All Encompassing Mortgage and Real Estate Thread

[UTPhil2006 3837]

1 hour ago, Neonmoon said:

I mean I was joking, but in reality, I'm not. There are zero homes in my area below 300K and anything below 400K will be fighting hand to hand combat against a hundred other buyers. 

Yep we've got a young couple, first time home buyers, simple kind of people.  Working with them on both the RE and the Mortgage and it's been brutal on them.  At this point the soul has left their eyes the process is so tough.  I feel for them and anyone buying and kind of green to the whole process.

[Gladeite 375]

It is an absolute nightmare for first time homebuyers in Austin.  My daughter(no pic) is trying to buy a house.  Preapproved for $600M.  Every house in north Austin she looked at has gone for $100M over list price with  buyer paying title policy, mortgage and appraisal waivers.  10 to 20 offers first weekend on market.  There is a traveling group of relatively young adults in this area who have rejected offers a couple times a week.  They are walking zombies that feel like there is no hope.

New construction in West Austin is in the $900/ft range.  Selling like crazy.  My neighbor across the street, 3500 sf, backs to the golf course and high end construction.  Not listed and sold for $3.25MM cash, close in 30 days.  Unreal.  I built a 4500 square foot spec in Spanish Oaks about 4 years ago.  Had trouble selling it for $1.8MM at the time.   Under contract for $4.25MM.

The new Four Seasons Private Residences on Lake Austin will have 179 units, starting at $4MM.  1/2 of the units already have deposits and construction has not started.  $2500/ft and $4000/month HOA dues.

[blacklab 12006]

You’d think that she was approved for $600 million she would get something 

[MAUFRAIS 6680]

Maybe she should eat less avocado toast?

[mchookem 16592]

so what is this ECAD compliance requirement in Austin, and can i sell our home without it? and if not...how long does it take??

 

[jimmyjazz 46524]

3 hours ago, mchookem said:

so what is this ECAD compliance requirement in Austin, and can i sell our home without it? and if not...how long does it take??

 

ECAD

Quote

The Energy Conservation Audit and Disclosure (ECAD) ordinance, as described in the Austin City Code Chapter 6-7, requires that before the sale of their home, owners of a residential building must disclose a home energy audit if all of the following conditions apply to the property:

• Within the Austin Energy service area
• Within the Austin city limits
• 10 years or older

The ECAD ordinance simply indicates who is responsible for obtaining the energy audit. ECAD does not require that you make improvements.

 

[tx 3 putt 78009]

4 hours ago, blacklab said:

You’d think that she was approved for $600 million she would get something 

 

ill marry her, sight unseen 

[Wulaw Horn 19326]

On 3/11/2022 at 11:31 AM, Wulaw Horn said:

Rates were down below 4 (3.98) as national average last Wednesday I believe- now up almost 3/10's of a point in the last 6 work days.  Grrrrr.  Market more or less flat this morning (MBS down 7 basis points.  Remember- MBS down means rates up).  7 basis points isn't enough to matter or for anyone to notice. 

 

30-YR. CONFORMING

4.276% +0.065

30-YR. JUMBO

3.960% +0.054

30-YR. FHA

4.347% +0.046

30-YR. VA

3.984% +0.013

30-YR. USDA

4.202% +0.009

15-YR. CONFORMING

3.348% +0.006

Cue the- that escalated quickly GIF from Anchorman.  These are rates, from yesterday, that are average for America locked yesterday.  As always, the disclaimer, many on the surl could do better yada yada yada. I can't believe that we were talking about holding the line on keeping the traditional 30 year in the 2's on 1/1/2022 of this year.  Here we are less than 3 months later.....

30-YR. CONFORMING

4.426% +0.144

30-YR. JUMBO

3.990% +0.044

30-YR. FHA

4.426% +0.088

30-YR. VA

4.114% +0.113

30-YR. USDA

4.303% +0.092

15-YR. CONFORMING

3.597% +0.189

 

[UTPhil2006 3837]

Little reprieve today so far in the market.  Got about half back so far of what we gave up.  Enjoy the rollercoaster that is daily mortgage rates/10 year treasury note.

