View Full Version : Bidding war on houses
Man, the market really turned around this year. Two houses were listed on our block on Friday. One for $600,000 and one for $615,000. Both had several bids over the weekend. Bids accepted on Sunday were .$24,000 over the asking price.
I guess we are becoming California.
Influx of people moving in + subprime mortgages= bigass bubble
Imho
Great-Kazoo
05-14-2018, 13:04
I'd be happy to sell our place in NoCo for a fair value, no bidding war, no realtor .
Need to find myself a little plot east of hwy 85 somewhere to plop a system built or steel structure home on while my house is so overvalued.
Grant H.
05-14-2018, 13:17
Need to find myself a little plot east of hwy 85 somewhere to plop a system built or steel structure home on while my house is so overvalued.
This is my wife and I's plan. We've been working towards it for a while now.
I have been enjoying the meteoric rise of my home values.
It's ridiculous, but we intend to capitalize on it.
I’d sell mine if it weren’t for having to buy someplace else right now.
Haven’t had it officially appraised in a while but figure only owing about $140K on it means I likely have a little equity in it right now.
We’ve been tempted to just place on market and move to Oklahoma. But I’m not that much of a risk taker and want a job offer first. Won’t be applying for any until I finish the degree.
We’ve been tempted to just place on market
While not waiting on a job offer or a degree.. I've been tempted..
USMC88-93
05-14-2018, 15:06
My next door neighbor put is putting theirs on the market soon. Will be interesting to see what they bring in.
StagLefty
05-14-2018, 15:22
Obviously it's a seller's market. I started looking last August and nothing stays on the market long recently. I can't compete with the investors or cash offers.
Found an ideal one for me in Pueblo recently,had my realtor set up a appointment to see it and it was under contract the next day.
The little 1000sq ft shack at the end of the street went for $350,000 recently. I'm looking to leave Denver.
If you sell in this market, you're better off buying in another market where you can get more bang for your buck.
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Gman, true. Great to get a high price, but how are you better off if you have to replace with a high price home? Down sizing or moving to another market would be the answers.
Grant H.
05-14-2018, 18:33
Gman, true. Great to get a high price, but how are you better off if you have to replace with a high price home? Down sizing or moving to another market would be the answers.
That's his point. Sell in the crazy market, buy in a less ridiculous market.
The idea of buying land and building gives some advantage in the current market (fewer buyers are going this route).
blacklabel
05-14-2018, 18:43
We're looking to sell and based on stuff I've been watching, it should happen fast. Unfortunately the wife wants to stick around this area so while we'll be upgrading and getting out of Greeley, we'll be overpaying for something else.
Down sizing or moving to another market would be the answers.
We looked into down-sizing. Based on what my home cost me 20 years ago, it would cost me more to buy a smaller home in this market than to stay in this bigger one.
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If your wanting to buy at the low end. Checkout Sidney, NE. with Cabela’s selling out to BP and the massive layoffs. One can purchase way under market value. Now I do realize this would be somewhat of a commute for most of you.
OtterbatHellcat
05-14-2018, 19:12
Man, the market really turned around this year. Two houses were listed on our block on Friday. One for $600,000 and one for $615,000. Both had several bids over the weekend. Bids accepted on Sunday were .$24,000 over the asking price.
I guess we are becoming California.
I hope the Hot Market helps folks looking to sell now, and it isn't a bad idea to do so.
My home has been on the market IN denver for 5 months now, no sale. Reasonably priced, decent house.....unfortunate element next door is screwing me hard on value and the time and money I'm losing out on with the time delay.
I'm actually kinda pissed off at buyers right now. The same libtard faggots that want to support "giving people a chance" AND having all of us pay for it.... won't buy my house because it's next to a hotel that "helps" those people. Hypocrites.
It really isn't that bad next to the hotel now, it kinda was when I bought it but it has gotten much better over the last few years, and revitalization is moving in from both sides. A buyer with only the slightest vision and patience will instantly gain at least 100K in equity when the hotel gets shut down or revitalized. Too many weak stomachs and minds for that evidently.
It is so opposite of 2008 ( 10 years ago).
At that time, people were underbidding.
I'll be in the market a little over a year from now, and I'm terrified.
One can still probably get a deal on a house that needs work, BUT since we're in kind of a bubble, if it crashes hard you might not feel great. It'd still be better than buying a house with no work needed when the bubble bursts though.
The Denver market is going up on average 1% or more per month. With an average selling price in the Metro area just passing $500,000 earlier this year the average home is going up $5,000 per month or $60,000 per year. Homes are in short supply with the lowest inventories ever. I did have to laugh when a friend referred to a $500,000 as a starter home!
The good news is that for those of us that own property and are fed up with the political environment we can leave town with a nice chunk of change with the sale of our home.
My question is... how long can it last, or is likely to last?
And how in the heck can anyone consider 500k viable? What on earth are people doing to afford such a mortgage, and why on earth do they stay in such an area?
We're looking to move to Tulsa area in a year or less and the market is much more affordable there with not much of a pay cut in my field -- depending on everything, it might be a "cut" but really the same net or even more after the bills are paid each month.
