The Home Ownership Thread

[RedLantern]

Most of our house is 5/4 x12” cedar bevel siding. You can still find it if you know where to look, but it’s close to $10/lf. We had to replace a small patch when we resized our kitchen windows as part of the remodel this summer. When installed, the reveal is about 6-7” so you’re in for close to $20/sf just for material alone.

 

[jbarwick]

Hey @Van Veen found an awesome place for you. One bedroom, possibly haunted, but recently painted, new roof, and caulking. Don’t mind the spikes or bone graveyard. My son is willing to make a deal for a cash offer.

 

[jcman311]

Hey @Van Veen found an awesome place for you. One bedroom, possibly haunted, but recently painted, new roof, and caulking. Don’t mind the spikes or bone graveyard. My son is willing to make a deal for a cash offer.

View attachment 1479745

Haha, my kids just made one too.

 

[Van Veen]

Hey @Van Veen found an awesome place for you. One bedroom, possibly haunted, but recently painted, new roof, and caulking. Don’t mind the spikes or bone graveyard. My son is willing to make a deal for a cash offer.

View attachment 1479745

Not sure it's in my budget...

 

[jbarwick]

Haha, my kids just made one too.

We end up with every seasons house to build

 

[norcaltransplant]

Buddy of mine in Metrowest Boston is running into the suburban exodus buzzsaw trying to get out of his condo into a bigger family house. He put in an offer on a property today at $60K over asking and waived contingencies (because his agent says sellers won't even look at those in this market) and still lost out to another buyer who was also willing to waive appraisal and home inspection. Anything in the $600K - $700K range in that market is a bunfight right now.

This is same story across almost all Northeast burbs, especially NYC. Greenwich, CT, Westchester & Long Island, NY, and metro NJ have all experienced a huge surge in suburban home buying. Prices are consistently going for 4-6% above asking, with the 500k-1000k range especially competitive. There is strong demand up to $1.5 million in the nicer burbs, though jumbo mortgages aren't experiencing the same type of super low rates as 30-year conforming loans. What I find crazy is the sheer number of buyers with 100% cash offers.

 

[norcaltransplant]

I had a spectacularly unsuccessful foray in Boston real estate. Bought a house for $825K in 2005 and sold it in 2016 for $660K. We were overseas on an expat assignment from 2010 on and a friend of mine lived there rent free for years while recovering financially from a ruinous divorce, so some good came of it. Adding insult to injury, the family we sold it to in 2016 flipped it for $755K a year later. Zillow now values it at $827K.

I feel like this is going to happen to me after buying this year....

 

[Van Veen]

I don’t think the housing market is going to crash this time... at least not where I am. Might stagnate, but not crash.

(at least that’s what I tell myself to make me feel better)

 

[gettoasty]

There’s no reason the housing market will crash unless the election becomes heavily contested and people get up in arms. Perhaps another natural disaster that will in the long term shore up more homes with more people looking to sell due to a new wave of unemployment. I also read recently a meteor is heading our way before the election so maybe hold off on buying for now until the aftermath (10).

 

[brokencycle]

I don’t think the housing market is going to crash this time... at least not where I am. Might stagnate, but not crash.

(at least that’s what I tell myself to make me feel better)

The market here didn't really crash last time (though there were plenty of places that could say that).

It baffles me because where are all these people coming from? I didn't think the area was seeing that large of influx.

I always thought that when interest rates go back up prices will fall because so many people only look at monthly payment, but I posted data a few weeks ago that showed rising rates haven't resulted in reduced prices in the past.

 

[Van Veen]

I just need more inventory to start coming in. I'll overpay for a place I can stay in long term, even if it's a project, but I don't want to overpay for a mediocre house I'll want to move out of in 5 years. What's depressing me is that even the mediocre houses are going contingent this week.

 

[Joffrey]

Lol had my inspection yesterday and it turns out my "update-only" condo needs some serious repairs - potential HVAC leak within walls and bedroom flooring, among several less concerning issues. So we're sending back demands to seller to repair the problems. I'm seriously weirded out the people tried to sell the place with several visible cosmetic issues (missing light fixture face plate, obvious signs of kitchen leaks) that got me suspicious of larger problems, PLUS tried to get me to waive the covid-addendum that's in all contracts in DC (not sure about elsewhere). I hope they agree to the major repairs because I'm seriously over searching plus I've warmed up to my remodel ideas.

Getting a little pessimistic with the prospects of this place - the seller is fighting me on investigating and fixing any water damaged walls and/or flooring. The issue is any damage appears to be covered up so they'd have to rip up some drywall and flooring just to see what, if anything, is needed to be done then repair/replace any damaged sections. Anyway, I'm holding my ground on that point (waiving several minor issues) and will walk if they don't agree to it. Bizarre since the house will go back on the market with 50+ days and any other buyer will demand similar repairs (unless they want to take on the work). Apparently, they may pull the condo from the market if they can't sell it and rent it out - which isn't great either since my understanding is the rental market isn't all that hot.

On a brighter note, I saw a move in ready 1 bedroom just down the street. It's more expensive but a nice reminder that there's always something better out there.

What are your thoughts on availability during colder months? I'm not seeing much on redfin lately while I was seeing at least 1 attractive listing a day back in August.

 

[cross22]

Dude you need to be patient and wait a few months. The next 4 months are probably the slowest months in terms of inventory.

 

[jcman311]

I just need more inventory to start coming in. I'll overpay for a place I can stay in long term, even if it's a project, but I don't want to overpay for a mediocre house I'll want to move out of in 5 years. What's depressing me is that even the mediocre houses are going contingent this week.

Should I also point out that this time of year tends to trend lower in sales due to families not wanting to change schools, etc? Fall is usually a slow down period into winter.

Keep the faith. Many of us spent months looking and were ready to call it quits before we found our homes.

 

[jcman311]

Haha, nice timing on the last 3 posts.

Getting a little pessimistic with the prospects of this place - the seller is fighting me on investigating and fixing any water damaged walls and/or flooring. The issue is any damage appears to be covered up so they'd have to rip up some drywall and flooring just to see what, if anything, is needed to be done then repair/replace any damaged sections. Anyway, I'm holding my ground on that point (waiving several minor issues) and will walk if they don't agree to it. Bizarre since the house will go back on the market with 50+ days and any other buyer will demand similar repairs (unless they want to take on the work). Apparently, they may pull the condo from the market if they can't sell it and rent it out - which isn't great either since my understanding is the rental market isn't all that hot.

On a brighter note, I saw a move in ready 1 bedroom just down the street. It's more expensive but a nice reminder that there's always something better out there.

What are your thoughts on availability during colder months? I'm not seeing much on redfin lately while I was seeing at least 1 attractive listing a day back in August.

Threaten to fail inspection and pull out. The seller must the disclose a failed inspection for the rest of their ownership unless remedied.