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Discussion in 'The Mainboard' started by Swim Cantore, May 4, 2015.
1,000% I have had very unrealistic thoughts lately.
Don’t feel bad, everyone who bout a house 2+ years ago is dealing with this
the market is absurd
I’m trying to convince my parents to sell my childhood home and just rent. It’s a $185k house in NW Indiana that Zillow says is now worth $375k
they could rent for the next 20 years on that cash easy in much nicer homes
Remember you’d be buying in the same market. Unless you’d just rent until the market corrects.
I think this is the most ideal scenario where people make out best. Ideally relocating to somewhere cheaper.
my dad built the house 1990, it’s starting to age. It’s 3300 sf for just the two of them, time to let it go.
Obviously this is hard for boomers cuz none of them are selling in an obvious fucking sell time for their lives
I work with a guy just like him, same deal, built a nice home for kids. He could easily get 650 for his place. I just don’t get it, especially so close to retirement. Less hassle and less bills to boot.
For sure for sure. I’ve got a very specific area I would move to so it’s unlikely to happen, but I have a few wild ideas I’d love to explore, but holding that till I see what that house does.
I totally defer to my realtor, but all I could think about when I saw the proposed price was getting kicked out of the shark tank for a stupid valuation.
BUT as was mentioned, it all washes from getting bent over on the buy
But where would Boomers put all their shit! That generation is a bunch of dumbasses
I have been telling everyone a correction has been coming for the last 7 years. Not sure how much longer this can go on.
anyone disputed a tax assessment before?
want to do it since my place is assessed for 70k more than I paid
Go ahead and sell your house and buy it this inflated market if you want
But getting all mad at your parents for not wanting to just because you have your inheritance in mind, is fucking stupid
i dont understand where people think the correction is coming except in maybe some micro markets
we don't build enough houses in this country, we're in a dynamic where the house buying class has a bunch extra liquid cash and low rates. SLOWING increases in value is one thing, but real corrections is just something I don't see the mechanism for.
IMO I’d start the process on the card sent in the mail and contest. I don’t think I can talk specifics, but if you want to shoot a PM I can offer tips on what I’d do.
Yeah, none of that idea makes sense. If they sold the house and rented for 20 years, wouldn’t that chew up his inheritance? 20 yrs rent @ 1500/month is 360K.
Hey man sometime in the future maybe it’ll slow down the correction is coming watch out 2008
They’re bringing in some dirt also.
I don’t have much of a choice because I need this done so I can have a fence put in as soon as I move in to let my dogs run around.
In addition to this, IIRC you purchased a condo with a HOA. I might reach out to them to see if they can offer resources for owners to protest their valuation. Things will vary from state to state but generally your purchase price may be helpful since it was a recent event, but valuations of comparable units showing yours is over-valued by the appraiser is typically the strongest argument. Your state or municipality may also have caps on increasing the valuation annually or over a set period of time, which would be worth looking into.
Only thing I’ve seen/read about is that the Covid eviction moratoriums should be expiring soon, so anyone who has been able to stay in their homes due to this will now have to sell or be foreclosed. Seems like employment has been recovering, so I’m not confident it will result in the bubble bursting like some people are predicting.
Prices in the area I’m looking have gone up 20% or more since last year, but I’m not interested in cheaper locations because I don’t want to get shot walking my dog. There is housing available, it’s just in undesirable places.
I think by in large most people don’t know shit other than they were alive and impacted by 2008. In that instance I’d classify it more as a bubble and less as a market correction. Of course there will be a correction after a bubble but a bubble isn’t a bubble if things are naturally evolving. There is no data out there to correlate anything like that, but of course there wasn’t back in 2008 either.
I’m assuming this is meant for me, I don’t care about my parents money. I want them to be happy in better housing situation. My parents are 2 hours away from my sister and 5 from me. They want to move but can't find a house to buy- they just don't know how to look. I feel like renting would be better for them.
Ways a correction/adjustment occurs: interest rates go back to 3.6 or higher, property tax assessments catch up to home values, and stock market/tech industry slows down
all of these things should happen in next 2 years- however demand will not decrease due to demographics but prices might stagnate. Very fascinating thing to watch
this is quite the assumption you are making here
I haven’t seen data, but I imagine that a lot of the people using the moratorium are renters and landlords opposed to people in their primary homes based on the split of who the pandemic hit.
looking back there were huge red flags with inventory and qualifications of buyers. Inventory is non-existent right now and something like 70% of buyers have credit scores over 760.
exactly, we’re going to hit a point where home prices stop climbing like crazy due to interest rates, time buyers being priced out, taxes, etc., but average houses aren’t going to lose 100k in value.
