CambiataCommander ShepardThe likes of which even GAWD has never seenRegistered Userregular
We made an offer on another house. It's the area I wanted to live in, the house looks less beat up than previous ones we've seen, and in my opinion at least it's just exactly the right size of lawn. Also 2 car garage so I can use half of it for projects and stuff. I'm happy about finally getting to have Fios internet.
Downsides are it's in an HOA neighborhood, though a comparatively cheap one - the yearly fee is about the same as the monthly fees in most of the places we've seen. Still, it's an HOA and we overall wanted to avoid that. Also the mailboxes all together at the end of the street instead of each of us having our own, something neither of us is a fan of.
I am tentatively stoked, but with our last disappointments it's hard to get really excited.
"If you divide the whole world into just enemies and friends, you'll end up destroying everything" --Nausicaa of the Valley of Wind
But yeah I had no idea they'd cash it immediately. Somehow I was under the impression they'd wait for the option period to be over, at least, since that money is still mine until the option period is done.
Most places they are legally required to deposit it on escrow within a certain number of days. Then it has to clear the bank before they will refund it, to make sure you aren't defrauding them.
and I wonder about my neighbors even though I don't have them
but they're listening to every word I say
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sponoMining for Nose DiamondsBooger CoveRegistered Userregular
Meanwhile, I get to live in my in-law's place for a couple of weeks while they're camping and then in their trailer if the house still isn't closed on by the time they get back.
#pipeCocky Stride, Musky odoursPope of Chili TownRegistered Userregular
A friend of ours is planning on buying a condo, and we've expressed interest in moving into the house she's currently renting when she leaves
She told us last night that that is probably going to happen! She wants to move out in the next few months and she'll strongly recommend us to her landlord, who she has a really great relationship with.
We'd be moving to a nicer neighborhood, to a nice big house with a yard and trees, with a beautiful big modern kitchen and tons of storage, and a furnished, subleaseable basement suite.
If we subleased the basement we'd be paying less than our current apartment.
CambiataCommander ShepardThe likes of which even GAWD has never seenRegistered Userregular
I had to snail mail the earnest money and option fee today, which is a little odd. Had to hunt around for my forever stamps and old sticker address labels. They are so old, the stamps in particular, that I'm wondering if I should have reinforced them with glue. Hopefully it will be delivered fast enough that that won't be a problem.
Also, we're having the inspection today. I hope it goes well.
"If you divide the whole world into just enemies and friends, you'll end up destroying everything" --Nausicaa of the Valley of Wind
Just finished the closing. Showed up, then immediately realized no one had told the closer that we got married a few days ago. She had to quick go back and redo the paperwork, but it all got worked out.
Whew!
Of course everyone showed up 20 minutes late, but it wouldn't be a closing if that didn't happen.
and I wonder about my neighbors even though I don't have them
but they're listening to every word I say
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CambiataCommander ShepardThe likes of which even GAWD has never seenRegistered Userregular
Inspection went well!
"If you divide the whole world into just enemies and friends, you'll end up destroying everything" --Nausicaa of the Valley of Wind
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CambiataCommander ShepardThe likes of which even GAWD has never seenRegistered Userregular
edited September 2015
My poor sister. We talked about the house I'm getting, and when she found out how much I'm paying on the house she was physically ill. But she ultimately trusts me, and we both know that I'm overpaying, but it's not like I'd get out of that by renting instead - even the rents are outrageous right now. I convinced her I can afford it (and I really can, I didn't even choose a house at the top of my calculated max) and that I paid what was right with this market. Am I paying too much? That's a fair certainty. But I can pay too much and get something I want to live in, or I can pay too much and get a heap of problems, either way I'm paying too much, I may as well get what I want.
I just mostly feel pretty bad right now about making her worry.
Cambiata on
"If you divide the whole world into just enemies and friends, you'll end up destroying everything" --Nausicaa of the Valley of Wind
My poor sister. We talked about the house I'm getting, and when she found out how much I'm paying on the house she was physically ill. But she ultimately trusts me, and we both know that I'm overpaying, but it's not like I'd get out of that by renting instead - even the rents are outrageous right now. I convinced her I can afford it (and I really can, I didn't even choose a house at the top of my calculated max) and that I paid what was right with this market. Am I paying too much? That's a fair certainty. But I can pay too much and get something I want to live in, or I can pay too much and get a heap of problems, either way I'm paying too much, I may as well get what I want.
