Home Buying & Real Estate Thread

[sole searchin]

Anyone here end up doing a true custom build? Lot purchase rolled over to construction and one time close?

Bad timing but I guess you can never really time the market in regards to interest rates.

 

[moderndarwin]

I keep losing.

Offering $30-$50k over asking, no contingencies, my future first born etc.

I don’t even get it. 0/4 on offers. At this point got my realtor putting in sight unseen offers.

 

[アミーゴ]

I keep losing.

Offering $30-$50k over asking, no contingencies, my future first born etc.

I don’t even get it. 0/4 on offers. At this point got my realtor putting in sight unseen offers.

I will take 10% of all unborn future earnings for my Seattle house.

 

[brownsuga1]

I work in strategy for a major company in the real estate industry. 2022 will be a horrendous time for folks looking to purchase a home, especially first time buyers. Inventory is at an all time low, interest rates rising and housing starts are delayed all over the place because of supply issues.

For those of you looking, good luck. The inventory is just not there. But, if you can wait it out, there will be a lot more supply in 2-3 years based on the number of permits and starts that have been approved. The amount of supply might actually outstrip demand.

So if you can be patient and rent (though the rental market is bonkers) there is some inventory reprieve on the way. The issue though is as house values appreciate, we're not forecasting prices to decrease a lot once this supply hits but instead it will just level out. The amount of buyers is incredibly high.

If anyone has any questions, feel free to DM me. Especially if you have questions about trends about certain markets. Can't promise I'll know the answer to all your questions but can try.

 

[アミーゴ]

brownsuga1 which company? PLEASE DONT SAY ZILLOW - you know Modus?

 

[thenewjs23]

Anyone here end up doing a true custom build? Lot purchase rolled over to construction and one time close?

Bad timing but I guess you can never really time the market in regards to interest rates.

Construction materials are dumb expensive right now. Pre-Covid i was paying 1.50 a stud, it has gone down to $5 from the $10 I was paying in the summer.

Now I'm building custom cabinets. Bought 3 sheets of plywood at $70 ea. went back the next weekend and they were $85. Neighbor gutted their home during covid and ran out of money. Material is what bleed them dry. It's just so expensive.

 

[ii flash ii]

I framed my basement last year, paid $7.75 a 2x4

Now I’m doing jambs for my doors and paying $3/ln ft for poplar board

****s crazy

 

[edshoecator]

Yup. Thank god we were 90% done on the addition/remodel when the pandemic hit. Scratched a garage and will build out a shed/studio instead when things go back to normal.

 

[lovehateself]

Demo and rebuild of my garage def gonna be on hold for a year or 2 cause of material cost

 

[sole searchin]

I work in strategy for a major company in the real estate industry. 2022 will be a horrendous time for folks looking to purchase a home, especially first time buyers. Inventory is at an all time low, interest rates rising and housing starts are delayed all over the place because of supply issues.

For those of you looking, good luck. The inventory is just not there. But, if you can wait it out, there will be a lot more supply in 2-3 years based on the number of permits and starts that have been approved. The amount of supply might actually outstrip demand.

So if you can be patient and rent (though the rental market is bonkers) there is some inventory reprieve on the way. The issue though is as house values appreciate, we're not forecasting prices to decrease a lot once this supply hits but instead it will just level out. The amount of buyers is incredibly high.

If anyone has any questions, feel free to DM me. Especially if you have questions about trends about certain markets. Can't promise I'll know the answer to all your questions but can try.

How’s Houston looking - not the burbs but the city? I’m all for wanting the best deal but combined with the low interest rates and low inventory - the market was in a flurry especially with people wanting to spend money due to lockdowns etc.

I’m made peace with it - no real way to time the market - inventory, interest rates, material goods, labor issues, etc - next home should be it it so I’ll let the pieces fall where they may. Much different if the issues were investments/rentals though.

 

[206to813]

Homeowning has been fun, making it our own. Bought myself a tracksaw and began building a custom mud wall for the wife.

Don't mind the wifes paint samples on the walls

That’s dope. I have the same or similar kitchen counters. I got my kitchen remodeled recently, will share before and after pics soon

I keep losing.

Offering $30-$50k over asking, no contingencies, my future first born etc.

I don’t even get it. 0/4 on offers. At this point got my realtor putting in sight unseen offers.

What market ?

 

[moderndarwin]

That’s dope. I have the same or similar kitchen counters. I got my kitchen remodeled recently, will share before and after pics soon

What market ?

Dallas Fort Worth area

 

[ballinsam23]

I’m gonna see if I can lock in one more approval with the current rates sometime end of February if rumors are of a rate hike in March.

 

[moderndarwin]

I’m gonna see if I can lock in one more approval with the current rates sometime end of February if rumors are of a rate hike in March.

I thought you can’t lock in a rate until you actually get an offer accepted. That’s what my lender keeps telling me :/

 

[ballinsam23]

I thought you can’t lock in a rate until you actually get an offer accepted. That’s what my lender keeps telling me :/

I have before sending out offers. I forgot if it expires in 30 days or 90 days.

