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01-25-2022, 01:42 PM | #5476 |
Scooby Specialist
Member#: 140147
Join Date: Feb 2007
Chapter/Region:
MAIC
Location: Lynchburg, VA
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North (maybe South) Dakota?
My FIL is a retired vet and he is now "living" in ND to avoid the tax liabilities many states have on his pension. VA and MD are particularly aggressive. Florida was where he was headquartered originally, but there was something about ND that was even better. Maybe property tax related?
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01-25-2022, 01:54 PM | #5477 |
Scooby Guru
Member#: 26859
Join Date: Oct 2002
Chapter/Region:
TXIC
Location: undisputed COMBAT! champion
Vehicle:of TXIC I also like (oYo)!!!! |
or better, get a 3000 gallon cistern to supplement your water supply.
at my old house I routed the condensate line to a 55 gallon barrel, in full on summer it would gain 10 gallons a day off a 2.5 ton unit. it was more than adequate for my vegetable garden. note that many incorporated areas are going to require you flow the condensate into the sewer system because they are afraid you may contaminate the water supply, but a) what they don't know and 3) if it's a fully off grid setup, it'll never be able to backflush into the city system. |
01-25-2022, 02:16 PM | #5478 | ||
Scooby Specialist
Member#: 268580
Join Date: Dec 2010
Chapter/Region:
NWIC
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Quote:
Quote:
- Waived the Inspection - Waived the Form 17 - And $80k above asking: They priced the house low enough so I can compete. All of the above is definitely not ideal. But with the interest so low and have lost 5 previous offers to cash buyers, I went after this house pretty hard. 10 months in, the house appraised at $195k above what I offered and PMI got dropped and if I waited a year, I wouldn't be able to afford the house. Also, I heard that the Feds is going to slowly raise the interest rates this year. |
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01-25-2022, 02:18 PM | #5479 |
Scooby Specialist
Member#: 140147
Join Date: Feb 2007
Chapter/Region:
MAIC
Location: Lynchburg, VA
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That is just insanity.
I know the story isn't unique, but still. Jesus. |
01-25-2022, 02:23 PM | #5480 |
Scooby Specialist
Member#: 268580
Join Date: Dec 2010
Chapter/Region:
NWIC
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Yeah.. My brother's neighbor sold their house to a doctor from CA, who didn't see the house and told them to name their price. They asked for $250k above asking and the doctor did it.
That house is in Bellevue, WA though. All the houses their, even if it looks like ****, goes over a million. |
01-25-2022, 02:47 PM | #5481 |
Scooby Specialist
Member#: 21356
Join Date: Jul 2002
Chapter/Region:
NESIC
Location: Can't catch me!
Vehicle:2017 Subaru Corolla STI Limited SE-R Type (R) |
I went 20k over asking and 100k deposit.
Definitely went all in when the realtor clarified that the deposit goes toward the down payment. I thought it was separate. Plus I wanted that house. Its either win or I get the check back. |
01-25-2022, 05:10 PM | #5482 |
Scooby Specialist
Member#: 2307
Join Date: Sep 2000
Chapter/Region:
MWSOC
Location: West of Rd Am
Vehicle:2018 KTM500EXC Orange |
what's the big difference between cash and a standard bank loan that gives cash for the same amount in the same amount of time?
Money is cheap. Put the money from the sale of your previous house into investments. The return there will at least double what the ~4% you're going to pay for interest. Unless I am missing something? |
01-25-2022, 05:16 PM | #5483 | |
Scooby Specialist
Member#: 268580
Join Date: Dec 2010
Chapter/Region:
NWIC
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Quote:
One of the house I bid (and lost), basically wanted the transaction done within 2 weeks. |
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01-25-2022, 05:16 PM | #5484 | |
Scooby Guru
Member#: 133597
Join Date: Nov 2006
Chapter/Region:
SCIC
Location: Orange
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Quote:
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01-25-2022, 05:28 PM | #5485 | |
Scooby Specialist
Member#: 2307
Join Date: Sep 2000
Chapter/Region:
MWSOC
Location: West of Rd Am
Vehicle:2018 KTM500EXC Orange |
Quote:
If they're in a hurry then cash is going to tip the scale but also in hurry means they'll give a little on price unless there are buyers lined up with cash in hand. Which may very well be the case these days. Rural Wisconsin prices have def flattened out. We'll see what happens late winter into spring. As the weather warms I'm sure the demand and prices will to. I hope to eventually find out why we did not get the house. Learn and adapt. |
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01-25-2022, 05:38 PM | #5486 |
Scooby Specialist
Member#: 268580
Join Date: Dec 2010
Chapter/Region:
NWIC
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For context, all the houses that I bid on are all lake fronts so majority of those houses are 2nd houses. Almost all of the houses that I lost had multiple cash offers.
The house that I ended up getting, I wrote a letter to the old owner and told him that I will take care his fruit orchard. I went from 465sqft studio apartment to having an orchard, which has about 15 fruit trees.. |
01-25-2022, 05:39 PM | #5487 |
Scooby Newbie
Member#: 496462
Join Date: Jan 2019
Location: MN
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I just don't understand how this plays out long-term.
