pooks
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Post by pooks on Jun 27, 2021 13:42:34 GMT -5
Neighbors house went pending in 5 days, a little slower than usual, but I am sure they got at least the 1 mil list price. I think I saw the buyers and they are a long way from retirees.
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Post by minnesotapaintlady on Jun 27, 2021 21:54:41 GMT -5
Up another 10K over the weekend. I can just retire by the end of the year at this rate. LOL But as they say, the "A" in Zillow is for Accurate.
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Opti
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Post by Opti on Jun 28, 2021 0:19:09 GMT -5
www.andrewthehomebuyer.com/foreclosure-statistics/#:~:text=Foreclosure%20Filings%20Up%2013%20Percent%20in%20January%202021,a%207%20percent%20year-over-year%20increase%20from%20January%202019. Foreclosure Filings Up 13 Percent in January 2021 The beginning of the year saw a considerable increase in foreclosure filings. The 60,085 in foreclosure represented a 13 month-over-month jump from December 2019 and a 7 percent year-over-year increase from January 2019. One in every 2,270 properties in the United States received a foreclosure filing in January. The states with the worst foreclosure rates in January were: New Jersey (one in every 1,046 homes) Delaware (one in every 1,098 homes) Illinois (one in every 1,139 homes) Maryland (one in every 1,507 homes) Ohio (one in every 1,517 homes) Other states fare much better with significant drops in foreclosure activity month-over-month. Foreclosures dropped 44 percent in Iowa, 28 percent in Oregon and Nevada, 24 percent in Louisiana, and 20 percent in Washington. Foreclosure Starts Down, but Not Everywhere At 26,858, foreclosure starts, when lenders start the foreclosure process on a property for the first time, were down less than one percent month-over-month in January 2020 and down 9 percent year-over-year. This is just the national average, however. Some states saw significant increases in foreclosure starts, including: California (up 27 percent) Tennessee (up 21 percent) Georgia (up 14 percent) Illinois (up 9 percent) Ohio (up 3 percent) The ATTOM Data Solutions “Foreclosure Activity Report” also found upticks in foreclosure starts in 75 of the 220 metro areas analyzed. The greatest year-over-year city-level foreclosure start increases were in: San Antonio, Texas (up 66 percent) Los Angeles, California (up 63 percent) Riverside, California (up 22 percent) Nashville, Tennessee (up 19 percent) Chicago, Illinois (up 14 percent)
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jerseygirl
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Post by jerseygirl on Jun 28, 2021 7:10:06 GMT -5
Thinking housing crash is less likely now than in 2008 even with the big run ups. In 2008 there were many houses bought with no down payment mortgages and mortgages given to folks with really poor credit ratings - to make houses available to more people. Well if you can’t afford a house giving a mortgage to that person doesn’t really help especially if jlay offs start Now mortgage rates are really low, people are leaving small urban apartments for more space cause likely more WFH. With interest rates predicted to increase so will mortgage rates. Prices for new construction are increasing due to costs snd shortages of building materials and labor shortages. So increases in cost for existing houses - same as used cars
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Ava
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Post by Ava on Jun 28, 2021 7:33:34 GMT -5
I guess I'm having FOMO or something. I keep looking at cute condos in beach towns, in associations that have a pool. Wish I could afford one of those. Though I have to say, CT used to be so expensive, but with the way prices have increased in other geographical areas, costs of housing here now look downright quaint. Lol.
For instance, a 2 bedroom, 1 1.5 bath, 1 car garage in an association with a pool, 4 blocks from the beach, $175,000. And it's a nice condo, not luxury of course, but well taken care of. I don't think it's expensive, but I don't have the financial resources to pull it through.
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cyanne
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Post by cyanne on Jun 28, 2021 10:19:45 GMT -5
Up another 10K over the weekend. I can just retire by the end of the year at this rate. LOL But as they say, the "A" in Zillow is for Accurate. Truth! A recent appraisal for my mortgage refinance valued my house more than $250,000 than Zillow says.
