House Hunters - General Discussion

[cameron]

8 hours ago, buttersister said:

Sports guy in Lake Geneva, those cameras were real. You were real obnoxious.

I twitched every time the narrator said Geneva lake. 

I would ditch that guy in a heartbeat!!

[kirklandia]

"I twitched every time the narrator said Geneva lake."

The town is Lake Geneva. The lake is Geneva Lake. It does sound odd to hear them say both.  
I know it may have been impractical, but I loved the house in Williams Bay. This episode brought back memories of going to church camp there. We could walk to Yerkes Observatory (which was visible in one of the shots looking at the view across the lake).  And the college campus was pretty appealing to me, as a preteen in the early 60s!
 

[Grizzly]

Chicago. David seems very gentlemanly and Eugenia really seems to care for him. What a breath of fresh air. Such a conundrum, she wants a big enough place where she has her space but doesn't want him to go over budget for it. I'm surprised they had to pay asking price with that ceiling leak.

[LittleIggy]

Chicago: I just don’t get leaving your graduate program in NY to move in with a guy you have known for four months. Maybe it’s just me, but I don’t get it.

[buttersister]

LOL, there’s definitely more to it than that, she didn’t appear dumb or desperate. Remote learning? Oh wait, “podcasting.”

[CrazyInAlabama]

They're showing a rerun about a couple near San Francisco shopping for a huge house.     THe wife is very worried about someone dying in the house, but if it was in the last three years, the agent would have to disclose that (per the Judge Judy episode from Thursday afternoon, involving California real estate laws).      I'm totally over the storylines with 'someone died in the house, so I have to whine about it on TV'.       I love how the husband says the last house isn't cookie cutter, because it has a different color scheme than the others on the street, but the only difference is the color of the outside.  

At least the wife is now worrying about legit issues, like roof rats.   Then the office area doesn't have a door, so put one up.   

[Empress1]

14 hours ago, LittleIggy said:

Chicago: I just don’t get leaving your graduate program in NY to move in with a guy you have known for four months. Maybe it’s just me, but I don’t get it.

I was watching the whole time like “what are you doing?” It seemed like she’d already dropped out because she just didn’t go back when her school break was up. I found them both nice but the relationship was a bit fast, and I think I’d be a little creeped out by the pressure he was putting on.

[Crashcourse]

Chicago:  I thought he was putting pressure on himself to find a place she would like so she'd stay.   They seemed like a nice couple, but if she did decide to go back to NY I don't think he'd stalk her.   

[Cetacean]

How many times did the Chicago couple need to explain their relationship?  We must have heard 50 times about her NY connection and his desire to please her.  We get it, already. 

I would be surprised if they are still together. It was an awfully fast start to a relationship and they never touched or acted anything like more than friends.  New friends.

[Grrarrggh]

1 hour ago, Cetacean said:

I would be surprised if they are still together. It was an awfully fast start to a relationship and they never touched or acted anything like more than friends.  New friends.

Not everyone, or everyone's culture, encourages and/or is comfortable with PDAs. 

I thought she came of as incredibly mature. 

[LittleIggy]

5 hours ago, Grrarrggh said:

Not everyone, or everyone's culture, encourages and/or is comfortable with PDAs. 

I thought she came of as incredibly mature. 

Not me! Especially with her going on and on about the nonexistent dog named Otis. 🙄

[Dehumidifier]

The Mets play tonight (if the weather ever clears up). Why oh why did OWN move their marathon to tonight also? I may have to watch whatever is making the 95% fullness on the DVR...🙄...!

[CrazyInAlabama]

Iyanla was having a marathon of her show, so that's why the late marathon. 

I totally forgot it was on, so I only caught one so far.  Lolita is looking for either a multifamily house, where she would live in one unit, and pay the mortgage from the other apartments, or her daughter demands she buy a single family. The daughter is going to live there, but I wonder if she's kicking in on the mortgage?  $240k is her budget. 

 The first is a multifamily, $195k victorian.   

