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Esteemed Contributor
Posts: 6,539
Registered: ‎11-23-2013

Re: Househunting Is Drivng Me Batty!


@Nuttmeg wrote:



Most of us average folks are at the mercy of banker, real estate broker, or lawyer. 


nutmeg, this is so true.  The last time around, we had a bad realtor and a bad banker.

 

Lessons learned, for real!

Get your flu shot...because I didn't.
Esteemed Contributor
Posts: 5,660
Registered: ‎03-09-2010

Re: Househunting Is Drivng Me Batty!

[ Edited ]
I do feel badly for a owner trying to sell at a price that would make them whole but the market is what the market is. We offered $235 ,000 CASH on a house that was listed for $250,000 that needs a lot done to it as per my earlier post. A house 5 down the street from the one we offered on went under contract in 5 days a month ago before we started looking. It is the identical floor plan to the one we offered on. same lot size and this other one even had a fireplace which the one we offered on did not. Finished basements in both homes. This other house which sold last month was bought by a investor in 2015 for $180,000 in 2015 and they completely renovated the entire house. All neutral paint throughout, new hardwood floors throughout, brand new kitchen with new cabinets and granite. It sold for $254,000 Why would I pay $248,000 for the same floor plan for a house that needs a complete head to toe painting, new carpet and a complete new kitchen?
Esteemed Contributor
Posts: 6,539
Registered: ‎11-23-2013

Re: Househunting Is Drivng Me Batty!


@KathyPet wrote:
I do feel badly for a owner trying to sell at a price that would make them whole but the market is what the market is. We offered $235 ,000 CASH on a house that was listed for $250,000 that needs a lot done to it as per my earlier post. A house 5 down the street from the one we offered on went under contract in 5 days a month ago before we started looking. It is the identical floor plan to the one we offered on. same lot size and this other one even had a fireplace which the one we offered on did not. Finished basements in both homes. This other house which sold last month was bought by a investor in 2015 for $180,000 in 2015 and they completely renovated the entire house. All neutral paint throughout, new hardwood floors throughout, brand new kitchen with new cabinets and granite. It sold for $254,000 Why would I pay $248,000 for the same floor plan for a house that needs a complete head to toe painting, new carpet and a complete new kitchen?

Kathy, I have nothing good to say about investors!  At least not until I become one.  And other than my parents.

 

In this area, they buy up the condos and rowhouses, rent them out and don't pay the condo  and HOA fees.  That makes it next to impossible for individuals to buy a piece of property due to the financing.

 

One house that I really like, a twin house, is considered a condo for whatever reason.  I can't get financing unless I have 20% of the price for a downpayment. 

Get your flu shot...because I didn't.
Honored Contributor
Posts: 10,254
Registered: ‎03-10-2010

Re: Househunting Is Drivng Me Batty!

[ Edited ]

Honey
I feel your pain. That is why I have been in the same home for 29 years, LOL! The last move in 1987, came as the boom was starting here. Every time we placed an offer it went to a higher bidder. Finally, we placed an offer for full price on a home that needed a little work. I have seen 2 or 3 booms and 2 slumps (including the 2008 bust) and it is hard for those purchasing a home! I am in California, near Silicon Valley and an average 3-4 bed 2-3 bath home is 650,000. In some areas over 1 million. Not chump change for sure.
People are bidding more now, and there are fewer selections It is a seller's market here. . It is tough.
However, when the right home comes along, you will get it. Seems to work that way. It has to be frustrating.
Honey, I could not find your original post. I am not so good on this new board, but I am learning something new everyday. I should be good to go by Christmas!! LOL!

Trusted Contributor
Posts: 1,919
Registered: ‎08-31-2010

Re: Househunting Is Drivng Me Batty!