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Opti
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Post by Opti on Jun 29, 2021 20:20:09 GMT -5
Thinking housing crash is less likely now than in 2008 even with the big run ups. In 2008 there were many houses bought with no down payment mortgages and mortgages given to folks with really poor credit ratings - to make houses available to more people. Well if you can’t afford a house giving a mortgage to that person doesn’t really help especially if jlay offs start Now mortgage rates are really low, people are leaving small urban apartments for more space cause likely more WFH. With interest rates predicted to increase so will mortgage rates. Prices for new construction are increasing due to costs snd shortages of building materials and labor shortages. So increases in cost for existing houses - same as used cars The housing crisis was driven more by the mortgage derived securities than the sap they got to fill those tranches. Every crash is different but yet somewhat the same. People are buying because of the pandemic, assuming that they will be doing lots of WFH etc. What happens when companies right size when the pandemic ends or even as it continues into 2022, 2023 or whenever? Some new buyers will have little to no equity in their home when they lose their jobs or have their compensation slashed below what will support their newer bigger mortgage.
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Opti
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Post by Opti on Jun 29, 2021 20:24:47 GMT -5
I guess I'm having FOMO or something. I keep looking at cute condos in beach towns, in associations that have a pool. Wish I could afford one of those. Though I have to say, CT used to be so expensive, but with the way prices have increased in other geographical areas, costs of housing here now look downright quaint. Lol. For instance, a 2 bedroom, 1 1.5 bath, 1 car garage in an association with a pool, 4 blocks from the beach, $175,000. And it's a nice condo, not luxury of course, but well taken care of. I don't think it's expensive, but I don't have the financial resources to pull it through. NIce. For that money or more there are one bedroom 1 bath condos, no garage, big monthly HOA fees near me.
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hurley1980
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Post by hurley1980 on Jun 30, 2021 11:11:21 GMT -5
I guess I'm having FOMO or something. I keep looking at cute condos in beach towns, in associations that have a pool. Wish I could afford one of those. Though I have to say, CT used to be so expensive, but with the way prices have increased in other geographical areas, costs of housing here now look downright quaint. Lol. For instance, a 2 bedroom, 1 1.5 bath, 1 car garage in an association with a pool, 4 blocks from the beach, $175,000. And it's a nice condo, not luxury of course, but well taken care of. I don't think it's expensive, but I don't have the financial resources to pull it through. What area is this in? Thats downright cheap compared to condos in California!
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Tiny
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Post by Tiny on Jun 30, 2021 11:27:19 GMT -5
Zillow is on Crack - The townhouse next door to a friend's just sold and closed within 30 days (closed 6/25/2021) for 300K and Zillow's zestimate is 330K. I'm betting the seller wished they had waited a couple weeks before putting the unit up for sale (it went contingent the same day it listed)
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Ava
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Post by Ava on Jun 30, 2021 12:44:00 GMT -5
I guess I'm having FOMO or something. I keep looking at cute condos in beach towns, in associations that have a pool. Wish I could afford one of those. Though I have to say, CT used to be so expensive, but with the way prices have increased in other geographical areas, costs of housing here now look downright quaint. Lol. For instance, a 2 bedroom, 1 1.5 bath, 1 car garage in an association with a pool, 4 blocks from the beach, $175,000. And it's a nice condo, not luxury of course, but well taken care of. I don't think it's expensive, but I don't have the financial resources to pull it through. What area is this in? Thats downright cheap compared to condos in California! Branford, CT
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Ava
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Post by Ava on Jun 30, 2021 13:04:32 GMT -5
hurley1980Also West Haven CT. That's the beach I go to. Very reasonably priced houses and condos, though with the housing shortage you can find now a condo near the beach at a low price, but no garage or no pool. The beach is beautiful and although winters in CT are really cold, it's more bearable in West Haven because the Atlantic Ocean regulates it. For instance, it may be snowing inland where I live, but West Haven would get a dusting of snow. It's never as cold as inland, either. It's a beautiful town.
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hurley1980
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Post by hurley1980 on Jun 30, 2021 13:39:32 GMT -5
That sounds amazing! Unfortunately, I have to stay in the state for my job, even though we are going to be working mostly remotely. I would love to live near the beach though!
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Ava
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Post by Ava on Jun 30, 2021 14:10:51 GMT -5
That sounds amazing! Unfortunately, I have to stay in the state for my job, even though we are going to be working mostly remotely. I would love to live near the beach though! I would love to live near the beach, too. It's just too expensive for me right now. Maybe some time in the future I would be able to afford it. But like I said, I'm surprised how low CT prices look compared to how much they have gone up in other areas. CT used to be one of the most expensive areas when it came to housing. Not anymore. I'm glad you're working mostly remotely. I am too, and I have all my hopes on my company allowing me to remain this way going forward.
