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Where is the supply coming from?supply and demand...if the demand goes down because of the rates- people will have to lower the prices IF they want to sell- keep in mind- many of these people would still be making good profit. Just not as much
No, but you look at your monthly payment and know that you can’t do better renting.If I bought a house at $800k at 3% (which was really worth $600k at best, when rates go to 7% or more, do you still think it will be worth $800k? I think it’s going to be tough if the market slides.
Exactly. This is the devil of it all… millennials still, by︅ and large — not homeowners! That’s a big big big problem. And not goin away anytime soon.Where is the supply coming from?
This. People paying 3% probably aren’t in a hurry to sell, even if their paper equity is shrinking.No, but you look at your monthly payment and know that you can’t do better renting.
If you are in the realm of PMI on a 700k mortgage, you shouldn't be taking out a 700k mortgage.If the rates push up to or past 6% you will see the market come to a standstill. Or the prices will come down sharply.
People over paying for a house by 200k and all of a sudden they are in a 700k mortgage will see a monthly of 6k or better and maybe higher when you factor in the PMI, insurance and taxes.
Happens all the time. You have to keep in mind that there are a lot of home buyers in Norther NJ and there isn't all that much worthwhile under $650k. And if you are going less than that, you also better have another 100-250k to fix it up. And that was even before the housing prices went crazy.If you are in the realm of PMI on a 700k mortgage, you shouldn't be taking out a 700k mortgage.
#truthIf you are in the realm of PMI on a 700k mortgage, you shouldn't be taking out a 700k mortgage.
We've already seen that this WILL happen, more often than you think. When "real estate only goes up" and people have to stretch to get into the house "they deserve" and get into bidding wars instead of buying downmarket, you will find this. It's another signal of a blow-off top to the market.If you are in the realm of PMI on a 700k mortgage, you shouldn't be taking out a 700k mortgage.
OK so an update. Our realtor just got a message yesterday from the listing agent saying the people who out bid us are d!cking around (still in attorney review from Tuesday) and if we match the accepted offer, the owner would kill the other deal.Wondering if other people are in this market. We just bid $200,000 over asking price on a house , waiving inspection and appraisal and offered a wide range of closing dates. We didn’t get the house. F’in insane.
Stonks only go up......oh, wait a minute......We've already seen that this WILL happen, more often than you think. When "real estate only goes up" and people have to stretch to get into the house "they deserve" and get into bidding wars instead of buying downmarket, you will find this. It's another signal of a blow-off top to the market.
Efff no. If you are the cover, stick to your number. Full disclaimer, I’m not a divorce attorneyOK so an update. Our realtor just got a message yesterday from the listing agent saying the people who out bid us are d!cking around (still in attorney review from Tuesday) and if we match the accepted offer, the owner would kill the other deal.
Here's the rub. The house listed at 1.95M. We offered 2.15M. They want us to go up to 2.25M. My wife, as any wife, is willing.
I've never been divorced but from what I understand, I'm not sure it's worth $100K in hassle. I'm worried that we we top tick the market. FML...
The cover...I know what you do for a living!Efff no. If you are the cover, stick to your number. Full disclaimer, I’m not a divorce attorney
What does the "cover" mean?Efff no. If you are the cover, stick to your number. Full disclaimer, I’m not a divorce attorney
I lost track, is this a second/beach house purchase? Regardless, the main question is, when are you going to sell this house? Never or very long-term, then I would probably be okay with the extra $100k. If you are unsure or planning to sell in the next 5 years or so, be aware that you will likely be selling at a lower price.OK so an update. Our realtor just got a message yesterday from the listing agent saying the people who out bid us are d!cking around (still in attorney review from Tuesday) and if we match the accepted offer, the owner would kill the other deal.
Here's the rub. The house listed at 1.95M. We offered 2.15M. They want us to go up to 2.25M. My wife, as any wife, is willing.
