General

Scott wrote:

Then if you're stuck in a lease that's another issue.
One of my employees hit the rent jackpot last month. Found a nice newer apartment, under priced, NO DEPOSIT and they let her move in with just a letter from me stating she was a good employee and makes X amount of money. Her first place too, so she's pretty happy. I wonder if someone was murdered there? lol

Our home value doubled in the last 5 years- but doesn’t matter because we can’t afford to get into anything else nearby. Our taxes have gone way up because of it so mortgage escrow is short and I end up paying about 100$ month more annually. Seems cool that it’s worth more but it kind of sucks. I need to discuss with a financial advisor soon.

This thread reminds me that I should probably sell a rental house or two off...

Anyone want to move to Michigan? I'll make you a deal...

Also, I have a 2009 Hyundai Santa Fe that I was hoping to get $4000 for. Just ran it at KBB and they made an instant cash offer of $6800! It's insane!

Yup, that's the problem with rising home values...you may be able to sell your home for way more than you paid for it...but everyone else's value rose too.

We refinanced Dec 2020 and got a 2.5% rate on a 30-year fixed on our primary (down from a 3.125% 10/1 ARM) and a 3.125% on a 20-year fixed on our rental property (down from 4.125% on a 30-year fixed).

We have a nice home (3200+ sqft) but the lot is small and the house is 3 floors (no basement) so it's not as open. But the prices are ridiculous here in the Portland metro area in Oregon.

Yeah, I was looking at getting a new car but I need one without a sunroof. Cars are already tough to get, much less ones they don't make too many of. Gave up and will probably just wait until next year's models.

The more we look into it, the more we are leaning towards waiting. I have a hard time giving up our 3.2% and having to double our mortgage knowing that we could be in a massive negative equity situation in a year. Yet it's hard not to debate... What if it only goes up!

MrBean wrote:

My first home this happened to me. Bought in 2006 and moved after residency- 3 years- during the collapse. Had to short sell it and got a loan / mortgage to get out. Took about 8 years to pay out of it.

Feeb wrote:

Oofff, that sucks!

Yeah we sold our old house and lost like 50k (bought two months before market collapsed, was underwater ever since). Now, if we sell our current house (which I wont) we could make 150k lol

All I have to say is Bean listen to your wife. You don't exactly have the personality for sound financial decisions... unless I'm mistaken.

John wrote:

CML

John wrote:

lol reminds me in 2020 I was going to sell my 2018 Renegade and get something cheap because I needed some fast cash. I was offered basically what I owed on it, 14k. Now trade in at the dealership they're offering me 23-25k. Of course you can't find a damn thing to buy and anything you order is 2-6 months out at minimum. Still I'm gonna probably trade up. Once I put a stroller in it plus two car seats, I can't get anything else in it.

Even if you do buy something you will have to bring it back later to get the chip installed.

Porksta wrote:

It greatly depends. I think Chevy is the only main one having issues and they're selling vehicles without heated/vented seats and steering wheels, some other features. I am not seeing that with Hyundai, Jeep or Kia. However I have heard that thanks to the Telluride Kia can't get caught up and are refusing orders on that vehicle through next year. I was inches away from buying a Palisade but am holding out for the new Jeep Cherokee 4XE and will likely decide between that and a full sized L. Of course it could be these other makes aren't openly advertising reduced features due to chip shortage either. I guess I'll find out.

KCPenguins wrote:

Hahaha, whaaaaaat? My DOGE investment is doing oh so well....

sinnie wrote:
That may vary state to state because when I was looking for a home years ago a realtor told us that it's legal to break a lease if you are purchasing a home. I'm sure you have to give proper notice and I don't know what that would be.

BlueJava wrote:

Could be true. I know it wasn't the case here. We were stuck in a situation a few years back where we had to decide to renew a year lease or get out. Our home in another state was in the process of being sold and we just kind of bought our current house because it was what was available where we wanted to be. I just didn't want to be locked into a lease for a year.

BlueJava wrote:

I don't know of any state where that is true/accurate. Sounds like Realtor bull.

In my experience, leases can be broken, but there is usually a fee of some sort to do so. It can be quite a bit though. One lease I had said I basically on the hook for the rent until a new renter moved in and I had to pay for all marketing costs.

SwiftJAB wrote:

Yeah, that's what I had to deal with here in MO years ago. I was offered a buy out option. My security deposit plus one additional months rent. I took it. That damn place was PITA. Residents throughout the building were awful.

Some states have a law that DV victims must be released from their lease. I've never heard of the release based on a home purchase though.

SwiftJAB wrote:

Well, yes, everything can be "broken" if you pay the agreed fees. That's not really "breaking" a lease. It is following the clauses of the lease.