[Gladeite 375]

12 hours ago, blacklab said:

You’d think that she was approved for $600 million she would get something 

I am showing my age.  When I was starting my career in the banking world -  accountants, bankers, analysts used the Roman numeral M to represent thousands.   MM to represent millions(thousand x thousand).  

 

[Upgrayedd 5828]

1 minute ago, Gladeite said:

I am showing my age.  When I was starting my career in the banking world -  accountants, bankers, analysts used the Roman numeral M to represent thousands.   MM to represent millions(thousand x thousand).  

 

They still do.

[Wulaw Horn 19326]

9 minutes ago, Upgrayedd said:

They still do.

I thought that was a Euro thing. 

[blacklab 12006]

13 minutes ago, Gladeite said:

I am showing my age.  When I was starting my career in the banking world -  accountants, bankers, analysts used the Roman numeral M to represent thousands.   MM to represent millions(thousand x thousand).  

 

It's been a while but I remember seeing it too. In computer programming/data science land it's k for 1000, but certain things like ad views are described as CPM which is shorthand for Cost per 1000.

[Muny_Tex 299]

It is an absolute nightmare for first time homebuyers in Austin.  My daughter(no pic) is trying to buy a house.  Preapproved for $600M.  Every house in north Austin she looked at has gone for $100M over list price with  buyer paying title policy, mortgage and appraisal waivers.  10 to 20 offers first weekend on market.  There is a traveling group of relatively young adults in this area who have rejected offers a couple times a week.  They are walking zombies that feel like there is no hope.
New construction in West Austin is in the $900/ft range.  Selling like crazy.  My neighbor across the street, 3500 sf, backs to the golf course and high end construction.  Not listed and sold for $3.25MM cash, close in 30 days.  Unreal.  I built a 4500 square foot spec in Spanish Oaks about 4 years ago.  Had trouble selling it for $1.8MM at the time.   Under contract for $4.25MM.
The new Four Seasons Private Residences on Lake Austin will have 179 units, starting at $4MM.  1/2 of the units already have deposits and construction has not started.  $2500/ft and $4000/month HOA dues.

Assuming your (young adult) daughter doesn’t have school-aged kids yet…has she considered buying a good-enough 1BR condo in Central/North (e.g. N.Burnet, Domain, or Arboretum) for like $230ish and then simultaneously buying a new build SFH for $325ish somewhere affordable like Lockhart?

That door-to-door drive between the two properties is ~45 min most times of day and the maintenance/upkeep of both combined should be less than an aging, over-priced house “as-is” with a waived inspection.

Combo plan also allows her to do whatever she needs to do work-wise during the week + all “cool girl” social activities in central core while also having a separate “real house” space to relax/enjoy/build equity on weekends (plus a nice change of pace away from city shitshow)…and of course create variety of rental options as her life situation evolves.

I realize this approach requires a moderate amount of critical thinking (generally a non-starter for millennial women raised by social media/celebrity influencers) but maybe she’s one of the rare breeds.


Sent from my iPhone using Tapatalk

[UTPhil2006 3837]

4 hours ago, UTPhil2006 said:

Little reprieve today so far in the market.  Got about half back so far of what we gave up.  Enjoy the rollercoaster that is daily mortgage rates/10 year treasury note.

[Wulaw Horn 19326]

Dude- what are you talking about?  The MBS market is up 8 entire points!

I assume this bad stretch is happening because @Neonmoontouches himself. 

[Neonmoon 38130]

Today was a kick in the nards 

[Hmbre97 6333]

.

[Armybrat 41037]

On 3/14/2022 at 4:45 PM, Gladeite said:

It is an absolute nightmare for first time homebuyers in Austin.  My daughter(no pic) is trying to buy a house.  Preapproved for $600M.  Every house in north Austin she looked at has gone for $100M over list price with  buyer paying title policy, mortgage and appraisal waivers.  10 to 20 offers first weekend on market.  There is a traveling group of relatively young adults in this area who have rejected offers a couple times a week.  They are walking zombies that feel like there is no hope.