I just mostly feel pretty bad right now about making her worry.
I wouldn't worry about it too much. At the prices you were talking about earlier, assuming you aren't massively burdened by debt, you could make the payment comfortably with a pretty low paying job.
Texas housing seems pretty inexpensive.
and I wonder about my neighbors even though I don't have them
but they're listening to every word I say
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CambiataCommander ShepardThe likes of which even GAWD has never seenRegistered Userregular
My poor sister. We talked about the house I'm getting, and when she found out how much I'm paying on the house she was physically ill. But she ultimately trusts me, and we both know that I'm overpaying, but it's not like I'd get out of that by renting instead - even the rents are outrageous right now. I convinced her I can afford it (and I really can, I didn't even choose a house at the top of my calculated max) and that I paid what was right with this market. Am I paying too much? That's a fair certainty. But I can pay too much and get something I want to live in, or I can pay too much and get a heap of problems, either way I'm paying too much, I may as well get what I want.
I just mostly feel pretty bad right now about making her worry.
I wouldn't worry about it too much. At the prices you were talking about earlier, assuming you aren't massively burdened by debt, you could make the payment comfortably with a pretty low paying job.
Texas housing seems pretty inexpensive.
The price I settled on was a bit higher than the prices I was discussing before. But still well within my salary, even without any OT. And currently there is some OT available, so I'm taking what I can of that for the extra cushion.
The thing my sister is concerned about is that the escalating house prices right now remind her of the bubble market from 10 years ago, so she fears when the crash comes my house will be worth about a third less than I'm paying for it.
Cambiata on
"If you divide the whole world into just enemies and friends, you'll end up destroying everything" --Nausicaa of the Valley of Wind
My poor sister. We talked about the house I'm getting, and when she found out how much I'm paying on the house she was physically ill. But she ultimately trusts me, and we both know that I'm overpaying, but it's not like I'd get out of that by renting instead - even the rents are outrageous right now. I convinced her I can afford it (and I really can, I didn't even choose a house at the top of my calculated max) and that I paid what was right with this market. Am I paying too much? That's a fair certainty. But I can pay too much and get something I want to live in, or I can pay too much and get a heap of problems, either way I'm paying too much, I may as well get what I want.
I just mostly feel pretty bad right now about making her worry.
I wouldn't worry about it too much. At the prices you were talking about earlier, assuming you aren't massively burdened by debt, you could make the payment comfortably with a pretty low paying job.
Texas housing seems pretty inexpensive.
The price I settled on was a bit higher than the prices I was discussing before. But still well within my salary, even without any OT. And currently there is some OT available, so I'm taking what I can of that for the extra cushion.
The thing my sister is concerned about is that the escalating house prices right now remind her of the bubble market from 10 years ago, so she fears when the crash comes my house will be worth about a third less than I'm paying for it.
I don't think house prices have shot up that much. In fact, predictions are currently that prices should level out somewhat. I guess we will see if it keeps shooting upward.
Well, sort of. If for some reason you have to move in a few years, it can either keep you stuck where you are, or make you eat a loss on it. Not the ideal situation.
and I wonder about my neighbors even though I don't have them
but they're listening to every word I say
My poor sister. We talked about the house I'm getting, and when she found out how much I'm paying on the house she was physically ill. But she ultimately trusts me, and we both know that I'm overpaying, but it's not like I'd get out of that by renting instead - even the rents are outrageous right now. I convinced her I can afford it (and I really can, I didn't even choose a house at the top of my calculated max) and that I paid what was right with this market. Am I paying too much? That's a fair certainty. But I can pay too much and get something I want to live in, or I can pay too much and get a heap of problems, either way I'm paying too much, I may as well get what I want.
I just mostly feel pretty bad right now about making her worry.
I wouldn't worry about it too much. At the prices you were talking about earlier, assuming you aren't massively burdened by debt, you could make the payment comfortably with a pretty low paying job.
Texas housing seems pretty inexpensive.
The price I settled on was a bit higher than the prices I was discussing before. But still well within my salary, even without any OT. And currently there is some OT available, so I'm taking what I can of that for the extra cushion.
The thing my sister is concerned about is that the escalating house prices right now remind her of the bubble market from 10 years ago, so she fears when the crash comes my house will be worth about a third less than I'm paying for it.
I don't think house prices have shot up that much. In fact, predictions are currently that prices should level out somewhat. I guess we will see if it keeps shooting upward.
