine came in 10k under the contract price (i was the buyer so was okay with it) because the house down the street sold for that amount 3 years before i bought mine and they're similar. would have been not pleased if I was the seller

mac5155
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House Buying Thread

Postby mac5155 » Mon Feb 22, 2021 9:51 am

Appraiser just came/left.

"How much do you need it to appraise for" was his first question. Seemed a little dirty but hey, I'm not complaining. :lol:
That doesn't surprise me at all, since appraisers have always basically matched the sale/refinance price when they're ordered. They're absolutely useless.
Yeah, he spent about 8 minutes here.

NTP66
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House Buying Thread

Postby NTP66 » Mon Feb 22, 2021 9:54 am

For one of our refinances, the appraiser not only got the square footage of the house wrong, but he didn't check a number of features that the house had. It still appraised for the exact amount we needed it to, but if I were selling the house, I'd have gotten a new appraisal.

robbiestoupe
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House Buying Thread

Postby robbiestoupe » Mon Feb 22, 2021 10:14 am

Back in 2018 or so, I was sure our house had appreciated to the point where PMI could be removed from my mortgage. The bank sent the appraiser, I had no choice in who they sent. Wanna guess if I still had PMI after that?

tifosi77
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House Buying Thread

Postby tifosi77 » Mon Mar 01, 2021 12:57 pm

This time of year reminds me of the move to SF, and I like to reread this thread and relive our house hunt up there as a reminder that I never want to do that ever again.

robbiestoupe
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House Buying Thread

Postby robbiestoupe » Mon Mar 01, 2021 1:26 pm

But the weed shack!

mac5155
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House Buying Thread

Postby mac5155 » Thu Mar 04, 2021 11:37 am

Appraisal came back today, $35k higher than just 3 years ago, and will put me at 74% LTV with rolling in closing costs.

itwasagoodday.jpg

dodint
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House Buying Thread

Postby dodint » Thu Mar 04, 2021 11:38 am

Giggity.

mac5155
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House Buying Thread

Postby mac5155 » Thu Mar 04, 2021 11:57 am

is the housing market really nuts right now?
My sister's looking to build and I said just wait now, no sense in starting when a 2x4 costs $7.

dodint
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House Buying Thread

Postby dodint » Thu Mar 04, 2021 12:00 pm

I sold for a profit last year, my sister sold for profit in January. Both houses were held for about 2-3 years. Her house nearly doubled in 'value' over the last 5 years.

mac5155
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House Buying Thread

Postby mac5155 » Thu Mar 04, 2021 12:08 pm

Insane. At the interest rate I got, I really should consider cashing out to 80% LTV and get rid of some (slightly higher) interest debt.

MrKennethTKangaroo
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House Buying Thread

Postby MrKennethTKangaroo » Thu Mar 04, 2021 12:27 pm

is the housing market really nuts right now?
My sister's looking to build and I said just wait now, no sense in starting when a 2x4 costs $7.
This is an oversimplification of a complicated issue that I honestly don't really understand but will pretend to understand.

But just consider the impact of declining interest rates on home prices. Let's say you have determined that you can pay $900 in P&I for your next purchase.

In 2019, interest rates averaged 3.94%. For a 30 year loan and 900/month payment, that means you can afford a $190,000 mortgage and a $237,000 house (assuming a 20% down payment).

In march 2019, pre pandemic, rates were 3.45%. That gets you a $202,000 mortgage and a $252,400 house.

Now rates are 2.81%. That means you can buy a $273,000 house.

So over the span of 2 years, $900 per month gets you can afford a house that is 15% more expensive without you earning more.

So you can factor in lower mortgage rates plus a limited supply of houses available for sale over the past year or so plus everyone wanting to move because of the pandemic, you have yourself some expensive ass housing.

DigitalGypsy66
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House Buying Thread

Postby DigitalGypsy66 » Thu Mar 04, 2021 12:30 pm

is the housing market really nuts right now?
My sister's looking to build and I said just wait now, no sense in starting when a 2x4 costs $7.
It's dependent on where you live, but down here - even my rural area - there is little to no inventory for homes for sale. Near Charleston, where my family lives, it's even worse with homes going way above asking price even before officially being listed.

Then wood prices have gotten ridiculous, so it's crazy all the way around.

mac5155
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House Buying Thread

Postby mac5155 » Thu Mar 04, 2021 12:40 pm

is the housing market really nuts right now?
My sister's looking to build and I said just wait now, no sense in starting when a 2x4 costs $7.
This is an oversimplification of a complicated issue that I honestly don't really understand but will pretend to understand.

But just consider the impact of declining interest rates on home prices. Let's say you have determined that you can pay $900 in P&I for your next purchase.

In 2019, interest rates averaged 3.94%. For a 30 year loan and 900/month payment, that means you can afford a $190,000 mortgage and a $237,000 house (assuming a 20% down payment).

In march 2019, pre pandemic, rates were 3.45%. That gets you a $202,000 mortgage and a $252,400 house.

Now rates are 2.81%. That means you can buy a $273,000 house.

So over the span of 2 years, $900 per month gets you can afford a house that is 15% more expensive without you earning more.

So you can factor in lower mortgage rates plus a limited supply of houses available for sale over the past year or so plus everyone wanting to move because of the pandemic, you have yourself some expensive ass housing.
Makes perfect sense.
Like the cost of College skyrocketing with student loans being pencilwhipped.

Beveridge
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House Buying Thread

Postby Beveridge » Thu Mar 04, 2021 1:15 pm

I'm going to be building a modular this summer/fall and the price of lumber added to the cost, but we aren't waiting because it's going to be years before it drops again. I can't be convinced that prices will magically go down once this all passes. It will be a slow roll back unless demand goes away.

Troy Loney
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House Buying Thread

Postby Troy Loney » Thu Mar 04, 2021 1:31 pm

I am tracking a two-bedroom bungalow that just got listed on my street for 300K to gauge the housing market. I think it's at least 50K too high, and the fact that it hasn't sold yet (been on the market for about a month) that they over priced it. So there is still definitely a cap on the housing market.

NTP66
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House Buying Thread

Postby NTP66 » Thu Mar 04, 2021 1:36 pm

Redfin shows that houses in my area are up 10-13% from this time last year. The graph shows them all going up, but it wasn't until December of 2019 that the trajectory started to rise quicker.

count2infinity
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House Buying Thread

Postby count2infinity » Thu Mar 04, 2021 1:40 pm

I just took a look, there is not a single house for sale in my area that isn't new construction for under 500K. It is a seller's freaking market right now.

Beveridge
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House Buying Thread

Postby Beveridge » Thu Mar 04, 2021 3:08 pm

I just took a look, there is not a single house for sale in my area that isn't new construction for under 500K. It is a seller's freaking market right now.
That's why we are building. The houses we did look were cheaper than building, but then add the costs for some remodel work and it was like, just build brand new.

mac5155
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House Buying Thread

Postby mac5155 » Thu Mar 04, 2021 3:10 pm

No doubt- the reason I built too back in 2018. I'm ecstatic to be able to cut my rate in half pretty much. I built at the worst possible time for interest rates, but the best possible time for actual cost.

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