Deleted
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Post by Deleted on Jun 5, 2021 18:36:31 GMT -5
Prices are stupid high here. Houses in my neighborhood, built in the 1980s are going for $400,000 and up. Last one on my street that sold went for $475,000 and the new owners ripped out every inch of marble the last owners put in. The two houses I sold in Bergen County, NJ were the ones where I made the highest profits. No improvements to the first one and when I finally got a job that paid a decent bonus I was able to tear out the pink tile in the master bath and put in french drains in the basement of the second one. No must-have, latest and greatest upgrades. Same with DH's house (we'd recently married). Sometimes people appreciate homes in good working condition without a lot of fancy upgrades they didn't want.
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countrygirl2
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Post by countrygirl2 on Jun 5, 2021 22:51:34 GMT -5
I worry about it, but son says why I have money back, can fix whatever if I need to. Just hope he doesn't have to.
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finnime
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Post by finnime on Jun 7, 2021 5:51:49 GMT -5
I've noticed that homes in the neighborhood that have sold in the past year for over $900k have been painted mostly monochromatic in all rooms except for the bathrooms or perhaps one bedroom. One was a very light green, two have been pale gray, one was a sort of ivory. Making me think I might do that. It would be easier and does certainly remove personalization from the home. I do want to get as much as I can from selling this home.
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Ava
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Post by Ava on Jun 7, 2021 9:04:57 GMT -5
Even my little condo in a poor town has gone up in value. I don't plan to sell because it's cheap to live here, but at least I don't have the worry of being underwater anymore, like I was for many years.
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dondub
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The meek shall indeed inherit the earth but only after the Visigoths are done with it.
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Post by dondub on Jun 9, 2021 17:23:29 GMT -5
Don't worry about appraisal, I guess. Son paid $65k over listing and it appraised for the whole $560k, they seem to be doing that I guess. Things are really changing all around me, stuff I never heard of. Property sales are on fire anymore. I've tried to get hubs to sell all of our rentals right now. We could make a bundle. Wait and make a bigger bundle. You don’t do 1031 exchanges if I recall correctly.
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dondub
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The meek shall indeed inherit the earth but only after the Visigoths are done with it.
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Post by dondub on Jun 9, 2021 17:25:02 GMT -5
The Seattle market remains a nationwide leader. Just sizzling hot!
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countrygirl2
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Post by countrygirl2 on Jun 10, 2021 10:47:06 GMT -5
There is such a shortage here we see new houses popping up all over the county, just not in town.
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bean29
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Post by bean29 on Jun 10, 2021 11:19:33 GMT -5
My Son was told he should be able to close next Friday. He does not have a firm date and time, so he is very anxious. He wants to move in. DH is going to let him, my BIL just has to move out of the property DS is buying and into the building we own. DH wants to knock out the plaster in the upper spare bedroom this weekend. I told DS he wants that done before he moves in. DH agreed.
Our State Legislature decided to cut public transportation funding in Milwaukee County in half. Their excuse is that MKE can use funds given to them for Pandemic Purposes for their public transportation needs. The legislature only cut the transportation funds in urban areas, and left the funding in R controlled areas the same. Our house is in the outer ring of MKE county. I was looking at Realtor.com to see if we could relocate, but it will not be Easy. We live in a newer ranch, have an exposure and a lot of about 18,000 sq ft. value is about $500,000. I saw a house in another county similar size, more high end, very close to where I live now, has some acreage $790,000 (most recent assmt was only about 490,000) I am better off staying where I am even if my taxes go up.
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hurley1980
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Post by hurley1980 on Jun 10, 2021 20:25:23 GMT -5
Haven't been to this thread it a while, but its crazy how hot the market is for sellers right now. Houses in my ghetto 1950's depressed suburban neighborhood are going for 350k for 2 or 3 bedrooms, 1 bath, 1200 or less sf. Sacramento is still way cheaper than SF, and with all the remote work happening, many of the bay area folks are moving here and buying up whatever is available.