I've never been divorced but from what I understand, I'm not sure it's worth $100K in hassle. I'm worried that we we top tick the market. FML...
Cover = 2nd best.What does the "cover" mean?
Split the difference?OK so an update. Our realtor just got a message yesterday from the listing agent saying the people who out bid us are d!cking around (still in attorney review from Tuesday) and if we match the accepted offer, the owner would kill the other deal.
Here's the rub. The house listed at 1.95M. We offered 2.15M. They want us to go up to 2.25M. My wife, as any wife, is willing.
I've never been divorced but from what I understand, I'm not sure it's worth $100K in hassle. I'm worried that we we top tick the market. FML...
I also assume that it means he was 2nd highest bidder and maybe the winner of the bid had been 100k higher...which is crazy. The sellers are getting dicked around but now expect you to match the winning bid even though the winning bidder is dicking them.Efff no. If you are the cover, stick to your number. Full disclaimer, I’m not a divorce attorney
What town? What are your terms? Cash or if mortgage home much is LTV?OK so an update. Our realtor just got a message yesterday from the listing agent saying the people who out bid us are d!cking around (still in attorney review from Tuesday) and if we match the accepted offer, the owner would kill the other deal.
Here's the rub. The house listed at 1.95M. We offered 2.15M. They want us to go up to 2.25M. My wife, as any wife, is willing.
I've never been divorced but from what I understand, I'm not sure it's worth $100K in hassle. I'm worried that we we top tick the market. FML...
I bought my 1st house in 1988 when the market was pretty strong. The market tanked shortly after buying it. I did some upgrades like all new windows, roof, front porch and widened driveway. 10 years later, the market still hadn't recovered and I sold it for $3K less than I paid. The market took off again right after I bought my next house.OK so an update. Our realtor just got a message yesterday from the listing agent saying the people who out bid us are d!cking around (still in attorney review from Tuesday) and if we match the accepted offer, the owner would kill the other deal.
Here's the rub. The house listed at 1.95M. We offered 2.15M. They want us to go up to 2.25M. My wife, as any wife, is willing.
I've never been divorced but from what I understand, I'm not sure it's worth $100K in hassle. I'm worried that we we top tick the market. FML...
@jmc11201 explained it correctly. 100k seems like an outlier bid and the bidder realizes it now too. I think your best move is to go up 25k to 50k and see if the seller bites. Make it a win win situation. You know the old saying …..Happy wifeWhat does the "cover" mean?
Got it.Cover = 2nd best.
If you own a bond and want to sell it, you might show it to 10 dealers. They will come back with a level and the 2nd best is the 'cover'. It tells you how competitive the offers were.
So in your case, if you were the 'cover' and were $100k less than the highest offer, you might want to ask yourself if paying an incremental $100k is a great idea since only one other person (the higher bidder) thought the place was worth more than you.
It’s in one of the better towns in Morris County. We were 45 LTV on our 2.15 offer. Winning offer was supposed all cash at 2.25.What town? What are your terms? Cash or if mortgage home much is LTV?
This. Spot on.This housing market is different in that there is a huge supply/demand in balance. It's been very costly and nearly impossible to build the last two years which has led to a huge shortage of houses. Also, there is literally trillions of extra dollars out there (thank you fed) combined with a generational move from multi family (apts) to single family houses.
there is no reason to think higher mortgages will cool this market until supply can pick up which it can't due to supply issues and labor shortgages on home construction.
This market can stay crazy for a long time.
I know a guy who bought a nice Hoboken apartment in 1987. Walking distance to PATH. Parking. By 1991 it was well underwater. He sold it in 1995 for what he paid for it. The people who bought it had a kid and offered it to me in 1998 at close to twice what they had paid for it. I passed and it continued to go up. In your case, the nice thing is that you bought your next house and retained your exposure thereby reaping the appreciation.I bought my 1st house in 1988 when the market was pretty strong. The market tanked shortly after buying it. I did some upgrades like all new windows, roof, front porch and widened driveway. 10 years later, the market still hadn't recovered and I sold it for $3K less than I paid. The market took off again right after I bought my next house.
