Sometimes I wish I was impulsive…

There are a lot of nice houses in my neighborhood. There’s one in particular I noticed the first time I drove through the area and that I take note of every time I drive past. For my money it’s the best looking house of the bunch, which is saying something because there are some really well put together homes in this particular hood. It looks to all the world like a colonial stone house set down on its two acres in the middle of everything else built in the 21st century. 

I noticed the for sale sign had gone up in the weeks leading into Christmas and it appears to be on the market as a short sale. At a little more than twice my current square footage, it would be far too much space for me to ramble about. I’d also need a second job to make the payment comfortable. Giving up my current sub-3% loan for something closer to 6 or 7% is absurd. Even if all of that could be looked past, I hate the very idea of packing up all my crap and moving it is just more than I can bear thinking about.

Still, there’s more than a little bit of lust in my heart. If I were just a little bit more impulsive, I’d probably have spent my Christmas vacation coming up with ways to jump on this short sale. It helps that the place needs a fair amount of updating around the kitchen and bathrooms – if I’m honest, the interior doesn’t do justice to the exterior – but it’s probably best I’ve constrained those impulsive tendencies to settle in and watch this pitch sail past. 

Sales envy…

In the last six months I’ve watched as about 30% of the neighborhood hung out a for sale sign. Each time the home in question was sold in a matter of days – and if internet records can be believed, commanded sales prices that no one would have dreamed of two years ago. Two more just on my far exurban road have “coming soon” signs that went up last weekend.

I’ve seen enough of these boom and bust real estate cycles to know that seller’s markets don’t last forever. Then again, neither do buyer’s markets. Even knowing that, I have to confess to just a touch of jealousy at those cashing out and moving up or on.

By the same token, I’m spectacularly happy that I’m not trying to find a house to buy in the current market. Too many people chasing too few good options. I don’t have the patience for a bidding war or the tolerance for assuming all risks by waiving every contingency.

Part of me would dearly love to put up a for sale sign of my own and unlock the COVID equity built up over the last 18 months. The real trouble is, the house I really want hasn’t been built yet – because I’m still toying around with floor plans and design ideas to somehow hide the contents of a neighborhood library in a traditionally styled house.

I’d very much like my next move to be my last move. With seven of them under my belt since August 2000, I feel like I’ve had my share of packing and unpacking in town to town, up and down the dial already. Changing houses now would be, at best, a change of scenery. Since the scenery I’ve got is pretty damned good, though, it’s not an idea swimming with motivational appeal.

So, yeah, I have a little bit of sales envy, but no intention of doing anything about it for the time being. Barring untimely death or global economic collapse following the Great Mask Wars of the early 21st century, there will be time enough to cash out and have everything put together just so.

Closing time…

The good news, I suppose, is that after months of screwing around, I’ll be closing on the new mortgage for the homestead on Friday morning. The new rate, 1.26% less than the original note, will save me several hundred dollars a month. 

As far as I can tell, all the paperwork is in good order and there theoretically shouldn’t be any problems getting to the closing table. The team I’ve been working with to get this work done have been spectacular – as johnny on the spot as any bunch of paper pushers I’ve ever dealt with. Color me cautiously optimistic.

I looked into a lot of options this time around – and strongly considered going with a 15 or 20-year mortgage to slice years off the life of the loan. Ultimately, though, reducing the overall cost of housing was the more important consideration. I can certainly allocate the savings to more entertaining or remunerative uses than keeping a roof over our heads. At rates under 3%, there’s very little incentive not to use other people’s money for as long as possible while seeking out a better ROI for my own dollars.

The only catch in this otherwise good news story was the moment I read over the estimated pay off date – sometime in 2051. As a child of the middle-to-late 20th century, 2051 doesn’t even feel like a real year. It’s some Jetson’s, deep space, basically unimaginably distant point in the future. Although I’ve spent nearly as much time in the 21st century as I did the 20th, I don’t think I’ll ever be entirely settled with it.

Under other circumstances, I’d be concerned about having a mortgage sticking that far out into the future – well past the date I expect to throw off the yoke of working for a living. As much as I like this house, though, staying here forever has never been the endgame. I think I’ve got one more big move left in me, hopefully to something built to suit my own undoubtedly quirky specifications. With this latest refinance, I won’t be paying off a hell of a lot of principle over the next 15 years, but I’ll make a modest dent. Throw in a decade and a half of (presumed) appreciation and there should still be a respectable nest egg to throw at building the last and final Fortress Jeff. 

We’ll just have to see how well that particular plan holds up to the intervening years… but again, on this point I’m choosing to be cautiously optimistic. 

Take it where you find it…

After ten months of watching interest rates plummet through previously unimaginable record lows, I’ve finally stuck out my hand in an effort to catch the falling knife. Almost six years ago, I was thrilled to lock in 4.25% for 30 years. I’d taken 7.5% back in 2001when I bought my St. Mary’s County condo. At the time, that was a steal – especially for a 23-year-old with no significant credit history. I refinanced that one a few times over the years and the shopped around for financing for the Tennessee house in 2007. I closed on that one about three months before the bottom fell out of the housing market in 2008. Good timing, that.

