Fifth Avenue Forum

Welp, the new house didn't appraise. About $11K short, so we're appealing the appraisal. If that doesn't work, we've got to pony up the difference. Pain.

We still get mail from the former owners - we moved in 7 years ago. Some of the stuff looks official, but it all goes in the trash. We had no forwarding address, so what are we to do anyway?

Same here. We used to write "No longer at this address" and put it back in the box but that didn't stop the mail from coming so now it goes right in the trash.

30 year fixed rates almost to 6% today. HFS

30 year fixed rates almost to 6% today. HFS

Mortgage demand was at a 22 year low last week. Market is about to be dead and very expensive.

I’m going to wind up having to save for my daughter to be able to buy a house, too, at this pace.

I’m going to wind up having to save for my daughter to be able to buy a house, too, at this pace.

She has bootstraps doesn’t she? She’ll just have to pull herself up by them.

30 year fixed rates almost to 6% today. HFS

30 year fixed rates almost to 6% today. HFS

I checked on some ARMs on Friday….4.5%. Better than the current fixed rates but compared to a few months ago, depressing. We lost out on 6 different properties over the past year while rates were low. All contingencies waived, all bids over asking, etc but no luck. Some of these houses had 10+ offers, some hundreds of thousands over asking. Now the good rates are gone and housing prices haven’t come down enough to offset the rising rates. Took a tour of a house yesterday that was nice but I feel like right now we are on the edge of the cliff, with prices ready to drop. But rates might go up again. So buy now before rates rise again or hold off a few months so housing prices come back to earth a bit. They say it’s impossible to time the market but it feels like it’s smart to hold off right now……buying now seems like you’re signing up for the worst rates and worst housing price. Houses are sitting on the market for the first time in 1.5 years so that’s a good sign.

Oh yeah, our appraisal challenge got denied, despite the appraiser not having the right lot size in the calculations. Not a deal breaker, just kind of annoying.

Oh yeah, our appraisal challenge got denied, despite the appraiser not having the right lot size in the calculations. Not a deal breaker, just kind of annoying.

Yeah, our agent didn't get it either. She felt the appraiser was just being stubborn.

After a very, very long weekend of packing, we had a walkthrough of the (almost) finished house. Looks very good, and it's much closer to being finished than the last home we bought. Our builder was late to the closing because he was painting and caulking the bathtub. Other than a few thresholds, some minor electrical and HVAC work, it's just about done. Oh year, the shower door is backordered indefinitely.