We are in Ohio.Originally Posted by grout-scout
that explains a lot.... My sister and her husband were forced to relocate there by his job. It's dirt cheap there.. but still Ohio so demand is not there in the same respect.
So, what you are saying is that the lenders are too lazy to do the research, and the builder you chose wasn't established enough to have rapport with lenders.
I've been working with my builder and lender for about 6 months now. My loan won't be a problem, but I'm also putting 40% down. I'm just trying to secure some land that will suit my needs.
All custom homes are difficult to comp. But a good lender will get it done.
I would take a bet that Capital Farm Credit (Texas) has a pretty good handle on the value of land/barndo's... 1 off custom jobs are where the issue is. BTW I'm a licensed contractor in 3 states with very well established lending relationships...I would have either had mueller or Morton do the core build (and I'm pretty sure they also are well known enough to have "street credit at the bank"). Assumptions are like opinions, which are much like *******s. Everyone has one. Land value's here have gone stupid which also complicates it. 25-40% is the down you will need for the build/land. That was the exact amount that was quoted to us. Good luck with your project.
Tell that to my buyer who just offer 35k over asking and didn't get it.
It’s the same here. Most houses under $200k are selling less than a week and selling at above asking. I know of someone that just sold a house at almost a $100k profit from what they paid. Me I’m just hoping to refinance at 2.5% @30 years and contemplating taking a little extra out to add an attached garage.
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As of July 1, 2020 8.5% of loans were in forbearance. Lenders are starting to tighten their underwriting standards. It depends where you live and what price range you are looking at but I see pain ahead for housing in the near term once the CARES Act expires. Foreclosures will hurt comps. and property values in many areas. Some areas like Florida and Texas and other states will still be OK as long as they get the influx of demand from people migrating away from big urban areas in other states but many will likely get hit. Bank's are increasing their loan loss provisions for a reason and the next few jobs reports are likely to be telling as to where we are headed. Just my opinion and a lot of this depends on external factors related to the virus, remote work and unemployment/stimulus bill. The question is not so much demand and interest rates but whether buyers and lenders will feel secure enough for buyer's to afford a home.
Findlay had a shit load of oil people from TX relocated there (500+ last year). Thats not too far from there.. Im sure some other companies have as well creating a demand pocket...but it's still a very cheap housing market.
I understand in demand markets...We relocated to Texas over how prices were at home, not to mention this was where I've been working since 2016.. We offered on 10 houses in 1 year at home...lost every single one to a cash, foreign national buyer (a big issue in HI).. It was a significant factor in our relocation. I can assure you we'd rather be living back home, but we make the best of it and enjoy where we are.
It certainly wouldn’t happen here either. He’s basically saying they built a house for 65-75$ a foot. That’s what it costs me to build spec homes on slabs with all builder grade finishes 5-8 years ago.
All kinds of homes being built around here.
Here also, the Central Valley is filling up fast. Homes here are still allot more affordable than in the bigger cities. Lots of farmers around here are selling land to home builders, more money in the dirt that in the stuff they are growing.
1987 Ranger 373V 150 Yamaha proV still going strong.
Same here. Huge subdivisions going in on farm land here. The farmers are making a killing on it and probably retiring or moving and buying another chunk of land a little ways away
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