patrick.net

I frequently drive past this one in my blue-collar section of East SJ.

It faces a quiet residential street, but it's on a corner of a major four lane road. Used to be six lanes till our Progressive Mayor took two lanes away for bike lanes. The bike lanes are two-wheel suicide lanes. Better to stay on the sidewalk.

Behind this 3 BR 1300 sq ft home is a moribund strip mall that's had more than one murder committed.

According to the ®eal Estate site cited here in the link, a month ago the offer for about $1.3M was accepted.

With the various and sundry Junk Fees added to the base assessment, I suppose the "lucky" buyer who "got" the house signed up for a tax bill of about $18k per year. Didn't the Republican Congress limit deductibility of such local taxes in recent years?

The same ®eal Estate site estimates the place would collect about $3500 per month in rent. It means the "lucky" buyer will be on the hook for a huge ownership premium over renting, unless of course they didn't borrow. Still, though, at today's interest rates if my math is right the theoretical "all cash" purchase amount of $1.3 M would yield about $50K in one or year treasuries (no state income tax!) far exceeding the ®eal Estate website's $3500/month rent estimate.

Sheesh. Who the f*ck are these people?

https://www.zillow.com/homes/2903-Remington-Way-San-Jose,-CA-95148_rb/19793140_zpid/

richwicks says

But I'm seriously worried about Bitcoin, he had a bad reaction to the vaxx and then insisted on getting another, and I've not heard from him since.

As I've said before I wish no ill will on anyone. Even if we've had an issue here. I think I have with most everyone here to be honest, but generally tame with regards to an internet argument outside of maybe 4-5 outbursts on my end.

No one is ever going to agree 100%. I frankly don't understand why he would get vaccinated as I believe he's in his 30's-40's. I also don't understand admitting a bad reaction and then getting more of the same stuff. Boggles my mind. I hope he's fine. Tons of people have adverse reactions to mundane drugs let alone a vaccine. I am and will stay a pure blood until I see the results over what would be the normal time. Which is not under 2 years.

https://www.mortgagenewsdaily.com/markets/mortgage-rates-10062022

No, Mortgage Rates Aren't Lower This Week. They're Actually Back Over 7%

https://old.reddit.com/r/RealEstate/comments/xxe2j3/how_to_tell_bank_that_i_will_be_moving_out_of_my/

I bought a house about 3 months ago in FL with a primary 5% down to live near family and now my company is forcing us to come back to the office (in a different state) so my question is if there is anything I need to do like notify my bank or something (what's that process like) since I won't be meeting the one year minimum requirement. I intend to rent it out once I move since selling it would probably put me in a negative and the rates were lower than today.

WookieMan says

richwicks says

But I'm seriously worried about Bitcoin, he had a bad reaction to the vaxx and then insisted on getting another, and I've not heard from him since.

As I've said before I wish no ill will on anyone. Even if we've had an issue here. I think I have with most everyone here to be honest, but generally tame with regards to an internet argument outside of maybe 4-5 outbursts on my end.

No one is ever going to agree 100%. I frankly don't understand why he would get vaccinated as I believe he's in his 30's-40's. I also don't understand admitting a bad reaction and then getting more of the same stuff. Boggles my mind. I hope he's fine. Tons of people have adverse reactions to mundane drugs let alone a vaccine. I am and will stay a pure blood until I see the results over what would be the normal time. Which is not under 2 years.

Maybe @Patrick could send a wellness check to his email?

https://www.reddit.com/r/REBubble/comments/xwnzbl/my_fair_reasonable_rate_adjusted_offers_aka/

My fair, reasonable, rate adjusted offers “aka lowball” are now coming with 24 hours expiration

I did a 24 hour deadline for less than list price on the house I closed on in August.

But that’s because I was burned by a previous seller who took 7 DAYS to consider our offer and wouldn’t discuss anything with our realtor and was basically unreachable. They rejected it, and that house didn’t close until yesterday for less than what we offered, almost two months after we moved into our new home.

Zillow map of for sale in Santa Cruz area. Light reds are ones clicked on to look at offerings. Couple of months ago, you might have to wait several weeks just for a single listing or two to even open up in Capitola, now several. Some reductions, but mostly holding on to hopium prices while the market gets more cluttered with inventory. It is interesting that a lot of the listings are clustering along the most expensive shore front properties.

stereotomy says

Maybe @Patrick could send a wellness check to his email?

