Interesting. I found it especially noteworthy that he mentioned banks are calling employers to make sure people can actually work remotely. I had a feeling a lot of companies who were talking that permanent wfh will walk some of that back
Property Market is going WILD
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Interesting. I found it especially noteworthy that he mentioned banks are calling employers to make sure people can actually work remotely. I had a feeling a lot of companies who were talking that permanent wfh will walk some of that back
Came to a verbal price with landlord. We got 10% down. He's an Oromo breh (@2Quik4UHoes giving us that East African brotherly connect)
His lawyer is drafting up the contract. We get this done this week, now onto the lender (using an Islamic mortgage company so its easier than with big banks).... might get this closed well before July 4.
Pray for me and my fam brehs... market is still going crazy
His lawyer is drafting up the contract. We get this done this week, now onto the lender (using an Islamic mortgage company so its easier than with big banks).... might get this closed well before July 4.
Pray for me and my fam brehs... market is still going crazy
How much is the house?Came to a verbal price with landlord. We got 10% down. He's an Oromo breh (@2Quik4UHoes giving us that East African brotherly connect)
His lawyer is drafting up the contract. We get this done this week, now onto the lender (using an Islamic mortgage company so its easier than with big banks).... might get this closed well before July 4.
Pray for me and my fam brehs... market is still going crazy
Sohh...
Its valued between $625k-$775k 
which is a wide range! He bought it for $413k in 2002.
Landlord wanted $715k and then give us the 4-5% discount cause no realtor is involved. But my pops and me convinced him, after he saw our pre-approval letter, to just sell us the place with the discount included. No need to go to the higher price and increase his tax burden. He keeps saying capital gains is gonna kill him as well as Maryland taxes. We told him well, why try to aim so high
and he listened to us.
We getting it for $675-$680k. A little higher than we anticipated which is in the $630k range. He talked to us a couple years ago about selling it there and with discounts at $600k. But we didn't have a good down payment.
Me and my brother are gonna be the owners. Together our income is in that $200k range. It's a 5 bedroom, 4.5 bath crib.
Comparison homes are shooting up in price and with this market... having to leave in July, find a new crib, move, put shid in storage, etc... makes no sense.
My pops has money coming in from overseas business so he's gonna help with improvements and other stuff.
which is a wide range! He bought it for $413k in 2002.Landlord wanted $715k and then give us the 4-5% discount cause no realtor is involved. But my pops and me convinced him, after he saw our pre-approval letter, to just sell us the place with the discount included. No need to go to the higher price and increase his tax burden. He keeps saying capital gains is gonna kill him as well as Maryland taxes. We told him well, why try to aim so high
and he listened to us.We getting it for $675-$680k. A little higher than we anticipated which is in the $630k range. He talked to us a couple years ago about selling it there and with discounts at $600k. But we didn't have a good down payment.
Me and my brother are gonna be the owners. Together our income is in that $200k range. It's a 5 bedroom, 4.5 bath crib.
Comparison homes are shooting up in price and with this market... having to leave in July, find a new crib, move, put shid in storage, etc... makes no sense.
My pops has money coming in from overseas business so he's gonna help with improvements and other stuff.
Interesting read. Not a great outlook for people looking to buy.
I'm still renting even though I wanted to buy this year. I'm staying out of the market for a while.
Kyle C. Barker
Migos VERZUZ Mahalia Jackson
I've been seeing some listing price decreases lately on my redfin alerts.
Sohh...
Its valued between $625k-$775k
Landlord wanted $715k and then give us the 4-5% discount cause no realtor is involved. But my pops and me convinced him, after he saw our pre-approval letter, to just sell us the place with the discount included. No need to go to the higher price and increase his tax burden. He keeps saying capital gains is gonna kill him as well as Maryland taxes. We told him well, why try to aim so high
We getting it for $675-$680k. A little higher than we anticipated which is in the $630k range. He talked to us a couple years ago about selling it there and with discounts at $600k. But we didn't have a good down payment.
Me and my brother are gonna be the owners. Together our income is in that $200k range. It's a 5 bedroom, 4.5 bath crib.
Comparison homes are shooting up in price and with this market... having to leave in July, find a new crib, move, put shid in storage, etc... makes no sense.
