beast
2 years ago

Red hot market? I live in Alexandria, VA now. Google "Northern Virginia real estate market" Open houses with a line down the block to get in the house. Multiple offers over list during the open house (one example 60k over list) MANY homes being offered and accepted SIGHT unseen by the buyer.. God, I miss Pennsylvania, lol These people here have far more money than sense, lol

Originally Posted by: dfosterf 

I think you'll find that the same trend is happening in Pennsylvania as well, well maybe not that bad... sight unseen? Really? But still they're dropping the inspections and I think some are happening with other online pictures/video and not an in person visit.


I think people are just tired of their pandemic house and are looking for a new place, with more room to maybe have an office or so.

I'm also wondering if things do go back to normal (they might not in terms of allowing people to work from home), if people will then be thinking that's too much house for them in the next decade. That's if, they're not working from home as much anymore.


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wpr
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2 years ago

I would like to point out that the 10 year and 100 year flood stuff is BS...

I know someone whom had TWO 100 year floods happen in the same exact decade.

And my area has gotten a couple of 10 year floods in the same exact year.

So I'd say potentially divide those by 10... a 10 year flood can happen any given year. An 100 year flood can happen about once a decade.

I don't know if the names are purposely incorrect to give more confidence, or that climate change or humans are changing things.

Like I know it's said in the Houston area, it didn't used to flood as much, but they're taken so much grass land and turned in into roads, the land isn't exorbing rain waters any where near as fast as it used to, when they first started keep track.

Originally Posted by: beast 


the 100 year flood plane doesn't mean it floods once and once only every 100 years. It means, on average (over thousands of years) it floods once. Keep in mind that means the flood plane was originally undeveloped land. You start sticking houses and shopping centers and box stores, streets and the like on the land and the flood zone changes. Our local airport has expanded it runways a couple of times in the past 30 years. Each time it extends further out into wetland area. (It's right next to a river.) The houses down river flood more often today than they did 40 years ago.
That's one of the reasons you see new developments have water retention ponds as a part of their development plan.

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dfosterf
2 years ago
Why you care about appreciation even if you plan to stay for the rest of your life. Someone hear posted that you will not get equity for the 1st ten years or so because interest doesn't reduce your principal. These are historically low interest times, and this administration is making policies that are inflationary. Your interest is tax deductible, so is your property taxes, but back on subject. If you buy an energy efficient home and others are not, for example, in a world that is going to nail us to heat and cool our homes, you created a strong scenario for appreciation, and if you get enough of it, you can borrow on it tax free. You will be paying mip on an fha loan because you are not 80%ltv . If your house appreciates to below 80% ltv, you can go conventional and not pay any mortgage insurance premium in the future.. Shit happens.. I bought a house in Warrenton, Va in 2015. I still have it,, but my wife wants to live where the action is in Northern Virginia.. My former wife passed away in 2017. My new wife makes me live here, but A) I like it here too, and 😎 She is hot, smart and 29.5 years younger than me. If she decides she wants to live in bumbfuck Alaska, I'm goin'.. Like I said, shit happens. Btw, for the 1st time in my life, I am renting here in Alexandria, because I refuse to participate in this insane asylum of a market, even knowing I could get rapid appreciation here if the bubble doesn't burst. That's a real risk here...I would characterize the GB market as low risk...not big bucks like here.
dfosterf
2 years ago
You qualified at 200k at what rate? If your income went up, your credit got better, and the current rate is lower, you qualify for more. Why do you give a shit? Because your realtor will use your creditworthiness as a negotiating tool. An offer with a 200k approval is not as attractive as an offer with a 250 k approval in a 95% ltv tight to the approval in the sense of "falling through" . Every little advantage is just that...an advantage in getting the home you want at a price you are happy with.
Zero2Cool
2 years ago
It was less than 5%, but that could be 4.59% -- I really do not remember exactly.

The more I read about buying a home, the more I'm told about all of this -- the more I'm thinking I should probably just keep pissing $975 a month on rent instead. Christ, I just want a home, that's it. All this hassle, haggling and whatever else. I have no desire to be apart of it. None. When I see something under what I personally feel it's worth to me, I pay that price. I don't care about the value that someone else sets. Like my 2014 Cruze I bought. The asking price was $8,000, it had everything I wanted plus few extras and that was the price I felt it was worth. Blue Book had it higher and everyone told me I was fool for not talking the price down. Who gives a damn about a few hundred bucks?

