Houses

[artskool]

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.

[BartHarleyJarvis]

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(My above post)

[close]

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.

[close]

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.

[TastyBurrito]

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(My above post)

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What they've done is climbed the ladder and pulled it up behind them.

[close]

[close]

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.

[Mark Renton]

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!

[EdLawndale]

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.

[GardenSkater77]

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/

[SaySo]

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.

[Bunk Moreland]

East Oakland and Richmond are still reasonable for the bay.

[j....soy.....]

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…..

[BartHarleyJarvis]

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.

[pugmaster]

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.

[TheLowerBack]

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. 

[Mean salto]

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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…..

[close]

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

[Andmoreagain]

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.

[BartHarleyJarvis]

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

[j....soy.....]

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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…..

[close]

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.

[close]

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? 

[rawbertson.]

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

[IUTSM]

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

[Andmoreagain]

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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.

[close]

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.

[BartHarleyJarvis]

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.

[IUTSM]

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.

[NORTHBYMIDWEST]

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.

[50mm]

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.

[TastyBurrito]

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.

[BartHarleyJarvis]

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...

[TastyBurrito]

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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.

[close]

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.

[BartHarleyJarvis]

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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.

[close]

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...

[close]

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.

[Enrico Pallazzo]

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.

[TastyBurrito]

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!

[IUTSM]

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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.

[close]

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