It's a Seller's Market/Purchasing a Home Perspective

[vandeman17]

We have a house we live in and a house that we have renter's in. If we didn't like our renters so much, I would sell my house and live in our rental for a while since the mortgage is like $1k per month. I would love to build but like stated, the cost of new construction is just as crazy as buying an existing home

[pianoman9701]

The cost of building materials just seems to continue to rise. 

[Mtnwalker]

Ha yeah kidding about the recession. That offer was as much as we could muster up. We don't like renting, but may be doing that for the next year.

Paying rent sucks but man was it nice to just make a phone call whenever something broke, I kinda miss it sometimes 

[Ironhead]

We have a house we live in and a house that we have renter's in. If we didn't like our renters so much, I would sell my house and live in our rental for a while since the mortgage is like $1k per month. I would love to build but like stated, the cost of new construction is just as crazy as buying an existing home

The difference in the two is, that if you build one you will have equity on day one. Not typically the case if you buy one.

[Ironhead]

The cost of building materials just seems to continue to rise. 

The cost of building materials will not go down unless something forces their hand. Such as high interest rates, recession or something to make the suppliers have to start cutting each others throats.

[Birdguy]

The cost of building materials just seems to continue to rise. 

The thousands of homes last year to fires and other disasters have lumber in very high demand. If we can go a year or three without destroying millions of dollars in homes it would sure help.

[MIKEXRAY]

My in-laws sold a house last week , listed for $ 450k They received 23 offers in a week , accepted a $ 475k all cash offer and closed in two weeks. Some offers over $ 500k but needed financing. Would not be fun to be a buyer right now.   Good luck Pianoman.

[Skyvalhunter]

My neighbor sold his house and it wasn't even listed on the market yet. Probably because I am his neighbor 

[Buckhunter24]

That seems to be fairly common, the sellers agent tries to bring a buyer and get commission from both sides.

[pianoman9701]

My in-laws sold a house last week , listed for $ 450k They received 23 offers in a week , accepted a $ 475k all cash offer and closed in two weeks. Some offers over $ 500k but needed financing. Would not be fun to be a buyer right now.   Good luck Pianoman.

The reason I started in mortgages is because of how it's insulated against real estate market swings. People will always need homes. When rates are low, they'll need refis. If the bottom falls out of the market, investors will need loans. It's one of the top earning occupations and has been during a variety of market conditions.

[MacAttack]

I just went through a cashout refi. Bought the house for $165K and it appraised for $500k!  Long story short, my brother and I bought it with the intent on turning it into a rental. Well, 10 years later I am still here...oh well, I am thinking next year I will buy a new house and we can get turn this into a rental.

[JimmyHoffa]

My in-laws sold a house last week , listed for $ 450k They received 23 offers in a week , accepted a $ 475k all cash offer and closed in two weeks. Some offers over $ 500k but needed financing. Would not be fun to be a buyer right now.   Good luck Pianoman.

The reason I started in mortgages is because of how it's insulated against real estate market swings. People will always need homes. When rates are low, they'll need refis. If the bottom falls out of the market, investors will need loans. It's one of the top earning occupations and has been during a variety of market conditions.

Yeah, I've heard most of the guys buying all cash turn around and are doing the cash out re-fi anyways with such low rates.  Then use the cash back for other investments.