In most states, if a lease does not specify an "out", then you are responsible for the remainder of the lease until it is re-rented, including marketing costs. Like you've stated here. Basically, you are responsible for leaving early until the landlord is "made whole."

-John...

We're lucky, my MIL has a place she uses as an investement propery in Bothell Wa so we are going to move and rent from her for the next few years (maybe take it permenantly). She will make a little more charging us less rent and cutting out the realtor fees. So we are selling out place here in Apex, NC and if I was buying my house right now in apex I wouldn't be able to afford it. When we bought in 2018 it was 374k. We meet with the realtor the other day and she asked what we were looking or and we said 550k. She laughed and said she sold a house around the corner with the same dimensions as ours for 650k. Told us our insides are better so we could be looking at 700k. The IT industry is moving into the Raliegh area like crazy and the amount of money being thrown around is ridiculous.

Put an offer in on a house today! Wish me luck… have my fingers crossed.

Good luck, we looked ourselves but everything is crazy. I bought my house in 2010, its a 2/2.5 bedroom townhouse ~1200 square feet. I got it for $167k, person i had bought it from paid $300k.

Current Zillow has it priced around $450k, basically triple what I paid. I can't imagine what people who are looking for a first time home and don't have the capital are going thru.

We decided to wait. Hopefully the market is better next summer.

Market might be better next summer but interest rates are going to be up and if the economy crashes it might be harder to even get a loan. Scary times buying. I'm concerned about car loan shopping

loztdogs wrote:

address?

I’m going to speculate the market for houses <500-600k are not going to change much in price. I’m betting people who get priced out of even higher-priced homes will fill demand for lower-priced homes as interest rates rise.

Man, 15 acres with a badass lake... The house isn't the best but wow I want that land -

https://www.zillow.com/homedetails/7755-Ravenna-Rd...

Then there's this fantastic house, lots of land, but appears to be very hilly https://apps.realtor.com/mUAZ/2fonrsyq

Ugh, wanted to stop looking but these apps keep notifying me!

That place looks great, love the lake! We're hoping to get more land when we do move. Put more distance between us and our neighbors.

I lived and worked in fair lawn for a few years.

I plan on going for less grass. I'm at about 1.25 acres now. I'd rather have 3/4 to 1 acre that I can setup a Husqvarna automower to take care of the open spots. Then small lawnmower the rest.

I live in PR and Ive been browsing for a while now and I can say we have the same problem here.

People are even paying stupid prices for bank reposessed houses way above asking price. Its crazy.

My house is worth ~900k +/- 50k, according to zillow and redfin. I owe $14Xk. It's time to sell.

I put in notice at work today, going to finish the work on it over the next couple of months and who knows, I'm close enough to Seattle I could get a bidding war. But even if things start going down, $850k easy, but in a wild world I could see it going $1.1M+.

After taxes, fees, still walking away with over half a million, best case I could walk away with upwards of like $750k.

Plan is to then start a business. Which business depends on how much capital I raise selling. Garage door installer in case crap really hits the fan. CNC-based wood goods manufacturer is mid range. Earth moving company is if I sell for a crap ton.

Short term I'll live with my parents once I sell / have it listed, willing to move cross country after that, though. In large parts of the country $400k can still get you an old Victorian mansion with a giant basement that could easily fit a work shop. Or converted schools or churches could make amazing places to live.

What I will likely be able to get in Washington:
https://www.zillow.com/homes/for_sale/23500193_zpi...
https://www.zillow.com/homedetails/44352-Geraldine...
https://www.zillow.com/homedetails/200-S-Ash-Ave-W...

I'd be willing to live those places, but if I look nationally I could end up somewhere like:

https://www.zillow.com/homedetails/205-W-State-St-...
https://www.zillow.com/homedetails/98-100-N-Broad-...
https://www.zillow.com/homedetails/109-W-Macon-St-...
https://www.zillow.com/homedetails/1405-M-St-Bedfo...
https://www.zillow.com/homedetails/133-Maple-St-Je...
https://www.zillow.com/homedetails/1222-Millington...
https://www.zillow.com/homedetails/3744-E-Ramsey-A...

etc. etc.
I'll probably stay local to Washington but I'm having to consider other places... real estate is so fudgeed on the coasts.

Our offer was accepted! Wooooohooooo!

Ready or not Montana, here we come….

https://imgur.com/a/nyYiMdh

Nice. Congrats!

kevolones wrote:

Thank you!

Indeed! Congrats!

And, Chad, that sounds great! Congrats to you also! And good luck!

Nice. Good job and grats to y’all. Nice places.

Awesome! Best of luck with the closing and move!