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Housing market

Althetuna said:
Market is slowing down due to lack of supply on starter homes.

www.cnbc.com

As housing boom begins to fizzle, weekly mortgage demand falls nearly 7%

Weekly mortgage demand fell to the lowest level in almost a year and a half, as home prices sideline more buyers.
www.cnbc.com www.cnbc.com
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Last two houses in my neighborhood - one sold after 1 day on the market, other one sold in 4 days. The one that sold in 4 days had only a picture of the empty lot on realtor.com and nothing on the Iowa Realty website. Granted, they are not starter homes, but our neighborhood is not the easiest to find or get in and out of, so this is welcome news for us.
 
I did FSBO in 2019 if anyone had any questions. I think the key was having my house completely solid in terms of not having anything obviously needing fixed. Older couple bought my place in cash and mentioned it was nice to see something that didn’t require them to make any changes. Move in ready I guess.

I did the FSBO website listing which was 2.5k. They took really good pictures and I made sure to “help” them with updating current asking price and such. Still did a few open houses on my own and showed during the week as work allowed, but with a price of $310k I obviously saved a huge amount selling on my own. Nerve wracking three weeks before the market got hot like it is now.
 
I've mentioned earlier I flip houses. I felt pretty good the other day in the neighborhood I am currently working. A tree in the yard had a large branch snap and was barely hanging on. I went across the street and spoke with the neighbors so they would move the car they parked on the street which was under the tree. I did not want their vehicle damaged.

After speaking with them a bit they were so HAPPY I was there doing the work. I've not done a ton they can see on the outside but just pulling weeds, trimming brush etc had made such a difference to them. They were ecstatic when I said I was going to paint it. What made them the most happy is that I am not renting it out but selling to an owner. You could see there was real pride in their neighborhood. I'm going to do a good and proper job at that house. My hope is that the folks immediately around me will have a slight value increase to their home with the work I'll do. A rising tide lifts all boats right? I feel a bit of extra pressure though but that's what this is about.
 
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twojman said:
I've mentioned earlier I flip houses. I felt pretty good the other day in the neighborhood I am currently working. A tree in the yard had a large branch snap and was barely hanging on. I went across the street and spoke with the neighbors so they would move the car they parked on the street which was under the tree. I did not want their vehicle damaged.

After speaking with them a bit they were so HAPPY I was there doing the work. I've not done a ton they can see on the outside but just pulling weeds, trimming brush etc had made such a difference to them. They were ecstatic when I said I was going to paint it. What made them the most happy is that I am not renting it out but selling to an owner. You could see there was real pride in their neighborhood. I'm going to do a good and proper job at that house. My hope is that the folks immediately around me will have a slight value increase to their home with the work I'll do. A rising tide lifts all boats right? I feel a bit of extra pressure though but that's what this is about.
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You should have a show on Discovery+. I’d call it “Jesus of Renovation”.
 
twojman said:
I've mentioned earlier I flip houses. I felt pretty good the other day in the neighborhood I am currently working. A tree in the yard had a large branch snap and was barely hanging on. I went across the street and spoke with the neighbors so they would move the car they parked on the street which was under the tree. I did not want their vehicle damaged.

After speaking with them a bit they were so HAPPY I was there doing the work. I've not done a ton they can see on the outside but just pulling weeds, trimming brush etc had made such a difference to them. They were ecstatic when I said I was going to paint it. What made them the most happy is that I am not renting it out but selling to an owner. You could see there was real pride in their neighborhood. I'm going to do a good and proper job at that house. My hope is that the folks immediately around me will have a slight value increase to their home with the work I'll do. A rising tide lifts all boats right? I feel a bit of extra pressure though but that's what this is about.
Click to expand...

One we were doing a few years ago had one of the neighbors walk across the street a little upset that his property taxes may go up because of the work we were doing. I didn't know whether to laugh or laugh.
 
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cyfan92 said:
www.housingwire.com

Ginnie Mae unveils 40-year mortgage term for issuers

Ginnie Mae is set to introduce a new 40-year mortgage term for its issuers on the heels of administrative shake ups at the top of the housing industry. Ginnie Mae is set to introduce a new 40-year mortgage term for its issuers on the heels of administrative shake ups at the top of the housing...
www.housingwire.com www.housingwire.com

Thank god I already have a home. I'm terrified where home prices will go as we extend our amortization terms
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Goes perfect with an 84 month loan on an $80k pickup truck or SUV.
 
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CYEATHAWK said:
One we were doing a few years ago had one of the neighbors walk across the street a little upset that his property taxes may go up because of the work we were doing. I didn't know whether to laugh or laugh.
Click to expand...
Just tell him they are going up anyhow, this is just the excuse they will tell you but is t the reason.
 
40 year mortgage is nothing new. Been around for years. Its a horrible idea. Rate is higher, and the payment doesn’t go down that much to make it worth it. Anyone that needs 40 years shouldn’t be buying a home. 30 years should be the max.
 
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mynameisjonas said:
40 year mortgage is nothing new. Been around for years. Its a horrible idea. Rate is higher, and the payment doesn’t go down that much to make it worth it. Anyone that needs 40 years shouldn’t be buying a home. 30 years should be the max.
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I suspect that being able to resell on the secondary market will drive the rate down to make it more competitive- and drive housing costs up!
 
Gunnerclone said:
Don't forget the hauler camper and the AtV and dirt bikes. Package deal.
Click to expand...

Can I get a 84 month financing on a new wake board boat that I only use 1-2 times per year and park in my driveway the rest of the time? Asking for a friend.


Back on the original topic, I saw something crazy in the housing market. One of the houses I've been keeping an eye on actually reduced the asking price after 10 days. Probably means that it's on a Native American burial ground or similar.
 
CYEATHAWK said:
One we were doing a few years ago had one of the neighbors walk across the street a little upset that his property taxes may go up because of the work we were doing. I didn't know whether to laugh or laugh.
Click to expand...

This part shows up in Shameless too. Older ladies started throwing trash in front of Lip's house and broke windows. He caught them doing it on night and then asked why. Their response was because of all the gentrification going on in the neighborhood and Lip making their house look nice, they didn't want their taxes going up. So he proceeded by spray painting obscene things on the front lol.
 
Anyone ever sold to OpenDoor? My parents got a crazy offer from them on their house in Austin and are going to relocate back to DSM to be near the grandkids. They listed pre-covid and could not sell because new builders were coming into the neighborhood undercutting the prices. It's since doubled in value... absolutely nuts.
 
Toured a house last night that the family bought last September and are now selling to move back to Des Moines.
 
4theCYcle said:
This part shows up in Shameless too. Older ladies started throwing trash in front of Lip's house and broke windows. He caught them doing it on night and then asked why. Their response was because of all the gentrification going on in the neighborhood and Lip making their house look nice, they didn't want their taxes going up. So he proceeded by spray painting obscene things on the front lol.
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Well not only were they complaining about that......they were also urban "miners". They ripped out the copper...........twice. Boarded up the ground level floors....they got a ladder in the middle of the night and got in a second floor window. When I finally caught one, chased him out of the house and he was shedding clothes like you see on "Cops". If I wasn't so mad I would have probably been in the hospital for breaking my stomach laughing. And because I didn't have pictures of them or proof it was them......I really had no case per the police. After that....I never saw them come out of their home when we were there working in the neigborhood however.
 
Had a friend who sold one of their rentals in Portland, all cash and no contingencies.
 
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