So when’s the housing bubble bursting?

[4 Dimensional]

The appraisal came back $5k more than our offer, so we’re going with equity. I was going to wait to lock my rate after the next fed decision but if I do, it’ll affect my closing date.

Wifey and I have already discussed if the rates go a percent or more lower than where we are at, then we’ll refinance. I’ll bite the bullet on closing cost again if it means I’ll save a couple hundred a month.

Closing is September 27th.

 

[praetor]

The appraisal came back $5k more than our offer, so we’re going with equity. I was going to wait to lock my rate after the next fed decision but if I do, it’ll affect my closing date.

Wifey and I have already discussed if the rates go a percent or more lower than where we are at, then we’ll refinance. I’ll bite the bullet on closing cost again if it means I’ll save a couple hundred a month.

Closing is September 27th.

FWIW, the market is already pricing in a rate cut so the rates shouldn't nose dive next week when they actually cut rates.

 

[jasonblacc]

The appraisal came back $5k more than our offer, so we’re going with equity. I was going to wait to lock my rate after the next fed decision but if I do, it’ll affect my closing date.

Wifey and I have already discussed if the rates go a percent or more lower than where we are at, then we’ll refinance. I’ll bite the bullet on closing cost again if it means I’ll save a couple hundred a month.

Closing is September 27th.

How long would you have to wait to refinance?

 

[4 Dimensional]

How long would you have to wait to refinance?

From my understanding, whenever I want to. But they’ll have to go through credit checking process again and whatever else they need to do. So it would be ideal unless the rate took a huge dip.

I’m at 6.025% now.

 

[Helico-pterFunk]

Eight Lazy Repairs to Watch Out for When Buying a Former Rental Property

A house that was rented out for years can often be a bargain, but keep in mind that many landlord and tenant repairs are designed to hide flaws, not fix them.

lifehacker.com

 

[DC_Dude]

 

[Helico-pterFunk]

'Predatory' behaviour: Realtor manipulated client into selling her house, B.C. regulator finds

A B.C. Realtor manipulated a client with whom he had a close personal relationship into selling her home, the provincial real estate regulator has found, in a ruling that describes the misconduct as "predatory."

bc.ctvnews.ca

 

[Helico-pterFunk]

Landlord tried to convert 1-bedroom units into multiple rooms, Metro Vancouver tenants say

It was the loud construction and series of Amazon packages that tipped off a group of tenants living at a rental building in New Westminster, B.C.

bc.ctvnews.ca

 

[Helico-pterFunk]

https://www.cnbc.com/2024/09/11/home-equity-is-at-a-record-high-heres-how-to-tap-it.html

 

[praetor]

 

[praetor]

The 30-year fixed might fall another .60% just from market normalization, i.e. typical spreads.

That alone could push the going rate to ~5.75%.

Throw in a lower 10-year yield thanks to a cooling economy, say closer to 3%, and you might have a 30-year rate in the high 4s next year.

Fed is somewhat priced in, but maybe not all the way given the projected 250 bps of cuts by Sep. '25.

It's *possible* those paying points could see rates down to high 3s on vanilla scenarios by then.

Will be interesting to see what that housing market would look like.

Is it a frenzy again or do rates that low this soon imply ugly economic conditions?

 

[Rah]

Currently going through the process of closing on my first home in the NOVA/DMV area. It’s just me so it’s not as stressful.

 

[DC_Dude]

Currently going through the process of closing on my first home in the NOVA/DMV area. It’s just me so it’s not as stressful.

Congratulations!

You buying in Woodbridge or further north to DC?

 

[Rah]

Congratulations!

You buying in Woodbridge or further north to DC?

Thanks bro!

I chose the Woodbridge area due to size/dollar ratio; specifically the Lake Ridge area.

 

[DC_Dude]

Thanks bro!

I chose the Woodbridge area due to size/dollar ratio; specifically the Lake Ridge area.

Smart move. Nice area.

