The I need to buy a house thread

[A_B]

Put toilet paper and shower curtain in the glovebox. Figure everything else out later. Good luck

BFJ: "Oh shit you just reminded me about toilet paper!"

[DSafetyGuy]

So a few weeks back we were notified that the price of the house we wanted to build, and ultimately walked away from, had come back down. We had our realtor check it out and the price had dropped back into our range. Long story short, we put a deposit down today and our new house will be built by Jan-Feb 2023. Excited, nervous and nauseous all at the same time.

Well, how about that.

Congrats, bfj.

[The Sybian]

So a few weeks back we were notified that the price of the house we wanted to build, and ultimately walked away from, had come back down. We had our realtor check it out and the price had dropped back into our range. Long story short, we put a deposit down today and our new house will be built by Jan-Feb 2023. Excited, nervous and nauseous all at the same time.

Well, how about that.

Congrats, bfj.

New construction ahead of schedule? Shocking.

[sancarlos]

Congrats. But, Lord, do I hate moving!

[Square Rob]

Congrats BFJ!

[Steve of phpBB]

Getting ready to plop down some serious coin (for us) to buy a brand new house. It will take about a year to build and I’m freaking out. We have been looking at houses in our areas of interest and every house we look at would cost the same as the new house once we bought it and sunk a bunch of $ into it to make it what we want it to be. So we don’t see any reason not to buy the new house.

Four days short of one year. It's so great to hear that it's working out for you and Max and the rest of the family.

[Johnnie]

Congrats. But, Lord, do I hate moving!

100%. But this last go 'round (ABQ to Tucson as a 'do it yourself' move) the Air Force cut me an $11k check. That was worth it.

[Rush2112]

I'd have helped you move but I was busy that weekend.

[mister d]

But this last go 'round (ABQ to Tucson as a 'do it yourself' move) the Air Force cut me an $11k check. That was worth it.

You’re welcome.

[P.D.X.]

Anyone ever protested an assessor's valuation? Like, what case do you make? I imagine it's probably futile in these parts but if it doesn't take a lot of my time and I can knock off a bit it might be worthwhile.

[HaulCitgo]

Yes. Around here you should definitely do that every so often. Here it goes to a citizens panel basically who know very little about real estate valuation and who are typically old bored neighborhoodish people. So entirely the luck of the draw (which panelists) but they will generally give you something just for showing up so long as you get the right color people (hate to say it but true) and will consider a lot more. Like a high school presentation. Good to bring your own comps. Appraisals if you have them but here by the time they get to you its about two years later so hard to retroactively appraise... would have needed it as of the tax valuation date. Biggest issue ive run into is that they treat the tax assessor representative as if he were their boss or the judge but theyre really just the other side of the valuation argument and theyre the boss/judge they just dont realize it.

[A_B]

Anyone ever protested an assessor's valuation? Like, what case do you make? I imagine it's probably futile in these parts but if it doesn't take a lot of my time and I can knock off a bit it might be worthwhile.

Still pissed off about that pawn show episode where they value your art work at "$11, if you tape a ten to the back?"

[P.D.X.]

I'd take that deal right there

[P.D.X.]

Yes. Around here you should definitely do that every so often. Here it goes to a citizens panel basically who know very little about real estate valuation and who are typically old bored neighborhoodish people. So entirely the luck of the draw (which panelists) but they will generally give you something just for showing up so long as you get the right color people (hate to say it but true) and will consider a lot more. Like a high school presentation. Good to bring your own comps. Appraisals if you have them but here by the time they get to you its about two years later so hard to retroactively appraise... would have needed it as of the tax valuation date. Biggest issue ive run into is that they treat the tax assessor representative as if he were their boss or the judge but theyre really just the other side of the valuation argument and theyre the boss/judge they just dont realize it.

Oof. Don't think I'd have much of a case since properties routinely sell over market value here. Also I'm one of 16 condos in our complex and I assume they all got valued the same (all identical footprints/size). Have to check with my neighbors.

[mister d]

If you're not top floor maybe you can find a comp where the top floor elsewhere is a higher % than your building (or vice versa)? And then I guess hope they lower yours rather than raising your neighbors, who would hate you.

[GoodKarma]

Anyone ever protested an assessor's valuation? Like, what case do you make? I imagine it's probably futile in these parts but if it doesn't take a lot of my time and I can knock off a bit it might be worthwhile.