My pops has money coming in from overseas business so he's gonna help with improvements and other stuff.
Yikes. This time next year it will be worth 500k and you will be under water 200k
I closed last month. Put in about 30 offers. Ended up firing one realtor and hiring another who still wasn’t as aggressive as I wanted. After two months I was just ready to get something before prices continued to rise and interest rates started to creep up. Ended up getting something in the low $300k range. It wasn’t the house I truly wanted. I lost two I really wanted. One is in the same subdivision a couple of streets over. Because I didn’t care if I lost this one or not I didn’t offer one dime over listing. We caught the sellers in a lie about repairs and got them to take money off the top. Then the house appraised at the original list price so I actually came up a little.
I am having to put more work and money into it than I wanted to off top just to upgrade a few things, but ultimately I got a great house with no major issues. Great established neighborhood and subdivision. Highest desired area and school district in the city. I’ll easily be able to rent this for at least $2500 to $2800 in a few years. By the time I get ready to sell if I ever do the value will be way more. It’s a gamble for buyers right now.
I am having to put more work and money into it than I wanted to off top just to upgrade a few things, but ultimately I got a great house with no major issues. Great established neighborhood and subdivision. Highest desired area and school district in the city. I’ll easily be able to rent this for at least $2500 to $2800 in a few years. By the time I get ready to sell if I ever do the value will be way more. It’s a gamble for buyers right now.
Yikes. This time next year it will be worth 500k and you will be under water 200k
Based on market trends it’s not gonna crash like that
When rates rise, it'll go down but once we put it in a couple of improvements, we'll be liquid
GnauzBookOfRhymes
Superstar
My fam is currently renting a 5 bedroom house here in PG County, MD
Our landlord has sort of indicated the last couple years he wants to sell and my mom has always told him we want the place.
So with the craziness right now, he hit us up saying he’d like to sell this year and obviously wants to give us priority.
My pops is a real estate expert and knows all the tricks of getting costs down for the buyer and also make the seller feel good (no agents, using rent as another down payment took, etc). So we’re gonna try and stay here since we won’t gotta compete with the mob of folk buying.
Insha’Allah we can get it done this summer or fall
I remember telling your ass to buy something a while back. Pretty sure it was pre pandemic too
I remember telling your ass to buy something a while back. Pretty sure it was pre pandemic too
Wish we had the money, 15 months ago
GnauzBookOfRhymes
Superstar
Wish we had the money, 15 months ago
Breh...
For EVERYTHING there is a season and a time.
Glad to hear it worked out in the end.
And yes, you being in PG county your home will definitely continue to appreciate over the long run.
And honestly for most ppl caught in this market today, property values will not drop drastically/suddenly. People who believe this are stuck thinking this is the same market as pre 2007. I don't see prices even leveling off for at least another year. The demand is too strong, the supply is so tight and even where you have ppl trying to meet the demand, you have shyt like material shortages making it difficult to bring inventory to market.
Yeah that's exactly what my pops been saying to me and my brothers.
He was a mortgage broker in 2005-2007 and I remember the highs of him making lots of money and then the crash when he was barely scraping by.
Plus, Virginia is a madhouse right now with the property market. And all those people working in Crystal City are gonna start looking our way out east here.
ahomeplateslugger
Superstar
the bay area has always been a tough market for buyers but what i'm seeing now is unbelievable. i'm hoping that once construction for new homes get back up the real estate market will cool down.
it seems like the issue is just low inventory so people are bidding up like crazy and foreign investors buying whatever they can. or is there another factor now driving prices up?
it seems like the issue is just low inventory so people are bidding up like crazy and foreign investors buying whatever they can. or is there another factor now driving prices up?
GnauzBookOfRhymes
Superstar
As a society we have never fully unpacked just how much that crash affected (and continues to affect) ppl who lived through it.
I know people who have never recovered mentally/emotionally from what you just described - experiencing making so much money so easily, then for it to go away almost overnight. And even worse is when it's someone who didn't grow up with money (or even middle class for that matter). A lot of those people for whom the early 2000s mortgage industry was their first professional experience/memory, end up never recovering bc they just keep chasing the ideal "easy money" job - which for all intents and purposes really doesn't exist (legally).