2008 was a once in a lifetime occurrence probably.
Yeah wouldn't the parents selling and renting actually be worse for his inheritance if they do live a good bit longer rather than them holding on to a valuable asset? Even if the house isn't worth exactly what it is today.
I've done it once, lost and am going back again next year.
If your municipality is like mine, you are able to submit sales documentation for consideration in your protest hearing. YMMV.
every year. Last year was the first time I didn't get a reduction and I felt like I had the best case for it.
How long ago did you buy the house? If it was within the last year, you can easily show the sales price and prove the market value of the house
Something might have been clouding my reading comprehension skills by that time of the evening
For some reason your post reminded me of seeing this last night
Closed a month ago
Their assessment is probably right for where the market is now we just got lucky on timingwhen we went under contract in January. Forgot to even factor in the parking spaces that are each separate entities so the total assessment is like 100k high.
In Texas you'd be able to get that reduced to your purchase price very easily
I would try to use the appraisal from the mortgage as evidence. Your purchase price is one piece of evidence. A 3rd party appraisal is another not to mention that includes comps for you to use.
The irony is we live in the same county and my assessment is a similar or greater level below current market. We did a remodel 5 years ago that added >10% to square footage. We filed permits so they knew details and expenses but still didn’t meaningfully change the assessment.
theres not a lot of rhyme or reason to shit in this neighborhood, sometimes a place I think is wildly over priced at $450/sqft sells instantly then something I think is a deal at $300 sits forever
like Bookmen Lofts is a building where everything sells for $400/sqft but also every unit looks similar to half the units in the area selling for $320, I think overall sq footage plays a sizable part in that most people aren't wanting much over 2k so the per sqft price goes down but that doesn't explain all of it
installed a knife block over the sink, stud finder said nothing there besides some square metal piece I was nowhere close to
but also I 100% hit steel or something impenetrable that I didn't want to fuck with about an inch into the wall in both holes, modified some anchors and swapped to slightly shorter screws and we're in business
Today was a good day.
The best comp to my house in my neighborhood is under contract after 5 days on the market. Puts me up about 33% on my last appraisal 2 years ago. I need this market to hold up for 9 more months.
I declare texasraider ’s hose to be superior, sending ours back
This is the first time anyone has ever considered my hose superior
ftr I haven’t tried out your hose yet
mine looked used or damaged out of the box. Was all scratched up and there is a panel on the side that was off and the prongs were all worn/bent like it was going to fall off soon and no clue why it was there anyway I’m not trying to operate on this fucker it should just work. Also the hose was 1/2 inch, while this was wife’s fault I thought this was America hoses should all be 5/8 inch. Never hooked it up
hopefully can return it easily (wife ordered it from company instead of Amazon) and then give texasraiders hose a try
I toured and really liked Bookmen when it was done. If it was done 2 years later, after I got a promotion, I would’ve bought there. As it was I almost bought but I’m too conservative financially. Instead I ended up by St.Anthony Main area a couple years later.
Bought my first oscillating saw today. Fucking game changer. Not sure how I lived before this glorious day.
I'm sure there are some stud finders out there that are great but I've never found one. Did find this guy a few years ago and have used it 100's of times. Unless your house was dry walled by drunks it works every time.
Likely a protective "nail plate" to keep people from putting fasteners into plumbing/electrical/mechanical lines. Godspeed. /PSA
I hope they give you your commission.
Cordless or corded? They both kick ass, but the cordless one allows even more awesomeness. Blades aren't cheap, but hang onto your old ones, they will cut drywall even after you hit a nail or whatever. Pro-tip: Oscillator and shopvac with bag will allow you to cut drywall with near zero dust, and fairly quickly.
Have those and I swore by them until I got this
ProSensor T13 Professional Stud Finder
I mean, that would be the most accurate market value.
How do we feel about attic fans in hot climates? Bought a house where both apparently are broken, and it seems like there is a lot of debate as to whether they help or hurt. My furnace is in the attic, so maybe it would be better to use, even if it isn't helping to cool the house?