New construction in West Austin is in the $900/ft range.  Selling like crazy.  My neighbor across the street, 3500 sf, backs to the golf course and high end construction.  Not listed and sold for $3.25MM cash, close in 30 days.  Unreal.  I built a 4500 square foot spec in Spanish Oaks about 4 years ago.  Had trouble selling it for $1.8MM at the time.   Under contract for $4.25MM.

The new Four Seasons Private Residences on Lake Austin will have 179 units, starting at $4MM.  1/2 of the units already have deposits and construction has not started.  $2500/ft and $4000/month HOA dues.

My granddaughter just closed on a 1 br condo (built in 1982) in far north Austin within a stone’s throw of Balcones Country Club & Golf Course just off 183 for $220K. 
Her uncle is now in the process of doing a gut remodel of the kitchen & bathroom, removing  the popcorn ceiling, and painting the whole place. Probably $18,000 for materials & fixtures, plus labor (her dad is providing new appliances).

Decent buys are still out there, but not easy to find. She was outbid on another property north of West Anderson Lane.

Edited March 15, 2022 by Armybrat

[StassneyHorn 6703]

If you wait a little longer, popcorn ceilings will be back in fashion

[Wulaw Horn 19326]

2 hours ago, Hmbre97 said:

.

My wife constantly wanting to know why I’m in a bad mood. After watching the market go up 1.5% in 9 weeks. I’m like- you have. I idea what it looks like inside- be happy I’m only mildly cross as opposed to that guy right there. 

[jimmyjazz 46524]

18 minutes ago, StassneyHorn said:

If you wait a little longer, popcorn ceilings will be back in fashion

So will lung cancer.

[StassneyHorn 6703]

Brother Id like to sell you a vape pen

[UTPhil2006 3837]

14 hours ago, Wulaw Horn said:

My wife constantly wanting to know why I’m in a bad mood. After watching the market go up 1.5% in 9 weeks. I’m like- you have. I idea what it looks like inside- be happy I’m only mildly cross as opposed to that guy right there. 

Yep.. my friends ask why I'm dead inside or want to go to Pluckers at 11am nowadays it's because this market is gonna kill me.. might as well have fun on the way out

[Wulaw Horn 19326]

50 minutes ago, UTPhil2006 said:

Yep.. my friends ask why I'm dead inside or want to go to Pluckers at 11am nowadays it's because this market is gonna kill me.. might as well have fun on the way out

Are you making your calls?

why- so I can tell the refinance that was like- maybe I can do better than 3.25 that the number is now 4.25?  Or so I can talk to the buyer that has 28 offers in and no house? 

[UTPhil2006 3837]

16 minutes ago, Wulaw Horn said:

Are you making your calls?

why- so I can tell the refinance that was like- maybe I can do better than 3.25 that the number is now 4.25?  Or so I can talk to the buyer that has 28 offers in and no house? 

Oh yeah the hustle is still going strong I just have to break their hearts every other day discussing rate 

[Hefeweizen 5362]

10 minutes ago, UTPhil2006 said:

Oh yeah the hustle is still going strong I just have to break their hearts every other day discussing rate 

Question for the savants here.  What is the outlook medium term, like this fall?  I am about to sell and will probably just keep the cash on hand for purchase but really curious whether to rent for a little while to let things settle down.  I don’t see rates doing anything but climbing for the next year.

[UTPhil2006 3837]

32 minutes ago, Hefeweizen said:

Question for the savants here.  What is the outlook medium term, like this fall?  I am about to sell and will probably just keep the cash on hand for purchase but really curious whether to rent for a little while to let things settle down.  I don’t see rates doing anything but climbing for the next year.