 

[brownsuga1]

brownsuga1 which company? PLEASE DONT SAY ZILLOW - you know Modus?

Prefer not to say but if you're referring to the title company Modus, I have some familiarity.

How’s Houston looking - not the burbs but the city? I’m all for wanting the best deal but combined with the low interest rates and low inventory - the market was in a flurry especially with people wanting to spend money due to lockdowns etc.

I’m made peace with it - no real way to time the market - inventory, interest rates, material goods, labor issues, etc - next home should be it it so I’ll let the pieces fall where they may. Much different if the issues were investments/rentals though.

Like most markets in the south, Houston is buzzing with activity but due to severe lack of inventory it's causing prices to rise. Here's some data just to highlight how dire the inventory situation is.

- Months of supply (which is the KPI in real estate that measures how much time it would take for the current amount of homes to sell in a market) in Houston is 1.3 months.
- The historical average for Houston is 5.5 months
- Anything below 6 months is considered a sellers market, anything above a buyers market
- For perspective last January it was 1.9 months (inventory sucked last year too. The fact it's lower now is unprecdented)
- The total number of listings in Houston this week was 11,500. A year ago it was around 19,000
- Once the spring months come, there will be more inventory but way way way short of what's needed
- Because the inventory is so low the median price in Houston is $380K, it was $320K a year ago
- 2022 home prices in Houston are expected to appreciate by 8%, they appreciated by 16% in 2021
- Houston homes are probably overvalued by 11%

 

[jewseejay]

I thought you can’t lock in a rate until you actually get an offer accepted. That’s what my lender keeps telling me :/

what are your ties to your lender? Ive seen rate locks as long as 45 days... even my normal "Big Bank" well let you get 30 days

 

[アミーゴ]

brownsuga1 yeah that’s my boys company that he sold to Compass. Where do you reside?

 

[addict4sneakers]

Wait y’all said I could use the first time buyer plug if I purchased another home more than 50 miles away??? Even if it’s a duplex?


PS. I don’t know anything

 

[pdino]

Wait y’all said I could use the first time buyer plug if I purchased another home more than 50 miles away??? Even if it’s a duplex?


PS. I don’t know anything

FHA yeah. You'll just have to write a letter and sign it saying this new place is closer to your work. I have 2 FHA loans now

 

[pdino]

I keep losing.

Offering $30-$50k over asking, no contingencies, my future first born etc.

I don’t even get it. 0/4 on offers. At this point got my realtor putting in sight unseen offers.

Market is hot still. Can't have contingencies, cause others won't. faster close the better, more cash/down payment the better. Gotta be flexible with issues.. Last property I bought I let them stay in the property for another month while they looked for another place. Many weren't willing to do this for the seller

 

[B Sox]

Rentbacks pretty common here. Usually have to be free too.

 

[sole searchin]

Prefer not to say but if you're referring to the title company Modus, I have some familiarity.

Like most markets in the south, Houston is buzzing with activity but due to severe lack of inventory it's causing prices to rise. Here's some data just to highlight how dire the inventory situation is.

- Months of supply (which is the KPI in real estate that measures how much time it would take for the current amount of homes to sell in a market) in Houston is 1.3 months.
- The historical average for Houston is 5.5 months
- Anything below 6 months is considered a sellers market, anything above a buyers market
- For perspective last January it was 1.9 months (inventory sucked last year too. The fact it's lower now is unprecdented)
- The total number of listings in Houston this week was 11,500. A year ago it was around 19,000
- Once the spring months come, there will be more inventory but way way way short of what's needed
- Because the inventory is so low the median price in Houston is $380K, it was $320K a year ago
- 2022 home prices in Houston are expected to appreciate by 8%, they appreciated by 16% in 2021
- Houston homes are probably overvalued by 11%

Thanks. Born and raised here and definately sounds right from my perspective watching the market locally.

Doesn’t matter much cause I’m locked into the area but particular thoughts about 77401?

 

[アミーゴ]

My boy didn’t lock in his rate and it went up .3% overnight he was telling me

 

[spizike231]

I work in strategy for a major company in the real estate industry. 2022 will be a horrendous time for folks looking to purchase a home, especially first time buyers. Inventory is at an all time low, interest rates rising and housing starts are delayed all over the place because of supply issues.

For those of you looking, good luck. The inventory is just not there. But, if you can wait it out, there will be a lot more supply in 2-3 years based on the number of permits and starts that have been approved. The amount of supply might actually outstrip demand.

So if you can be patient and rent (though the rental market is bonkers) there is some inventory reprieve on the way. The issue though is as house values appreciate, we're not forecasting prices to decrease a lot once this supply hits but instead it will just level out. The amount of buyers is incredibly high.

If anyone has any questions, feel free to DM me. Especially if you have questions about trends about certain markets. Can't promise I'll know the answer to all your questions but can try.

What’s going to happen when supply outstrips demand? What about all those buying right now at the peak? Will they all be screwed? Why would so many people be buying right now if they’re going to just get railed by a dipping market in 2-3 years. I know a few people who have bought in the last couple months. If the market takes a huge dip and doesn’t bounce back ain’t that bad?