Second is a multifamily, two unit, that needs a lot of kitchen and bath work in one unit.. 

 The third house is a 'colonial' single family, I grew up where everything was a colonial, and the house isn't a colonial.  $165k.   Nice house.   

She picks #2 that's a 2 unit, and she can rent one out.   Lolita (I love that name) will rent out the remodeled unit, and live in the other unit, and remodel the unit that needs the flooring in kitchen and bath, and update the bath.   The daughter is using the second, remodeled unit for now, and I bet her mother will have to blast her out of that separate apartment.  

Portland, Oregon lady is going to be the first homeowner in her family, for herself and her daughter.   Her daughter is adorable.  Alexis' sister Amoirie, will be her skeptical assistant in the house hunt.   Her budget is $200k, not a fixer, and about 1200 sq. ft.  Unfortunately, homes are selling for 10-20% over asking.   

#1 1920's bungalow in SW Portland 800 sq. ft., no garage.  $175k The realtor says the lot is big enough for building a garage, or building on an addition, without realtor mentioning set backs, zoning, permit issues, and lot lines.  kitchen is tiny. bathroom is hysterical, only one bath.  

#2 Townhouse, NE Portland about 1500 sq. ft.  3 bed 2.5 bath.   low maintenance, patio and small backyard won't need much.  Under budget at $189k.   Kitchen is updated, and nice, but as usual the home buyer wants to have a bunch of people cooking and entertain many people.  Second floor has nice deck.   Third floor has 2 bedrooms, 1 bath, master (not main, so older episode) has a walk-in closet, and another closet,  Didn't mention HOA fees. 

#3 Single family SE Portland, 3 bed 2.5 bath, 1 car attached garage, under 1400 sq. ft. $195k, no direct access to the garage from the first floor. Nice kitchen, open to dining, and living room.  Half bath on first floor, back yard is very manageable, fence needs work.  Previous owner loves red, and orange, master has two closets, and an en suite, really nice en suite size, a bedroom for the daughter, and another bedroom for playroom.    

This must be a few years old, it still has a master bedroom, not a main, and her budget is under $200k,  She picks #2 the updated townhouse. 

Roseville, CA single woman.   Her friend Kyle, a co-worker is so funny. Natasha is the hunter. Budget $340k,  wants 3 bed, 2 bath wants turnkey, small yard, low maintenance, nice kitchen.

#1 4 bed/2 bath ranch 1400 sq ft, can turn one bedroom into a huge closet, nice, smaller yard. $285k, large patio. 

#2 new build $310k    3 bed,2 bath,1300 sq. ft. split level, main floor with living, and kitchen, plus dining is lovely, totally updated, across the street is zoned commercial and plenty big enough for a strip mall, or big stores.   Huge walk-in closet, big main bedroom, and en suite, but full shower, not tub. First floor has full washer/dryer, 2 first floor bedrooms with bath (and tub), nice patios.   low maintenance yard, move in ready.    HOA also.

#3 big 2 car garage, entrance is behind the fence, through the front/side yard.   $335k, 1400 sq ft, single family.   Lovely living/dining/kitchen with beautiful hardwoods.   full laundry room/mud room.  lovely small back yard, there's extra parking behind the back fence.   Master/main bedroom is big, great en suite with huge tub, huge shower, really big closet, 

She picks #2 new construction split level, with the HOA.   (I think #3 with the enclosed yard, lovely hardwoods, and no HOA would have been a better choice.)

I like this house hunter, she doesn't demand open concept, in  Ashtabula Ohio.   She wants a move-in ready, within 45 minutes of her job (some kind of private care home), but her boyfriend wants her to get a fixer.    However, the house she called a colonial wasn't, her house that she showed next was though.  She needs room for her ' big girl toys.  I think they're game tables, a pool table, air hockey and ping pong.

1st house-needs some paint desperately, but pretty nice overall. Below budget, close to the lake. Needs all new flooring, and lots of paint.    