I pulled some cash out of my house for the garage conversion for my mom, and I still have almost 200k in equity. Also, my new mortgage payment is barely $1000. So glad I bought in 2009! I don't plan on selling this house until I retire and leave California, and thats not going to be for 25 years. But its crazy to think how much this place will be worth by then!
I'm just glad I will have a place for mom to live. They are raising her rent again, and a lot of older folks on fixed incomes just can't afford an apartment of their own anymore. We are having apartment shortages here too. I've heard a lot of people are moving out of California, and honestly, thats for the best! There are way too many people here.
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tallguy
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Post by tallguy on Jun 11, 2021 15:40:53 GMT -5
The Seattle market remains a nationwide leader. Just sizzling hot! A new report from Zillow starts: Not in Seattle. New buyers here are paying $260,754 more for a place 56 sq. ft. smaller than where they came from. And it is still one of the fastest-growing large cities in the country.
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dondub
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The meek shall indeed inherit the earth but only after the Visigoths are done with it.
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Post by dondub on Jun 11, 2021 16:17:12 GMT -5
The Seattle market remains a nationwide leader. Just sizzling hot! A new report from Zillow starts: Not in Seattle. New buyers here are paying $260,754 more for a place 56 sq. ft. smaller than where they came from. And it is still one of the fastest-growing large cities in the country. Even though it rains everyday.🌂🌂🌂
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CCL
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Post by CCL on Jun 11, 2021 16:41:03 GMT -5
The Seattle market remains a nationwide leader. Just sizzling hot! A new report from Zillow starts: Not in Seattle. New buyers here are paying $260,754 more for a place 56 sq. ft. smaller than where they came from. And it is still one of the fastest-growing large cities in the country. So, tell me what's so special about Seattle. Is it job opportunities? I've been there a couple times, but didn't notice anything that would lure me all the way out there. I don't get it.
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Post by The Walk of the Penguin Mich on Jun 12, 2021 10:50:58 GMT -5
A new report from Zillow starts: Not in Seattle. New buyers here are paying $260,754 more for a place 56 sq. ft. smaller than where they came from. And it is still one of the fastest-growing large cities in the country. So, tell me what's so special about Seattle. Is it job opportunities? I've been there a couple times, but didn't notice anything that would lure me all the way out there. I don't get it. I don’t live in Seattle, but close enough that it is an easy trip. I have lived all over the US, and as an adult my job took me to Boston, San Antonio and Lexington. There are certain things in each of these cities that I liked, but not enough as much as this area. It is not too hot and not too cold. I have the ocean on my left and mountains on my right. There is access to excellent health care, the arts, incredible restaurants and 2 choices of international airports to fly from. The bad....the housing cost is much higher (even outside of Seattle) than many places and the traffic is horrendous (but not as bad as Istanbul!). We are insulated from the first as TD bought 26 years ago and the house is paid. For traffic, it is worse the closer you get to Seattle but when we go we try to work with the traffic patterns. It is definitely workable.
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dondub
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The meek shall indeed inherit the earth but only after the Visigoths are done with it.
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Post by dondub on Jun 13, 2021 13:26:57 GMT -5
A new report from Zillow starts: Not in Seattle. New buyers here are paying $260,754 more for a place 56 sq. ft. smaller than where they came from. And it is still one of the fastest-growing large cities in the country. So, tell me what's so special about Seattle. Is it job opportunities? I've been there a couple times, but didn't notice anything that would lure me all the way out there. I don't get it. Good!
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tallguy
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Post by tallguy on Jun 13, 2021 14:14:12 GMT -5
So, tell me what's so special about Seattle. Is it job opportunities? I've been there a couple times, but didn't notice anything that would lure me all the way out there. I don't get it. Good! An Emmett Watson fan, no doubt. KBO!!
