I had forgotten how much house hunting sucks.

[Sigblaster]

I've lived in my current home for almost 17 years, so it's been a while since I've shopped for one. I'm looking for a place I can move to and never move again, my forever home as they call it. It really sucks. I'm hoping more properties come onto the market over the summer, but even so, there is a lot of crap to wade through to find just what I'm looking for.

I don't mean all of them are crap, but a lot of them are. We have certain criteria that must be met, and it's frustrating when a house isn't crap, and meets most of those criteria, except for a fatal flaw, like an HOA, or no central air, or not enough bathrooms.

Anyone else shopping right now? Are you having any luck?

 

[gregkl]

Not shopping now and glad given the current market conditions.

But 6 years ago we looked at over 100 homes to find the one we are in now. At the time we thought it would be our forever home, but my daughter has other plans which involve us moving closer so we can be a bigger part of her growing family.

We lived in our previous home Lafayette for 16 years.

It's an arduous process. Make sure you like your agent.

 

[NKBJ]

Sigblaster, have you looked into a possibility that the housing market is going to flop?

 

[Sigblaster]

Not shopping now and glad given the current market conditions.

But 6 years ago we looked at over 100 homes to find the one we are in now. At the time we thought it would be our forever home, but my daughter has other plans which involve us moving closer so we can be a bigger part of her growing family.

We lived in our previous home Lafayette for 16 years.

It's an arduous process. Make sure you like your agent.

We're not connected to an agent, and I'm not sure we're going to be. I think Zillow and Realtor have made the concept of a buyer's agent obsolete. In fact, I believe they may be an impediment to the process.

I'm not looking to move so far that my kids' growing families are going to factor into it. Thanks for raising the points, though.

 

[gregkl]

We're not connected to an agent, and I'm not sure we're going to be. I think Zillow and Realtor have made the concept of a buyer's agent obsolete. In fact, I believe they may be an impediment to the process.

I'm not looking to move so far that my kids' growing families are going to factor into it. Thanks for raising the points, though.

I see. My agent was invaluable to us. She was patient, provided real input on whether we should consider a house or not(she steered me clear of some I was interested in and I'm glad she did), and without her we would not have gotten the house we did. We put our full price offer on it the morning it was listed. If she hadn't seen the house and called us, it would have been gone the offers were coming in that fast.

And of course, as a buyer it doesn't cost anything.

But I get it. Some like to do it on their own.

 

[Hoosierdood]

We're not connected to an agent, and I'm not sure we're going to be. I think Zillow and Realtor have made the concept of a buyer's agent obsolete. In fact, I believe they may be an impediment to the process.

I'm not looking to move so far that my kids' growing families are going to factor into it. Thanks for raising the points, though.

Agents are great at knowing the right inspectors, knowing neighborhoods, negotiating with sellers, knowing what documents need to be obtained, etc. We sold a house in 2019 and bought one in April 2020. Bought the 3rd house we looked at. Our broker (same one for selling/buying) was a life saver when it came to all of that. Sure you can find houses, and we did a lot of looking on Zillow. But where they really come in handy is once you have made an offer. Home buying is much different than it was 17 years ago.

Also consider that if you don't have an agent, you are relying on the sellers agent and title company to prepare everything. The sellers agent is contractually obligated to work for the sellers - not you. They do NOT have your best interests in mind.

 

[Denny347]

I'm not sure you can buy a house in this climate without an agent unless you have a FULL cash offer that exceeds the list price by a good margin. The market is crazy right now. Many houses are getting 10-20 offers their first day. Any house that is still available after a week on the market should be a possible indicator of something wrong with it.

 

[Sigblaster]

Sigblaster, have you looked into a possibility that the housing market is going to flop?

I have, and I don't think this is a bubble like we've seen in the past. This isn't being driven by the loose lending practices of the past.

This is something different. I looks to me to be part Covid related, and part sociopolitical, and I think these effects will drive the market for a long time. Covid has proven the value and effectiveness of working remotely, and certain social and political policies are driving people from the cities to the suburbs and beyond.