Reminds of 2005-6.
I was a kid during early 90s and I remember housing slowdown.
I bought my house to hedge against rising rent and housing inflation. Not making any money here by price increase.
Grant H.
05-14-2018, 21:13
My question is... how long can it last, or is likely to last?
And how in the heck can anyone consider 500k viable? What on earth are people doing to afford such a mortgage, and why on earth do they stay in such an area?
We're looking to move to Tulsa area in a year or less and the market is much more affordable there with not much of a pay cut in my field -- depending on everything, it might be a "cut" but really the same net or even more after the bills are paid each month.
I actually think it will last longer than most. The economy in CO is strong, we have a large influx of people every year, and it's going to continue to be busy.
My brother is in the price range you're talking about. He's a principal software engineer for a technology company here in CO, and his bank is telling him he can be approved for a lot more than he's willing to spend. He, however, is not looking at subdivision houses for $500k. He's looking for minimum 2 acres, and a house. He wants to stay here for a list of reason, much the same as mine.
Family/Friends
Current Job
Activities - we're spoiled with Ski/Snowboard country (others here too, but that's the big one that is geography based)
For me, I've been all over the country and world, and I haven't found a better place to live yet (current political climate, and likely worsening climate, not withstanding).
Why worry about mortgages? Just pay cash. Both of the sales described in the original post were cash offers.
I'd love to sell and relocate to a cheaper area, but there's the problem of two people in their 60's getting new jobs, and also having to go through all the shit we've accumulated.....
I think if we didn't have a grandson here, we'd be gone.
I can work anywhere within an hour of a reasonable size airport, and the wife is a nurse.
However, I'm also spoiled by my current commute. For a local project that should go on the next 3-6 months, it's a couple days a week 20 minutes each way opposite traffic, turning more remote every day now that I have provisional clearance, credentials, laptop, security card, etc., or driving to DIA for the other odd job and that's 30 minutes to security and blasting through with Pre unless it's super busy.
Great-Kazoo
05-14-2018, 23:19
I'd love to sell and relocate to a cheaper area, but there's the problem of two people in their 60's getting new jobs, and also having to go through all the shit we've accumulated.....
We're kind of in the same boat. Been downsizing 25 yrs (from this house) of stuff. The next place is a ranch style, open floor plan. Jobs not an issue, we're both retired so that's not a must have item.
The issue is there's so much heavy stuff in the shop, it's easier to sell it all off, then buy as needed in the next home
With the deals we see popping up OOS it's down to, someone buy this so we can leave.. like yesterday. Been putting the word out, the house will be up for sale. We have lic realtor who will do the paperwork for a flat fee, IMO there's no reason to get another involved, especially for what they want in commission.
.
I actually think it will last longer than most. The economy in CO is strong, we have a large influx of people every year, and it's going to continue to be busy.
My brother is in the price range you're talking about. He's a principal software engineer for a technology company here in CO, and his bank is telling him he can be approved for a lot more than he's willing to spend. He, however, is not looking at subdivision houses for $500k. He's looking for minimum 2 acres, and a house. He wants to stay here for a list of reason, much the same as mine.
Family/Friends
Current Job
Activities - we're spoiled with Ski/Snowboard country (others here too, but that's the big one that is geography based)
For me, I've been all over the country and world, and I haven't found a better place to live yet (current political climate, and likely worsening climate, not withstanding).
I used to think a crash was coming soon, but I don't anymore, for the reasons you listed.
Genuinely concerned of another crash timed to political cycles here (late 2020 or late 2024).
I've got family that wants to invest and flip houses on the east slope... can't talk them out of it. "2008 crash happened for specific reasons, it won't happen again" [facepalm]
Tell them that unless they have an angel investor and connections to snag properties before they even hit the market, then they missed the boat by about 20 years.
Greed....
Repetitive....
Doing the exact same thing (over spend on a house on impulse on 2006) over and over again (over spend on a house on impulse on 2016), expecting different result.
https://youtu.be/LtFyP0qy9XU?t=1m16s
I recently had to deal with this. I got VERY lucky and found a house where the seller took my offer at asking price. It took me 7 months of battling with sellers to finally land this house. Every single one of my offers which was rejected were because of 2 things: 1. An investor came in with cash and offered to take the house "as is" with no inspection, 2. People were offering 20K+ over what I was offering - and I was generally going 10-15K over asking price on a lot of the houses I was interested in. I am very blessed to have the lender & realtor that I have. I've heard stories of people battling with getting under contract for over a year.
FromMyColdDeadHand
05-15-2018, 06:50
We moved here in 2005 and I told my wife it wasn't a housing market, it was a suicide pact. We rented for two years and got a house on the downswing, not the bottom- but at least they were still writing loans.
Denver is broken. The value equation is all jacked up. The problem is that most of us here are fiscally sound and conservative while a lot of other people are willing to take funky loans and over extend themselves. Add in CA people fleeing there and bringing buckets of cash. You end up with a warped market. You might not have the same financial system risk as in 2008, but that doesn't mean there isn't a bubble in housing. When people say things like they can't afford their parents house, or they can't afford the house they live in- that is a screaming, red-flag clue that something is amiss.
