Home Buying & Real Estate Thread

s0lefunk said:
Reached out to our realtor just to gauge what we could sell our house for. Based on the comps he sent over we could expect at least a 40-60% profit. Wife won’t entertain anything less than 100% :lol:.

Anyone flip their primary residence in this market? Did you buy another home immediately or decide to rent in hopes of the market cooling down? Any seller’s remorse?

We have a great home in a great location. While we could wipe out all our debt and still have a sizeable amount left over for savings and a downpayment, we’d be back in the market at these prices.
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Sold my primary residence about a month ago. Moved to some apartments on a 10 month lease.

The move was a huge win for the fam. Cleared 6 figures for a crib I lived in for 5 years and basically added no updates. My neighborhood was going downhill and there were no good schools in my district.

Moving to this apartment allowed me to cash in before a potential crash, it removed the biggest "debt" on my credit report (possibly even allowing me to enter the market again on a 3.5-5% down payment).

The apartment is in a better school district so we can lock that in for my son. This will allow us to establish residency in case we decide to move out of the district (when we find a home) and still need a solid school for my kid.

I'm hoping that when we re-enter the market in early 2023 we can at least bypass the current trend of offering 20-30k over asking + no inspection after spending 10 mins in a crib on the first day it's listed.
 
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s0lefunk said:
Settle some interest accruing debt while freeing up some income, make a downpayment on a new spot where the mortgage loan amount would be roughly the same as our original purchase price (likely a bit higher), and have some cash leftover for a decent nestegg.

We’re going to crunch some numbers to really figure out how a sale now would benefit us compared to our current financial trajectory. Agreed that a sale now could potentially be a wash if it isn’t for the right amount and with the right perspective.

Rising interest rates do not concern me too much because they are still a decent amount lower than the 50-year average. Plus settling debt would boost our credit scores and give us a more favorable rate.

Based on comps we aren’t close to that “no brainer, let’s sell” amount but we are within the “let’s talk about it” range.
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I can dig it. But I wouldn’t just shrug off a higher rate as no big deal. I mean I don’t know what your current rate is. But when you crunch the numbers it might be an eye opener what a 2-3% higher rate means over the course of 30 years
 
206to813 said:
I can dig it. But I wouldn’t just shrug off a higher rate as no big deal. I mean I don’t know what your current rate is. But when you crunch the numbers it might be an eye opener what a 2-3% higher rate means over the course of 30 years
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Most definitely. We’re at 3%. Great rate but need to do some TVM calculations for all our finances to see what a lump sum payment can do for us while factoring in a higher rate.
 
sneakaprince said:
Sold my primary residence about a month ago. Moved to some apartments on a 10 month lease.

The move was a huge win for the fam. Cleared 6 figures for a crib I lived in for 5 years and basically added no updates. My neighborhood was going downhill and there were no good schools in my district.

Moving to this apartment allowed me to cash in before a potential crash, it removed the biggest "debt" on my credit report (possibly even allowing me to enter the market again on a 3.5-5% down payment) and I cashed in on equity.

The apartment is in a better school district so we can lock that in for my son. This will allow us to establish residency in case we decide to move out of the district (when we find a home) and still need a solid school for my kid.

I'm hoping that when we re-enter the market in early 2023 we can at least bypass the current trend of offering 20-30k over asking + no inspection after spending 10 mins in a crib on the first day it's listed.
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As cheesy as it may seem…kudos to putting your kids first.

my kids go to private cause our local schools suck. We have million dollar homes but none of the parents send their kids locally.

I want to move and it’s always “best school in this zip code” on google.
 
edshoecator said:
As cheesy as it may seem…kudos to putting your kids first.

my kids go to private cause our local schools suck. We have million dollar homes but none of the parents send their kids locally.

I want to move and it’s always “best school in this zip code” on google.
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Thanks fam. Not cheesy at all. My family is my motivation. Truth be told I only bought that last house as a place to bring my son home to after I knocked his mom up at my old duplex.

