rebag00 said:

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It kind of feels like a bubble.

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I agree. Luckily we are somewhat protected due to the insane demand we have from all of these people moving here however. If demand were to fall for some reason causing values to tank then we could see one hell of a pop due to all of these people buying at the worst time ever and putting very low down payments down. So many uneducated buyers out there that don't even factor in taxes either.

Talking to the realtor we used to sell our house in December '19 this past weekend and she just posted a house in the same neighborhood two weeks ago that had 56 offers after 3-4 days and sold for 110k over asking. Insane.

Yeah my concrete guy is saying independent drivers can't get concrete anymore and they're only letting big companies pickup. I didn't know why

OKC~Ag said:

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rebag00 said:

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It kind of feels like a bubble.

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Even if this is a bubble, I can't leverage it. I can't sell my current home and go where? There is no good trade available around me...

I guess you could sell and move to 3rd world or Oklahoma... ( I am just kidding okalahoma)

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You can leverage the growth via a cash-out refinance and use the proceeds to pay off higher interest debt or make other investments.

AgLaw said:

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OKC~Ag said:

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rebag00 said:

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It kind of feels like a bubble.

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Even if this is a bubble, I can't leverage it. I can't sell my current home and go where? There is no good trade available around me...

I guess you could sell and move to 3rd world or Oklahoma... ( I am just kidding okalahoma)

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You can leverage the growth via a cash-out refinance and use the proceeds to pay off higher interest debt or make other investments.

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Those are hard to get under a jumbo these days, from what I understand.

I closed on a cash out about ten days ago. We didn't have any trouble finding one (actually had multiple offers via Lending Tree). I ended up going with a local bank where I keep deposits. The rate moved 25 bps between initial offer and rate lock (which made the final close rate 25 bps over my other best offer), but other than that, the process was seamless.

If you want a contact, shoot me a PM.

Ha! Yes, we talk about this all the time.

Re: just paint your house white and watch it increase by $200k over night! It reminds me of the Portlandia skit "Put a Bird On It!" if you know what I'm talking about.

I would say almost 100% of the new mansions that have sprung up in our area in the last five years are white. And that then means the Ranch reno's are painted white to try and compete. We will be one of the few (if we are able to move this year like we want to) that will be a plain old ranch that comes as is. Our house was gutted and redone about 10 years ago and has fantastic landscaping but it's not white.

Chewy said:

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20 years from now there's going to be a bunch of homes you can pinpoint when it was built or last remodeled within a 2-5 year period. The farmhouse will have its run at some point damn it's going crazy right now.

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This reminds me of a house nearby that was recently built. White and literal farmhouse/barn looking. Has a faux fence running along the front curb that is purely aesthetic. Even has a few cords of firewood stacked in the driveway.

Saw the owner in his yard the other day wearing a cowboy hat and throwing a football with his kids. More power to him but it's just humorous to me that this guy is living out his rural fantasy on Willow Lane. To his credit, he bucks the trend of the huge, modern white house so he at least did something different.

mAgnoliAg said:

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Yeah my concrete guy is saying independent drivers can't get concrete anymore and they're only letting big companies pickup. I didn't know why

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So you are saying it would be nearly impossible for us to pour a 50 ft walkway from a side driveway to a front steps? Maybe a next year project?

Just spoke with my agent who helped us buy our place in '18. She's now helping my sister find a place in Rockwall County as she is priced out of her current market(Austin). Got a first-hand account of the insanity.

FincAg said:

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mAgnoliAg said:

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Yeah my concrete guy is saying independent drivers can't get concrete anymore and they're only letting big companies pickup. I didn't know why

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So you are saying it would be nearly impossible for us to pour a 50 ft walkway from a side driveway to a front steps? Maybe a next year project?

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No. I exaggerated a little. He's just used to calling the day before and getting it for the next day. It's now taking him 4-5 days because his driver is capped at 10 yards per day

Chewy said:

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20 years from now there's going to be a bunch of homes you can pinpoint when it was built or last remodeled within a 2-5 year period. The farmhouse will have its run at some point damn it's going crazy right now.

