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Forum » Selling my house, market is crazy.
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Thread: Selling my house, market is crazy.

post 1642129453 07-03-2021, 08:54 PM
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Selling my house, market is crazy.

Been living here 11 years, bought the house as a bank foreclosure as is, only had to replace hot water heater in 2011. Paid 50% of asking price. Appraised for $285,000 two weeks ago, accepted offer of 300k 6 days ago. (House is 90% paid for) Made offer on new place putting down 200k on 420k house. I think I did a good thing/10. All my miscer friends are invited over for a pool party. Let’s do this!!! Pics incoming.
I loe e.
post 1642130003 07-03-2021, 09:07 PM
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Congratulations. Ever upward and onward.
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post 1642130023 07-03-2021, 09:08 PM
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poggers bro
post 1642130063 07-03-2021, 09:09 PM
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Oh yeah! Is the new house sitting on more land?
Damn
post 1642130073 07-03-2021, 09:10 PM
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Grats brah enjoy the new pad.
The closer we approach the uncertainty of life's ending the more we wish to trade all of the things we have acquired in exchange for all of the things we have lost: wealth for youth, knowledge for fresh curiosity, resignation for hope. We'd trade our wisdom for new experiences, but it is wisdom that will teach us that at the end of the road the only new experience is death.
post 1642130113 07-03-2021, 09:11 PM
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Congrats brah. It's looking like I might be buying a house for the first time even though this market is a huge sellers market. Glad you got in at such a good time.
post 1642130133 07-03-2021, 09:12 PM
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Repped.

Grats OP
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post 1642130173 07-03-2021, 09:14 PM
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mirin hard AF
post 1642130253 07-03-2021, 09:16 PM
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post 1642130303 07-03-2021, 09:18 PM
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That sounds awesome OP, congrats

If I were in your situation, I'd take advantage of the current interest rate environment and leverage yourself more... no need to put down half the value of a house vs. taking out a larger mortgage and investing the money instead. You'd be better off pulling $120k in equity out of the house you're buying next and putting it into the S&P 500 instead of simply using it to offset debt on a 2.5% mortgage
post 1642130363 07-03-2021, 09:19 PM
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How is it 90% paid off if it's a foreclosure SRS.

ALSO, lol at ROLLING it into more DEBTCUCKING.

Cash poor and house RICH the AMERICAN dream wait wut SRS.
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post 1642130483 07-03-2021, 09:26 PM
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Congrats. But this market is clearly a bubble that is primarily being driven by artificially low interest rates and the Fed buying $40 billion in mortgage backed securities EVERY.SINGLE.MONTH.

Median home price to income ratio is now over 5x and much more in some areas. Historic norm is only 2.5-3x median household income. Unsustainable.
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post 1642131323 07-03-2021, 09:55 PM
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Repped OP!
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post 1642131493 07-03-2021, 10:01 PM
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Originally Posted By ContrarianIndi⏩
Congrats. But this market is clearly a bubble that is primarily being driven by artificially low interest rates and the Fed buying $40 billion in mortgage backed securities EVERY.SINGLE.MONTH.

Median home price to income ratio is now over 5x and much more in some areas. Historic norm is only 2.5-3x median household income. Unsustainable.
First person SPEAKING any level of intelligence I have seen in awhile THIS brah is BASED and knows what he is talking about SRS.

Already talking about hawkish moves by year end or sometime next year once the FED unwinds their TOTALLY not QE and DEFLATION settles in ALL the OVERleveraged as well as MOUTH breathers who paid over asking on an ALREADY overpriced house about to get REKT srs.
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post 1642131503 07-03-2021, 10:02 PM
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Ooh that is so nice

Congrats and pics of the new house?
post 1642131573 07-03-2021, 10:04 PM
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Originally Posted By ContrarianIndi⏩
Congrats. But this market is clearly a bubble that is primarily being driven by artificially low interest rates and the Fed buying $40 billion in mortgage backed securities EVERY.SINGLE.MONTH.

Median home price to income ratio is now over 5x and much more in some areas. Historic norm is only 2.5-3x median household income. Unsustainable.
This is why I keep telling my wife that we aren't selling to stay in the same area. The housing market where I'm at is white hot. I bought my house at 2.5x income ratio. My mortgage is $1215 a month with taxes and insurance. If I leave that house it's to move elsewhere. I will not sell it just to try to buy a house here
post 1642132033 07-03-2021, 10:15 PM
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How tf is a house 420k? Lmao a 1 bedroom ****bed condo in the GTA is 400k. U live in atlanta or philly?
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post 1642132933 07-03-2021, 10:40 PM
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Originally Posted By LargePeter⏩
lmfao AT this ******* WHO KNOWS fuk all ABOUT money LOL
No AVI, Did not read SRS.
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post 1642133553 07-03-2021, 10:57 PM
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Originally Posted By LargePeter⏩
lmfao AT this ******* WHO KNOWS fuk all ABOUT money LOL
Nobody with half a brain would ever take financial advice from Realclout (srs)

It’s been confirmed for a while that he lives in his parents basement
post 1642133693 07-03-2021, 11:01 PM
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Originally Posted By SouthDakotaBrah⏩
That sounds awesome OP, congrats

If I were in your situation, I'd take advantage of the current interest rate environment and leverage yourself more... no need to put down half the value of a house vs. taking out a larger mortgage and investing the money instead. You'd be better off pulling $120k in equity out of the house you're buying next and putting it into the S&P 500 instead of simply using it to offset debt on a 2.5% mortgage
Depends if op got the variable or fixed rate.

