***Official Real Estate Thread***

[bluemarlin04]

people say this often but its really hard to save up a down payment for a home - especially now. you need at least 200k to be competitive. Thats alot of dough to save. Now i did the hard work saved my 200k and theres no home to buy where i want to.

not one of my friends bought a house w/o help from family. not one even before 2020.

right now renting affords me the ability to keep saving. i got a great place on a covid discount last year. this same apartment is now listing for one thousand dollars more. If I had to pay this new amount with the preospect of it only getting higher than yea - makes sense to buy whatever i can find but for right now ill take my "cheap" rent and enjoy all the amenities this building has to offer - pool/cuzzi/theatre room/ gym, booty call/ amazing walk score because when i buy - i wont have any of that most likely.

heavily considering going to Long Beach since im perma WFH and there are still single family homes sub 800k

Renting makes sense if you are going to be somewhere 3-5 years

But if you have kids and plan to stay somewhere long term. That is a lot of money spent with little return. and you have no peace of mind cause your landlord can kick you out anytime a lease ends.

 

[potato-nator]

i just kicked out a renter and put my daughter in it due urban decline in daughters
hood....anyway, the renter went...kickin and screaming....but she went...

 

[casa_mugrienta]

Investing is not for the faint of heart.

Yeah, tell that to the “brave” people who “invested” with their ARMs pre 2008.

 

[casa_mugrienta]

This article makes it sound like the housing market will be more complicated than “people want to live in coastal California”.

The Fed's $2.7 trillion mortgage problem

Shrinking its massive portfolio of home loans won't make for easy economics or politics

www.axios.com

 

[Sharkbiscuit]

Yeah, tell that to the “brave” people who “invested” with their ARMs pre 2008.

Grapedrink and Lena Dunham confirmed for "brave".

 

[Bob Dobbalina]

Mildly related:

The lock on our front door was spotty. It's old. Sometimes it wouldn't unlock with the key or the flip handle unless you jostled it for some time We didn't use it since we have a security gate to get in to the stairway that leads to the front door.

Problem is, with so many packages being delivered, we pretty much buzz people in without looking out the window. Yesterday, home alone with a 2 month old, my wife buzzed the gate without looking when the doorbell rang. In walks some bitchy, entitled, Tesla driving, $30k/year high school tuition girl saying "Did you tow my car?, because it wasn't only blocking your driveway a little bit" while on the phone asking her parents what to do.

Not a huge deal, but my wife was a bit shook, so we called the landlord to get it fixed.

I'm so bummed on what they did. Went with a sloppy, messy, budget locksmith. Dude throws away the vintage door handle and deadbolt, Sawzaw's through the copper weather stripping to fit the mega cheap lock and handle assembly (I think it's weather stripping. It looks like a copper running the entirety of the door frame. Blows sawdust all over my living room, doesn't bother using matching screws or squaring up the assembly that wraps around the door. To top it off, it's just ugly and looks like it belongs in a cheap highrise condo, not a house built in 1948.

 

[Bob Dobbalina]

heavily considering going to Long Beach since im perma WFH and there are still single family homes sub 800k

Where does one surf if you live in LB?
OC
LA
Palisades?

 

[rice]

Well, our area always seemed to be way less than most of coastal CA. But it seems like it's catching up in a hurry, lately!

This 900 sf 2 br on a TINY lot just sold for $800K.

 

[bluemarlin04]

Where does one surf if you live in LB?
OC
LA
Palisades?

Id imagine seal beach, hunnington, or newport.

 

[npsp]

Well, our area always seemed to be way less than most of coastal CA. But it seems like it's catching up in a hurry, lately!

This 900 sf 2 br on a TINY lot just sold for $800K.

View attachment 129979

Talk about My wife is about to list a place in Del Cerro (northeast Mission Valleyish). It's a non-descript slightly upgraded 3/2.5 condo/townhome over looking an active quarry and will list for a little over a million $.
Due to demand and lack of inventory, it will most likely go out for $50-$75K over asking with a 15-20 day close. She's dreading this weekend's open house(s) as it will be a madhouse.

 

[sdsrfr]

Well, our area always seemed to be way less than most of coastal CA. But it seems like it's catching up in a hurry, lately!

This 900 sf 2 br on a TINY lot just sold for $800K.

View attachment 129979

As brutal as it is to say, hunny bunny and I were talking about how CHEAP morrow is compared to the Santa Barbra area and South.

Cheap is of course relative if you are 100% remote making certain sector wages.

 

[sdsrfr]

Where does one surf if you live in LB?
OC
LA
Palisades?

PV?

 

[CutnSnip]

Where does one surf if you live in LB?
OC
LA
Palisades?

Huntington is the closest spot with consistent surf - but then you have pretty fickle surf or kamikaze shorebreak alot closer. Could be 15-25 minutes to HB depending on where in LB i wind up if i wind up there.

 

[CutnSnip]

Renting makes sense if you are going to be somewhere 3-5 years

But if you have kids and plan to stay somewhere long term. That is a lot of money spent with little return. and you have no peace of mind cause your landlord can kick you out anytime a lease ends.

yea im single no kids - so thats the other factor. fk am i going to fill it with? not trying to rent out a room or any of that bullshit. i dont need a house other than it being a good investment but i do fear its only going to get more expensive and then ill need 300k, then 400k...but yea ill stick in this apartment until i outgrow or buy.

My one year lease just ended and they only raised the rent 100 bucks so tell me please where i can a house with all this and my mortgage and utitlities would be under 2400 a month.. i dont think it exists even with 20 percent down

they say the best time to buy a house is when you can afford it..all this speculation about will it get cheaper etc is meaningless in the long run i guess.