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To it's credit it's pretty easy to skin over. The farm doors make me lol though. So many people will be taking those out in the near term.

mAgnoliAg said:

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FincAg said:

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mAgnoliAg said:

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Yeah my concrete guy is saying independent drivers can't get concrete anymore and they're only letting big companies pickup. I didn't know why

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So you are saying it would be nearly impossible for us to pour a 50 ft walkway from a side driveway to a front steps? Maybe a next year project?

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No. I exaggerated a little. He's just used to calling the day before and getting it for the next day. It's now taking him 4-5 days because his driver is capped at 10 yards per day

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I'll second this point. My builder used to call up and say "getting inspected today, schedule me tomorrow" and they'd do it. Concrete company now has to have actual passed inspection before they will schedule and then it's now taking a week from that point (at least it was a couple weeks ago when they poure mine...might be longer now). And these are some of the concrete company's biggest customers so seems lt would be hard for the little guy to compete against that but who knows.

I am invested in some land deals up north (Anna, Prosper, etc). Lots are going to builders at prices that were never even dreamed to be realistic when these investment packages were put together. As a matter of fact, one builder recently came in took all of the lot inventory (talking a couple of hundred acres worth) at one place in one fell swoop. Have never ever seen that.

Texker said:

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culdeus said:

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Chewy said:

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20 years from now there's going to be a bunch of homes you can pinpoint when it was built or last remodeled within a 2-5 year period. The farmhouse will have its run at some point damn it's going crazy right now.

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To it's credit it's pretty easy to skin over. The farm doors make me lol though. So many people will be taking those out in the near term.

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We almost got sucked in to the barn door craze but resisted. However, a well-placed pocket door never goes out of style.

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Well to be clear the barn doors are just stupid hard to move and more or less just become curtains. The thought they would function as an actual divider is what's so funny.

I've seen people put them as pantry doors, probably the only thing stopping the occupants from finally cracking that 30BMI they've been eyeing is the work required to get to their snackwells.

Yes I think the farmhouse/rustic fad is already running its course. Joanna better come up with something new if she wants to keep cashing in.

fooz said:

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We're building a house in Heath and about to put our current home on the market in Anna. Luckily we started the new build before the market went crazy. Now the base price on our current build (if we were to have waited until now) has gone up almost $50k. Our realtor is now telling us we will probably get $30k+ over what we were going to original list our current home for. My only concern now is mortgage rates going up before we can lock one in.

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I was able to execute a 270-day rate lock with our builders home lender for 3.625% and buy down the rate to 3.5% for 0.40 points. Might be something to look at. We have until January to close basically with that rate lock and expected build completion is October. I wasn't going to mess around with inflation flirting in the background while JPOW has his head in the sand saying it's not real.

Rice and Fries said:

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fooz said:

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We're building a house in Heath and about to put our current home on the market in Anna. Luckily we started the new build before the market went crazy. Now the base price on our current build (if we were to have waited until now) has gone up almost $50k. Our realtor is now telling us we will probably get $30k+ over what we were going to original list our current home for. My only concern now is mortgage rates going up before we can lock one in.

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I was able to execute a 270-day rate lock with our builders home lender for 3.625% and buy down the rate to 3.5% for 0.40 points. Might be something to look at. We have until January to close basically with that rate lock and expected build completion is October. I wasn't going to mess around with inflation flirting in the background while JPOW has his head in the sand saying it's not real.

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Huh...my rate through my builder is still quoted right at 3%. Why in the world would you pay to lock in rates that are above the market rate right now? EDIT: Even if they go up they're not going to go up that much in the next 8 months to make that move financially make sense. Then again I never saw COVID coming...

