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General Discussion => WHATEVER => Topic started by: notmikerusczyk on May 08, 2022, 10:59:09 PM
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how the FUCK are we ever supposed to buy a house man. i'm in my mid 20's and will prob become a high school teacher in a little over two years and i plan to teach in a small town. even then, from looking at zillow/redfin it straight up looks impossible for me to ever buy a house. when my parents bought their first house in the 80's, it cost them 80k and they had a 50k annual income. can you imagine buying a house nowadays that's less than double your annual income? idk, i'm half venting and half wanna hear how people are managing. anyone have experience with buying property and then building/tiny house or some shit?
(couldn't find a thread on it)
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Tiny houses annoy me so much and not just because I'm an oversized person. Well just the ones on the tv shows about it. It's like they are purposely focused on all the wrong things.
An older family members looking at houses and everything is like 1.5-2.5m so it's like if you're somehow lucky enough to get the house instead of some rich asshole who just buys houses to make money you just spend literally the rest of you're life paying for it. Not even a great area or great houses. Guess my idea of what a million dollars is is pretty dated.
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Tiny houses annoy me so much and not just because I'm an oversized person. Well just the ones on the tv shows about it. It's like they are purposely focused on all the wrong things.
An older family members looking at houses and everything is like 1.5-2.5m so it's like if you're somehow lucky enough to get the house instead of some rich asshole who just buys houses to make money you just spend literally the rest of you're life paying for it. Not even a great area or great houses. Guess my idea of what a million dollars is is pretty dated.
yeah, i feel like there's def a stigma around tiny houses and i totally get that. it's definitely some white people shit. however, they seem like they could be a good place to live for a few years while saving up for a real house and that's kind of what has me interested in them. that or a decent RV lmao
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Tiny houses annoy me so much and not just because I'm an oversized person. Well just the ones on the tv shows about it. It's like they are purposely focused on all the wrong things.
An older family members looking at houses and everything is like 1.5-2.5m so it's like if you're somehow lucky enough to get the house instead of some rich asshole who just buys houses to make money you just spend literally the rest of you're life paying for it. Not even a great area or great houses. Guess my idea of what a million dollars is is pretty dated.
Yeah like a trailer homes makes more sense. "We made a mini decorative banister and railing" yeah you have no space maybe just don't do that. I used to work on building sites and sometimes they'd have like trailer offices, kitchen/eating area and bathrooms it's like if I could just connect these together I'd be alright
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The only way to own in a decent city in America is to over-leverage yourself and find someone else to pay your mortgage, inherit a lot of wealth, or not live in a decent city and move somewhere that sucks balls.
If you want to own a home, there are fully renovated houses in Binghamton, NY that go for less than 100K. But, Binghamton is a complete shit-hole. Other than the fact that it has a Wegmans, it is a city that doesn't belong in a first world country.
Buying a home will never be affordable again because the banks and those with homes do not want to see affordable housing appear. The federal gov needs to step in and build tons of housing, but those with homes would be irate if there were options for affordable homes as it would lower the value of their home.
Also, something to remember about buying a home is interest rates matter. I got a loan recently with a 1% interest rate. The loan is huge, but the monthly payment is basically nothing. However, if the developer doesn't finish the project soon and I have to renegotiate with the bank, which means I am fucked as the interest rate is already back up to 3% where I bought.
For normal people, homes aren't meant to be bought quickly, they are life long expenses. Think of it in terms of monthly payment not sticker price.
Finally, what makes the current housing crisis extra interesting to me is that my ultra conservative grandpa used to tell me about "poor" housing and lack of privacy in the Soviet union.
Fuck, dude, I've lived in the "poor" Soviet housing and it is better than what I can afford out here. And, as for lack of privacy, is there anything that I can do that is private today? The 4th amendment is a fucking joke when the gov can buy all my data from Facebook or some data broker.
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We're never going to afford a house at this rate. It doesn't help that basically all of America has ridiculous zoning laws allowing only large single-family houses to be constructed. So basically you're forced to live in a car-dependent suburb or pay astronomical rent in the city.
There are affordable houses in the "snow belt" which is also in the rust belt (Erie area, Jamestown NY, Buffalo). Good luck finding gainful employment there though, and those winters are brutal.
I honestly don't know how those less fortunate than me are getting by. Something's got to give.
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That something is already giving in many areas.
The last time I went home (over 3 years ago now - pre-pandemic), the number of unhoused people was astounding. Even when I was a kid, there was a serious problem with that in Frisco, but it had gotten worse. It had spread from the city proper to the greater Bay Area.
Property owners are flexing and pushing people out of their rented homes. Some people are commuting obscene distances to work, but some can't find affordable housing regardless of distance so there are huge encampments under freeway entrances, overpasses, bridges, or even on the side of the freeways.
From what I gather from folks back home, the trend has continued.
Solutions have been proposed, such as building more affordable housing, but NIMBY's fight tooth and nail against such things.
I can only imagine that it has gotten that way in other places as well. I just hope not to the same extent.
People are desperate and desperation makes people opt to do things they wouldn't if their base needs were being met, which exacerbates their already bad image in the minds of the "haves."
I dunno...hella bums me out to see what's become of the city and the people.
I'm also one of the people who doesn't see themselves ever owning a house.
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When I was living in London I had a decent plan of buying something then I did the maths and even with a very qualified job that I was holding down I would have had to live twice to be able to afford a shitty 1 bed apartment at the gates of a ghetto in zone 47493.
I’m planning of buying and renovating a rustic house in the fields where I’m currently at. They start at even less than 50k and you also have a bit of land (read: miniramp lol).
But yeah welcome to reality and for our generation it’s a shite one. Unless you decide to become a slave for a big corpo / work in finance 80h a week without developing a coke addiction etc.
Not worth it for me so I’m gonna go for that bucolic slow life. With lot of skating in it.
Edit: that’s without counting on a partner to achieve that. Not judging who does it but for me that’s entering a world of pain. And a possible recipe for disaster.
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I'm in my 20s as well but I've accepted the fact that houses are way overvalued and the longer I wait the more priced out I'd be. In my area there's been lines down the block for open houses. Also, owning a house you're on the hook for every single repair which can add up to tens of thousands quickly. So as a single person, I opted for a condo. Not as much freedom as a house but better than burning money with rent. I'm building equity and I can sub lease for passive income if I ever wanted to move in the future. I'd suggest looking at condos in your area and see if they'll suit your needs until the market cools off (if it does).
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I bought my first house in 2012, when the housing market was still low due to the 08 crash. It was a small 2 bed 2 bath ranch that had been on the market for quite a while and I paid $80k. I owned it for four years, during which time I ended up getting into a relationship, engaged and married. My wife had bought a condo around the same time that I bought my house, and when it came time to consolidate everything we were in 2016 and the market was starting to boom. My house sold within a day for $100k, and my wife's sold same day at like $30k more than she originally paid. It gave us a nice nest egg to put down a downpayment on something bigger. In 2016 the market was considered crazy, people were in bidding wars going well above asking price, which I was having none of. We ended up in a nice 4 bed 2.5 bath with a finished basement and a descent fenced in back yard.