2nd house-single family in Roaming Shores, cute house, close to the lake, 3100 sq. ft., $163k, close enough to work.   very cottage style, needs paint inside, it's all bright yellow.  living room is huge, and beautiful.   really nice kitchen, granite.   She wants white appliances!  Dining is eat in kitchen, but a bedroom next to it, could have the closet turned into an opening and changed that bedroom into a big dining room.     Windows over looking the living room from the bedroom, with an en suite (that's odd).  She doesn't like en suites!    

3rd house- 4 bed 2.5 bath split level 70's era, but huge, lots of entry paneling.  they have carpet in the kitchen.   There's a screen with birds on it in the blue tiled bathroom.   Carpet all needs to go, and strange wallpaper.   Naked women, on the en suite bathroom wallpaper.   I wonder if she knows you can prime and paint paneling?  

She chooses #1 for the location, lower price.  The change in flooring is amazing, wallpaper is gone, the paint has really improved the house.   (this is from 2015).

Edited May 30, 2021 by CrazyInAlabama

[chocolatine]

On 5/27/2021 at 9:42 PM, LittleIggy said:

Chicago: I just don’t get leaving your graduate program in NY to move in with a guy you have known for four months. Maybe it’s just me, but I don’t get it.

It's concerning that the graduate program was only mentioned in the beginning and then never again. I hope she didn't drop out because of him and was able to finish remotely. If she needed to be physically present in NYC to finish the program (a lot of healthcare and science programs still require that despite the pandemic) and decided to drop out in order to move in with him, she'll probably regret it in the future. If they really love each other, their relationship should be able to survive long distance for a year or two.

[topanga]

On 5/28/2021 at 5:59 PM, Cetacean said:

How many times did the Chicago couple need to explain their relationship?  We must have heard 50 times about her NY connection and his desire to please her.  We get it, already. 

I would be surprised if they are still together. It was an awfully fast start to a relationship and they never touched or acted anything like more than friends.  New friends.

On 5/28/2021 at 3:25 PM, Empress1 said:

I was watching the whole time like “what are you doing?” It seemed like she’d already dropped out because she just didn’t go back when her school break was up. I found them both nice but the relationship was a bit fast, and I think I’d be a little creeped out by the pressure he was putting on.

 

They were an intriguing couple, but I'm not sure they were a good couple. First, during the introductions, Eugenia went on an on about how David was full of integrity, she was proud of him, yada, yada. He said nothing about her during that exchange. All he said previously was that he liked her and hoped to find a house she liked so she would move in with him. But he was super-worried about having a somewhere to play video games but wasn't nearly as concerned about her having a place to study.  

And then she said she was in Chicago to visit her mother, but they met on a dating app. Why would she go on a dating app looking for matches in Chicago if she was only there for a short visit?  Unless she's going to be finishing up her graduate program remotely because of COVID. It's a bit confusing.

I just think its risky of her to move halfway across the country for a guy she just met. But maybe they're in love. 

That being said, the townhouse was a good choice for them. It gave them the space they needed and outdoor space, but there was an HOA, so David didn't have to worry about using a machete to cut the grass. 

[Empress1]

4 hours ago, topanga said:

David didn't have to worry about using a machete to cut the grass. 

I laughed when the girlfriend was like “you mean to tell me you were really out here like ...” and mimed cutting the grass by hand.

[Grizzly]

New York.  Not sure what to say about this couple. Admire their desire to buy a house considering their backgrounds.  Impressed they didn't buy the brand new house. 

[buttersister]

Elektra got her pool! And will have her spa oasis. And a happily ever after, I hope.

[CrazyInAlabama]

The second I saw the pool table, the bunk beds that were obviously quality furniture, then I figured that was the house they owned.      It really made the most sense.   The second house was definitely the right choice. 

The first house was never going to be what they wanted, unless they gutted it, and fully remodeled it.     It was too much land, and really wasn't a suitable house for what the house hunters wanted.   

The third house was nice, but way too far out of NYC.     I did love the kitchen, main bathroom en suite, and the closets.   I wondered if that land was the original property, or if it was filled in to make the property larger?    I worry about stability and foundation when there's a lot of filling in with dirt.   

