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Mortgage Rates (2 Viewers)
- Thread starter MechEng
- Start date
-OZ-
Footballguy
Home prices have been crazy. It's a great time to sell.
Which is why I'm PO'd that the guy going to perk my land can't get out there until May. Long story, he needs to bring an excavator as half the land is at a >30% slope. (Plenty of space on top to build with a walk out basement). We were offered $35k but we want $50. Just under 7 acres.
Bears_Man2
Footballguy
2.75% (Was at 4.625 I believe)what's the new rate?
Should have done it a lot sooner but happy having it done.
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Chadstroma
Footballguy
Many markets are bonkers crazy right now. There is no inventory and tons of people waiting to buy. So, in many markets it is routine that people are paying over asking prices by $5-75K and then paying the difference on appraisals. As those comps get added they will push valuations up.
flapgreen
Footballguy
This is great for us. We're like 20 minutes north of Nashville but just over into the next county that has good schools. No HOA and a third of an acre with an in ground pool. It should go quick come July. Up 14% from when a bought 2 years ago and still have 3 months to go.
skol asylum
Footballguy
Holy crap, you're not kidding. I just looked at Zillow and they have my house up 11% plus in one month! I'd take that and run if i didn't have to just shovel the money right back into another overheated property.
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Instinctive
Footballguy
The house we bought Memorial Day last year has been steadily increasing, then increasing at an insane rate. The "projections" have it's value up 33% over our purchase price in 10 months.
Chadstroma
Footballguy
Instinctive
Footballguy
You do not have to pay taxes on a primary residence. IRS LINK.
Has nothing to do with buying another, only your use and ownership length. And if you recently sold another and used exclusion.
skol asylum
Footballguy
No family in AZ.Chadstroma said:
Chadstroma
Footballguy
I am not a tax guy and don't play one on tv.... heck, I barely can do my own taxes... so don't take this as anything authoritative at all. I am just another schmoe on this.flapgreen said:
I believe if you have lived there for two years and the profit is under the threshold (I want to say $250K for single and $500K for married) then you don't pay capital gains.
That being said... check with a real tax expert.
Chadstroma
Footballguy
Hey! I was right!Instinctive said:
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Chadstroma
Footballguy
I was joking. My in laws are great but hellllllll to the no of moving in with them.
ex-ghost
Footballguy
Chadstroma
Footballguy
Chadstroma
Footballguy
I got to say, I am starting to get Bearish for the RE market for 2022.
Moratorium pushed back to 2022 and without proper measures to not just protect renters/owners from eviction/foreclosure but help lenders from taking it on the chin, it could get rough... rates should be up and continued to push up with the masive extra spending of the gov... over heated RE markets. It is starting to overcome the positives that I see. Could be a correction or a major event. DC needs to make good decisions or it can cause some issues.
Moratorium pushed back to 2022 and without proper measures to not just protect renters/owners from eviction/foreclosure but help lenders from taking it on the chin, it could get rough... rates should be up and continued to push up with the masive extra spending of the gov... over heated RE markets. It is starting to overcome the positives that I see. Could be a correction or a major event. DC needs to make good decisions or it can cause some issues.
Chadstroma
Footballguy
Zegras11
Footballguy
Three weeks ago I sold a rental I bought 2.5 years ago for $252. Listed it at $385. Got $455. So nuts.
Six months ago I had 24 reasons why the market is nuts. Now I have 31. The latest I read a few days ago.... Baby Boomers are leaving generational wealth to their kids and they are buying homes with cash. #30 is that investors are buying with cash as the rental market is super squeezed also and rents are going nuts.
Cold Dead Hands
Footballguy
Residential rents are up but commercial is floundering.
My home is skyrocketing in value. Maybe I will sell at 200% profit and go rent an empty storefront downtown to live in for a few years...
My home is skyrocketing in value. Maybe I will sell at 200% profit and go rent an empty storefront downtown to live in for a few years...
Chadstroma
Footballguy
The Noid
Avoid me!
This is what I've seen some people I know not understand. One family looked at this market as an opportunity to move to a bigger house and take advantage of a "sellers market" to get way more for their house than the could in the past when looking to move. Then they went and paid $15k over asking on a house that was listed for 30% more than what it would have went for a year or two ago.
Unless you're moving from owning to renting, or moving a secondary/rental property, you aren't "taking advantage" of this market.
