topic Re: The house market is HOT!! in Mortgage Loans

The house market is HOT!!

Anonymous — Sun, 12 Jul 2015 03:26:54 GMT

The house market is hot here in Texas where I am from. Several homes I have been watching, sell within less than a week! I spoke to a realtor and she confirmed that houses are selling like hot cakes. Good for the seller but what about the buyer? This is very frustrating. There is a beautiful brick home built in 2002 on 3 acres of land.. We are scheduled to look at it tomorrow @ 2pm. Everytime we drive by to look at it from the outside, there are people driving by and slowing down to get the number of the selling realtor off the for sell sign. The seller is requesting that all offers be turned in by 7pm tomorrow and they will make their decision on Monday.. This house has only been on the market for only 4 days!!!! ugggh! I refuse to go in a bidding war! Oh well....

The demand for homes in my price range is very high.

Re: The house market is HOT!!

Anonymous — Sun, 12 Jul 2015 05:18:39 GMT

Yes, you are correct. I live in Tyler, not sure where you are in Texas.

I lost out on 5 homes, finally found a home that was smaller than I wanted and only got it because it was too small for everyone else.

I am under contract, waiting to find out when I can close. Some advice I would give you is to find a realtor who is on top of their game.

Being slow isn't going to help you. Realtors can look at their own MLS and see what is available currently. General public can't.

Second, are you preapproved? That may help. Another idea is if it becomes too difficult, the market should ease up come Fall/Winter.

That may not be an option, finding a good realtor who can help you may be key. Do not be afraid to fire them or walk away and find

another realtor who can. In my case, I tried two realtors and got frustrated. I just happened to still be receiving an active MLS feed

in my email from the first one I had quietly walked away from. I called the listing agent and asked if she would represent me. I figured

it would help. Every situation is different.

A real estate brokerage is also a possibility. Often they have access to more listings and can be helpful in a sellers market like this.

Prepare yourself for plans falling thru and frustration. Maintain your health, get plenty of sleep and eat right. You are about to go thru

an incredibly stressful time in your life and you need physical and mental strength to manage. Utiilize the real estate team and make

them work for you. That's what they are paid to do and don't accept exuses or someone who just doesn't care. Good luck!

Re: The house market is HOT!!

Revelate — Sun, 12 Jul 2015 05:28:07 GMT

Depending where you are the market is seriously jumping and it's likely going to get worse; my RE out here in Los Angeles stated since Janet made her announcement, he's been running non-stop on home tours for 12 new clients that got dropped in his lap from Redfin's interface in the last week which he suggested ain't remotely close to normal in his experience. Lot of people worrying about the announced future rate increase from his description.

Glad my own offer was accepted a week ago.

Re: The house market is HOT!!

Anonymous — Sun, 12 Jul 2015 05:39:09 GMT

I am in Dallas/ Fort Worth area. Burleson to be exact. I already have a pre-approval. That part wasn't as difficult as I thought it was going to be. It was actually a piece of cake! I was shocked that I had a pre-approval in a little over an hour after submitting all the required info. I will surely take your advice and try not to sress over this. I guess I won't get my hopes up too high about tomorrows appointment. I did talk to the realtor about the things we want and need in a home.. She said if we didn't get this house, she would for sure be on the look out for houses that fit our needs.

Re: The house market is HOT!!

Anonymous — Sun, 12 Jul 2015 05:40:36 GMT

Then I better get on the ball! And I found this house on redfin... lol

Re: The house market is HOT!!

Revelate — Sun, 12 Jul 2015 05:46:06 GMT

Nice! I drove through Burleson last year, think even stopped their for gas and food before the UCLA - Texas game; used to live in Farmers Branch speaking of DFW, and there's another poster here around here who was also suggesting that market is incredibly hot right now. Has been for the past few years I think but I suspect it's going to be a mad rush now.

Just put yourself in as strong of a position as possible for making an offer if push comes to shove on a bidding war.

I've been throughly pleased with my Redfin experience as a whole, and I've used their platform for a while for market data. Is pretty good out here in Los Angeles at least.

Re: The house market is HOT!!

Anonymous — Sun, 12 Jul 2015 21:36:23 GMT

I feel your pain. All the move-in ready homes here in Virginia were going pretty fast too. I'm positive the only reason we were able to land the house we're buying is because the seller was trying to save a few bucks by going 'for sale by owner'. It wasn't on the MLS because of that (I found it on Zillow) & it gave us the advantage we needed to slip in & grab it up. Best of luck to you! I'm sure you'll find something fantastic... eventually!

Re: The house market is HOT!!

Anonymous — Mon, 13 Jul 2015 01:10:48 GMT

It's crazy hot. I'm having a house built and there's a supply issue. So much so other contractors are going to other build sites and stopping the concrete trucks. They'll stop the drivers and tell them they will pay more that the site they're delivering to and off they go.

Luckily, the house I'm in right now is paid for and I'm in no rush.

Re: The house market is HOT!!

Anonymous — Mon, 13 Jul 2015 04:05:20 GMT

If we don't get this home, I will for sure look for sale by owner. We should find out tomorrow. I kinda feel like someone gave a better offer because I am sure we would have been notified by now... They wanted all offers in by 7pm today. sigh....

Re: The house market is HOT!!

Anonymous — Mon, 13 Jul 2015 04:05:46 GMT

That is CRAZY!!!!!

Re: The house market is HOT!!

Anonymous — Mon, 13 Jul 2015 04:23:25 GMT

Also, the mortgage scores I purchased here were higher then what the loan officer pulled :/ it was off ny 30 points! And the interest rate I was quoted was 4.375% Seems like the interest rates have sky rocketed!