Edited June 2, 2021 by CrazyInAlabama

[Empress1]

I'm a little sad that Dominique didn't make a "house of ..." joke (those who have watched her show, Pose, know what I mean). I liked them - they really seemed to love each other and have fun together. They clearly knew each other really well.

I rewound Dominique dashing into the huge bathroom in the third house at least three times. That cracked me up. I also laughed when she was like "this is my side - wait, no, it's yours, you can be next to the toilet." The third house was nice but I agreed with the guy that it was a little sterile - it needed some color to warm it up. I also agreed with Dominique that it was too far. (I wondered if his kids were in NYC schools - he said two of them lived with him half the year.)

[Crashcourse]

Given how she is on Pose, it's hard for me to imagine Elektra/Dominique living in the 'burbs, lol, but I figured they'd pick  the house with the pool table and other stuff.  

[Cetacean]

3 hours ago, Empress1 said:

The third house was nice but I agreed with the guy that it was a little sterile - it needed some color to warm it up.

That statement always bugs the hell out of me.  People complain up and down where there is color on the walls that they don't like but complain how "sterile" it looks if it's white.  What are owners supposed to do, phone the realtor and ask what colors the visitors might like and paint it accordingly?  It's PAINT, people.  It won't be "sterile" when you slap your choice on the wall.

[buttersister]

Quote

 I saw the pool table, the bunk beds that were obviously quality furniture, then I figured that was the house they owned

LOL, exactly. When Dominique asked if the sellers were moving out very quickly, and that she's never leave this kind of stuff behind, I saluted the major HH trope;-)

[Empress1]

3 hours ago, Cetacean said:

That statement always bugs the hell out of me.  People complain up and down where there is color on the walls that they don't like but complain how "sterile" it looks if it's white.  What are owners supposed to do, phone the realtor and ask what colors the visitors might like and paint it accordingly?  It's PAINT, people.  It won't be "sterile" when you slap your choice on the wall.

It’s not alway just about paint though, at least not to me. Like gray tile floors are trendy; those feel sterile to me. White-white countertops also can feel sterile. I think that place had white floors, which contributed to the sterile feeling. Open concept often feels sterile to me - you can tell when a place has had all the charm renovated out of it. There are a lot of things that are harder to change than just paint that can make a place feel sterile.

[Grizzly]

Temecula, Calif. How do you find a house with character, that is not brand new, but still doesn't need any renovations? Only 3 bedrooms, oh no I'll have to have my office and studio in the same room! If you can't tell, I don't like her.

[buttersister]

Ok, I dozed off for a moment towards the end. Call it self-defense.

[answerphone]

Young woman relocating from L.B. to Temecula.  Don’t be so starry-eyed about the fact he’s  levelheaded and balances you. You want charm and character and he wants bare minimal modern. 
 

The opposites-attract love affair can be very difficult to maintain, after the bloom wears off. 

[BrownBear2012]

14 hours ago, Crashcourse said:

Given how she is on Pose, it's hard for me to imagine Elektra/Dominique living in the 'burbs, lol, but I figured they'd pick  the house with the pool table and other stuff.  

And this isn't the swanky burbs...Orange County, NY isn't Long Island, Westchester, Bergen County or Connecticut. I just don't see them staying there long...and the house didn't fit their personalities or swagger. If he wanted farm animals he would have to go further out and buy farmland...there's probably an ordinance in the areas they were looking at that forbids that sort of thing.

[LittleIggy]

Elektra on HH! 😁 I love Dominique Jackson, and it was fun to see her and her boyfriend house hunting. Can you imagine what Elektra would say about living in the burbs? 😏

[CrazyInAlabama]

I have a few comments about Miss Entitled, and her spoiled attitude.   First of all, who goes on TV and brags that the boyfriend will go broke so she'll be happy?    And I think they only came on the show to publicize her singing career, and to show off how much money they have.     

