Moving to Texas

[5.7 hemi]

Our house is been for sale for 76 days, shown 2 times, the 3rd cancelled. Interest rates have gone from 4% to over 6% which has put a huge damper on home buying cause it’s added $400-$700 to a house payment. We are asking under the appraised value and offering $5k for closing costs/buy down the rate/or whatever. Our contract with the realtor ends at midnight on the 7th and house will be taken off the market. This sucks! We will look at the market after the first of the year and go from there. I do think interest rates will go a bit higher, would be glad to be wrong!

 

[Cheapsunglasses]

Wow, sorry for your misfortune. I’m kinda in same sinking ship. I put my place up for sale, 3 days on the market, bidding war the whole time, got my full asking price. Later the guy said we can make the closing date as soon as possible so I can have cash to help but the next place, and he’ll let me stay 2 months after closing. Sounds great right? Well here’s where the **** hits the fan, I’ve looked at 6 houses, the sellers aren’t negotiating, or someone has a better offer.

It’s really frustrating, but hang in there!

 

[Xp29h]

Sorry as well. The market certainly has changed over the last few months here too. Interest rates and the wonderful inflation has certainly put a big damper on things. Suggestion if you can. After the real estate contract is up keep it listed for sale by owner. Cheap option and you never know!

Our first house was on the market for a long time. Didn’t sell. Contract expired and I put a sign on it for sale by owner. Four days later I showed it and they bought it! Relatively simple process and fees to any agent!

Either way good luck! Hang in there!

 

[Mopar Hunter]

You can always rent it out if you can afford to, maybe that might pay the mortgage for a while.

 

[Richard Cranium]

Our house is been for sale for 76 days, shown 2 times, the 3rd cancelled. Interest rates have gone from 4% to over 6% which has put a huge damper on home buying cause it’s added $400-$700 to a house payment. We are asking under the appraised value and offering $5k for closing costs/buy down the rate/or whatever. Our contract with the realtor ends at midnight on the 7th and house will be taken off the market. This sucks! We will look at the market after the first of the year and go from there. I do think interest rates will go a bit higher, would be glad to be wrong!

Hopefully things will turn around for you soon.

 

[Outlawd]

We are getting screwed in this interest hike thing also. we have property ready to sell finally now, tried to get it ready a few months ago when people were getting more that appraised prices, but we were just too busy we definitely missed the boat. We're thinking of waiting it out and see what spring brings, its a gamble either way.

 

[Hey-O]

The average rate on the most common home loans has more than doubled since the start of the year and approached 7 percent. While I look for housing cost to move a little lower, the cost of material will hold the costs up and keep the bottom from falling out. Just my opinion.

I would do as Xp29h suggested, put a sign on it for sale by owner, it couldn't hurt and at least put some of that commission in your pocket or an incentive for a potential buyer.

​

 

[69a100]

I'm so grateful that I bought last year when I did otherwise, I'd still be a homeless Vet living with my brother! The fact that you live in CA. doesn't help matters much for you either when trying to get out! Good Luck

 

[Ron H]

Wish you the best. Things are crazy to steer through. Despite the insane prices of building materials (and shipping waits) past couple years, building new homes, apartments, and condos around where I live have been explosive. Haven’t seen anything like it before and wonder where all the people are coming from to buy. A lot of these homes going up are half-million plus. Just built a garage and the costs in around 90 days, went up 5 grand. Bad timing as I had been pussy-footing around on building it for over 10 years. Had the cash to do it; but watching my IRA funds, this was a bigger squeeze than I thought it would be..

 

[69ChargerR/TSE]

We are happy we moved to Texas in 2019.
Our neighbor put her house on OpenDoor and it was sold in 3 days.

 

[Hey-O]

My subdivision is very diverse, but only because the interest rate was 2 to 2.5 percent. Now those that are here are here. At 6 to 7 percent they could never have afforded it. Half million plus to one million plus. I don't see rates going back that low. At 2 percent it made no sense for me to pay cash. My broker makes my house payment and always will.

 

[5.7 hemi]

It will drop, but not during this administration. The rise in interest rates has a lot to do with “confidence at the helm” and plainly speaking, it’s just not there.

 

[69ChargerR/TSE]

It will drop, but not during this administration. The rise in interest rates has a lot to do with “confidence at the helm” and plainly speaking, it’s just not there.