I didn't realize it back then but we basically fell into the perfect scenario, we bought low and sold high. It's crazy to think that the market has just continued to go up and up even more since then. It really does put first time home buyers in a basically impossible situation.
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You're not supposed to buy a house. That's for Black Rock, you're supposed to rent it from them forever.
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Tiny houses annoy me so much and not just because I'm an oversized person. Well just the ones on the tv shows about it. It's like they are purposely focused on all the wrong things.
An older family members looking at houses and everything is like 1.5-2.5m so it's like if you're somehow lucky enough to get the house instead of some rich asshole who just buys houses to make money you just spend literally the rest of you're life paying for it. Not even a great area or great houses. Guess my idea of what a million dollars is is pretty dated.
The tiny house thing is pretty depressing because it really demonstrates the limits of our political and economic imagination. Real capitalist realism shit.
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Tiny houses annoy me so much and not just because I'm an oversized person. Well just the ones on the tv shows about it. It's like they are purposely focused on all the wrong things.
An older family members looking at houses and everything is like 1.5-2.5m so it's like if you're somehow lucky enough to get the house instead of some rich asshole who just buys houses to make money you just spend literally the rest of you're life paying for it. Not even a great area or great houses. Guess my idea of what a million dollars is is pretty dated.
The tiny house thing is pretty depressing because it really demonstrates the limits of our political and economic imagination. Real capitalist realism shit.
Init!
My brother is an architect for this big interior design firm where they’re like: oh shit we invented a desk that disappears, a shelf where you can work on then you can use it to iron your shit etc.
I was like so lost. Our society is fucked cos the firms are stoked to find ways to make a 40mq shithole feel like a 60mq shithole when it shouldn’t be the case unless you choose to live in le marais or Westminster or some bullshit like that. No one should live like that. I’m lucky / glad that I’m down for that baku / woods / cabin life.
Dark times.
EDIT: I'm gonna put this here cos why the fuck not.
https://www.youtube.com/watch?v=C3jnY2KjW6I (https://www.youtube.com/watch?v=C3jnY2KjW6I)
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We just had a new house built for us! having said that, I live in a country where having a house isn’t really that much of an asset in the long run which has its own advantages and disadvantages. We are also fairly rural which means we have a big plot of land to grow veges on which was one of our main motivations.
My parents bought in Sydney (Aus) in the early 90s for 400k and recently sold for 1.8 million. If I still lived in Sydney, there’s no way I’d ever be able to buy a place …
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I'm 37 and still renting, got tons of money in savings but property prices for something decent where I'd actually want to live, are rising faster than I can save.
In my early 30s I had a bit of a complex about it, now I don't really care anymore, I'm debt free with a good chunk of money in the bank... it'll do.
It's only going to get worse, unless you have rich parents or some inheritance, forget it.
(UK based but I imagine it's a similar story elsewhere)
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We just had a new house built for us! having said that, I live in a country where having a house isn’t really that much of an asset in the long run which has its own advantages and disadvantages. We are also fairly rural which means we have a big plot of land to grow veges on which was one of our main motivations.
My parents bought in Sydney (Aus) in the early 90s for 400k and recently sold for 1.8 million. If I still lived in Sydney, there’s no way I’d ever be able to buy a place …
way to read the room
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i ain’t buying no house, you’re gonna wanna be nomadic for climate reasons. blackrock can have em.
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Tiny houses annoy me so much and not just because I'm an oversized person. Well just the ones on the tv shows about it. It's like they are purposely focused on all the wrong things.
An older family members looking at houses and everything is like 1.5-2.5m so it's like if you're somehow lucky enough to get the house instead of some rich asshole who just buys houses to make money you just spend literally the rest of you're life paying for it. Not even a great area or great houses. Guess my idea of what a million dollars is is pretty dated.
The tiny house thing is pretty depressing because it really demonstrates the limits of our political and economic imagination. Real capitalist realism shit.
Init!
My brother is an architect for this big interior design firm where they’re like: oh shit we invented a desk that disappears, a shelf where you can work on then you can use it to iron your shit etc.
I was like so lost. Our society is fucked cos the firms are stoked to find ways to make a 40mq shithole feel like a 60mq shithole when it shouldn’t be the case unless you choose to live in le marais or Westminster or some bullshit like that. No one should live like that. I’m lucky / glad that I’m down for that baku / woods / cabin life.
Dark times.
EDIT: I'm gonna put this here cos why the fuck not.
https://www.youtube.com/watch?v=C3jnY2KjW6I (https://www.youtube.com/watch?v=C3jnY2KjW6I)
That's reason # 2 of what annoys me about the tiny house shows. And it reflects on me personally but I don't want to be playing a game of rush hour(is that a reference people get?) every time I want to do something.
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Long story short, my wife and I sold our house a couple months ago for double what we bought it for in 2016.
Without going into too much detail, the 8 year trajectory of me living with my parents during my engagement to save money to now living in an expensive home at an expensive location convinced me that capitalism is so broken.
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I live in the last place in coastal California that was considered affordable. Jobs haven't been particularly abundant and its geographically isolated with poor services--takes months if not half a year to get some appointments, need to drive 6 hrs to get to a legitimate city. In late 2018 our landlord bought this house on a more than a quarter acre for $170k. Houses around us are selling for$400k+. The last neighborhood I lived in, pre pandemic, houses were selling around $225-250k, last week I saw an old dumpy grow house, 2 bed, 1 bath, no significant yard in a dumpy neighborhood sell for $535k. These are single story, no basement, no attic, single pane windows, no insulation built in the early 1950s in a Tsunami Hazard Zone.
With wildfires spreading closer to the SFBay area and tech people working remotely, motherfuckers are flocking here with cash (of course investors are too, but its an influx of individuals and families according to the long time realtor I talk with). This is the last desirable place in CA that's been untouched by fire. Water is abundant.
I have lived here for over 10 years now and done heavy work in and for the community. Plan was always to buy a cheapo house and fix it. Now the banks won't lend for fixers...
Looks like I'll be moving to shithole Western Massachusetts in a few years. I can buy acreage w a house for like $250k over there. I hate that place though, man. Dammit
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The only "affordable" houses in Los Angeles are decrepit craftsman homes built in the 20s or 30s that some fucking boomer lived in for 50 years, never updated shit, and are now cashing out. It's a generational wealth theft from millennials to boomers, if you're even fortunate enough to be able to buy a home. my wife and I both have good jobs, steady incomes, savings, no debt and we can't afford to buy. Where does that leave single parents, minimum wage workers, millennials stuck with student loans at 27+% interest rates?
the system is fucking broken
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it's not broken it just not for you (or me)
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I don't own a house, but I'm planning to start putting offers on detached houses by November. Fuck a condo - I've lived in apartments my entire life and I'm sick of being trapped in a small box. I can't wait for all the challenges and thrills associated with home ownership. I think about this shit every single day. I'll just sound off here with whatever's on my mind for now -
It's possible to buy a house where I live, it just takes a lot of work and sacrifice.
I talked to a mortgage specialist about a month ago and flat-out asked him if it's unrealistic for me to buy a house in today's market. He said no, it's not unrealistic. I just have to put the work in to build the down payment. And I believe that- a professional's opinion. I swear I'm bombarded by doom and gloom about this subject constantly. Like Reddit as one such example, everyone screams that they're never going to be able to buy a house there. Bullshit - I'm staying positive.