Honestly who knows. You would think the brink of WW3 would bring rates down. Inflation, Ukraine, COVID, unemployment and mid term elections will all have a giant hand in it. Gun to my head I think we’re at or close to the top. Lenders made profits the last 2 years and are now tightening up so we’re already priced higher than we need to be 

[Wulaw Horn 19326]

39 minutes ago, Hefeweizen said:

Question for the savants here.  What is the outlook medium term, like this fall?  I am about to sell and will probably just keep the cash on hand for purchase but really curious whether to rent for a little while to let things settle down.  I don’t see rates doing anything but climbing for the next year.

I think we might be about ready to see peak rates. You should absolutely expect more appreciation/the house to get less affordable if you are buying in texas. 

[Wulaw Horn 19326]

Down 45 basis points (MBS- down means rates go up) today right now. Wheeeeeeeee!  

[Hefeweizen 5362]

7 minutes ago, Wulaw Horn said:

I think we might be about ready to see peak rates. You should absolutely expect more appreciation/the house to get less affordable if you are buying in texas. 

Not buying in Texas.  Relocating to another overpriced market.  But renting to make sure we find the right place.

[Wulaw Horn 19326]

8 minutes ago, Hefeweizen said:

Not buying in Texas.  Relocating to another overpriced market.  But renting to make sure we find the right place.

Renting is never a bad idea to get the lay of the land for a little bit. 

[Wulaw Horn 19326]

And now we are down 70 bips. 
 

so- the fed came out and said they were doing a 25 basis point hike which is generally good for home rates, but they also said they were going to reduce balance sheet and talk about that at a later meeting. 
finally, they raised the target for where they thought inflation was coming in by 35% to 4.4 (I guess end of the year target). 
nobody signing the transitory song anymore. 

[KYHorn 17310]

59 minutes ago, Wulaw Horn said:

And now we are down 70 bips. 
 

so- the fed came out and said they were doing a 25 basis point hike which is generally good for home rates, but they also said they were going to reduce balance sheet and talk about that at a later meeting. 
finally, they raised the target for where they thought inflation was coming in by 35% to 4.4 (I guess end of the year target). 
nobody signing the transitory song anymore. 

Still think we're near the peak? I don't have a a great understanding of how the balance sheet affects rates, and to what extent, other than it keeps them low, but reducing the balance sheet sounds like it could result in continued increases in rates?

[Wulaw Horn 19326]

5 minutes ago, KYHorn said:

Still think we're near the peak? I don't have a a great understanding of how the balance sheet affects rates, and to what extent, other than it keeps them low, but reducing the balance sheet sounds like it could result in continued increases in rates?

Yes. Reduction in balance sheet will increase the rate. Every fed hike should decrease rate. So they are working against each other. Question is which will have the bigger effect. I think the consensus is they are going to hike every meeting from now through end of the year. Also, I think inflation will start to decrease (rate of increase will slow I mean by that). 
commodities hopefully have topped. 
we haven’t seen interest rates higher than 5 sustained in what- 15 years?  That’s the territory we are approaching. I think a recession is headed our way. But what the hell do I know?  

[UTPhil2006 3837]

9 minutes ago, KYHorn said:

Still think we're near the peak? I don't have a a great understanding of how the balance sheet affects rates, and to what extent, other than it keeps them low, but reducing the balance sheet sounds like it could result in continued increases in rates?

Yes. Any much higher will stunt the whole industry 

[UTPhil2006 3837]

1 hour ago, Wulaw Horn said:

Renting is never a bad idea to get the lay of the land for a little bit. 

He’s going from nice Austin to hopefully somewhere close to a baseball team I can visit at Cali @Hefeweizen

[Wulaw Horn 19326]

Just now, UTPhil2006 said:

Yes. Any much higher will stunt the whole industry 

From your lips to gods ears. 
there are some that do want to hack away at the industry bc it’s pricing out low income and first time home buyers, but I think that’s a pretty minority opinion. 

