home buying STRESS...
03-03-2005, 02:25 AM
#11
It is hard to lose a house you really want, but it always works out for the best. I remember my ex and I bid and lost on several places on the lake where we eventually bought our last house. And it ended up being the best one on a beautiful waterfront lot. So, hang in there!!
03-03-2005, 05:40 AM
#12
Registered User
Thread Starter
I already had big plans as to how I would make this house into a grand castle. oh man, it was going to be wonderful. you guys would've had to have seen this location... such a nice view, nice little neighborhood. it would've taken a bit of work, love and sweat... but it would've been magnificent afterwards. I probably would've never sold it.
03-03-2005, 06:33 AM
#13
Trit
Don't give up. There's always another train coming. You'll get a better one.
Don't give up. There's always another train coming. You'll get a better one.
03-13-2005, 12:50 AM
#14
Registered User
Thread Starter
I have now been outbid on three homes.
I wasn't even all that interested in this last home, but it was in a fairly nice neighborhood, and had been fairly well taken care of.
I offered fully $25K over what it was listed for... no time for a counter-offer even, it just got swooped up by someone else.
now my weekends consist of:
1. driving around and viewing numerous grossly overpriced houses
2. finding a few that are often barely up to my standards (and if I'm lucky, one that I really like)
3. bidding much more than they're typically asking.
4. getting outbid.
5. wash hands. repeat.
should I just wait for this housing bubble to pop??!! IS IT GOING TO POP? you guys would simply NOT believe what some of these houses are being offered at!! I really feel that some of these places have reached the level of completely foolish speculation, much like the stock market back in '99-'00. but then again, I thought the housing "bubble" was going to pop one or two years ago... and now I'm slapping myself for not buying then. it does remind me of the "I can't miss this boat! everybody else is making money AND I'M NOT!" must-hop-on-bandwagon mentality that burned so many others when the market crashed. (and admittedly left a few scorch marks on me-- fortunately I didn't make enough money to lose that much, comparatively).
I swear, these days I think about real estate 2 minutes out of every 3 that I'm awake, and my poor girlfriend-- supportive as she is-- is really getting bored with this repeated cycle of hope... stress... dismay... stress... hope... stress... dismay... stress...
I wasn't even all that interested in this last home, but it was in a fairly nice neighborhood, and had been fairly well taken care of.
I offered fully $25K over what it was listed for... no time for a counter-offer even, it just got swooped up by someone else.
now my weekends consist of:
1. driving around and viewing numerous grossly overpriced houses
2. finding a few that are often barely up to my standards (and if I'm lucky, one that I really like)
3. bidding much more than they're typically asking.
4. getting outbid.
5. wash hands. repeat.
should I just wait for this housing bubble to pop??!! IS IT GOING TO POP? you guys would simply NOT believe what some of these houses are being offered at!! I really feel that some of these places have reached the level of completely foolish speculation, much like the stock market back in '99-'00. but then again, I thought the housing "bubble" was going to pop one or two years ago... and now I'm slapping myself for not buying then. it does remind me of the "I can't miss this boat! everybody else is making money AND I'M NOT!" must-hop-on-bandwagon mentality that burned so many others when the market crashed. (and admittedly left a few scorch marks on me-- fortunately I didn't make enough money to lose that much, comparatively).
I swear, these days I think about real estate 2 minutes out of every 3 that I'm awake, and my poor girlfriend-- supportive as she is-- is really getting bored with this repeated cycle of hope... stress... dismay... stress... hope... stress... dismay... stress...
03-13-2005, 05:43 AM
#15
^ I know it is frustrating, but you are definitely not alone. In my opinion, the bubble isn't going to burst anytime soon, so just keep trying. It is crazy out there...
And a sellers' market.
And a sellers' market.
03-13-2005, 07:14 AM
#16
If the bubble is going burst, it may be selective.....and places like the Bay Area will be the first to go.
Have you thought about looking a little farther.....JUST outside the 'hot' zone? Does Oakland still have some fixer-upper bargains.....if you're willing to look past the current condition? (Easier for this architect to say that...
)
Good luck at getting 'on the train'
Have you thought about looking a little farther.....JUST outside the 'hot' zone? Does Oakland still have some fixer-upper bargains.....if you're willing to look past the current condition? (Easier for this architect to say that...
) Good luck at getting 'on the train'
03-17-2005, 12:23 PM
#17
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Is there any new construction in that area? I think you might be better off just getting what you want and not worrying about being outbid.
I've been looking for a place for 3 years. I currently have a 3 bedroom townhome with a 1 car garage. It's in a nice enough area, but I want more useable space, more garage space, more storage, and a detached home.