I'm in my mid 30s. I don't have kids, I'm separated, I don't have a car (lost it in an accident), I'm staying in my mom's apartment because she's never here, she works in the country. I'm what society, and my ex-wife, deems a loser. My ex-wife thought I was poor and once told me, "I don't think you can get a house." I don't give a shit, I've got bigger fish to fry. Thank God I worked hard to build my career to what it is now.
Speaking of, yeah, I'm working a demanding, high-intensity full-time career during the weekdays, and a shitty, minimum-wage, dangerous part-time job during the weekends. I'd even work a third job if it was remote/evenings/a few days a week.
I've set this year as one where I work my ass off. About 3/4 of my take-home income goes toward saving for a down payment. I maintain a simple lifestyle, occasionally treating myself. I skate, I stay healthy. I don't need much to maintain.
I've had to factor in a lot of elements when it comes to a down payment as well - it's not only the 5% down payment (that's how we do it in Canada), but it's also the closing costs, and accounting for higher bids on houses, moving costs, insurance, etc. I'm considering all of this.
I'm paying attention to listings. Watching to see what houses are listed for and what they sell for, and keeping that in mind when watching the way listings in the neighbourhoods I prefer evolve.
What's really painful is, aside from staying where I'm living for a low cost (which I'm very thankful for), I have to do all of this myself. No money from parents, no financial support from a girlfriend or wife or friends, just working every single day, keeping a close eye on my money, avoiding unnecessary costs, staying focused and positive. People have told me that it'll be a lot sweeter to accomplish it by myself and I'll appreciate the house more, but I can't lie - I wish I had help. I envy you if you have/or had support.
But no matter. At this point, I'm about halfway saved up to the closing costs and 5% down payment altogether. Barring any unforeseen incidents, I know I can do it. We'll see in November.
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I don't own a house, but I'm planning to start putting offers on detached houses by November. Fuck a condo - I've lived in apartments my entire life and I'm sick of being trapped in a small box. I can't wait for all the challenges and thrills associated with home ownership. I think about this shit every single day. I'll just sound off here with whatever's on my mind for now -
It's possible to buy a house where I live, it just takes a lot of work and sacrifice.
I talked to a mortgage specialist about a month ago and flat-out asked him if it's unrealistic for me to buy a house in today's market. He said no, it's not unrealistic. I just have to put the work in to build the down payment. And I believe that- a professional's opinion. I swear I'm bombarded by doom and gloom about this subject constantly. Like Reddit as one such example, everyone screams that they're never going to be able to buy a house there. Bullshit - I'm staying positive.
I'm in my mid 30s. I don't have kids, I'm separated, I don't have a car (lost it in an accident), I'm staying in my mom's apartment because she's never here, she works in the country. I'm what society, and my ex-wife, deems a loser. My ex-wife thought I was poor and once told me, "I don't think you can get a house." I don't give a shit, I've got bigger fish to fry. Thank God I worked hard to build my career to what it is now.
Speaking of, yeah, I'm working a demanding, high-intensity full-time career during the weekdays, and a shitty, minimum-wage, dangerous part-time job during the weekends. I'd even work a third job if it was remote/evenings/a few days a week.
I've set this year as one where I work my ass off. About 3/4 of my take-home income goes toward saving for a down payment. I maintain a simple lifestyle, occasionally treating myself. I skate, I stay healthy. I don't need much to maintain.
I've had to factor in a lot of elements when it comes to a down payment as well - it's not only the 5% down payment (that's how we do it in Canada), but it's also the closing costs, and accounting for higher bids on houses, moving costs, insurance, etc. I'm considering all of this.
I'm paying attention to listings. Watching to see what houses are listed for and what they sell for, and keeping that in mind when watching the way listings in the neighbourhoods I prefer evolve.
What's really painful is, aside from staying where I'm living for a low cost (which I'm very thankful for), I have to do all of this myself. No money from parents, no financial support from a girlfriend or wife or friends, just working every single day, keeping a close eye on my money, avoiding unnecessary costs, staying focused and positive. People have told me that it'll be a lot sweeter to accomplish it by myself and I'll appreciate the house more, but I can't lie - I wish I had help. I envy you if you have/or had support.
But no matter. At this point, I'm about halfway saved up to the closing costs and 5% down payment altogether. Barring any unforeseen incidents, I know I can do it. We'll see in November.
hell yeah dude, best of luck. i feel you though, i'm certainly envious of all the couples out there with dual income. what do you do for work?
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I don't own a house, but I'm planning to start putting offers on detached houses by November. Fuck a condo - I've lived in apartments my entire life and I'm sick of being trapped in a small box. I can't wait for all the challenges and thrills associated with home ownership. I think about this shit every single day. I'll just sound off here with whatever's on my mind for now -
It's possible to buy a house where I live, it just takes a lot of work and sacrifice.
I talked to a mortgage specialist about a month ago and flat-out asked him if it's unrealistic for me to buy a house in today's market. He said no, it's not unrealistic. I just have to put the work in to build the down payment. And I believe that- a professional's opinion. I swear I'm bombarded by doom and gloom about this subject constantly. Like Reddit as one such example, everyone screams that they're never going to be able to buy a house there. Bullshit - I'm staying positive.
I'm in my mid 30s. I don't have kids, I'm separated, I don't have a car (lost it in an accident), I'm staying in my mom's apartment because she's never here, she works in the country. I'm what society, and my ex-wife, deems a loser. My ex-wife thought I was poor and once told me, "I don't think you can get a house." I don't give a shit, I've got bigger fish to fry. Thank God I worked hard to build my career to what it is now.
Speaking of, yeah, I'm working a demanding, high-intensity full-time career during the weekdays, and a shitty, minimum-wage, dangerous part-time job during the weekends. I'd even work a third job if it was remote/evenings/a few days a week.
I've set this year as one where I work my ass off. About 3/4 of my take-home income goes toward saving for a down payment. I maintain a simple lifestyle, occasionally treating myself. I skate, I stay healthy. I don't need much to maintain.
I've had to factor in a lot of elements when it comes to a down payment as well - it's not only the 5% down payment (that's how we do it in Canada), but it's also the closing costs, and accounting for higher bids on houses, moving costs, insurance, etc. I'm considering all of this.
I'm paying attention to listings. Watching to see what houses are listed for and what they sell for, and keeping that in mind when watching the way listings in the neighbourhoods I prefer evolve.
What's really painful is, aside from staying where I'm living for a low cost (which I'm very thankful for), I have to do all of this myself. No money from parents, no financial support from a girlfriend or wife or friends, just working every single day, keeping a close eye on my money, avoiding unnecessary costs, staying focused and positive. People have told me that it'll be a lot sweeter to accomplish it by myself and I'll appreciate the house more, but I can't lie - I wish I had help. I envy you if you have/or had support.
But no matter. At this point, I'm about halfway saved up to the closing costs and 5% down payment altogether. Barring any unforeseen incidents, I know I can do it. We'll see in November.