What part of Texas are you wanting to move to?

 

[5.7 hemi]

Forney/Rockwall or Weatherford/Springtown or Fort Hood area.

 

[69ChargerR/TSE]

We like the North Fort Worth area, Azle, Lake Worth, Saginaw. We would like an acre, but the VA said no farm.

 

[5.7 hemi]

An acre doesn’t mean ya have a farm, I’ve got an acre now and a VA loan. Something isn’t right with that. Azle would be good too, but we are trying to stay out of any city to avoid “city taxes”.

 

[Cheapsunglasses]

Forney/Rockwall or Weatherford/Springtown or Fort Hood area.

Springtown a little sketchy. Weatherford is nice, I grew up in Parker county, really nice area, but I wouldn’t go in Springtown or Azle though.

 

[alsant]

Sorry to hear , hang in there .

 

[GetX'd]

We've been looking to - have had a realtor sending us listings from the South/West rim of the Denver area. I've looked in a number of areas. I have a stubborn wife that refuses to move to far away from mom and sister. So I've compromised at around a 2 hr flight from here. That custom home in Idaho we had money down and signed contracts on last July - and went thru 85% of the design phase - well I could never get the builder/developer to provide his responsibility of a costimate. I could see the way things were going and by November I finally lost all patience and pulled the plug on the whole thing while I still could. Looking back I can clearly see how I dodged an ICBM. I have a friend in the same development building 2 doors down - No **** - This guy has been on this project initially signed contracts a bit over 3 yrs ago and still isn't in his house. I had that to observe as well while I was growing discontent. He's paying cash so interest rates won't hurt him - but he bought on a cost-plus contract so the building materials must be eating him alive. I'm very thankful I'm inpatient and bailed before too late.

 

[Budnicks]

Real estate timing & location is everything
I've had houses sell the day they went on the market with a bidding war
way over asking prices, a few years later (maybe 10)
& had a nice newer house/duplex take 2 years
(Sept. 2005 - Dec. 2007) to finally sell,
after relisting it 4 times, for like 3 months each time...
Real estate people claim;
"it's not good to leave a house on the market, for a long time"
makes people, prospective buyers weary, why it's not selling...
(Many people saw the writing on the wall after the 2008 election/same tax & spend
people as now... Real estate & lenders/it was **** for 6+ years after that too)
I was in a 'very nice gated' upscale golf/community neighborhood...
It's the only time I didn't sell 'almost immediately'...

Interest rates were only a small part of it...

hell I never paid less than 7% interest, & have near perfect credit
(I wish I could have bought something when it was 2%-3%, get way more for the $$$)
in Dec 1978, I was 19 y/o & I paid 14% interest , normal was like $18%, then
for my age, 1st time buyer etc.
Under the "Peanut farmers admin.", on a $30k house my 1st house ownership
but:
haven't had a mortgage on a few places
for the past 25+ years

All initially funded by the sale of a place in Concord/Turtle Creek way back in 1997
nice 3,500 sqft in a court greenbelt behind us, with 5 car garage & nice pool
handball/basketball court, built in brick BBQ & spa in the back etc.
I bought it right in 1987 & sold for almost 3 times what I bought for
only put about $20k in improvements, painted & a roof with solar water for the pool,
just well kept... I made clear nearly $400k after paying teh realtors their 5%
I reinvested it in another house/duplex, in the peak of the market 'back then'...

Moved 100+ miles east to Rancho Murieta, made X2 my $$ on that sale too...

Timing & location, location, location...

Some **** is out of your control

The place I'm in now I bought in Sept. 2005
(a lot easier when you don't have to get a mortgage, sold my dad's place upcountry
same time, in 3 days after listing , for $324k cash, that he paid $51k for in 1980)
sometimes there's no rhime or reasoning for real estate

For me, moving (rural) farther east each time, again another 100+ miles, each time...
I got the **** out 'at the right time', before the BS woke **** started
That same house I sold to a plumber buddy Joe M., is now worth $1.8 million
he's making coin X2+...
if the current market lasts, & he sells at the peak

you never now

(2007) especially 2008 crash sucked ***
(I went thru 2 of them markets, 1980 & 2007 & it will happen again too
that's real estate)
IMO we are going down that path now, not the specific state or just lenders,
but the leadership, sucks ***