I consider moving to CO as a mistake. The cost of living, the traffic and the Progressive stupidity far out weigh low humidity. Mountains? F'ing traffic and sky high prices.
Colorado is broken and Denver is going to be a failed state once all this settles out. Only middle-class and higher people move here- that is the nature of moving for jobs and growth. When we start getting the poor and indigent filling their slots, this will be another CA-style cess pool.
https://www.denverpost.com/2018/05/03/denver-homicides-2018/
Glad to see that Denver's 15 round magazine confiscation is working so well....
hurley842002
05-15-2018, 07:58
Glad to see that Denver's 15 round magazine confiscation is working so well....
Interesting, nobody came to confiscate my 15 round mags, they didn't even confiscate my 30 round mags.
BPTactical
05-15-2018, 08:02
I know 2 people who were looking at purchasing via conventional financing. Both were beat out of houses by cash deals substantially over the asking price.
Pot money.
People in the dope industry can't put their cash in banks, the Fed wont let them. Invest it in real estate, let it sit 2 years then sell and you now have legal cash.
Money laundering 101.
I know 2 people who were looking at purchasing via conventional financing. Both were beat out of houses by cash deals substantially over the asking price.
Pot money.
People in the dope industry can't put their cash in banks, the Fed wont let them. Invest it in real estate, let it sit 2 years then sell and you now have legal cash.
Money laundering 101.
^^^THIS! "Rent money" is also much easier to get into the bank.
Grant H.
05-15-2018, 10:05
Genuinely concerned of another crash timed to political cycles here (late 2020 or late 2024).
I've got family that wants to invest and flip houses on the east slope... can't talk them out of it. "2008 crash happened for specific reasons, it won't happen again" [facepalm]
I actually agree with them, that the housing market won't fail in the same way again (at least not soon).
The problem is that the EXACT same problem that occurred in 2008 for houses, is poised to occur in commercial buildings. The real downside to this is that instead of the loan amounts being hundreds of thousands, it's millions per.
Even if the real estate market tanks nationwide, like it did in 2008, Colorado will not see the same level of severity that most of the nation will. We are incredibly insulated here due to the growth rate and influx of residents. It's the areas on the other end of the spectrum, that are stagnant or seeing their populations reduce, that will feel the pain. Even if prices dropped 20-25% in many cities, we'd probably be down nearer to 5-8%...
Madeinhb
05-15-2018, 12:19
If you sell in this market, you're better off buying in another market where you can get more bang for your buck.
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This exactly. Wife and I bought 3 years ago and we are selling now. Close on Friday. Had 54 showings and 15 offers all over asking. I work from home, so we will be moving to VA. Get some land this time.
This exactly. Wife and I bought 3 years ago and we are selling now. Close on Friday. Had 54 showings and 15 offers all over asking. I work from home, so we will be moving to VA. Get some land this time.
Nice! Why VA in particular? Will you be in them there hills or more toward city?
sbgixxer
05-15-2018, 12:47
Agreed. I lived through the California Coast bust and it's SO much different. In CA, home prices were going nuts and everyone just kept saying how they had to buy now or it may never happen. It wasn't based on anything. I know people who bought at the worst time and are still underwater.
Looking at Colorado, there's a lot driving the pricing. Obviously the influx of out-of-staters but it's not just for the weed like what was believed a few years back. Now the job market continues to bring in new workers which feeds the growth, creates more jobs and the cycle continues. It just keeps feeding itself. I don't see anything pointing to a bust. I could see over-development causing housing to plateau or just the sheer cost of homes eventually doing the same but not a bust.
For me, I'm more worried about there just being too many people. Traffic has gotten much worse in the past five or so years and I don't see that stopping. I figured we'd be poised to handle it with all that weed revenue but apparently nobody has to answer to where it's really going.
As a side note, would it not help I-25 traffic to just increase the speed to a nation-wide norm of 65mph? They did exactly that along 36 in Westminster and I definitely notice improved flow through there.
Madeinhb
05-15-2018, 13:08
Nice! Why VA in particular? Will you be in them there hills or more toward city?
Won't be in the hills. But probably near Fredericksburg or Richmond or in between.
It's cheaper than here and I also have a few family members there. We don't have anyone here in CO as he moved here on 2009 from CA. (We aren't the liberal ones though)
Great-Kazoo
05-15-2018, 14:03
As a side note, would it not help I-25 traffic to just increase the speed to a nation-wide norm of 65mph? They did exactly that along 36 in Westminster and I definitely notice improved flow through there.
Why reduce it by 10 mph? It's 75 throughout most of the country. 85 in Wy west of Cheyenne, UT towards the end of 70 then 15.
Why reduce it by 10 mph? It's 75 throughout most of the country. 85 in Wy west of Cheyenne, UT towards the end of 70 then 15.
In Denver, 25 and 70 run 55
Martinjmpr
05-15-2018, 15:43
I actually agree with them, that the housing market won't fail in the same way again (at least not soon).