College instructor, so similar field as yourself. Took years to become full-time permanent, you know you have to climb up the rungs slowly. But I'm here now.
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I don't own a house, but I'm planning to start putting offers on detached houses by November. Fuck a condo - I've lived in apartments my entire life and I'm sick of being trapped in a small box. I can't wait for all the challenges and thrills associated with home ownership. I think about this shit every single day. I'll just sound off here with whatever's on my mind for now -
It's possible to buy a house where I live, it just takes a lot of work and sacrifice.
I talked to a mortgage specialist about a month ago and flat-out asked him if it's unrealistic for me to buy a house in today's market. He said no, it's not unrealistic. I just have to put the work in to build the down payment. And I believe that- a professional's opinion. I swear I'm bombarded by doom and gloom about this subject constantly. Like Reddit as one such example, everyone screams that they're never going to be able to buy a house there. Bullshit - I'm staying positive.
I'm in my mid 30s. I don't have kids, I'm separated, I don't have a car (lost it in an accident), I'm staying in my mom's apartment because she's never here, she works in the country. I'm what society, and my ex-wife, deems a loser. My ex-wife thought I was poor and once told me, "I don't think you can get a house." I don't give a shit, I've got bigger fish to fry. Thank God I worked hard to build my career to what it is now.
Speaking of, yeah, I'm working a demanding, high-intensity full-time career during the weekdays, and a shitty, minimum-wage, dangerous part-time job during the weekends. I'd even work a third job if it was remote/evenings/a few days a week.
I've set this year as one where I work my ass off. About 3/4 of my take-home income goes toward saving for a down payment. I maintain a simple lifestyle, occasionally treating myself. I skate, I stay healthy. I don't need much to maintain.
I've had to factor in a lot of elements when it comes to a down payment as well - it's not only the 5% down payment (that's how we do it in Canada), but it's also the closing costs, and accounting for higher bids on houses, moving costs, insurance, etc. I'm considering all of this.
I'm paying attention to listings. Watching to see what houses are listed for and what they sell for, and keeping that in mind when watching the way listings in the neighbourhoods I prefer evolve.
What's really painful is, aside from staying where I'm living for a low cost (which I'm very thankful for), I have to do all of this myself. No money from parents, no financial support from a girlfriend or wife or friends, just working every single day, keeping a close eye on my money, avoiding unnecessary costs, staying focused and positive. People have told me that it'll be a lot sweeter to accomplish it by myself and I'll appreciate the house more, but I can't lie - I wish I had help. I envy you if you have/or had support.
But no matter. At this point, I'm about halfway saved up to the closing costs and 5% down payment altogether. Barring any unforeseen incidents, I know I can do it. We'll see in November.
This sort of proves what people are saying, right? First of all, good on you for staying positive and working your ass off and I really hope you're successful. But I think the frustration for most people our generation is, it just shouldn't be this hard. It wasn't this hard for our parents or grandparents. What they've done is climbed the ladder and pulled it up behind them.
You have a good job and I would argue an important job as a college instructor and you still have to work multiple jobs to potentially have the opportunity to *maybe* buy someday. and that's while not having rent to pay every month, which would surely put home ownership out of reach.
A lot of people are going over-leverage themselves and spend every dollar they have on a home with a potentially inflated price at a time when interest rates are going to rise significantly to fight inflation, which could cause a market correction or a recession. The value of these peoples homes is going to go down and they're going to immediately be underwater on their mortgages, and most won't have the opportunity to refinance in the next couple of years. The rising interest rates and market reaction is also going to cost people jobs.
So we're overpaying for homes, then when the market crashes and we all default on our mortgages, the investment banks will come in and buy our same houses on foreclosure and rent them back to us at rates higher than our mortgages would have been. Rinse, repeat. It's all a scam.
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Homebuying is a bitch. Especially in California. More so in LA.
But for those in CA, look into this program that was just announced:
https://ktla.com/news/california/new-california-program-lets-1st-time-homebuyers-borrow-down-payment-at-0-interest/
First time homebuyers can get a 0% interest loan for up to 10% of the down payment on a home.
The downpayment is bitch with our current prices.
Also, if you reside in the home for 5+ years, you won't have to pay back a portion of it (this is to ward off resellers/flippers).
Good luck to those who are looking to buy. It's not easy for us (myself included) but I'm rooting for us.
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This sort of proves what people are saying, right? First of all, good on you for staying positive and working your ass off and I really hope you're successful. But I think the frustration for most people our generation is, it just shouldn't be this hard. It wasn't this hard for our parents or grandparents. What they've done is climbed the ladder and pulled it up behind them.
You have a good job and I would argue an important job as a college instructor and you still have to work multiple jobs to potentially have the opportunity to *maybe* buy someday. and that's while not having rent to pay every month, which would surely put home ownership out of reach.
A lot of people are going over-leverage themselves and spend every dollar they have on a home with a potentially inflated price at a time when interest rates are going to rise significantly to fight inflation, which could cause a market correction or a recession. The value of these peoples homes is going to go down and they're going to immediately be underwater on their mortgages, and most won't have the opportunity to refinance in the next couple of years. The rising interest rates and market reaction is also going to cost people jobs.
So we're overpaying for homes, then when the market crashes and we all default on our mortgages, the investment banks will come in and buy our same houses on foreclosure and rent them back to us at rates higher than our mortgages would have been. Rinse, repeat. It's all a scam.
You're totally right, our generation is fucked and everything I have to go through is indicative of how cutthroat it is.
Regarding the section of your post I bolded, you're bringing up something I haven't considered before. I'm in Canada and I'm not sure if banks work different in regards to refinancing, accounting for inflation and interest rates, etc. I'm still not 100% on all the details. I do know that up here, you need to prove that you've got a steady source of income that's going to cover your mortgage payments and make sure that you're not "house poor" afterward, i.e. not enough leftover funds for other necessities. Next time I talk with my financial advisor I'll raise this issue, thanks for mentioning it!
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Obvious answer is you might have to do more than teach high school to afford big bills. Maybe do the common teacher thing and acquire a real estate license and get insider scoop on value properties. The anecdote about your folks era implies a dual income, careful who you marry though.
You can always find shit boxes at the edge of town, start with roommates etc. You’ll probably never outright “own” your house, nobody does, but if a degenerate loser like me can have a mortgage, you’ll figure something out.
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Get married. You need two incomes.
Good rule of thumb is if you want to buy a $300K home you need a household income of $100K.
If you want to buy a home alone god help you.
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I worked like crazy, and had super cheap tastes for years and saved 20% to get a 30 year mortgage with a reasonable rate to buy an apartment for around $320k. Same apartment now, around 12 years later would sell for at least $800k. Suffice to say, it would have taken me years to save up that downpayment. There was a very narrow window where that was possible for me to pull off. If I hadn't done that back then, I would have never had the liquidity to later buy a nice house in the burbs for my family.
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This sort of proves what people are saying, right? First of all, good on you for staying positive and working your ass off and I really hope you're successful. But I think the frustration for most people our generation is, it just shouldn't be this hard. It wasn't this hard for our parents or grandparents. What they've done is climbed the ladder and pulled it up behind them.
