And what makes it easier or harder
Coli homeowners how stressful/ tedious is the home buying process
- Thread starter BrothaZay
- Start date
The easiest thing right now is getting approved. The hardest thing is getting your offer accepted as it’s a sellers market and home are going well above the asking price. I gave up. I’m gonna chill out and wait. More than likely going to do new construction when there aren’t delays and increased prices.
levitate
I love you, you know.
Fairly simple actually.
Make a list of must-haves.
Determine how much you can afford.
Connect with your bank to get pre-approved.
Connect with a local realtor and start looking at homes.
For us, the process from deciding to buy to putting in an offer took less than a month.
Make a list of must-haves.
Determine how much you can afford.
Connect with your bank to get pre-approved.
Connect with a local realtor and start looking at homes.
For us, the process from deciding to buy to putting in an offer took less than a month.
It can be pain in the ass.
The loan process is tedious. Make sure you have a your finnancial paperwork together to make it easier.
I got lucky and my 1st offer was accepted. Bidding wars suck.
WTH is going on with the housing market? Is this another bubble? I'm looking to move into that field because it's red hot right now.
Housing Market Predictions 2020 & 2021: Crash or Next Boom?
Buyers have been looking for signs of a slowdown in the housing market that has been red hot since its post-pandemic recovery but the prices continue to skyrocket. We need more new home supply to add to inventory and slow these sharp price increases, The asking prices are soaring in double-digits (nearly 13 percent over last year) with the first week of November marking the 13th consecutive week of double-digit price appreciation.
Nah it is not fairly simple at all.
What irritated me the most was the numerous phone calls I had to partake in. The documents u needed to gather. And how u needed to justify the source of all the money you’re putting up if u have it in different banks.
I don’t know how cats be moving around every couple of years. Folks got way too much time on ya hands.
The best thing you can do is be 100% ready before you even start preapproval.
That means have all the funds + extra readily available in an account that can write checks
Have all your work history for at least the last 2 years
Be able to explain any large transfers in your bank account
Have all your tax info (of course)
Also, know what power you have and what you can ask once you execute a contract.
See a tree hanging too low near the roof? You can have the owner cut that before you buy
See a broken tile in the kitchen floor? You can have the owner repair that
etc etc
However... some people just really have a hard time actually finding a home they like. They'll look at 100 homes and only like 3. If that's you... it will be a difficult process regardless
That means have all the funds + extra readily available in an account that can write checks
Have all your work history for at least the last 2 years
Be able to explain any large transfers in your bank account
Have all your tax info (of course)
Also, know what power you have and what you can ask once you execute a contract.
See a tree hanging too low near the roof? You can have the owner cut that before you buy
See a broken tile in the kitchen floor? You can have the owner repair that
etc etc
However... some people just really have a hard time actually finding a home they like. They'll look at 100 homes and only like 3. If that's you... it will be a difficult process regardless
levitate
I love you, you know.
It was simple for us...
I mean providing all the required documents was tedious but it wasn’t calculus.
MoveForward
Veteran
Very easy, just have your down payment ready, access to check stubs, tax returns, and know if you want to go conventional or FHA. Also, knowing the area you would like to reside in and the style of home you're looking for helps.
At most the bank will keep asking for bank statements... Unorganized people act like it's a hard process.
At most the bank will keep asking for bank statements... Unorganized people act like it's a hard process.
My home girl did that shyt in a two weeks I still have no idea how .
She said the folks involved wanted to get it done .
They made everything happened .
WTH is going on with the housing market? Is this another bubble? I'm looking to move into that field because it's red hot right now.
Housing Market Predictions 2020 & 2021: Crash or Next Boom?
Buyers have been looking for signs of a slowdown in the housing market that has been red hot since its post-pandemic recovery but the prices continue to skyrocket. We need more new home supply to add to inventory and slow these sharp price increases, The asking prices are soaring in double-digits (nearly 13 percent over last year) with the first week of November marking the 13th consecutive week of double-digit price appreciation.
I would like someone to elaborate as well why is it booming? I was expecting a drop eventually but damn.
I’m in the industry and I’m at a loss for words. I was eyeing a new build right before the shutdown, price has increased 40k. It’s ridiculous.WTH is going on with the housing market? Is this another bubble? I'm looking to move into that field because it's red hot right now.
Housing Market Predictions 2020 & 2021: Crash or Next Boom?
Buyers have been looking for signs of a slowdown in the housing market that has been red hot since its post-pandemic recovery but the prices continue to skyrocket. We need more new home supply to add to inventory and slow these sharp price increases, The asking prices are soaring in double-digits (nearly 13 percent over last year) with the first week of November marking the 13th consecutive week of double-digit price appreciation.
Less inventory more buyers. Lower interest rate. It’s possible after the vaccine is released and foreclosures is lift, it’s possible prices may drop due to more houses on the market.
Historic low interest rates means cheap money for borrowers. In addition the scarcity of Housing inventory are major factors of the current home prices.