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Sniper

Current Housing Market - Post Pandemic

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1 hour ago, Displaced Texan said:

Just got our quote for moving to Texas. Not as bad as I had planned on. 
 

Prices drop a little in November, maybe we will be able to hold out closing a little.
 

Pics getting taken Monday. 

25 days until the house goes live. 
 

Getting excited. 

 

Bringing back memories... went thru this late March of 2020, just as businesses started freaking out and shutting down. Photographer bagged out night before, same for the guys to power wash the house and clean the windows. This all 5 days before scheduled listing lol. Fortunately our realtor had a backup photo guy who did a excellent job. And got other power washers next day. Also lost the opportunity for an open house showing as all the realtors shut them down weekend before.. Some agents wouldn't even do private showings, which I would've screamed bloody hell about but our agent was a champ and we were under contract full price in 10 days. Now you can't list them fast enough and are selling record highs. Good luck and congrats on your sale and move.

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17 minutes ago, siderman said:

Bringing back memories... went thru this late March of 2020, just as businesses started freaking out and shutting down. Photographer bagged out night before, same for the guys to power wash the house and clean the windows. This all 5 days before scheduled listing lol. Fortunately our realtor had a backup photo guy who did a excellent job. And got other power washers next day. Also lost the opportunity for an open house showing as all the realtors shut them down weekend before.. Some agents wouldn't even do private showings, which I would've screamed bloody hell about but our agent was a champ and we were under contract full price in 10 days. Now you can't list them fast enough and are selling record highs. Good luck and congrats on your sale and move.

Thanks. 
It’s getting exciting. 
Purged of everything we don’t want and mostly all packed. Staging the house this weekend for pictures. 
 

The house across the street from us sold in under a week, over asking price. The first day on market they had a line of people waiting their turn for the showing. That was kind of cool to watch. 
I think we’ll do ok. 

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5 hours ago, Displaced Texan said:

Thanks. 
It’s getting exciting. 
Purged of everything we don’t want and mostly all packed. Staging the house this weekend for pictures. 
 

The house across the street from us sold in under a week, over asking price. The first day on market they had a line of people waiting their turn for the showing. That was kind of cool to watch. 
I think we’ll do ok. 

if only the people buying knew the direction that town's taking......

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I am still about a year out, my son will be a senior in HS this year, but once he is off to college we are good to go.  

I left my corporate job this spring after 22 years for a remote job, honing a skill set that allows me to work remotely.  14 months and counting!

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On 7/11/2021 at 11:17 AM, Sniper said:

Had a conversation last night with my daughter-in-law, who's in the real estate business regarding the upcoming eviction and foreclosure moratorium coming up at the end of the month.

Cliff notes version: These current high prices will be ending soon. If you're looking to sell, we're close to the top on prices. If you're looking to buy, try to hold out, as more inventory will be coming on the market, pushing prices down.

She gets access to the "heat maps" of people in pre-foreclosure. She says the list is off the chart, tons of houses are in this status. Now, some with do a mortgage modification, and roll past due balances back into their loans. But, she said many people have passed that window of opportunity to do that with their mortgage company. They will just "squat" and let the clock run out, just like back in 2008, but the numbers are WAY HIGHER this cycle. IN NJ, the process to foreclose can take years, specially with these high numbers.

If any of you remember looking around to buy in the last downturn, these pre-foreclosure houses ended up being in really bad shape, since people stopped doing maintenance on them. That pushed prices down too.

Regarding the rental evictions, all those tenants will never make up the overdue rent. They had a big party with all their stimulus dollars and UE kicker money. Even with evictions, it takes months to kick the freeloaders out. Then, where will they go and what landlord will re-rent to them, if they know they stiffed the last landlord?

Also, many ma and pa landlords stopped paying their mortgages without rent coming in. They are in the same boat as the homeowners above.

And, to add, these non payers of rent and mortgages in many cases, also stopped paying utilities and taxes. The utility moratorium is also coming to and end.