You have a good job and I would argue an important job as a college instructor and you still have to work multiple jobs to potentially have the opportunity to *maybe* buy someday. and that's while not having rent to pay every month, which would surely put home ownership out of reach.
A lot of people are going over-leverage themselves and spend every dollar they have on a home with a potentially inflated price at a time when interest rates are going to rise significantly to fight inflation, which could cause a market correction or a recession. The value of these peoples homes is going to go down and they're going to immediately be underwater on their mortgages, and most won't have the opportunity to refinance in the next couple of years. The rising interest rates and market reaction is also going to cost people jobs.
So we're overpaying for homes, then when the market crashes and we all default on our mortgages, the investment banks will come in and buy our same houses on foreclosure and rent them back to us at rates higher than our mortgages would have been. Rinse, repeat. It's all a scam.
You're totally right, our generation is fucked and everything I have to go through is indicative of how cutthroat it is.
Regarding the section of your post I bolded, you're bringing up something I haven't considered before. I'm in Canada and I'm not sure if banks work different in regards to refinancing, accounting for inflation and interest rates, etc. I'm still not 100% on all the details. I do know that up here, you need to prove that you've got a steady source of income that's going to cover your mortgage payments and make sure that you're not "house poor" afterward, i.e. not enough leftover funds for other necessities. Next time I talk with my financial advisor I'll raise this issue, thanks for mentioning it!
Definitely. I really hope you make it happen! I don't know if Canada requires mortgage insurance the way the US does, but hopefully it's more doable there.
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What they've done is climbed the ladder and pulled it up behind them.
Describes the Boomer generation in a nutshell. Homes could be purchased NEW by a SINGLE middle class income. Now we're lucky if we can afford a 70 years old house with fixer-upper problems with a two income household with both parties making 6-figures.
College was attainable with a part-time job. Now it requires tens of thousands of dollars, high interest loans, and multiple degrees to even be qualified for a role when ages ago, just having an AA basically guaranteed you a job.
Even renting wasn't a burden that took 50%+ of a paycheck. Which leaves people unable to save anything while also keeping their head above water.
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We're ruled by effete assholes!
It's a shite state of affairs to be in Tommy,
and all the fresh air in the world won't make any fucking difference!
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I'm a city boy -- a 38 year old city boy -- and I've realized that if I want to buy a home around here in this metropolis, this concrete jungle...I can't rely on my 9 to 5 gig. No way, not with how I frivolously spend money. Not gonna happen. No, I have to put my nose to the grindstone and make the big side hustle deal happen. Get that big paycheck and get the ball rolling. Follow my dreams, turn what I love doing into my main source of income and get that cream, and lots of it.
So that's what I'm doing. Good luck to you all.
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You can get a cabin in the woods in NJ for 179K and be able to take the train to NYC 20 stops later.
https://www.zillow.com/homedetails/19-Watergate-Dr-High-Bridge-NJ-08829/63745697_zpid/
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I'm a city boy -- a 38 year old city boy -- and I've realized that if I want to buy a home around here in this metropolis, this concrete jungle...I can't rely on my 9 to 5 gig. No way, not with how I frivolously spend money. Not gonna happen. No, I have to put my nose to the grindstone and make the big side hustle deal happen. Get that big paycheck and get the ball rolling. Follow my dreams, turn what I love doing into my main source of income and get that cream, and lots of it.
So that's what I'm doing. Good luck to you all.
That's commendable, and I wish you the best of luck Ed.
Housing prices in SF are no joke, even in historically sketchier areas (HP, Bayview).
I mean, even in East Palo Alto the prices are ridiculous.
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East Oakland and Richmond are still reasonable for the bay.
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What annoys the shit out of me is that we have left homeownership as rather something we are entitled to, or some untouchable dream……it’s neither. Go to the bank and figure it out…..how much money you need? How are you going to get it…..don’t let it become some sort of rhetorical conversation……
They other thing to consider is whether or not you want it…..there’s nothing wrong with just not wanting it, if you’re not committed to staying somewhere for more than 5 years, willing to change your lifestyle….it’s fine. Get then answers, make a decision and live with it without regret…..
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What annoys the shit out of me is that we have left homeownership as rather something we are entitled to, or some untouchable dream……it’s neither. Go to the bank and figure it out…..how much money you need? How are you going to get it…..don’t let it become some sort of rhetorical conversation……
They other thing to consider is whether or not you want it…..there’s nothing wrong with just not wanting it, if you’re not committed to staying somewhere for more than 5 years, willing to change your lifestyle….it’s fine. Get then answers, make a decision and live with it without regret…..
The problem with this is that it's something people are told their entire lives they are entitled to. "If you work hard, go to school, get an education and a good job, you can buy a house and have a family and live *the American dream*". The middle class of this country was built on good accessible jobs and affordable housing, and home ownership was/is the number one driver of wealth accumulation. (Obvious caveats: This is definitely specific to the American experience; Also, this is the experience of white people in this country. A huge reason there's a significant wealth gap between White families and Black families can be traced directly back to redlining and racist housing covenants).
Now that housing is being treated as an investment asset instead of, you know, housing for people to live in, it's completely fucked an entire generation of people who deserve to have the same opportunities as the people before them. It's obviously not as simple as "try harder, make more money, use your bootstraps".
There are fundamental structural disadvantages that most people are not going to be able to overcome.
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I don't see any way that I can buy a home in the next 10-15 years, if at all. Basically what I do is watch documentaries on poverty in the global scene and it makes me thankful to have a place to stay where it is not dangerous. Something will change. The wealth distribution is insane. It is not sustainable at all.
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38, married, live in Portland, and we just bought our first home in October.
There were bids on the house for 25k over asking, we bid a grand over that, got accepted and put 3% down.
3 bedroom, 1.5 bath, single level ranch home. 2 stall garage, decent sized front yard and large backyard. Outer South East Portland . $401K
My wife and I saved for close to four years. But we were still living life going on dates and traveling and shit(until pandemic). I make fuck all yearly and she makes good money. Most of the savings were from tax returns. I did a few freelance art jobs that paid good. And she got laid off at the beginning of the pandemic, with the $600 booster she was getting like $1300 a week. I was getting hazard pay and overtime. So we saved her unemployment checks and I floated bills. Oh, our stimmy’s Went straight to the bank.
My main advice is to do as much research as possible. Find a good lender and find a good real estate agent. There are banks that offer 0% down, but have a higher interest rate. Our friends bought that way. While there house was cheaper, their mortgage is the same as ours.
It’s a shit ton of research, work, paperwork and just a god damned headache all around. But honestly, I couldn’t be happier.
I’m unskilled, uneducated and grew up in poverty. I never thought I would own a house, especially in a city as expensive and competitive as Portland. This shit is ours and we’re not padding some slum lords pocket or paying their mortgage while they jack the rent every year.
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What annoys the shit out of me is that we have left homeownership as rather something we are entitled to, or some untouchable dream……it’s neither. Go to the bank and figure it out…..how much money you need? How are you going to get it…..don’t let it become some sort of rhetorical conversation……
They other thing to consider is whether or not you want it…..there’s nothing wrong with just not wanting it, if you’re not committed to staying somewhere for more than 5 years, willing to change your lifestyle….it’s fine. Get then answers, make a decision and live with it without regret…..