The problem is that the EXACT same problem that occurred in 2008 for houses, is poised to occur in commercial buildings. The real downside to this is that instead of the loan amounts being hundreds of thousands, it's millions per.
Seems to me there is already a glut of commercial buildings, especially retail spaces. Big malls are only half full (if that) and there are some commercial strip-mall type developments that were put up in the boom years of 2007 - 2009 that are still sitting vacant a decade later (I'm thinking River Pointe in Sheridan, for example.)
Seems to me there is an opportunity there, though. If we have too much retail space + not enough living space, how long before someone figures out how to turn the former into the latter?
Great-Kazoo
05-15-2018, 15:47
In Denver, 25 and 70 run 55
Feds say populations over X must reduce speed limits. I agree the average should be 65, however the fossil fuel alarmist will DEMAND a reduction, like they stuck us with in the 70's with a national hwy. 55 mph
sbgixxer
05-15-2018, 15:53
Why reduce it by 10 mph? It's 75 throughout most of the country. 85 in Wy west of Cheyenne, UT towards the end of 70 then 15.
Hey I'm with ya Kazoo, I just doubt they'd go for 75 mph through the heart of Denver. 85 mph in WY??? Wow! I remember when Montana tried, "safe and prudent". I love the idea.
BladesNBarrels
05-15-2018, 15:58
Seems to me there is already a glut of commercial buildings, especially retail spaces. Big malls are only half full (if that) and there are some commercial strip-mall type developments that were put up in the boom years of 2007 - 2009 that are still sitting vacant a decade later (I'm thinking River Pointe in Sheridan, for example.)
Seems to me there is an opportunity there, though. If we have too much retail space + not enough living space, how long before someone figures out how to turn the former into the latter?
Local community zoning commissions don't like to downgrade the zoning of a property.
Commercial pays the majority of property tax by Colorado Law, so rezoning to Residential is a real tough sell. (There is a pun in there somewhere)
There is already an issue with artists trying to live in commercial spaces.
Martinjmpr
05-16-2018, 10:34
Local community zoning commissions don't like to downgrade the zoning of a property.
Commercial pays the majority of property tax by Colorado Law, so rezoning to Residential is a real tough sell. (There is a pun in there somewhere)
How much revenue are they collecting from unoccupied commercial space though? Can't be much.
Five percent of something is more than ten percent of nothing. [Dunno]
Bailey Guns
05-16-2018, 10:43
Property tax is collected whether the bldg is occupied or not. Are you thinking of sales tax?
Martinjmpr
05-16-2018, 11:45
Property tax is collected whether the bldg is occupied or not. Are you thinking of sales tax?
But it's based on assessed value right?
So what is the value of a property that is not, and never has been, occupied by a paying tenant? And since you mention potential sales tax revenue, what is the value, to a community, of a building or retail center that is unoccupied? I would say that it's not only zero, it's less than zero because even though unoccupied commercial property is not bringing in any sales tax revenue, it is costing the city in terms of needing fire protection, police protection, infrastructure, etc.
All I'm saying is that we seem to have a serious glut of commercial retail space and a serious deficit of living space.
I know older retail spaces are sometimes being torn up and turned into "mixed use" with both residential and retail in the same area.
It just seems to me that if there is such a need for living space (as there seems to be) then there ought to be a solution out there that makes use of the apparently large amount of un needed retail space.
I wonder what the office space vacancy in the metro area is? From the number of partially-occupied buildings I see, I would think it's significant.
Commerce City apparently has plans to turn the dog track into something like Belmar. Not sure when they're going to do that, but now would be a good time. Makes me sad I missed out on that rental property across the street.
jason303
05-17-2018, 03:42
We're listing this Friday in Broomfield with plans to move to Tennessee as soon as we're sold. The same sized house there goes for less than half of what we're expecting to get here and sits on acreage rather than square footage. I'll let you know how it goes.
Hopefully you have a job lined up or retired. Aside from family, that's our hangup. You go to a place like KY and I hear jobs very limited. Granted I'd head to Wyo/Utah which I think has enough booming areas to not be such poor prospects, still awkward to try to time job searching with selling, moving, buying.
With family already scattered to the winds or being untethered due to military obligations, we have an idea where we would like to end up. The problem is employment. I'm in tech, and the Silicon Mountains is one of the hottest areas right now. Where I'd like to relocate to, not so much.
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We're listing this Friday in Broomfield with plans to move to Tennessee as soon as we're sold. The same sized house there goes for less than half of what we're expecting to get here and sits on acreage rather than square footage. I'll let you know how it goes.
you're going to make out like a bandit. Before we sold our home in Broomfield, I considered moving back east too, but the wife wasn't ready to leave CO....she's getting closer though. Where in TN are you headed?
jason303
05-17-2018, 08:31
We're going to Knoxville. I'm fortunate that I don't have a reason to stay here like family or a job that I can only work here.
Im suprised that you guys are moving to places with Much larger populations and states that are less than half the size of Colorado.