Well, sort of. If for some reason you have to move in a few years, it can either keep you stuck where you are, or make you eat a loss on it. Not the ideal situation.
House pricing generally (note there are a lot of exceptions in certain areas) correlates to a payback after 7+ years of ownership, so it's a good rule of thumb that if you don't see yourself staying in an area more than 5 years, don't buy.
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CambiataCommander ShepardThe likes of which even GAWD has never seenRegistered Userregular
My poor sister. We talked about the house I'm getting, and when she found out how much I'm paying on the house she was physically ill. But she ultimately trusts me, and we both know that I'm overpaying, but it's not like I'd get out of that by renting instead - even the rents are outrageous right now. I convinced her I can afford it (and I really can, I didn't even choose a house at the top of my calculated max) and that I paid what was right with this market. Am I paying too much? That's a fair certainty. But I can pay too much and get something I want to live in, or I can pay too much and get a heap of problems, either way I'm paying too much, I may as well get what I want.
I just mostly feel pretty bad right now about making her worry.
I wouldn't worry about it too much. At the prices you were talking about earlier, assuming you aren't massively burdened by debt, you could make the payment comfortably with a pretty low paying job.
Texas housing seems pretty inexpensive.
The price I settled on was a bit higher than the prices I was discussing before. But still well within my salary, even without any OT. And currently there is some OT available, so I'm taking what I can of that for the extra cushion.
The thing my sister is concerned about is that the escalating house prices right now remind her of the bubble market from 10 years ago, so she fears when the crash comes my house will be worth about a third less than I'm paying for it.
I don't think house prices have shot up that much. In fact, predictions are currently that prices should level out somewhat. I guess we will see if it keeps shooting upward.
Well, sort of. If for some reason you have to move in a few years, it can either keep you stuck where you are, or make you eat a loss on it. Not the ideal situation.
House pricing generally (note there are a lot of exceptions in certain areas) correlates to a payback after 7+ years of ownership, so it's a good rule of thumb that if you don't see yourself staying in an area more than 5 years, don't buy.
This I've heard and that was my plan, but the problem would be if I'm forced to move for job reasons (which I don't think I would be even if I lose my current job, the tech sector in Dallas is pretty healthy, but you never know)
"If you divide the whole world into just enemies and friends, you'll end up destroying everything" --Nausicaa of the Valley of Wind
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CambiataCommander ShepardThe likes of which even GAWD has never seenRegistered Userregular
I realized I'm being unusually cagey with the price of the place, and honestly I don't mind if people know how much I'm paying: I offered $140k on the house we have a contract for. The judgment of other people that I'm afraid of, I guess, is letting people know that it was listed for $125. I settled on the 140 offer because a) other houses in the area were at that price, and another one we looked at that day on that exact same street that I didn't like at all was about $150. b) the house was better kept that most of the stuff I've seen at $125. The previous house we offered on was $122, it was approximately the same size inside but with zero yard, and it needed repairs on every major system (foundation, roof, HVAC, wiring, and some plumbing) plus there were signs the owner was trying to cover up water damage from the roof. This house has none of that, and it had multiple offers already the day we looked at it - in fact they were about to sign a contract.
For the current market I think I priced it correctly. As I've said above that's more than it would be worth in a different market, but I'm not buying in a different market, I'm buying in this one.
"If you divide the whole world into just enemies and friends, you'll end up destroying everything" --Nausicaa of the Valley of Wind
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#pipeCocky Stride, Musky odoursPope of Chili TownRegistered Userregular
for that price in Vancouver you'd be lucky to buy half a shipping container thats slowly slipping into quicksand.
Where I am, I'm not even sure you'd get the shipping container. Finding a place around me in the sub-$250K range pretty much requires that it be actively on fire.
It sounds to me like you did your research though, and there's not really a huge variation in people's numbers ($15K), so I think you're in good shape. I thought you were talking upwards of a $50K overpay initially. You've educated yourself, so trust your instincts here.
Yeah we could have paid 122k for the last one and spent 40-50k in repairs (those were the estimates we got from multiple sources) and STILL been left with obvious foundation issues or this one for 140k and what, like 5k to patch a few things up? I'll go with the one not falling apart and happens to be less expensive in the long run as well.
And if it devalues in the future...oh well. I want a nice place to live now, not to turn a profit in a few years or whenever the market does something or other.
