I am in the process of house shopping, with the intent to start looking seriously in the January - March window. Having only bought one house in my life - and this was during the Great Housing Cock-Up known as the 2008 housing bust - I'm coming at this mostly blind. So I come to you, my wise and brilliant friends. (Yes, you as a group really are the wisest and smartest people I know. Yes, I need to get out more.)
Since last year, I've been working my butt off to improve my credit score so that I can get the best deal available. Due to a number of back-to-back medical issues that came up, I was at one time something like $20k in medical debt. I am now down to $2400 in debt, and that will be paid off by February. My credit still isn't great, but it's much better, and I definitely qualify for an FHA loan. I got the name of a lender from a friend and sent him an email last night. He suggested that I go ahead and get pre-approved, even though I'm not planning to buy until a little later. He said that it will give me some flexibility now, and I can see where to make changes to get the best deals when I am ready.
Given my first experience buying a house, I'm leery. I've done a budget, and I know what I won't go over. But will applying to be pre-approved this early do something to my credit? Is that really the best way to do it? What does that mean, anyway, being pre-approved? I know it means that on a high level I qualify for $X for a mortgage, but what else? How will it give me flexibility?
Help a girl out, please. :)
Don't buy in Santa Cruz. That is my advice.
Quote from: PDH on August 25, 2020, 05:31:10 PM
Don't buy in Santa Cruz. That is my advice.
*takes notes*
I have no helpful advice...but I was on Zillow looking at floating homes in the Portland area just now. :P
Well first figure out where you want to live, last I heard you want to move to the disgusting, vile, area known as the east coast :x
Quote from: merithyn on August 25, 2020, 05:17:24 PM
Given my first experience buying a house, I'm leery. I've done a budget, and I know what I won't go over. But will applying to be pre-approved this early do something to my credit? Is that really the best way to do it? What does that mean, anyway, being pre-approved? I know it means that on a high level I qualify for $X for a mortgage, but what else? How will it give me flexibility?
Help a girl out, please. :)
getting pre-approved means you can buy the house right away, no need to be conditional about it. It expedites the process, and could help you get a lower price, if the seller is inclined to negotiate.
It won't impact your credit score. However... If you don't plan on buying until 6 months from now, it won't do much... You credit score could change for better or for worst and that will be impacted in the amount you can borrow. Being pre-approved is usually done a couple of months before you start looking.
Go ahead, if you find the right deal soon, you'll have your loan at the ready. If not re-qualify later.
Have a great mortgage broker and a fierce realtor who really knows the area. I shopped for both of those before I shopped for a house and it really helped a ton.
There is really no substitute for experienced professionals on your side for something like this.
Also: a good home inspector. Preferably a former contractor.
Pre approval for me, it does 2 things.
1. You find out how much the bank thinks you can spend, you should spend less.
2. Tells your prospective seller that you are in the right market and did not just offer 500k on a 250k pre-approval.
Quote from: viper37 on August 25, 2020, 06:14:25 PM
getting pre-approved means you can buy the house right away, no need to be conditional about it.
I'll try to come back later with more extensive advice, but the above is bad advice. Even if you're pre-approved, you need to make the sale conditional on financing. Pre-approval doesn't mean anything is guaranteed. If you are pre-approved though that means you can put a much tighter window on the financing condition (just a few days instead of a few weeks).
Quote from: Tonitrus on August 25, 2020, 05:54:19 PM
I have no helpful advice...but I was on Zillow looking at floating homes in the Portland area just now. :P
I'm looking.... elsewhere. :ph34r:
Quote from: katmai on August 25, 2020, 06:09:17 PM
Well first figure out where you want to live, last I heard you want to move to the disgusting, vile, area known as the east coast :x
Probably east but not that far east. :P
Quote from: Valmy on August 25, 2020, 06:19:00 PM
Have a great mortgage broker and a fierce realtor who really knows the area. I shopped for both of those before I shopped for a house and it really helped a ton.
There is really no substitute for experienced professionals on your side for something like this.
Also: a good home inspector. Preferably a former contractor.
How did you shop for them?
Quote from: merithyn on August 25, 2020, 10:01:34 PM
Quote from: Valmy on August 25, 2020, 06:19:00 PM
Have a great mortgage broker and a fierce realtor who really knows the area. I shopped for both of those before I shopped for a house and it really helped a ton.
There is really no substitute for experienced professionals on your side for something like this.
Also: a good home inspector. Preferably a former contractor.
How did you shop for them?
In my case I asked around for recommendations. But I think websites like zillow have reviews for your local area of realtors. You might ask around your office that is how we found some good people.
Edit: Oops you are going out of area. You probably need to search online then unless you just happen to know people where you are going.
Okay, so let's see... I'm hardly a professional, but I'm on my third house plus worked for some residential RE lawyers in my pre-Crown days.
The old joke is true: the three important things in buying a house are location, location, and location. Mrs B and I put in a couple offers on a very nice house in Edmonton, but later realized (after the deal didn't go through) it was in a terrible location - we're much happier in our current neighbourhood. That's tough if you're moving to anew area. As much as you're probably excited to buy, if you're moving I would strongly recommend renting to start just so you get a sense for which neighbourhoods you're interested in. This is what we did moving to Yukon - rented for the first year.
By all means get pre-approved, but as I suggested being pre-approved doesn't necessarily mean that much. It does mean the bank won't laugh at you if you apply for a mortgage, but they will still want to appraise your new home to make sure it's worth what you're paying for. And by all means do not borrow as much as they will offer to lend you!
Of course go in with an agent. Try to find someone you can trust. Again, hard to do from afar which is why renting for a short period of time makes sense.
There's not much I can say about looking at houses themselves - you'll know what you like much more than I will. Do try to not be taken in by the house that presents well - try to look at the "bones" of the house as much as possible. Walls can be painted, dirt can be cleaned.
Quote from: Barrister on August 25, 2020, 10:41:04 PM
Of course go in with an agent.
Why of course? What are you getting for 6% of the sale price?
For the record, I'm looking at moving to a place I know with friends in the city. So I'm not going into a place blind. I know the area well enough, so while I could rent for a year, I'd rather not. It may be stupid, but I've wanted my own house for a very long time. I just want to see what my options are. I didn't know if the pre-approval process is a good indicator, or if it would be a mark against my credit, making things harder later.
Reminds me of my in-hindsight-hilarious series of house viewings before we bought ours. Each one was a different horror show, with retrospective nicknames to match.
There was cigarette house, the cliff house, the Boo Radley house (that one was just effing wierd) ...
Every time we found a place that wasn't horrible, we would put in a bid ... and get hammered in a bidding war by someone bidding a tens of thousands more than us. It was very discouraging.
That was buying in Toronto, notoriously a tough market for buyers. Hopefully your experience won't be as painful!
The area I'm looking at isn't anywhere near that kind of "hot market". :lol:
Buy all cash.
Quote from: Admiral Yi on August 25, 2020, 10:53:20 PM
Quote from: Barrister on August 25, 2020, 10:41:04 PM
Of course go in with an agent.
Why of course? What are you getting for 6% of the sale price?
Commission is paid by the seller, not the purchaser.
Quote from: merithyn on August 25, 2020, 10:54:09 PM
For the record, I'm looking at moving to a place I know with friends in the city. So I'm not going into a place blind. I know the area well enough, so while I could rent for a year, I'd rather not. It may be stupid, but I've wanted my own house for a very long time. I just want to see what my options are. I didn't know if the pre-approval process is a good indicator, or if it would be a mark against my credit, making things harder later.
Friends in the city are not you. They may well have different interests than you do.
One year from now will happen very soon. I well appreciate you'd rather not rent for a year. Nevertheless, it's the smarter decision.
How much time are you likely to live in the house? If it is a long time then really liking the house is a high priority; if it is for a short time then the ability to sell it on quickly is important.
Where in Spain are you looking to buy a house?
Quote from: merithyn on August 25, 2020, 11:27:18 PM
The area I'm looking at isn't anywhere near that kind of "hot market". :lol:
Be thankful. That was a very unpleasant experience. Renting an apartment without clothes washing facilities, about to have a baby in the family, and trying to buy a house before the baby shows up ... in a market where ferocious bidding wars were the norm ... did not make for serenity. 😄
Quote from: Maladict on August 26, 2020, 03:25:52 AM
Where in Spain are you looking to buy a house?
That's opened up a little. I was looking near Barcelona - and that's still my preferred area - but I've also looked further north, up on the coast north of Madrid. But that's a second house. :) For later. Right now, I'm looking in the US for a permanent home here.
Quote from: Barrister on August 26, 2020, 01:28:45 AM
Quote from: merithyn on August 25, 2020, 10:54:09 PM
For the record, I'm looking at moving to a place I know with friends in the city. So I'm not going into a place blind. I know the area well enough, so while I could rent for a year, I'd rather not. It may be stupid, but I've wanted my own house for a very long time. I just want to see what my options are. I didn't know if the pre-approval process is a good indicator, or if it would be a mark against my credit, making things harder later.
Friends in the city are not you. They may well have different interests than you do.
One year from now will happen very soon. I well appreciate you'd rather not rent for a year. Nevertheless, it's the smarter decision.
Again, I'm looking at my options. :) It may well be that a lender suggests that, too, for other reasons. I just wanted to know what impact asking for a pre-approval might have.
So weird to see estate agents talked about as a valued professional :mellow: :hmm:
I assume they are different in North America.
I've never bought so have nothing of value to offer, but one thing I know from friends and family is always insist on a full survey :ph34r:
Quote from: Barrister on August 26, 2020, 01:25:13 AM
Quote from: Admiral Yi on August 25, 2020, 10:53:20 PM
Quote from: Barrister on August 25, 2020, 10:41:04 PM
Of course go in with an agent.
Why of course? What are you getting for 6% of the sale price?
Commission is paid by the seller, not the purchaser.
Why would the seller a) pay for your agent and b) not add it to the sale price? :huh:
Quote from: Sheilbh on August 26, 2020, 11:22:41 AM
So weird to see estate agents talked about as a valued professional :mellow: :hmm:
I assume they are different in North America.
I've never bought so have nothing of value to offer, but one thing I know from friends and family is always insist on a full survey :ph34r:
So much is about negotiating the contract. A realestate agent who kicks ass has saved me so much money over the years.
Also: they are very familiar with the local builders and the local housing stock.
If they are good, of course. There are lots of them and most of them suck so that is a problem.
A survey of the property is usually a requirement isn't it? I guess I just assumed it was since the seller always provided me with one.
Quote from: Tamas on August 26, 2020, 11:23:48 AM
Why would the seller a) pay for your agent and b) not add it to the sale price? :huh:
It is part of the closing costs. Most sellers want to sell their property so...
And I don't get "add it to the sale price" as if sellers are not out to sell their property for as much as they can anyway. So what? Now they are going to really really really want to sell it for more instead of really really wanting to?
Quote from: Sheilbh on August 26, 2020, 11:22:41 AM
So weird to see estate agents talked about as a valued professional :mellow: :hmm:
I assume they are different in North America.
I've never bought so have nothing of value to offer, but one thing I know from friends and family is always insist on a full survey :ph34r:
What Valmy said. As for the survey, a full inspection is required for the type of loan I'm getting, so that's a given. :)
Quote from: Valmy on August 26, 2020, 11:35:39 AM
Quote from: Tamas on August 26, 2020, 11:23:48 AM
Why would the seller a) pay for your agent and b) not add it to the sale price? :huh:
It is part of the closing costs. Most sellers want to sell their property so...
And I don't get "add it to the sale price" as if sellers are not out to sell their property for as much as they can anyway. So what? Now they are going to really really really want to sell it for more instead of really really wanting to?
Ok but it IS added to the sale price. You ARE paying for it.
Quote from: Tamas on August 26, 2020, 12:10:31 PM
Ok but it IS added to the sale price. You ARE paying for it.
How? They are going to charge as much as they can anyway, and as I said I have saved many times the commission from their services. So what? Get royally fucked to save a few pennies? That kind of thinking has gotten me in so much trouble in my life. Penny-wise, pound-foolish I believe the saying goes.
Besides I probably should pay for receiving services, particularly the large amounts of time these people have put in on my behalf.
Quote from: merithyn on August 26, 2020, 11:13:44 AM
Quote from: Maladict on August 26, 2020, 03:25:52 AM
Where in Spain are you looking to buy a house?
That's opened up a little. I was looking near Barcelona - and that's still my preferred area - but I've also looked further north, up on the coast north of Madrid. But that's a second house. :) For later.
Market in Barcelona is just insane.
Just for fun I looked at a flat with similar characteristics to the one I'm likely buying. I had to go out one hour away from Pl. Catalunya to see ONE listing for the same price.
For something in the city proper, I'd have to shell the equivalent of $800k plus costs. And that was a single listing as well, in the most popular website.
Quote from: Tamas on August 26, 2020, 12:10:31 PM
Quote from: Valmy on August 26, 2020, 11:35:39 AM
Quote from: Tamas on August 26, 2020, 11:23:48 AM
Why would the seller a) pay for your agent and b) not add it to the sale price? :huh:
It is part of the closing costs. Most sellers want to sell their property so...
And I don't get "add it to the sale price" as if sellers are not out to sell their property for as much as they can anyway. So what? Now they are going to really really really want to sell it for more instead of really really wanting to?
Ok but it IS added to the sale price. You ARE paying for it.
Yes & no.
Maybe you could have bought the house for cheaper if the seller was selling without an agent. But, that's a different situation. The seller is using an agent, so you will use one too. Plus, they handle a lot of paperwork.