I knew the second I saw that giant closet on the first house, that she wanted that house, and didn't care about anything else.   The secondary bedrooms in that one were tiny, strangely shaped, and almost useless, but she got her closet.   I had to laugh at how packed that closet was at the end.   Did he even get any part of the closet, or did his stuff go in the other bedroom's closet? 

  There was nothing wrong with the kitchen, and simply changing the counter tops would really update that kitchen, and maybe a back splash.   Of course she'll want expensive appliances too.   My guess is she'll want to gut the perfectly usable kitchen, instead of reface the cabinets.  The cabinets weren't lovely, but they looked sturdy, so refacing would save a lot.     I bet the counter tops will have to be marble, and I bet she demands a waterfall edge on everything, and the most expensive back splash in the tile store.      

I figured that with the giant closet, and the view out back, that #1 was going to be their house.    Hope it's not like the view houses on Flip or Flop with expansionist soil, that will be a problem that won't end.   

 How does a part time singer, and whatever else she does, and a guy who designs big box store bathrooms afford $500k, and go $40k over asking, meaning you have to pay cash for that?      Or is she some influencer?    

The second one had a strange back deck that was apparently the entire yard.    There was nothing that needed that much renovation on the second house.    It was mostly how it was staged.    The third was obviously not it, because she didn't want to be that far out, 

The husband's estimates on redoing the floor plan, and the baths in the last house were absurd.    

The rerun of the couple with three kids, and moving from Nashville to Tampa was ridiculous.   She wants beach front, but with at least an acre, so her sons can ride ATVs and dirt bikes on the property.   I guess licensing, and age restrictions never crossed her mind?   

As the realtor says, there simply aren't beach front with an acre.    I guess the home buyers never heard of HOA, and other restrictions either?   I guess the wife doesn't think about her wandering little kids, and alligators and snakes?     

Edited June 3, 2021 by CrazyInAlabama

[Grrarrggh]

2 hours ago, CrazyInAlabama said:

The husband's estimates on redoing the floor plan, and the baths in the last house were absurd.    

Seriously!! I would be writing whichever big box store he works for warning them one of their salesmen was screwing people over. $40k for a bathroom that wasn't very large?!?! Nuts. 

[MsTree]

12 hours ago, Empress1 said:

Open concept often feels sterile to me - you can tell when a place has had all the charm renovated out of it.

Charm is what you make it...and in the eye of the beholder.

[jacksgirl]

Temecula couple. Been watching way too much Judge Judy. These unmarried couples who purchase houses together, sure hope they consult a lawyer before putting down $$. Don't care at all that they aren't married or engaged, to each his/her own, but it may be messy if they break up. She seemed high maintenance,  I do think they picked the best house though.

[Dehumidifier]

Temecula couple, another pair supposedly afraid that the neighbors will see them. With recent news reports I expect to start hearing a new trope on HH soon: "There aren't enough trees on this property! The extraterrestrials can see us!"

[Crashcourse]

"Little Miss Thing" in Temecula did come across as high maintenance.  

9 hours ago, CrazyInAlabama said:

I have a few comments about Miss Entitled, and her spoiled attitude.   First of all, who goes on TV and brags that the boyfriend will go broke so she'll be happy?    And I think they only came on the show to publicize her singing career, and to show off how much money they have.   

Exactly.

[pdlinda]

12 hours ago, CrazyInAlabama said:

How does a part time singer, and whatever else she does, and a guy who designs big box store bathrooms afford $500k, and go $40k over asking, meaning you have to pay cash for that?   

My guess is they may be sharing the home upkeep, maintenance and other expenses after moving in to the house and between both of them they could qualify for a mortgage if they had to refinance; HOWEVER, I believe she is the one on the deed and she is the one who paid cash for the house from either an inheritance (grandparents or maybe a trust fund from her parents).

If they decide to part, that would eliminate any messy legal issues to resolve.  The tip off was when they paid a premium of $40K (that had to be cash) to win the bidding war for the house.

Because of their different personalities, I believe he is fine with this setup.

