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Home Buying Help Thread


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25 minutes ago, MKnight82 said:

I don't think we're there yet.  Usually prices "decrease" a little when the market plateaus and that's because people keep upping list prices until they hit the market limit.  Doesn't mean it won't get hot again when spring comes. 

I'm hoping for an influx of houses now that people have to start paying mortgages will bring it down

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6 minutes ago, bcb1213 said:

I'm hoping for an influx of houses now that people have to start paying mortgages will bring it down

The problem with that is there's a supply chain crunch hurting development of new homes which is going to keep supply down.

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21 minutes ago, bcb1213 said:

I'm hoping for an influx of houses now that people have to start paying mortgages will bring it down

Most people are doing modifications that take into account the pandemic and there's pretty much no paperwork to get them approved. I did a modification and I was paying my mortgage the last 2 years because it cut my rate by 1.6% without having to do anything but paperwork. It's amazing how easy it is to get those nowadays. I'm saving $300/mo on my payment too.

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21 minutes ago, scar988 said:

Most people are doing modifications that take into account the pandemic and there's pretty much no paperwork to get them approved. I did a modification and I was paying my mortgage the last 2 years because it cut my rate by 1.6% without having to do anything but paperwork. It's amazing how easy it is to get those nowadays. I'm saving $300/mo on my payment too.

Right but you were paying.  there's a lot of people who weren't that banks couldn't do anything about 

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12 minutes ago, bcb1213 said:

Right but you were paying.  there's a lot of people who weren't that banks couldn't do anything about 

There's so many COVID-related federal programs for home retentions on mortgages. The people who weren't paying are still getting the ability to keep their houses as long as they work with their mortgage lenders. (this is literally part of what I do for work.) So trust me, it's not hard for people to keep their houses, even if they didn't make a single payment since the pandemic started, they'd be ok.

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9 minutes ago, scar988 said:

There's so many COVID-related federal programs for home retentions on mortgages. The people who weren't paying are still getting the ability to keep their houses as long as they work with their mortgage lenders. (this is literally part of what I do for work.) So trust me, it's not hard for people to keep their houses, even if they didn't make a single payment since the pandemic started, they'd be ok.

sad panda GIF

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1 hour ago, scar988 said:

Dude, There won't be nearly as many foreclosures as you think there will be. Lenders don't want foreclosures.

That was me being a sad panda cause you crushed my dreams 

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20 hours ago, MKnight82 said:

The problem with that is there's a supply chain crunch hurting development of new homes which is going to keep supply down.

"Supply Chain Crunch".

 

Under the assumption that the plan is just continue building houses as they are, forever.  Further and further out, from where people actually want/need to be.  Not enough of those "new ones" getting built right now.

 

There are a lot of houses.  Most of them need improvement, or total rebuilding.  But there isn't a lack of "supply".

 

The whole "supply chain" thing, is a deliberate choke point though.  People who could rebuild houses aren't *allowed* to do so..

 

The "supply crunch" is actually a "demand crunch", of megacapital buying up everything they can get their hands on, and hoping to capitalize on both the increasing property values due to "scarcity", but the future of rents that exceed the value of the property as a cake topper.

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On 10/16/2021 at 7:48 AM, Tugboat said:

"Supply Chain Crunch".

 

Under the assumption that the plan is just continue building houses as they are, forever.  Further and further out, from where people actually want/need to be.  Not enough of those "new ones" getting built right now.

 

There are a lot of houses.  Most of them need improvement, or total rebuilding.  But there isn't a lack of "supply".

 

The whole "supply chain" thing, is a deliberate choke point though.  People who could rebuild houses aren't *allowed* to do so..

 

The "supply crunch" is actually a "demand crunch", of megacapital buying up everything they can get their hands on, and hoping to capitalize on both the increasing property values due to "scarcity", but the future of rents that exceed the value of the property as a cake topper.

The amount of times I've had people offer me money for my house is ridiculous. I'm not even looking to sell. And they're always offering a good 40% under market value for it too. Like, "We'll pay off your mortgage." And I'm like, naw son, My mortgage is only 60% of my property value right now. You're gonna have to do way better than that for me to even consider it. Like, double my market value so I can turn around in a month and buy another house cash and pay off all my debts and be debt free minus my regular bills.

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On 10/18/2021 at 8:26 AM, scar988 said:

The amount of times I've had people offer me money for my house is ridiculous. I'm not even looking to sell. And they're always offering a good 40% under market value for it too. Like, "We'll pay off your mortgage." And I'm like, naw son, My mortgage is only 60% of my property value right now. You're gonna have to do way better than that for me to even consider it. Like, double my market value so I can turn around in a month and buy another house cash and pay off all my debts and be debt free minus my regular bills.

Like...the supply curve, is unresponsive to the demand curve.  People can offer you silly numbers, and it's still not worth selling.  Because the demand curve, is soaring over it.  And also, absent of viewing housing as abstract curves...people do like to live in a house.  Usually.  If they can afford to.

 

Think the curves of traditional economics might be ****ed.  Not sure tho.

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1 hour ago, Tugboat said:

Like...the supply curve, is unresponsive to the demand curve.  People can offer you silly numbers, and it's still not worth selling.  Because the demand curve, is soaring over it.  And also, absent of viewing housing as abstract curves...people do like to live in a house.  Usually.  If they can afford to.

 

Think the curves of traditional economics might be ****ed.  Not sure tho.

Housing has it's own special curve that doesn't actually fixate on a true economic supply/demand thing. There's way more factors like corporations buying houses specifically to rent them.

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We did the Zillow home selling thing and I'll say it's been a bit of a disaster on the very back end as we got to the finish line. 

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3 hours ago, Forge said:

We did the Zillow home selling thing and I'll say it's been a bit of a disaster on the very back end as we got to the finish line. 

You're lucky you got in at all because they've put all purchasing on hold. 

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