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buying a house?
3 years ago
(provided you dont live in California or other states where this has become a literal impossibility if you arent a millionaire)
make sure you have *more* than 20% down to cover the many MANY fees such as earnest money, home insurance (which you need *before* closing) cost for home inspection/appraisal, special inspection items such as radon, termites, mold, etc...realtor fees, and property taxes, on top of the usual stuff you deal with in rentals such as utility activation, cable/internet service transfers, etc. also be prepared to do any repairs if you dont have an FHA loan, because thats all on you with a conventional mortgage (and be prepared to have official offers declined by some sellers if you go with FHA, as then the seller will be obligated to do all repairs to be in compliance with the FHA's guidelines...which is something nobody wants to do anymore)
be prepared to have your home appraisal come back TENS OF THOUSANDS of dollars less than the final price on your contract (and dont agree to any clause demanding you pay a certain amount over appraisal, this is a predatory act done by people who know they're asking too much for their house) be prepared to hear every kind of excuse under the sun by owners to dodge doing even the most minimal of repairs to a house before closing (and then often refusing to renegotiate price after inspection/appraisal) be prepared to see houses in the worst most crime ridden neighborhoods, in the most decrepit of condition, with the greatest number of sex offenders per capita, get listed for six figure prices (also becoming a problem everywhere now)
yeah...factors contributing to make the housing market what it is aside...its REALLY turning people selling houses into absolute fucking scum, the greediest pieces of shit i've EVER seen. sellers markets bring out the worst in people, and i dont buy the whole "supply/demand" bullshit argument, sorry but the liberals are right on that one, just because demand is high doesn't mean you can sell your shitbox house for half a million dollars, sorry, but do you really think anybody is going to buy your overpriced piece of shit? (rhetorical question...some investor totally will...greed is good i guess?)
i feel sorry for my poor realtor...we've been working together for 2 years now, have driven all over the tri-county area, looked at nearly 20 places so far, made an offer on one house that fell through...made an offer on another house that fell through...gotten angry texts from "for sale by owner" sellers accusing us of lowballing, and still here we are continuing to search as interest rates rise by the minute, and my lease slowly runs out (because despite everything, despite ALL the financial rape associated with buying a home, its still cheaper than renting once you've made it to the other side)
if anybody reading this is thinking about buying a home, just keep all of this in mind, its not a simple, easy, stress-free process, it will suck the life out of you
make sure you have *more* than 20% down to cover the many MANY fees such as earnest money, home insurance (which you need *before* closing) cost for home inspection/appraisal, special inspection items such as radon, termites, mold, etc...realtor fees, and property taxes, on top of the usual stuff you deal with in rentals such as utility activation, cable/internet service transfers, etc. also be prepared to do any repairs if you dont have an FHA loan, because thats all on you with a conventional mortgage (and be prepared to have official offers declined by some sellers if you go with FHA, as then the seller will be obligated to do all repairs to be in compliance with the FHA's guidelines...which is something nobody wants to do anymore)
be prepared to have your home appraisal come back TENS OF THOUSANDS of dollars less than the final price on your contract (and dont agree to any clause demanding you pay a certain amount over appraisal, this is a predatory act done by people who know they're asking too much for their house) be prepared to hear every kind of excuse under the sun by owners to dodge doing even the most minimal of repairs to a house before closing (and then often refusing to renegotiate price after inspection/appraisal) be prepared to see houses in the worst most crime ridden neighborhoods, in the most decrepit of condition, with the greatest number of sex offenders per capita, get listed for six figure prices (also becoming a problem everywhere now)
yeah...factors contributing to make the housing market what it is aside...its REALLY turning people selling houses into absolute fucking scum, the greediest pieces of shit i've EVER seen. sellers markets bring out the worst in people, and i dont buy the whole "supply/demand" bullshit argument, sorry but the liberals are right on that one, just because demand is high doesn't mean you can sell your shitbox house for half a million dollars, sorry, but do you really think anybody is going to buy your overpriced piece of shit? (rhetorical question...some investor totally will...greed is good i guess?)
i feel sorry for my poor realtor...we've been working together for 2 years now, have driven all over the tri-county area, looked at nearly 20 places so far, made an offer on one house that fell through...made an offer on another house that fell through...gotten angry texts from "for sale by owner" sellers accusing us of lowballing, and still here we are continuing to search as interest rates rise by the minute, and my lease slowly runs out (because despite everything, despite ALL the financial rape associated with buying a home, its still cheaper than renting once you've made it to the other side)
if anybody reading this is thinking about buying a home, just keep all of this in mind, its not a simple, easy, stress-free process, it will suck the life out of you
first house i made an offer on met in the middle on price, and only fell apart when they refused to do any repairs (the place was not listed "as is", so yeah, our requests were not excessive) they bitched a fit about it so i said ok, dont do the repairs, but lower the asking price. they said no, so i walked. both parties lost money on that failed deal too, there were no winners (though they lost more than me, paying to keep the place on the market as well as the mortgage/taxes/utilities, etc...was moronic of them to refuse my requests) i was SO CLOSE to closing on that place too...but man it had issues (dont even have enough space here to describe all of them) but i was ready to tackle them for the right price...that never happened
second place i made an offer on outright refused cuz they said we were lowballing (which i most definitely was not) they got really aggressive about it too over the phone and "countered" with an offer that was so obviously unacceptable i was like yeah, fuck you! petty piece of shit...when you own a rotting 2 bedroom house with windows that dont even close properly and are asking 60k over the last appraisal value...what the hell do you expect? think anybody is gonna fall for that bullshit? the motherfuckers who own both those places are never going to sell unless some miracle foreign investor in a golden chariot shows up. average buyers like me? nope, fuck off with your greed.
yeah...definitely not the time to buy, probably the worst time in history really. was like the universe saw me enter the market in 2020 and was just like, "OH NO YOU DONT!!!!"
Just a couple weeks back my current landlord was showing our rental property to a new buyer. It seems like buying property is the new NFT where you gotta have it all to influx the market making it so millennials or even Gen Z can't buy houses.
Its pretty sad how the market is and I hope you find something. The first problem is you're looking in Illinois which is one of the most expensive states (for no reason) and that's why I moved to Iowa from there. It feels like Illinois without the cost of Illinois.
No conservative is for unregulated capitalism, because thst would lead to monopolies and a lack of competition (this is like, basic economics). The housing market is a bit different since it's not exactly a business per say, but yeah, I don't hear liberals talking about banning foreign inventors buying property up, I don't hear them talking about zoning more single family housing neighborhoods, i don't hear then talk about anything that would actually help solve this issue other than using it as another vehicle to attack capitalism, or accuse people/institutions of being racist.
So yeah, who really gives more of a damn about this? I'll continue voting the way I do thank you very much. How dare you assume the way I vote represents a value so obviously untrue