[buttersister]

Quote

I bet the counter tops will have to be marble, and I bet she demands a waterfall edge on everything,

Do we get to see the episode in which she spills red wine on the porous marble--and it also drips down the waterfall--but no one cleans it up right away?

Edited June 3, 2021 by buttersister

[Grizzly]

Atlanta. Do people really have these kinds of hangups? He's vowed never to mow grass (bet you can afford to hire someone). She is dead set on not having a townhouse. But the dual showerheads won out. 

[Cetacean]

That guy in Atlanta sounded like a crazed stalker with his insistence on being able to see his wife at all times.  

[deirdra]

7 hours ago, buttersister said:

Do we get to see the episode in which she spills red wine on the porous marble--and it also drips down the waterfall--but no one cleans it up right away?

She'll probably pour the red wine on purpose when she gets tired of the kitchen and wants it completely redone all over again.

[pep4]

2 hours ago, Grizzly said:

Atlanta. Do people really have these kinds of hangups? He's vowed never to mow grass (bet you can afford to hire someone). She is dead set on not having a townhouse. But the dual showerheads won out. 

The realtor was great, but the client guy seems like a mouthy poseur.

 

In the San Diego (actually Chula Vista) episode, wow at the dumpy apartment/condo with the burglar bar doors charging $329/mo in HOA fees!

 

Edited June 4, 2021 by pep4

[Grrarrggh]

2 hours ago, Cetacean said:

That guy in Atlanta sounded like a crazed stalker with his insistence on being able to see his wife at all times.  

Maybe it's what he was taught by his open-concept obsessed parents.

[CrazyInAlabama]

In the Atlanta episode, my guess is there was a good reason the husband wanted clear line of sight on the first floor.   It didn't sound like the usual producer script.        If I bought that townhouse, those two huge trees that were leaning towards the house would be gone.   

I liked the single family house better, but the new build townhouse had some nice features, and a lovely kitchen. 

[amarante]

On 6/3/2021 at 12:45 AM, Grrarrggh said:

Seriously!! I would be writing whichever big box store he works for warning them one of their salesmen was screwing people over. $40k for a bathroom that wasn't very large?!?! Nuts. 

Actually having just remodeled, $40,000 for a bathroom is NOT an outlandish amount if one is upgrading from builder grade finishes.

Obviously you can remodel a bathroom for less money but bathrooms are expensive - but these aren't the ones that are sold at Home Depot :-). 

A tiled walk in shower can run about $10,000 or even more depending on what tile you choose - and that is just for the waterproofing, framing, tiles and installation of tiles. Throw in elegant shower fixtures which can be $2000 when plumbed and a frameless shower enclosure with an upgraded finish like Showerguard. Then there is mirrors, sconces, lighting, floors, counters, custom vanities and much of the work needs to be done with highly skilled plumbers, electricians and tile setters or you are taking risks. 

I actually find that most of the people on HH underestimate the cost of the "projects" when they discuss painting cabinets (as an example) as no big deal. Properly painting cabinets is quite expensive if done by a professional because it is not just slapping paint on but they need to be properly prepared and primed and done in a room with a controlled dust free environment or else you get an amateur job with streaks, blobs that will crack and chip in a short period of time.

 

[StatisticalOutlier]

On 6/3/2021 at 1:34 PM, pdlinda said:

The tip off was when they paid a premium of $40K (that had to be cash) to win the bidding war for the house.

Just a quibble--my understanding is it's the appraisal, not the asking price, that determines how much the bank will lend (over which the buyer will have to come up with cash).  If a bidding war is caused by the house being offered at a too-low price, it's possible that the appraisal could match the winning offer, and the buyer wouldn't have to come up with any cash even though he's paying more than the asking price.

Seems to me this could happen in a really hot market.  I was just watching the local Austin news, and they said almost 75% of sales are over asking.  So far this year, more than 1,500 houses have sold for more than $100,000 over asking price.  That number on this date last year was 22.

The median sales price for all houses went up 42% in the last year.  Of course Covid had an effect in 2020, but dang! 