When I bought my house the seller paid 5% in commission to the agents; 2% to his, 3% to mine.
Quote from: Tamas on August 26, 2020, 12:10:31 PM
Quote from: Valmy on August 26, 2020, 11:35:39 AM
Quote from: Tamas on August 26, 2020, 11:23:48 AM
Why would the seller a) pay for your agent and b) not add it to the sale price? :huh:
It is part of the closing costs. Most sellers want to sell their property so...
And I don't get "add it to the sale price" as if sellers are not out to sell their property for as much as they can anyway. So what? Now they are going to really really really want to sell it for more instead of really really wanting to?
Ok but it IS added to the sale price. You ARE paying for it.
It's being paid. :)
The houses that I'm looking at are in the $150,000 - $200,000 range. Two of the houses I'm interested in are $169,000 & $149,000. They set those prices because that's what they think someone will pay. I wouldn't offer more than $150,000 for the first and $140,000 for the second as a first offer because that's what I think they're worth based on the state of the houses, the areas where they are, and other houses in their general vicinity.
Yes, that 6% is expected to be paid by the sellers, but it's not part of the negotiation usually. If they want to sell to me at the price that I offer, they agree to that price for the house as well as the 6% cost of my realtor and the cost of their realtor.
Say the second house accepts the offer. Now I'm getting a mortgage for $140,000 minus my down payment (say $10,000). The seller is getting $140,000 minus realtor fees of $8,400 plus whatever they agreed to with their realtor (say 4% or $5,600). So they walk away with $126,000 minus whatever they still owe on the house. (There are a lot of other fees on both sides, but in general, that's the basics.)
All of this is known. None of it is a surprise. It's the system we buy and sell houses under.
Quote from: Iormlund on August 26, 2020, 12:27:50 PM
Quote from: merithyn on August 26, 2020, 11:13:44 AM
Quote from: Maladict on August 26, 2020, 03:25:52 AM
Where in Spain are you looking to buy a house?
That's opened up a little. I was looking near Barcelona - and that's still my preferred area - but I've also looked further north, up on the coast north of Madrid. But that's a second house. :) For later.
Market in Barcelona is just insane.
Just for fun I looked at a flat with similar characteristics to the one I'm likely buying. I had to go out one hour away from Pl. Catalunya to see ONE listing for the same price.
For something in the city proper, I'd have to shell the equivalent of $800k plus costs. And that was a single listing as well, in the most popular website.
I was looking in the Mataro area. I found a few places in the right price area inland a bit. Cel says that's around a 45-minute train ride into the city, which is what my current commute is. Doesn't seem too terrible.
Quote from: Sheilbh on August 26, 2020, 11:22:41 AM
So weird to see estate agents talked about as a valued professional :mellow: :hmm:
I assume they are different in North America.
I've never bought so have nothing of value to offer, but one thing I know from friends and family is always insist on a full survey :ph34r:
Yeah, I definitely noticed coming over an ingrained derision towards estate/letting agents that simply doesn't seem to exist in the US. You get some who simply seem to be principled in avoiding any agent costs (the For Sale By Owner type), and some letting agents(property management companies to us) can have a bad reputation individually...but not on such a wide scale.
Quote from: merithyn on August 26, 2020, 12:09:05 PM
Quote from: Sheilbh on August 26, 2020, 11:22:41 AM
So weird to see estate agents talked about as a valued professional :mellow: :hmm:
I assume they are different in North America.
I've never bought so have nothing of value to offer, but one thing I know from friends and family is always insist on a full survey :ph34r:
What Valmy said. As for the survey, a full inspection is required for the type of loan I'm getting, so that's a given. :)
An inspection is not the same as a survey. One looks at the condition of the property and the house/improvements; the other has to do with the precise dimensions of the land you are buying. It's not unknown for fences to be built on wrong side of the property line, etc. You also may want to note if there are structures that are nonconforming with local zoning regs as that might affect your ability to modify or renovate (or in extreme cases might need to be taken down).
Quote from: Tonitrus on August 26, 2020, 01:07:35 PM
Quote from: Sheilbh on August 26, 2020, 11:22:41 AM
So weird to see estate agents talked about as a valued professional :mellow: :hmm:
I assume they are different in North America.
I've never bought so have nothing of value to offer, but one thing I know from friends and family is always insist on a full survey :ph34r:
Yeah, I definitely noticed coming over an ingrained derision towards estate/letting agents that simply doesn't seem to exist in the US. You get some who simply seem to be principled in avoiding any agent costs (the For Sale By Owner type), and some letting agents(property management companies to us) can have a bad reputation individually...but not on such a wide scale.
They're marginally above journalists, but behind such esteemed professions as bankers, CEOs and local politicians :lol:
(https://www.ipsos.com/sites/default/files/inline-images/ipsos-mori-veracity-index-2019.jpg)
Quote from: Sheilbh on August 26, 2020, 11:22:41 AM
So weird to see estate agents talked about as a valued professional :mellow: :hmm:
The industries work differently in North America and over here. In NA it's quite common to hire an agent to find you a property and who will then search the market for something fitting your need and show you the properties, looking out for your best interest.
Whereas over here, generally, you're doing the research and then have to deal with whatever agent has the listing for the property, and who will often charge you for the pleasure while mostly looking out for the seller's interest, while putting in a minimum amount of effort towards the buyer. In case of rentals, it's often just unlocking the apartment so the interested person can have a look (guided tour?Ha!), and then preparing the papers afterwards.
Anecdotal evidence suggests that landlords/sellers are generally happy with an agent's services, whereas the buyers/tenants get no service and no value from the profession.
Quote from: The Minsky Moment on August 26, 2020, 01:12:58 PM
An inspection is not the same as a survey. One looks at the condition of the property and the house/improvements; the other has to do with the precise dimensions of the land you are buying. It's not unknown for fences to be built on wrong side of the property line, etc. You also may want to note if there are structures that are nonconforming with local zoning regs as that might affect your ability to modify or renovate (or in extreme cases might need to be taken down).
I think here there's a level of survey that's required by the bank, but you can get a more extensive survey - and I know a few family and friends who've had unexpected discoveries that eventually caused them to pull out. So I've just always been advised get the most in-deptch survey you can even if it's going beyond what the bank needs.
I think here with that sort of thing you'd get some form of indemnity insurance and there are long chains of indemnity insurance because it offers protection when you're selling on. Not sure who would spot those issues though - possibly solicitors.
Edit: Actually thinking back to my mandatory conveyancing course in law school, there's loads of different types of indemnity insurance you might get depending on any issues with the property and you all have to pass it on.
Quote from: Syt on August 26, 2020, 01:15:25 PMThe industries work differently in North America and over here. In NA it's quite common to hire an agent to find you a property and who will then search the market for something fitting your need and show you the properties, looking out for your best interest.
Whereas over here, generally, you're doing the research and then have to deal with whatever agent has the listing for the property, and who will often charge you for the pleasure while mostly looking out for the seller's interest, while putting in a minimum amount of effort towards the buyer. In case of rentals, it's often just unlocking the apartment so the interested person can have a look (guided tour?Ha!), and then preparing the papers afterwards.
Anecdotal evidence suggests that landlords/sellers are generally happy with an agent's services, whereas the buyers/tenants get no service and no value from the profession.
That explains it. That's really interesting. Yeah I've never heard of a buyer or tenant instructing an estate agent - that's all paid for by the seller. And as a tenant I have had zero value added to any of my rentals by an estate agent (expcept when they tried to charge me £200 to amend the contract by removing a tenant which I explained I'd be happy to do myself and they can just review if they want :lol:).
Can definitely see why it'd be worth it if there's value for a buyer. Presumably in North America both sides have their own agents then?
Yep. In Amerika, hiring a real estate agent is like hiring a lawyer.
But only paid on contingency. :P
Quote from: Sheilbh on August 26, 2020, 01:23:20 PM
Can definitely see why it'd be worth it if there's value for a buyer. Presumably in North America both sides have their own agents then?
Usually, yes. And, generally, when your agent shows you a property, the other agent won't be there.
I'd prefer the North American system over here, and be happy to pay an agent who actually works for me. Unfortunately, agents over here are not really happy to share their commissions with other agents, so they want to list & sell their properties instead of just listing them and have buyers come to them. They don't feel the need to change that, because buyers have to work with them, whether they want to or not (never mind that they could sell their properties faster when cooperating with buyer agents).
... or so I've heard. :whistle:
Quote from: Sheilbh on August 26, 2020, 01:13:29 PM
They're marginally above journalists, but behind such esteemed professions as bankers, CEOs and local politicians :lol:
Just like journalists, bankers, CEOs, and local politicians a good one is a great thing to have, but often hard to find :P
Quote from: Tonitrus on August 26, 2020, 01:27:34 PM
Yep. In Amerika, hiring a real estate agent is like hiring a lawyer.
But only paid on contingency. :P
:lol:
Do you hire lawyers as well?
We have conveyancing solicitors and it was a mandatory bit of law school - like wills. But they always get paid, even if the deal collapses or you get gazumped you can still have a couple of grands worth of legal fees :ph34r:
QuoteI'd prefer the North American system over here, and be happy to pay an agent who actually works for me. Unfortunately, agents over here are not really happy to share their commissions with other agents, so they want to list & sell their properties instead of just listing them and have buyers come to them.
Yeah it does make sense for purchasing. I still can't really see the value they add as a tenant but that just may be my decade-paying-rent-in-London cynicism :P
I've been lucky enough to find my apartments in Vienna by posting a want ad and talk directly to landlords. :P
Quote from: Syt on August 26, 2020, 01:35:37 PM
I've been lucky enough to find my apartments in Vienna by posting a want ad and talk directly to landlords. :P
Yeah - I've found them through estate agents. But I've never actually rented through an agency - but I've had to deal with some.......eccentric landlords in my time.
I quite like my current one. He has no interest in meeting me but answers my emails/phone calls and trusts me enough to just pay for it when I say I need a plumber or new washing machine etc.
Edit: Whereas I've had some in the past who would do nearly weekly visits to try and do maintenance themselves :ph34r:
Quote from: Sheilbh on August 26, 2020, 01:34:20 PM
Quote from: Tonitrus on August 26, 2020, 01:27:34 PM
Yep. In Amerika, hiring a real estate agent is like hiring a lawyer.
But only paid on contingency. :P
:lol:
Do you hire lawyers as well?
I've never bought a house, but I do believe a lawyer is involved when it comes to closing/looking over the contracts (or maybe the agents are qualified to handle that as well, not sure), and would be part of the built-in closing costs.
Quote from: Sheilbh on August 26, 2020, 01:23:20 PM
Quote from: Syt on August 26, 2020, 01:15:25 PMThe industries work differently in North America and over here. In NA it's quite common to hire an agent to find you a property and who will then search the market for something fitting your need and show you the properties, looking out for your best interest.
Whereas over here, generally, you're doing the research and then have to deal with whatever agent has the listing for the property, and who will often charge you for the pleasure while mostly looking out for the seller's interest, while putting in a minimum amount of effort towards the buyer. In case of rentals, it's often just unlocking the apartment so the interested person can have a look (guided tour?Ha!), and then preparing the papers afterwards.
Anecdotal evidence suggests that landlords/sellers are generally happy with an agent's services, whereas the buyers/tenants get no service and no value from the profession.
That explains it. That's really interesting. Yeah I've never heard of a buyer or tenant instructing an estate agent - that's all paid for by the seller. And as a tenant I have had zero value added to any of my rentals by an estate agent (expcept when they tried to charge me £200 to amend the contract by removing a tenant which I explained I'd be happy to do myself and they can just review if they want :lol:).
Can definitely see why it'd be worth it if there's value for a buyer. Presumably in North America both sides have their own agents then?
Over here, if you're looking to buy in the major cities, you'd better get an agent. Once a property gets listed it's usually already fully booked for viewings. Sellers don't like to deal with buyers without an agent, too much risk involved. The market is so overheated the sellers sets the rules.
Quote from: merithyn on August 26, 2020, 11:13:44 AM
Quote from: Maladict on August 26, 2020, 03:25:52 AM
Where in Spain are you looking to buy a house?
That's opened up a little. I was looking near Barcelona - and that's still my preferred area - but I've also looked further north, up on the coast north of Madrid. But that's a second house. :) For later. Right now, I'm looking in the US for a permanent home here.
I know :)
But who needs two houses. Wait for the election, if Trump wins just take the plunge :cool:
Quote from: Maladict on August 26, 2020, 02:17:51 PM
Quote from: merithyn on August 26, 2020, 11:13:44 AM
Quote from: Maladict on August 26, 2020, 03:25:52 AM
Where in Spain are you looking to buy a house?
That's opened up a little. I was looking near Barcelona - and that's still my preferred area - but I've also looked further north, up on the coast north of Madrid. But that's a second house. :) For later. Right now, I'm looking in the US for a permanent home here.
I know :)
But who needs two houses. Wait for the election, if Trump wins just take the plunge :cool:
There's a reason I'm waiting six months. :ph34r:
Quote from: Sheilbh on August 26, 2020, 01:34:20 PM
Quote from: Tonitrus on August 26, 2020, 01:27:34 PM
Yep. In Amerika, hiring a real estate agent is like hiring a lawyer.
But only paid on contingency. :P
:lol:
Do you hire lawyers as well?
We have conveyancing solicitors and it was a mandatory bit of law school - like wills. But they always get paid, even if the deal collapses or you get gazumped you can still have a couple of grands worth of legal fees :ph34r:
QuoteI'd prefer the North American system over here, and be happy to pay an agent who actually works for me. Unfortunately, agents over here are not really happy to share their commissions with other agents, so they want to list & sell their properties instead of just listing them and have buyers come to them.