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finnime
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Post by finnime on Jul 1, 2021 3:34:06 GMT -5
That is an amazing price for a good property, Ava. If the HOA fees are reasonable you might want to look harder at your own situation. Your plan is a 10-year stay in place so you can retire. During that 10 year period you'd be happier, it seems, in West Haven, and I expect the increase in value would be much higher than where you are now. Nicer places on beaches are more scarce as time goes by. And 10 years of increased contentment and happiness is worth a lot.
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TheOtherMe
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Post by TheOtherMe on Jul 1, 2021 8:12:51 GMT -5
A house in Boulder, CO just sold for $1 million over asking. Asking was $2 million and it sold for $3 million--cash sale.
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Lizard Queen
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Post by Lizard Queen on Jul 1, 2021 8:16:42 GMT -5
That is an amazing price for a good property, Ava. If the HOA fees are reasonable you might want to look harder at your own situation. Your plan is a 10-year stay in place so you can retire. During that 10 year period you'd be happier, it seems, in West Haven, and I expect the increase in value would be much higher than where you are now. Nicer places on beaches are more scarce as time goes by. And 10 years of increased contentment and happiness is worth a lot. I agree. Also, liking where I'm staying has a big effect on my mood. I suspect it has that effect on most people.
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Ava
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Post by Ava on Jul 1, 2021 17:58:26 GMT -5
Yes, the prices are good, but out of my reach. We're talking doubling my housing costs, or more. And I'm up for catch up contributions next year. But you know what, that's not possible now doesn't mean it won't became possible at some time in the future.
I've learned that through experience. So many times I said "I would never achieve that" and then it happens. To me, it's just a question of not losing hope and keeping my eyes open for when the right opportunity appears.
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buystoys
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Post by buystoys on Jul 2, 2021 6:11:53 GMT -5
We're getting killed with calls to sell our properties. I bet we are getting one a day right now. It's aggravating to say the least.
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finnime
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Post by finnime on Jul 2, 2021 6:29:18 GMT -5
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Opti
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Post by Opti on Jul 2, 2021 6:48:46 GMT -5
How do they know your number, buystoys ? They don't need to. Scammers can just roll through any combo or range of numbers they choose using auto-dialers.
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Tiny
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Post by Tiny on Jul 2, 2021 11:01:51 GMT -5
How do they know your number, buystoys ? the "flippers" and/or real estate agents looking for sellers will use public records to get names of who owns houses and I'm sure they get phone numbers from some part of that. (or they can connect public records on property to a phone number look up of some sort). I get calls to my cell phone number which I used exclusively for my out of state property purchases. I get calls from agents from the out of state place calling my cell phone pretty much daily. They know the address of my property and my name. As they start the call with "Hi! Tiny? I'm calling about your property at 123 Alphabet Street. " I only get calls about selling my primary home on my landline - I'm guessing because all the public records on my primary home have my land line phone number on them. It's not like the generic "You qualify for lower interest rates on your Visa Credit Card! Press 1 to talk to a CSR to get your interest rate lowered!" The real estate callers know my name AND the address of the property I own. (I'm also pretty sure that when you buy a property - your personal info gets sold multiple times - that's how you get flooded with marketing ads to buy stuff for your new house and those "buy special insurance so that if you can't make a house payment the insurance will make the payments - and it's only costs XX.XX per month!" scams. I'm guessing that initial grab of info gets stored and sold over and over for a few years when it's most valid. ) I'm pretty sure those "seminars" on how to become a property flipper sells or tells the participants how to buy or find addresses to send mailings/phone calls to. I know when there's been a seminar because I will get "heart felt" mass produced letters from small time "flippers" looking to buy my properties.
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Post by minnesotapaintlady on Jul 2, 2021 11:45:22 GMT -5
Yes, the prices are good, but out of my reach. We're talking doubling my housing costs, or more. Would it really be though? Maybe you could get more than you thought for yours? And weren't you at a higher interest rate but it was too hard to refinance due to being such a small mortgage? (I could have you confused with someone else).
I'm all for shoveling as much as possible into retirement accounts, but loving where you live now is important too.