Bottom line, the current housing market will make 2008 look like a preschool party.

giphy.webp

More plans for us from the NWO.  Perhaps we won't be the world currency anymore.   School loans be damned.  

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Our house went on market 9/1. We actually had to cut off the showings, because we had such an overwhelming response. 
Had over 60 showings in 4 days, and 13 offers, all over asking. 
 

13.

We couldn’t believe it. This was an absolute roller coaster ride!! 
 

We accepted an offer yesterday, nicely over asking. Close date mid October. 
 

This is an insane market. 

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13 minutes ago, Displaced Texan said:

Our house went on market 9/1. We actually had to cut off the showings, because we had such an overwhelming response. 
Had over 60 showings in 4 days, and 13 offers, all over asking. 
 

13.

We couldn’t believe it. This was an absolute roller coaster ride!! 
 

We accepted an offer yesterday, nicely over asking. Close date mid October. 
 

This is an insane market. 

Yup. Imagine the perspective from a buyers point. Insanity on a whole new level. My niece in NJ said she has offered on 10 houses past yr and no luck.

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13 minutes ago, siderman said:

Yup. Imagine the perspective from a buyers point. Insanity on a whole new level. My niece in NJ said she has offered on 10 houses past yr and no luck.

I can only imagine from the buyers perspective…

 

We had a lot of solid offers. We didn’t accept the highest, but we took the one that seemed the most committed. She offered a nice chunk of cash up in escrow, and conventional financing. Well qualified buyer. 
That made the difference to us, knowing she was a committed buyer, with cash to put down. She waived inspection, which I found odd. Not that we have any issues with our house, but me, I wouldn’t even think of buying a house without an inspection. Most all the other offers waived inspection as well. 
 

We had a few VA/FHA offers that were above hers, but they weren’t putting much, if any money up front, and that kind of bothered us. I think nowadays, showing the commitment with cash up front is the key. Separates the men from the boys, so to speak. 
 

She wants to close by mid October to lock in her rate, and we will rent back from her for a couple of weeks to make the timing work for our move. 

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On 8/7/2021 at 8:10 AM, jm1827 said:

I am still about a year out, my son will be a senior in HS this year, but once he is off to college we are good to go.  

I thought the same thing, but wife decide that she wanted a place for the boys to come home to where their friends are, So that means 3-4 more years.

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On 9/5/2021 at 8:06 AM, Displaced Texan said:

I can only imagine from the buyers perspective…

 

We had a lot of solid offers. We didn’t accept the highest, but we took the one that seemed the most committed. She offered a nice chunk of cash up in escrow, and conventional financing. Well qualified buyer. 
That made the difference to us, knowing she was a committed buyer, with cash to put down. She waived inspection, which I found odd. Not that we have any issues with our house, but me, I wouldn’t even think of buying a house without an inspection. Most all the other offers waived inspection as well. 
 

We had a few VA/FHA offers that were above hers, but they weren’t putting much, if any money up front, and that kind of bothered us. I think nowadays, showing the commitment with cash up front is the key. Separates the men from the boys, so to speak. 
 

She wants to close by mid October to lock in her rate, and we will rent back from her for a couple of weeks to make the timing work for our move. 

Congrats.

We closed August 11.  Accepted bid mid June, so was sorta bummed it took so long to close, but close it did.  Check cleared, billed paid, mortgage closed, done and done.

We also didn't take the highest bid.  We took the bid where they put 20% down and were easily approved for the rest.

I've been a Florida resident officially since early April, reaping the benefits of not paying NJ taxes.  

I've actually gotten to know the new owners of our house and he drops me an email when he's got questions.  I was up there helping my neighbor move since they sold at the same time, with the same realtor.   The new owner was there and we spent 3 hours going over all the stuff you need to know about my old house.   Nice guy, glad they got the place, they won't cut all the trees down and turn it into an AirBNB or something.

I was up in NJ for a week at Ocean City and we left a day early because of IDA.  We stayed up there with her parents in Cherry Hill for a few days after IDA went through and was eating at Ponzios when those Tornados went through.  Every phone in the place went off at the same time "Seek shelter immediately".

