Home Buying & Real Estate Thread

[deusavertat]

did they also say the words " rust proofing"

Nope. The point is I'm not worried about the carpet. I've seen enough basements with carpets including including house I grew up in that managed to stand the test of time.

 

[mplsdunk]

New houses have sump pumps. Even houses built in the 70s and 80s have them.

Real old houses like mine the basement was never made to be lived in or water tight so the best you can do is dry wall.

 

[pauliepeppas]

Got beat with a cash offer last min. We went 30k over and 20% down . I feel like absolute ****

 

[domvon]

Got beat with a cash offer last min. We went 30k over and 20% down . I feel like absolute ****

Agent in Colorado here. Clients got beat out on a house today, house was listed at $650,000 and we came in at $690,000 with 20% down and an appraisal waiver (check with you lender if you're putting 15-20% down if you may qualify on any given property). Agent said yesterday that they had offers in the $675k-$680k range so we felt good. Got an email this morning saying they took a cash offer at just under $800,000. Comps were max of $700,000. INSANE.

I try to convey hope and next one up to my clients, but this one has me discouraged.

 

[ballinsam23]

Lol all these people overpaying and buying at the peak in one of the largest bubbles ever. It’s insane.

800k cash can get you multiple properties 2 years ago. Refuse to believe this lasts much longer.

 

[townbidness]

Man its rough out here.
I want to sell my home and buy another, but im scared ill go homeless with what people offering.

 

[lovehateself]

Man its rough out here.
I want to sell my home and buy another, but im scared ill go homeless with what people offering.

put a contingency clause extending closing

 

[moderndarwin]

I really hate this lol.

(besides the trying and failing)
(so. cal orange county)
Want to buy but so damn afraid this is a bubble and it’s gonna burst and the value of the house would drop 10-20% over the next 5 years.

 

[s0lefunk]

Will The Housing Market Crash in 2024? Experts Give 5-Year Predictions

Thanks to average mortgage rates remaining at more than double what they were in 2020 and 2021, and home prices staying sky-high, housing activity remains stagnant. Existing home sales are at their lowest levels since the height of the foreclosure crisis in 2010 and mortgage demand has dropped to

www.forbes.com

Even though the report called the current housing market “abnormal,” the authors concluded that “there is no expectation that fallout from a housing correction would be comparable to the 2007–09” crisis in terms of its magnitude.

Take that for what it's worth. And remember, you aren't the only one waiting this out... whatever "this" is. Institutional investor home buying was at record highs last year. Their buying power only increases as prices drop. There's plenty new money coming to play.

Good luck to those in the market now. I can only imagine how frustrating it is to save for years only to get beat out by cash offers, 100k over asking... And sadly I don't know what the fix is.

 

[turbospartan]

Yea I don't know if it's gonna "crash" anytime soon. Maybe it slows down or flattens but the issue is still largely the lack of inventory. Add in all the money printed these last couple years and I don't see how values go down significantly, at least in certain areas. $800k is the new $500k

I'm coming up to a situation where I may have to sell, but I don't know if that is a good idea and I should do whatever I can to hold on to it. With my low mortgage rate and payment, it would cost me more to rent a 1-2 bedroom apt.

 

[ballinsam23]

Full cash offers you can't compete with. These people have real money and would've outbid you in almost any market.

I agree I don't think there will be a "crash", but the market will level out. Too many factors at play here. It's funny I've argued with an agent that was 100% adamant on there being no correction or slow down any time soon. Just hung up on dude.

 

[sneakaprince]

Damn ya'll making me nervous about selling my primary residence but that neighborhood going to **** anyway. Good riddance, to bad rubbish.

 

[yogetoffmykickz]

Nope. The point is I'm not worried about the carpet. I've seen enough basements with carpets including including house I grew up in that managed to stand the test of time.

It's your house. Build it the way YOU want... Everyone here is just providing their opinion/perspective.