Apparently there is simultaneously an endless supply of people who are so well off that price is next-to-no object and they're all willing to settle on major things, while also everyone seems to be riding the struggle bus due to pandemic and massive inflation due to supply shortages everywhere? How can it be *this* bad on all fronts? My wife and I are looking to build a new home as we're at the age we wanted to start having kids, but it feels like we're getting reamed. It would be one thing if I felt like the construction was worth it, but everything around here is still built like it's 2001 with the exception of granite counter tops, tile bathrooms, and custom cabinets. They all still use tyvek, LP siding, "architectural" shingles, etc. And they all want 900k+ for a decently appointed 2600sqft home. We can afford it, but it still feels like I'm getting ripped off, you know? Like if I were shopping for a camry, knew the MSRP was 20k, and was being asked to fork over 30k. Yeah, I can afford it, but it sucks. I also don't see this problem of supply getting fixed in the near future, and just see the costs of everything going up instead of popping. I always thought "lack of affordability" of the American dream was a North East/California/Seattle problem. Apparently now it's a "whole entire country" problem? |
01-25-2022, 05:43 PM | #5488 | |
Scooby Newbie
Member#: 65831
Join Date: Jul 2004
Chapter/Region:
South East
Location: BFE
Vehicle:91 Miata. Hey you can f* short girls in one |
Quote:
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01-25-2022, 05:49 PM | #5489 |
Scooby Specialist
Member#: 268580
Join Date: Dec 2010
Chapter/Region:
NWIC
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Yeah.. during the pandemic, remote work pushed a lot of high paying tech workers to move to low cost of living area, which pushed the housing market up.
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01-25-2022, 06:09 PM | #5490 | |
Scooby Newbie
Member#: 496462
Join Date: Jan 2019
Location: MN
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I doubt that's what's driving prices here, but I also don't understand that. Who finally gets to remote work and is like "time to abandon my entire life I have locally here and move somewhere else!"
Antisocial people with no friends I guess? I thought cities were popular because of their lifestyle, not simply because they're "where the jobs are" Quote:
If this is 'stretching it", I suppose normal families are just living in 400sqft cardboard boxes? |
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01-25-2022, 06:10 PM | #5491 |
Scooby Newbie
Member#: 496462
Join Date: Jan 2019
Location: MN
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*double post
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01-25-2022, 06:23 PM | #5492 | |
Scooby Newbie
Member#: 273629
Join Date: Feb 2011
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Quote:
A cash offer with no contingencies is a sure thing. |
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01-25-2022, 08:05 PM | #5493 |
Scooby Specialist
Member#: 21356
Join Date: Jul 2002
Chapter/Region:
NESIC
Location: Can't catch me!
Vehicle:2017 Subaru Corolla STI Limited SE-R Type (R) |
I got told that I would need to cover the difference if appraisal came low if I wanted the house. I was fortunate with this house. Lots of people very angry because they didnt even get the chance to go see it. Pandemic helped me there.
I was house shopping for 2-3 years. It was frustrating as anything cheap was garbage. Then prices went up, and up, and up. I had to start looking further away. Luckily, I played my cards, moved further away, and also moved offices. Work is now 7 mins away |
01-25-2022, 08:36 PM | #5494 | |
Scooby Specialist
Member#: 17256
Join Date: Apr 2002
Chapter/Region:
South East
Location: America's Outback
Vehicle:18 Outback on the road.... |
Quote:
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01-26-2022, 09:38 AM | #5495 |
Scooby Newbie
Member#: 383801
Join Date: Mar 2014
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I live in North Dakota right now.
The winters are cold and dark and suck, but it is a decent place to live - if you can make your own entertainment. Speaking in general terms, South Dakota is generally better than North Dakota from a tax perspective. Not legal or tax advice. Consult a tax adviser for tax advice for your specific situation. |
01-26-2022, 03:54 PM | #5496 | |
Scooby Specialist
Member#: 2307
Join Date: Sep 2000
Chapter/Region:
MWSOC
Location: West of Rd Am
Vehicle:2018 KTM500EXC Orange |
Quote:
This feature swayed us to accept an offer when we sold our house last august. They had an extra $7000 if needed. As for the whole offer vs what it appraises at has me a bit irked. I could go and offer some silly high number, get my offer accepted, then negotiate the difference afterwards. The final negotiated difference is most likely at or near other lower offers. |
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01-26-2022, 04:37 PM | #5497 | |
Scooby Newbie
Member#: 13772
Join Date: Dec 2001
Chapter/Region:
RMIC
Location: -=OT SQUIRREL HERDER=-
Vehicle:16 Frontier Red |
Quote:
Many sites/people will say don't go more than 3x your household income. If you're at 3.5x or more than your household income, that's probably stretching it. |
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01-26-2022, 05:41 PM | #5498 | |
Scooby Specialist
Member#: 268580
Join Date: Dec 2010
Chapter/Region:
NWIC
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Quote:
I moved from an affluent island (Mercer Island, WA) to an hour south called Spanaway, WA. If you're from the area and you say you live in Spanaway, people from will ask you why Spanaway? because city folks think that this city is too rednecky. With that said majority of the tech people I know were willing to buy hour to two hours way from the metro to get better options, which drove the prices up those areas. I'm still only about an hour or two (depends on traffic) away from my old friends and family. So it wasn't like I completely disconnected my social life. Also, climbing gym are great way to socialize. |
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01-26-2022, 08:04 PM | #5499 | |
Scooby Newbie
Member#: 273629
Join Date: Feb 2011
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Quote:
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01-27-2022, 07:52 AM | #5500 |
Scooby Specialist
Member#: 11222
Join Date: Oct 2001
Vehicle:2019 Serta i5000 Black |
So I got a contract and will have a home at the end of February! I even got a seller money towards closing.
Lesson learned. Do not use female real estate agents. They are almost all part timers that do not put in the effort needed in a market like this. |
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