We're looking at NE Oklahoma. Biggest reasons: Oklahoma is what Texas likes to claim to be (and once was a few decades ago until the bugs that are Austin and Houston infected the state), CHEAP land in comparison to here, job availability is good, cost of living is good, population is not looking at a huge boom, water is good (CO is screwed on this), politically very sane. A lot of other places have a few of these factors but not all.
CO has a better density rating than OK, but a lot of that open land is unreachable or so out in the boonies that one would either need to be independently wealthy or have a unique job position. And then one is still stuck with the political insanity coming out of Denver and Boulder. Did I mention the water issue?
My wife and I were looking at moving to Montana or Idaho as we just couldn’t afford to compete for a house out here. It sucked because we both grew up here. But then my best friend hit me up and was like “Hey my mom is thinking about selling her house. She’ll sell it to you off the market if I can rent the basement for a while.” Got the house off market for under appraisal value plus we’re renting out the finished basement which is paying half the mortgage. Got incredibly lucky. Couldn’t have worked out better for us.
That said, it’s all supply and demand. As long as people are moving here faster than houses can be built, prices will rise. Once equilibrium is reached, they’ll level out. It’s fairly impossible to tell exactly when that will happen, but I’m guessing they’ll continue to rise for at least the next 5 years.
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Martinjmpr
05-17-2018, 14:45
We're looking at NE Oklahoma. Biggest reasons: Oklahoma is what Texas likes to claim to be (and once was a few decades ago until the bugs that are Austin and Houston infected the state), CHEAP land in comparison to here, job availability is good, cost of living is good, population is not looking at a huge boom, water is good (CO is screwed on this), politically very sane. A lot of other places have a few of these factors but not all.
CO has a better density rating than OK, but a lot of that open land is unreachable or so out in the boonies that one would either need to be independently wealthy or have a unique job position. And then one is still stuck with the political insanity coming out of Denver and Boulder. Did I mention the water issue?
Whereabouts in NE OK? My mother came from a small town in NE OK, called Barndsall in Osage County. Although I was born in Germany my earliest memories are of Barnsdall in the mid 1960's.
The Osage hills are gorgeous, but just know that it's hot, humid and buggy in the Summer (if you've ever experienced chiggers, you'll know what I mean.) On the plus side, good hunting and fishing, dirt cheap to live there.
Wife and I went back there in 2014. The area is pretty economically depressed, except for Bartlesville (HQ of Phillips Petroleum.) My sister was born in the county seat, Pawhuska, and when we went to Pawhuska it was like a ghost town - virtually all the downtown buildings were empty and some even had collapsed roofs.
For a retiree it's probably OK (which explains why the average age in Barnsdall seems to be well north of 50) but for anyone who has to earn a living it's tough going - most of them flee to the big cities once they finish high school
I think Tulsa is doing pretty well, being a big enough city to be self sustaining but a lot of the small towns seem to teeter on the brink of a boom-and-bust cycle.
Great-Kazoo
05-17-2018, 15:19
Whereabouts in NE OK? My mother came from a small town in NE OK, called Barndsall in Osage County. Although I was born in Germany my earliest memories are of Barnsdall in the mid 1960's.
The Osage hills are gorgeous, but just know that it's hot, humid and buggy in the Summer (if you've ever experienced chiggers, you'll know what I mean.) On the plus side, good hunting and fishing, dirt cheap to live there.
Wife and I went back there in 2014. The area is pretty economically depressed, except for Bartlesville (HQ of Phillips Petroleum.) My sister was born in the county seat, Pawhuska, and when we went to Pawhuska it was like a ghost town - virtually all the downtown buildings were empty and some even had collapsed roofs.
For a retiree it's probably OK (which explains why the average age in Barnsdall seems to be well north of 50) but for anyone who has to earn a living it's tough going - most of them flee to the big cities once they finish high school
I think Tulsa is doing pretty well, being a big enough city to be self sustaining but a lot of the small towns seem to teeter on the brink of a boom-and-bust cycle.
You forgot the fire ants, ticks and Tornadoes. Then there's the big as ping pong ball june bugs.
Whereabouts in NE OK? My mother came from a small town in NE OK, called Barndsall in Osage County. Although I was born in Germany my earliest memories are of Barnsdall in the mid 1960's.
The Osage hills are gorgeous, but just know that it's hot, humid and buggy in the Summer (if you've ever experienced chiggers, you'll know what I mean.) On the plus side, good hunting and fishing, dirt cheap to live there.
Wife and I went back there in 2014. The area is pretty economically depressed, except for Bartlesville (HQ of Phillips Petroleum.) My sister was born in the county seat, Pawhuska, and when we went to Pawhuska it was like a ghost town - virtually all the downtown buildings were empty and some even had collapsed roofs.
For a retiree it's probably OK (which explains why the average age in Barnsdall seems to be well north of 50) but for anyone who has to earn a living it's tough going - most of them flee to the big cities once they finish high school
I think Tulsa is doing pretty well, being a big enough city to be self sustaining but a lot of the small towns seem to teeter on the brink of a boom-and-bust cycle.