Yeah it does make sense for purchasing. I still can't really see the value they add as a tenant but that just may be my decade-paying-rent-in-London cynicism :P
On the lawyers question, it depends on the value of the deal. If there is a lot of money involved the lawyers draw up the contracts and deal with the conveyance. If not the agents often draw up the contracts but lawyers still deal with the conveyance.
Personally I have always used a lawyer to draw up my purchase and sale agreements - it does not cost much and this is the biggest single asset I will purchase. Might as well make sure it is done right. Contracts drafted by agents are, well... the cause of much litigation.
Agents are most useful to find the appropriate property and assist in the negotiation of the price.
Quote from: Tonitrus on August 26, 2020, 01:41:03 PM
Quote from: Sheilbh on August 26, 2020, 01:34:20 PM
Quote from: Tonitrus on August 26, 2020, 01:27:34 PM
Yep. In Amerika, hiring a real estate agent is like hiring a lawyer.
But only paid on contingency. :P
:lol:
Do you hire lawyers as well?
I've never bought a house, but I do believe a lawyer is involved when it comes to closing/looking over the contracts (or maybe the agents are qualified to handle that as well, not sure), and would be part of the built-in closing costs.
Yeah I didn't directly hire the lawyers but they are involved. This is North America after all
I miss the old barf smiley. :(
Quote from: Sheilbh on August 26, 2020, 01:34:20 PM
Quote from: Tonitrus on August 26, 2020, 01:27:34 PM
Yep. In Amerika, hiring a real estate agent is like hiring a lawyer.
But only paid on contingency. :P
:lol:
Do you hire lawyers as well?
We have conveyancing solicitors and it was a mandatory bit of law school - like wills. But they always get paid, even if the deal collapses or you get gazumped you can still have a couple of grands worth of legal fees :ph34r:
QuoteI'd prefer the North American system over here, and be happy to pay an agent who actually works for me. Unfortunately, agents over here are not really happy to share their commissions with other agents, so they want to list & sell their properties instead of just listing them and have buyers come to them.
Yeah it does make sense for purchasing. I still can't really see the value they add as a tenant but that just may be my decade-paying-rent-in-London cynicism :P
In Quebec, the buyer hires a notary that will handle all the legal & money related paperwork.
Quote from: merithyn on August 26, 2020, 12:34:28 PM
Quote from: Tamas on August 26, 2020, 12:10:31 PM
Quote from: Valmy on August 26, 2020, 11:35:39 AM
Quote from: Tamas on August 26, 2020, 11:23:48 AM
Why would the seller a) pay for your agent and b) not add it to the sale price? :huh:
It is part of the closing costs. Most sellers want to sell their property so...
And I don't get "add it to the sale price" as if sellers are not out to sell their property for as much as they can anyway. So what? Now they are going to really really really want to sell it for more instead of really really wanting to?
Ok but it IS added to the sale price. You ARE paying for it.
It's being paid. :)
The houses that I'm looking at are in the $150,000 - $200,000 range. Two of the houses I'm interested in are $169,000 & $149,000. They set those prices because that's what they think someone will pay. I wouldn't offer more than $150,000 for the first and $140,000 for the second as a first offer because that's what I think they're worth based on the state of the houses, the areas where they are, and other houses in their general vicinity.
Those prices look crazy low to me. Here, you'd have to move several counties out from DC to get that, or get a real dump / tiny place.
We're talking about small towns near a small city in central Illinois. :P Prices aren't DC-level there, and never will be.
The iron-clad laws of supply and demand stand aside for no man.
Quote from: merithyn on August 26, 2020, 12:34:28 PM
Quote from: Tamas on August 26, 2020, 12:10:31 PM
Quote from: Valmy on August 26, 2020, 11:35:39 AM
Quote from: Tamas on August 26, 2020, 11:23:48 AM
Why would the seller a) pay for your agent and b) not add it to the sale price? :huh:
It is part of the closing costs. Most sellers want to sell their property so...
And I don't get "add it to the sale price" as if sellers are not out to sell their property for as much as they can anyway. So what? Now they are going to really really really want to sell it for more instead of really really wanting to?
Ok but it IS added to the sale price. You ARE paying for it.
It's being paid. :)
The houses that I'm looking at are in the $150,000 - $200,000 range. Two of the houses I'm interested in are $169,000 & $149,000. They set those prices because that's what they think someone will pay. I wouldn't offer more than $150,000 for the first and $140,000 for the second as a first offer because that's what I think they're worth based on the state of the houses, the areas where they are, and other houses in their general vicinity.
Yes, that 6% is expected to be paid by the sellers, but it's not part of the negotiation usually. If they want to sell to me at the price that I offer, they agree to that price for the house as well as the 6% cost of my realtor and the cost of their realtor.
Say the second house accepts the offer. Now I'm getting a mortgage for $140,000 minus my down payment (say $10,000). The seller is getting $140,000 minus realtor fees of $8,400 plus whatever they agreed to with their realtor (say 4% or $5,600). So they walk away with $126,000 minus whatever they still owe on the house. (There are a lot of other fees on both sides, but in general, that's the basics.)
All of this is known. None of it is a surprise. It's the system we buy and sell houses under.
My gods, a house for $140k.
Our real estate prices here in Toronto truly are insane, and it gets worse every year. I was beaten in auctions by more than that, and that was fifteen years ago.
Toronto>Illinoise
Quote from: Tonitrus on August 26, 2020, 01:07:35 PM
Quote from: Sheilbh on August 26, 2020, 11:22:41 AM
So weird to see estate agents talked about as a valued professional :mellow: :hmm:
I assume they are different in North America.
I've never bought so have nothing of value to offer, but one thing I know from friends and family is always insist on a full survey :ph34r:
Yeah, I definitely noticed coming over an ingrained derision towards estate/letting agents that simply doesn't seem to exist in the US. You get some who simply seem to be principled in avoiding any agent costs (the For Sale By Owner type), and some letting agents(property management companies to us) can have a bad reputation individually...but not on such a wide scale.
In New York, there are brokers to rent many apartments and they are entirely worthy of derision.
Quote from: katmai on August 28, 2020, 12:30:31 AM
Toronto>Illinoise
Having been to both places...disagree.
I get it why it would be advantageous to have an agent help with the buying side of things, however based on my personal experience with estate agents as a renter, I have come to experience the incredibly minimal effort they put even to representing their client's (the landlord's) interest, let alone doing any actual work they don't absolutely have to. As a general rule they are scum, and I would be hard pressed to increase my sale price by 5-6% just to have a half-absent SOB copy-paste their standard contract I could just download as a PDF myself.
Quote from: Tamas on August 28, 2020, 02:42:24 AM
I get it why it would be advantageous to have an agent help with the buying side of things, however based on my personal experience with estate agents as a renter, I have come to experience the incredibly minimal effort they put even to representing their client's (the landlord's) interest, let alone doing any actual work they don't absolutely have to. As a general rule they are scum, and I would be hard pressed to increase my sale price by 5-6% just to have a half-absent SOB copy-paste their standard contract I could just download as a PDF myself.
Well mine saved my ass when I sold my house. She basically performed a miracle.
But, as I have said repeatedly, a good one is solid gold but the majority of them are bad.
Quote from: Tamas on August 28, 2020, 02:42:24 AM
I get it why it would be advantageous to have an agent help with the buying side of things, however based on my personal experience with estate agents as a renter, I have come to experience the incredibly minimal effort they put even to representing their client's (the landlord's) interest, let alone doing any actual work they don't absolutely have to. As a general rule they are scum, and I would be hard pressed to increase my sale price by 5-6% just to have a half-absent SOB copy-paste their standard contract I could just download as a PDF myself.
Are you
quite sure that you understand what you are talking about? Are you positive that the 6% commission paid by the seller isn't going to be paid by them whether their own agent provides the buyer, or another agent (chosen by the buyer) provides the buyer?
I am willing to defer to your superior knowledge, given that I have only purchased three homes in the US and none within the last 15 years, but, back when I was buying and selling homes, the commission was 6% total no matter how many agents were involved.
I have done the "write your own contract" bit on two houses, and that saved a few hundred in legal fees, but that had nothing to do with the 6% commission (and closing still costs the same). Are you sure that US buyers and sellers really avoid a 5-6% commission just by downloading a pdf? And is that 5-6% on top of the agent's fee, or instead of, or what?
Whatever. Doing the paperwork is great but I still would not trust them blindly. If they are getting a % of the sale price their financial incentive is to have you pay out as much as you can, not to cut you a good deal.
Yeah and I think this is in part the cultural difference. I may be wrong - people who've bought in the UK like RH might have a different take. But I'd want to keep the estate agent's involvement to the lowest amount possible because I just don't trust them :lol: :ph34r:
I'd far rather spend the money on a good conveyancing solicitor, who'll be doing all the searches etc. I have heard there's real value there - not least because I know someone who had a bad solicitor and as well as constantly having to chase for information, later found out the solicitor had sent loads of documents to the wrong address (most London postcodes are sort of geographic N, NW, SW, SE etc - but there's no NE because that's Newcastle so the solicitor sent draft contracts, reports etc to some random Geordie :lol: :ph34r:)
There's fundamental misconception at work here.
In NA, they are not estate agent, they are realtors.
Quote from: Grey Fox on August 28, 2020, 10:41:37 AM
There's fundamental misconception at work here.
In NA, they are not estate agent, they are realtors.
Same thing really - Real Estate Agent = realtor
Quote from: grumbler on August 28, 2020, 08:31:21 AM
the commission was 6% total no matter how many agents were involved.
Oh! Good to know! Thank you! :)
Quote from: Tamas on August 28, 2020, 08:45:04 AM
Whatever. Doing the paperwork is great but I still would not trust them blindly. If they are getting a % of the sale price their financial incentive is to have you pay out as much as you can, not to cut you a good deal.
In reality, that's not a big concern. 6% of a few thousand isn't much.
But you do have to remember that a RE agent's incentive is to make sure there is a sale. They'll never tell you to wait.
Quote from: Grey Fox on August 28, 2020, 10:41:37 AM
There's fundamental misconception at work here.
In NA, they are not estate agent, they are realtors.
Yeah just looking up some of the differences and it is extraordinary. In NA realtors are licensed and have things like "codes of ethics" - ethics is not a word I associate with our estate agents :lol:
There's no licence or qualification here, it's a sales job - just like recruitment - and commission driven which could cause ethical challenges if anyone cared. They're very loosely regulated and mainly around not fiddling with client money. Aside from that it's just stuff like trading standards and unfair contract terms. A very different world :ph34r:
Quote from: Barrister on August 28, 2020, 06:07:08 PM
Quote from: Tamas on August 28, 2020, 08:45:04 AM
Whatever. Doing the paperwork is great but I still would not trust them blindly. If they are getting a % of the sale price their financial incentive is to have you pay out as much as you can, not to cut you a good deal.
In reality, that's not a big concern. 6% of a few thousand isn't much.
But you do have to remember that a RE agent's incentive is to make sure there is a sale. They'll never tell you to wait.
Yeah, if anything, the incentives go the other way. The agent would rather sell 5 $500,000 houses than 1 $600,000 house, and I'm sure that selling a $600,000 house for $500,000 would require very little legwork. The owner of the house would much prefer the $600,000 sale price over $500,000 sale price, however.
Well I am glad realtors are a bulwark of fair practices and genuine care for their clients in America, sounds like a noble profession untouched by the temptations that naturally come with the high value transactions they have great influence over.
This order of knights though have so far failed to export their noble practices and undaunted dedication to business ethics to my side of the world, I am afraid.
Let's just say that after the 2008 housing crisis, realtors and lenders have become much less pushy about getting people into houses they can't afford. Or so I've heard from several friends.
Quote from: Tamas on August 29, 2020, 03:35:16 AM
Well I am glad realtors are a bulwark of fair practices and genuine care for their clients in America, sounds like a noble profession untouched by the temptations that naturally come with the high value transactions they have great influence over.
This order of knights though have so far failed to export their noble practices and undaunted dedication to business ethics to my side of the world, I am afraid.
Dude most realtors range from unethical to dangerously incompetent. I am just saying a good one is a must if you want to get a good deal.
But in Meri's price range and location it may not be so important. A mediocre realtor may be all she needs.
The advantage of employing your own real estate agent, even if they are going to be paid buy the seller and are thus serving the seller's interest, is that your agent wants to show you the house you want to buy, not the one they want to sell. A good buyer's agent will quickly get an idea of what you want (they'll ask some questions, then show a few places, and ask what you like and don't like about each place. Very quickly, you are in a position where you are only seeing places you'd like to buy. The seller's agent has no incentive to show you places you wouldn't buy, as it is costing them valuable time.
And the seller will pay them, because the 6% fee is split if there is a buyer's agent and a seller's agent (I don't know what the split is). You just have to be extra careful when dealing with a property sold by the same company as your agent works for, because your agent may have an extra financial incentive to sell you that place.
So Brits and other wise people: There is this stamp duty holiday until March 2021 that is conveniently helping skyrocket prices in our area out of realistic reach for us.
Am I right to read the situation as actually hold off and wait until after the holiday has expired, since FOMO (fear of missing out - I am learning young people's lingo!) no doubt will continue pressure the prices upward until that date? And most pent up demand must be gone by then, with no-deal Brexit ramifications becoming obvious as well.
I would be tempted to wait for the expected rise in unemployment; with a few million on the dole surely there will be repossessions and price falls :hmm: ?
Or maybe not; house prices are very sticky downwards in the UK.
