Real Estate Nate does it again!

[turbostang]

Some of you may or may not remember, I had a house built earlier this year and since my old one didn't sell, I coudln't move into it.

I was thoroughly pissed and really wanted out of what I had - it was simply too much house for me, didn't want the pool right now, and didn't need the extra sq. footage etc.

After that deal fell through, I began chatting with Nate - since I fired my other realtor who had WAY overpriced my house in the first place, the main reason it didn't sell - (even after many price reductions).

Through Nate's suggestions and ideas we were able to come up with something, get out of that house, and get the deal started on the new place. He helped get the new house selected, and recommended options etc.. that wouldn't hinder a sell in the future, or price it out of reason for the neighborhood etc. The whole process went as smooth as possible.

Thanks again Nate. I appreciate the help!

[Frank]

That's where I get concerned. We would like to move to something bigger, but I'm afraid we'll get stuck with a house that won't sell. The house next door has been for sale for over a year and now we have 3 more on the block for sale.

Does anyone know how it works where you decide to keep a house and turn it into a rental and move on, do your house payments on the old house change if its no longer your primary residence? Like don't the taxes go up if is no longer your homestead? I'm holding out hoping the interest rate will drop a little more. I am at 5.5% and been close to pulling the trigger on a refi.

[Lone Sailor]

That's where I get concerned. We would like to move to something bigger, but I'm afraid we'll get stuck with a house that won't sell. The house next door has been for sale for over a year and now we have 3 more on the block for sale.

Does anyone know how it works where you decide to keep a house and turn it into a rental and move on, do your house payments on the old house change if its no longer your primary residence? Like don't the taxes go up if is no longer your homestead? I'm holding out hoping the interest rate will drop a little more. I am at 5.5% and been close to pulling the trigger on a refi.

This marks the 5th straight week that interests rates have risen. I wouldn't be so sure that they will get back down as low as we've seen earlier in the year.

[Vertnut]

"Dream rates" are done. Inflation is coming. It was once in a lifetime for most of us. We got lucky (for once) and got a 3.75 15 year mortgage 4 or 5 weeks ago. I see 6.0-6.5 by summer on a 30 year deal.

[Sgt Beavis]

6.5% was a dream rate about 30 years ago..

I'm in the same boat in that I want to buy a home that is on the market but I know it would be difficult to sell my house. Even if I sell it at a loss (which I'm prepared to do)

I had found a great house in Little Elm for $230,000. Near the lake and surrounded by homes costing up to $1.5million. But I missed out because I don't have the ability to get out of this house in a reasonable amount of time.

[dblack1]

I hope you don't see 6.0+ rates by summer. That will kill housing prices across the board. That is $150 a month more for the same median sales price.

I've been house shopping for about a year now, but I don't live in the DFW area. Total inventory in my market is the lowest it has been in the last 20 years. I have 138 total homes for sale in my town of 20k+. 10 years ago it averaged in the low 300 range. A ranch home in a nice area is bringing mid $90's a sq/ft. They have gone up in price a couple precent a year since 06. New construction here is $100+ a sq/ft, but the lot/land is high, averaging $40k or so per half acre lot near town.

You could always have something to bitch about with housing.

[TX_92_Notch]

That's where I get concerned. We would like to move to something bigger, but I'm afraid we'll get stuck with a house that won't sell. The house next door has been for sale for over a year and now we have 3 more on the block for sale.

Does anyone know how it works where you decide to keep a house and turn it into a rental and move on, do your house payments on the old house change if its no longer your primary residence? Like don't the taxes go up if is no longer your homestead? I'm holding out hoping the interest rate will drop a little more. I am at 5.5% and been close to pulling the trigger on a refi.

This marks the 5th straight week that interests rates have risen. I wouldn't be so sure that they will get back down as low as we've seen earlier in the year.

Yep - I would refi ASAP. We're closing on our refi tomorrow. Went from a 30 year at 5.875 to a 15 year at 3.75. Knocked roughly 7 years off the note and dropped our payments $80-ish per month. The finance guy said rates were on their way up... maybe not as high as 6.0 by summer, but the 3's won't be around much longer.

Even if you get in at 4.00 or somewhere in that realm, that's a bad-ass rate compared to 5.50...

[SVT Lurch]

Does anyone know how it works where you decide to keep a house and turn it into a rental and move on, do your house payments on the old house change if its no longer your primary residence? Like don't the taxes go up if is no longer your homestead? I'm holding out hoping the interest rate will drop a little more. I am at 5.5% and been close to pulling the trigger on a refi.

Your taxes will go up roughly 25% (without the homestead exemption). Your principal and interest shouldn't change unless you're with a ridiculous servicer. I would NOT hold out for rates to drop, especially any time soon. See below. Also, if your house is currently listed you will be unable to refinance.

This marks the 5th straight week that interests rates have risen. I wouldn't be so sure that they will get back down as low as we've seen earlier in the year.

Agreed 100%. In the last 3 weeks rates have gone up over half a point (we were quoting 3.750% on a 15 year, now you'd be lucky to get 4.375%. The 30 year will probably be at 5.000% by the end of the day - if it's not there already).

There is large amounts of volatility in the market and rates have gotten worse every day except two the last three weeks. Sometimes they've even gotten worse 2-3 times during the day. We can't see anything showing stabilization in rates until after the new year - but even then no one expects them to come back down.

[TX_92_Notch]

There is large amounts of volatility in the market and rates have gotten worse every day except two the last three weeks. Sometimes they've even gotten worse 2-3 times during the day. We can't see anything showing stabilization in rates until after the new year - but even then no one expects them to come back down.

That really sucks - my parents just started construction on their 'dream home' near Lake Texoma.

I asked if they were able to lock in their rate and my mom said the finance guy told her they couldn't lock in until the house is complete. Is that true? If so, what a bummer.

[KBScobravert]

Nate does great work. lol We love the house he got us into.

[dblack1]

That really sucks - my parents just started construction on their 'dream home' near Lake Texoma.

I asked if they were able to lock in their rate and my mom said the finance guy told her they couldn't lock in until the house is complete. Is that true? If so, what a bummer.

Wells Fargo will allow you to hold the rate for a points basis fee. They go out over 9 months, but on a 200k loan it will cost you 2k.

[SVT Lurch]

That really sucks - my parents just started construction on their 'dream home' near Lake Texoma.

I asked if they were able to lock in their rate and my mom said the finance guy told her they couldn't lock in until the house is complete. Is that true? If so, what a bummer.

Depends on the lender. We can go up to 1 year out (recently down from 2). That particular investor charges half a point up front but you get one chance to float the rate down within 60 days of closing. The 1 year rate is 1.000% higher than today's rate though.