Home Buying & Real Estate Thread

[sneakaprince]

What are we defining as an age range for millennials?

What years are millennials? Here's what defines this generation and why.

Here's what you need to know about millennials, including the generation's years.

www.usatoday.com

According to this it's roughly a 15 year swing between 81 and 96.

Almost all of these people are in their 30s now. Are we saying that many of them are still living with their parents and seeking partners.

I'm a late 80s baby and I feel like many ofy peers that desire the traditional goals of homeownership or marriage have had the opportunity already.

I know we hit a speed bump in our wealth accumulation and employment around 08/09 but the teens were ripe with opportunity for homeownership.

 

[sneakaprince]

It makes me cringe when I hear prospective buyers waiting on a “crash” or rate drops. If you have the cash and there is a property you like then buy now. Do an ARM, buy points, plan to refinance later, etc. There are things you can do to limit the damage of high rates today.

The sub 3% rate is something we’ll likely never see again in our lifetime. Relying on pure speculation on one of if not the biggest purchase of your life doesn’t sound wise to me.

Agreed. Ive tried to tell people to look at the rates of our parents generation (yes I know homes were cheaper) but even the 5-7% rates of today's would've been a godsend to people in those periods.

I too doubt we will ever see a sub 3% rate again. With the way appreciation and inflation have worked it's unlikely the people waiting it out will ever see that perfect time to buy again.

Even when rates were stupid low the cash money buyers were throwing anywhere from 20k-100k over asking anyway.

 

[アミーゴ]

The later millennials - again, 90-93, are the largest population surge in the history of humanity.

Most of them probably were not prepared to buy in the teens or 00. Hence why they are now “waiting” for a dip and have cash waiting on the sideline.

Just telling y’all how BLK is thinking.

 

[spizike231]

I’m an millennial and am married with a home.

A majority of my friends (and I mean a majority, as I have 3 friends that own homes and are married), fall into one of the following buckets:
-single, live at home, cannot comfortably afford their own apartment or choosing not to
-single, have their own apartment or sharing a renting space, cannot afford a home on their own

Their main priority is not owning a home, it’s navigating the astounding world that is today’s dating world. They’re all in their late 20’s and single, trying to find out if they’re ever going to find someone for a long term relationship.

I’m not saying this is everyone, this is my main friend group. A lot just really don’t think that owning a home is in the cards for them in the near future. MaybeI Some will say their priorities aren’t straight, but there are plenty out there doing the same thing.

 

[アミーゴ]

Yeah supply is going to dry up like nothing we’ve ever seen.

 

[kvsm23vs24]

Not sub 3%. I’m at 3.2% which is still great. My house was 380 in “LA County” Palmdale. Already have equity of over 100k. Bought in ‘21.

Wanted to take the money and do a refinance, but no way am I letting go of that Interest

 

[kvsm23vs24]

Was able to get our PMI off right at the two year mark. 30 year conventional at 2.875 with no pmi

Same. Got my PMI removed. Was 200 dollars a month going to the trash
I paid PENNYMAC for an appraisal. They didn’t even come out. Just had me take pictures and send them in took off the PMI in a couple weeks.

 

[s0lefunk]

Not sub 3%. I’m at 3.2% which is still great. My house was 380 in “LA County” Palmdale. Already have equity of over 100k. Bought in ‘21.

Wanted to take the money and do a refinance, but no way am I letting go of that Interest

Don’t refi, do a HELOC. Let’s you tap into a majority of your equity with much more favorable rates than unsecured loans or credit lines. Even if you don’t want to use it its nice to have as a safety net. Even better if you can find an interest-only and rate lock offerings.

 

[B Sox]

5-7 is gonna be the new norm.

Wouldn’t be surprised if we hit 8 in the next few weeks though.

 

[spizike231]

Same. Got my PMI removed. Was 200 dollars a month going to the trash
I paid PENNYMAC for an appraisal. They didn’t even come out. Just had me take pictures and send them in took off the PMI in a couple weeks.

How much was the appraisal and did you raise value by doing renovations or what

I tried to ask Wells Fargo to remove it based on market value and they told me it can only be done through renovations ??? Lol

 

[アミーゴ]

5-7 is gonna be the new norm.