I’d gotten used to being able to move through the mortgage process pretty effortlessly. I have every conceivable piece of electronic paperwork the underwriters may need at my fingertips – often sending it off before the call asking for it even ended. I’m still good for that, but the mortgage business itself is having a bit of a struggle at the moment. Just getting a broker to call me back proved to be more of a challenge than you might think. I suppose it’s a case of having an embarrassment of riches as everyone is racing to their favorite banker to take advantage of the unprecedentedly low rates. I was warned that getting through to closing, usually a 30-day affair, could take up to 90 days because of how much of a backlog they already have in the pipeline. The rate is locked in, with an option to go lower if they should continue to fall, but now that I’ve started the process, I’m impatient to start getting my monthly savings.

Plague, famine, sedition are all loose upon the world. Maybe we’re all going to hell in a handbag. It’s important to take your happiness where you can find it in strange times, so damned if I’m not going to appreciate a blisteringly low interest rate with no points on the way to the collapse of civilization.

Like a half-assed grail quest…

I’ve been reaching out to potential mortgage servicers for the last week or so to see if anyone’s interested in underwriting a refinance for Fortress Jeff. With interest rates stupidly low, I can only assume every other American home owner is doing the same thing right now. That’s a net good overall for homeowners, but has driven the whole process towards being even more of an absolute pain in the ass than it would be under normal circumstances.

If nothing else, you’d think I could get my current mortgage servicer to pick up the damned phone. And yet here we are, with all my calls for the last four days kicked over to voicemail and emails left without response. 

I’m sure they’re busy. I know my mortgage is in no way even remotely close to “big business” for a national bank. But, hey, a quick email letting a long-term customer know they’re in the queue and someone will eventually get back to them – or gods forbid giving an actual estimate of when they may get in touch – would go a long way towards making me feel like they should keep my business and fending off the increasing likelihood that I’ll just slam a request for quotes through one of those online aggregators and go with the absolute low bidder.

Under normal circumstances, I’d just walk into the credit union and ask for their best offer and move along, but it seems that since they’re still operating under COVID procedures, requiring advanced appointments, and also getting flooded with work, adding them to the list would just make for one more outfit that doesn’t seem interested in calling back. They may get added to the mix yet, but life would be altogether easier if the current lender would just get on the stick and work a streamlined loan for me versus starting over as a new customer. 

Yes, it’s a first world problem… and yet since I’m living in the first world, that really just makes it a problem… and one that you wouldn’t think should take so much time and effort to work through, but, of course, here we are. It’s like some kind of half-assed grail quest. 

My new obsession…

Some people have used the last few months of forced disengagement to learn languages, write their great American novel, or somehow make themselves into more productive human beings. Meanwhile I’ve been over here mostly living the same life I’ve lived for years.. with the exception of developing a new minor obsession. I now find myself spending at least a few minutes every day looking over floorplans of houses I’ll never build.

I’ve spent time looking at floorplans for old houses, new houses, prop houses from TV series and movies, castles, Roman villas, and family compounds. At first blush, it doesn’t make much sense, but hear me out.

Even though the Tennessee house was “new construction,” the only personalization came in picking the finishes. The bones of the house were all pre-determined by others. Every other place I’ve lived was designed and built originally to meet someone else’s expectations and needs. In every one of them, I’ve found myself asking often, “Why the hell did they do it this way” as opposed to in an alternate way that would make more sense to me. Having spent my life living with other’s decisions, the only grand ambition I have left at this point is to build a house from the basement up – Fortress Jeff achieving its final form that puts walls, switches, and doors exactly where I want them and all with a general layout that makes sense for how I intent to live in it.

Even though I’ve spent months looking at floorplans, none of them has been quite right. Most of them have been miles off. Many of them, though, have had distinct elements that are perfect – or that could be perfect with just a bit of architectural rejiggering. I’m keeping an open file (a self-contained Pinterest board?) with screen shots and notes about each of them. That goes a long way towards showing what right looks like from my perspective here and now. We’ll see what right looks like after it’s had a decade and a half to percolate.

So, what does this perfect place look like? Well, my current kitchen layout basically gets transposed into a new setting, the front door doesn’t dump directly into the main living area, there’s a room for dogs – tiled and suitable for hosing down – a pocket office to keep the computer and other bits that keep the household running from dominating whatever other room they’d be in, three garage bays, and some bedrooms, I suppose. Forgive me, please, but I haven’t put much brainpower into the rooms whose purpose is largely to be places to go lay down in the dark with your eyes closed.

I know, describing it doesn’t do justice to what I’m seeing in my head. Sorry about that.

The heart, though, of any house I would ever build is almost certainly a “great hall of books.” You know, something medieval, but with excellent shelving. In fact, if the construction budget looks thin, you should probably just expect a library with a monk’s cell bedroom and kitchen attached… although giving up the garage would be extraordinarily painful.