[Neonmoon 38130]

Reprice for the worse 

I'm going to go find a cliff 

[mchookem 16592]

1 hour ago, Hefeweizen said:

Not buying in Texas.  Relocating to another overpriced market.  But renting to make sure we find the right place.

same same and just getting ready to pull the trigger (if my RE agent can drop by this week 😁)...

guess i'm happy someone in casual conversation mentioned this COA energy audit requirement and i asked about it seeing as how we had no idea 😐

so before i just start cold-calling people as a crapshoot...anybody in Austin area have an auditor they would recommend that won't completely fuck us on a 50+ year old home with a pool and whatnot? 

praying it's not going to take six months or some bs to get it scheduled 😒

[Wulaw Horn 19326]

10 minutes ago, Neonmoon said:

Reprice for the worse 

I'm going to go find a cliff 

Hold on- you should be getting a reprice for the better notice soon. We are battling back!  Only down 27 for the day now (from the worst at 77 earlier). 

[Neonmoon 38130]

Dear Realtors,

What platform do you use to make offers and send them to listing agents? Or receive offers from buyer agents? I was looking at Ribbon and wow, I don’t know that doesn’t change the game for realtors? Maybe this platform tech already exists and this is just another version. 

broader question. What does a realtor company actually provide taking their share of commissions? Marketing? Website? Leads?

[Gil Bang 26120]

59 minutes ago, Neonmoon said:

Dear Realtors,

What platform do you use to make offers and send them to listing agents? Or receive offers from buyer agents? I was looking at Ribbon and wow, I don’t know that doesn’t change the game for realtors? Maybe this platform tech already exists and this is just another version. 

broader question. What does a realtor company actually provide taking their share of commissions? Marketing? Website? Leads?

Here's what my broker provides:

1) In-house counsel.  I have her cell.  If she doesn't answer, I send a text and she usually calls back within an hour or two.   She's smart and she's practical.  She's got a good network of lawyers that work cheap, so if a client needs a lawyer, she's got a guy. 

2) a 4-person tech support team.  Any issues, even issues with my iphone or home office, they will help free of charge. They are also good geeks to have around.   Once I called them from Costco when I was shopping for a printer, and they helped me decide which one to buy. 

3) an in-house graphics/marketing team.  Business cards, signs, whatever, they handle it.  Yeah, I pay for the products, but they do the artwork and have the printers all set up with pre-agreed pricing. They are good.  And, when they do something, I know that it will comply with CA's advertising laws.  The guy at kinko's probably won't know about compliance. 

4) a company website and app, just for the internal use of the agents.  It's a great way to seek and receive advice, pimp new listings, buy and sell used shit like lockboxes, and pick up open houses. 

5) training up the asshole.  There's a class every day, and they are recorded and archived on our above-referenced website.  Really good information there. 

6) the use of office space anytime it's needed, at any of our branch offices.  My home office has 6 macs set up at workstations for agents to use, with printers/scanner/copiers, at no charge.  They don't need a nickel from me every time I print something.  If I need an office or conference room, it only takes one phone call to reserve it.  I have a key to my home office, and I can go there 24/7. 

I'm pretty happy with my situation. 

As far as "platforms", I don't use one, and I don't know anybody that uses one.  Offers are emailed.  As far as "writing" the offers, the California Association of Realtors supplies the forms on the CAR website.  The website connects to the MLS, so, once the listing number is entered, the forms pre-fill with address, parcel number, seller's names, etc. 

Edited March 16, 2022 by Gil Bang

[Gil Bang 26120]

Thinking about this:  What the "realtor company" really provides is OVERSIGHT. 

We use "Skyslope" to upload documents, and a contact specialist scrutinizes the shit out of everything to make sure the "t"s are crossed.   Sloppy agents hate this, because they are always having to re-do shit.  Me?  I'm grateful to have a 2nd set of eyes to make sure I didn't miss anything or forget anything.   I'm fucking good at what I do, but I'm not perfect.  On an average deal, I will upload 25 or 30 documents.  Maybe one or two will have a mistake that needs correction,  such as a missed initial on page 4 or whatever.  

 

Oh, and back to my office. They aren't cheap fucks.  There's a fridge full of soft drinks and bottled water, and a tricked-out coffeemaker and a cabinet full of snacks.  Not even a coffee-can for donations.  The office furnishes all of it. 