Re: The house market is HOT!!

Revelate — Mon, 13 Jul 2015 06:24:31 GMT

@Anonymous wrote:
Also, the mortgage scores I purchased here were higher then what the loan officer pulled :/ it was off ny 30 points! And the interest rate I was quoted was 4.375% Seems like the interest rates have sky rocketed!

Which lender? Hate to ask this but are you certain you were looking at the right section of the report? It's been spot on for everyone except one individual who was using a portfolio lender that apparently underwrites on a FICO 8 algorithm.

There are only so many scores that are available that would conceivably be used: did they match any that are on the FICO 3B report that you presumably pulled?

Re: The house market is HOT!!

Anonymous — Mon, 13 Jul 2015 11:57:55 GMT

Service First mortgage. I'm positive I looked at the right section on my fico report. I was walked through it. The mortgage scores were above the Car loan numbers. 3 B report.

Re: The house market is HOT!!

StartingOver10 — Mon, 13 Jul 2015 12:55:12 GMT

Were your scores pulled the same day as the lender pull or was there a gap and possibly some changes to your credit report during that time (for example your balance increasing on one of your cc's)?

If they were pull the same day, once by you and once by the LO, the scores have been the same as reported by many of the posters. It would be interesting to note if your lender is using some other score or some internal score in addition to the FICO score. Did he give you a copy of your reports and scores? If not, ask for it.

The mortgage scores in your 3 B report are: FICO Score 5 (Equifax); FICO Score 4 (TransUnion); and FICO Score 2 (Experian). And yes, those scores show just above your auto enhanced scores in your report.

Re: The house market is HOT!!

Anonymous — Mon, 13 Jul 2015 17:34:55 GMT

Hi there! I am in the DFW area, too. And yes, like Revelate has mentioned, it is just going to get worse. The process for preapproval was nothing compared to what I have been. So here is what you need to expect:

1. Get access to as many sites to search for homes on the market (MLS, Redfin, through top agents/brokers...) It is insance how some post much sooner than others.

2. Be prepared that in some cases (like when a seller's agent says they want all offers by certain dates) you must put in an offer that is the the best you can offer. I put in an offer for 10k above asking price, 1k active fee, and 5% earnest money....and they didn't even try to get me to go to bidding war with anyone. They simply said they took someone else's offer.

3. Try not to get attached to any home because your offer may not be the best. Some people are simply coming out full force with cash in hand and ready to close in ten days. And there are others willing to offer way more than what the appraised comes out to be, but they pay the difference in cash. It is that crazy hot out there!

4. Don't get discouraged. Something will come up, but be realistic that it may take much longer than you anticipated on.

5. Many times homes to come back to the market for many reasons!

6. Right now my MLS is coming up for many homes being priced lowered than originally. It seems people are trying to get a tabd bit greedy an unrealistic here.

7. That interest rate is still decent if you are not in prime rate territory...but rest assured that interest rates will be going up. Yes, totally sucks.

I have put an offer on several homes already and none took the offer. I have halted things right now because I am going to get through this last month in my lease, move in with family, then my gloves will come off and I will get very aggressive after school starts.

Good luck!

Re: The house market is HOT!!

Anonymous — Mon, 13 Jul 2015 20:20:02 GMT

It is pretty brutal in the Nashville area too. We looked at 4 houses the first day after our approval. By the time we saw the fourth, offers were already in on the first 2. I really wish we started back in the spring because we missed out on 2 homes we loved - one was lost because we asked for a home warranty, nothing more! Those had been on the market a few weeks. School let out and homes for sale started disappearing fast. I got to the point I dreaded going to see a house because of the pressure to decide before someone else put an offer in. Look at homes like a business deal and leave emotions out of it. As rates climb, it will get worse. Offers and bid wars will be crazier because people want to get locked in.

We finally got lucky. A house hit the market and within an hour, we scheduled to see it. Two hours later, we were there looking at it. It showed better than the pictures. We put our offer in right tyhern. It was only the market 5 hours. We got the call that night that our offer was accepted. We are having to pay our closing costs. That is the norm right now according to two agents we worked with (2 different areas). Our appraisal came back $11k above asking price so that made me feel better about our deal. It is 97% move in ready. We close next Friday *fingers crossed* I am still looking at new listings but glad we can relax.

Good luck!!

Re: The house market is HOT!!

sports1965 — Mon, 13 Jul 2015 21:59:32 GMT

it hot until its not

just another housing crash in the making

@Anonymous wrote:
That is CRAZY!!!!!

Re: The house market is HOT!!

StartingOver10 — Mon, 13 Jul 2015 22:14:35 GMT

@sports1965 wrote:
it hot until its not
just another housing crash in the making
@Anonymous wrote:
That is CRAZY!!!!!

^^^This is true. i saw a house come on today about 11 am (today is day 0). got in touch with the agent to show it right away - I was showing #6. Getting very difficult right now in certain price ranges.....Of course this is the summer selling season.

Re: The house market is HOT!!

Anonymous — Fri, 17 Jul 2015 21:17:39 GMT

Yes my sister lived in Copperas Cove and her house was on the market only a few hours before it was under contract.

Re: The house market is HOT!!

securingourfuture — Fri, 17 Jul 2015 21:22:36 GMT

Yes I am in Houston and I was 2 years away from purchasing. I came here to myfico in March, raised my score about 60 points, and I just submitted a contract today. Well the sellers are DRAGGING out the negotiations with paltry drops on their counteroffers. I'm prepared to walk but the market is so tough for buyers down here. I'm hanging in there.