Looking at the Bartlesville area, or perhaps south of Tulsa -- depends on where I get an offer and what's available. I'm in contact with some folks in the oil industry out there. One guy works for a company that does pipeline servicing and has never had a layoff. Said the IT market is great out there since the talent pool is so low. The companies to stay away from are the exploration ones, since they boom and bust, and their site servicers for the boom. He also said ohh... what was it, American Airlines? is known as a sweat shop for IT and to stay away if possible.
Since I'm perm-med retired I can still take a paycut and be that much more ahead of my peers each month.
Best situation would be if national level housing busted but Colorado held due to influx. We'd make out like bandits. Not that I *wish* for that, but I'd take advantage if possible.
CoGirl303
05-23-2018, 08:38
Going to the bank in 10 days to get pre-qual'd on a house.
I don't anticipate finding what I want will be a fast process in this market.
I have two realtors on standby waiting on my pre-qual paperwork.
I pre-qual'd last year for $248K house.
I just paid off three credit cards and a student loan last month.
I imagine that puts me in the $260,000 - $270,000 range now.
looking north of I-70 preferably.
no Denver, Denver County or Boulder city.
As far east as Byers. As far north as Windsor
Aurora is a last resort.
If anyone knows of a house w/ a 3 bedroom, 2 car garage and basement for sale around or under $275,000 plz let me know. I will pay a $200 finders fee to the person if it checks out and I buy it.
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Going to the bank in 10 days to get pre-qual'd on a house.
I don't anticipate finding what I want will be a fast process in this market.
I have two realtors on standby waiting on my pre-qual paperwork.
I pre-qual'd last year for $248K house.
I just paid off three credit cards and a student loan last month.
I imagine that puts me in the $260,000 - $270,000 range now.
looking north of I-70 preferably.
no Denver, Denver County or Boulder city.
As far east as Byers. As far north as Windsor
Aurora is a last resort.
If anyone knows of a house w/ a 3 bedroom, 2 car garage and basement for sale around or under $275,000 plz let me know. I will pay a $200 finders fee to the person if it checks out and I buy it.
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Believe it or not, they are out there. Since I was using VA, many of the homes in the price range you listed didn't qualify for VA without some work first. I saw a few nice homes in the Thornton/Northglenn area that were listed for $275K. The problem you run into with those homes is the POS investors who come in with a cash offer and scoop it away before you can even put a bid on it. If you using an FHA loan you will have a lot more leniency.
If anyone knows of a house w/ a 3 bedroom, 2 car garage and basement for sale around or under $275,000 plz let me know.
Lots of luck with that one. We've been considering downsizing lately and even townhomes/condos seem to open for nearly $100k more than that. I'm not sure a single family home with 2-car garage and basement can be had for $100k more than that these days in this area. It's a sellers market for sure so I know we could make a mint on our house we've been in for 13 years but to buy something around here we'd just give it all back right away.
CoGirl303
05-23-2018, 09:22
Believe it or not, they are out there. Since I was using VA, many of the homes in the price range you listed didn't qualify for VA without some work first. I saw a few nice homes in the Thornton/Northglenn area that were listed for $275K. The problem you run into with those homes is the POS investors who come in with a cash offer and scoop it away before you can even put a bid on it. If you using an FHA loan you will have a lot more leniency.
I too am using a VA Home loan guaranty, 1st time buyer. Credit score is on the rise now the credit cards are paid off and that student loan is out of the way. I've started doubling down on my car payment to get it paid off faster. Should be paid off by X-mas.
No idea what an FHA loan is, but regardless its now or never for me to buy a home here in Colorado, unless some miracle happens and the bubble bursts and I'm not gonna hold my breath on that right now. Property values are continuing to rise.
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I too am using a VA Home loan guaranty, 1st time buyer. Credit score is on the rise now the credit cards are paid off and that student loan is out of the way. I've started doubling down on my car payment to get it paid off faster. Should be paid off by X-mas.
No idea what an FHA loan is, but regardless its now or never for me to buy a home here in Colorado, unless some miracle happens and the bubble bursts and I'm not gonna hold my breath on that right now. Property values are continuing to rise.
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You might want to consider saving the extra car payments and keep it toward the down payment or related costs.
That is, unless your car loan is a high interest rate.
CoGirl303
05-23-2018, 09:51
You might want to consider saving the extra car payments and keep it toward the down payment or related costs.
That is, unless your car loan is a high interest rate.
I'm still putting money in savings every paycheck. Have quite a bit of liquid cash after the bils are paid each pay period.
As a first time buyer w/ VA loan a down payment wont be required.
I am however saving for my earnest money when I get to the point where I go under contract.
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Save for closing cost too. You might find a great deal that the seller knows is a great deal, and wants to play hard ball on closing costs being shouldered by you.
Vitesse304
05-23-2018, 10:12
I'm still putting money in savings every paycheck. Have quite a bit of liquid cash after the bils are paid each pay period.
As a first time buyer w/ VA loan a down payment wont be required.
I am however saving for my earnest money when I get to the point where I go under contract.