So it seems to me that if the prices of houses are going up that fast, I could see appraisals, which are based on comparable sales, keeping up to a certain extent, lessening the cash burden on the buyer.  But that's just speculation on my part.  It's also possible that if these buyers are from California, they probably have a nice chunk of cash from selling their house there.  Or maybe a combination of the two.

 

[amarante]

1 minute ago, StatisticalOutlier said:

Just a quibble--my understanding is it's the appraisal, not the asking price, that determines how much the bank will lend (over which the buyer will have to come up with cash).  If a bidding war is caused by the house being offered at a too-low price, it's possible that the appraisal could match the winning offer, and the buyer wouldn't have to come up with any cash even though he's paying more than the asking price.

 

 

You are correct as asking price - and even negotiated "final" price doesn't really impact the appraisal. A house can be appraised for lower than the purchase price in which case the parties might not be able to complete the deal or the seller will have to lower the price.

Often the listing price is set at deliberately artificially low price in markets where bidding wars are common. This is sometimes done because it will get a listing into the From To category at a certain amount which will draw in potential buyers. So a property might be listed at $795,.000 because if you list for $825,000 you might lose buyers who might be willing to go up if they really liked a place. 

And appraisals are really somewhat of an art rather than a science - or so my friends who are real estate agents have told me. An appraiser isn't going to completely falsify an appraisal but there are ways to make a property appraise higher. A bad impression even if there is nothing objectively wrong with the property could lead to a lower appraisal.

And not to go to far astray, there was a recent case when a black woman had her white friend pretend to be the seller at an appraisal and it came in for significantly higher than when she was seen as the owner of the property.

[pdlinda]

44 minutes ago, StatisticalOutlier said:

It's also possible that if these buyers are from California, they probably have a nice chunk of cash from selling their house there. 

I believe this couple was renting and this was their first home purchase.  If I'm wrong, someone will surely correct me!

[CrazyInAlabama]

I think you're right, they were renting in California, for a ridiculous price.     It was their first house.     

I also suspect a lot of the people we see buying the extremely expensive houses may make a decent salary, but I bet some are getting money from relatives, or maybe trust funds or inheritance.   Some I know (I went to a high school with a lot of trust fund kids) have been able to access education or other regular expenses from family trusts, but for something like a house purchase would either get a huge lump sum with the down payment, or the house would be purchased for them. 

 

Edited June 5, 2021 by CrazyInAlabama

[amarante]

2 hours ago, CrazyInAlabama said:

I think you're right, they were renting in California, for a ridiculous price.     It was their first house.     

I also suspect a lot of the people we see buying the extremely expensive houses may make a decent salary, but I bet some are getting money from relatives, or maybe trust funds or inheritance.   Some I know (I went to a high school with a lot of trust fund kids) have been able to access education or other regular expenses from family trusts, but for something like a house purchase would either get a huge lump sum with the down payment, or the house would be purchased for them. 

You don't have to come from extremely wealthy families to get help with down payments. 

Many people I know had help from parents who were just middle class type of people who didn't live beyond their means. Grandparents die and it's not unusual for there to be money bequeathed. Some parents will give kids a choice of funding a wedding or a down payment or parents are pretty sure that they will have money to leave their kids so they are going to give them that sum for a down instead of waiting until they die and inherit it.

You don't have to have millions or be in the top 1% to have assets you have to help your children with a down payment. 

Edited June 5, 2021 by amarante

[StatisticalOutlier]

3 hours ago, pdlinda said:

3 hours ago, pdlinda said:

It's also possible that if these buyers are from California, they probably have a nice chunk of cash from selling their house there. 

I believe this couple was renting and this was their first home purchase.  If I'm wrong, someone will surely correct me!

Oh, sorry, I wasn't clear.  I was talking about the 1500 people who paid more than $100,000 over asking price in Austin so far this year, noodling out how they could do it if they had to come up with the excess in cash.  It occurred to me they might not have to, if appraisals go up fast enough, or they might have a lot of cash from selling their California house (the assumption is that it's the Californians moving to Austin who are ruining it).