Don't get lending amount and market value confused. Lending standards show risk tolerance
A lender doesn't have to max out their collateral position.
Housing market
- Thread starter simply1
- Start date
Don't get lending amount and market value confused. Lending standards show risk tolerance
A lender doesn't have to max out their collateral position.
Well said. One thing I noticed with our recent sale: Zillow had our house tracking at $285k for a while before we listed. We agreed with our realtor to list at $270k based on his research and our desire to sell quickly. As soon as it hit Zillow, Zillow revised the zestimate to match the list price.
Zestimate is an algorithm that doesn’t appear to be terribly complex. Really just an average $/SF for your area.
No one (city, county, state, etc) wants people buying a house and then not be able to spend any money once they get in to the house because they had to cash cover a huge appraisal gap.
Yet another data point. Zillow has our house at $12k over our purchase price from oct 2020. Redfin has it at $40k over purchase price.
Check square footage. If the house is a two story, many true square footage of houses differ due to either poor measuring or just guesses at the square footage
Did a second showing on a house in Melbourne tonight that we were really interested in it but our king sized bed will take up 90% of the largest bedroom kind of killed any further intrest in it.. there was another couple/family there before us looking at it and one or two more lined up after us even. It really is a nice house otherwise honestly...
And some sources/places do not count "below grade" as square footage which screws up older split-levels w "garden level" windows and newer-"daylight lot" floor plans...Local city/county assessor may properly differentiate between partially below grade living area and a true 'basement' (for the taxable assessment) but when their numbers get transferred onto someone else's forms and software it may just get lumped in w basement
The true square footage is what is above grade. So split levels that have the lower level 3 foot in the ground, that portion is below grade and should not be added into the square footage. If the lower level has a walk out that is at grade level then you need to measure and find out when the floor is lower than grade and that area is considered basement. Many times the walk out opens up at the point that grade reaches the basement floor. At that point you have a walk out entry to the basement.
once you go king you never go back... lol plus having 2 60 lbs Aussies who are bed hogs..
parents house is like that it's a split level ranch, entry, kitchen and dining room on main level, 2 bedrooms and the living room above, then a walk out lower level family room and the other 2 bedrooms, and still has a basement under that even, only listed as a 1,900 square foot house but is really about 2,600 square feet of finished living area.
I’m at Menards right now and a 4x8 sheet of OSB plywood is $70. My eyes are buggin out
Wow, they must've just upped their prices because that's what I bought last weekend. I was going to buy BCX just to get the cheaper stuff, but Maple and BCX were the same price. So, I got the nicer stuff.
Some friends built a small steel garage post derecho. They decided to insulate and put up plywood inside rather than drywall - just 3/8ths, nothing heavy.
When they priced it, it was like $15 per sheet. When they bought it, it was about $25 per sheet. Last they looked it was $42 per sheet. So like 150% increase over about 8 months.
At what point is it worth taking some of these 10 million downed trees to a local sawmill? Or just buy one of those little on-site sawmill things? Good grief!
We're in the middle of a major remodel. 2 weeks ago our contractor walked off the job. We're ******.
My house in Ames on Franklin Ave goes live on MLS today. 4 bedroom, 3 bath, all renovated throughout over the past two years. Hoping for a bidding war that ends somewhere about 100% above asking price.
Has anyone heard a timeline for when lumber prices may stabilize at a "new normal" range?
6 months, 1 year? 3 years?
6 months, 1 year? 3 years?