The housing market is so nuts here that an overpayment like that would probably be a mid to low bid compared to the investors offering even more. In cash.
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#pipeCocky Stride, Musky odoursPope of Chili TownRegistered Userregular
Where I am, I'm not even sure you'd get the shipping container. Finding a place around me in the sub-$250K range pretty much requires that it be actively on fire.
It sounds to me like you did your research though, and there's not really a huge variation in people's numbers ($15K), so I think you're in good shape. I thought you were talking upwards of a $50K overpay initially. You've educated yourself, so trust your instincts here.
I mean
Vancouver is the 2nd least affordable city in the world, behind Hong Kong
last year there was front page news that a detached house sold for under a million for the first time in a few years.
Where I am, I'm not even sure you'd get the shipping container. Finding a place around me in the sub-$250K range pretty much requires that it be actively on fire.
It sounds to me like you did your research though, and there's not really a huge variation in people's numbers ($15K), so I think you're in good shape. I thought you were talking upwards of a $50K overpay initially. You've educated yourself, so trust your instincts here.
Well, the tax appraisal says it's being taxed at 96k, but I don't know how accurate an indicator of home value that is.
"If you divide the whole world into just enemies and friends, you'll end up destroying everything" --Nausicaa of the Valley of Wind
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Blake TDo you have enemies then?Good. That means you’ve stood up for something, sometime in your life.Registered Userregular
Guys having a competition about who can least afford a home isn't super productive and doesn't always make other people feel great about what they have bought / can afford.
Where I am, I'm not even sure you'd get the shipping container. Finding a place around me in the sub-$250K range pretty much requires that it be actively on fire.
It sounds to me like you did your research though, and there's not really a huge variation in people's numbers ($15K), so I think you're in good shape. I thought you were talking upwards of a $50K overpay initially. You've educated yourself, so trust your instincts here.
Well, the tax appraisal says it's being taxed at 96k, but I don't know how accurate an indicator of home value that is.
Yeah we could have paid 122k for the last one and spent 40-50k in repairs (those were the estimates we got from multiple sources) and STILL been left with obvious foundation issues or this one for 140k and what, like 5k to patch a few things up? I'll go with the one not falling apart and happens to be less expensive in the long run as well.
And if it devalues in the future...oh well. I want a nice place to live now, not to turn a profit in a few years or whenever the market does something or other.
Devaluation would not be great. Like I said, eventually you will probably move, and if you don't have enough value to pay off the loan, then you are up a creek without a paddle. Underwater is bad.
Break even, is good. profit is probably not as good, since that means in general the housing market is shooting up and you will simply end up paying more into the next house, offsetting any gains.
JebusUD on
and I wonder about my neighbors even though I don't have them
but they're listening to every word I say
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sponoMining for Nose DiamondsBooger CoveRegistered Userregular
Hello new mailbox!
Whereas the old mailbox was anchored to a metal spike that was driven into the earth, the new one is held up by a post embedded in a concrete foundation. Hopefully it holds up for a good long time.
Where I am, I'm not even sure you'd get the shipping container. Finding a place around me in the sub-$250K range pretty much requires that it be actively on fire.
It sounds to me like you did your research though, and there's not really a huge variation in people's numbers ($15K), so I think you're in good shape. I thought you were talking upwards of a $50K overpay initially. You've educated yourself, so trust your instincts here.
Well, the tax appraisal says it's being taxed at 96k, but I don't know how accurate an indicator of home value that is.
Does the appraisal reflect the actual state of the house interior? In states I have lived in, tax appraisers can't get inside a house and you should never ever let them in. My house still has an unfinished basement according to the tax records.
The second thing is that appraisal are a lagging indicator since they are based on property sales in the area. If they raise them too high too fast, every single person will complain and try to get it adjusted
Hey @Tynic, I think Nightdragon lives somewhere north of Boston (I can't remember if it's Cambridge or Arlington), she might know something about the area's housing situation.
"Simple, real stupidity beats artificial intelligence every time." -Mustrum Ridcully in Terry Pratchett's Hogfather p. 142 (HarperPrism 1996)
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Stair of the Dog
Need some stuff designed or printed? I can help with that.
Downsides are it's in an HOA neighborhood, though a comparatively cheap one - the yearly fee is about the same as the monthly fees in most of the places we've seen. Still, it's an HOA and we overall wanted to avoid that. Also the mailboxes all together at the end of the street instead of each of us having our own, something neither of us is a fan of.