My guess is this market is going to tank soon. I'd call the seller's bluff and repeat your original offer.
works well if you can do a lot of the fixing yourself. most young ppl aren't that handy...paying contractors to do everything can change the math on that.some advice for those younger couples just starting out on their home purchases. My wife and I always bought the worst house in a nice neighborhood, fixed them up ourselves and sold at a profit after a few years, which allowed us to slowly upgrade over the years. After 30 years of marriage we are hopefully on our 5th and final house since its only 2 years old and needs no work.
Most of it isn't that hard especially with all the how to videos on Youtube. Sweat equity is the key. Obviously doing a kitchen renovation is a lot more difficult than a bathroom or landscaping, projects that big we paid someone to do.works well if you can do a lot of the fixing yourself. most young ppl aren't that handy...paying contractors to do everything can change the math on that.
We've had tenants who have claimed they did not know how (or refused to) tighten screws on doorknobs that loosened. I know people who are reluctant to replace a light fixture or a ceiling fan or a faucet. For us, half of it is doing it "right" and the other half is not having to wait and pay someone else for something we can do ourselves.Most of it isn't that hard especially with all the how to videos on Youtube. Sweat equity is the key. Obviously doing a kitchen renovation is a lot more difficult than a bathroom or landscaping, projects that big we paid someone to do.
It’s in one of the better towns in Morris County. We were 45 LTV on our 2.15 offer. Winning offer was supposed all cash at 2.25.
You've been talking about Stone Harbor since you got married. I doubt you'll ever pull the trigger with the way the market acts like a roller coaster.We've been planning to buy a house in Stone Harbor with all cash, but we definitely need to delay for a bit (which is fine). Houses popped a good 40-50% in list price. We'll wait a year or two and see where the market is at. Our daughter is only in 4th grade, so we have time.
Besides they just passed a new rule in Stone Harbor and Avalon that the trash collectors will not be bringing the cans to your house after emptying. They will leave them on the curb and you have to get them yourself. People are pissed. True storyYou've been talking about Stone Harbor since you got married. I doubt you'll ever pull the trigger with the way the market acts like a roller coaster.
Definitely tough right now to buy. Sadly, one of our biggest obstacles to buying has been mitgated.....being able to stay down the shore the entire summer and work remotely. The latter won't change, so let's see how long it takes for prices to settle down.You've been talking about Stone Harbor since you got married. I doubt you'll ever pull the trigger with the way the market acts like a roller coaster.
Not passed yet (at least in SH). Still under discussion and being revised.Besides they just passed a new rule in Stone Harbor and Avalon that the trash collectors will not be bringing the cans to your house after emptying. They will leave them on the curb and you have to get them yourself. People are pissed. True story
Can you imagine how much longer it takes them to do their routes? I guess they don't like the empty cans laying in the street lol.Not passed yet (at least in SH). Still under discussion and being revised.
Stone Harbor Nears Ordinance Changes Dealing with Trash
STONE HARBOR – At a Borough Council meeting April 19, Stone Harbor’s standing committee on Public Works updated the full council on changes to a proposed ordinance dealing with trash pickup. After an April 5 council meeting in which discussion of the proposed ordinance led to a significant...www.capemaycountyherald.com
Well he's out if that passes. Might have to start slumming in Avalon or Cape May instead.Besides they just passed a new rule in Stone Harbor and Avalon that the trash collectors will not be bringing the cans to your house after emptying. They will leave them on the curb and you have to get them yourself. People are pissed. True story
A lot of towns don't bring the garbage cans down to the street or back to the houseWell he's out if that passes. Might have to start slumming in Avalon or Cape May instead.
I will hire someone to manage our garbage.Well he's out if that passes. Might have to start slumming in Avalon or Cape May instead.