I build for a living. Here in LA, you won't find many basements. But basements, or any foundation for that matter, ARE designed to be waterproof, but most often ARE NOT. More like water resistant... (like your carpet.!) You'll have some water diversion of sorts (google french drain) and maybe some blindside waterproofing... But believe me, this will probably fail.

Water will always finds a way.

Your contractor will probably apply some "roll on" waterproofing to your block/concrete walls on the interior side... But again, water will water.

Even the slightest bit of moisture can wreak havok, especially to something that molds(carpet)

At the end of the day, I may not be the best source. We get like 4 days of rain a year here in LA... Maybe that's why rain/water/leaks are the number one issue to homes built, we don't prepare enough for them. Especially in sunny California.!

Wish you the best of luck on your build. Hope it goes smoothly for you.!

Lol all these people overpaying and buying at the peak in one of the largest bubbles ever. It’s insane.

800k cash can get you multiple properties 2 years ago. Refuse to believe this lasts much longer.

I know you're in the biz, and your opinion on the matter may hold some weight... So I mean absolutely ZERO disrespect. No shade whatsoever....

But I've been hearing this same bull-shiit since I first got pre-qualified back in 15'.!!!
Houses have only been going steady up since...

I'm not saying it won't happen... It may happen tomorrow, but again, in my experience, I got pre-qualified in 2015, I waited a while, over a year, for the bubble to burst... A home I was eyeing sold and appreciated about 25k in that time frame...

Present day, that same house is worth $280k more that what I could've paid with my pre-qualification

I finally decided (and was lucky enough) to outbid and pull the trigger on a home in 2018... I've been hearing that "bubble" bursting stuff since I bought.. people left and right were telling me I overpaid.... my home currently values for $200k more than what I paid...

again, just my perspective. The "bubble" may actually burst as soon as I hit "post reply"
but I wouldn't ever advise people to let that thought discourage them from actually pulling the trigger.

 

[MakeNTGreatAgain]

It's your house. Build it the way YOU want... Everyone here is just providing their opinion/perspective.

I build for a living. Here in LA, you won't find many basements. But basements, or any foundation for that matter, ARE designed to be waterproof, but most often ARE NOT. More like water resistant... (like your carpet.!) You'll have some water diversion of sorts (google french drain) and maybe some blindside waterproofing... But believe me, this will probably fail.

Water will always finds a way.

Your contractor will probably apply some "roll on" waterproofing to your block/concrete walls on the interior side... But again, water will water.

Even the slightest bit of moisture can wreak havok, especially to something that molds(carpet)

At the end of the day, I may not be the best source. We get like 4 days of rain a year here in LA... Maybe that's why rain/water/leaks are the number one issue to homes built, we don't prepare enough for them. Especially in sunny California.!

Wish you the best of luck on your build. Hope it goes smoothly for you.!



I know you're in the biz, and your opinion on the matter may hold some weight... So I mean absolutely ZERO disrespect. No shade whatsoever....

But I've been hearing this same bull-shiit since I first got pre-qualified back in 15'.!!!
Houses have only been going steady up since...

I'm not saying it won't happen... It may happen tomorrow, but again, in my experience, I got pre-qualified in 2015, I waited a while, over a year, for the bubble to burst... A home I was eyeing sold and appreciated about 25k in that time frame...

Present day, that same house is worth $280k more that what I could've paid with my pre-qualification

I finally decided (and was lucky enough) to outbid and pull the trigger on a home in 2018... I've been hearing that "bubble" bursting stuff since I bought.. people left and right were telling me I overpaid.... my home currently values for $200k more than what I paid...

again, just my perspective. The "bubble" may actually burst as soon as I hit "post reply"
but I wouldn't ever advise people to let that thought discourage them from actually pulling the trigger.

aint no bubble in 2015 fam
2020-now is a different kind of increase in prices

but personally i think if you are capable of purchasing don't let anyone deter you as we never know what will happen in the future.