I am tentatively stoked, but with our last disappointments it's hard to get really excited.
Most places they are legally required to deposit it on escrow within a certain number of days. Then it has to clear the bank before they will refund it, to make sure you aren't defrauding them.
but they're listening to every word I say
I have one of these now.
but they're listening to every word I say
Hoo-fucking-ray for moving twice!!
She told us last night that that is probably going to happen! She wants to move out in the next few months and she'll strongly recommend us to her landlord, who she has a really great relationship with.
We'd be moving to a nicer neighborhood, to a nice big house with a yard and trees, with a beautiful big modern kitchen and tons of storage, and a furnished, subleaseable basement suite.
If we subleased the basement we'd be paying less than our current apartment.
I'm so excited!
Need some stuff designed or printed? I can help with that.
Also, we're having the inspection today. I hope it goes well.
Whew!
Of course everyone showed up 20 minutes late, but it wouldn't be a closing if that didn't happen.
but they're listening to every word I say
I just mostly feel pretty bad right now about making her worry.
I wouldn't worry about it too much. At the prices you were talking about earlier, assuming you aren't massively burdened by debt, you could make the payment comfortably with a pretty low paying job.
Texas housing seems pretty inexpensive.
but they're listening to every word I say
The price I settled on was a bit higher than the prices I was discussing before. But still well within my salary, even without any OT. And currently there is some OT available, so I'm taking what I can of that for the extra cushion.
The thing my sister is concerned about is that the escalating house prices right now remind her of the bubble market from 10 years ago, so she fears when the crash comes my house will be worth about a third less than I'm paying for it.
Need some stuff designed or printed? I can help with that.
I don't think house prices have shot up that much. In fact, predictions are currently that prices should level out somewhat. I guess we will see if it keeps shooting upward.
Well, sort of. If for some reason you have to move in a few years, it can either keep you stuck where you are, or make you eat a loss on it. Not the ideal situation.
but they're listening to every word I say
House pricing generally (note there are a lot of exceptions in certain areas) correlates to a payback after 7+ years of ownership, so it's a good rule of thumb that if you don't see yourself staying in an area more than 5 years, don't buy.
This I've heard and that was my plan, but the problem would be if I'm forced to move for job reasons (which I don't think I would be even if I lose my current job, the tech sector in Dallas is pretty healthy, but you never know)
For the current market I think I priced it correctly. As I've said above that's more than it would be worth in a different market, but I'm not buying in a different market, I'm buying in this one.
Need some stuff designed or printed? I can help with that.
That quicksand you have up there ain't living up to its name
It sounds to me like you did your research though, and there's not really a huge variation in people's numbers ($15K), so I think you're in good shape. I thought you were talking upwards of a $50K overpay initially. You've educated yourself, so trust your instincts here.
And if it devalues in the future...oh well. I want a nice place to live now, not to turn a profit in a few years or whenever the market does something or other.
Quicksand, in general, really doesn't: https://en.wikipedia.org/wiki/Quicksand
I mean
Vancouver is the 2nd least affordable city in the world, behind Hong Kong
last year there was front page news that a detached house sold for under a million for the first time in a few years.
Need some stuff designed or printed? I can help with that.
Well, the tax appraisal says it's being taxed at 96k, but I don't know how accurate an indicator of home value that is.
Satans..... hints.....
Tax appraisals are always low.
Devaluation would not be great. Like I said, eventually you will probably move, and if you don't have enough value to pay off the loan, then you are up a creek without a paddle. Underwater is bad.
Break even, is good. profit is probably not as good, since that means in general the housing market is shooting up and you will simply end up paying more into the next house, offsetting any gains.
but they're listening to every word I say
Whereas the old mailbox was anchored to a metal spike that was driven into the earth, the new one is held up by a post embedded in a concrete foundation. Hopefully it holds up for a good long time.
go on, I know there must be one of you out there
Sure, are you willing to commute to Harvard from North Texas?
Check with your contacts at Harvard, as I think they have private housing classifieds
Does the appraisal reflect the actual state of the house interior? In states I have lived in, tax appraisers can't get inside a house and you should never ever let them in. My house still has an unfinished basement according to the tax records.
The second thing is that appraisal are a lagging indicator since they are based on property sales in the area. If they raise them too high too fast, every single person will complain and try to get it adjusted