Real estate General topic

[paulsharvey]

I've been over at the old house, cleaning, repairing and painting. I Hate painting... I also forgot just how expensive paint is. I really wish we had kept light, neutral, colors originally in the kids room. Now, I'm having to prime atleast once before even thinking about painting. Girls shared room, lightish purple, sons room, lightish blue. I swear if I ever catch a kid with a sharpie against, I'm gonna stab the through the ear hole with it. It was years ago, but one of the girls drew on the wall with sharpie, a few stars hear, a heart there, some swirls there; and at 2 coats of Zinzer 1-2-3 water based primer, it still bleeds though. I also demo'd the cracked tile floor in master bath, and got hardi tile backer board down. Probably going to go with a "plank" vinyl. The hardi backer just gives a good, clean, smooth, level attachment for the vinyl stick down plank.

I did pick up a glossy white latex cabinet paint. I know that popular, but I also know enough about glossy white paint to worry that it's going to make imperfections jump out.

 

[paulsharvey]

Long time, no update. We are nearing having the old place ready for sale. We didn't do that much, but a lot of clean up, some repairs. It's mostly been a time issue (and wanting to use that time) to dedicated to the old house.

Anyone have a feel for the market? It kinda seems like the past 6-9 months, things don't really have a solid trend line. Are we in a good economy, a bad economy, nobody can really say. Kinda like the whole world economy has been holding it's breath. I'm not being political, its just the general feel I have on a macro scale right now.

 

[ultrarunner]

Everything I could tell you in my market would be meaningless…

All Real Estate is local based on demand.

Some areas are sellers markets and others buyers…

Staggering fire losses are going to impact everyone in California I’m afraid.

Can’t sell a home if the buyer can’t get insurance if getting a loan.

Prior to these fires buyers were already dropping out of escrows over insurance.

 

[thclimer]

The one trend I have noticed is the change in the 30-year rate, its has risen from about 6.2% to 6.9% in the last 3-4 months. If the jobs numbers keep coming in hot and inflation starts to rise, the Fed will be forced again to start increasing their lending rate which will drive the 30-year higher. What is strange, is during this 3-4 month period the Fed actually lowered their rate in December, which you would have thought the 30-year would have dropped some also, but it did not.

 

[paulsharvey]

Oh, so i see I talked about the cabinet paint.... We were very displeased with the coverage. It would take 4 or 5 light coats to get good, even coverage. We ended up using a very light grey semi gloss on the cabinets.

It might have worked well if we took all the doors and draw fronts off and sprayed, but I didn't want to, worried about screws stripping in what is half way between card board and OSB, from 1994...

 

[kenmbz]

Housing market here is out of control, houses priced ok go in a matter of days.
Houses that go for over $3million sit for long periods, less than $2million go quick.

West of here and back where I was born in NY, houses go in 1-3 weeks.

Area is key, areas that are desirable or by mass transit (not in city) are going so fast the open houses get canceled.

Once you get away from easy commutes, houses are not even going on sale, people are staying put, next level up house too expensive for the jump.

 

[ultrarunner]

Might see more declines in California based on comments made...

Might be a plus for places not California as individuals flush with California Insurance settlements head to greener pastures?

This happened when 3000 homes were lost in Oakland and money left destination Idaho.

 

[ultrarunner]

Is there a net gain?

Land price drops but cost of ownership remains the same as higher insurance premiums and cost to build?

From me the best time to buy was when interest rates were over 10% because prices were down to offset the much higher interest and as interest rates went down I did simple rate refi at no cost...

Of course if flush with money by when others sell...

 

[2manyrocks]

I keep thinking the insurance companies will pull out of LA now that the inability to control these large scale fires is apparent. Doesn’t matter what their budget is if they don’t have water to fight the fires. Lenders won’t lend without insurance coverage.

As for the rest of the US, much depends on what happens at the federal level to affect the economy. We are in a holding pattern until Jan 20th.

 

[WinterDeere]

Housing market here is out of control, houses priced ok go in a matter of days.
Houses that go for over $3million sit for long periods, less than $2million go quick.

I know your neighborhood better than most, my family once owned the majority of it, and it's a very unique little corner of the world. I can't imagine too many places replicate the uniqueness that is the central thru east-central Bucks County. Extremely desirable, with prices easily double comparable properties in the surrounding area.

Head 30 miles in any direction from your house, excepting maybe straight toward NYC, and prices drop by half! First three rules in real estate:

1. Location
2. Location
3. Location

You can change everything about the house you're trying to sell, except it's location.