 

[keenfish]

yea im single no kids - so thats the other factor. fk am i going to fill it with? not trying to rent out a room or any of that bullshit. i dont need a house other than it being a good investment but i do fear its only going to get more expensive and then ill need 300k, then 400k...but yea ill stick in this apartment until i outgrow or buy.

My one year lease just ended and they only raised the rent 100 bucks so tell me please where i can a house with all this and my mortgage and utitlities would be under 2400 a month.. i dont think it exists even with 20 percent down

they say the best time to buy a house is when you can afford it..all this speculation about will it get cheaper etc is meaningless in the long run i guess.

I bought my first and only house 20 years ago and I still have never lived in it.

Bought it mainly because I knew that one day I would get the call to vacate my rental and I wanted to have a place to move to when that happened. Never thought it would be this long.

I've been renting the same house for 32 years now and the lady that owns it is 95 and in poor health. The kids are going to sell it as soon as she passes away (which apparently is soon) and then I'll move into my place. Glad I made the choice to buy when I did just so I have a place to go once my time in this rental is over.

It has over doubled in value in the 20 years I've owned it so turned out to be a good investment.

 

[parkiteric]

The best time to buy a house is on the downward swing of the 10 year cycle, which was supposed to happen in 2018-2019, but then retarded feds slashed interest rates to lowest in history due to COVID. Now, it's retarded high, so there is nothing wrong with an ARM as long as you manage it correctly. Once you buy a house, pay a little extra principal every month ($100-400) if you plan on keeping the home long term to shave years off your loan. For example, I have a 30 year mortgage payment at $1240 per month at 2.375%, which is dirt cheap. I pay $2500 to pay it off in 13.3 years. If I were to buy a house in this current rate market, i would do an ARM all day long to pay down principal faster with less interest. 7 or 10 year ARM is plenty of security as the average American homeowner refinances every 2-5 years anyway. The pre 2008 days of OPTION ARM mortgages and 2 or 3 year fixed with a 5 year prepayment penalty are long gone, so you dont have to worry about bad notions regarding them.

In regards to home value and equity, that sh1t is an imaginary number / monopoly money as you cant do anything with it unless you sell or cash out. Dont listen to dumbass salesmen realtors. Most of them don't know jack sh1t and looking to make a fat bonus check. If you pull equity from your house, don't do a cash out refinance if you have a stupid low rate in the 2's or 1's, unless you're drowning in compounding interest debt like plastic. You're better off with a HELOC from a local credit union

If interest rates keep augmenting at their current pace, they will easily reach high 5's / low 6's thanks to dumbfck Powell and Brandon administration. it's currently at low-mid 5's on 30 year fixed, so I feel as if homes in desirable areas will decrease 5-8%. Less desirable areas will decrease 10-15%. I'm a finance/accounting guy, who loves numbers and been in mortgage world since 2005-6.

Nothing wrong with rent if you prefer simplicity.

Bueno suerte.

yea im single no kids - so thats the other factor. fk am i going to fill it with? not trying to rent out a room or any of that bullshit. i dont need a house other than it being a good investment but i do fear its only going to get more expensive and then ill need 300k, then 400k...but yea ill stick in this apartment until i outgrow or buy.

My one year lease just ended and they only raised the rent 100 bucks so tell me please where i can a house with all this and my mortgage and utitlities would be under 2400 a month.. i dont think it exists even with 20 percent down

they say the best time to buy a house is when you can afford it..all this speculation about will it get cheaper etc is meaningless in the long run i guess.

 

[rice]

As brutal as it is to say, hunny bunny and I were talking about how CHEAP morrow is compared to the Santa Barbra area and South.

Cheap is of course relative if you are 100% remote making certain sector wages.

No, you're right, it's still way cheaper than SB and way crappier too.

I think telework is a huge factor in the recent price jump around here. 2.5 hours from either LA or SF....

 

[casa_mugrienta]

Mildly related:

The lock on our front door was spotty. It's old. Sometimes it wouldn't unlock with the key or the flip handle unless you jostled it for some time We didn't use it since we have a security gate to get in to the stairway that leads to the front door.

Problem is, with so many packages being delivered, we pretty much buzz people in without looking out the window. Yesterday, home alone with a 2 month old, my wife buzzed the gate without looking when the doorbell rang. In walks some bitchy, entitled, Tesla driving, $30k/year high school tuition girl saying "Did you tow my car?, because it wasn't only blocking your driveway a little bit" while on the phone asking her parents what to do.

Not a huge deal, but my wife was a bit shook, so we called the landlord to get it fixed.

I'm so bummed on what they did. Went with a sloppy, messy, budget locksmith. Dude throws away the vintage door handle and deadbolt, Sawzaw's through the copper weather stripping to fit the mega cheap lock and handle assembly (I think it's weather stripping. It looks like a copper running the entirety of the door frame. Blows sawdust all over my living room, doesn't bother using matching screws or squaring up the assembly that wraps around the door. To top it off, it's just ugly and looks like it belongs in a cheap highrise condo, not a house built in 1948.

Wow, that's just brutal.

I can't believe he did that to you guys.

Sounds like a slumlord.

There are laws on the books to deal with these sorts of people who victimize their tenants.

 

[casa_mugrienta]

No, you're right, it's still way cheaper than SB and way crappier too.

Crappy?

 

[sdsrfr]

There are laws on the books to deal with these sorts of people who victimize their tenants.

my last landlord was this sort - strong arm tactics - turned out he was a litigator. He tried to make us as uncomfortable as possible since he inherited us as tenants after the CA rent control law froze our rent well below market.

all I had to do was point out I was very well aware of my rights as a tenant in the state of California and he backed off entirely.

my favorite question to him after every landlord-like notice:

“to be clear - is this a request or an order?”

almost every one was a request, not order, and I politely said “no thanks“. eventually they just left us alone.