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Thursday, April 16, 2009
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8 comments:
Harriet,
Your list of 'deal' properties needs a refresh. I know it's probably not one of your top priorities now that you've got your own purchase wrapped up; but, for example, the top discount over on Willow sold. 3/19/2009. So, we're about one month post sale date, and it's closed. It's still useful, in that now Franklymls has the contract price, which is in many ways much more important than the list... but it's still different data.
Xpovos,
Yes -- that needs to be done. It's been way too long.
People have been asking when will the new REO's hit the market?
My guess is now. Why do I say this? I got a new listing today of a split foyer 2-car garage SFH with a nice deck and large back yard, walking distance to the VRE. For $279k. I hesitate to actually link to it here on the off chance that it might still be available when we start looking for real. But it's not in my preferred elementary school district, and I do so hate split foyers, that if you beg, I'll probably post it.
This will be gone (or at least under contract) within the week if not less. And for at least 5% over asking. But still, there you have it, from the streets, the REOs of nice SFHs in perfectly acceptable neighborhoods are coming. Now. The sale price may be closer to $300k, but this is the new competition.
Xpovos..A question about Frankly.When a house is under contract and a line has been drawn though, is the price listed the list or the contract price? I don't know where to look on Frankly to find the contract price or do they wait till they actually close and go back.
Arkey,
I'm probably not the guy to ask about that. Frank shows up here occasionally, so he'd be the best bet, but I'll take a stab at answering on his behalf. I can never resist an opportunity to stick my feet in my mouth.
The strike-through price is the list price. The list price for some sales is adjusted post-contract to be the contract price by the real estate agent for clarity, but that's not universal. The only way to get the actual contract price is to wait until the contract has settled and becomes a matter of public record. Franklymls might be able put the data up faster than the county, but he's not official.
Thanks. I misunderstood your post. I thought the contract price was a known and/or an option you had to search on or something.
Arkey,
if you subscribe to email notifications from frankly for the selected properties (say zip+range) you will receive the sold update with the final price/seller subsidy info.
tiredbubblewatcher
how do the numbers work out?
How much do you save by buying over renting a similar (or one step down) place? (assuming you wouldn't even consider buying until rental parity has been reached, otherwise it's not a question it's a guaranteed loss) How long would it take for the lower monthly cost to cover transaction costs and the lost equity due to depreciation?
For example, for us, at $1550 rent, if our purchase only costs $200k, and we put 50k down, then it only takes 5 years (of paying at the 15 year rate which is still less than rent) to bring our mortgage balance to under $100k such that we can absorb an additional 50% price drop from here with next to no out of pocket expenses. Given that the PITI would still be under rent, we could then just consider the downpayment savings to have been lost, and everything else as just rent money. So if we can get what we want for $200k or less, we'd really have to be stingy not to buy (i.e. value our $50k DP highly).
However, 200k only vaguely matches up with the ~$140k that these THs cost in the late 90s. So even though $200k may be above the true bottom, it's still a reasonable price to buy at. And not that far from recent sales ($220-250k).
What's your "it's just plain stubborn not to buy" price and how far are the things you're interested from that point?
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