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Knee Deep in Water Chloe
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Post by Knee Deep in Water Chloe on Jul 2, 2021 12:02:41 GMT -5
Up another 10K over the weekend. I can just retire by the end of the year at this rate. LOL But as they say, the "A" in Zillow is for Accurate. Right?!? My husband has been looking at Zillow every day for the last six months. He loves to tell me what the increase was for the week. Okay, buddy, but that's kind of fake money. Plus, if we did sell this place, you know we'd still have to live somewhere, right?
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Post by minnesotapaintlady on Jul 2, 2021 12:22:01 GMT -5
Up another 10K over the weekend. I can just retire by the end of the year at this rate. LOL But as they say, the "A" in Zillow is for Accurate. Right?!? My husband has been looking at Zillow every day for the last six months. He loves to tell me what the increase was for the week. Okay, buddy, but that's kind of fake money. Plus, if we did sell this place, you know we'd still have to live somewhere, right?That's what I figure. Unless I'm planning to move to a completely different area where the housing values are way lower, the fact that mine shoots up 25% is irrelevant because I'm just going to have to pay that much more for something else in the area, so I mainly ignore Zillow, and use a super conservative estimate for my net worth calcs.
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bean29
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Post by bean29 on Jul 2, 2021 13:41:46 GMT -5
When I look at House Porn, I always look at the Selling Price vs. the Current Assessment/Current Taxes. If you pay 1.5-x times the current assessment for the property, you can bet the taxes will go up 1.5-2x too. It usually puts an end to my thoughts on selling the existing house and buying something else.
I will not take a chance selling my house unless I know I have another suitable property to live in. I think that is more likely when we are done paying for the house - about 8 years down the road. At that point, I call buy a new one and then sell the old one w/o worrying about having to make 2 house payments.
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TheOtherMe
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Post by TheOtherMe on Jul 2, 2021 13:48:17 GMT -5
If I were to sell my house, it would be because I am going to senior living apartments.
Once the organizing is done, that could actually happen. 2 bedrooms 2 baths are going for less than my mortgage in a newly built senior complex two towns over from me. Has underground heated garage, etc. It's not connected to any other elder facility so it is an apartment building.
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Ava
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Post by Ava on Jul 2, 2021 16:03:31 GMT -5
Yes, the prices are good, but out of my reach. We're talking doubling my housing costs, or more. Would it really be though? Maybe you could get more than you thought for yours? And weren't you at a higher interest rate but it was too hard to refinance due to being such a small mortgage? (I could have you confused with someone else).
I'm all for shoveling as much as possible into retirement accounts, but loving where you live now is important too.
Thanks for the support and encouragement. But it's not doable. Even if I stopped retirement contributions completely, I couldn't afford it. Zillow has my condo at $79,200 now, went down a little bit. The number sounds reasonable. The condos at the beach start at $175,000, but it's a sellers market so I'm sure they'll go for more. I make $72,000 including bonus. It's not possible. My mortgage is small, but I would be lucky to clear $15,000 from my condo sale. I know loving where you live is important. But as much as I like the coast and the beach, I'm only in CT because of my job. Selling and buying real estate, moving, it's incredibly stressful and expensive. All to be 30 miles from where I live now. Don't get me wrong, I'll keep my eyes open and if a fantastic opportunity presents itself I'll jump on it.
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Ava
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Post by Ava on Jul 2, 2021 16:06:40 GMT -5
If I were to sell my house, it would be because I am going to senior living apartments. Once the organizing is done, that could actually happen. 2 bedrooms 2 baths are going for less than my mortgage in a newly built senior complex two towns over from me. Has underground heated garage, etc. It's not connected to any other elder facility so it is an apartment building. As you probably know I live in a condo. It has its issues, such as sometimes you get noisy neighbors, and people are close to you so you don't get the same privacy as a stand alone house. But when I see the time and cost single home owners have to budget for, I'm so grateful I live in a condo. If you find a good handyman, you're only responsible for the interior of the unit, and you're easily set. My handyman comes in every six months or so to take care of things broken, improvements, etc. and he's here for a few hours. Other than that, maintenance free living.
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CCL
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Post by CCL on Jul 2, 2021 17:01:47 GMT -5
We're getting killed with calls to sell our properties. I bet we are getting one a day right now. It's aggravating to say the least. We get letters and postcards from the realtors. I'm not selling my house. I've got a pretty sweet deal livin here. They can go stalk someone else.
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