Quote from: Tamas on September 28, 2020, 07:12:44 AM
So Brits and other wise people: There is this stamp duty holiday until March 2021 that is conveniently helping skyrocket prices in our area out of realistic reach for us.
Am I right to read the situation as actually hold off and wait until after the holiday has expired, since FOMO (fear of missing out - I am learning young people's lingo!) no doubt will continue pressure the prices upward until that date? And most pent up demand must be gone by then, with no-deal Brexit ramifications becoming obvious as well.
If an analogy from the market around here is in any way accurate, the market has inflated because of direct government infusion of cash and very low interest rates along with a perception that we had beat COVID - reality has begun to sink in about COVID and government direct cash infusions are coming to an end - as a result the housing market is starting to decline. Personally I am waiting to see if the predictions of a market decrease will actually happen this time. This time I think it is likely.
Quote from: Richard Hakluyt on September 28, 2020, 08:08:27 AM
I would be tempted to wait for the expected rise in unemployment; with a few million on the dole surely there will be repossessions and price falls :hmm: ?
Or maybe not; house prices are very sticky downwards in the UK.
Yeah. I also think the stamp duty thing is helping create little bit of a bubble (which is its purpose) so I probably wouldn't buy now unless I was already in the middle of a purchase - so I know some people who were buying and are now basically able to redirect £5k or whatever to a new bathroom instead (again the purpose of the tax cut).
I don't know that house prices will fall much though. As you say they tend to be quite sticky, I think we're still a country of aspiring landlords (<_< :ultra:). Plus we have a combination of years of construction below the rate of population growth and low interest rates which feel unlikely to change quickly and both probably drive prices quite a lot.
Quote from: crazy canuck on September 28, 2020, 11:06:23 AM
Quote from: Tamas on September 28, 2020, 07:12:44 AM
So Brits and other wise people: There is this stamp duty holiday until March 2021 that is conveniently helping skyrocket prices in our area out of realistic reach for us.
Am I right to read the situation as actually hold off and wait until after the holiday has expired, since FOMO (fear of missing out - I am learning young people's lingo!) no doubt will continue pressure the prices upward until that date? And most pent up demand must be gone by then, with no-deal Brexit ramifications becoming obvious as well.
If an analogy from the market around here is in any way accurate, the market has inflated because of direct government infusion of cash and very low interest rates along with a perception that we had beat COVID - reality has begun to sink in about COVID and government direct cash infusions are coming to an end - as a result the housing market is starting to decline. Personally I am waiting to see if the predictions of a market decrease will actually happen this time. This time I think it is likely.
Could be - The problem is that demand hasn't gone away. A real decline will only happen if people largely
don't want it to happen!
Right now, so many people are wishing, hoping for a decline. Why? Because they *want* to buy. This makes me think that a downturn will result in high demand, and so not lead to a significant 'bubble bursting' type of downturn.
Another possibility is that the housing market may remain broadly flat but with interesting structural changes. The big cities look a lot less attractive now that social life is so crimped; an increase in working from home will favour smaller cities/towns and suburbs perhaps.
In Germany there are already noticeable structural changes in the last few months. The first ring of suburbs is where prices are rising now whereas the inner cities are stagnant and rents are slightly declining.
Quote from: Malthus on October 01, 2020, 11:49:01 AM
Quote from: crazy canuck on September 28, 2020, 11:06:23 AM
Quote from: Tamas on September 28, 2020, 07:12:44 AM
So Brits and other wise people: There is this stamp duty holiday until March 2021 that is conveniently helping skyrocket prices in our area out of realistic reach for us.
Am I right to read the situation as actually hold off and wait until after the holiday has expired, since FOMO (fear of missing out - I am learning young people's lingo!) no doubt will continue pressure the prices upward until that date? And most pent up demand must be gone by then, with no-deal Brexit ramifications becoming obvious as well.
If an analogy from the market around here is in any way accurate, the market has inflated because of direct government infusion of cash and very low interest rates along with a perception that we had beat COVID - reality has begun to sink in about COVID and government direct cash infusions are coming to an end - as a result the housing market is starting to decline. Personally I am waiting to see if the predictions of a market decrease will actually happen this time. This time I think it is likely.
Could be - The problem is that demand hasn't gone away. A real decline will only happen if people largely don't want it to happen!
Right now, so many people are wishing, hoping for a decline. Why? Because they *want* to buy. This makes me think that a downturn will result in high demand, and so not lead to a significant 'bubble bursting' type of downturn.
Wishing to buy and having the financial ability, even if prices go down are different things. With amount of COVID job loses we have seen, I am not sure the actual demand (ie people who want to and can actually buy) will be that strong - and if that occurs, prices will drop.
Quote from: Richard Hakluyt on October 01, 2020, 12:24:16 PM
Another possibility is that the housing market may remain broadly flat but with interesting structural changes. The big cities look a lot less attractive now that social life is so crimped; an increase in working from home will favour smaller cities/towns and suburbs perhaps.
Chatting to a client who's right on the fraught, contentious Kent/London boundary and he was saying that around him prices are increasing a lot. I know at least two people who are looking to move out of the city to a suburban time (admittedly they're of an age - though one is younger than me :ph34r: :weep:).
Of course I won't have a deposit until I'm 50 so it makes no difference to me, but it is promising for those of us who like living in cities :hmm:
Also I blame a childhood in the Highlands but I just hate suburban/small towns. Whenever I'm in one I just feel quite angry about it because it's like a bad version of both countryside and city :lol: <_< Have the decency to be a big town/small city or a village and nothing in between <_<
I have a particular hatred of the "villages" to the north of Brighton, on the wrong side of the Downs. There is a huge population there but instead of living a proper urban life the inhabitants; nay, denizens; pretend that they are living in villages. They drive everywhere of course and are in general just a bloody nuisance.
London was great fun back in the late 1970s; for anyone with bohemian tendencies I think decaying London is probably preferable to glossy London.......maybe :hmm:
Quote from: Richard Hakluyt on October 02, 2020, 02:46:27 AM
I have a particular hatred of the "villages" to the north of Brighton, on the wrong side of the Downs. There is a huge population there but instead of living a proper urban life the inhabitants; nay, denizens; pretend that they are living in villages. They drive everywhere of course and are in general just a bloody nuisance.
London was great fun back in the late 1970s; for anyone with bohemian tendencies I think decaying London is probably preferable to glossy London.......maybe :hmm:
I think nostalgia might be driving that image :P
People sometimes talk wistfully about New York City in its downperiod but it was a great deal less romantic at the time.
It always helps to be in one's twenties :D
Quote from: Richard Hakluyt on October 02, 2020, 09:23:23 AM
It always helps to be in one's twenties :D
:lol:
I think you're both right and there's maybe a balance. Like you don't want to be totally non-decaying (Singapore/Dubai), but you also don't want to be an utter sinkhole of a city (Wells <_<). You need enough decay that things can happen - artists/club promoters/new chefs etc can find a venue - but not too much. The cooler bits have been moving out of the central London into the the sort of outer-centre/inner suburbs. Those bits may now get filled with the young well-paid urbanites currently in the centre who suddenly want a bit more outdoor space, or easy way of getting out of town etc and the cool bits may come back into the centre? :hmm:
I've never romanticized decay much to the chagrin of my bank accounts. -_-
You want urban decay? Here's a gallery of 1970s New York. :P
https://allthatsinteresting.com/1970s-new-york-photos
EDIT: Dumb question - were there no black Barbies in the 70s?`
(https://allthatsinteresting.com/wordpress/wp-content/uploads/2016/04/barbies.jpg)
Yeah the New York City of "Coming to America" and "Rent" and "Ghostbusters" and dozens and dozens of other pieces of media. Times looked back to with rose tinted glasses by 21st Century New Yorkers being crushed under too damn high rents in a gentrified paradise.
As for multi-ethnic barbies I have no idea.
Quote from: Syt on October 02, 2020, 11:13:02 AM
EDIT: Dumb question - were there no black Barbies in the 70s?`
Very few, if any.
https://www.history.com/news/barbie-through-the-ages
QuoteWhile there had been other African-American dolls in the Barbie collection before—including Barbie's friend Christie, first introduced in 1968—an official African-American Barbie wasn't created until 1980, alongside a Latina Barbie. That same year saw the first of more than 40 different international Barbies released to date.
Quote from: Valmy on October 02, 2020, 11:20:42 AM
Yeah the New York City of "Coming to America" and "Rent" and "Ghostbusters" and dozens and dozens of other pieces of media. Times looked back to with rose tinted glasses by 21st Century New Yorkers being crushed under too damn high rents in a gentrified paradise.
The intro to The Equalizer was less rose tinted: https://youtu.be/g87nDBIyqeU
I found a house that I love, that's in my price range. My friend is going to go tour it on Sunday, with me on video. She's always loved the house and this is a great excuse for her to go look at the inside of it while showing it to me. I won't be ready to put in a bid until December, but the house has been on the market a bit already, so there's half a chance it will still be available.
Luckily, I'm not the type to "fall in love" with a house. There are a bunch that I've liked; this is just one more.
(https://us-west-1-02730017-view.menlosecurity.com/c/i/aHR0cHM6Ly9waG90b3MuemlsbG93c3RhdGljLmNvbS9jY19mdF83NjgvSVNyMXk4cnhvcXV4dWMxMDAwMDAwMDAwLmpwZw~~)
I can't see your zillow saves for some reason :hmm:
Nor can I.
Fixed the link. Sorry.
:blink: :blink: :blink:
Pretty sure Sheilbh is shocked at how much house and land you get for so little money.
Gorgeous house Meri - but for a 90 year old home get a very thorough home inspection.
That property is so pretty :wub:
Quote from: Barrister on October 02, 2020, 12:09:15 PM
Pretty sure Sheilbh is shocked at how much house and land you get for so little money.
Gorgeous house Meri - but for a 90 year old home get a very thorough home inspection.
That house where I love would easily be twice that. Go to live the rust belt.
For that price I can at best get a 50-60 square meter apartment in Vienna (540 - 650 square feet).
I couldn't find any houses for that price, at least no completed ones that included the lot (you can own a house, but the land might be leased).
Quote from: Barrister on October 02, 2020, 12:09:15 PM
Pretty sure Sheilbh is shocked at how much house and land you get for so little money.
Gorgeous house Meri - but for a 90 year old home get a very thorough home inspection.
Of course. :huh:
I grew up in a house on the prairies that is now 170 years old. I'm well-aware of what can and does happen with older houses. :lol:
Quote from: Syt on October 02, 2020, 12:11:10 PM
For that price I can at best get a 50-60 square meter apartment in Vienna (540 - 650 square feet).
I couldn't find any houses for that price, at least no completed ones that included the lot (you can own a house, but the land might be leased).
Peoria is not exactly the Vienna of North America though.
Quote from: Valmy on October 02, 2020, 12:10:44 PM
Quote from: Barrister on October 02, 2020, 12:09:15 PM
Pretty sure Sheilbh is shocked at how much house and land you get for so little money.
Gorgeous house Meri - but for a 90 year old home get a very thorough home inspection.
That house where I love would easily be twice that. Go to live the rust belt.
This is two hours from Chicago. :sleep: It's not the rust belt; it's farm country.
Quote from: Barrister on October 02, 2020, 12:09:15 PM
Pretty sure Sheilbh is shocked at how much house and land you get for so little money.
Yeah. I was kind of aware at the back of my head - but yes. Wow :blink:
If I were to buy a one bedroom condo, the bedroom itself would cost more than that house. :(
Quote from: Valmy on October 02, 2020, 12:11:59 PM
Quote from: Syt on October 02, 2020, 12:11:10 PM
For that price I can at best get a 50-60 square meter apartment in Vienna (540 - 650 square feet).
I couldn't find any houses for that price, at least no completed ones that included the lot (you can own a house, but the land might be leased).
Peoria is not exactly the Vienna of North America though.
:lmfao:
No, no it definitely is not. :D
But it's in close proximity to my brother, my two sisters, my daughter, and Chicago. (Close by Midwestern standards = less than a 5-hour drive)
And my best friends live less than a 15-minute drive away. ^_^
Quote from: Sheilbh on October 02, 2020, 09:31:35 AM
Quote from: Richard Hakluyt on October 02, 2020, 09:23:23 AM
It always helps to be in one's twenties :D
:lol:
I think you're both right and there's maybe a balance. Like you don't want to be totally non-decaying (Singapore/Dubai), but you also don't want to be an utter sinkhole of a city (Wells <_<). You need enough decay that things can happen - artists/club promoters/new chefs etc can find a venue - but not too much. The cooler bits have been moving out of the central London into the the sort of outer-centre/inner suburbs. Those bits may now get filled with the young well-paid urbanites currently in the centre who suddenly want a bit more outdoor space, or easy way of getting out of town etc and the cool bits may come back into the centre? :hmm:
London is done.
Even Berlin's time is passing.
Warsaw. That's where the cool kids are heading.
;)
But seriously where is the cool part of London now?
I still remember back when it was Camden. I know Brixton has been and gone. Peckham?
Quote from: Valmy on October 02, 2020, 12:10:44 PM
Quote from: Barrister on October 02, 2020, 12:09:15 PM
Pretty sure Sheilbh is shocked at how much house and land you get for so little money.
Gorgeous house Meri - but for a 90 year old home get a very thorough home inspection.
That house where I love would easily be twice that. Go to live the rust belt.
:hmm: Sounds like you should love less and sleep more.
Quote from: Tyr on October 02, 2020, 12:15:16 PM
London is done.
Even Berlin's time is passing.
Warsaw. That's where the cool kids are heading.
