Selling/Buying a House in Today's Market

[Joe Public]

I've owned two properties in my life, but both were new builds. I've never had to sell a house and buy a new one at the same time, so I don't know anything ab out contingent offers. Also, if we make on offer on one of these properties, I think we'd want it enough to not have the contingency impact whether the seller accepts.

What's the market like over there these days?

[falafel]

What's the market like over there these days?

Heating up, probably too quickly.

[Dwight Schr-ute]

Heating up, probably too quickly.

18 months heated. They're building like crazy above us. If it makes your wife more comfortable, you can move in with us if you get into a bind. We don't have the room, but we do have an 18 month old that could use a little more attention.

[cougjunkie]

Heating up, probably too quickly.

Same thing all around the country. The bubble will burst again. Not quite like a few years ago, but they will definitely taper off.

[falafel]

Same thing all around the country. The bubble will burst again. Not quite like a few years ago, but they will definitely taper off.

I would like to capitalize on the heat in my own house, while jumping to another house before it gets too hot.

[falafel]

18 months heated. They're building like crazy above us. If it makes your wife more comfortable, you can move in with us if you get into a bind. We don't have the room, but we do have an 18 month old that could use a little more attention.

We have a four year old that would like to be the mommy to your 18 month old. We'll see you in 30 days.

[Donuthole]

Same thing all around the country. The bubble will burst again. Not quite like a few years ago, but they will definitely taper off.

Its is heating up, but there are still some deals to be had. Right now there are a lot of people who bought early in the upswing (2002-2003ish) and stayed put and didn't suck all the equity out when the market soared. There are also a lot of people who bought in the middle of the downswing (2008-2009) but before it completely bottomed out. Both of these crowds are just happy that values are back to at or above where they paid, and can now sell at break even or even for a net gain. There are also still a bunch of short-sale and foreclosures from those who bought on the late side of the peak.

Just my opinion, but if you can get into a decent property for around $100/sq ft, you're not going to lose much when the bubble bursts again. If you can get in for cheaper than that, you're golden.

EDIT: This post is Vegas-specific. I'm not familiar enough with other markets to know what a reasonable ppsf is there.

[MarkGrace]

Same thing all around the country. The bubble will burst again. Not quite like a few years ago, but they will definitely taper off.

Seattle is insane right now (residential and commercial). Definitely feels pre-bubble again.

[HuskyFreeNorthwest]

Here is a little trick that most people don't know. If you pay more than $5000 to principal most lenders will actually re-amortize your payment without having to refinance.

I have a client who sells security systems for Vivint, at the end of each summer he puts down 50-100k on his home and the lender adjusts and re-amortizes the loan for him. Off the top of my head I know GMAC, Greentree, Wells Fargo, PHH, and Chase will all allow this.

It is more and more common, I would call the lender you are working with and ask them.

That's good advice, thanks for the tip.

I'm not sure I like this whole junkie being nice to falafel thing.

[HuskyFreeNorthwest]

Seattle is insane right now (residential and commercial). Definitely feels pre-bubble again.

The whole PNW feels like it is at or near pre-collapse prices.

[Vic Vega]

The whole PNW feels like it is at or near pre-collapse prices.

Well, lucky for you, they can't make more land. A home is the safest investment you will ever make. And remember, you should buy the most expensive house you will qualify for, because you will surly make money 5 years from now and you don't want to need to move again.

Real estate markets are local. The [INSERT MARKET NAME HERE] is a unique market that will insulate it from the trouble other markets have had. I think the house you are looking at is getting lots of interest. I think it would be safest to offer more than the asking price if you like it. Don't worry, the appraisals will come in where they need to, just like the old times.

This message is brought to you by the NAR.

[fusnik]

Its is heating up, but there are still some deals to be had. Right now there are a lot of people who bought early in the upswing (2002-2003ish) and stayed put and didn't suck all the equity out when the market soared. There are also a lot of people who bought in the middle of the downswing (2008-2009) but before it completely bottomed out. Both of these crowds are just happy that values are back to at or above where they paid, and can now sell at break even or even for a net gain. There are also still a bunch of short-sale and foreclosures from those who bought on the late side of the peak.

Just my opinion, but if you can get into a decent property for around $100/sq ft, you're not going to lose much when the bubble bursts again. If you can get in for cheaper than that, you're golden.

EDIT: This post is Vegas-specific. I'm not familiar enough with other markets to know what a reasonable ppsf is there.

Dude $100 a square foot?

Where are you talking about, alphabet city or whatever they call that?

It's 150+ in my zip code.

My good buddy just built in Sunmerlin, moved from this side and paid 155 a square foot, no yard.

[Donuthole]

Dude $100 a square foot?

Where are you talking about, alphabet city or whatever they call that?

It's 150+ in my zip code.

My good buddy just built in Sunmerlin, moved from this side and paid 155 a square foot, no yard.

I'm willing to slum it. I would need a government job to afford a house in Summerlin.

[Moliere]

Dude $100 a square foot?

Where are you talking about, alphabet city or whatever they call that?

It's 150+ in my zip code.

My good buddy just built in Sunmerlin, moved from this side and paid 155 a square foot, no yard.

I'm walking through a home today that's listed at $92/sq ft. Good size yard and swimming pool. Maybe this should go in the what's right with Texas thread.

[Pheidippides]

I'm walking through a home today that's listed at $92/sq ft. Good size yard and swimming pool. Maybe this should go in the what's right with Texas thread.

I have a market analysis for my development in Houston right now. $88/sq ft. is the average. If you are paying over $100/sq ft., you better be getting one hell of a house in Houston.