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bean29
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Post by bean29 on Jun 16, 2021 16:58:17 GMT -5
So, I mentioned earlier in this Thread that my DS is currently trying to buy a duplex from his Gradparents. We did an Employment Verification for DS (He works for DH). Bank sent it to DH at his work e-mail, I filled it out, could not get into their secure e-mail product, assumed it was b/c it was forwarded to me by my DH, so I sent it to him and told him to return it. He did. I get secure e-mails at work and having issues is not uncommon, but usually I eventually can get them to work. I also do employment verifications as part of my job. Today DS finds out that said bank is claiming they never received the employment verification. DH resent it and apparently it is now ok. (I told DS to expect them to ask for a new one b/c it is 2 weeks old). Then DS tells me the bank asked for a conference call with JP Morgan Chase Bank to verify his CC balance despite the fact that he gave them 2 CC statements showing a 0 balance. To my knowledge we have never had a CC balance verified when we closed a mortgage. IDK, I wonder if DS and DH's stuff is getting co-mingled but all that stuff has either a SS # or a Taxpayer ID attached to it, so it should not be a problem right? I wonder how fast they can finalize the loan - I would like it done by Friday. DS said they all got on the phone, then the bank said Oh, we didn't need to do a conference call, we don't need you. I did tell my DS that this kind of stuff is normal when closing a mortgage. They seem to exist in their own world.
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jerseygirl
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Post by jerseygirl on Jun 17, 2021 8:14:18 GMT -5
Husband and his dad had same names except middle name and often companies mixed them up. Even if different SS and cc #s people sometimes too easily are lazy and just go with names Our neighbors son had a huge problem with forwarding his mail when he moved to his own place, even when he always used middle initial
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bean29
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Post by bean29 on Jun 17, 2021 10:39:07 GMT -5
Husband and his dad had same names except middle name and often companies mixed them up. Even if different SS and cc #s people sometimes too easily are lazy and just go with names Our neighbors son had a huge problem with forwarding his mail when he moved to his own place, even when he always used middle initial Yeah, my husband told me this am that the Bank had an issue with the Employment verification. DH said a family member can not sign the Employment Verification. I was like WTF, Employees are DH (Owner), DS, a Para Profesional (Not Related) and DD. I do the books. I signed the first Employment Verification and returned it, I usually put something like Accountant as my title, but My Title is really something like "Wife of Business Owner who does the Bookkeeping" I can be my own worst enemy and I decided not to sign the Employment Verification myself b/c I had to send it to DH to return it anyways (I think it needed to be faxed or returned via secure e-mail. I could not get into the secure e-mail and we don't have a fax anymore at my work). I have a hyphenated last name. So DH's name is John B. Doe, and DS is Johnathan A Doe. As DH went on talking, it sounded like they didn't say a relative can not sign, they talked as though my son could not sign his own employment verification. DH told them they did not have the same name. I am unclear if this is resolved or not. On the mail forwarding - My Mom is M. First Name, Last name, and I am a Common Nickname for her first name, but a different name entirely, with my Hyphenated last name - Mom's mail was frequently forwarded to me many years after I moved out. My DS got mail for a bit at my Mom's b/c her DS wanted to go to HS in my Mom's city after DS moved to a different city. My DS's first name is the same as Mom's Legal first name, but Mom never uses her Legal First name unless she is signing a legal document. DS has a different last name than my Mom. There were lots of issues with the mail forwarding.
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pooks
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Post by pooks on Jun 17, 2021 16:10:06 GMT -5
Looks like our neighbors are selling. DH has a contentious relationship with them, so this is a welcome surprise. We were certain they were here for the long haul and we would have to move.
About a month ago, they bought a travel trailer, last weekend they had a big party, Tuesday and Wednesday a moving truck, Thursday morning they left and cleaners/stagers arrived with new furniture. Don't know how long it will take to hit the market, seems to be moving fast. Everyone uses staged furniture to sell here. At first I thought everyone was decorating similarly, but then realized it was the exact same furniture I had seen in a different house.
Anyway, hoping to get some retirees, but we don't have that kind of luck.
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tractor
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Post by tractor on Jun 17, 2021 17:56:33 GMT -5
My brother and father have the same name, when my dad filed for bankruptcy 20 years ago, it destroyed my brothers credit. It took him awhile to get it sorted out. That’s why my nephew has an “original” name.
