All Encompassing Mortgage and Real Estate Thread

[Neonmoon 38,129]

 

Me right now

[UTPhil2006 3,807]

10 minutes ago, Neonmoon said:

 

Me right now

Me:

[UTPhil2006 3,807]

Did the All American Rejects ring the opening bell? Swinging like crazy this AM

[Neonmoon 38,129]

Just now, UTPhil2006 said:

Did the All American Rejects ring the opening bell? Swinging like crazy this AM

I don't know what Fed Logan or Fed Waller are saying in their speeches, but 10 year down 6 points now. Which is nice

[UTPhil2006 3,807]

Nice little .07 dip to end the week. 4.18 is lowest we’ve been since Feb 12

[UTPhil2006 3,807]

@Wulaw Horn Pistols at dawn. Your choice of what dawn. 
 

RANDY BOONE?!?

[Wulaw Horn 19,069]

6 hours ago, UTPhil2006 said:

@Wulaw Horn Pistols at dawn. Your choice of what dawn. 
 

RANDY BOONE?!?

He’s my boy. We are buddies. 

[South Austin 52,475]

Listing my house on Thursday.  The last two houses I sold in Austin were in a rising market with great rates, so I did pretty well.  This time around, probably not so much. 

Thanks Biden/Trump/Obama/Mack!

[UTPhil2006 3,807]

Austin and March and presumably South Austin area you should be fine. Might take 7 days instead of 3. 

[South Austin 52,475]

Just now, UTPhil2006 said:

Austin and March and presumably South Austin area you should be fine. Might take 7 days instead of 3. 

It's Brentwood (username hasn't checked out since Hornfans circa 2006), but in any event I hope you're right.  Seems like a lot of stuff in the area has been sitting for a while 

[LCHorn 2,617]

6 hours ago, South Austin said:

It's Brentwood (username hasn't checked out since Hornfans circa 2006), but in any event I hope you're right.  Seems like a lot of stuff in the area has been sitting for a while 

This may be stale data but about 30% of houses are going above list.  I kind of expect that percentage to be higher going forward.  
 

I’ve got two borrowers that went under contract in the last week and both were above list (in Austin).  
 

Someone else’s opinion but he thinks the $1m-$1.4m are sitting longer-kind of a dead zone as jumbo lenders have gotten out of the market or underwriting requirements gotten steeper, and a lot of those buyers are in tech and a lot more cautious in light of recent layoffs.  

[UTPhil2006 3,807]

Down already between .08-.10 this AM. 

[South Austin 52,475]

14 hours ago, LCHorn said:

Someone else’s opinion but he thinks the $1m-$1.4m are sitting longer-kind of a dead zone as jumbo lenders have gotten out of the market or underwriting requirements gotten steeper, and a lot of those buyers are in tech and a lot more cautious in light of recent layoffs.  

Maybe.  But I know a couple that just sold there house in the Great Hills-ish area at the higher end of that range, and got $100,000 above listing price.  My house is south of that, around the $750,000 to $800,000 range. 

At least I won't lose money.  I bought it for $535,000 at the end of 2019, and my loan balance is about $395,000.

[Neonmoon 38,129]

You walking that 3% into a 6.5% or renting in a small South American country?

[South Austin 52,475]

1 hour ago, Neonmoon said:

You walking that 3% into a 6.5% or renting in a small South American country?

Ha! Thankfully, no.  Moving into my fiance's house.

[UTPhil2006 3,807]

Finished the day at 4.13 at ~30 day lows 

[Storm the Field 5,294]

Powell doesn't seem to have set off any alarm bells in his appearance before Congress this morning. 

10-year down a tad to 4.10, stock indices up between 0.5% and 1%. 

[Dbeasy 15,047]

On 3/5/2024 at 10:06 AM, South Austin said:

Maybe.  But I know a couple that just sold there house in the Great Hills-ish area at the higher end of that range, and got $100,000 above listing price.  My house is south of that, around the $750,000 to $800,000 range. 

At least I won't lose money.  I bought it for $535,000 at the end of 2019, and my loan balance is about $395,000.

I know that area well. Lived there for several years. What I’m seeing in the market, buying and selling, is that good/great houses well prepped for sale sell well at good prices.

House with a smaller buyer pool or an unattractive attribute can sit for 6-12 months plus. The key is the right positioning and prep of the house. I had a client that wanted to sell quick so I laid out the optimal prep plan to maximize money in his pocket.

It went under contract in two weeks, while comparable properties sat for a year. What was interesting was that the seller had another friend who was a realtor and she was giving him bad advice while I was trying to get him to make the right decisions. I would have thought a long term realtor would have a better handle on selling in an unusual market environment, but I guess since Austin had been such an easy market to sell in for so long, these agents didn’t have to figure anything out. I sold in Dallas and Houston too, which had different dynamics than Austin. 

[Incredulity 11,667]

4 minutes ago, Dbeasy said:

The key is the right positioning and prep of the house. I had a client that wanted to sell quick so I laid out the optimal prep plan to maximize money in his pocket.

isn't prep/staging always good advice?

I realize in white hot markets it becomes less important.