Chadstroma
Footballguy
Sometimes people make me laugh.This is what I've seen some people I know not understand. One family looked at this market as an opportunity to move to a bigger house and take advantage of a "sellers market" to get way more for their house than the could in the past when looking to move. Then they went and paid $15k over asking on a house that was listed for 30% more than what it would have went for a year or two ago.
Unless you're moving from owning to renting, or moving a secondary/rental property, you aren't "taking advantage" of this market.
Another way to actually take advantage of the sellers market is if you were in a over heated market and went to a less heated market.
But if you owned rental properties or even a second home you didn't use as much as you thought would etc... I would be putting those bad boys on tbe market right now and cash out.
SFBayDuck
Footballguy
As a guy trying to move from renting to owning right now, let's just say I feel that the market is taking advantage of me right about now.This is what I've seen some people I know not understand. One family looked at this market as an opportunity to move to a bigger house and take advantage of a "sellers market" to get way more for their house than the could in the past when looking to move. Then they went and paid $15k over asking on a house that was listed for 30% more than what it would have went for a year or two ago.
Unless you're moving from owning to renting, or moving a secondary/rental property, you aren't "taking advantage" of this market.
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skol asylum
Footballguy
We rented for what seems forever. Never felt like we were in the right financial position to buy our first home. In the mid 2000s we watched the bubble grow and grow and got frustrated watching others buy homes that immediately had huge gains on paper and felt left out. Then the bubble popped and we were in a position to get in. Our house was built in 2002-03 for about $260k. It was sold in 2007 for $469k. By 2010 the bubble popped and we bought it on a short sale for $260k. Now Zillow has us at $565k. Don't have as much equity as we could because we did one cash out refi in 2013 to buy new AC units and painting and another recently to pay off a whole bunch of other debt. The latest we went down to a 15 at 2.5% which will sort of "pay off" that refied debt pretty quickly and bring our balance down adding to that equity. Quite the rollercoaster in values. Hopefully it doesn't drop to $260k again in a few years!
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NutterButter
Footballguy
I always wondered if that was allowed. Biking around in various parts of new jersey, I've come across numerous single unit businesses on nondescript roads that looked like they'd be ok as a single guy to live in after a little bit of improvement.
DA RAIDERS
Footballguy
i grew up in DTLA. first few years were non compliant. we eventually got everything to code. it was awesome. and VERY different.
culdeus
Footballguy
I want to say in a funny anecdote about this whole process.
Was at BOA for prior loan
Re-Fi to someone that Chad hooked me up to, ultimately serviced by Sterns.
Exactly 2 months later BOA bought the loan back.
They still haven't sent me a statement or a way to pay my bill. Neat.
Was at BOA for prior loan
Re-Fi to someone that Chad hooked me up to, ultimately serviced by Sterns.
Exactly 2 months later BOA bought the loan back.
They still haven't sent me a statement or a way to pay my bill. Neat.
Sand
Footballguy
We're going to test the waters with our beach place. The house next door sold for a ridiculous amount, and it was sold with no interior - down the sticks on the inside (Sally destroyed the inside). Going to put a healthy/slightly ludicrous price on it and see if anyone wants it.
Chadstroma
Footballguy
Demand is redonkulously high right now. There is not a lot of new builds in pipe. Other than a correction, which I think is looking possible for 2022, there will need to be some big changes to demand (essentially people not having jobs) or supply (more homes on the market) for a large drop in values.
Chadstroma
Footballguy
A BIL of mine lived in a storefront in the greater Chicago area for a while. Basically like a studio.... no idea if that was zoned that way or if he got around it as a "photographer/cinematographer" and he could use it for shoots or what. I never got into that with him.
Chadstroma
Footballguy
Chadstroma
Footballguy
Chadstroma
Footballguy
culdeus
Footballguy
It doesn't matter to me honestly. I find it funny because BOA wouldn't even acknowledge the offer letter I had was reasonable.
Sterns seemed ok. Why the hate?
Sand
Footballguy
Just signed up for new pictures and a Matterport layout. Matterport looks awesomely
.Dumb question, as I've heard it but don't know if it's urban myth. True that the number of views a house gets go way down once priced with two commas?
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Chadstroma
Footballguy
Meh, more of a broker thing. They are not seen as a broker friendly lender.