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bean29
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Post by bean29 on Jun 17, 2021 19:50:35 GMT -5
Our credit is good, so it should Help DS, but the way they are dragging this out is really irritating. Basically they are making DS put 30% down, but ~10% is going to closing costs and escrow. They want 6 months of payments in escrow from what I understand.
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bean29
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Post by bean29 on Jun 18, 2021 15:52:31 GMT -5
So, my DH called me a bit ago and said I rented DS's upper out for $600/month. I said OH HELL NO.
DH got mad, told me he had it rented with the understanding they would be working in it while the lady was living there.
At same time DS texted me all upset about how much and the fact that DH did not consult him.
I texted back and told DS to be careful b/c we are gifting him the down payment $$. He said yeah, Dad already told me he will not give me the $$.
I found virtually the same duplex with a 2 bedroom upper for rent on Craigslist for $800/month and I found a lot of 2 bedrooms for 900-1100 per month. DS plans to rent the garage with the apartment b/c he can't fit his truck in it. One 2 bedroom near his house is going for $1100/month, garage extra $25/space and Security is $1800. I like the idea of a higher Security. Hopefully I can talk sense into DH. He knows better. His brother was paying $850 for the lower 3 bedroom and that was way below market. My BIL looked for a long time a year or two ago when DH first told him he was going to sell, and he could not find a 3 bedroom that was affordable to rent at that time. Rentals are supposed to have gone up quite a bit since then. I don't understand what he is thinking.
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CCL
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Post by CCL on Jun 18, 2021 22:45:50 GMT -5
If you son is buying the house, why is your DH doing anything with it? Shouldn't it be up to your son?
If we had already committed to gifting a down payment, I'd have a big problem with hubby trying to cancel it, especially for no reason.
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bean29
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Post by bean29 on Jun 19, 2021 5:02:56 GMT -5
I don’t think he will cancel the downpayment. The problem is the cash we are planning to use is sitting in DH’s Business Account. We have no instructions from the bank yet on how to transfer the funds to DS so I haven’t moved it yet. I could draw on HELOC, but that was not the source of funds we designated to the bank.
Bathroom needs a new window per DH, probably convert tub to shower stall, and new floor. They were going to refinish floors upstairs. DH wants to knock down the ceiling in one bedroom and drywall it.
If DH doesn’t help DS, Idk if he will do the work. The brother in law we evicted used to do that stuff but all he has done for last 2 years is drink and bartend. DS has a good relationship with BIL that currently lives there, he could help with floors. He does not finish drywall though. If we glass block the window, we would hire that out anyways.
My DH is obviously a bit controlling. I was hoping they would deal with ceiling tomorrow. But, DH usually works sat am, and closes at 3, and it is supposed to rain, so we can’t leave Debree outside. is open Tuesday from 7 am-8 pm, but Sunday is Father’s day, so we will probably be at my in-laws.
Foundation should be looked at, DH said he has a client to do it, My work could do it. I had talked to my boss about it, he said they could do it, but I know They have a lot of commitments. It is not an emergency though from what DH says.
If DS closes, the work can wait, I really wanted them to update the bathroom with no one living there. Afraid it will look like SS’s interior walls when they knock out Tub.
DS has a boatload of friends interested in living there. The woman DH wanted to rent it to, is his (and my MIL’s hairstylist). Apparently she was going to reconcile with her ex, she gave notice on her apartment, Ex started acting controlling, landlord has rented her apartment to someone else. This would be someone with all cash income. DH told me to ask his Mother about the stylist, he says my Mother has a good sense about people. I think I will ask her, but only really b/c I have a feeling my MIL will agree with me, not DH.
The rent DH quoted is way too low. He says she would live there while they were remodeling, and she is looking for something else. Once she moves in, we could potentially end up needing to evict her to get her out. DS has a friend that was interested in living there, she is a bartender, lives with boyfriend and has a kid. DH has been non-committal with her and others that have expressed interest. I was cool on her too, but think she is probably better than other.
I was planning on them marketing the apartment after they fix it up. And taking applications and doing a credit check. DS can stand up to DH if he needs to but it could damage relationship.