Bs aside school district was our number 1 reason to move, the money was nice, and the change of scenery is appreciated but all of our conversations regarding where we go next start with "what are the schools like?"
 
Curious to hear more about this too.

Unless layoffs and economic conditions worsen significantly where it comes to a point that there’s a significant amount of foreclosures, personally, I don’t see it.
sole searchin said:
Think the housing market even in the bigger markets/cities is due for that much of a correction?
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When unemployment starts peaking soon Because companies are tying to save money, that’s when the pressure will mount. I know people selling their secondary cars just because they losing money in the market right now.
 
Betonblck said:
I can't see there being enough layoffs in this environment to impact the housing market. The Baby Boomers retired and are not coming back to the work force.
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Seattle down 3% MoM for first time in 32 months
SF down 11% MoM

Baby boomers also don’t care about buying or selling - they are set.

Money is drying up FAST. Who thought Coinbase who be laying off 15%? Tesla, Compass, Redfin, Zillow, Stitchfix, Peleton… only the beginning.

VC/PE/IB have massive dry powder just chilling. Red signs everywhere.
 
ecook0808 said:
Seattle down 3% MoM for first time in 32 months
SF down 11% MoM

Baby boomers also don’t care about buying or selling - they are set.

Money is drying up FAST. Who thought Coinbase who be laying off 15%? Tesla, Compass, Redfin, Zillow, Stitchfix, Peleton… only the beginning.

VC/PE/IB have massive dry powder just chilling. Red signs everywhere.
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Does VC/etc going into RE and rentals factor into it also though? They’re possibly a reason for the recent pump in RE throughout the years so I would think they jump on homes at a downturn as well.
 
sole searchin said:
Does VC/etc going into RE and rentals factor into it also though? They’re possibly a reason for the recent pump in RE throughout the years so I would think they jump on homes at a downturn as well.
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That’s IB money - for instance PE is looking long and hard at acquisitions - a ton of deals are out there for the picking.

IB wants these things on their balance sheet long term - GS ain’t selling anything they pick up anytime soon.
 
Mortgages have to be hit soon, not to mention the morons who got ARM's thinking **** was sweet. Thank god the run is over, **** couldn't last forever.
 
ecook0808 said:
Seattle down 3% MoM for first time in 32 months
SF down 11% MoM

Baby boomers also don’t care about buying or selling - they are set.

Money is drying up FAST. Who thought Coinbase who be laying off 15%? Tesla, Compass, Redfin, Zillow, Stitchfix, Peleton… only the beginning.

VC/PE/IB have massive dry powder just chilling. Red signs everywhere.
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I don't consider any of those companies laying people off as a economic bellwether. The Targets and Walmarts that employ hundreds of thousands of employees are raising wages. Almost every small family business that I go to eat has a help wanted sign.

We will see if the layoffs you mention start to spread to other larger companies. I know real estate is a big part of the economy though so a slowdown may spread to the rest of the economy.

Either way, I am following your advice and sitting tight to see what happens.
 
IMO we will not see a 25% dip like we have seen with crypto and stocks. People don’t need to purchase those things - people have to have somewhere to live and there is still a housing shortage in many markets. Whatever dip there may be will likely be offset by the increased interest rates. Hopefully rates go back down in a few years and these people can refi.
 
Betonblck said:
I don't consider any of those companies laying people off as a economic bellwether. The Targets and Walmarts that employ hundreds of thousands of employees are raising wages. Almost every small family business that I go to eat has a help wanted sign.

We will see if the layoffs you mention start to spread to other larger companies. I know real estate is a big part of the economy though so a slowdown may spread to the rest of the economy.

Either way, I am following your advice and sitting tight to see what happens.
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To be fair - I only look at major cities where I invest, I’m not looking at middle America FYI.

But it’s pretty clear at the US level with home applications being down YoY that something is brewing.

With the continued gap of the middle class - bear

Hell we have 300M+ of cash on our balance sheet just sitting there waiting for an acquisition play 😂😂
 
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