Now anyone can cause a private email to be sent to another user by tipping him or her and including a private message as the comment with it.

I just did it myself to Bitcoin. I'll let you know if he answers.

https://www.reddit.com/r/REBubble/comments/xz7oja/story_time/

New England area:

Husband and I have been looking for a house since about March when prices were still a bit high. From then until now we’ve put offers in on 3 different homes. All homes sold for about 5k-10k above our offers. One was the same offer as ours but an all cash sale for 550k.

Very early in September a new house came on the market listed for 625,000 we said “eff it, let’s go see it” (our budget being about 600 with interest rates at 5.2).

We saw the house, really liked it, but it had an EXTENSIVE mold issue, needed all new windows, new roof and had a pool in the backyard that likely needed to be filled in. The woman that lived there was an empty nester and sort of let the maintenance on the home go awry for, oh, say 25 years. There was no way the house was worth 625.

So we shot her an offer within 3 days of the house being on the market: 550, she came back at 605. We said “no thanks!” and moved along. We did really love the home. It was the perfect layout for a “forever home”, but needed a lot of elbow grease and a lot of funds to get it up to normal (not even fancy!) standard.

Fast forward two weeks, the fed shoots up rates, house is still sitting on the market after two open houses. At that point rates were, I think, 6.2. Seller contacts our agent and says “are your buyers still interested? We can do 575”. We again say “no thanks”. With rate hikes the mortgage would be higher than 600k at 5.2%. Certainly not a deal for us by any measure. Just last week she reached out again and said “I can do 550”. Our initial offer. Which, again, would still put us at a HIGHER mortgage than the 575 at the prior rate.

They’re just not getting it. Prices are coming down but they’re certainly not getting it. Our lovely realtor gave us the old “marry the house, date the rate” line.

No thanks 😊

Logan reference:

Booger says

“marry the house, date the rate”

is this something common phrase in RE market! Just last week I heard realtor woman on 92.3FM (an Indian channel in bay area, ca) says, '...if you are seller I'd say wait a year to get top price, if you are buyer maaaaa...aaaaaarry the house...'. Lol! that indicates that there are enough not so smart folks around when it comes to RE since she claims she is one of the 'top' realtor in Bay Area! There is one other RE guy comes on different days in that channel, he named him self "Bro" who plays sound clips of prerecorded testimonials from his clients how great the "Bro" was in purchasing their shack. His commercials involve a wife says to her frustrated husband/victim home buying is so easy with "Bro". RE is really crazy as long as the $Ts of gov money involved in loan process.

Booger says

They’re just not getting it. Prices are coming down but they’re certainly not getting it. Our lovely realtor gave us the old “marry the house, date the rate” line.

Great post.

Yep, as I said before:

For all the talk of all cash buyers, 5 members of an Asian Family going in on a big house, etc. etc. the #1 source of buyers is Joe Blow and his demanding wife, looking at the monthly mortgage payment, not the total price.

https://news.yahoo.com/homebuyers-rejecting-more-offers-ever-090050885.html

Homebuyers are rejecting more offers than ever for 'tiny' issues. What's a seller to do?

https://www.cnbc.com/2022/10/11/mortgage-rate-is-over-7percent-harder-to-qualify-for-loan.html

It’s bad enough mortgage rates are over 7% – now it’s harder to qualify for a home loan

https://www.bloomberg.com/news/articles/2022-10-11/flipping-houses-burns-investors-caught-in-us-real-estate-slowdown

Home Flippers Get Burned by US Housing Market’s Sudden Slump

https://archive.ph/hFyRB#selection-4209.0-4215.102

My beautiful fiat equity! Melting, melting!

Strange how zillow stats roll. House next to us officially sold at half price due to inheritors 'buying' it and paying off the other inheritor to occupy the home. That has dragged our comps down nominally in their estimates.

Ceffer says

Strange how zillow stats roll. House next to us officially sold at half price due to inheritors 'buying' it and paying off the other inheritor to occupy the home. That has dragged our comps down nominally in their estimates.

Shit happens.