Edited March 16, 2022 by Gil Bang

[Incredulity 11728]

On 3/15/2022 at 7:38 AM, Gladeite said:

I am showing my age.  When I was starting my career in the banking world -  accountants, bankers, analysts used the Roman numeral M to represent thousands.   MM to represent millions(thousand x thousand).  

 

CSB warning 

A few years ago we had a all hands on deck meeting on a project where the owner had sent a specification to a mechanical engineer with MM reference for btu usage for specing a boiler(as I remember).  It was a big boiler, but the engineer took MM to mean million, million instead of million.

 

[Incredulity 11728]

2 hours ago, UTPhil2006 said:

Yes. Any much higher will stunt the whole industry 

Sorry to say it, but that’s the goal.  Prepare thy anus. For how long and how hard?  Who the fuck knows

[Neonmoon 38130]

21 minutes ago, Gil Bang said:

Here's what my broker provides:

1) In-house counsel.  I have her cell.  If she doesn't answer, I send a text and she usually calls back within an hour or two.   She's smart and she's practical.  She's got a good network of lawyers that work cheap, so if a client needs a lawyer, she's got a guy. 

2) a 4-person tech support team.  Any issues, even issues with my iphone or home office, they will help free of charge. They are also good geeks to have around.   Once I called them from Costco when I was shopping for a printer, and they helped me decide which one to buy. 

3) an in-house graphics/marketing team.  Business cards, signs, whatever, they handle it.  Yeah, I pay for the products, but they do the artwork and have the printers all set up with pre-agreed pricing. They are good.  And, when they do something, I know that it will comply with CA's advertising laws.  The guy at kinko's probably won't know about compliance. 

4) a company website and app, just for the internal use of the agents.  It's a great way to seek and receive advice, pimp new listings, buy and sell used shit like lockboxes, and pick up open houses. 

5) training up the asshole.  There's a class every day, and they are recorded and archived on our above-referenced website.  Really good information there. 

6) the use of office space anytime it's needed, at any of our branch offices.  My home office has 6 macs set up at workstations for agents to use, with printers/scanner/copiers, at no charge.  They don't need a nickel from me every time I print something.  If I need an office or conference room, it only takes one phone call to reserve it.  I have a key to my home office, and I can go there 24/7. 

I'm pretty happy with my situation. 

As far as "platforms", I don't use one, and I don't know anybody that uses one.  Offers are emailed.  As far as "writing" the offers, the California Association of Realtors supplies the forms on the CAR website.  The website connects to the MLS, so, once the listing number is entered, the forms pre-fill with address, parcel number, seller's names, etc. 

I’m not trying to shit on the applecart. Realtors I know aren’t using any platforms either, but from what I’ve seen, I don’t know how this kind of tech isn’t adopted. It eliminates the need for emailing offers, auto populates all compliant forms, with MLS info. It also concatenates all offers in easy comparable platform. All offers can be responded to through platform. The efficiency is incredible. 

It’s only a matter of time before Redfin or Zillow copy this. 

[Gil Bang 26120]

2 minutes ago, Neonmoon said:

I’m not trying to shit on the applecart. Realtors I know aren’t using any platforms either, but from what I’ve seen, I don’t know how this kind of tech isn’t adopted. It eliminates the need for emailing offers, auto populates all compliant forms, with MLS info. It also concatenates all offers in easy comparable platform. All offers can be responded to through platform. The efficiency is incredible. 

It’s only a matter of time before Redfin or Zillow copy this. 

Are the buyers/sellers roped in to the platform?   I still need to get the offers to my sellers. 

[Neonmoon 38130]

14 minutes ago, Gil Bang said:

Are the buyers/sellers roped in to the platform?   I still need to get the offers to my sellers. 

The platform sends contracts to buyers for signatures like esign 

[Armybrat 41037]

On 3/15/2022 at 8:08 PM, StassneyHorn said:

If you wait a little longer, popcorn ceilings will be back in fashion

Yep, just like white kitchen cabinets did.