 

[ksteezy]

I'm on the east coast. The company I'm using is known for charging a lot but they are reliable and do quality work. The original quote was actually 88000 and I managed to get it down to 75000. Sometimes you gotta spend more for less headaches in the future. Independent contractors are sketchy and can take forever to complete a project. I'm going to finish it in stages with just getting insulation, wiring, ceiling and carpeting for the main entertainment room done first for 40000. Then I'll take care of the extra room and full bath later since I don't really need that yet.

Nearly 80k….geeez…your space must be huge…I’ve been gradually getting my basement done and so far I’m at about 17k, still need to do the full bath which I’m considering actually doing a sauna/shower instead and will probably run 15-20k, putting in some glass sliding door and probably heated floors with white oak wood….but this is where I’m at 17k in.

 

[ksteezy]

Also shop Around bros, truth is these contractors know the market and are maximizing profits by overcharging like crazy…..

 

[mplsdunk]

nice gym.

 

[yogetoffmykickz]

aint no bubble in 2015 fam
2020-now is a different kind of increase in prices

but personally i think if you are capable of purchasing don't let anyone deter you as we never know what will happen in the future.

That's exactly my point though.

But anyway...
Emphasis on the last part.!

 

[mplsdunk]

unless institutions get banned from buying houses the prices aren't coming down.

I'd buy a busted house if I had to and deal with it later.

 

[deusavertat]

I got lucky when I got my townhouse. I got one of the first units built for 525000. My neighbor the first people to move in paid 505000. They are selling the rest for 690000 to 750000 I guess to compensate for selling the first 2 for so little and price increases in materials and the generally increasing worth of houses in that area. The real estate manager said he made zero profit off my unit.

At this pace this place is going to sell for a mill.

 

[deusavertat]

Nearly 80k….geeez…your space must be huge…I’ve been gradually getting my basement done and so far I’m at about 17k, still need to do the full bath which I’m considering actually doing a sauna/shower instead and will probably run 15-20k, putting in some glass sliding door and probably heated floors with white oak wood….but this is where I’m at 17k in.

It's a standard 850 sq foot full basement. Like you I'm just doing everything in steps. The majority of the work is being done this summer. Already put in a 15000 deposit on the 45000 first phase which is to dry wall, carpet, lighting etc for the main living area. 15000 when they start then 15000 at completion.

After that I can deal with the bathroom and sectioning out an additional bedroom later.

 

[solewoman]

Nearly 80k….geeez…your space must be huge…I’ve been gradually getting my basement done and so far I’m at about 17k, still need to do the full bath which I’m considering actually doing a sauna/shower instead and will probably run 15-20k, putting in some glass sliding door and probably heated floors with white oak wood….but this is where I’m at 17k in.

Damn that was only 17k?!? Looks great. Where’d you find them

 

[you go boy]

ya i dont think the bubble will burst anytime soon or even out... rates are starting to go up and same with materials... if you have the money to buy a house i would buy now and not even think twice about it...im glad i bought my condo last year... if i were to buy today id be paying 60-70k more than that what i paid to buy my place last year...my coworker son has been waiting since summer of 2021 to buy a place...he said the same thing trying to wait it out for the market to settle down but the more hes waits the housing here in NJ is continuing to rise lol

 

[deusavertat]

ya i dont think the bubble will burst anytime soon or even out... rates are starting to go up and same with materials... if you have the money to buy a house i would buy now and not even think twice about it...im glad i bought my condo last year... if i were to buy today id be paying 60-70k more than that what i paid to buy my place last year...my coworker son has been waiting since summer of 2021 to buy a place...he said the same thing trying to wait it out for the market to settle down but the more hes waits the housing here in NJ is continuing to rise lol

The prices around me have been on the rise for the last couple of years. I agree. Just buy instead of hoping things will calm down.

People are giving 30 percent down cash offers on the model in my townhouse community that my building is refusing to sell until they complete construction on some more units.

 

[HarlemShakeStory]

I don’t think it’s a bubble either. In addition to all of the investors buying I feel like social media and HGTV has got people spending more money than ever before. Houses are no longer mostly utility, but a fashion statement and your identity. Lots of people are house poor, living in places they can just barely afford.