Housing market
- Thread starter simply1
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Maximum FICO credit score is 850 so requiring 850 is not possible. 750 makes more sense and is still pretty restrictive. About 40% have a credit score over 750.
Build starts in June. Yeah price is locked and materials bought. They said if I had waited another week it would have been $40k more.
We signed a contract with a builder last fall to build our new home in WDM. They shared that in "normal" markets they often close in about 4 months after foundation goes in. They started in December and we close in July. THANKFULLY we locked in our price last fall though. They have three new homes going in next to ours and the price/sqft is about 15-20% higher then what we are paying for. I'm also very thankful that everything they need to finish the house has been delivered or sitting in the warehouse waiting for delivery. So now it's just a factor of getting crews there to complete the work.
RE: Sale of home. This was a point of contention between my fiance and I. I didn't want to risk being "homeless" and would rather float the modest mortgage if we had too. She was scared shitless that it was going to take a long time to sell the place because it sat on the market for months when she bought it 4 years ago. We compromised. She got to list it in January but at the price I wanted (which was 15k more then she was going to ask). The house was on the market for 36 hours and the only reason it was that long was the major snow storm that hit the day we went public kept anyone from coming out. First person who walked through gave us asking price with no negotiations other than asking for a home warranty. So it was great getting the premium price but now we've been staying with friends/family while we wait for close.
RE: Sale of home. This was a point of contention between my fiance and I. I didn't want to risk being "homeless" and would rather float the modest mortgage if we had too. She was scared shitless that it was going to take a long time to sell the place because it sat on the market for months when she bought it 4 years ago. We compromised. She got to list it in January but at the price I wanted (which was 15k more then she was going to ask). The house was on the market for 36 hours and the only reason it was that long was the major snow storm that hit the day we went public kept anyone from coming out. First person who walked through gave us asking price with no negotiations other than asking for a home warranty. So it was great getting the premium price but now we've been staying with friends/family while we wait for close.
Regarding your wife in the second paragraph, my parents are in a similar mindset as her. They have never had to buy a house in a competitive market in their lives, and they're recently retired. My dad couldn't comprehend 1) how hard it was to find a house due to low inventory, and 2) how much over asking we were bidding on houses. He currently thinks we overpaid for our house because he thinks prices will soften due to COVID ending and more houses will be listed. While this is currently true, a lot more buyers have entered the market according to our agent since we began looking in Q1 of this year. He also doesn't realize that in the NE, 500 house neighborhoods are not being built left and right as you see in the central US.
Off topic question, is there an insurance company that has a headquarters in Lincoln or a regional one at least?
I don't believe so but i could be wrong. also do not move here. the food scene is terrible and husker fans everywhere. and the property taxes are too friggin high
My sister is a loan closer. The company she works for met their 2020 goal by June. She's also absolutely overwhelmed and said it hasn't let up.
No prob, not looking to move. Someone told us they have to go to Lincoln for training (insurance world) and didn’t know who that would be. Didn’t want to ask since they get worked up about any question.
Same here on the far SE side of CR / Linn County. A lot of old money houses and just last week 2 houses sold within 48 hours of the sign going up, both around $750K. The Linn county assessor is always closely watching for anyone doing home renovation projects and jack up their assessment, so this market has to be giving them a giant boner.
The market is hot, but that is a double edge sword
My area is finally showing some signs of life. The neighbor's house is finally valued higher than when they bought in 2007.
But we aren't on fire like the area we want to relo to. So we're still falling behind and are possibly stuck where we're at.
My area is finally showing some signs of life. The neighbor's house is finally valued higher than when they bought in 2007.
But we aren't on fire like the area we want to relo to. So we're still falling behind and are possibly stuck where we're at.
I will just sit patiently and wait for a foreclosure like I did in 2010.
I will say that based on transactions, realtors are absolutely fleecing people. I understand the market is competitive, but if you're getting multiple offers over asking price within hours after listing, the house is priced too low. You're paying them a significant premium to not know the market and underprice your house.
I'm not saying it's always easy, because I'm sure it's not, but realtor fees compared to the amount of work they typically do, and the difficulty of it, is ridiculously stupid. Especially today.
Maybe I should change professions.
Maybe I should change professions.
I think real estate across the country is going to stay strong for awhile. For the most part not enough homes have been built and some of the younger folks (relative term I know) are really wanting to own.
Many people just aren't listing their homes. I don't know if they are uneasy about jobs or pay or what. Clearly there is a confidence issue of some sort.
Many people just aren't listing their homes. I don't know if they are uneasy about jobs or pay or what. Clearly there is a confidence issue of some sort.
I think It’s mostly because if you sell and you aren’t building new, or retiring/downsizing/major upsizing then you just go back in to the buying swirl with the rest of the people that can’t get a house. It’s a lot of work and hassle.
We could get probably $150k more for our home than we paid for it 10 years ago if we listed it today. Younger daughter has two years of HS left so we aren't going anywhere but it's tempting.
Jacktronic
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We spent the past month or so shopping in KC. It's pretty nuts. Lost out on a house that went for 60k over asking in a neighborhood where it was already the most expensive by far. Lost out on another that went up one workday morning and then was sold just as we were getting ready to tour it after work (same day). We finally got lucky this past Friday; just had to waive inspection and appraisal. Some real clown ****.