Ah, I now prefer the Hurricanes, you get a lot more advanced notice :)

 

 

 

 

 

 

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On 9/5/2021 at 7:54 AM, siderman said:

Yup. Imagine the perspective from a buyers point. Insanity on a whole new level. My niece in NJ said she has offered on 10 houses past yr and no luck.

my cousins son says the same. every house he makes a offer(bid?) on, he gets out offered(bid?) by at least 40k.

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On 9/5/2021 at 7:54 AM, siderman said:

Yup. Imagine the perspective from a buyers point. Insanity on a whole new level. My niece in NJ said she has offered on 10 houses past yr and no luck.

my cousins son says the same. every house he makes a offer(bid?) on, he gets out offered(bid?) by at least 40k.

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On 9/5/2021 at 8:06 AM, Displaced Texan said:

I can only imagine from the buyers perspective…

 

We had a lot of solid offers. We didn’t accept the highest, but we took the one that seemed the most committed. She offered a nice chunk of cash up in escrow, and conventional financing. Well qualified buyer. 
That made the difference to us, knowing she was a committed buyer, with cash to put down. She waived inspection, which I found odd. Not that we have any issues with our house, but me, I wouldn’t even think of buying a house without an inspection. Most all the other offers waived inspection as well. 
 

We had a few VA/FHA offers that were above hers, but they weren’t putting much, if any money up front, and that kind of bothered us. I think nowadays, showing the commitment with cash up front is the key. Separates the men from the boys, so to speak. 
 

She wants to close by mid October to lock in her rate, and we will rent back from her for a couple of weeks to make the timing work for our move. 

Congrats Tex, I think you timed your exit near perfectly.

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On 9/5/2021 at 8:06 AM, Displaced Texan said:

I can only imagine from the buyers perspective…

 

We had a lot of solid offers. We didn’t accept the highest, but we took the one that seemed the most committed. She offered a nice chunk of cash up in escrow, and conventional financing. Well qualified buyer. 
That made the difference to us, knowing she was a committed buyer, with cash to put down. She waived inspection, which I found odd. Not that we have any issues with our house, but me, I wouldn’t even think of buying a house without an inspection. Most all the other offers waived inspection as well. 
 

We had a few VA/FHA offers that were above hers, but they weren’t putting much, if any money up front, and that kind of bothered us. I think nowadays, showing the commitment with cash up front is the key. Separates the men from the boys, so to speak. 
 

She wants to close by mid October to lock in her rate, and we will rent back from her for a couple of weeks to make the timing work for our move. 

my understanding is that most buyers are waiving inspections at this point just to get in.

 

 this would be the perfect time for me to sell the pile of bricks that i call a house. mine's so old that there is little to no value in the house itself. my property is zoned as 2 lots. that's where the value is. i'd sell in a heartbeat if not for the promise i made to mom. legally i can easily break that promise and clean house. pun not intended. but morally i can't do it. i'm (as stated multiple times elsewhere) stuck here till moms time comes. and to be honest, i don't want that time to come too soon.

also congrats on the escape

i found a youtube channel....east texas real estate.

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Buyers that need a mortgage are probably in a hurry in part to get that rate lock.  I’m surprised the underwriters don’t require an inspection.  Even something basic. Water and termite damage can really kill a home’s value.

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20 hours ago, DirtyDigz said:

Congrats Tex, I think you timed your exit near perfectly.

Thanks. We do too. 
 

6 hours ago, Kevin125 said:

Buyers that need a mortgage are probably in a hurry in part to get that rate lock.  I’m surprised the underwriters don’t require an inspection.  Even something basic. Water and termite damage can really kill a home’s value.

I’m also shocked that buyers are turning down inspections. I’m even more shocked that lenders are making loans without inspections. 
 

Whatever…show me the money! Lol

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27 minutes ago, Displaced Texan said:

Thanks. We do too. 
 

I’m also shocked that buyers are turning down inspections. I’m even more shocked that lenders are making loans without inspections. 