My house was not on the market when we received an unsolicited offer from a person who offered $300,000 more than I thought the house was worth. Cash, no inspection, as is. Needless to say, we sold. Closed yesterday

Congrats! Now what are you going to do?

agcrock2005 said:

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Rice and Fries said:

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fooz said:

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We're building a house in Heath and about to put our current home on the market in Anna. Luckily we started the new build before the market went crazy. Now the base price on our current build (if we were to have waited until now) has gone up almost $50k. Our realtor is now telling us we will probably get $30k+ over what we were going to original list our current home for. My only concern now is mortgage rates going up before we can lock one in.

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I was able to execute a 270-day rate lock with our builders home lender for 3.625% and buy down the rate to 3.5% for 0.40 points. Might be something to look at. We have until January to close basically with that rate lock and expected build completion is October. I wasn't going to mess around with inflation flirting in the background while JPOW has his head in the sand saying it's not real.

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Huh...my rate through my builder is still quoted right at 3%. Why in the world would you pay to lock in rates that are above the market rate right now? EDIT: Even if they go up they're not going to go up that much in the next 8 months to make that move financially make sense. Then again I never saw COVID coming...

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I work in multifamily financing, and deal with interest rates all day, every day. All it takes for rates to rise is the 10YR UST yield to jump similar to what happened between Feb and March, where it jumped from 1.00 to 1.6% in a matter of weeks. People are pencilling in 2-2.25% yields here this summer. Totally expect a taper tantrum from the market regardless.

So I'd rather take the risk off the table now instead of rolling the dice hoping to get a lower rate. Plus, I can execute one "look back" and get the rate dropped up to 0.75%, depending upon the market until we are 20 days from closing. Seemed like a smart thing to me.

I too work in commercial real estate and from what I've researched and who I've talked to the rates differ greatly from commercial compared to residential. Where we use the 10 year treasury a lot in our in our industry, that has little to do with residential that is mostly based on the prime rate. Banks are absolutely loving people locking in early because they're terrified of a 4% interest rate but the math doesn't make sense to me.

agcrock2005 said:

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I too work in commercial real estate and from what I've researched and who I've talked to the rates differ greatly from commercial compared to residential. Where we use the 10 year treasury a lot in our in our industry, that has little to do with residential that is mostly based on the prime rate. Banks are absolutely loving people locking in early because they're terrified of a 4% interest rate but the math doesn't make sense to me.

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January 18th - the 30YR FRM was 2.79%

Currently, it is 3.13%

The delta is 0.39%. So over 60+ days, its risen more then 1/3rd percent, whats to happen over the next 200-days?.

So I fail to see how it doesn't make sense to secure a 270-day rate lock that ensures a 3.5% interest rate through January 2022 as not making sense. I'm ok with paying a bit more today to lock in a rate that I was underwriting on the house purchase to begin with that removes any exposure risk of rates running. Especially if things are as backed up as everyone has chimed in on the board and we experience delays. We've not even hit peak demand of the summer and delays are probably coming. I wanted to sleep soundly at night without worrying about rates moving in the wrong direction.

Maybe rates are still below 3.5% when it comes to close on the house in the fall and I can execute a lookback and drop the rate. Who knows, at least I know my rates ceiling.

fwheightsboy said:

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My house was not on the market when we received an unsolicited offer from a person who offered $300,000 more than I thought the house was worth. Cash, no inspection, as is. Needless to say, we sold. Closed yesterday

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Think it has to do with foreign investors? I get suspicious when I hear about these kinds of deals.

https://www.wsj.com/articles/that-suburban-home-buyer-could-be-a-foreign-government-11618306380

FTAco07- just thought that every time I see your screen name, I read it as Fat Taco.

That has nothing to do with the upstream fund investors being foreign. It is certainly a valid concern for a neighborhood to have lots of rental homes in it versus being owner occupied. My point is only that is doesn't matter if XYZ real estate investor is investing/owning on behalf of foreign capital vs domestic capital. The headline was a scare tactic/click bait.

I didn't read the article but curious which Commies we have to be worried about. Is it the Russians or the Chinese???