The problem with this is that it's something people are told their entire lives they are entitled to. "If you work hard, go to school, get an education and a good job, you can buy a house and have a family and live *the American dream*". The middle class of this country was built on good accessible jobs and affordable housing, and home ownership was/is the number one driver of wealth accumulation. (Obvious caveats: This is definitely specific to the American experience; Also, this is the experience of white people in this country. A huge reason there's a significant wealth gap between White families and Black families can be traced directly back to redlining and racist housing covenants).
Now that housing is being treated as an investment asset instead of, you know, housing for people to live in, it's completely fucked an entire generation of people who deserve to have the same opportunities as the people before them. It's obviously not as simple as "try harder, make more money, use your bootstraps".
There are fundamental structural disadvantages that most people are not going to be able to overcome.
I don't even know if it's what we're told we are entitled to. It's just like the default what's supposed to happen. You go to school, you work, you pair up, you get a house, you start a family, repeat for the next generation until the end of time.
The buying houses as an investment thing really bothers me tho. My parents live in a place that was basically a rural area turned into a huge suburb and every weekend there's a couple house auctions. I've checked out a bunch just to see and every single time some cunt on a phone with some other uber rich cunt on the other end just outbids everyone.(and yes I understand that's the point of an auction) it's just like sneaker collecting or something for these people. Never mind there's thousands of people who actually need the house for what it's intended for
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I close on a house next week. It took us about 8 months of looking to find a place, and during that time interest rates went way up, which hurt. Locked in at 4.625%.
I wasn't wiling to play the waive contingencies/offer over asking game which is why it took so long I think. Ended up getting a 3/2 out in the woods for 335k. There is a river that goes thru the property and zillow/realtor.com had it listed as a flood zone. However i called around and it turns out only the bottom corner of the 2 acre property, far from the house, is in a flood zone, so flood ins. is not required. I also confirmed that there have been no flood claims in the history of the house and that the river didn't flood during hurricane Irene, so i feel comfortable.
I think that research is what made the difference, as most ppl were scared off by the zillow flood map.
we make good money and this was a really hard process, I feel for anyone trying to compete rn cus it seems like the middle class is really getting gutted. That said i do think a correction is coming... it's happened in every other market and housing always lags. There was so much over borrowing and crazy excess these past two years, and a lot of the people taking out HELOCs and trying to do the realtor/investor thing are going to get burnt. We bought knowing we would have to stay put for at least 10 years for it to make sense.
Anyway that's a bit of a ramble... I'm stoked to get to work fixing up the house and building a ramp soon.
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38, married, live in Portland, and we just bought our first home in October.
I close on a house next week. It took us about 8 months of looking to find a place, and during that time interest rates went way up, which hurt. Locked in at 4.625%.
Congrats. I've been posting a lot of doom and gloom but it's important for people to see it is still possible, even for lowly Slap posters
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What annoys the shit out of me is that we have left homeownership as rather something we are entitled to, or some untouchable dream……it’s neither. Go to the bank and figure it out…..how much money you need? How are you going to get it…..don’t let it become some sort of rhetorical conversation……
They other thing to consider is whether or not you want it…..there’s nothing wrong with just not wanting it, if you’re not committed to staying somewhere for more than 5 years, willing to change your lifestyle….it’s fine. Get then answers, make a decision and live with it without regret…..
The problem with this is that it's something people are told their entire lives they are entitled to. "If you work hard, go to school, get an education and a good job, you can buy a house and have a family and live *the American dream*". The middle class of this country was built on good accessible jobs and affordable housing, and home ownership was/is the number one driver of wealth accumulation. (Obvious caveats: This is definitely specific to the American experience; Also, this is the experience of white people in this country. A huge reason there's a significant wealth gap between White families and Black families can be traced directly back to redlining and racist housing covenants).
Now that housing is being treated as an investment asset instead of, you know, housing for people to live in, it's completely fucked an entire generation of people who deserve to have the same opportunities as the people before them. It's obviously not as simple as "try harder, make more money, use your bootstraps".
There are fundamental structural disadvantages that most people are not going to be able to overcome.
I don't even know if it's what we're told we are entitled to. It's just like the default what's supposed to happen. You go to school, you work, you pair up, you get a house, you start a family, repeat for the next generation until the end of time.
The buying houses as an investment thing really bothers me tho. My parents live in a place that was basically a rural area turned into a huge suburb and every weekend there's a couple house auctions. I've checked out a bunch just to see and every single time some cunt on a phone with some other uber rich cunt on the other end just outbids everyone.(and yes I understand that's the point of an auction) it's just like sneaker collecting or something for these people. Never mind there's thousands of people who actually need the house for what it's intended for
This is the conversation I am speaking of which hamstrings people much harder than interest rates…..
Lots of great examples of slap pals making power moves on here……
Is there anyone who happily rents? What about some killer co-ops?
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one thing i think we all have to realize as well is like, hardly anyone in the world even lives in a dettached home. the world as we know it was built off of slaves and exploiting bullshit. We can eat so cheap because we mass produce animals like factories and cause we get cambodian high school girls to vulcanize our shoes. i think shit is starting to regulate itself globally somewhat.
i was able to afford a house with my wife, we make maybe 2x of what minimum wage is. nothing out of this world. we were able to afford a townhouse in the $400,000 range and mortgage is like $2000 a month. we had 2 kids and we had to rent at stupid rates before we did all this as well. zero help from parents.
its not impossible guys. if i can do it, you can for sure. not sure if you can move back home for a bit or find a new career but a major change may be needed if you want to achieve the goal. at least get a Condo or townhouse like i did - you will definitely be better off than renting.
also keep in mind now more remote work is offered, maybe you dont need to live in the city too
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I close on a house next week. It took us about 8 months of looking to find a place, and during that time interest rates went way up, which hurt. Locked in at 4.625%.
I wasn't wiling to play the waive contingencies/offer over asking game which is why it took so long I think. Ended up getting a 3/2 out in the woods for 335k. There is a river that goes thru the property and zillow/realtor.com had it listed as a flood zone. However i called around and it turns out only the bottom corner of the 2 acre property, far from the house, is in a flood zone, so flood ins. is not required. I also confirmed that there have been no flood claims in the history of the house and that the river didn't flood during hurricane Irene, so i feel comfortable.
I think that research is what made the difference, as most ppl were scared off by the zillow flood map.
we make good money and this was a really hard process, I feel for anyone trying to compete rn cus it seems like the middle class is really getting gutted. That said i do think a correction is coming... it's happened in every other market and housing always lags. There was so much over borrowing and crazy excess these past two years, and a lot of the people taking out HELOCs and trying to do the realtor/investor thing are going to get burnt. We bought knowing we would have to stay put for at least 10 years for it to make sense.
Anyway that's a bit of a ramble... I'm stoked to get to work fixing up the house and building a ramp soon.