 

[praetor]

Homebuyers and Realtors often believe the Fed Meeting is a catalyst for mortgage rates dropping. The reality is, by the time the Fed makes a move, the market has already priced that in...and then some! Today, the 2-Yr UST is a full 2% lower than the FFR. Mortgage Rates are about 1.5% lower than the early May '24 high.

Mortgage Bond Premiums are fattening up (more premium). However, higher rate coupon GNMA bonds (FHA/VA) seem to be underperforming UMBS (Fannie/Freddie), which is a sign (to me) that the market believes the bottom is not yet in for mortgages.

 

[Helico-pterFunk]

Colorado homeowner reveals 'nightmare reality' of dream home

A Colorado homeowner's TikTok has gone viral after she revealed the 'nightmare reality' of what was meant to be her dream home.

www.dailymail.co.uk

 

[Helico-pterFunk]

https://seattlerefined.com/the-home/refined-real-estate/refined-real-estate-lake-union-seattle-houseboat-views-rooftop-deck-ultimate-floating-home-oasis-lists-pnw-property?photo=1

 

[Politic Negro]

 

[Helico-pterFunk]

This State Leads the Nation for High-Priced Home Insurance

In Florida, 20% of homeowners are paying at least $4,000 per year for home insurance, the highest share of any state.

www.realtor.com

 

[Helico-pterFunk]

Burnaby strata ordered to pay $13,000 to owners for HVAC repairs

The strata at Gold House in Metrotown told the tribunal the HVAC units weren't common property, but the province's Civil Resolution Tribunal disagreed.

www.burnabynow.com

 

[Politic Negro]

 

[Rah]

Smart move. Nice area.

I ran the decision through Gemini (paid version) a couple nights ago; the foundation question was based on home value increase over the next decade (based on economy, competition, market, location, etc).

I recommend using these types of systems as decision support tools.

 

[DC_Dude]

 

[DC_Dude]

I ran the decision through Gemini (paid version) a couple nights ago; the foundation question was based on home value increase over the next decade (based on economy, competition, market, location, etc).

I recommend using these types of systems as decision support tools.

Facts. That’s actually very smart to do.

My mom’s mentor son has been renting his place out in Woodbridge for probably the last 30 years. Paid off townhome and because he is ex military he usually rents it out to military folks stationed at Quantico.

 

[praetor]

 

[DC_Dude]

 

[praetor]

 

[praetor]

 

[praetor]

 

[praetor]

I expected the rates to go up with a 25 bps cut but not with 50. Lol.

 

[Helico-pterFunk]

https://www.cnbc.com/2024/09/18/when-to-refinance-your-mortgage-as-the-federal-reserve-cuts-rates.html

https://www.cnbc.com/2024/09/12/how-homeownership-affects-retirement-readiness.html

https://www.cnbc.com/2024/09/11/home-equity-is-at-a-record-high-heres-how-to-tap-it.html

 

[Helico-pterFunk]

B.C. short-term rental restrictions reducing rents, saving tenants millions: study

A report led by the Canada Research Chair in Urban Governance says restrictions on short-term rentals in British Columbia have reduced rents by 5.7 per cent, saving tenants more than $600 million last year

bc.ctvnews.ca

Short-term rental restrictions reducing B.C. rents, study finds | Globalnews.ca

A report led by the Canada Research Chair in Urban Governance says restrictions on short-term rentals in British Columbia have reduced rents by 5.7 per cent, saving tenants more than $600 million last year.

globalnews.ca

Vancouver looks to fast-track 18-storey social housing projects in certain areas

Responding to council's direction to speed up affordable housing, staff propose enabling social housing towers across big chunks of the city

vancouversun.com

 

[Helico-pterFunk]

B.C. and First Nations reach deal to sell 2,600 condos at 60% of market value

An agreement between First Nations and the British Columbia government will see thousands of homes made available in Vancouver at 40-per-cent below cost.

bc.ctvnews.ca

 

[praetor]