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  1. #1
    Don't try. Do. omnip0tent's Avatar
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    Want to buy a house. Wait or Buy ASAP?

    I'm just wondering why or why not I should hold out a bit longer. Looking to be educated, I have 0 experience in real estate.


    - I have a steady job that I think is as secure as can be right now. (IT for a logistics company. Figure shipping has to be at an all time high?)

    - Looking in the 300k or less range I think. I live in Miami,FL so I don't mind it being a town home as I plan to live in it for now, sell or rent later. You wont find single family homes here for less than 400-500k+

    - Making 60k year/ no debt


    I keep hearing "Housing market is gonna crash hold onto your cash" But i've been hearing this for years. I want my own damn place already.
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    Can't stand ya Costanza! JPG13's Avatar
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    Originally Posted by omnip0tent View Post
    I want my own damn place already.

    Then do it provided you have a down payment lined up. Rates are still low. Timing the market is impossible or else we would all be slum lords making bank like Paul in Kansas
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  3. #3
    Don't try. Do. omnip0tent's Avatar
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    Originally Posted by JPG13 View Post
    Then do it provided you have a down payment lined up. Rates are still low. Timing the market is impossible or else we would all be slum lords making bank like Paul in Kansas
    I'm 2-3 months from having the 20% for my price range. I know by putting down 20% id be saving a few grand over the 30 years, but thinking I rather keep the cash in my pocket if I can get away with only putting down 3%.

    Any opinions on that?

    edit: Credit is solid 790ish
    Last edited by omnip0tent; 06-29-2020 at 10:54 AM.
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    SUPERNOVA SouthDakotaBrah's Avatar
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    I just bought a house using a mortgage with 20% down and 15-year fixed 2.7% APY

    Would put less down if possible (as long as you can secure the same rate). 30-year term works well too, closer to 3.0-3.7% APY, but you’ll still come out ahead over the term of your loan by putting less money down and more money into the stock market (utilize leverage to maximize your returns)

    Single family real estate will keep going up in value (mortgage forbearance rules due to CARES act pretty much squashes any potential for a residential real estate market crash related to coronavirus). I debated timing the market back in March, but decided it wasn’t worth it. My house was listed for sale on a Friday, had 13 offers to buy on Saturday by 1pm, and I somehow won it. Maybe it depends on the city, but real estate is blowing up here
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    Registered Abuser chino3's Avatar
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    Originally Posted by omnip0tent View Post
    I'm 2-3 months from having the 20% for my price range. I know by putting down 20% id be saving a few grand over the 30 years, but thinking I rather keep the cash in my pocket if I can get away with only putting down 3%.

    Any opinions on that?

    edit: Credit is solid 790ish
    If you have 20% down, and don’t NEED that amount, absolutely without a doubt put down 20%. You will get a better rate, but most importantly you aren’t throwing away money on PMI.

    As far as townhouses/condos, just be prepared to budget for HOA fees and lower appreciation.
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    Registered User Firefightn24's Avatar
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    If you can swing 20% it would also help you avoid escrow. That will cause you payments each month to jump wildly. Just make sure you account for insurance and property taxes at the end of the year. Also no PMI has other have already said.

    Wife and I just refinanced. Payments went from $1830 a month to $772. No more escrow, no more PMI, and still saving about a hundy a month just from the better rate. Didn't pay anything out of pocket. Getting about 3k back from old lender in escrow that will go to property tax in December.
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    Registered Abuser chino3's Avatar
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    Originally Posted by Firefightn24 View Post
    If you can swing 20% it would also help you avoid escrow. That will cause you payments each month to jump wildly. Just make sure you account for insurance and property taxes at the end of the year. Also no PMI has other have already said.

    Wife and I just refinanced. Payments went from $1830 a month to $772. No more escrow, no more PMI, and still saving about a hundy a month just from the better rate. Didn't pay anything out of pocket. Getting about 3k back from old lender in escrow that will go to property tax in December.
    You should really learn what escrow is...
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  8. #8
    Don't try. Do. omnip0tent's Avatar
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    Originally Posted by chino3 View Post
    If you have 20% down, and don’t NEED that amount, absolutely without a doubt put down 20%. You will get a better rate, but most importantly you aren’t throwing away money on PMI.

    As far as townhouses/condos, just be prepared to budget for HOA fees and lower appreciation.
    Yea I'm trying capping my searching at $200 HOA/month. I refuse to pay more. And do you mean if I don't need to liquid cash to just dump it into the Down payment? Ur statement was a bit confusing.