The real trick, of course, will be figuring out how to cram everything I want into a footprint that doesn’t go sprawling across the countryside and send me into bankruptcy. Those details, though, are far less interesting than where, exactly, to put the inglenook. Hopefully my next obsession will be a self education in creative construction financing.

Doing my bit…

As of a few minutes ago I’ve probably taken my last official action as a property owner in St. Mary’s County in scenic southern Maryland. I’ve added my John Hancock to a few pieces of paper and in about 48 hours they’ll be countersigned and magically turn into a big bag of cash… or, well, whatever the electronic equivilent to a big bag of cash is, anyway.

I really expected signing it all over would leave me feeling some kind of way, but what I seem to be feeling most is a sense of relief… that I’ll never have to worry about finding another tenant, or that someone is going to tear the place up, or that I’ll get a random phone call in the middle of the afternoon that the furnace or air conditioning compressor needs to be replaced. I made some damned good memories in that little condo during the short time I lived there, but its life as an income stream (or suck depending on the year) lasted far longer than did my time really living with it. I’m mostly left feeling that it was an investment that served its purpose and it’s time to cash out.

Maybe the sick dog has just used up all the feels I’ve had allocated for the week before we got to the real estate transaction portion of shit to do. Anyway, I’ve done my bit. All that’s left now is for the seller to do his. And then we can all feel well satisfied and get on with whatever is next.

A happy place to hide…

Last year on this day I wrote that I was amazed a year had gone by and that “feels like there’s been some part of the place under construction for most of that time; not to mention an ever-lengthening list of projects yet to come.” As much as I would love to say that the second anniversary of buying Fortress Jeff finds that to be less true, of course it isn’t. The place is still a near constant construction zone (though fortunately this year’s efforts have been less dramatic) and the project list has only continued to grow.

It’s taken a while to get to a place where it feels like I’m not walking into someone else’s house that just happens to have all of my stuff in it… but I’m pretty much there now. Except, of course, for the occasional discoveries of little things that leave me wondering the logic behind why things were done a certain way when they built the place (like mystery light switches) and the perplexing rational behind not putting this place on a full basement.

All things considered I think I can be happy hiding from people here for a good long while.

A year later…

As most of the rest of the Western world is busy celebrating Easter, I’ve mostly spent this Sunday morning trying to wrap my head around the idea that one year ago almost to the hour I was sitting down and signing my name on 37,361 pieces of paper that allowed me to borrow a horrifying sum of cash and move into a far better house than I imagined possible. I won’t say that the year has been all sunshine and roses – it feels like there’s been some part of the place under construction for most of that time; not to mention an ever-lengthening list of projects yet to come.

Now with that being said, and despite the general pain in the ass of being a homeowner, this place ranks among the better decisions I’ve ever made. Good bones, good neighborhood – and neighbors I can’t even see for three seasons of the year – it’s a hard place not to like. The longer I’m here, the more I change to suit me versus suiting the last guy to live here, the more I like it.

I’m already struggling to imagine that a year ago I was standing in the middle of a totally empty house wondering what the hell I’d gotten myself into.

Starting at $500,000…

I’ve had several distinct experiences as a homebuyer. I’ve had the experience of buying into a brand new subdivision with streets still unpaved, a hundred lots still for sale, and the mixture of fear and curiosity in wondering if and when the project would ever be finished… and what kind of wackadoodle neighbors I’d end up with. More recently I bought into an established neighborhood whose tight restrictions and price of admission helped cut down on the wackadoodle, outwardly at least. Here in exurbia we seem to keep our crazy more inside the walls than up on blocks in the front yard.

Having been thoroughly scorched by the bursting bubble of 2008/9, two of my biggest priorities were finding an established neighborhood that would still be sought after when it came time to sell (as opposed to one that was still under construction, and suffering though several iterations of developer-gone-bankrupt) and driving down my offer price low enough to hopefully not lose my ass again. I won’t claim to have timed the market, but I feel good about how closely I was able to meet those goals.

I feel even better about it now that I’ve seen a sign going up just across the hill from my little cul-de-sac. It’s well out of my eye line, separated by a stream and a couple thousand yards of trees, but I heartily welcome any developer in the next neighborhood over who wants to list “3 to 10 Acre Estate Lots Starting at $500,000” in their promotional material. It’s good for property values and mercifully keeps that tract free from higher density projects. Since it’s the last stretch of land available for development in my immediate area, I was ecstatic to see it being chunked out in such big portions. Elitist? Yeah, maybe, but like it or not a house is as much an investment as it is a home and I’m in favor of just about anything that will help drive the value up – despite what it will inevitably do to my next property tax bill.

With the rest of the immediately surrounding land being state managed or otherwise being entangled by woodland protective covenants and restrictions, barring an unforeseen calamity prices only have one way to go… though given my decidedly mixed track record with real estate I could be absolutely and completely off the mark.