Good on the Flood insurance research. Flood insurance has been sold from FEMA to private insurance companies and the whole ball game changes within the next couple years. My folks home is in a "flood zone" and hopefully their mortgage will be paid in full before then as flood ins is set to be astronomical and mandatory. My pop bought this house from his folks in 1999 for 103k. They've refinanced a couple times and all that too, but my pop has lived in this house, excluding a 14 year break when him and my mom got together, since like 1968. Its never flooded. Never come close. Super scam
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I close on a house next week. It took us about 8 months of looking to find a place, and during that time interest rates went way up, which hurt. Locked in at 4.625%.
I wasn't wiling to play the waive contingencies/offer over asking game which is why it took so long I think. Ended up getting a 3/2 out in the woods for 335k. There is a river that goes thru the property and zillow/realtor.com had it listed as a flood zone. However i called around and it turns out only the bottom corner of the 2 acre property, far from the house, is in a flood zone, so flood ins. is not required. I also confirmed that there have been no flood claims in the history of the house and that the river didn't flood during hurricane Irene, so i feel comfortable.
I think that research is what made the difference, as most ppl were scared off by the zillow flood map.
we make good money and this was a really hard process, I feel for anyone trying to compete rn cus it seems like the middle class is really getting gutted. That said i do think a correction is coming... it's happened in every other market and housing always lags. There was so much over borrowing and crazy excess these past two years, and a lot of the people taking out HELOCs and trying to do the realtor/investor thing are going to get burnt. We bought knowing we would have to stay put for at least 10 years for it to make sense.
Anyway that's a bit of a ramble... I'm stoked to get to work fixing up the house and building a ramp soon.
Good on the Flood insurance research. Flood insurance has been sold from FEMA to private insurance companies and the whole ball game changes within the next couple years. My folks home is in a "flood zone" and hopefully their mortgage will be paid in full before then as flood ins is set to be astronomical and mandatory. My pop bought this house from his folks in 1999 for 103k. They've refinanced a couple times and all that too, but my pop has lived in this house, excluding a 14 year break when him and my mom got together, since like 1968. Its never flooded. Never come close. Super scam
Yep. Private insurance companies are such fucking parasites.
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I just want to put out a word of warning to any other SLAP buds who are getting into the market, companies are pushing Adjustable Rate Mortgages again. WHATEVER YOU DO, if you are purchasing a house do NOT get a mortgage with an adjustable rate. No matter what they tell you, the interest rate on your loan WILL go up after a couple of years and you will get absolutely fucked on your mortgage payments.
For those who don't know, Adjustable Rate Mortgages were a large factor to the 2008 housing crash. There's obviously a lot more to it, but in order to get as many people loans as possible banks were offering mortgages to unqualified people with super low introductory rates that would get jacked up later on, potentially doubling or tripling your mortgage payment.
Mortgage Brokers and Banks are NOT looking out for your best interests, their fiduciary responsibility is not to you. If they tell you you can refinance in a couple of years and not to worry, they are wrong or lying or both. If anyone saw the movie 'The Big Short' then you know some of the background.
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I just want to put out a word of warning to any other SLAP buds who are getting into the market, companies are pushing Adjustable Rate Mortgages again. WHATEVER YOU DO, if you are purchasing a house do NOT get a mortgage with an adjustable rate. No matter what they tell you, the interest rate on your loan WILL go up after a couple of years and you will get absolutely fucked on your mortgage payments.
For those who don't know, Adjustable Rate Mortgages were a large factor to the 2008 housing crash. There's obviously a lot more to it, but in order to get as many people loans as possible banks were offering mortgages to unqualified people with super low introductory rates that would get jacked up later on, potentially doubling or tripling your mortgage payment.
Mortgage Brokers and Banks are NOT looking out for your best interests, their fiduciary responsibility is not to you. If they tell you you can refinance in a couple of years and not to worry, they are wrong or lying or both. If anyone saw the movie 'The Big Short' then you know some of the background.
I had family members whose adjustable rate was up in the high teens if I'm not mistaken. Insane.
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Housing in the Midwest is still chill-ish if you don’t wanna live on a lake or in a big city. I got a modular home with a pole barn on 2 acres in southwest Michigan for 150k about three years ago. Mortgage is 750/month which is cheaper than renting in most places.
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I have employee housing, really wish I was more financially responsible so I could buy a place and rent it while I have free housing, have them pay for it for me.
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I've been posting a lot of doom and gloom here and IRL, but after a year of battling and 22+ rejected offers (like seriously high offers), my wife and I are closing on a home here in the Long Beach area.
Our dream location.
People will be getting hugs for Christmas from us for some time. But we made it happen.
That said, I want to send the biggest and most good vibes to all the house hunting Slappers as I know it'll happen for all of you.
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I've been posting a lot of doom and gloom here and IRL, but after a year of battling and 22+ rejected offers (like seriously high offers), my wife and I are closing on a home here in the Long Beach area.
Our dream location.
People will be getting hugs for Christmas from us for some time. But we made it happen.
That said, I want to send the biggest and most good vibes to all the house hunting Slappers as I know it'll happen for all of you.
Dude congrats! My wife are looking in similar areas (North LBC, Bellflower, Lakewood) and it seems like one of the only "affordable" areas left in/around Los Angeles. Of course what's affordable is a 700sq/ft house from 1922, never upgraded...
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I've been posting a lot of doom and gloom here and IRL, but after a year of battling and 22+ rejected offers (like seriously high offers), my wife and I are closing on a home here in the Long Beach area.
Our dream location.
People will be getting hugs for Christmas from us for some time. But we made it happen.
That said, I want to send the biggest and most good vibes to all the house hunting Slappers as I know it'll happen for all of you.
Dude congrats! My wife are looking in similar areas (North LBC, Bellflower, Lakewood) and it seems like one of the only "affordable" areas left in/around Los Angeles. Of course what's affordable is a 700sq/ft house from 1922, never upgraded...
Yea. We got lucky and scored a place in Lakewood. Lakewood is tough. I think the saving grace was after our showing (time slots) the family came home and as we were leaving and met us (and saw my pregnant wife) and connected us to people like themselves – a family. As cover letters aren't accepted by a lot of realtors at the time.
That said, look into Norwalk as well. North LB is a bit dodgy. We were looking in that area and if you keep clear from homes close to the 710/91 area you'll be good as that area is still a bit unsafe.
The Wrigley area of LB (along 710 south of Wardlow) is a great area and still reasonably untapped.
Best of luck to you and your wife. Also, let me know if you need a realtor. Ours was amazing.
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I've been posting a lot of doom and gloom here and IRL, but after a year of battling and 22+ rejected offers (like seriously high offers), my wife and I are closing on a home here in the Long Beach area.
Our dream location.
People will be getting hugs for Christmas from us for some time. But we made it happen.
That said, I want to send the biggest and most good vibes to all the house hunting Slappers as I know it'll happen for all of you.
Dude congrats! My wife are looking in similar areas (North LBC, Bellflower, Lakewood) and it seems like one of the only "affordable" areas left in/around Los Angeles. Of course what's affordable is a 700sq/ft house from 1922, never upgraded...
Yea. We got lucky and scored a place in Lakewood. Lakewood is tough. I think the saving grace was after our showing (time slots) the family came home and as we were leaving and met us (and saw my pregnant wife) and connected us to people like themselves – a family. As cover letters aren't accepted by a lot of realtors at the time.