That is funny about BofA. They don't know crap though. I seriously was doing a loan for a Mortgage Loan Officer at Chase (well, actually for his parents to buy his home and he was helping QB it) and I kept talking to him like I would expect to talk to a guy that actually knew anything about mortgages. I kept having to explain things to him that a lot of times I don't need to explain to my customers. Then, he got mad when he had his mother semi-retire mid loan process and that it was causing issues/delays because "she is actually making more money now" which in the lending world, you can expect to hear from a regular schmoe off the street but for anyone doing loans, it is like "are you drooling on yourself right now, you moron?" kind of response. He wasn't new either. Been doing MLO at Chase for a couple of years and somehow still doesn't know the basics. The big banks are just ridiculously bad at mortgages unless they are doing jumbos.
Chadstroma
Footballguy
I think a RE agent that deals in that price range for the market would be best to ask on that but overall it sounds to me to be an old myth. In this market, people are forking over cash way above valuation..... so if valuation doesn't matter, I can't see how an extra comma would really matter.Just signed up for new pictures and a Matterport layout. Matterport looks awesomely
Dumb question, as I've heard it but don't know if it's urban myth. True that the number of views a house gets go way down once priced with two commas?
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Zegras11
Footballguy
Zegras11
Footballguy
I really doubt this happens. They can't remotely get caught up from the homes not built from 2010-2015.
culdeus
Footballguy
Honestly I feel like in D/FW houses are under-valued. There is next to no inventory, and maybe they are listing low expecting over list offers to keep the tax rolls down. In Texas you aren't required to disclose sales prices but appraisal districts can pull MLS asking price.
Realtors are just raking it in right now. I mean if I was going to sell I'd first just throw a FSBO up on Zillow and see what happens sight unseen.
Realtors are just raking it in right now. I mean if I was going to sell I'd first just throw a FSBO up on Zillow and see what happens sight unseen.
Capella
Footballguy
I’m doing fsbo next time I sell. Wanted to do it in 2019 and just take the paper work to a real estate attorney to look over but my wife squashed it. Realtor put it on the market and sold it within 48 hours and raked in thousands of dollars for doing so. Still bothers me I gave in on that.
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Zegras11
Footballguy
No way an average person can handle the craziness and the creativeness of the offers these days. Lot of interesting stuff that is making things a whole lot harder to deal with.
Or remotely be able to manage all the showings, unless they were 100% retired and had nothing else on their plate. Or even know what each buying segment wants in a home these days.
We are not listing low to keep any tax rolls down. We don't care about that. You list a little low for the sole purpose of getting the maximum people in the house and creating a multiple offer situation that creates an ebay effect and drives up the price even more. Anyone that lists their home at top dollar is an idiot. You'll wind up with higher offers listing it 5% below comps.
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Chadstroma
Footballguy
This is a big supply issue pushing this current overheated market. On top of that... people just aren't selling. And then on top of that there are no REO's because if the moratorium.
I am just curious to see what happens in 2022 when the moratorium ends. It is a big piece that people tend to forget about. Hopefully the people who have deferred and can't make upnthe difference do the smart thing and cash in on the market so they can reset with cash in their pocket and start over.
I think 2022 will see more inventory come into the market. I also expect interest rates to be significantly higher which will cool purchasing power. This isn't a binary situation and everything is by degrees but I am starting to lean towards a correction in 2022. But hell... I have been wrong before and will continue to be wrong. We shall see.
Zegras11
Footballguy
Inventory is down 90% from 5 years ago in almost all markets. It's going to take years to unwind that to normal just as it took years to unwind the foreclosure mess ten years ago.
Anyone in trouble is selling their house now or soon and pocketing the profits tax free if they've lived in it two years. I just did two listings last month where sellers had to sell because income has yet to return. And a possible another two coming up.
Housing is keeping the economy afloat these days. I doubt they do anything to dramatically change that.
culdeus
Footballguy
The way I follow things is people list below market, and take offers based on photos sight unseen for cash and come see it a couple days later.
It doesn't take much to look at the cash offers, pick the highest one and setup a showing for that one and maybe one or two backups.
If you don't get any offers for whatever reason, pull the sign up and re-visit.
The houses that don't move in Dallas have significant issues. Mostly location based (proximity to busy streets).
I mean you can hire a lawyer to draw up all the paperwork for a flat fee once you have a buyer. It's not rocket science. Most realtors I know are pretty useless except for just simply having slightly better comp data. (which is low value in a hot market)