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If your car loan is around 3-5%, stop paying extra and put that money aside for your down payment. Even though you don't need to have a down payment for your VA loan, anything you put towards it will help in lowering your monthly payment. Just keep in mind that 4% of $275K is going to be more than 4% of a $15K car note. So you're going to want to lower the loan which will accrue the most interest.
If a home is what you are betting on within the next couple of months, then focus on getting more money for that since you are already able to put money into your saving and more towards your car payment.
As for earnest money and closing, don't bet on the owner paying or even splitting it with you. It's a sellers market right now.
In all honesty, I would wait...keep socking money away and wait. Anything in the sub $300K range will be over valued and overpaid for. Don't get caught in the trap of wanting a home now. A home is an investment and you need to buy right with your investments otherwise you'll be upside down or paying for a pit.
Keep saving, build up a good down payment or pay down the car and wait. Home ownership ain't all it's cracked up to be...your rent might be $1K a month, but once you own your home, the mortgage, home maintenance, taxes, utilities, etc will add up and could cost you more in the long term.
If your car loan is around 3-5%, stop paying extra and put that money aside for your down payment. Even though you don't need to have a down payment for your VA loan, anything you put towards it will help in lowering your monthly payment. Just keep in mind that 4% of $275K is going to be more than 4% of a $15K car note. So you're going to want to lower the loan which will accrue the most interest.
If a home is what you are betting on within the next couple of months, then focus on getting more money for that since you are already able to put money into your saving and more towards your car payment.
As for earnest money and closing, don't bet on the owner paying or even splitting it with you. It's a sellers market right now.
In all honesty, I would wait...keep socking money away and wait. Anything in the sub $300K range will be over valued and overpaid for. Don't get caught in the trap of wanting a home now. A home is an investment and you need to buy right with your investments otherwise you'll be upside down or paying for a pit.
Keep saving, build up a good down payment or pay down the car and wait. Home ownership ain't all it's cracked up to be...your rent might be $1K a month, but once you own your home, the mortgage, home maintenance, taxes, utilities, etc will add up and could cost you more in the long term.
Pretty solid advice. I would add that that extra time will allow you position yourself better financially (pay off other debt, save more money to put down, etc.) in the long run. Don't make the mistake most make which is financing WAY more home than you should and also financing as much of it as you can. If you can buy a less expensive house and put half down the pay more aggressively you'll be set for life before long. Most people can't do the half down part but all can do the buying less house than they can "afford" monthly part. Somewhere between those is the house you should be buying rather than just going off of what a realtor/mortgage broker says you can afford.
I'm still putting money in savings every paycheck. Have quite a bit of liquid cash after the bils are paid each pay period.
As a first time buyer w/ VA loan a down payment wont be required.
I am however saving for my earnest money when I get to the point where I go under contract.
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I came to the table with $2,500 earnest money and that was the absolute bare minimum up here in Denver. The closer you can get to the $5K mark, the better.
Great-Kazoo
05-23-2018, 10:56
Going to the bank in 10 days to get pre-qual'd on a house.
I don't anticipate finding what I want will be a fast process in this market.
I have two realtors on standby waiting on my pre-qual paperwork.
I pre-qual'd last year for $248K house.
I just paid off three credit cards and a student loan last month.
I imagine that puts me in the $260,000 - $270,000 range now.
looking north of I-70 preferably.
no Denver, Denver County or Boulder city.
As far east as Byers. As far north as Windsor
Aurora is a last resort.
If anyone knows of a house w/ a 3 bedroom, 2 car garage and basement for sale around or under $275,000 plz let me know. I will pay a $200 finders fee to the person if it checks out and I buy it.
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Well if they say you're good for more, touch bases. You'd pay more for a lot more than the denver metro area. BUT................you'd save the $200 finders fee ;)
CoGirl303
05-23-2018, 10:58
I came to the table with $2,500 earnest money and that was the absolute bare minimum up here in Denver. The closer you can get to the $5K mark, the better.
I have $1,400 of that now in savings. Next paycheck will easily put me there.
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I have $1,400 of that now in savings. Next paycheck will easily put me there.
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Well shoot! You are on the right track! Keep it up! Let me know when you close and if you need help moving.
CoGirl303
05-23-2018, 10:59
Well if they say you're good for more, touch bases. You'd pay more for a lot more than the denver metro area. BUT................you'd save the $200 finders fee ;)
I'll ask the bank, but I just don't think I'd get that much of a loan on a single persons salary. But I'd for sure love to have that 3 car garage shed.
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CoGirl303
05-23-2018, 11:07
Well shoot! You are on the right track! Keep it up! Let me know when you close and if you need help moving.
One of my friends has a realtor who helped her find her house and is gonna help me find one.
Another friend works preparing titles and mortgage paperwork and knows several realtors and she said I may end up around Johnstown area or further north but they can find me what I'm looking for or reasonably close to it. Plus she said they been having a run on people getting transferred to other cities for their jobs and literally have less than 30 days to pack up, sell the house and move and they don't wanna spend a bunch of time and effort trying to sell or haggling, so that's what I'm hoping for. 🤞🏻
Thanks! I appreciate that!
