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  1. #8601
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    Oct 2015
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    Quote Originally Posted by MarcusBrody View Post
    JP Morgan Chase is apparently raising their standards so that you're going to need 700+ credit and have 20%down to get a home loan. I'm curious as to whether other companies will follow.
    Just accepted a lower all cash offer over high offers that needed financing because we don't want to risk the deal not going through because of changing bank requirements. Crazy time to need to sell a house.

  2. #8602
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    Feb 2015
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    Real Estate Crash thread

    Any decent listings under ~$1.3m are still going under contract immediately here in metro Boston, often with multiple bidders. Listing supply will probably continue to contract making it likely that trend continues for at least a few more weeks.

    Right now there is little in the way of institutional leadership on handling in-person showings. My brokerage has taken the position that they ‘don’t recommend you do in-person showings,’ but they can’t tell their agents who are independent contractors how to run their businesses. Real estate was deemed essential at some point along the way. Some cities and towns have begun to ban in-person showings. Our national, state and local trade associations are yet to take a coherent position on the matter from what I can tell.

  3. #8603
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    Quote Originally Posted by char_ View Post
    Just accepted a lower all cash offer over high offers that needed financing because we don't want to risk the deal not going through because of changing bank requirements. Crazy time to need to sell a house.
    As someone who is going to be in the market to buy soon, I'm a bit worried about this. I have very good credit and can easily make the 20% down mark for where we're looking, but I'm worried that we are going to be competing with a bunch of cash offers from equity firms if things drop in price at all.

  4. #8604
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    Quote Originally Posted by MarcusBrody View Post
    we are going to be competing with a bunch of cash offers from equity firms if things drop in price at all.
    No way they are willing to compete at price you would pay. In 2008 zero down subprime loans were resetting at 8-10% so there was no point in trying to keep the house. With forbearance, higher down payments, and low fixed rates the foreclosure rate will be much much lower this time and supply will not be like 2008.

  5. #8605
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    Oct 2015
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    Quote Originally Posted by MarcusBrody View Post
    As someone who is going to be in the market to buy soon, I'm a bit worried about this. I have very good credit and can easily make the 20% down mark for where we're looking, but I'm worried that we are going to be competing with a bunch of cash offers from equity firms if things drop in price at all.
    We were frankly bummed to sell to an investor who will rent instead of another young family that needs a affordable place to live. Unfortunately, we aren't in a position where we can afford to pay housing costs in two locations for long.

    Good luck.

  6. #8606
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    Oct 2003
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    Big in Japan
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    I would be happy just to have cash in hand. Who knows what the rental market will be with UE at maybe 20% or even more. He may wind up selling in a year or two at a much lower price just to survive. His present numbers may look like a long lost fantasy.

    Let's do some livin'
    After, we die

  7. #8607
    Redfin's Data Center is now publishing weekly data.

    Boise & all markets pending sales

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    https://www.redfin.com/blog/data-center/

  8. #8608
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    Oct 2015
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    Quote Originally Posted by Benny Profane View Post
    I would be happy just to have cash in hand. Who knows what the rental market will be with UE at maybe 20% or even more. He may wind up selling in a year or two at a much lower price just to survive. His present numbers may look like a long lost fantasy.
    For sure. Just happy to be able to sell all things considered.

  9. #8609
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    Jan 2005
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    cb, co
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    Quote Originally Posted by Self Jupiter View Post

    Right now there is little in the way of institutional leadership on handling in-person showings. My brokerage has taken the position that they ‘don’t recommend you do in-person showings,’ but they can’t tell their agents who are independent contractors how to run their businesses. Real estate was deemed essential at some point along the way. Some cities and towns have begun to ban in-person showings. Our national, state and local trade associations are yet to take a coherent position on the matter from what I can tell.
    Such a shitshow. We went through several days last week in CO where they were flip flopping on what was allowed twice a day. As of now, between CO state rules and our lawyer's interpretation of them, I can't even do a virtual showing of a vacant home or even vacant land. Or hire a photographer to take photos or videos of a listing. Some agents are putting homes under contract, because in-person showings are then deemed part of the contract process and therefore allowed... Luckily April and May are super slow here anyway, so maybe it won't be that big of a deal.

  10. #8610
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    Apr 2004
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    Three-O-Three
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    My parents just sold their home in three days in South Carolina (for $500K+).... I believe they had four or five showings, which their realtor handled in person. It didn't sound like there were any restrictions on anything surrounding the listing setup, showings, etc.

    They're in a unique spot where they have a ton of military families moving to the area, and obviously those folks have mostly stable income. The market in their area doesn't seem to be affected all that much.

  11. #8611
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    Apr 2006
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    Quote Originally Posted by the propagandist formerly monikered brostoyevski View Post
    Redfin's Data Center is now publishing weekly data.

    Boise & all markets pending sales

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    https://www.redfin.com/blog/data-center/
    I never understood the appeal of Boise. Like if you cash out in another state, why the hell would you move to Boise over so many other, better options. Boise is all strip malls, traffic lights, Mormons, and poorly designed tract housing. What were people thinking?