;)
Warsaw's done - I hear it's Tbilisi and Kyiv now :lol:
If I get the house, I'll close in the port cochre (or whatever that's called) and make a library there. I might also add a second-floor to the garage as my office. Or possibly a game room.
Yeah I reversed love and live in that post :blush:
What a lovely spacious house :cool:
.........and the price is fantastic.
So......how bad is Peoria?
From the listing.
(https://i.postimg.cc/85D1shV2/protec.jpg)
:unsure:
Quote from: Richard Hakluyt on October 02, 2020, 12:19:27 PM
What a lovely spacious house :cool:
.........and the price is fantastic.
So......how bad is Peoria?
It depends on what you're looking for. It's a small city in a rural area of Illinois. It's close enough to Chicago that it doesn't really breed its own culture, but it has still tried in recent years to "rejuvenate" the city. There are million dollar houses, and $1000 houses. There are very very poor and very very rich, and the whole gamut in between.
I prefer these kinds of cities over the larger metropolises. It tends to be a bit more conservative than somewhere like Chicago, but nowhere near as conservative as the smaller communities around it. There's a big, beautiful river that flows down the center of the city, and they've started building around it to bring people downtown.
It is, in a lot of ways, very similar to the city that I grew up in, but closer to a large metropolis.
*Googles Peoria*
*Checks Peoria to Chicago*
160 miles. 3 hours by car.
Close....to....Chicago....
*Laughs in European*
:p
Quote from: Sheilbh on October 02, 2020, 12:04:19 PM
:blink: :blink: :blink:
Just for you, Sheilbh. :)
https://www.zillow.com/homedetails/1222-W-Moss-Ave-Peoria-IL-61606/5159419_zpid/
(https://us-west-1-02730017-view.menlosecurity.com/c/i/aHR0cHM6Ly9waG90b3MuemlsbG93c3RhdGljLmNvbS9jY19mdF83NjgvSVNpMzI3M3BsMTVqcWIxMDAwMDAwMDAwLmpwZw~~)
Looking at what I could afford in Peoria. It's more tempting than I was expecting. :blush:
Quote from: Tyr on October 02, 2020, 12:42:21 PM
*Googles Peoria*
*Checks Peoria to Chicago*
160 miles. 3 hours by car.
Close....to....Chicago....
*Laughs in European*
:p
I've driven it many times. It's not three hours unless that's in traffic. It's much closer to two hours, maybe two and a half.
But yes, to you guys, that's a distance. :D
Quote from: merithyn on October 02, 2020, 12:43:06 PM
Quote from: Sheilbh on October 02, 2020, 12:04:19 PM
:blink: :blink: :blink:
Just for you, Sheilbh. :)
https://www.zillow.com/homedetails/1222-W-Moss-Ave-Peoria-IL-61606/5159419_zpid/
(https://us-west-1-02730017-view.menlosecurity.com/c/i/aHR0cHM6Ly9waG90b3MuemlsbG93c3RhdGljLmNvbS9jY19mdF83NjgvSVNpMzI3M3BsMTVqcWIxMDAwMDAwMDAwLmpwZw~~)
Exactly :lol:
And it really is a cute city. I've gone up there for concerts several times, as well as to go to their Indian and Polish grocery stores. I love the river walk, and can't wait to take a boat out on the river.
Given that my job is fully work-from-home now, there's no reason not to move back there.
As I poke around the listings Meri, I can find a lot of cute smaller houses for about $100k. Not as gorgeous as the one you listed, but around the 3 bedroom, 2 bath size, at $100k.
Knowing your plans, I'd be tempted to get a smaller house and use the rest of the money towards that place in Barcelona.
Quote from: Barrister on October 02, 2020, 01:34:16 PM
As I poke around the listings Meri, I can find a lot of cute smaller houses for about $100k. Not as gorgeous as the one you listed, but around the 3 bedroom, 2 bath size, at $100k.
Knowing your plans, I'd be tempted to get a smaller house and use the rest of the money towards that place in Barcelona.
Thank you for your advice. I appreciate that you have my best interest at heart. :)
I know what my budget - and needs are - and what will allow for the second place in Barcelona. This house is well within that budget, and fits my needs to a T. Otherwise, I would have looked at the smaller houses for less money.
That's a nice looking house :)
I've always liked houses in older, established neighborhoods. I grew up in a house built in the 80s and my current house was built in 1981. Those neighborhoods, at least around here, just have so much more green space than newer neighborhoods. I love the streams and old towering oaks we have compared to the new places that are clear cut and packed tightly with houses.
Well, I want to move to Peoria now.
Very nice house. Don't spend more than needed Mery!
You guys forget that while I'm moving, I'm keeping my job ... at my current salary. Which is likely to go up substantially around the time that I'm moving. This house is mid-range for my budget, and has the room that I need for the life that I lead. It's actually a little smaller and less expensive that the other one I was looking at. That one was in a small town about 25 miles south of Peoria, though, so kind of out of the running. Plus, it was only .5 acres compared to this one's .75 acres.
I am really jealous, it looks lovely.
When I was growing up, I had cousins living in Peoria so went there multiple times. It seemed like a nice enough place. It was a Caterpillar Tractor company town, though, and there was always some kind of strike or dispute going on (the company really was the pits, according to my uncle, who worked in management). They've mostly moved out of there now, though, and I think that the town is trying to rebrand itself as light industry and professional services oriented. One cousin still lives there and works in medical research.
Quote from: grumbler on October 03, 2020, 11:00:12 PM
When I was growing up, I had cousins living in Peoria so went there multiple times. It seemed like a nice enough place. It was a Caterpillar Tractor company town, though, and there was always some kind of strike or dispute going on (the company really was the pits, according to my uncle, who worked in management). They've mostly moved out of there now, though, and I think that the town is trying to rebrand itself as light industry and professional services oriented. One cousin still lives there and works in medical research.
Caterpillar is still huge there. I think it's one of the largest employers in Peoria; my best friend works there. But they've moved out of downtown, for the most part, and the hospitals are now the prominent industry downtown.
My friends went through the house today with me on video. It's gorgeous. :wub: It has pretty much everything that I want. It's as clean and well-kept as the pictures make it seem, and the yard is lovely.
I'm going to sleep on it for a couple of weeks and then make a decision. If it's gone by then, I'll keep looking. If it's still around, I'll make a bid and see what happens.
Quote from: merithyn on October 04, 2020, 04:11:18 PM
My friends went through the house today with me on video. It's gorgeous. :wub: It has pretty much everything that I want. It's as clean and well-kept as the pictures make it seem, and the yard is lovely.
I'm going to sleep on it for a couple of weeks and then make a decision. If it's gone by then, I'll keep looking. If it's still around, I'll make a bid and see what happens.
Do houses really stay on the market that long there? Homes here that are in good condition and good neighborhoods are gone in about a week.
This one has already been on the market for 270+ days. It's a big house on the higher end of most people's budgets in Peoria. Plus, it's on a busier road, which turns some people off.
What sort of things do you need to sleep on? Have you not yet decided fully to move back to Illinois?
Quote from: Valmy on October 04, 2020, 11:17:42 PM
What sort of things do you need to sleep on? Have you not yet decided fully to move back to Illinois?
I need to be absolutely sure that I'm ready to go $200k in debt. I need to be 100% certain that the timing will be right. I need to be 100% certain that *this* is the house that I want to be $200k in debt for.
I just want to take my time about this. It's a massive commitment, and if I've learned anything in the last four years, it's that commitment is fucking scary.
Is there a chance you could go look at it in person at some point then? And have it inspected? A lot can be wrong about an old house no matter how pretty it looks.
Quote from: Valmy on October 05, 2020, 11:41:36 AM
Is there a chance you could go look at it in person at some point then? And have it inspected? A lot can be wrong about an old house no matter how pretty it looks.
I'm not buying any house without an inspection. So any bid will include that clause.
No, I doubt I'll be able to see it in person prior to buying it. But my two best friends just did a walk-through with me on video, and they loved it. I trust their judgement.
How will you know you are ready for a 200k debt?
Altho, it's not regular debt. You get an asset in exchange.
Quote from: Grey Fox on October 05, 2020, 06:01:04 PM
How will you know you are ready for a 200k debt?
Altho, it's not regular debt. You get an asset in exchange.
Well, when the thought doesn't scare the shit out of me would be the first sign, I'd think. :D
Owning a house is wonderful!
Heh I still remember the mingled terror and elation of learning I had won a bidding war and was now the proud owner of a massive mortgage (oh, and a house).
I also remember the day I made my very last payment ... now that was a good day.
Quote from: Malthus on October 05, 2020, 10:34:09 PM
Heh I still remember the mingled terror and elation of learning I had won a bidding war and was now the proud owner of a massive mortgage (oh, and a house).
I also remember the day I made my very last payment ... now that was a good day.
Part of my budget includes having enough extra each month to make a double principle payment. I'm already 50. It would be nice if my house were paid off by retirement. :ph34r:
Would this be your first home purchase?
Quote from: merithyn on October 05, 2020, 11:17:10 PM
Quote from: Malthus on October 05, 2020, 10:34:09 PM
Heh I still remember the mingled terror and elation of learning I had won a bidding war and was now the proud owner of a massive mortgage (oh, and a house).
I also remember the day I made my very last payment ... now that was a good day.
Part of my budget includes having enough extra each month to make a double principle payment. I'm already 50. It would be nice if my house were paid off by retirement. :ph34r:
A fifteen year mortgage might work out better than a 30-year one with double payments. When I got my fifteen year mortgage the interest rate was lower than a thirty-year one.
Quote from: Admiral Yi on October 06, 2020, 12:46:58 AM
Would this be your first home purchase?
I bought a house in 2006... and lost it in 2008. :ph34r:
Quote from: grumbler on October 06, 2020, 08:29:01 AM
Quote from: merithyn on October 05, 2020, 11:17:10 PM
Quote from: Malthus on October 05, 2020, 10:34:09 PM
Heh I still remember the mingled terror and elation of learning I had won a bidding war and was now the proud owner of a massive mortgage (oh, and a house).
I also remember the day I made my very last payment ... now that was a good day.
Part of my budget includes having enough extra each month to make a double principle payment. I'm already 50. It would be nice if my house were paid off by retirement. :ph34r:
A fifteen year mortgage might work out better than a 30-year one with double payments. When I got my fifteen year mortgage the interest rate was lower than a thirty-year one.
That's good advice. :)
There's an interesting article in this week's Economist as to the reasons behind the curious fact that house prices have largely *not* fallen, despite the pandemic.
Basically, interest rates continue low, the impact of the economic downturn has been blunted by government policies designed to prevent lots of foreclosures, and interest in owning houses has stayed strong or even increased, what with so many working from home - and so more willing to spend on home space.
Quote from: Grey Fox on October 05, 2020, 08:41:00 PM
Owning a house is wonderful!
I hope so. I'm about to spend a lot of money in one. :o
Quote from: Iormlund on October 07, 2020, 02:35:23 PM
Quote from: Grey Fox on October 05, 2020, 08:41:00 PM
Owning a house is wonderful!
I hope so. I'm about to spend a lot of money in one. :o
Let me know how that goes... :ph34r:
Same here. :ph34r:
Quote from: Malthus on October 07, 2020, 01:11:10 PM
There's an interesting article in this week's Economist as to the reasons behind the curious fact that house prices have largely *not* fallen, despite the pandemic.
Basically, interest rates continue low, the impact of the economic downturn has been blunted by government policies designed to prevent lots of foreclosures, and interest in owning houses has stayed strong or even increased, what with so many working from home - and so more willing to spend on home space.
Sounds about right. Cheap money and keeping cheaper stock out will have that effect. I'm seeing people getting fixed rates of around 2.125% on 15 year mortgages and around 2.5% or so on 30 years.
That's how it's playing out here in New York. The City is doing poorly as your wealthier and more mobile types are fleeing the upper east side and whatnot. The outer counties where I am - Nassau and Suffolk - are seeing bidding wars on nearly everything that pops onto the market. A client of mine listed his place late last week and by Sunday had, like, a dozen offers, seven of which were pretty massively over the asking price. Brokers I'm friends with are reporting the same thing across the island.
Quote from: Oexmelin on October 07, 2020, 08:51:57 PM
Same here. :ph34r:
How's the Montreal market looking?
You going fixed 5 years? You have enough for a 20% down payment, avoiding the insurance & test?
Quote from: Napoleon XIV on October 07, 2020, 09:22:32 PM
Quote from: Malthus on October 07, 2020, 01:11:10 PM
There's an interesting article in this week's Economist as to the reasons behind the curious fact that house prices have largely *not* fallen, despite the pandemic.
Basically, interest rates continue low, the impact of the economic downturn has been blunted by government policies designed to prevent lots of foreclosures, and interest in owning houses has stayed strong or even increased, what with so many working from home - and so more willing to spend on home space.
Sounds about right. Cheap money and keeping cheaper stock out will have that effect. I'm seeing people getting fixed rates of around 2.125% on 15 year mortgages and around 2.5% or so on 30 years.
That's how it's playing out here in New York. The City is doing poorly as your wealthier and more mobile types are fleeing the upper east side and whatnot. The outer counties where I am - Nassau and Suffolk - are seeing bidding wars on nearly everything that pops onto the market. A client of mine listed his place late last week and by Sunday had, like, a dozen offers, seven of which were pretty massively over the asking price. Brokers I'm friends with are reporting the same thing across the island.
There is also this - the whole job losses due to pandemic/working from home thing has not impacted people evenly. It has hurt the lower middle class worker far more than the upper middle class worker. Those in the upper middle class have in general found it easier to retain earnings, and of course spending is way down - noone is going out to spend - and these are the people most likely to be thinking of buying a bigger house further away from downtown.