 

Anecdote warning:

I did subtly chuckle the last time I was in the housing market when one of the houses we looked at was just by chance baking cookies when our showing was scheduled.  The homeowner was not the kind of woman you would suspect ate a lot of baked goods, very milfy.

[LCHorn 2,617]

49 minutes ago, Incredulity said:

isn't prep/staging always good advice?

I realize in white hot markets it becomes less important

CSB alert: my wife and I looked at a house that Andy Allen was showing on Bell Mountain Dr back in early 2021 and it was clear that they weren’t doing ANYTHING to beautify the house.  Great big carpet stains,  drywall nicks and cracks, scratches on base boards and cabinetry.  I asked him about it and he said “the next buyer is going to rip out the carpet anyway.”

I can’t recall if we put in an offer but it did end up going for 10% or more above list (and it wasn’t a modestly priced house to begin with).  

[UTPhil2006 3,807]

1 hour ago, Storm the Field said:

Powell doesn't seem to have set off any alarm bells in his appearance before Congress this morning. 

10-year down a tad to 4.10, stock indices up between 0.5% and 1%. 

Yep I listened to more of that meeting this morning than I care to admit. Didn’t really hear anything concerning, just a lot of we’re gonna keep an eye on things over the next x amount of time 

[BearSchlong 8,087]

I just made an appt with a realtor to offset my ADHD and OCD, otherwise I'd never get my old house listed. There's a difference between being able to transact real estate and doing it well.

I'm also thinking about paying a professional organizer to come inflict some sanity into my wife’s closet and storage environment.

Then I'm joining the country club.

[Dbeasy 15,047]

1 hour ago, Incredulity said:

isn't prep/staging always good advice?

I realize in white hot markets it becomes less important.

 

Anecdote warning:

I did subtly chuckle the last time I was in the housing market when one of the houses we looked at was just by chance baking cookies when our showing was scheduled.  The homeowner was not the kind of woman you would suspect ate a lot of baked goods, very milfy.

When I say prep, I refer to the whole gamut of options, from just basic cleanup, to significant renovations, and everything in between. Some clients may end up with more money if they take on some improvement (paint, carpet, etc), but they may not have the time or temperament to deal with that. So I lay out all the options and we select the best for their situation. Heavy renovations is rarely the best strategy but sometimes doing more than just a cleanup pays off big time. 

[jimmyjazz 45,903]

6 hours ago, Dbeasy said:

When I say prep, I refer to the whole gamut of options, from just basic cleanup, to significant renovations, and everything in between. Some clients may end up with more money if they take on some improvement (paint, carpet, etc), but they may not have the time or temperament to deal with that. So I lay out all the options and we select the best for their situation. Heavy renovations is rarely the best strategy but sometimes doing more than just a cleanup pays off big time. 

Wait, are you implying I should try to get the bloodstains off the guest bedroom wall before listing my house?

[UTPhil2006 3,807]

6 minutes ago, jimmyjazz said:

Wait, are you implying I should try to get the bloodstains off the guest bedroom wall before listing my house?

Not if Nicole is the buyer 

[South Austin 52,475]

17 hours ago, LCHorn said:

I asked him about it and he said “the next buyer is going to rip out the carpet anyway.”

That's what my agent told me.  I have some carpet upstairs and it's pretty worn, but a steam clean made it look pretty good for showing.  Also did a deep clean with a professional service and it hasn't looked this pristine since move in.  

[Wulaw Horn 19,069]

3 hours ago, South Austin said:

That's what my agent told me.  I have some carpet upstairs and it's pretty worn, but a steam clean made it look pretty good for showing.  Also did a deep clean with a professional service and it hasn't looked this pristine since move in.  

I mean, yeah- definitely clean the place professionally. And get rid of your kids and dogs.  

[Neonmoon 38,129]

4 hours ago, Wulaw Horn said:

And get rid of your kids and dogs.  

Like permanently? That’s a bit harsh but understandable 

[Wulaw Horn 19,069]

5 minutes ago, Neonmoon said:

Like permanently? That’s a bit harsh but understandable 

I mean- maybe. Maybe not. Sort of up to you.  But certainly at least until the house sells. 

[Gil Bang 25,945]

In a situation with shitty carpet, I swing by my local carpet store and borrow one of those sample boards.  I put in a prominent place in the home that's visible to buyers, with a note that says "seller will provide new carpet of your choice with full price offer"

[Upgrayedd 5,810]

9 minutes ago, Gil Bang said:

In a situation with shitty carpet, I swing by my local carpet store and borrow one of those sample boards.  I put in a prominent place in the home that's visible to buyers, with a note that says "seller will provide new carpet of your choice with full price offer"

*FOB Georgia

[BearSchlong 8,087]

I told my new realtor “your value add is market savvy, insulation from buyers - but more than that, it's accountability for my ADHD and OCD.”

[Wulaw Horn 19,069]

275k jobs in February- expectations of 200k

january revisions down from like 350 to 230k

Unemployment from 3.7 to 3.9. 
MBS up 17 points as of right now. I guess the market thought this job report wasn’t great?  Even with 75k overperformance in expectations. 

