curious about real estate market outlook in Miami if anyone has any info.
Thanks!
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Monthly Archives: April 2020
Build addition, or buy new?
My husband and I purchased my parent’s home, and rented out our condo, in an effort to help them out and basically set up a long-term living arrangement where we could help take care of them as they got older.
The original plan was to live together in the home (5 bedrooms, 2,200 sq ft) until we could move into a home with a floor plan that better fit our needs. We are looking for a little more separation. During that time, housing prices in my area (Seattle) grew tremendously. Which prompted brainstorming other options.
We recently sold our condo we were renting, and I’m curious which is the better investment long term. If we add an addition, or in this case a detached unit on the lot, will it increase the value of the overall lot by the amount we put in? Or is it a better investment to put our resources into an entirely new home, contingent on the sale of our house we all live together in now? To be clear, parents will still be living with us, but wondering what makes better sense financially.
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I’ve been looking into buying a home but I have missing money on my bank statements… what do I do!
I’ve been looking into buying a home. I’d like to start the process, but I have run into an issue. I have almost $900 a month that I take out. $400 goes to myself for the month for spending on gas and various other things such as medications which I have no problem starting to show on my account. But the other $400 is spent on marijuana every month. I have very severe anxiety and depression and it’s the only thing that’s helped. I don’t live in a state where it’s legal yet, but my doctors have said if it works, stick with it.
Has anyone run into anything similar when buying? I’m concerned this will prevent me from buying a home as I don’t know how to explain it to my mortgage broker.
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Moving earlier then vacate date question
Hi everyone. On 29 March, I submitted my intent to vacate to my property manager, to vacate on 10 May (paying $550 in pro-rated rent). Earlier this month, I talked to the property manager's assistant and asked if I was able to move out earlier (but still after the 30-day window) and they said they could adjust my pro-rate by 30 April (today), but anything after and I'd have to pay the full pro-rated rent.
Well, I surrendered the house today and the property manager said "You provided notice to vacate May 8th therefore you still owe the prorated rent for 10 days" and they expect the full pro-rated rent.
Who is right or wrong? They will not take my calls for questions nor can they find my move-in checklist (which is another problem). Thanks for the help!
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Not allowed at inspection due to pandemic
Basically the title. I'm a first time homebuyer and my first choice of inspector is not allowing anyone present during his inspection and is also not doing his typical meeting afterward to discuss the results due to the pandemic. He does everything alone then emails the results.
How big of a deal is this? I know from my research that it's a good idea to be there, but do I really have a choice right now? Are you seeing other inspectors have similar policies right now? Or should I try to find another one who will let me be there?
It's a really quick close so I don't have a lot of time to decide.
For reference, I'm in a small town in the Midwest.
Thank you!
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Refinance or not?
I have a 7/1 ARM and I can't find an online calculator that accommodates for adjustable rate mortgages. Thinking about refinancing. Here are the stats:
PURCHASE
- Austin Texas
- in 2017
- for $1.1M
- Loaned amount $810,000
- APR – 3.75
- Loan type – 7/1 ARM (44 months before first rate increase)
- Monthly payment – $3751
- Property taxes – $25,000/yr
LOAN REMAINING
- $578,000
Can someone help me with this decision or point me to a calculator that can help me.
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Wells Fargo Will No Longer Accept Applications for Home Equity Lines of Credit
- Wells Fargo, one of the largest home lenders in the U.S., said it it stepping away from the market for home equity lines of credit because of uncertainty tied to the coronavirus pandemic.
- “Wells Fargo Home Lending will temporarily stop accepting applications for all new home equity lines of credit (HELOCs) after April 30,” the bank said in a statement.
- During tough economic times, HELOCs are riskier products for banks because in a foreclosure, the lender who made the primary mortgage is first in line to get paid in a recovery.
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Squatter Rights, Gentrification and Property Tax Assessments
I am not an actual home-owner, but I am considering buying a home relatively soon. I have a couple of concerns and one of which is not actually reflected in the title. I just spent the last couple of hours watching videos concerning both property tax assessment and squatters rights… and man I saw some real HORROR STORIES! That said, I need to consult with those smarter than me on these matters with the following questions:
- Is there a statistical or at least noticeable relationship between the gentrification trend these days and the number of squatter complaints and evictions nationwide? I know that matters of poverty, homelessness, seemingly abandoned foreclosures and sham leases have a lot to do with the squatter problem, but what about the effects of the displacement brought on by gentrification efforts?
- Can property tax assessments for a home that was previously foreclosed and purchased via an auction or private owner be challenged IF the home-owner believes the assessment is too high… thus resulting in over-charged tax payments?
Here are a couple of the videos that sparked these questions if anyone cares to watch… and it ain't pretty:
https://www.youtube.com/watch?v=keqIPNyJLM0
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The Fed: U.S. economy will not bounce back until 2022.
There is a lot of disinformation on this subreddit claiming Covid-19 will only be a minor setback and the job losses are temporary. These so economic "analyst" are basing their opinion not based on facts. Social distancing and half lock down cities will become the norm until a vaccine is out. Which means nothing is returning to normal until mid next year the earliest.
In that time frame we will see continue to see a huge job loss not just in retail workers, but small business owners. Small businesses make up 44% of the US economy.
The Fed has come out and stated the Economy will not be back to pre-paramedic levels until 2022. The fed is rarely the bearer of bad news, which means there is a possibility it may take longer for a full economic recovery.
How does this affect the real estate prices? It's hard to say because The Fed has infinite capital and their decisions will dictate the real estate market. What I do know is the federal reserve wants inflation to keep the GDP growth which would include the real estate market.
https://advocacy.sba.gov/2019/01/30/small-businesses-generate-44-percent-of-u-s-economic-activity/
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Can a seller’s agent lie about the details of updates done to a home I want to buy?
Hi
I am currently trying to buy a home and I was able to have a walkthrough with a contractor.
The contractor found some issues with the HVAC. The units tonnage does not match and he said this could cause issues in the future.
We wanted the seller to check on this but he says it can be true and that they wouldn't do anything about it.
I doubt the contractor is wrong so I wanted to ask, can the agent lie?
Is there anything I can get in writing from him stating this as fact at least?
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