Quicken, one of the largest mortgage lenders, reported March was their biggest month ever. They're primarily focused on refinance and are fully online, so they wouldn't be impacted as much by the pandemic.
Home sales have been pretty strong this year. It will be interesting (at least to me) to compare this year with last year at the end of the year.
Quote from: Grey Fox on October 08, 2020, 08:23:50 AM
Quote from: Oexmelin on October 07, 2020, 08:51:57 PM
Same here. :ph34r:
How's the Montreal market looking?
You going fixed 5 years? You have enough for a 20% down payment, avoiding the insurance & test?
Not the Montreal market... :ph34r: and no, I do not have the 20% down payment. I wasn't planning on this and my savings are not especially liquid.
Eh, I understand that!
Quote from: Oexmelin on October 08, 2020, 09:53:07 AM
Not the Montreal market... :ph34r: and no, I do not have the 20% down payment. I wasn't planning on this and my savings are not especially liquid.
Commuting from Tadoussac then?
Quote from: merithyn on October 02, 2020, 11:40:55 AM
I found a house that I love, that's in my price range. My friend is going to go tour it on Sunday, with me on video. She's always loved the house and this is a great excuse for her to go look at the inside of it while showing it to me. I won't be ready to put in a bid until December, but the house has been on the market a bit already, so there's half a chance it will still be available.
Luckily, I'm not the type to "fall in love" with a house. There are a bunch that I've liked; this is just one more.
https://www.zillow.com/homes/3518-N-Knoxville-Ave-Peoria,-IL,-61603_rb/5130467_zpid/ (https://www.zillow.com/homes/3518-N-Knoxville-Ave-Peoria,-IL,-61603_rb/5130467_zpid/)
(https://us-west-1-02730017-view.menlosecurity.com/c/i/aHR0cHM6Ly9waG90b3MuemlsbG93c3RhdGljLmNvbS9jY19mdF83NjgvSVNyMXk4cnhvcXV4dWMxMDAwMDAwMDAwLmpwZw~~)
:blink: Holy crap- I knew Jersey was expensive, but my $150k house probably isn't much bigger than that carport.
Seconding Nappy, rates are REALLY good right now, especially if you can get fixed. My mortgage company is telling me I can shave $100/mo without even going through a real refi just because our rate when we bought in 2018 was 5.125%.
It's been a wild ride to see, as it were, from the sidelines (as I'm nether buying nor selling). Many articles recently have been predicting, or are predicting in the near future, that we are in a real estate bubble and due for a downturn ... just more urgently than the similar predictions made over the last decade or two up here in Canada.
On one read, there's a good case. The pandemic has cut down immigration, has made jobs insecure, low interest rates can't last forever, Toronto and Vancouver markets are hugely overpriced, etc. Yet the bubble never seems to actually pop ... perhaps because so many people so clearly want to to. It's gotten to the point where every time I read another article declaring that a downturn is inevitable I'm reminded of the doctor who told every one of her patients they were going to die ... I mean, it is always true, but the question surely is when.
In a way, this is a very bad thing. No-one wants a violent fluctuation, but this continual increase is accelerating the trend towards lack of social mobility - money is concentrating in the hands of those who already own property and can afford to give their kids a leg up.
Quote from: Malthus on October 08, 2020, 11:31:30 AM
It's been a wild ride to see, as it were, from the sidelines (as I'm nether buying nor selling). Many articles recently have been predicting, or are predicting in the near future, that we are in a real estate bubble and due for a downturn ... just more urgently than the similar predictions made over the last decade or two up here in Canada.
On one read, there's a good case. The pandemic has cut down immigration, has made jobs insecure, low interest rates can't last forever, Toronto and Vancouver markets are hugely overpriced, etc. Yet the bubble never seems to actually pop ... perhaps because so many people so clearly want to to. It's gotten to the point where every time I read another article declaring that a downturn is inevitable I'm reminded of the doctor who told every one of her patients they were going to die ... I mean, it is always true, but the question surely is when.
In a way, this is a very bad thing. No-one wants a violent fluctuation, but this continual increase is accelerating the trend towards lack of social mobility - money is concentrating in the hands of those who already own property and can afford to give their kids a leg up.
Agreed. I'm naturally anxious, but our house is looking more and more like it's going to need to be a "5 and flip" situation, and I'm not looking forward to the possibility of trying to sell a small house in a bust market- without some major upward career movement, we're not in a position to take on mortgaging/renting two homes at the same time.
Quote from: Malthus on October 08, 2020, 11:31:30 AM
It's been a wild ride to see, as it were, from the sidelines (as I'm nether buying nor selling). Many articles recently have been predicting, or are predicting in the near future, that we are in a real estate bubble and due for a downturn ... just more urgently than the similar predictions made over the last decade or two up here in Canada.
On one read, there's a good case. The pandemic has cut down immigration, has made jobs insecure, low interest rates can't last forever, Toronto and Vancouver markets are hugely overpriced, etc. Yet the bubble never seems to actually pop ... perhaps because so many people so clearly want to to. It's gotten to the point where every time I read another article declaring that a downturn is inevitable I'm reminded of the doctor who told every one of her patients they were going to die ... I mean, it is always true, but the question surely is when.
In a way, this is a very bad thing. No-one wants a violent fluctuation, but this continual increase is accelerating the trend towards lack of social mobility - money is concentrating in the hands of those who already own property and can afford to give their kids a leg up.
Yeah agreed. This is a huge issue in the UK especially for the Tory party who realise their biggest issue with getting younger voters is the inability of people to buy houses, but also know their biggest current constituency is people who bought a house in 1978 for £26 and it's now worth £500,000.
There seems to be a bit of an interesting thing emerging during the pandemic of young journos/think tankers etc on the right and the left starting to talk to each other about the rentier issue.
I don't think the bubble will burst in the UK because I don't think it's a bubble. But I think demand will change - we're already seeing apparently a large rise in people looking at places in outer central London (zone 3) with outdoor space.
Quote from: Malthus on October 08, 2020, 11:31:30 AM
It's been a wild ride to see, as it were, from the sidelines (as I'm nether buying nor selling). Many articles recently have been predicting, or are predicting in the near future, that we are in a real estate bubble and due for a downturn ... just more urgently than the similar predictions made over the last decade or two up here in Canada.
On one read, there's a good case. The pandemic has cut down immigration, has made jobs insecure, low interest rates can't last forever, Toronto and Vancouver markets are hugely overpriced, etc. Yet the bubble never seems to actually pop ... perhaps because so many people so clearly want to to. It's gotten to the point where every time I read another article declaring that a downturn is inevitable I'm reminded of the doctor who told every one of her patients they were going to die ... I mean, it is always true, but the question surely is when.
In a way, this is a very bad thing. No-one wants a violent fluctuation, but this continual increase is accelerating the trend towards lack of social mobility - money is concentrating in the hands of those who already own property and can afford to give their kids a leg up.
I don't know if we're in a bubble as such. There's a bit of a sugar high right now arising out of a flight of from various cities, but even if that dries up, I don't think we're going to see a major decrease in value; rather I figure we'll see a reversion to the mean which I figure is a, on average, 2% to 4% compounding annual increase absent other factors intrinsic to the property (e.g. improvements, infrastructure, demographic shifts, etc). The one thing I see that could conceivably knock things down below trend for a bit would be when the various moratoriums on foreclosures and evictions end, which could lead to a pumping up of supply.
The things I see keeping prices high going forward are:
1) Low interest rates that are likely to remain historically low as far as we can reasonably predict into the future. Since around 1980 interest rates have done essentially nothing but go down. Unless we believe that inflation, and not deflation, is likely to tick up in the future, I don't particularly see how rates do go up markedly. I mean, the money supply has been blowing up as the printing press goes Brrrr and we're not seeing all that much inflation.
2) Restriction of new supply. Like Shielbh mentioned, there is a substantial bloc of people who bought for "cheap" ages ago and are now sitting on a golden egg. Those people are motivated voters who can and very often do oppose new development, in particular apartments and higher density residential, as those sorts of developments are perceived as bringing down values.
I also don't think it helps that the Covid-19 recovery, such as it is, is looking very much like a K shaped recovery, and that would tend to bring about the lack of social mobility that you mentioned.
Quote from: merithyn on October 02, 2020, 11:40:55 AM
I found a house that I love, that's in my price range. My friend is going to go tour it on Sunday, with me on video. She's always loved the house and this is a great excuse for her to go look at the inside of it while showing it to me. I won't be ready to put in a bid until December, but the house has been on the market a bit already, so there's half a chance it will still be available.
Luckily, I'm not the type to "fall in love" with a house. There are a bunch that I've liked; this is just one more.
(https://us-west-1-02730017-view.menlosecurity.com/c/i/aHR0cHM6Ly9waG90b3MuemlsbG93c3RhdGljLmNvbS9jY19mdF83NjgvSVNyMXk4cnhvcXV4dWMxMDAwMDAwMDAwLmpwZw~~)
I offered $190,000 plus they cover closing costs. I guess we'll see. :ph34r:
Man I am so excited for you. That is a gorgeous property.
Quote from: Valmy on October 28, 2020, 11:57:08 PM
Man I am so excited for you. That is a gorgeous property.
it is?
The cool thing is, that whenever we are wondering how something will play in Peoria, in future we can simply ask meri :cool:
Good luck with the offer.
Quote from: katmai on October 29, 2020, 12:29:55 AM
Quote from: Valmy on October 28, 2020, 11:57:08 PM
Man I am so excited for you. That is a gorgeous property.
it is?
I live in the heart of McMansionland. My standards might be low. But for what it is worth, yes.
Quote from: katmai on October 29, 2020, 12:29:55 AM
Quote from: Valmy on October 28, 2020, 11:57:08 PM
Man I am so excited for you. That is a gorgeous property.
it is?
:P
It may not be to your taste, but it's still a nice house.
Quote from: Valmy on October 28, 2020, 11:57:08 PM
Man I am so excited for you. That is a gorgeous property.
Thanks, Valmy. Plenty of room for you and the family. :)
Quote from: Richard Hakluyt on October 29, 2020, 12:45:17 AM
The cool thing is, that whenever we are wondering how something will play in Peoria, in future we can simply ask meri :cool:
Good luck with the offer.
:lol:
Thanks, RH. :wub:
I might be closer to the center of the US than anyone else now. Languish meet in Peoria?
Languish meet sounds good to me, we may have to wait a while though :(
Wow. Thats amazingly cheap for such a huge house. Looks nice too.
Good offer there!
That is a very nice place Meri! In Vancouver that is 2+ million. (Yes Valmy Canadian)
But the chances of you taking a quick trip up to see us when the border finally opens have will go down :(
One piece of advice, you might want to remove that link so the internet data mining thingies do not know where you live if the sale goes through. As we found out recently, this is not the most secure of sites.
Quote from: crazy canuck on October 29, 2020, 11:01:02 AM
That is a very nice place Meri! In Vancouver that is 2+ million. (Yes Valmy Canadian)
But the chances of you taking a quick trip up to see us when the border finally opens have will go down :(
Yes, but now I have an excuse to just go straight to Vancouver instead of having to bother with the whole Portland/Seattle thing. :D Which I will be doing.
QuoteOne piece of advice, you might want to remove that link so the internet data mining thingies do not know where you live if the sale goes through. As we found out recently, this is not the most secure of sites.
Good call. :ph34r:
They've countered.
Offer: $205,000, no closing costs, $2000 earnest money, no more than $500 repairs, and furniture is for sale if I want to pay for it.
They've had a previous buyer back out due to an issue of water in the basement found during an inspection, but they didn't disclose anything else to me.
I think I want to offer $210,000 plus they cover closing costs, $1000 earnest money, $500 max in repairs, and the furniture.
Thoughts?
That sounds like a reasonable response. You have moved a lot in their direction. It has been on the market for awhile and they would be foolish to turn it down IMO.
But I am not a realtor :P
Quote from: merithyn on October 29, 2020, 02:25:31 PM
They've countered.
Offer: $205,000, no closing costs, $2000 earnest money, no more than $500 repairs, and furniture is for sale if I want to pay for it.
They've had a previous buyer back out due to an issue of water in the basement found during an inspection, but they didn't disclose anything else to me.
I think I want to offer $210,000 plus they cover closing costs, $1000 earnest money, $500 max in repairs, and the furniture.
Thoughts?
There may be a typo there. Why are you counter offering more money? Also, don't mess with the deposit as part of the counter if there is no doubt you are going to close.
Quote from: merithyn on October 29, 2020, 02:25:31 PM
They've countered.
Offer: $205,000, no closing costs, $2000 earnest money, no more than $500 repairs, and furniture is for sale if I want to pay for it.
They've had a previous buyer back out due to an issue of water in the basement found during an inspection, but they didn't disclose anything else to me.
I think I want to offer $210,000 plus they cover closing costs, $1000 earnest money, $500 max in repairs, and the furniture.
Thoughts?
Wait - you're going to offer more than they're asking for? Is that right?
How much are closing costs, and what do you think the furniture is worth?
Trying to match what you're thinking, I'd be tempted to match their last offer but include the furniture.
I'd also be worried about the water in the basement. If that's a problem it is not a cheap or easy fix.
I'm offering more for two reasons: One, I need them to cover the $7000 closing costs, and two, I want the furniture.
So, by offering $210,000, I'm asking them to cover $2000 of the closing costs and give me the furniture for free.
cc, I'm not sure that I can come up with $2000 in a week for the earnest money right before I move across the country. Hence, my request to lower it to $1000.