Property tax increase:

https://finance.yahoo.com/news/home-flippers-trouble-again-210545480.html

Home flippers are in trouble again

Booger says

https://news.yahoo.com/homebuyers-rejecting-more-offers-ever-090050885.html

Homebuyers are rejecting more offers than ever for 'tiny' issues. What's a seller to do?

This has never stopped. When you have 5 parties involved in a transaction they have to justify their worth. Inspectors are probably the worst from my experience. All other parties generally want the transaction to go through. The inspector gets another inspection from that buyer if the deal doesn't close because they made chipping paint a problem. There's no incentive for them not to dramatize minor problems with a property. Especially with the wife around. Inspectors are a racket more so than realtors.

WookieMan says

Booger says

https://news.yahoo.com/homebuyers-rejecting-more-offers-ever-090050885.html

Homebuyers are rejecting more offers than ever for 'tiny' issues. What's a seller to do?

This has never stopped. When you have 5 parties involved in a transaction they have to justify their worth. Inspectors are probably the worst from my experience. All other parties generally want the transaction to go through. The inspector gets another inspection from that buyer if the deal doesn't close because they made chipping paint a problem. There's no incentive for them not to dramatize minor problems with a property. Especially with the wife around. Inspectors are a racket more so than realtors.

Homebuyers are rejecting more offers than ever - is good to bring prices to make shack to be a non-ATM but holding cash at 10+% inflation is equally risky unless be in stock, bond, commodities or some physical assets. I seriously doubt if the real inflation will go below 10% at least in a year or two. In that scenario physical goods including home/shack prices will not go further down in many areas.

https://lbpost.com/news/rising-interest-rates-dump-bucket-of-ice-water-on-hot-real-estate-market

Rising interest rates ‘dump bucket of ice water’ on hot real estate market

cisTits says

Not a surprise to me or the others denigrated by the 'housing experts' of PatNet when we started calling this 7 months or so ago.

Patnet housing punching bag no more! LOL! The Reckoning is nigh!

WookieMan says

There's no incentive for them not to dramatize minor problems with a property. Especially with the wife around. Inspectors are a racket more so than realtors.

That is why when I sold off some rentals (and a main home), I would leave something I planned to repair anyway undone so the inspector would have an issue to find. That way the inspector looks like a hero and proved he is worth the cost to the buyer.

LOLOL

https://www.reddit.com/r/RealEstate/comments/y2bho6/in_need_of_solution_for_cancelled_showings/

in need of solution for cancelled showings

Our house has been on the market for about two months now (southeastern USA) and we've had about four cancellations last minute. I have a 8mo and it's very difficult to clean the house last minute for someone that calls our realtor and says they want to see the house in 2hrs. I'm so frustrated. I thought we might only do showings on certain days so that I could plan in advance and it won't effect us as much if they cancel but my realtor said it's a bad idea. Is there anything else we can do?

Edit to add I guess I'll talk to my realtor about possibly needing to lower the price.

zzyzzx says

https://www.reddit.com/r/RealEstate/comments/y2bho6/in_need_of_solution_for_cancelled_showings/

in need of solution for cancelled showings

Our house has been on the market for about two months now (southeastern USA) and we've had about four cancellations last minute. I have a 8mo and it's very difficult to clean the house last minute for someone that calls our realtor and says they want to see the house in 2hrs. I'm so frustrated. I thought we might only do showings on certain days so that I could plan in advance and it won't effect us as much if they cancel but my realtor said it's a bad idea. Is there anything else we can do?

Edit to add I guess I'll talk to my realtor about possibly needing to lower the price.

This was the FUCKING DUMBEST thing I dealt with in real estate. You're selling your god damn house. Prepare yourself. Having raised two babies with my wife, the kid can skip a fucking nap. You triggered me zzyzzx. You're not some special snowflake when you go to sell your home. A cancelled showing affects more than just the seller. We dealt with it on a daily fucking basis. Your fucking kid can nap later. Parent better.

This is probably a top 5 reason I got out of RE. Humans are selfish as fuck. Set times you're available to show your home. You can easily have the Realtor put that in the MLS. Not complicated. Cancelled showings happen with EVERY listing. You're not special as the homeowner and being upset that you have to take your kids to the park or go have a beer at your local establishment is what you do. Stop being pussies.