Last May (2004) I saw a listing for a new mini-community to be built in an area 5 minutes from my current home. They're building 7 homes. No more - no less. I was a little afraid of the price, but I signed up and left a refundable deposit. For various reasons related to county ordinances, permits, and contstruction crew availability, the project is STILL on hold. All of the original 7 depositers are still waiting, but there are now like 20 people on the wait-list in case someone backs out.
You might think I'd be really annoyed at the extreme delay -- but it's the best thing that could have happened. The contract price for the new home is set in writing and the builder has verified that the May, 2004 will be honored. In the meantime, my townhome continues to increase in value about $5000 every month. It's almost to the point where the base price for the new place is equal to the current market price of my townhome. Of course, I'll still add on $100k in options and upgrades, but I expect the value of the new home to increase by $100k or more the second I settle on the property and move in.
The point is -- with new construction, you can often get a price that is fixed in time. The place will only be worth more months later when construction is complete. Instant appreciation! And you'll be making money on your old property while the new, fixed-price home is being built.
Just a thought. As for me -- none of this means anything until construction actually begins. I admit I'm getting a little anxious after all this time, but if I end up moving into a brand new home in December, 2005 -- while paying May, 2004 prices -- I'll be VERY HAPPY.
I've been looking for a place for 3 years. I currently have a 3 bedroom townhome with a 1 car garage. It's in a nice enough area, but I want more useable space, more garage space, more storage, and a detached home.
Last May (2004) I saw a listing for a new mini-community to be built in an area 5 minutes from my current home. They're building 7 homes. No more - no less. I was a little afraid of the price, but I signed up and left a refundable deposit. For various reasons related to county ordinances, permits, and contstruction crew availability, the project is STILL on hold. All of the original 7 depositers are still waiting, but there are now like 20 people on the wait-list in case someone backs out.
You might think I'd be really annoyed at the extreme delay -- but it's the best thing that could have happened. The contract price for the new home is set in writing and the builder has verified that the May, 2004 will be honored. In the meantime, my townhome continues to increase in value about $5000 every month. It's almost to the point where the base price for the new place is equal to the current market price of my townhome. Of course, I'll still add on $100k in options and upgrades, but I expect the value of the new home to increase by $100k or more the second I settle on the property and move in.
The point is -- with new construction, you can often get a price that is fixed in time. The place will only be worth more months later when construction is complete. Instant appreciation! And you'll be making money on your old property while the new, fixed-price home is being built.
Just a thought. As for me -- none of this means anything until construction actually begins. I admit I'm getting a little anxious after all this time, but if I end up moving into a brand new home in December, 2005 -- while paying May, 2004 prices -- I'll be VERY HAPPY.
03-17-2005, 02:40 PM
#18
Registered User
Thread Starter
^ that's IF they actually build. not trying to be a party pooper, but they've agreed to a fixed price... which might not be adequate to cover their costs... so what incentive will they have to build? it could become a court issue. just my $.02.
oh, and I've now been outbid on 5 houses. the last one I offered $45K over their asking, + $3000 of my own money towards any Section 1 work. it would've been fully 52% of my gross monthly income. I still lost it. then again... 52% of my gross income after taxes leaves me with very thin cashflow. but it was one of the top 2 houses I've bid on yet.
oh, and I've now been outbid on 5 houses. the last one I offered $45K over their asking, + $3000 of my own money towards any Section 1 work. it would've been fully 52% of my gross monthly income. I still lost it.
then again... 52% of my gross income after taxes leaves me with very thin cashflow. but it was one of the top 2 houses I've bid on yet.
03-22-2005, 10:13 AM
#19
Registered User
Thread Starter
wow, I just found an interesting website regarding the housing market crash.
I'd be curious to hear anybody's opinions on what is stated in this site. lots of links to relevant articles from respected sources as well:
http://patrick.net/housing/crash.html
I'd be curious to hear anybody's opinions on what is stated in this site. lots of links to relevant articles from respected sources as well:
http://patrick.net/housing/crash.html
03-22-2005, 04:38 PM
#20
Registered User
I read the link. I cannot say if or when the "bubble" will burst, but I do have one question.
If I remember correctly, the deductible on an earthquake insurance claim is a pretty stiff percentage of the value of the home. I wonder what will happen if there's another quake and a lot of owners who are financially stretched tighter than a rubber band have to come up with the cash?
If I remember correctly, the deductible on an earthquake insurance claim is a pretty stiff percentage of the value of the home. I wonder what will happen if there's another quake and a lot of owners who are financially stretched tighter than a rubber band have to come up with the cash?