Edited March 8 by Wulaw Horn

[LCHorn 2,617]

34 minutes ago, Wulaw Horn said:

275k jobs in February- expectations of 200k

january revisions down from like 350 to 230k

Unemployment from 3.7 to 3.9. 
MBS up 17 points as of right now. I guess the market thought this job report wasn’t great?  Even with 75k overperformance in expectations. 

Uh oh, you jinxed it 😉

[Wulaw Horn 19,069]

30 minutes ago, LCHorn said:

Uh oh, you jinxed it 😉

12 bips now. I saw the 275 number and worried and then saw no big deal and breathed a sigh of relief. 

[Storm the Field 5,294]

5 minutes ago, Wulaw Horn said:

12 bips now. I saw the 275 number and worried and then saw no big deal and breathed a sigh of relief. 

Solid jobs number in the February report, but wage growth was soft. U3 went up, but so did prime age population/employment ratio. Overheated January report revised down closer to initial expectations (both on jobs added and wage growth). 

I would assume pretty much exactly what Fed was looking to see this month after the January surprise. Markets believe a June rate cut is more likely than it was at 7:29 this morning.

[UTPhil2006 3,807]

1 hour ago, Wulaw Horn said:

12 bips now. I saw the 275 number and worried and then saw no big deal and breathed a sigh of relief. 

I still have hopes we get back in the 3.xx on the 10 year soon, and I’d really like to get back to to the spot we were at before the jump(s) around 3.8xx before March 29th so we can get back to utilizing Ishbias/UWMs bps refi reward deal before it expires 

[Wulaw Horn 19,069]

36 minutes ago, UTPhil2006 said:

I still have hopes we get back in the 3.xx on the 10 year soon, and I’d really like to get back to to the spot we were at before the jump(s) around 3.8xx before March 29th so we can get back to utilizing Ishbias/UWMs bps refi reward deal before it expires 

Absolutely.  That was a real kick in the teeth to have access to that plus decent market for less than 24 hours. Oiy. 

[UTPhil2006 3,807]

Pretty flat day again like the last 3 or 4. Tomorrow is the CPI report which should move it off the 4.10 number we’ve been sitting at one way or the other 

[Wulaw Horn 19,069]

4 hours ago, UTPhil2006 said:

Pretty flat day again like the last 3 or 4. Tomorrow is the CPI report which should move it off the 4.10 number we’ve been sitting at one way or the other 

Prepare your anus gif for that post.  
Isn't it nice to see a day trend between 2 or 3 points on the 10 year or 8 or 10 on the MBS?  Like the old days again- not like the last 3 or 4 years where seemingly we get 30, 40, 50 point swings all the time. 

[Wulaw Horn 19,069]

Inflation came in a little high but market not reactive negatively…. Yet. Who knows. Not good news I don’t think, currently. 

[UTPhil2006 3,807]

10 minutes ago, Wulaw Horn said:

Inflation came in a little high but market not reactive negatively…. Yet. Who knows. Not good news I don’t think, currently. 

Still early but so far we can consider this a win. Maybe a walk off balk win, but a win nonetheless 

Edited March 12 by UTPhil2006

[Wulaw Horn 19,069]

Mbs down 11. It’s crept downward, which is unusual. Usually opens up way down on the news and moves from there up and down. 

[UTPhil2006 3,807]

For you San Antonians (technically Spring Branch area).. Thad is selling his late father's home.. just went live today.. https://www.zillow.com/homedetails/162-Cactus-Cyn-Spring-Branch-TX-78070/26556321_zpid/

[closetohumping 17,440]

Buyer or sellers market?  Parts of SoCal are going crazy

[52-80 19,150]

Totally generic and vague question but….is the common wisdom to renovate/upgrade before house sale, or sell as-is?

Our rental has bathroom and kitchen that is quite below our personal standards, but compared to market condition is par or just below.

The inconvenience of reno is we’d have to supervise it from afar…and I dont *think*  local market would value the reno. Doing a minimal/partial reno seems wasteful because it requires the same overhead inconvenience (contracting, time, etc).

[Catpfish 618]

Generally, doing any reno type work won't pay off unless the you are repairing something that is broken or very sub-standard.  Of course, there are always exceptions, but it sounds like in your case, I'd just leave it as is.

[UTPhil2006 3,807]

1 hour ago, Catpfish said:

Generally, doing any reno type work won't pay off unless the you are repairing something that is broken or very sub-standard.  Of course, there are always exceptions, but it sounds like in your case, I'd just leave it as is.

Each situation is case by case. Just have the agent price correctly and such about the Reno work, but yeah getting a 1:1 value for it probably isn’t likely. 

[52-80 19,150]

Thanks gents. That was contrary to my expectation because I thought the whole flipping business was built on ROI through renos. I might then simply swap some appliances and fixtures to give it a superficial boost and because we can do it ourselves. 

[Catpfish 618]

The flipping business is usually properties that are well below par that they can get in, make the repairs/upgrades and get out quick (carrying costs are a bitch).  People that try to flip a near par/par house usually don't do very well unless they get an absolute steal on the purchase price