    Originally Posted by chino3 View Post
    You should really learn what escrow is...
    I see there are two types of Escrow, Seems like the one with the lender isn't a bad thing, they just break up your yearly bills into monthly payments to be paid at the end. Do they charge for this "Escrow account"?
    &
    The other type of escrow seems like a security thing for both the seller and buyer. Im guessing they also charge for this? Who normally pays, the seller or buyer?
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    Registered Abuser chino3's Avatar
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    Originally Posted by omnip0tent View Post
    Yea I'm trying capping my searching at $200 HOA/month. I refuse to pay more. And do you mean if I don't need to liquid cash to just dump it into the Down payment? Ur statement was a bit confusing.



    I see there are two types of Escrow, Seems like the one with the lender isn't a bad thing, they just break up your yearly bills into monthly payments to be paid at the end. Do they charge for this "Escrow account"?
    &
    The other type of escrow seems like a security thing for both the seller and buyer. Im guessing they also charge for this? Who normally pays, the seller or buyer?
    Regarding my statement about money, is that if you aren’t in need of that extra cash, put it towards the down payment. If paying 20% will result in financial hardship compared to say 10% then it is probably wiser to pay what you can comfortably afford.

    Escrow, read here. The guy I quoted should read this too...

    https://www.rocketmortgage.com/learn/what-is-escrow

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  10. #10
    Can't stand ya Costanza! JPG13's Avatar
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    Originally Posted by chino3 View Post
    Regarding my statement about money, is that if you aren’t in need of that extra cash, put it towards the down payment. If paying 20% will result in financial hardship compared to say 10% then it is probably wiser to pay what you can comfortably afford.

    Escrow, read here. The guy I quoted should read this too...

    https://www.rocketmortgage.com/learn/what-is-escrow

    Buyer is responsible. This isn’t just some fee.
    I mean if you have a down payment ready to go, escrow should not be an issue. It is often just 1-3% of the agreed to sale price.
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    Registered User Firefightn24's Avatar
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    Originally Posted by chino3 View Post
    You should really learn what escrow is...

    I know what it is because I no longer have it. Your link literally talks about what I already said. I didn't say anything about earnest money as I also said we refinanced. So it should be obvious as to what I'm talking about considering I also said you have to be aware of property taxes that you'll have to pay.

    Sounds like you don't know... oof. Or you literally didn't read what you just linked.

    Originally Posted by omnip0tent View Post



    I see there are two types of Escrow, Seems like the one with the lender isn't a bad thing, they just break up your yearly bills into monthly payments to be paid at the end. Do they charge for this "Escrow account"?
    &
    The other type of escrow seems like a security thing for both the seller and buyer. Im guessing they also charge for this? Who normally pays, the seller or buyer?
    At least this guy read the link. The escrow account that will impact you long term is what I originally referenced, and was then told I'm clueless. The earnest money is just something that will play a role for as long as closing takes. As long as you don't fall through it will go towards the price of the home. Neither of these come with fees.

    Escrow is nice if you don't want to pay your own bills, but you'll be giving your lender more than is required because they're putting your money into a holding account. They make a guess as to how much is needed. If you have been paying too much you will get that money back, but if taxes or whatever has gone up then you will have a shortage and will owe more. I didn't like all that so I did away with it.
    Last edited by Firefightn24; 07-01-2020 at 12:18 PM.
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    In general, you don't get back to back bubbles in the same sector. People in the regime after a crash are too careful in that sector because the crash is still fresh. There is no bubble to crash from in housing. It is probably as good as any time ever to buy.
    If anything we are planting the seeds of the next real estate bubble but it hasn't even started yet.
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    Here's why you should wait to buy. Single family home prices are a result of supply and demand. While the coronavirus is affecting many states each real estate market is different because of demand and supply within each market and submarket. Jobs are what will determine demand. In general florida is getting wrecked on the job front from coronavirus as many of their jobs are related to tourism/travel/leisure. Some of the largest employers are Disneyland, cruise lines, hotels, seaworld etc which are getting annhilated. If you believe that coronavirus will be with us for the rest of 2020 why would you buy now? There is more pain to come on the job front. There is currently a moratorium on foreclosures which will end in 6-12 months. So with foreclosures coming you have more supply on the market and demand will be lower as well as many will have lost jobs and don't have incomes or cash for down payments. As a result, prices will drop at least for the starter homes/condo units. Having said that I'm not as familiar with the Miami market but I thought I heard they overbuilt condos in Downtown Miami area so vacancy is high. Before this I saw some 2br/2b for 300-400k that looked pretty good.

    You should ask yourself why would home prices go up in the near term? You have far more to gain by at least waiting 6 months.

    I don't think there will be an enormous discount though. I'm estimating probably in the 5-10% discount range.