I wonder if they are?  In the insanely hot market in which we're looking (the lake district of northern Idaho), the properties are being snatched up for cash offers, inspection waived.  Offers contingent on a mortgage, even preapproved, aren't getting much attention.

So we are really hoping things cool off by next year...

 

(Edit:  I see your buyer did have a mortgage to cover part of the sale price, and also waived the inspection...so I also wonder what the lenders are thinking.)

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25 minutes ago, 10X said:

I wonder if they are?  In the insanely hot market in which we're looking (the lake district of northern Idaho), the properties are being snatched up for cash offers, inspection waived.  Offers contingent on a mortgage, even preapproved, aren't getting much attention.

So we are really hoping things cool off by next year...

 

(Edit:  I see your buyer did have a mortgage to cover part of the sale price, and also waived the inspection...so I also wonder what the lenders are thinking.)

the lenders are seeing guaranteed future income. even if the borrowers default, then the lenders just take the home(like we all don't see THAT coming within the next 3 to 5 years) and resell. either way they make money.

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7 hours ago, Displaced Texan said:

I’m also shocked that buyers are turning down inspections. I’m even more shocked that lenders are making loans without inspections. 

A homeowner's inspection and a mortgage company appraisal are two completely different things. A home inspection is far more detailed and will help protect the buyer from unexpected repair costs down the road. The appraisal is just for the mortgage company to assess the loan to value ratio. There is a wider acceptable margin of error on the appraisal if the buyer is putting 20% down. The appraisal would have to be really inaccurate for the bank to lose.

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3 hours ago, Mr.Stu said:

A homeowner's inspection and a mortgage company appraisal are two completely different things. A home inspection is far more detailed and will help protect the buyer from unexpected repair costs down the road. The appraisal is just for the mortgage company to assess the loan to value ratio. There is a wider acceptable margin of error on the appraisal if the buyer is putting 20% down. The appraisal would have to be really inaccurate for the bank to lose.

Im acutely aware that appraisals and inspections are completely different things. 
I’m also aware that my bank required not only an appraisal, but an inspection, before making the loan on my house 15 years ago. 
Lenders don’t want to loan $$ on a property that has, for example, foundation issues, or extensive termite damage, as it affects the value of the property. Even making the property unsellable in some cases. 
That type of damage may, or may NOT, be found in a simple appraisal. 
 

Maybe they are doing it differently these days, but I was surprised that BOTH were not required by the lender. It sure was when I bought. 

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1 hour ago, diamondd817 said:

So, you're saying it's a good time to be a real estate agent?

My buddy told me it's actually harder because the inventory is low, so you're not listing as many houses as normal and your clients are not always the one winning the buying bids either. 

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13 hours ago, Displaced Texan said:

Maybe that’s the new way of doing things. Like I say, my lender required appraisal and inspection. 
 

I did conventional, vs VA (VA is a nightmare in itself). 

 

I know our buyers did every inspection.

They even brought out their own guy with ground penetrating radar to look for a buried oil tank.  The house never had a furnace of any kind before 2012, but I guess they wanted proof.

Their inspector was a moron.  Said the sump pump didn't work.  First of all there are three of them, not one.   They all work.  A main pump an incidental pump and a main backup.   Easy way to test...fill the pit with water...oh look at that, it goes away.  Dumbass.

Also claimed the front steps didn't have a rail.   Odd that, he had to LEAN ON THE RAIL to take the picture of the space where there was no rail.  Again, dumbass.

Also claimed the floor to the crawlspace was missing insulation.  Again, dumbass, you don't put insulation between heated spaces so he apparently didn't see the radiator right there in front of him, hanging in the joists.   

I wrote a nice passive aggressive refutation to all his nonsense as there were a bunch of little nitpicks.   "Outlet has no ground".   Ah, yeah, that's why those old outlets don't have the third leg, they were built in the 1940s!   There are three original outlets in the house and they are ungrounded.   Not a crisis, it's been like that for 65 years!

 

 

 

 

 

 

 

 

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