Wouldn’t be surprised if we hit 8 in the next few weeks though.

Think we will and should honestly

 

[s0lefunk]

How much was the appraisal and did you raise value by doing renovations or what

I tried to ask Wells Fargo to remove it based on market value and they told me it can only be done through renovations ??? Lol

That makes no sense. The market dictates the appraised value, period. Renovations are only a consideration during the appraisal. Ask to initiate the process for PMI removal then they should send an appraiser out (which you pay for).

 

[spizike231]

That makes no sense. The market dictates the appraised value, period. Renovations are only a consideration during the appraisal. Ask to initiate the process for PMI removal then they should send an appraiser out (which you pay for).

I’m sure it’s WF trying to keep sucking me dry

Any idea how much an appraisal usually runs ?

 

[lovehateself]

I’m sure it’s WF trying to keep sucking me dry

Any idea how much an appraisal usually runs ?

when i requested to have PMI removed, i got hit with a $400 re-appraisal fee

 

[s0lefunk]

I’m sure it’s WF trying to keep sucking me dry

Any idea how much an appraisal usually runs ?

It was $150 for us but it depends on your mortgage company and the appraiser they use. But I can’t imagine it costing more than a few hundred.

 

[moderndarwin]

Agreed with others. As a “millennial” I would have absolutely loved to buy between 2010 and 2020. However, I didn’t have stable employment, any money saved up, paying a ton toward student loans so even considering buying a home then seemed so outrageous.

Finally in 2022 all that lined up after a decade of making a comeback and was able to purchase a home with around 5% rate. And still was only to put 5% down.

And i’m one of the better off stories honestly there’s so many people that are friends of mine that have absolutely no chance. working decently good jobs but just paying student loans and rent leaves so little for saving for a down payment.

My only selfish hope dream is that I can pay this place down for 5 years and we randomly have a year of sub 3% and I either refinance or the value skyrockets and we sell make a huge profit and move out of the US.

 

[アミーゴ]

Baby boomers screwed millennials, point blank.

Also interesting, Gen Z has an avg credit score of 679 (lowest on record for that period of life). Avg American is 714

 

[spizike231]

It was $150 for us but it depends on your mortgage company and the appraiser they use. But I can’t imagine it costing more than a few hundred.

I’m gonna be sick if it is g

I pay like $200 a month to PMI.. to think it could’ve been removed a long time ago on a $250 appraisal I think I’ll literally vomit

 

[afkguy]

I bought my LA county "starter home" in 2018 for 450k. I refi dec. 2019 at 3.25% and months later covid/pandemic happened and rates dropped below 3%

Supply is too low since homeowners like myself with low rates will hold on to these properties longer. I personally feel like i'm stuck at my starter home and its frustrating sometimes since my wife and i want to move soon to a better house/neighborhood.

Also my biggest mistake was i waited till i have enough downpayment of 20%. I waited way too long to buy and prices in 2018 climbed up significantly in CA.

 

[spizike231]

I’m gonna be sick if it is g

I pay like $200 a month to PMI.. to think it could’ve been removed a long time ago on a $250 appraisal I think I’ll literally vomit

Just called WF

If the loan is under 2 years of age, your appraisal threshold must be met using improvements to the home

After 2 years you can then do just the appraisal but the value must come back at a higher threshold. Which shouldn’t be an issue for me.

Damb

 

[s0lefunk]

spizike231 Well that sucks. Not sure what the reasoning for a 2-year buffer would be. We went through the process maybe 1.5 years after closing.

 

[jrp44]

Same. Got my PMI removed. Was 200 dollars a month going to the trash
I paid PENNYMAC for an appraisal. They didn’t even come out. Just had me take pictures and send them in took off the PMI in a couple weeks.

Damn I have Pennymac...almost been in my house 2 years...my PMI isn't much (like $40) but I know my house value went way up. I need to give them a call

 

[townbidness]

aint nobody selling their sub 3% home.
Going to pay double for the same sized home.

 

[アミーゴ]

At that point just rent it

 

[jrp44]

I definitely timed it perfect in fall 2021. Got 2.8% on mine.