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StagLefty
05-23-2018, 11:17
The problem you run into with (ALL) homes is the POS investors who come in with a cash offer and scoop it away before you can even put a bid on it. If you using an FHA loan you will have a lot more leniency.
This is what I've been running into since last August. They scoop them up and put some cosmetic improvements and the cost goes up from there. Of course I'm looking at a much lower numbers market than most of you folks.
This is what I've been running into since last August. They scoop them up and put some cosmetic improvements and the cost goes up from there. Of course I'm looking at a much lower numbers market than most of you folks.
Yep. I cannot express the amount of anger I was feeling when experiencing this. I now lump those people in with the same types as used car salesmen, pawn shop owners, insurance appraisers/claim adjusters, etc.
Yep. I cannot express the amount of anger I was feeling when experiencing this. I now lump those people in with the same types as used car salesmen, pawn shop owners, insurance appraisers/claim adjusters, etc.
I was in real estate investment over a decade ago and prior to that I was a used car salesman for a brief stint out of high school. I guess we're sworn enemies then.
Point is individuals are more than their profession. I try to approach all people the same way (with a smile, caution and a plan to kill them if things go south) and let them show me if they're a shit head or not.
Yep. I cannot express the amount of anger I was feeling when experiencing this. I now lump those people in with the same types as used car salesmen, pawn shop owners, insurance appraisers/claim adjusters, etc.
Sounds just like how I hate all clowns, doctors, and astronauts, for all the same reasons.
StagLefty
05-23-2018, 13:38
Sounds just like how I hate all clowns, doctors, and astronauts, for all the same reasons.
Yeah those damn astronauts [Sarcasm2]
BladesNBarrels
05-23-2018, 14:56
Yep, those astronauts are out of this world!
so, you hate capitalism? you buy kydex, fix it up and sell it for a profit. different? not really.
I see it quite differently. I'm not trying to screw anyone over.
Bailey Guns
05-23-2018, 16:01
Sounds just like how I hate all clowns, doctors, and astronauts, for all the same reasons.
All right. I'll take one for the team and ask...what are those reasons?
All right. I'll take one for the team and ask...what are those reasons?
I was being facetious because claims adjusters have nothing in common with used car salesmen or pawn shop owners. I was going to make up funny reasons to carry on, but I decided I didn't feel like it today.
Damn. I was just making a batch of popcorn. [Pop]
Great-Kazoo
05-23-2018, 19:55
Damn. I was just making a batch of popcorn. [Pop]
BUTTER, GET YOU'RE HOT MELTED BUTTER HEAR.
Grant H.
05-23-2018, 20:41
I see it quite differently. I'm not trying to screw anyone over.
I'm not picking on you directly, but you're one of three people that I have heard complain about real estate investors recently.
How is making savvy business decisions trying to screw people over?
If you had the opportunity to buy low and sell high, would you pass it up? I doubt it, but maybe you are the one person that would in this world.
Vitesse304
05-23-2018, 21:02
One of my friends has a realtor who helped her find her house and is gonna help me find one.
Another friend works preparing titles and mortgage paperwork and knows several realtors and she said I may end up around Johnstown area or further north but they can find me what I'm looking for or reasonably close to it. Plus she said they been having a run on people getting transferred to other cities for their jobs and literally have less than 30 days to pack up, sell the house and move and they don't wanna spend a bunch of time and effort trying to sell or haggling, so that's what I'm hoping for. 🤞🏻
Thanks! I appreciate that!
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No offense...but keep in mind, these friends are in the business of making money. The housing market is hot, they're making lots of money, and you're just another person that is going to buy a house and they are going to profit off the transaction.
Is your realtor friend going to give up their commission? They might give up a half percent, maybe even one percent if they really like you, but they aren't working for free. And the more money you spend on the house, the more they make. That goes double for the banks. They want to give you the biggest loan they can while mitigating the risk of you defaulting. Even if you default, it's not like they're in a world of hurt since they can just take your house so they're going to approve you for more than you are probably comfortable spending.
I guess all I'm saying is just don't get your hopes up. I'm rooting for you, but in this market, you're gonna have to work twice as hard as the investors to find a property, and then twice as lucky to have the buyer accept your offer.
CoGirl303
05-24-2018, 03:44
thanks
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Great-Kazoo
05-24-2018, 07:07
No offense...but keep in mind, these friends are in the business of making money. The housing market is hot, they're making lots of money, and you're just another person that is going to buy a house and they are going to profit off the transaction.
Is your realtor friend going to give up their commission? They might give up a half percent, maybe even one percent if they really like you, but they aren't working for free. And the more money you spend on the house, the more they make. That goes double for the banks. They want to give you the biggest loan they can while mitigating the risk of you defaulting. Even if you default, it's not like they're in a world of hurt since they can just take your house so they're going to approve you for more than you are probably comfortable spending.
I guess all I'm saying is just don't get your hopes up. I'm rooting for you, but in this market, you're gonna have to work twice as hard as the investors to find a property, and then twice as lucky to have the buyer accept your offer.
If one sees a place they want, the offer should be ready before they walk, in the door.
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