Mortgage rates and the housing market

[rocky_warrior]

Sarcasm missed.

Dangit

[MU Fan in Connecticut]

If I were to put my house up for sale, I had better have already made a down payment on my next house, as my current home would be snapped up in a week.  That is what scares me.

My mom passed away back in October.  We had it cleaned out enough to put on sale in June and it was sold in 1 week. My brother and I had 5 offers. 
Once was all cash but they changed their mind the next day.  3 offers were fully mortgaging with no down payment and the winning offer some 29 year old single man amazingly put a very very significant down payment.
We have a friend looking to sell their longtime home and move to a different part of Connecticut to be closer to their daughter. She has the issue tower mentioned.  She said you have to have a pre-approved mortgage up to a certain amount because sellers won't wait for you to get a mortgage.  They'll just push the button for one of the other offers.

[dgies9156]

My mom passed away back in October.  We had it cleaned out enough to put on sale in June and it was sold in 1 week. My brother and I had 5 offers. 
Once was all cash but they changed their mind the next day.  3 offers were fully mortgaging with no down payment and the winning offer some 29 year old single man amazingly put a very very significant down payment.
We have a friend looking to sell their longtime home and move to a different part of Connecticut to be closer to their daughter. She has the issue tower mentioned.  She said you have to have a pre-approved mortgage up to a certain amount because sellers won't wait for you to get a mortgage.  They'll just push the button for one of the other offers.

It' been two years but we bought without a financing contingency. We had to show we had enough cash and liquid assets to close a deal. We financed the house we bought for a year but the risk was creating a massive tax event if we could not get financing.

It's not a big deal as long as you have trust in your banker.

[Spotcheck Billy]

Yeah, let's tax unrealized capital gains. Hope Buffoon 2 keeps showin' her brilliance. She's lookin' more like a kamikaze
pilot every day, aina?

well let's see...how many illegals have been allowed to essentially walk across our "border"?  I'll bet it's well north of 8 million, so you might have a point.  they all need a place to stay, eyn'a?

all the other posts have been on topic except for these 2 clowns

[Jockey]

all the other posts have been on topic except for these 2 clowns

I think they are the same guy.

[rocket surgeon]

I think they are the same guy.

  loosen up the thong a little bit jockstrap, need some oxygen and blood flow to your brain

[TSmith34, Inc.]

  loosen up the thong a little bit jockstrap, need some oxygen and blood flow to your brain

Says the deep thinker who alone has ascertained that illegal immigrants are buying up houses and making them unaffordable to 'Murkans

[rocket surgeon]

Says the deep thinker who alone has ascertained that illegal immigrants are buying up houses and making them unaffordable to 'Murkans

says the guy that blah blah...you're weak dude

never said the 20 million illegals your peeps are letting in are buying up houses did I...you guys who've created our problems sure are triggered easily. just look at the storm of posts.  scoop musta been smokin all day yesterday

can any of you guys think outside of your MSNBCjoylessReidCNNnbccbsabctheview...

[jficke13]

says the guy that blah blah...you're weak dude

never said the 20 million illegals your peeps are letting in are buying up houses did I...you guys who've created our problems sure are triggered easily. just look at the storm of posts.  scoop musta been smokin all day yesterday

can any of you guys think outside of your MSNBCjoylessReidCNNnbccbsabctheview...

So weird.

[wadesworld]

says the guy that blah blah...you're weak dude

never said the 20 million illegals your peeps are letting in are buying up houses did I...you guys who've created our problems sure are triggered easily. just look at the storm of posts.  scoop musta been smokin all day yesterday

can any of you guys think outside of your MSNBCjoylessReidCNNnbccbsabctheview...

Says the guy who barfs out Fox News talking points with every post he's ever made here.

[TSmith34, Inc.]

says the guy that blah blah...you're weak dude

never said the 20 million illegals your peeps are letting in are buying up houses did I...you guys who've created our problems sure are triggered easily. just look at the storm of posts.  scoop musta been smokin all day yesterday

can any of you guys think outside of your MSNBCjoylessReidCNNnbccbsabctheview...

  just saying all those millions of illegals allowed to walk across our border has to have some impact.  they can't all stay in tents, especially in the colder climates.  if there is a shortage of affordable housing not counting the illegals, then it sounds like it is probably worse than advertised.

saying we have a housing shortage, but denying the 20 million illegals (or whatever the number is) is having or not having an affect is counter intuitive to say the least.