    Interest rates are going nowhere, this is a depression level event. They will not raise interest rates for years.
    Last edited by ajctennis; 07-04-2020 at 12:47 PM.
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    Depends on where you live and if you can afford it.

    Here in Toronto forget it. Same can be said for almost all Canadian cities and suburbs.

    Interest rates are low now, which means asset values are already high. You’ll be spending more for something that cost less a few years ago, and probably will cost less in the future.

    Ignore what everyone says. Interest rates will rise at some point and you don’t what to be in debt when that happens.
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    As most have said, BUY if you can w/ these Int. rates. They are epic.

    example, i own 3 homes now, bought a simple townhome near Galleria in Houston, got it at 4.75% interest. for my $990 mortgge, only $150 went toward principal

    just bought a 1 story home last month, our mortgage is $2100 with $480 going towards principal.

    Big difference in how much of your loan you pay off.

    Townhomes are good just make sure 1. YOU actually own the land ( NOT so with condos) . 2 watch the HOA fees. they can crush you. $300 or less a month if possible
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    Do it now while rates are 2.75%. A larger down payment doesn’t effect the monthly mortgage that much. Also, you can always pay more Over the life of the loan to reduce the total amount due. I’d jump on 2.75, I have 3.75 which is still great, but damn that 2.75 is nice.
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    Wait bro. Waitttttttttt.

    We are about to hit a major economic depression imo. Lots of people are going to be homeless, broke, etc.

    Housing prices will fall.
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    Registered User Cartiac's Avatar
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    it is a difficult call right now, but based on your situation I would say go for it unless you think Trump will lose in November. I can tell you from personal knowledge the high end real estate in Los Angeles is busier than ever right now during this pandemic.

    I am pretty shocked myself and don't understand exactly what is going on but the major institutional investors seem to be very confident in the future of the US economy even on a day when we report an unimaginable record deficit they are still buying and the NASDAQ is sitting at all time highs. It seems irrational but Trump has proven to be an economic God and the markets are betting on him continuing to pull us through this crisis.

    If our system fails and puppet Joe wins the election we are all economically screwed and should be investing in China.
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  19. #19
    Don't try. Do. omnip0tent's Avatar
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    Lots of different opinions here. I've been closing following Zillow for the last few weeks and im noticing:

    1) Alot more things on the market in he sub 300k range, which was not the case a few months ago.
    2) Some of the houses I'm interested in keep lowering their asking price and/or selling below asking price.


    I think i'm going to keep following closely and considering pulling the trigger in the next few months if things keep going this way.


    Question for bros who have purchased houses... How do I go about Making offers? Who do I need to speak to? Do I need to get pre-approved for a loan first?
    Are you not entertained?

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    Originally Posted by omnip0tent View Post
    Lots of different opinions here. I've been closing following Zillow for the last few weeks and im noticing:

    1) Alot more things on the market in he sub 300k range, which was not the case a few months ago.
    2) Some of the houses I'm interested in keep lowering their asking price and/or selling below asking price.


    I think i'm going to keep following closely and considering pulling the trigger in the next few months if things keep going this way.


    Question for bros who have purchased houses... How do I go about Making offers? Who do I need to speak to? Do I need to get pre-approved for a loan first?
    Get pre-approved for a loan now (the pre-approval is valid for a couple months). Have 3-4 houses you’re interested in and go see them. I found my realtor from the Zillow listing page, they all have keys to the same places so any realtor should get the job done
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  21. #21
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    Don't listen to people talking about the housing market in LA or Vancouver. Like I said above, Miami is a completely different market based on its own supply and demand. Also, don't listen to people saying YOU have to buy right now as interest rates are low. Interest rates are not going anywhere, if they did it anytime soon it would obliterate the economy.

    I think your strategy is good. Get pre approved for a loan and have your ducks in a row. The opportunity will be there in the coming months.


    Originally Posted by omnip0tent View Post
    Lots of different opinions here. I've been closing following Zillow for the last few weeks and im noticing:

    1) Alot more things on the market in he sub 300k range, which was not the case a few months ago.
    2) Some of the houses I'm interested in keep lowering their asking price and/or selling below asking price.


    I think i'm going to keep following closely and considering pulling the trigger in the next few months if things keep going this way.


