Home Buying & Real Estate Thread

Prices of homes in inflated towns surrounding NYC are dropping week by week... now its looking like a sellers panic and a buyer shortage..

is the housing market gonna crash with everyone copping homes above fair prices or we just correcting?...

America is just "kicking the can down the road" with this moratorium ending in July... I wanna see who goes belly and scoop something nice... ** Ye Shrug **
 
Everyone I know who has money is doing full cash offers in NYC. In the millions too.

Most people are smart though, they're not falling for these inflated prices that sellers are asking for. Some of these houses have been for sale all year. Whoever had money saved up did buy houses/condos, at way below asking too.

Compared to other states where everyone is outbidding each other and prices doubled in a couple of years, I feel like the NYC market has stayed relatively the same in the good areas.

Everyone who moved out during the pandemic will be coming back soon, so rent prices will start going back up.
 
ballinsam23 said:
Everyone I know who has money is doing full cash offers in NYC. In the millions too.

Most people are smart though, they're not falling for these inflated prices that sellers are asking for. Some of these houses have been for sale all year. Whoever had money saved up did buy houses/condos, at way below asking too.

Compared to other states where everyone is outbidding each other and prices doubled in a couple of years, I feel like the NYC market has stayed relatively the same in the good areas.

Everyone who moved out during the pandemic will be coming back soon, so rent prices will start going back up.
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Thats a fact, like I stated some weeks ago PRE-pandemic I was asking 1.25M (ABOVE Comps and appraisal).. sold for well under DURING the pandemic.

im not sure most people are coming back tho.. cats who moved don't have to be in offices,,, HOWEVER my mother In-law was told to return mid July.. city and state jobs just aint tryna hear it LOL...

I'm looking more for defaulted mortgages and so forth.. some of these NYC jobs AINT coming back.
 
Coworker just got approved for 2.5%. I thought rates were on an up trend? Yall think it will drop lower?
 
polo sport nyc said:
Prices of homes in inflated towns surrounding NYC are dropping week by week... now its looking like a sellers panic and a buyer shortage..

is the housing market gonna crash with everyone copping homes above fair prices or we just correcting?...

America is just "kicking the can down the road" with this moratorium ending in July... I wanna see who goes belly and scoop something nice... ** Ye Shrug **
Click to expand...

bro its a bit tough right now. Im looking for a legit two family in westchester. And
Besides a two family even being available, the prices are crazy 775k and up. And they have a tenant i have to boot.

our budget is really like 725-750k tops. But the outbidding and the money for cosmetic sho, has me wanted a co-op and calling it a day. **** the yard.
 
freshpairs said:
Coworker just got approved for 2.5%. I thought rates were on an up trend? Yall think it will drop lower?
Click to expand...
I got 2.75 within the last week. I’m not expert but waiting on lower you might up end regretting it. To me as long as you aren’t crazy overpaying for the property then you are good considering how attractive the interest rates are at the moment.
 
I need to stop procrastinating and decide if I should refinance my homes (one primary and one rental). I’ll be working of town next week, I’m gonna make this my deadline to do it (or not) with all my free time after work
 
Someone break this down for me. Is it best to refinance after 10 years? Apparently some kind of extra fee kicks in at that time so some people refinance then use that extra money to put down on another property. Am I missing something here?
 
LoanDepot been offering me 2something to refi as well, but my credit on the injured reserve list after all these bs collections so I cant even take advantage right now.
 
Does seem like prices may be either dipping or not as hot as recent months.
these next few months will be interesting
 
I keep getting offers from Chase to refi my mortgage with them for no fees (and not just rolled into overall loan). 3.075% is current offer, but a few months ago they offered 2.875% .
 
ballinsam23 said:
Everyone I know who has money is doing full cash offers in NYC. In the millions too.

Most people are smart though, they're not falling for these inflated prices that sellers are asking for. Some of these houses have been for sale all year. Whoever had money saved up did buy houses/condos, at way below asking too.

Compared to other states where everyone is outbidding each other and prices doubled in a couple of years, I feel like the NYC market has stayed relatively the same in the good areas.

Everyone who moved out during the pandemic will be coming back soon, so rent prices will start going back up.
Click to expand...

Rent prices in the city didn’t budge much tbh, at least in the money parts of NYC, my sisternlaw is on her second year of her lease in a brand new 1 br with balcony in Clinton hill paying 3200 a month...all they offered them was one month comped if they complete the lease....

mom another note, I signed my contract February 2020 right before the pandemic and locked my new build at 560k, my contractor now is building my same house without any of the extras i added to mines that jumped my closing cost for about 60k for 750k, I asked my realtor in the current market what my house would be valued at and she said closer to 900k not even more than a year later 🤣 absolute insanity to take the bait on this market now.
 
ksteezy ksteezy sell the house. If you can get double in 1 year I’m not even thinking twice about selling. Youll never get that type of growth in 1 year.

Unless you’re buying low to rehab and adding 300k in renovations (adding a floor, extending, etc) to sell. My parents apartment multiplied by 5 in the past 15 years. They’re definitely looking to sell in this market.
 
ballinsam23 said:
ksteezy ksteezy sell the house. If you can get double in 1 year I’m not even thinking twice about selling. Youll never get that type of growth in 1 year.

Unless you’re buying low to rehab and adding 300k in renovations (adding a floor, extending, etc) to sell. My parents apartment multiplied by 5 in the past 15 years. They’re definitely looking to sell in this market.
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I built my house from the ground up, so I’m pretty attached to it and where I live, eitherway I sell, pocket that money and then hope the market dips so I can buy another house better than this one, that gamble would only really pay out if I sell and there is a collapse where I can then buy a legit property, but the way this market is, I sell and I’ll be buying the a fixer upper lol
 
What's a good site for bedding? Not trying to break the bank at all, just looking to replace an old IZOD comforter set for a full size bed. Not looking to spend more than $100.
 
ksteezy said:
I built my house from the ground up, so I’m pretty attached to it and where I live, eitherway I sell, pocket that money and then hope the market dips so I can buy another house better than this one, that gamble would only really pay out if I sell and there is a collapse where I can then buy a legit property, but the way this market is, I sell and I’ll be buying the a fixer upper lol
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What city/town are you in? I thought you were in NYC.
 
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