That said, look into Norwalk as well. North LB is a bit dodgy. We were looking in that area and if you keep clear from homes close to the 710/91 area you'll be good as that area is still a bit unsafe.
The Wrigley area of LB (along 710 south of Wardlow) is a great area and still reasonably untapped.
Best of luck to you and your wife. Also, let me know if you need a realtor. Ours was amazing.
Awesome, PM'd.
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I've been posting a lot of doom and gloom here and IRL, but after a year of battling and 22+ rejected offers (like seriously high offers), my wife and I are closing on a home here in the Long Beach area.
Our dream location.
People will be getting hugs for Christmas from us for some time. But we made it happen.
That said, I want to send the biggest and most good vibes to all the house hunting Slappers as I know it'll happen for all of you.
Congrats man, so stoked for you! We've been on the hunt since last July/August, sitting at 6 rejected offers now. Looking mostly Costa Mesa, Mission Viejo, and San Juan and have been getting dunked on by people waiving all contingencies, offering all cash, etc. I'm sure anyone in the market knows the deal right now.
Taking a little break until Fall to see what the rising interest rates do to listing prices and to give ourselves a little rest from all the stress and running around.
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We caught the rising rates. And we noticed that houses weren't going at a low asking offer with the intent to drive a bidding war. Homes are going for market value as houses are still getting offers, just not as many. Like the place we're closing on got 13 offers when six months ago it would've easily been 30+
Still, good luck to you!
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I've been posting a lot of doom and gloom here and IRL, but after a year of battling and 22+ rejected offers (like seriously high offers), my wife and I are closing on a home here in the Long Beach area.
Our dream location.
People will be getting hugs for Christmas from us for some time. But we made it happen.
That said, I want to send the biggest and most good vibes to all the house hunting Slappers as I know it'll happen for all of you.
Congrats man, so stoked for you! We've been on the hunt since last July/August, sitting at 6 rejected offers now. Looking mostly Costa Mesa, Mission Viejo, and San Juan and have been getting dunked on by people waiving all contingencies, offering all cash, etc. I'm sure anyone in the market knows the deal right now.
Taking a little break until Fall to see what the rising interest rates do to listing prices and to give ourselves a little rest from all the stress and running around.
good call, dude. our realtor suggested the same thing. refinance in 5 years or something like that ;)
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What annoys the shit out of me is that we have left homeownership as rather something we are entitled to, or some untouchable dream……it’s neither. Go to the bank and figure it out…..how much money you need? How are you going to get it…..don’t let it become some sort of rhetorical conversation……
They other thing to consider is whether or not you want it…..there’s nothing wrong with just not wanting it, if you’re not committed to staying somewhere for more than 5 years, willing to change your lifestyle….it’s fine. Get then answers, make a decision and live with it without regret…..
This is it.
Also - if you feel like you must be in the market, then be willing to start at the bottom, sure the house in the perfect suburb is definitely out of reach right now, but why not start with a studio or smaller unit in a cheaper suburb? Aim for something within budget and in a few years you just may have the capital to get that house you wanted 5 years or earlier.
I say this as someone in a pretty good spot in regards to real estate who watches mates bitch about not being able to have their dream home “right now” - It doesn’t have to be an impossibility, it’s just going to take some time with a few stepping stones and sacrifice thrown in.
Good Luck! And like j-soy said, go and ask, you can make it happen.
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I'm not sure that starting with an asset that is appreciating at a much lesser rate than the asset you want is going to lead to a good outcome.
Studios and other crummy housing do not appreciate at the same rate as desirable homes and even if they appreciated at exactly the same percent 3% of 600K is way more than 3% of 200K.
The only way starting with something sucks allows someone to catch up is if someone buys in a shit neighborhood and it gentrifies.
Without gentrification, buying a home in broke ass area of Detroit isn't going to help anyone keep up with cost of homes in Northville. Same goes for buying house in Binghamton, NY. You can get a home there for free basically, but then you live in a county that is losing 10% of its population every 10 years because it is a rust belt hellscape.
What makes this all the more fun is that the Boomers poor management of the housing market benefits them at our expense. Limited supply, stupid ass zoning laws, lack of federal investment in housing, and so on pushed prices to the moon, which puts more money in their pocket as they move from major metro areas to retirement communities.
(https://i.ibb.co/68LtSFd/Screen-Shot-2022-05-22-at-12-02-57-AM.png)
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My comment is based on my own experiences (In Sydney, Australia) Obviously the same logic can’t apply to every location on earth.. My point was that a bird in the hand is worth two in the bush - having that studio is a hell of a lot better than just talking about it / complaining about it.. And starting with a studio may gain you the capital over time to get a two bedroom unit, then a townhouse then a house.. play the long game and be willing to start at the bottom.
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My comment is based on my own experiences (In Sydney, Australia) Obviously the same logic can’t apply to every location on earth.. My point was that a bird in the hand is worth two in the bush - having that studio is a hell of a lot better than just talking about it / complaining about it.. And starting with a studio may gain you the capital over time to get a two bedroom unit, then a townhouse then a house.. play the long game and be willing to start at the bottom.
The issue in America is that it’s very rare to see apartments you can actually own. Ownership is overwhelmingly skewed towards single family homes and apartments/studios are basically all rental units. Here in Los Angeles, aside from extreme luxury units in high rises downtown, there’s no studio I can purchase and sell later to build capital.
Townhomes are an option but they usually have “homeowner association” fees that can be $500-600/month on top of your mortgage payments, so it can be MORE expensive monthly than just finding a slightly more expensive house.
My friends in Germany are all buying 2 bedroom apartments in 4-6 unit buildings and I would do that if it were an option, but it really isn’t.
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We got lucky in that we found a decent manufactured home on 5 acres just outside of Eugene, OR before it hit the market. By no means is it my dream home, but we're building equity and the dogs and horses love the acreage. Hopefully we can cash out in a few years and get more house somewheres like tennessee.
Keep saving, guys! Every little bit counts
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We got lucky in that we found a decent manufactured home on 5 acres just outside of Eugene, OR before it hit the market. By no means is it my dream home, but we're building equity and the dogs and horses love the acreage. Hopefully we can cash out in a few years and get more house somewheres like tennessee.
Keep saving, guys! Every little bit counts
Veneta? I love it up there, man. HMU if you go to Fair in July. I'll be slinging lemonade =)
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Build a tiny house, get rid of debt, save some birds for flipping afterwards..
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I own a lovely mortgage that came with a house
Like @Gray Imp Sausage Metal stated, the country we live in doesn't place too much emphasis on having a home as an asset. (unless your land is near a train station in a metropolitan area... )
I think the strict building laws and quality/strength of the land you build on also helps keep prices somewhat affordable... if you buy second hand and the house was built before a building law was put in place, then the house is basically worthless (or not worth much) and you pay for the land
Also if you are willing to live in a more rural area, you can find deceased estates or "open houses 空き家" for extremely reasonable prices (my wife cousin got this awesome house up in the hills for 300man which is about 30grand give or take)
I understand that Australia is overpriced, even in semi-rural low socioeconomic towns home prices are stupid
I always thought the bottom would fall out of the housing market there ages ago, like it should have... but it never did and now my generation and younger generations are going to struggle