I did it in 2017 (I think that's when it was). I asked for 80k less and they met me in the middle at 40k. I did a quick search online and listed three comps that were lower in price and in the range I was looking for. You might have to get creative with some of the comps in your area...don't be afraid to put something down even if it's a stretch. Text or PM me if you want some more specific help.

I've heard that Adams and Denver agree to about half of the protests (I don't know the statistic for Boulder County) but my belief is that as long as you make at least a half-assed effort they will agree to something. They are getting a massive influx of them so I'm guessing they don't have the manpower to thoroughly dive into each one.

[P.D.X.]

Anyone ever protested an assessor's valuation? Like, what case do you make? I imagine it's probably futile in these parts but if it doesn't take a lot of my time and I can knock off a bit it might be worthwhile.

I did it in 2017 (I think that's when it was). I asked for 80k less and they met me in the middle at 40k. I did a quick search online and listed three comps that were lower in price and in the range I was looking for. You might have to get creative with some of the comps in your area...don't be afraid to put something down even if it's a stretch. Text or PM me if you want some more specific help.

I've heard that Adams and Denver agree to about half of the protests (I don't know the statistic for Boulder County) but my belief is that as long as you make at least a half-assed effort they will agree to something. They are getting a massive influx of them so I'm guessing they don't have the manpower to thoroughly dive into each one.

I'll def check it out but comps are hard because there's so few small condos in downtown Boulder and they rarely come up for sale... but yeah, if the process seems not terribly time consuming I'll probably give it a shot

[sancarlos]

... where they value your art work at "$11, if you tape a ten to the back?"

I laughed.

[wlu_lax6]

This is an amazing situation.
https://www.washingtonpost.com/dc-md-va ... rc=nl_most

[A_B]

House across street went on sale for 120k more than we owe on ours. Theirs has a downstairs study and ours has an extra full bath but otherwise similar. We’ve been thinking about downsizing (not to the one across street somewhere new)and that diffeeence would be a nice down payment for sure. Crazy that house prices are still what they are.

[Giff]

House across street went on sale for 120k more than we owe on ours. Theirs has a downstairs study and ours has an extra full bath but otherwise similar. We’ve been thinking about downsizing (not to the one across street somewhere new)and that diffeeence would be a nice down payment for sure. Crazy that house prices are still what they are.

I think we could get close to 200k over what we owe on ours. Before Illinois was put on the list of states my wife couldn’t work from we seriously considered selling our house and paying off all debt, then buying a house in the Quad Cities area to be close to her extended family. We would’ve had a huge down payment based off what we were seeing in available houses around that time.

[mister d]

If we paid off the principal on our house tomorrow, only 51% of our mortgage payment would go away. Anyone (who doesn't own outright) able to beat that percentage?

[HaulCitgo]

im right there with you. bought in 2011 (low) and refinanced after covid (very low) but property values = taxes and insurance is almost 1/2 now. you couldnt rent a two bedroom apt for our mortgage payment these days. neighbors under contract for an ungodly amount of money so im certain to surpass 50% non p&i in 2024. id probably already be there but for an assessment appeal that froze taxes for 3 years. That is gonna suck when it goes aways next year.

eta. checked tax bill and lies. just feels that way. just over 30%. im gonna move when the kids graduate though. no way im paying those school taxes without kids there

[DSafetyGuy]

Close to 36.5%. Taxes are more than 39%.

[sancarlos]

Principal and interest are roughly 50/50 of my monthly payment, but I pay my property tax separately. It totals over a year to roughly the equal amount of principal or interest. So over a year, that’s 1/3 principal, 1/3 interest, and 1/3 tax, of the total paid.

[Ryan]

Our taxes are built in so I hardly ever pay attention but we happened to get the bill today too and this looks like our last year in the 4-digit club. HAPPY TO PAY IT THOUGH SMILEY FACE BLUE DONKEY

[mister d]

My town isn't all that big, less than 20,000, but it seems impossible that according to Zillow there are a total of ten (10) houses for sale.

[A_B]

My town isn't all that big, less than 20,000, but it seems impossible that according to Zillow there are a total of ten (10) houses for sale.

Didn't they change the algorithm to show just realtor-based sales and oyu have to force it to show FSBO? Still a low number, though.