House shopping

[32vfromhell]

It's not that difficult.

Research the market, and understand that in a hot area, you will need to put in a good offer within a few hours of it hitting the MLS.

We put in an offer for our house slightly above asking price. Worked out well because the mortgage appraisal was close to 12k over what we offered. Know the value against comparable properties (comps) .


Also, "fixer uppers" are a giant pain in the ass, and will destroy any semblance of "saving money" . I'm glad i got a house where the majority of the renovations and upgrades are done.

Oh, and use Zillow to monitor areas you like. Its an awesome tool!

[black2002ls]

quitter.

I agree though. I can't believe some of the prices I am seeing in my neighborhood alone.

The last 10 or 12 houses we closed over there were going for Devonshire money. We sold 40 houses in the first two and a half months of the year in Devonshire alone. Prices have also increased 30-40k across the board for us out here as well. A LOT of people are taking advantage of that and putting their houses on the market.

[03mustangdude]

Went 30% higher on one house last year and got outbid so cooled off till I got my current place for $100 over.

[Rreemo]

Our experience wasn't bad at all. But now the house is a damn PITA...

Found this under the porch when replacing fascia boards. I've spent the last few days bracing, ripping it out, and replacing... Now I can finally get back to putting up the hardie plank..

That kind of looks like one of the pillars at my old house. You aren't in Trophy Club now are you?

[32vfromhell]

Went 30% higher on one house last year and got outbid so cooled off till I got my current place for $100 over.

Damn! Asking price + 30% and still got outbid ? That home sounds like its pretty underpriced.

[Big A]

It's not that difficult.

Research the market, and understand that in a hot area, you will need to put in a good offer within a few hours of it hitting the MLS.

We put in an offer for our house slightly above asking price. Worked out well because the mortgage appraisal was close to 12k over what we offered. Know the value against comparable properties (comps) .


Also, "fixer uppers" are a giant pain in the ass, and will destroy any semblance of "saving money" . I'm glad i got a house where the majority of the renovations and upgrades are done.

Oh, and use Zillow to monitor areas you like. Its an awesome tool!

Knowing the market is key, my limited experience here in CA has been a real eye-opener in terms of value and fluctuations. What's worth $300k here is tiny in an older neighborhood as compared to what I would expect to buy there in DFW. The kicker is that the same house was worth $180k 3 or 4 years ago, and $375k a decade ago. I shit you not, the market out here is a rollercoaster, and we came across several folks listing their home for 2004 money, because in their mind that's "what it's worth," but the listing agent knows damn well it won't sell for that any time soon.

The same works in reverse as a buyer, now that the market is coming back up. The fact that a house sold for $180k 3 years ago has little bearing on what it's worth today, especially if there is a low inventory of available homes in the area. If you are dead set on finding that $180k deal, you're likely going to stay disappointed until the market drops again.

[talisman]

It is definitely a beating, especially if it's 2 people trying to make a decision instead of just one. You've got to stay pro-active. Sign up on websites updates so you can try and see them the day they hit the market. I used Realtor.com and found my house before my Realtor did. His auto updates sent me an email a day or two after I had already found it. lol Try to stay positive. As stated it is a sellers market in DFW, and has been for the last 2 years.

[03mustangdude]

Damn! Asking price + 30% and still got outbid ? That home sounds like its pretty underpriced.

yep with foundation issues. It was underpriced but when fixed up would bring 110+ all day. But it was in the best location and the previous owners did a ton of upgrades on backyard.


Put in an offer of 101101 found out later someone put in a offer of 108500

Listed for 75? something like that.

[Pro88LX]

IM building right now will be done in oct. way easy.

[josh9167]

We bought our house last month (had some relocation money to spend) and got it for 5K under what the seller wanted. The place next door (similar in sq. ft., age, upgrades, and style) just went for $30k more than we paid....nuts

[Strychnine]

It's a seller's market right now in many areas, accept that, and set expectations accordingly.

We had 4 offers on our house in Arlington in 4 days, some above asking price.

Our new house... Got lucky and someone's financing fell through the night before and it hadn't been relisted yet - we put down money within the hour.

[32vfromhell]

yep with foundation issues. It was underpriced but when fixed up would bring 110+ all day. But it was in the best location and the previous owners did a ton of upgrades on backyard.


Put in an offer of 101101 found out later someone put in a offer of 108500

Listed for 75? something like that.

Must have been cash offers, because almost all mortgage companies won't loan on a house with foundation issues.

[fordracing19]

Several years ago we looked at over 50 houses with the realtor but never found what we wanted. Ended up buying some acreage and building.

[03mustangdude]

Must have been cash offers, because almost all mortgage companies won't loan on a house with foundation issues.

was a hud home that qualified for fha. Still had to pay difference in what they list it for vs what sold for in cash.

[8mpg]

I wouldnt want to buy right now with everything going for asking or above. I would definitely look into building though.