HonnyBrown (no quote available for iPad), I don't think this entire region is going to turn around because half of the homes are seconds or thirds, and that's not the healthiest type of real estate market. Also, the HC bill closed a lot of hospitals so the retirees won't be coming in to take up the slack. If land were sold simply by supply and demand, you'd be looking at 2K an acre or less. There's THAT much of it in some areas. The homes that are selling are on the cheaper end, or they're more of an oddity. I just saw a nearly. 200 year old home sell for the asking price, but it was renovated, beautifully maintained, and the area was stunning. If I'd had the funds, I would have grabbed it up myself.
Read it! New England Journal of Medicine—May 21, 2020
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Esteemed Contributor
Posts: 6,539
Registered: ‎11-23-2013

Re: Househunting Is Drivng Me Batty!


@shoekitty wrote:

Honey
I feel your pain. That is why I have been in the same home for 29 years, LOL! The last move in 1987, came as the boom was starting here. Every time we placed an offer it went to a higher bidder. Finally, we placed an offer for full price on a home that needed a little work. I have seen 2 or 3 booms and 2 slumps (including the 2008 bust) and it is hard for those purchasing a home! I am in California, near Silicon Valley and an average 3-4 bed 2-3 bath home is 650,000. In some areas over 1 million. Not chump change for sure.
People are bidding more now, and there are fewer selections It is a seller's market here. . It is tough.
However, when the right home comes along, you will get it. Seems to work that way. It has to be frustrating.
Honey, I could not find your original post. I am not so good on this new board, but I am learning something new everyday. I should be good to go by Christmas!! LOL!


shoekitty, $650K is nothing to sneeze at.  Especially for a house that needs work?

 

The houses here (single family) need complete overhauls if the price is decent.  One house we looked at had a leak from the roof to the basement.  And that was just what we saw.  There was no telling how much mold was in the walls.

Get your flu shot...because I didn't.
Esteemed Contributor
Posts: 6,539
Registered: ‎11-23-2013

Re: Househunting Is Drivng Me Batty!


@blahblahvampemerblah wrote:
HonnyBrown (no quote available for iPad), I don't think this entire region is going to turn around because half of the homes are seconds or thirds, and that's not the healthiest type of real estate market. Also, the HC bill closed a lot of hospitals so the retirees won't be coming in to take up the slack. If land were sold simply by supply and demand, you'd be looking at 2K an acre or less. There's THAT much of it in some areas. The homes that are selling are on the cheaper end, or they're more of an oddity. I just saw a nearly. 200 year old home sell for the asking price, but it was renovated, beautifully maintained, and the area was stunning. If I'd had the funds, I would have grabbed it up myself.

blahblah, that's bad.  That's a bad situation all around.

 

That happened to the town where my husband is from.  The mills closed and put the breadwinners of the town out of work.  House prices are on a downward spiral, still.

Get your flu shot...because I didn't.
Esteemed Contributor
Posts: 6,454
Registered: ‎01-13-2013

Re: Househunting Is Drivng Me Batty!

  IMHO, the only time to househunt is when you don't need it immediately.....the more time you take the better the result.

  I don't know about your neck of the woods Smiley LOL but it's a seller's market here.

  We've been looking for close to two years.

 

 

Spoiler
 
Esteemed Contributor
Posts: 6,539
Registered: ‎11-23-2013

Re: Househunting Is Drivng Me Batty!

Yorkie, we've been looking for over a year.  We've increased our price, saved more for a downpayment, taken the homebuyers class and expanded our radius.

 

Here, this is an investors' market.

Get your flu shot...because I didn't.
Honored Contributor
Posts: 12,650
Registered: ‎07-09-2011

Re: Househunting Is Drivng Me Batty!

HonnyBrown,
It really is NO fun, at least it wasn't for me.  This will likely NOT be of any use, but I ended up building my first home.  Bought 5 acres of beautiful land in a great location, paid for it and used it as the down payment to build.  Sold after a reasonable time and did well.  Used the profit to help finance my current home, which I also built.
Hope your fortune changes SOON.
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