Interests rates will probably rise in the near future.
post 1642134203 07-03-2021, 11:21 PM
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Originally Posted By guideX⏩
Lol bro, you think 5x is unsustainable? I'd buy 2 houses tomorrow if it was only 5x.

You need to get out of the States to Canada or Australia. In Sydney houses go for 10x the median average income and you're getting a good 45 minute commute into the city. It's not even like this wasn't the case pre-COVID either (though COVID put another 20%), it's been inflated for over a decade but the so called 'bubble' keeps growing. mom and dad boomers keep buying up property and renting them out or leaving them vacant and just riding the capital gains. It's the easiest way to make cash and it's probably going to only climb even more know that everybody knows it.
It often is like that in major cities. But when homes in bumfuk nowhere are going for 5-6x median household income also, that's indicative of a problem.

Australia, Canada and much of the western world have their own bubbles as well. The bubbles pop when inflation starts running rampant and interest rates are forced to rise to combat it.

I'm not sure what a typical down payment is in Australia, but in the US the avg down payments is absolutely paltry 6%. That's essentially maxing out leverage on a home purchase, and given that the avg buyer has such a low down payment, they are much more sensitive to interest rates because they require larger loans.

If I remember correctly, mortgage rates rising to the historic norm of 7.5% would mean that mortgage costs would rise 50%. So the the avg 6% down on a median $350k home goes from $2,000 a month to $3,000 a month if rates rise back to their historic norms.

Given that the avg idiot only cares about their payment, a median home would have to drop from $350k to entice new buyers if rates returned to normal. Median income of $68k would mean median home price needs to fall to around $210k. (It would actually have to go lower than that because higher interest rates mean mass bankruptcies of over-levered businesses and subsequent mass layoffs. Particularly for high salary tech industry jobs where unprofitable zombie companies are almost more common than profitable tech companies, and they will no longer be able to kick the can with endless borrowing... but that's another story.)

There aren't many ARM's this go around, so that's good. But if you want to sell your home in a higher interest rate environment, you're going to have to lower the price. And also you're going to have lots of inventory hitting the market when over-levered REIT's start going bust and have to unload all the homes they've been buying at 20% over asking price.

Then the avg person with a paltry down payment is going to wonder why they're still paying their expensive mortgage when their home value has collapsed, thus accelerating the decline.

This is a bubble.
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post 1642134243 07-03-2021, 11:22 PM
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Originally Posted By SouthDakotaBrah⏩
Nobody with half a brain would ever take financial advice from Realclout (srs)

It’s been confirmed for a while that he lives in his parents basement
U wot m8, I learn something about myself FROM strangers on the INTERNET who don't know me IN real life.

just lol SRS.

How has this been confirmed please explain...?!
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post 1642134283 07-03-2021, 11:23 PM
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Originally Posted By zhengterry⏩
Depends if op got the variable or fixed rate.

Interests rates will probably rise in the near future.
If you're getting variable in 2021 after the 2008 crisis you DESERVE to loose everything SRS.
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post 1642134393 07-03-2021, 11:25 PM
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So you sold your house in a crazy market and bought another house in the same crazy market? You dun goofed when the housing bubble recycles
post 1642134583 07-03-2021, 11:30 PM
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One of my good friends in Cali has been looking for a house, and said the housing market is insane. Everyone will just kill your offer with a cash offer even $10,000 more.
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post 1642134633 07-03-2021, 11:32 PM
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Originally Posted By vitall⏩
So you sold your house in a crazy market and bought another house in the same crazy market? You dun goofed when the housing bubble recycles
depends buying in a rural area with out a bubble while selling in a high market urban area would be fine






Op. 2 questions; what are the stats of the new home vs old like sq ft and # of beds and # baths?, what do you want as a house warming gift?
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post 1642134853 07-03-2021, 11:44 PM
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Grats OP, I’m surprised you were able to find another house and lock it down.

Lots of people sold homes for big profit but ended up not being able to buy and now stuck renting until the market cools down.
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post 1642134893 07-03-2021, 11:45 PM
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I like OP therefore congratulations are in order.

Wooo woooo chooo chooo all aboard the banana boat in Redfish's pool!!!
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post 1642136133 07-04-2021, 12:44 AM
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Originally Posted By LargePeter⏩
BASEMENT living *******, will NEG off spread SRS
No AVI, Diid not read SRS.
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post 1642136463 07-04-2021, 01:01 AM
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#30
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lol @ mortgages
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