Homes in my neighborhood have increased in value dramatically. If it is a bubble, I plan to ride it to the limit, but as I said, I don't think it is a bubble. Regardless, I'm pre-approved to carry another mortgage in addition to my current one, for as long as I want to, and I do have the ability to do so. Even if I buy at the peak, I still won't get hurt.

It's just so hard to find something to buy. What the heck is wrong with people. You completely remodeled your home, "neutralized" the paint to that trendy gray that guarantees I'm going to have to paint every wall in the house, and you didn't install CENTRAL AIR CONDITIONING?!?!?!

 

[churchmouse]

I'm not sure you can buy a house in this climate without an agent unless you have a FULL cash offer that exceeds the list price by a good margin. The market is crazy right now. Many houses are getting 10-20 offers their first day.

This.

A good friend was looking to move and was "Shopping" and negotiating. I laughed at him and he got a bit pissy. After a week of missing out on everything he found (he had cash) He finally admitted I was right and settled into the rhythm that got him into a seriously nice place.

This is not like any market I have ever seen and yes it will have to implode eventually.

 

[MCgrease08]

I have put in offers on four houses in the past month and came up short on all of them. And my list of "must haves" is incredibly short which means I've been looking at a lot of houses, and I'm not looking for a "perfect" house. I can't imagine how tough things would be if I had long list of features.

Buyers are just doing crazy things right now. Every offer I put in was above list price and there were multiple people willing to pay more than me, waive inspections, cover the appraisal gap. It's nuts. Fortunately I can afford to be patient.

And I would echo what others have said about a buyer's agent: you really should have one in this market. It's absolutely bananas out there right now. I can't imagine doing it without an agent.

 

[Sigblaster]

gregkl, Hoosierdood, and Denny347, thanks for your input. I've been rolling the idea of a buyer's agent around in my head, and there are pros and cons of it. I'll roll it around some more and discuss it with my wife.

 

[lovemachine]

This market sucks. We like our 2 bedroom house, but we have been looking to upsize. I believe raising 2 boys in a 2 bedroom house could be rough.

Houses are selling like crazy, and for more than they’re worth.

We even looked into building. Since March, prices went up $25k.

Septic material prices are going up 70% by next week.

I’m starting to think we may have to stay where we’re at for a long time.

 

[lovemachine]

I talked to a survey company today. They informed me that a lot of home builders have limited what model house they’re selling now. Simply because they know how much it is to build, and can get the materials easier.

 

[Trevelayan]

We looked for about a year starting summer of last year. We got fed up and decided to rent a farmhouse until the stupidness stops. The process of attempting to buy a home was one of the most depressing and demoralizing things I've ever done. The market is completely unreachable for mid level earners right now. I refuse to participate in a market where you have 24 hours or less to decide if you want to make an offer along with 20 other families.

 

[Sigblaster]

This.

A good friend was looking to move and was "Shopping" and negotiating. I laughed at him and he got a bit pissy. After a week of missing out on everything he found (he had cash) He finally admitted I was right and settled into the rhythm that got him into a seriously nice place.

This is not like any market I have ever seen and yes it will have to implode eventually.

I don't think it's going to implode. Things are changing nationally. Commercial real estate is going to take a hit, I think, more than they already are. Telework has proven to be viable, and why rent office space that you don't need? And if you don't have to be in the office, why do you live near it, with all the associated problems of the areas where your office is located?

No, this is no bubble. This is widescale change in the operation of many industries. This isn't going away. This isn't going to implode.

 

[actaeon277]

Houses are notoriously slow moving.
Bad at hiding.
And can't dodge bullets.

 

[NKBJ]

To all,
Don't you recognize when it's fixing to capsize ?

 

[Sigblaster]

Houses are notoriously slow moving.
Bad at hiding.
And can't dodge bullets.

True, but remember that aluminum or vinyl siding is concealment, while brick exteriors are cover.

 

[churchmouse]

To all,
Don't you recognize when it's fixing to capsize ?

It has to. Nothing rolls this hard forever. It just can’t.

 

[phylodog]

Covid inflation coupled with the dollar tanking is playing a significant role as well. We searched for two years to find our perfect forever home and we were lucky to get it 2.5yrs ago. Our neighbors all thought we were nuts for paying what we did then, it would be well out of my price range now.