    Question for bros who have purchased houses... How do I go about Making offers? Who do I need to speak to? Do I need to get pre-approved for a loan first?
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  22. #22
    Registered User Cartiac's Avatar
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    Originally Posted by omnip0tent View Post
    Question for bros who have purchased houses... How do I go about Making offers? Who do I need to speak to? Do I need to get pre-approved for a loan first?
    Typically buyers employ a real estate agent to handle their side of the transaction that will work with the seller's agent to negotiate an offer and advise you on terms and conditions that need to be placed on the offer. You could contact the selling agent yourself but I would not recommend that since you are not familiar with purchasing real estate. If you don't know what you are doing and don't have someone looking out for you that does, you can end up being on the wrong side of a very expensive, bad deal. Also beware that not all agents are created equal so find someone you trust that really has your best interest at heart and is not just there for a quick commission.
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    Registered User Cartiac's Avatar
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    Originally Posted by omnip0tent View Post
    Do I need to get pre-approved for a loan first?
    Also based on the info you have provided I would say pre-approval will be very important considering you are wanting to buy a $300k+ property on $60k income. At a mortgage value 5x+ your income any seller is going to be wary of going under contract without assurance from a lender you have shown the financial means to pay for the property.
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    Originally Posted by omnip0tent View Post
    Lots of different opinions here. I've been closing following Zillow for the last few weeks and im noticing:

    1) Alot more things on the market in he sub 300k range, which was not the case a few months ago.
    2) Some of the houses I'm interested in keep lowering their asking price and/or selling below asking price.


    I think i'm going to keep following closely and considering pulling the trigger in the next few months if things keep going this way.


    Question for bros who have purchased houses... How do I go about Making offers? Who do I need to speak to? Do I need to get pre-approved for a loan first?
    1. There are a lot of homes being bought/sold/built in my area. I don't think covid has even affected the real estate market here yet. It might take years before Covid impacts the real estate market in a lot of places.

    2. If they sit on the market for awhile they may drop their pricing. But then the question becomes why are they on the market so long. Overpriced in the first place. Its good to have a real estate expert help you with the property so you know what its worth in relation to the asking price.

    3. Get a good realtor. Preferably one recommended to you from a friend/family member. I did research for years before I decided to buy a home (build actually). I used a recommended realtor and basically just told her I just want her their to be with me for the process/to do the paperwork. After my house was built before we actually completed paperwork we walked through the house. She took a ton of notes. Took photos. Etc. things I didn't think of or even notice. Basically told my builder before we concluded the deal and signed the final papers we needed all these little issues fixed. (Minor stuff). It was extremely helpful having her explain the paperwork/process to me.




    I know everyone talks about an impending crash and all that jazz. I've been hearing it in my area since 2012ish which is when I started watching real estate. Hasn't happened here yet. Every time there is an economic hard time people start talking about real estate being over-valued and a crash. Truth is you need to keep an eye out for a deal at all times. And just keep saving money until you find YOUR deal.
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    Registered User GNHun's Avatar
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    I just sold my house 3 days ago. It sold in 24 hours, with 6 serious offers, 5 of them all $50k above asking price. The house sold for $77k over asking price. My house set a new record for 3 bedroom in my municipality. Seriously had no competition with almost everything off the market selling the week before in 1-2 days. Exact same house as my build sold for $67k less just 3 months ago. It is absolutely crazy out there right now. I am going to sit on the sidelines for the next little bit, and see where things go. I don't think either decision you make is bad. None of us know for sure what the future holds and what will happen.
    Last edited by GNHun; 07-19-2020 at 06:07 PM.
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    Registered User A-man's Avatar
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    Originally Posted by GNHun View Post
    I just sold my house 3 days ago. It sold in 24 hours, with 6 serious offers, 5 of them all $50k above asking price. The house sold for $77k over asking price. My house set a new record for 3 bedroom in my municipality. Seriously had no competition with almost everything off the market selling the week before in 1-2 days. Exact same house as my build sold for $67k less just 3 months ago. It is absolutely crazy out there right now. I am going to sit on the sidelines for the next little bit, and see where things go. I don't think either decision you make is bad. None of us know for sure what the future holds and what will happen.
    It’s crazy out there because there was no selling in April and May like there usually is. The pent up demand is what you are seeing. This plus the misguided idea to drop interest rates to zero, again.

    I see you are in Ontario. Our province, Toronto especially, is in the biggest housing bubble on the planet. It’s clear that they are doing everything they can to keep the bubble inflated since real estate makes up such a large portion of our economy now.

    Prediction? When the pent up demand fades, the expected second wave hits, the stimulus is dialed back, the “deferred” mortgages have to be paid again, and unemployment continues (because of Covid)...the market will cool. This thing is only alive due to stimulus and emergency interest rates right now. It’s a rabid zombie market. Everyone knows it. Previous owners are the ones who reap any benefits from zero interest rates, and they are trying to capitalize. If OP is a first time buyer, stay clear. You are buying high.

    One more thing, there may be some tinkering with the capital gains exemption moving forward too. Governments worldwide have massive deficits because of Covid, I would assume Canadian real estate is on the radar, as it should be.
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