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Opti
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Post by Opti on Jun 19, 2021 7:43:22 GMT -5
Bean29, why don't you request two years of tax returns from the beautican as proof of income to screen her in or out. I do think rent should be reduced if she's living there during the rehab of the place. I'd also research eviction laws in your area to know the limits of how its going to work should you have to evict her or the single mom, kid, and BF. (If the latter's relationship goes south, you might be fighting with two tenants, the bartender and her BF.)
I had a glass block window in my last home. Is that in common use by you?
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stillmovingforward
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Post by stillmovingforward on Jun 19, 2021 15:54:43 GMT -5
Bean29- I mean this in the kindest way so please don't take offense: is DS ready to be a homeowner if he needs so much help to get it ready, livable, and rented? Or do his parents want him to be a homeowner? Didn't he mess up his debt to income ratio by buying a big expensive truck?
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Deleted
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Post by Deleted on Jun 19, 2021 19:06:05 GMT -5
Bean29- I mean this in the kindest way so please don't take offense: is DS ready to be a homeowner if he needs so much help to get it ready, livable, and rented? Or do his parents want him to be a homeowner? Didn't he mess up his debt to income ratio by buying a big expensive truck? I’m kind of confused myself as to why the parents have so much to do with the purchase (besides the fact that he works for them) and the needed repairs and renting part of it out. There’s probably a backstory that I either missed or have forgotten about though. I bought my house when I was 29yo. Nobody helped me with any of the money, helped me look and/or choose or anything. I was a divorced Mom with 2 kids and I did it all on my own. I don’t say that to knock anyone that has/had parents or anyone else to help them with the process, the money, or give them guidance. In reality, I might actually be a little envious of that kind of help. But there’s also a lot to be said for the evenings I’d get home from work, get my children into bed, and go sit on my couch in my den, and look around and be proud of what I’d done all by myself. But I still wouldn’t have turned down help if it had been offered to me.
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Deleted
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Post by Deleted on Jun 19, 2021 19:42:16 GMT -5
The housing market in my area, there are a LOT of investors buying the houses that do hit the market. And they are paying more than asking price. Is this happening where you live, and if it is, how do you feel about it?
Historically, houses have been much less expensive here than in other parts of the country. You get a lot more bang for your buck around here than you do in other areas. I think that may be part of the reason investors are snapping them up like they are, I think it has expanded now beyond local investors and wanna be landlords. I’ve read that homes valued in the range of my other house are the most difficult ones for potential homeowners to buy in this area right now. I believe it, because I get constant and persistent texts and calls about selling my house. My children even get it, and they don’t own the house. One day, I got 3 texts from the same number, the last one asking what plans I have for my house. How about……. none of your fucking business. Obviously, that one went too far imo.
Anyway, I keep seeing and hearing about regular people that can’t find a house to buy because they keep losing bidding wars, and even people that can’t find anywhere to rent. I’m not sure what the issue is with rentals though. I don’t think I like it that so many houses are being bought by investors, even though I could benefit from how they are driving the increases in value if I sold my house.
If the market was like this back when I was looking for a house to buy, it would have been very discouraging. To me, part of the American dream is being able to own your little slice of the world, IF that’s what you want. And I feel like the average Joe is getting screwed by what’s happening now with real estate. And since I consider myself an “average Joe”, even though I’m not looking to buy a house right now, I don’t like it.
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alabamagal
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Post by alabamagal on Jun 20, 2021 7:22:24 GMT -5
Holy crap! Our estimate on Zillow just jumped $37k! My DS is professional appraiser and says Zillow can be wacky. We did have an official appraisal 3 weeks ago, it was $15k over Zillow at the time, but $22k under what it is today.
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Tiny
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Post by Tiny on Jun 20, 2021 11:10:20 GMT -5
Some adult children need to experience "home ownership, with training wheels". My siblings kids needed this... he helped them quite a bit with their first homes (down to owning it himself before he sold it to the kid). I will say, now that the kids are mid to late 30's they have come to their senses (matured?) financially and personally and have made some better life choices over the last few years. So maybe the initial years of "training wheels" helped - they aren't as far behind as they would have been without the early on help.
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