  12. #8612
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    Quote Originally Posted by Kevo View Post
    I never understood the appeal of Boise.
    The state does have a lot of natural beauty and not knowing much about it, maybe Boise is just the name that pops out to everyone that thinks of moving to Idaho? Especially people from CA who are conditioned to living in big cities. Boise is the name that stands out.
    Quote Originally Posted by leroy jenkins View Post
    I think you'd have an easier time understanding people if you remembered that 80% of them are fucking morons.
    That is why I like dogs, more than most people.

  13. #8613
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    Jan 2009
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    Behind the Potato Curtain
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    Quote Originally Posted by Kevo View Post
    I never understood the appeal of Boise. Like if you cash out in another state, why the hell would you move to Boise over so many other, better options. Boise is all strip malls, traffic lights, Mormons, and poorly designed tract housing. What were people thinking?
    It's Sacramento light, nice old town, downtown and green belt. Suburban hell outside of that. Close access to prety good recreation though and was dirt cheap.

  14. #8614
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    Quote Originally Posted by liv2ski View Post
    The state does have a lot of natural beauty and not knowing much about it, maybe Boise is just the name that pops out to everyone that thinks of moving to Idaho? Especially people from CA who are conditioned to living in big cities. Boise is the name that stands out.
    Anything within an easy drive of Boise is so incredibly crowded (McCall, the Sawtooths, etc). IMHO there are much better options in Idaho.

    My brother (who is well-traveled but has never been to Boise) is getting to a point in his career when he can live anywhere. He recently told me he and his wife were thinking about Boise and I shared my long-form opinion. Maybe you are right that "Boise" is what pops into people's heads when they think Idaho.

  15. #8615
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    Jan 2014
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    403
    Boise having the biggest % rise of any West coast metro area in this cycle is a bit puzzling to me. The only explanation that makes sense to me is Idaho with few Mormons?

  16. #8616
    I just use it as a proxy for Western boom town for this cycle. NV, ID, UT, CO were the real speculative zones from what I've seen.

  17. #8617
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    Mar 2006
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    Boise reminded me of Iowa. Looks midwestern.

  18. #8618
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    Aug 2007
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    Had lots of time to kill today so I was looking at homes for sale, preferably water front. I did not find much I would want to buy. Found one home in Calgary I kind of liked. For about $1M US, it works. https://www.zillow.com/homedetails/3...1535954_zpid/?

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    Quote Originally Posted by leroy jenkins View Post
    I think you'd have an easier time understanding people if you remembered that 80% of them are fucking morons.
    That is why I like dogs, more than most people.

  19. #8619
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    Oct 2003
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    Big in Japan
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    Quote Originally Posted by Kevo View Post
    I never understood the appeal of Boise. Like if you cash out in another state, why the hell would you move to Boise over so many other, better options. Boise is all strip malls, traffic lights, Mormons, and poorly designed tract housing. What were people thinking?
    Back in 09-10, incredible bargains. They got hit hard by the housing crash.

    Let's do some livin'
    After, we die

  20. #8620
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    Aug 2007
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    Quote Originally Posted by Benny Profane View Post
    Back in 09-10, incredible bargains. They got hit hard by the housing crash.
    So did Bend Oregon. It was amazing how much that area got crushed and has come back.
    Quote Originally Posted by leroy jenkins View Post
    I think you'd have an easier time understanding people if you remembered that 80% of them are fucking morons.
    That is why I like dogs, more than most people.

  21. #8621
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    Sep 2006
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    Quote Originally Posted by liv2ski View Post
    So did Bend Oregon. It was amazing how much that area got crushed and has come back.
    Yep. We are about to find out how resilient some of these mtn. towns are.
    "We don't beat the reaper by living longer, we beat the reaper by living well and living fully." - Randy Pausch

  22. #8622
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    Oct 2007
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    Quote Originally Posted by Toadman View Post
    Yep. We are about to find out how resilient some of these mtn. towns are.
    I think that you'll find many of them are quite resilient, because their fanbase is made up of upper middle class white folk and, in Bend's case, the children of upper middle class white folks.

  23. #8623
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    Aug 2007
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    Quote Originally Posted by Kevo View Post
    I never understood the appeal of Boise. Like if you cash out in another state, why the hell would you move to Boise over so many other, better options. Boise is all strip malls, traffic lights, Mormons, and poorly designed tract housing. What were people thinking?

    No it’s not. Are you thinking of Pocatello?

  24. #8624
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    Apr 2004
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    cordova,AK
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    Quote Originally Posted by liv2ski View Post
    Had lots of time to kill today so I was looking at homes for sale, preferably water front. I did not find much I would want to buy. Found one home in Calgary I kind of liked. For about $1M US, it works. https://www.zillow.com/homedetails/3...1535954_zpid/?

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    not big on the wood interior, but if I had your money I would be looking at this
    https://www.realtor.com/realestatean...-63654?view=qv
    off your knees Louie

  25. #8625
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    Sep 2010
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    Shuswap Highlands
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    Quote Originally Posted by liv2ski View Post
    Had lots of time to kill today so I was looking at homes for sale, preferably water front. I did not find much I would want to buy. Found one home in Calgary I kind of liked. For about $1M US, it works. https://www.zillow.com/homedetails/3...1535954_zpid/?

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    Heh, what they haven't mentioned in those pics is that snow scene is probably in May, or early October.

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