Quote from: Barrister on October 29, 2020, 02:34:21 PM
Quote from: merithyn on October 29, 2020, 02:25:31 PM
They've countered.
Offer: $205,000, no closing costs, $2000 earnest money, no more than $500 repairs, and furniture is for sale if I want to pay for it.
They've had a previous buyer back out due to an issue of water in the basement found during an inspection, but they didn't disclose anything else to me.
I think I want to offer $210,000 plus they cover closing costs, $1000 earnest money, $500 max in repairs, and the furniture.
Thoughts?
Wait - you're going to offer more than they're asking for? Is that right?
How much are closing costs, and what do you think the furniture is worth?
Trying to match what you're thinking, I'd be tempted to match their last offer but include the furniture.
I'd also be worried about the water in the basement. If that's a problem it is not a cheap or easy fix.
The water in the basement... we saw this on the walk-through, and we inspected where and why the water was coming in. It's clearly because of the stone wall that was built around the patio outside. The stone connection caused an issue. It will likely require a good bit of effort, but it shouldn't be an expensive fix. I've corrected issues like that in the past, plus I have several friends in that area that are contractor who will do me a solid on prices to fix.
There's a risk, of course, but I think it's worth it. The house is on high ground and a slope, so running the water away from the house won't be a major issue.
Imo, they are showing they need 200k in their pocket for the sale to happen.
Quote from: Grey Fox on October 29, 2020, 02:48:25 PM
Imo, they are showing they need 200k in their pocket for the sale to happen.
They're selling the house at nearly a loss. They bought it at $199,000 seven years ago.
EDIT: They bought it $262,000 eight years ago. :blink:
Quote from: merithyn on October 29, 2020, 02:44:52 PM
I'm offering more for two reasons: One, I need them to cover the $7000 closing costs, and two, I want the furniture.
So, by offering $210,000, I'm asking them to cover $2000 of the closing costs and give me the furniture for free.
cc, I'm not sure that I can come up with $2000 in a week for the earnest money right before I move across the country. Hence, my request to lower it to $1000.
How much of the price are you getting financing for?
Quote from: merithyn on October 29, 2020, 02:44:52 PM
I'm offering more for two reasons: One, I need them to cover the $7000 closing costs, and two, I want the furniture.
So, by offering $210,000, I'm asking them to cover $2000 of the closing costs and give me the furniture for free.
cc, I'm not sure that I can come up with $2000 in a week for the earnest money right before I move across the country. Hence, my request to lower it to $1000.
Makes sense.
Quote from: Barrister on October 29, 2020, 02:54:02 PM
Quote from: merithyn on October 29, 2020, 02:44:52 PM
I'm offering more for two reasons: One, I need them to cover the $7000 closing costs, and two, I want the furniture.
So, by offering $210,000, I'm asking them to cover $2000 of the closing costs and give me the furniture for free.
cc, I'm not sure that I can come up with $2000 in a week for the earnest money right before I move across the country. Hence, my request to lower it to $1000.
How much of the price are you getting financing for?
$203,000 (I'm putting down $7000 downpayment.)
Quote from: merithyn on October 29, 2020, 03:13:03 PM
Quote from: Barrister on October 29, 2020, 02:54:02 PM
Quote from: merithyn on October 29, 2020, 02:44:52 PM
I'm offering more for two reasons: One, I need them to cover the $7000 closing costs, and two, I want the furniture.
So, by offering $210,000, I'm asking them to cover $2000 of the closing costs and give me the furniture for free.
cc, I'm not sure that I can come up with $2000 in a week for the earnest money right before I move across the country. Hence, my request to lower it to $1000.
How much of the price are you getting financing for?
$203,000 (I'm putting down $7000 downpayment.)
Okay. I was worried you were maybe trying to 100% finance it which had me worried. I mean you're still quite leveraged here, but not insanely so.
Any reason you can't get $2000 from the amount of your downpayment? Assuming "earnest money" is a deposit it's money that goes towards the total sale price so you'd have to pay it sooner or later. Otherwise your reasoning makes sense. Closing costs seems really high to me, but that's from comparing doing residential RE deals in Canada vs the US so I probably shouldn't say anything.
Wait in the US&A you can get a loan with, what, a 3.5% deposit? Nice, I like. I think?
Quote from: Tamas on October 29, 2020, 03:44:54 PM
Wait in the US&A you can get a loan with, what, a 3.5% deposit? Nice, I like. I think?
And the interest is tax deductible.
Quote from: crazy canuck on October 29, 2020, 04:08:17 PM
Quote from: Tamas on October 29, 2020, 03:44:54 PM
Wait in the US&A you can get a loan with, what, a 3.5% deposit? Nice, I like. I think?
And the interest is tax deductible.
OH COME ON.
You could only do that here when buying property to let out thereby blocking off more people from owning their own home. But that's been removed now I think.
Quote from: Barrister on October 29, 2020, 03:18:50 PM
Okay. I was worried you were maybe trying to 100% finance it which had me worried. I mean you're still quite leveraged here, but not insanely so.
Any reason you can't get $2000 from the amount of your downpayment? Assuming "earnest money" is a deposit it's money that goes towards the total sale price so you'd have to pay it sooner or later. Otherwise your reasoning makes sense. Closing costs seems really high to me, but that's from comparing doing residential RE deals in Canada vs the US so I probably shouldn't say anything.
What do you mean "quite leveraged"?
The earnest money would go toward the downpayment at closing, so I'd have to bring $5000 to the table that day. But again, I don't want to be cash poor when I'm moving across the country. I'd rather just give them $1000 now and $6000 at the closing in December.
I asked my mortgage broker what the average closing costs were in Illinois, and he said that we should expect 3.5% for closing costs, plus the downpayment. So, basically, $7000. A Google search says closer to 2% - 3%, which at the largest amount is still ~$6000.
Quote from: Tamas on October 29, 2020, 03:44:54 PM
Wait in the US&A you can get a loan with, what, a 3.5% deposit? Nice, I like. I think?
Some banks even offer no down payment, though credit requirements are generally higher.
You also have to pay a small mortgage insurance premium if the loan to value is above 80%. For conventional loans, the premium goes away when you get down to 80%, but not for FHA. You can refinance the loan at that point though.
Quote from: Tamas on October 29, 2020, 03:44:54 PM
Wait in the US&A you can get a loan with, what, a 3.5% deposit? Nice, I like. I think?
It's a special kind of loan called an FHA. My credit is good enough to get it to 3.5% downpayment, but a lower credit score would require 5% down. As a first-time homebuyer, I qualify.
Quote from: HisMajestyBOB on October 29, 2020, 04:15:42 PM
Quote from: Tamas on October 29, 2020, 03:44:54 PM
Wait in the US&A you can get a loan with, what, a 3.5% deposit? Nice, I like. I think?
Some banks even offer no down payment, though credit requirements are generally higher.
You also have to pay a small mortgage insurance premium if the loan to value is above 80%. For conventional loans, the premium goes away when you get down to 80%, but not for FHA. You can refinance the loan at that point though.
Of course, once I get to that point, I'm fairly sure that my interest will be higher than 2.5%. :ph34r:
Around here, we don't have closing costs.
I'm surprised the FHA allows that small a down payment.
Quote from: Grey Fox on October 29, 2020, 05:08:40 PM
Around here, we don't have closing costs.
Yes we do. It's the notary fees...
Quote from: Admiral Yi on October 29, 2020, 05:10:56 PM
I'm surprised the FHA allows that small a down payment.
Yup. :)
QuoteFHA Loan Requirements
Important FHA Guidelines for Borrowers
The FHA, or Federal Housing Administration, provides mortgage insurance on loans made by FHA-approved lenders. FHA insures these loans on single family and multi-family homes in the United States and its territories. It is the largest insurer of residential mortgages in the world, insuring tens of millions of properties since 1934 when it was created.
FICO® score at least 580 = 3.5% down payment.
FICO® score between 500 and 579 = 10% down payment.
MIP (Mortgage Insurance Premium ) is required.
Debt-to-Income Ratio < 43%.
The home must be the borrower's primary residence.
Borrower must have steady income and proof of employment.
Holy fuck, you can buy a house at 33:1 leverage ratio? :hmm: That seems like an unwise policy. Maybe we need to move this discussion to AR's thread about the last bubble.
Only 580 needed for the lowest down payment. Wow.
Quote from: Oexmelin on October 29, 2020, 05:35:43 PM
Quote from: Grey Fox on October 29, 2020, 05:08:40 PM
Around here, we don't have closing costs.
Yes we do. It's the notary fees...
And more, land title fees, search fees or title protection fees, adjustment costs for utilities etc. etc. What I remember most about it all is I dreaded having to remember all the details for the bar exam. :D It made me realize there was no way in hell I wanted to become a conveyancer. But I have litigated real estate contracts. Easier to identify the mistakes made by others than making sure no mistakes are made....
Quote from: merithyn on October 29, 2020, 02:50:37 AM
I might be closer to the center of the US than anyone else now. Languish meet in Peoria?
I'd say "yes" but don't want to scare you off.
That looks a lot like my dream house, as well. Good luck!
Quote from: grumbler on October 29, 2020, 10:13:21 PM
Quote from: merithyn on October 29, 2020, 02:50:37 AM
I might be closer to the center of the US than anyone else now. Languish meet in Peoria?
I'd say "yes" but don't want to scare you off.
That looks a lot like my dream house, as well. Good luck!
I would so love to meet you! Are you kidding??
Thanks. :wub:
Depending on what the inspection shows, it looks like I'm buying a house. ^_^
Party at Meri's 2022. ;)
Should have the attic gaming room done by then. (Think RPG and board games rather than pool table and pingpong table.)
I have met Grumbler in person. :ph34r:
Quote from: merithyn on October 30, 2020, 11:43:02 AM
Should have the attic gaming room done by then. (Think RPG and board games rather than pool table and pingpong table.)
:thumbsdown:
Seriously though, I am so jelly, I hope they agree to the deal, the house looks fantastic.
Hey, I've got a pool table for you Tamas. :)
Quote from: Tamas on October 30, 2020, 12:06:37 PM
Quote from: merithyn on October 30, 2020, 11:43:02 AM
Should have the attic gaming room done by then. (Think RPG and board games rather than pool table and pingpong table.)
:thumbsdown:
Seriously though, I am so jelly, I hope they agree to the deal, the house looks fantastic.
The pool table/ping pong table will be in one side of the garage. ;)
Now you reminded me of the project of somehow getting a pool table into my old living room at my parents' house. I think a standard English one would fit with enough room left to let you play.
Problem is the stairs leading there have such a tight turn that it would entirely impossible getting the table through. It would have to be lifted by machine to the balcony. :P Which seems excessive.
But I think my Dad would like it and it would be excellent for having my friends over when I do what used to be my bi-monthly visits to the country.
Every since the pandemic started and I've been working from home, I usually shoot pool when I take breaks. I've actally gotten much better at it. Even made a masse shot or two, though I'm a little scared to even try them since you could rip the felt on the table if you're not careful.
Quote from: merithyn on October 30, 2020, 12:12:03 PM
Quote from: Tamas on October 30, 2020, 12:06:37 PM
Quote from: merithyn on October 30, 2020, 11:43:02 AM
Should have the attic gaming room done by then. (Think RPG and board games rather than pool table and pingpong table.)
:thumbsdown:
Seriously though, I am so jelly, I hope they agree to the deal, the house looks fantastic.
The pool table/ping pong table will be in one side of the garage. ;)
:D Awesome.
Quote from: Tamas on October 30, 2020, 12:03:19 PM
I have met Grumbler in person. :ph34r:
all the cool kids have
Quote from: merithyn on October 30, 2020, 11:43:02 AM
Depending on what the inspection shows, it looks like I'm buying a house. ^_^
Party at Meri's 2022. ;)
Should have the attic gaming room done by then. (Think RPG and board games rather than pool table and pingpong table.)
couldn't pay me a million dollars to visit Mideast.
I used to have a pool table. Sold it for super cheap as there just wasn't space for it. Had to have someone help me move all the dining room furniture out the way whenever I wanted to play and even then shots from close to some sides were impossible.
So here's where things stand:
They countered with MORE than before, offering to only pay half closing costs. So the net amount they're asking for is now $500 over asking price, rather than the $4000 under asking price they asked for before. That's a difference of $5500 in their favor. Plus, we'd have to cover over $3000 in closing costs.
The kicker, though, is that they are refusing to sign any kind of agreement until I receive a letter of pre-qualification for a mortgage. I won't receive that until next Tuesday or Wednesday, while my mortgage company does some paperwork stuff. The mortgage broker has told my realtor this, and that I'm all but qualified, but the seller wants the actual letter in hand.
Oh, and now there's another person interested in the house, and she has a pre-qual letter in hand. The problem with her is that she's already in a contract with another house, and so she'll have to see if she can break that contract before she can even put an offer in on this house.
Too much drama. I'm ready to walk. I've told them final offer: $210,000 plus $3500 closing costs and they sign a contract to that effect today. Otherwise, I'm looking elsewhere.
Already found a slightly smaller, less grandiose house for half the price down the street from that one. It needs work, but at that price, I can put in a lot to make it what I want. And maybe I won't have to deal with the bullshit the other lady is trying to put me through.
Quote from: katmai on October 30, 2020, 04:11:31 PM
Quote from: merithyn on October 30, 2020, 11:43:02 AM
Depending on what the inspection shows, it looks like I'm buying a house. ^_^
Party at Meri's 2022. ;)
Should have the attic gaming room done by then. (Think RPG and board games rather than pool table and pingpong table.)
couldn't pay me a million dollars to visit Mideast.