[Shaka Shart]

Lmao, perfect

[warriorchick]

She said you have to have a pre-approved mortgage up to a certain amount because sellers won't wait for you to get a mortgage.  They'll just push the button for one of the other offers.

What is the big deal about getting a pre-approved mortgage?  It just means doing the paperwork before you start house hunting.  I believe that in most cases, you can still shop for a better mortgage deal once you are under contract. 

[The Hippie Satan of Hyperbole]

What is the big deal about getting a pre-approved mortgage?  It just means doing the paperwork before you start house hunting.  I believe that in most cases, you can still shop for a better mortgage deal once you are under contract. 

It is a more attractive offer to the seller if the potential buyer is pre-approved.

[warriorchick]

It is a more attractive offer to the seller if the potential buyer is pre-approved.

I totally get that.  My point was that MUFIC was talking about it like it was some huge burden on the househunter to get one. If he will get approved after the offer, he will get approved before the offer.

[The Hippie Satan of Hyperbole]

Gotcha. Yeah you can do it by email with your local bank most likely.

[MU82]

Cumberland, Md.; Tulsa; the Rochester, NY area; and parts of West Virginia are offering cold hard cash to people who move to their dying towns.

https://www.washingtonpost.com/dc-md-va/2024/08/30/cumberland-maryland-revival/?

[rocket surgeon]

Says the guy who barfs out Fox News talking points with every post he's ever made here.

so you guys barfing out cnn msnbc abc nbc cbs is superior??  "journalism" is dead

[The Hippie Satan of Hyperbole]

Journalism isn't dead at all.

A lot of people, however, choose not to consume journalism - but instead want to consume self-reinforcing entertainment disguised as journalism.

[TSmith34, Inc.]

so you guys barfing out cnn msnbc abc nbc cbs is superior??  "journalism" is dead

At least you admit you are barfing out Fox spew. Admitting it is the first step, congrats.

[MU82]

How 'bout those mortgage rates and the housing market?

My daughter and family is househunting in Seattle so I've been paying pretty close attention to the market there - which has mostly been booming for years and years.

Houses are staying on the market a little longer than they had been and not going over list as often, especially once you get past $1.3M or so. (Sadly, starter homes there are $1M-ish.)

Our area of Charlotte is still pretty hot. Most properly priced houses are going in a day or two, though not as many over-list offers.

[Pakuni]

Today's reminder that HOAs suck.

At the start of the coronavirus pandemic, David Martin took a water cooler and placed it on his driveway in front of his Goodyear, Ariz., home. He filled the cooler with water bottles and ice and told anyone who passed by to take one.

It was just a small gesture to help his neighbors during a hard time, Martin told The Washington Post. He decided to keep it going, and the cooler, with Martin's offer of free chilled water, has sat outside his garage ever since. His neighbors have gratefully obliged. So have delivery drivers, dog walkers and passersby playing basketball at a park near his house, especially this summer as southern Arizona scorches under a record-breaking heat wave.

The only objection, Martin was stunned to discover, came from his homeowners association.
]In April, Martin's HOA began fining him and his wife for violating an association rule to store items out of view, according to Martin and letters Martin shared with The Post. It increased to hundreds of dollars in the following months. The group, whose complaints were first reported by AZFamily, threatens to continue fining Martin until he removes his water cooler, he said. He refuses to pay.

https://www.yahoo.com/news/beat-heat-arizona-man-offers-135053920.html

[Jay Bee]

^^ great story, weirdo

[rocky_warrior]

Today's reminder that HOAs suck.

At the start of the coronavirus pandemic, David Martin

I'd contribute to a go f*ck them for this guy.

[Pakuni]

I'd contribute to a go f*ck them for this guy.

Seems I struck a nerve.
Huh.