💾 Archived View for gemlog.blue › users › birchkoruk › 1648315708.gmi captured on 2023-03-20 at 19:02:04. Gemini links have been rewritten to link to archived content
⬅️ Previous capture (2022-04-28)
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Some drama making the water choppy.
1) The nice lady selling us her house has decided she doesn't want to move out of Alaska afterall. She is still going through with the sale, but the impression i get from our realtor is that she's wishy washy and perhaps regretting her decision to sell (also she just went through a family emergency, some extra stress there). We cannot fault her for wanting to stay in alaska, l48 is a silly place, but we're rather set on her house. Closing is days away, and, like, GIVE US YOUR HOUSE, LADY. Which is a terrible attitude to have. But if the sale falls through now we are pretty boned on interest rates and such. I have casually browsed other places as they come on the market and i honestly really like the house we are closing on. It's nothing fancy but that's part of the appeal. It's a dead simple little house. I get why the owner would be regretting her decision to sell. (But, like, get out, lady.)
2) The seller ordered a survey and we found out the house was not built exactly as the original plans claim and 8" of the house is in a Naughty Zone, which is a problem. The seller's realtor is getting an official letter from the muni handwaving the discrepancy. Practically speaking it means if we had plans to add on to the house, we can't build more in the Naughty Zone. Also, should more than 50% of the house be destroyed, it must be rebuilt completely outside the Naughty Zone. On the bright side, this will not be a nasty surprise should we go to sell the property later on, and we haven't paid a cent for the survey & letter. On the not-bright side, our realtors are scheming a little bit and handling this matter instead of fully informing the lady selling the house, for fear that one more issue will make her throw up her hands and shut down the deal. The seller's realtor is an old friend of hers and i don't believe she would do anything to hurt the seller, but our respective realtors are definitely working together to ensure closing happens as scheduled (and they get their commission - because if the lady freaks out and changes her mind to sell, no monies for their work). So on the one hand, the realtors are def on our side, huzzah. But there is a grey area what with "handling" the seller. I am consoled by the fact that the seller is getting top dollar for her home. I think the house price is inflated and we are probably paying ~$50k over what it should be. It sucks for us but that's the market, and we are glad we are paying just the flat asking price and not thousands over like some people have to do. Maybe rising interest rates mean that her timing is perfect to get peak money for her modest home - money she can use. Maybe after she sells she will change her mind about moving Outside. Sounds like this is a very stressful time for her and lord knows stress can make big decisions seem overwhelming.
I feel a bit like Indiana Jones, running to escape the booby trapped temple. The stone slab entrance is closing dramatically and he has to throw himself into a slide to escape before it seals shut. Will he make it? Or will he be crushed beneath rising interest rates and die screaming in the dark?
Some people think the housing market is at peak mania and will collapse soon (bad for people buying at the peak, like us). Some people say it can't collapse because there isn't enough inventory to satisfy demand, so prices will stay elevated or keep rising, plus rising interest rates mean people will have to settle for less house for their money, if they can even find options at a lower price. Rents are up too. Everybody is feeling the squeeze. I've no idea if buying a house right now is the smartest or dumbest thing, but we are def sick of apartments. That i know for sure.