Buying a Home is a Headache

[Skooby]

PMI is for the life of the loan. when did you purchase

I thought PMI drops once you reach 20% equity.

 

[TheNig]

$300k gets you 4500sqft here in Houston

Not quite but you're not that far off the mark.

 

[dora_da_destroyer]

Open floor plan >> boxed off rooms. If you’re into formal entertaining, I guess, but I’d rather a kitchen flow out into my dining room so I can still talk with folks while finishing up a meal or playing things

as to smaller bedrooms, one, are you seeing these unfurnished? Rooms look incredibly smaller unfurnished so you’ll be surprised what they can hold when you get furniture in them. Two, people do that as they expect people to spend more time in the core rooms of the home, not kicking it in their bedroom.

lastly, look in different areas if you’re dead set on one area, you’re beholden to the aesthetic of that area

 

[TheNig]

Man Doc i wish i had that...im in the process of trying to buy again

im waiting to hear what my credit union is going to pre approve me for....massachusetts real estate is something else ...but i finally found a property that its in my price range im looking for and decent area that is worth a pursuit and schedule a look at

Pretty much the same thing Pat. I think we're finally comfortable with the area we want. Despite the madness of last year, I still made slightly over $100k.

We've just gotten to a point where we're tired of overpaying these ridiculous landlords.

 

[dora_da_destroyer]

It's a sellers markert breh. Buyers are taking Ls. Bidding against other buyers like idiots. And dumb mfers from California and Michigan over paying for everything

Yes they are, I just got 150k over asking on a property I’m selling and all buyers waived all contingencies

Cali real estate FTW

 

[Originalman]

You are in a market filled with people who are sick of their apartments with 2-3 adults and then add children etc, looking for more space. They will pay whatever it cost to leave. This is not the market where you'll get your "dollars worth". This recession will come in waves and currently people are prepared with cash on hand. It'll be another year or two before the housing market is really affected - if the government/banks does not find a viable solution.

Ding ding ding we have a winner. Folks thing this is 2008 and 2009 market. It ain't. For all the government faults they didn't sit on their asses and actually got some money and unemployment benefits to folks this time and suspend evictions.

All that shyt didn't happen in 2008 and 2009. Plus interest rates are low and the bailout went to companies. So big time investors have more to buy property and regular folks who didn't lose their jobs want to get out of their apartments and buy homes. Plus regular folks have been able to stack bread.

OP if you really want a certain house I would say hold off until late 2021 and see if the market cools off. By then shyt you may have even more saved up for a down payment to buy what you want.

But right now all this shyt overpriced and the summer is coming so prices about to jump again.

 

[Originalman]

In this kind of market sellers will laugh you out the door coming in with NACA

Yeah if its a hot area they ain't waiting for that NACA long process.

 

[Originalman]

Yes I think so. Many of theses banks aren't putting the payments at the end of the loans. So when the forbearance is over the lump sum of these payments will come due.

On top about because these people aren't making their house payments they aren’t paying their TAXES either.

"Mortgage forbearance reached a peak in May 2020, with more than 4 million U.S. mortgages in forbearance, which represents about 8% of outstanding mortgages and $1 trillion in mortgage debt. Overall, through forbearance, homeowners have delayed about $4 billion in mortgage payments each month."


It's going to be ugly. If you have cash on hand you'll be able to clean up

^This

 

[dora_da_destroyer]

Old homes are more quality material. Real brick, no cheap shyt and not thrown together.

This, there’s a reason homes built in 1920 are still standing.

you’ll definitely run into issues around insulation, heating, electrical, plumbing in a old home if it hasn’t been updated recently, but upgrading those things to modern standards in a solidly built home - real brick/stone, real hardwood floors, heavy plaster walls (not drywall), etc is worth it

 

[Vinny Lupton]

For my loan they looked at the checking and savings for the previous two months, and they checked for overdrafts for up to six months I believe.

That's not that bad. I had a bad habit of buying dumb shyt on my business debit but I stopped. If can do that on my personal too

 

[Offthegrid]

What's the difference between rent to buy n mortgage loans? Serious question im thinking bout getting a house in ga in the next 5 yrs ill be 38 im still enjoyin the bachelor pad condo living in the sky lookin over the lake.

 

[Rell Lauren]

It's a sellers markert breh. Buyers are taking Ls. Bidding against other buyers like idiots. And dumb mfers from California and Michigan over paying for everything

Yep. People are fleeing the cities and others are feeling the pain of their willingness to overpay by large amounts. A former coworker of mine sold her home for tens of thousands more than she had it listed for. It's going to be like this for the next few months at minimum especially if you're looking to move to or within in an demand state right now (MT, WY, ID, TN, NC, TX, FL).

 

[September]

Thanks for this thread OP. Interesting to read everyone’s stories.

I’m in NYC so I can’t even fathom such low housing prices. I want to go to upstate NY, but so does everyone else and locals are saying the same thing - housing is going for wayyyy above market and getting snapped up.

I’m okay with living 90 minutes out of the city somewhere in the Hudson Valley if it means I get to have a farm. Ultimately, I want a homestead with a 3 BR min, and I’ve been seriously considering buying land and building from scratch. I’m not sure that I’ll find what I’m looking for

 

[dj-method-x]

Hey @Booksnrain I'm peeping this thread hella late so sorry if this has been asked/talked about already.

With your budget have you given any thought to buying a fixer upper instead of a newer home? You can do A LOT with your current budget. Sure it will take longer to get what you want, but with the right general contractor you can pretty much build the house you want by buying a beat up house and renovating. You can then refinance and get most of the money you put in back out (including down payment). You should definitely look into this.

I agree with a couple of the posts on the front page that it's definitely a Seller's market right now. Housing inventory is scary low right now which is driving the prices way up.

Personally I'd probably never buy a newer turnkey home.

 

[Rell Lauren]

I don’t understand why builders are building small rooms now either. Their has to be logic to it.

The "large" living room style is in. I've been researching condos along with "luxury" apartments in NYC and it's all trending this way in the newer developments.