Anyhow, all the information is amazing and wonderful from everyone. I'm just not a "shark" and it's starting to feel that's the only way to go to not get completely destroyed. And that's not my nature. I'm not cut-throat. I'm not out to do any of that. I just want a home for myself and my daughter. The more websites I read and the more people I talk to -- I swear buying a home is a sport.

I don't know. I really need to think more into this.
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wpr
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2 years ago
You can do it Kevin. Don't walk away before getting on to the field. There's a lot of things to consider but you don't do it alone. Rely on your broker to walk you through the process.
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dfosterf
2 years ago

You can do it Kevin. Don't walk away before getting on to the field. There's a lot of things to consider but you don't do it alone. Rely on your broker to walk you through the process.

Originally Posted by: wpr 



That is what the agent is for. You will talk yourself out of it if you plan on doing it yourself, and frankly, in this market, that is probably the way to (not) go. But let me tell you this...it could easily be a lifetime mistake. Interest rates are incredibly low, and again, my experience tells me THAT bubble is going to burst, and it may NEVER get to where they are now...this spending and policies by our government are extraordinarily dangerous for future interest rates.I could give you hundreds of examples of renters I have advised over the years that opted against buying due to hot markets, slow markets, flat markets, pain in the ass purchasing process. Didn't buy.. They all have one thing in common, with very few exceptions....They FUCKED UP, and know it, in hindsight. Oh, did I mention? Talk to an agent! Lol

Still put off? What was your rent 20 years ago? What is it now? What was the price of a 190k home now 20 years ago? What will be the rent and home prices 20 years from now, the home you bought with 2021 money, not 2041 money....hmm...
Zero2Cool
2 years ago

That is what the agent is for. You will talk yourself out of it if you plan on doing it yourself, and frankly, in this market, that is probably the way to (not) go. But let me tell you this...it could easily be a lifetime mistake. Interest rates are incredibly low, and again, my experience tells me THAT bubble is going to burst, and it may NEVER get to where they are now...this spending and policies by our government are extraordinarily dangerous for future interest rates.I could give you hundreds of examples of renters I have advised over the years that opted against buying due to hot markets, slow markets, flat markets, pain in the ass purchasing process. Didn't buy.. They all have one thing in common, with very few exceptions....They FUCKED UP, and know it, in hindsight. Oh, did I mention? Talk to an agent! Lol

Still put off? What was your rent 20 years ago? What is it now? What was the price of a 190k home now 20 years ago? What will be the rent and home prices 20 years from now, the home you bought with 2021 money, not 2041 money....hmm...

Originally Posted by: dfosterf 



I would definitely be talking to an agent. It's not something I want to do, but I know I need to do. I don't think I made that distinction before. The problem is I'm extremely trusting. I wouldn't screw someone over, so I mistakenly assume that of others.

I agree, I think this interest rate won't last long, but not sure how long.

2000 my dad bought a home for under $55,000 and I see it was sold about five years ago with little no major improvements for $130,000. That's a helluva jump in less than two decades.
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dfosterf
2 years ago

 IMG_20210507_094240229.jpg You have insufficient rights to see the content.
 IMG_20210507_094215446.jpg You have insufficient rights to see the content.

My bad. The colored area is the 500 year flood plane not the 100 year. The company I use didn't use to give us the 500 year zone because it doesn't matter. Still something for you to consider since the basement is partially finished. You have a sump pump so it must get damp every once in a while. The house I bought had water issues so they installed a drainage pipe in the basement. It is always musty down there. I think if I took all the crap we have down stairs and tossed it then pulled up the flooring and gave it a good cleaning I could get rid of the smell but I only have a 50% vote and my 50% doesn't count when it comes to tossing her stuff.

Originally Posted by: wpr 



I don't know if you saw my fan shout, but that home went contingent contract, I looked at the realtor.com site for more particulars. Have you ever tried the zeolite bags? They're about 7 bucks a bag, you want the open mesh ones (Home Depot). The neat thing is that you "replenish" them simply by setting them out in the sun for a day. They absorb both moisture and musty odor. If it persists with say, 3 bags, you buy a couple more, and or increase the frequency with which you replenish them. Just make sure to get the open mesh ones. A suggestion.
.

Zero2Cool
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