Yeah, no chance it would take that much. :P
Quote from: katmai on October 30, 2020, 04:11:31 PM
Quote from: merithyn on October 30, 2020, 11:43:02 AM
Depending on what the inspection shows, it looks like I'm buying a house. ^_^
Party at Meri's 2022. ;)
Should have the attic gaming room done by then. (Think RPG and board games rather than pool table and pingpong table.)
couldn't pay me a million dollars to visit Mideast.
It's the Midwest, you fucking snob.
I agree with you, Meri. Time to bail.
Quote from: merithyn on October 30, 2020, 05:55:16 PM
Quote from: katmai on October 30, 2020, 04:11:31 PM
Quote from: merithyn on October 30, 2020, 11:43:02 AM
Depending on what the inspection shows, it looks like I'm buying a house. ^_^
Party at Meri's 2022. ;)
Should have the attic gaming room done by then. (Think RPG and board games rather than pool table and pingpong table.)
couldn't pay me a million dollars to visit Mideast.
It's the Midwest, you fucking snob.
:lol:
Quote from: merithyn on October 30, 2020, 05:34:41 PM
So here's where things stand:
They countered with MORE than before, offering to only pay half closing costs. So the net amount they're asking for is now $500 over asking price, rather than the $4000 under asking price they asked for before. That's a difference of $5500 in their favor. Plus, we'd have to cover over $3000 in closing costs.
The kicker, though, is that they are refusing to sign any kind of agreement until I receive a letter of pre-qualification for a mortgage. I won't receive that until next Tuesday or Wednesday, while my mortgage company does some paperwork stuff. The mortgage broker has told my realtor this, and that I'm all but qualified, but the seller wants the actual letter in hand.
Oh, and now there's another person interested in the house, and she has a pre-qual letter in hand. The problem with her is that she's already in a contract with another house, and so she'll have to see if she can break that contract before she can even put an offer in on this house.
Too much drama. I'm ready to walk. I've told them final offer: $210,000 plus $3500 closing costs and they sign a contract to that effect today. Otherwise, I'm looking elsewhere.
Already found a slightly smaller, less grandiose house for half the price down the street from that one. It needs work, but at that price, I can put in a lot to make it what I want. And maybe I won't have to deal with the bullshit the other lady is trying to put me through.
Wow. They are stupid. No wonder that house has been on the market so long.
Ah well. It was a nice dream.
Quote from: merithyn on October 30, 2020, 05:34:41 PM
Already found a slightly smaller, less grandiose house for half the price down the street from that one. It needs work, but at that price, I can put in a lot to make it what I want. And maybe I won't have to deal with the bullshit the other lady is trying to put me through.
Just one man's opinion, but half the price plus some sweat equity minus some drama sounds pretty good.
One of the best homebuying decisions we ever made was we found a house we loved (but private sale), we sent a couple offers, the vendors really screwed around... we said fuck them, put in an offer on our second favourite which negotiations were quickly concluded. Been very happy here nearly 10 years later.
A lady who is already in an agreement but needs to break it is hardly giving them any kind of leverage.
Come back with a counteroffer that's lower than your first by $4500. :ph34r:
Nah. I decided to keep looking. I'd rather a house for a little less, anyway. I can swing the mortgage I was looking at, but I'd rather not paint myself into a corner and be stuck in a job I hate because I have a mortgage I need to pay.
There are several on the market that are nice. There's always that one thing that makes me go, "Hmm... no, I don't think so...." But I'm in no rush. I will have a pre-qual letter in my hands by Wednesday at the latest, so I'll be in a better position. In the meantime, I can be patient and wait until the next nearly perfect house comes on the market.
Offer given, countered, and accepted. :)
Closing is two days before my birthday. ^_^
The house is on East Embert Place, Peoria, listed for $110,000, if anyone wants to look it up. :) I got it for less. Needs a bit of work, but the bones are good.
I'm excited. :D
Meri the first rule is location, location. Location...and yours is in Peoria. :x
But seriously congrats on mortgage till your 60!! :P
Congrats.
It's less grand than the previous one but still quite large for a single person. Much cheaper too!
What's your budget for kitchen reno?
Quote from: katmai on November 09, 2020, 01:49:14 PM
Meri the first rule is location, location. Location...and yours is in Peoria. :x
But seriously congrats on mortgage till your 60!! :P
Could be worse. :)
Quote from: merithyn on November 09, 2020, 01:46:38 PM
Offer given, countered, and accepted. :)
Closing is two days before my birthday. ^_^
The house is on East Embert Place, Peoria, listed for $110,000, if anyone wants to look it up. :) I got it for less. Needs a bit of work, but the bones are good.
I'm excited. :D
Congrats!
Looks plenty bigly enough for a Languish meet :P
Quote from: Grey Fox on November 09, 2020, 01:49:24 PM
Congrats.
It's less grand than the previous one but still quite large for a single person. Much cheaper too!
What's your budget for kitchen reno?
The other one was too finished, too complete. And way too "grand" for me. I like this one much better.
Kitchen will remain as-is for the time being. Basement will be completely gutted first to make sure it's fully sealed. Then, library, then attic. Finally, kitchen/sun porch.
Total reno budget is $50k - $70k.
Crazy how all the properties have lost so much value since 2003.
Since your mission is accomplished, I'll hijack your thread a bit...
I am nowhere near deciding on whether or not rent or buy(hah!), but here is #1 on the fantasy list anyway:
https://www.zillow.com/homedetails/14130-Reservation-Rd-Salinas-CA-93908/19376073_zpid/
Kitchen appears a bit dated...but the living area looks amazing.
And no, I cannot afford it. :P
High ceilings :wub:
I love post and beam construction.
A 1750 square foot house for $640,000.00
Now see that is more what I am used to.
Quote from: Valmy on November 09, 2020, 03:01:31 PM
A 1750 square foot house for $640,000.00
Now see that is more what I am used to.
Lol, perspective is everything. I was thinking, hell at that price I will take at least three.
Not quite the languish party pad of the other one.
But I'm sure it suits you fine. :cheers:
Beautiful house, Toni! :wub:
But.. is there any yard to speak of?? :unsure:
California houses>Midwest
Something I noticed on those sites, are floor plans not a thing in the US?
I find them more helpful than a gazillion wide-angle pictures.
Quote from: Maladict on November 09, 2020, 04:28:45 PM
Something I noticed on those sites, are floor plans not a thing in the US?
I find them more helpful than a gazillion wide-angle pictures.
Only very rarely do you get a floor plan.
Quote from: merithyn on November 09, 2020, 03:58:01 PM
Beautiful house, Toni! :wub:
But.. is there any yard to speak of?? :unsure:
Lot is 4,700 square feet so not really, though I guess it depends on where the house is on the property.
Quote from: merithyn on November 09, 2020, 03:58:01 PM
Beautiful house, Toni! :wub:
But.. is there any yard to speak of?? :unsure:
I don't need a big yard. And yards there would double the price. :P
Quote from: Valmy on November 09, 2020, 04:30:25 PM
Quote from: Maladict on November 09, 2020, 04:28:45 PM
Something I noticed on those sites, are floor plans not a thing in the US?
I find them more helpful than a gazillion wide-angle pictures.
Only very rarely do you get a floor plan.
Then how do you build a 3D model to see how all your stuff fits? :nerd:
Quote from: Maladict on November 09, 2020, 04:32:55 PM
Quote from: Valmy on November 09, 2020, 04:30:25 PM
Quote from: Maladict on November 09, 2020, 04:28:45 PM
Something I noticed on those sites, are floor plans not a thing in the US?
I find them more helpful than a gazillion wide-angle pictures.
Only very rarely do you get a floor plan.
Then how do you build a 3D model to see how all your stuff fits? :nerd:
You can usually get one if you talk to the realtor. If you are at the 3D Modeling stage you can probably make a few inquiries :P
Quote from: Maladict on November 09, 2020, 04:32:55 PM
Quote from: Valmy on November 09, 2020, 04:30:25 PM
Quote from: Maladict on November 09, 2020, 04:28:45 PM
Something I noticed on those sites, are floor plans not a thing in the US?
I find them more helpful than a gazillion wide-angle pictures.
Only very rarely do you get a floor plan.
Then how do you build a 3D model to see how all your stuff fits? :nerd:
If there's a virtual tour, there is usually a floor plan attached to that. Sometimes, even a 3D model of the house. But yeah, like Valmy said, not typical.
I draw out my own with the measurements given on the house's informational page. :D
Finally took possession of my own new house today.
Wasn't aware you'd passed, Oex. RIP.
Sorry, notary speech in this civil code jurisdiction :)
Whew, you're alive! :w00t:
When's the move, Oex?
Quote from: Oexmelin on December 02, 2020, 05:37:58 PM
Finally took possession of my own new house today.
Congrats!
Where did you end up? What town?
Hey Meri - your new hometown has been getting some news / social media coverage.
Apparently an artist was hired to paint this weird soviet union meets Cookie Monster mural on the side of a building in Peoria. A few days after he was finished the building owner calls him up in a fury wondering why the hell he painted this mural on his building without permission. The mystery now is... who paid the artist in the first place?
(https://s3.crackedcdn.com/phpimages/article/2/9/4/759294.jpg?v=1)
https://www.cracked.com/article_29158_communist-cookie-monster-mural-mystery-sparks-ire-in-illinois.html
I finally have a "clear to close" on my house! :w00t: Lots of starts and stops due to the intricacies of FHA loans and the holidays.
Close on Monday, January 4, after which I will arrange to have a plumber and electrician come check things out. (Yes, I could have done this before, and yes, I know I could end up with a really big bill, but I got the house for cheap, and I didn't want anything to come up that the FHA loan would preclude a purchase for.) I've already hired (and paid) a contractor to strip the wallpaper and patch the walls so that I can paint. Move in date is tentatively set for January 16th.
:yeah:
Quote from: Barrister on December 07, 2020, 05:12:02 PM
Hey Meri - your new hometown has been getting some news / social media coverage.
Apparently an artist was hired to paint this weird soviet union meets Cookie Monster mural on the side of a building in Peoria. A few days after he was finished the building owner calls him up in a fury wondering why the hell he painted this mural on his building without permission. The mystery now is... who paid the artist in the first place?
(https://s3.crackedcdn.com/phpimages/article/2/9/4/759294.jpg?v=1)
https://www.cracked.com/article_29158_communist-cookie-monster-mural-mystery-sparks-ire-in-illinois.html
This has been kind of funny to watch play out. A friend of mine's son was involved in painting the original artwork, so he's considered "part of the problem". I giggled. Anyway, the owner painted over the mural with white paint, which then promptly washed away over the next week or so due to the continuous rain we had.
Still no word on who the guy was that hired the artist, but the original drawing by him is now up for sale, I believe.
For about the same price as a house in Monterey, I could get a cottage+winery about an hour's drive to the east on 58 acres. :hmm:
https://www.zillow.com/homedetails/39995-Carmel-Valley-Rd-Greenfield-CA-93927/2093405720_zpid/
I could be: retired Captain Picard.
(https://encrypted-tbn0.gstatic.com/images?q=tbn:ANd9GcTSzRZKV9ezJIcKBSbk-y7aIMFQCwq1RM98YgJFLzPU2s0GhA7LXfPkKN_rd7CuBDOl1po&usqp=CAU)
Live in Los Banos! Pretty cheap there...
An hour long commute? Well hell that isn't much longer than the average Los Angeles resident drives to work every day.
That distance up the Carmel Valley Road might be a tetch longer than an hour...
Doesn't Los Banos translate to "the bathrooms"? :hmm:
Quote from: Tonitrus on April 07, 2021, 11:50:12 AM
Doesn't Los Banos translate to "the bathrooms"? :hmm:
It means "the baths". Probably means there are some springs or lakes or something there.
Quote from: PDH on April 07, 2021, 11:42:08 AM
Live in Los Banos! Pretty cheap there...
I've also driven over that mountain pass above Hollister a few times back when I was there before...as a daily commute, no thanks. :P
Quote from: Tonitrus on April 07, 2021, 11:38:44 AM
For about the same price as a house in Monterey, I could get a cottage+winery about an hour's drive to the east on 58 acres. :hmm:
https://www.zillow.com/homedetails/39995-Carmel-Valley-Rd-Greenfield-CA-93927/2093405720_zpid/
I could be: retired Captain Picard.
(https://encrypted-tbn0.gstatic.com/images?q=tbn:ANd9GcTSzRZKV9ezJIcKBSbk-y7aIMFQCwq1RM98YgJFLzPU2s0GhA7LXfPkKN_rd7CuBDOl1po&usqp=CAU)
:w00t:
Can I be your master brewer??
Quote from: merithyn on April 07, 2021, 12:35:00 PM
:w00t:
Can I be your master brewer??
Right back to earthquake and wildfire country?
Quote from: PDH on April 07, 2021, 12:37:53 PM
Quote from: merithyn on April 07, 2021, 12:35:00 PM
:w00t:
Can I be your master brewer??
Right back to earthquake and wildfire country?
I can come in quarterly to test the product. :sleep:
Meri would consume my entire stock.
Quote from: Tonitrus on April 07, 2021, 01:36:04 PM
Meri would consume my entire stock.
She's a
very thorough tester!
Quote from: Tonitrus on April 07, 2021, 01:36:04 PM
Meri would consume my entire stock.
One must test them all to be certain. :sleep:
Quote from: Tonitrus on April 07, 2021, 01:36:04 PM
Meri would consume my entire stock.
Better safe than sorry.