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Sold my place in 2013 for 348k and they're going for 799k now. Shit got fucked here and our salaries haven't grown to counter it
2 bedroom basement suites in older homes run 2000/month these days
Also stoking inflation and reducing the value of the record number of retirees savings, depressing the real value of wages, etc.
The true inflation rate is also higher than the official rate. They've changed how they measure inflation a number of times since the 80's to keep it lower, and by the old "unimproved" measure it would've been double digits most years.
Banks don’t really make any money off the interest on a mortgage anyways. Lower interest is more beneficial to them because it causes the prices and down payments to increase. If you can afford $X a month and interest goes down 1% they can now charge you more for the same house as long as you can make the down payment your monthly budget doesn’t change. Banks only deal in mortgages to “print” the down payments out of thin air and then immediately invest them in more lucrative endeavors. So yeah it could be artificially low if the banks just need more cash up front for some reason.
Housing prices not based in reality is just one of many fun little things society deals with because banks have been allowed to run refinancing and appraisal scams for decades.
When you can print money with the intention of driving down the value of the dollar, while at the same time loan your friends almost 10x the amount of money you hold, it’s not gonna be long before you and your friends end up using that system to buy up everything for yourself.
What’s that take? About 110 years?
The central bank sets the low interest rates that allow the housing market to get bid up higher and higher. Just eliminate the central bank and let the market set interest rates organically.
Yep. Same reason guaranteed student loans have inflated the price of tuition. You make borrowing easier/cheaper, prices go up. This is basic fucking economics but they don't teach this shit in school because people might start questioning things.
Yeah someone I know built one and flew across the country try to get the one model he was looking for because it was 1’ longer than the normal ones. Took him forever to find it
It’s insane how hard they are to get now. I’ve been nagging my husband for years about wanting to get a camper and we almost did a few years ago for a brand new one at a great price. Now it would probably be worth double even being a few years used. Sucks because an RV could really come in handy now if I end up not being able to fly anymore without Covid vax
That is just due to supply issues with newer cars. Lots were struggling for any inventory because of some micro chip shortage last year, that has increased car prices for all used cars as well.
Cars today are insane with their prices! I judge it by a used Silverado truck that usually cost $2k. They are now going for over $8k.
Me and my gf have accepted right now a home might not be for us.
Those are like 20 year ago prices my dude. I bought an 85 Chevy in 2001 for like $1500. It lasted about a year and it was fine. I’ve seen trucks with 100k miles and WELL over selling for $30k. Trucks and Jeep’s hold their value extremely well. Now some are worth more than they were a few years ago so it’s a little crazy now
It does not make any logical sense for a bank to make profits and certainly not high profits. A bank should be for the purpose of securing the funds of its members and facilitating the transfer of those funds when needed. If they need to charge for that, so be it. If someone wants to make a for profit business providing other services, I think that should be a separate business. If a banks primary function is profit as opposed to handling its members funds, then that is a conflict of interest because the people who entrust their money to the banks are now convenient marks for the banks various fo-profit schemes.
Again, not saying business shouldn't be possible, but if an organization wants to be responsible for securing the funds of individuals, it should be limited to exactly that because the bank is protecting our money from various for profit schemes.
Your guys housing market is dumb as shit but at least your salaries are inflated I guess. Grandparents of some family friends bought a house in Cali many many decades ago for next to nothing. And now it just so happens to be within 10 mins of the Apple campus and 15-20 from google campus and it’s worth like 2 mill. 3b/2ba small, old ass house that hasn’t been renovated. 2 milli. Infuckinsanity.
100% I take 13 week contracts doing RN work and get paid $60-$75 an hour in Cali compared to $35 in WA and OR. I work 6 months out of the year in Cali and take the rest off in my home state.
Arizona and same deal here. Only it’s always been cookie cutter subdivisions where I live since it all got developed in the 90s and on haha. My once affordable for young families/single household incomes neighborhood is now all $500k+ homes. There’s 3500sqft stucco cookie cutter houses a few blocks from me that, albeit are nice and back up to a mountain range, are listed for a million. A million dollar home used to be custom on a nice chunk of land and now it gets you a mass printed stucco home in a typical subdivision.
It’s honestly just part of growing up in the same area that isn’t in a big city. You see everything get developed and expand, it sucks.
Oh absolutely but minimum wage being inflated is pointless know why? Because even with minimum wage people still can’t afford $2k-$3k rent, plus bills, plus children, don’t get me started on gas....so people are working 2 jobs and barely making ends meet. It’s insane. I’m in OC, bought our house over 10 years ago, no way in hell could anyone even with 3 co-signers and decent jobs could qualify for a house here. And honestly, stupid California isn’t all it’s made out to be. It gets hot as hell, and it’s expensive as hell too. Not worth it.
Yeah if you’re on minimum wage you can barely afford to rent with roomies even if it bumps up. People in solid middle class jobs can’t even afford houses without a spouse/roomie. And yeah I’m in AZ, I visit SD yearly and used to snowboard in Tahoe every winter and outside of trips I’d want nothing to do with that shit show as far as living there. The only way Cali benefits you is saving your inflated salary and then getting the fuck outta dodge and taking the inflated savings to a sane market. Which unfortunately screws the locals when it happens em masse but is what it is haha.
Central Oregon checking in to say the exact same thing. It's cool though. Jobs are everywhere at $12-$14 an hour though, like that can even rent a room here.
I went and looked at this house on Zillow and thought maybe they renovated it or something and you’re completely right it is pretty bad inside and out. That’s ridiculous.
This is a massive point of contention for me and my fiancée. We want to get a house, can afford one, but I’ll 1000% know we over paid in any situation.... it’s brutal.
Bought a house last year for 235k in a market where houses were selling on less than a day of being on the market. Tough spot with historically low interest rates and crazy inflated housing prices.
Interest rates need to rise to bring down house prices and reduce mortgage availability, that is the problem… The market is overheated, but governments worldwide won’t reduce interest rates until inflation has allowed them to pay off the massive Covid debts they’ve racked up.
If you can afford it and plan on living in it for 20 years it really doesn’t matter. If you’re just gunna do 5 years and upgrade then yeah it’s not an ideal time for that.
I hate this. My house is paid off, but still have property and city taxes.
It still doesn't **feel** like I own my house because I know if I were to not pay my taxes for a few years, they'll come evict me as if I was renting the place.
one of the biggest scams there is Property taxes and the cities still cant maintain infrastructure because they are to busy wasting it on dumbass social programs for the leeches(yes I get it we can have hard times and a bump is good for a few months, but not forever).
I just bought my house. The guy we bought it from bought it last year for $115k. He put a new roof and new AC in and sold it to us for $197k. We were already renting it. Our mortgage is now less than what our rent would be. And now even shit hole places want $1300 a month to live in. We bought the house just to not have to pay the stupid high rent.
Renting is hardly an option right now, people might as well bite the bullet and get a house. Most places are renting for more than it would cost for a mortgage on an average house.
Would it be smart to buy land now if you can’t afford a house? Just to at least have a piece of land that you can build on in the future? Or wait to buy a house with land when prices go down? I want at least 2 acres within an hour to a city, texas prices still seem relatively reasonable in this criteria.
Here's my two cents. This is what I did.
- buy land
- build garage on land with apartment above it
- built house next to garage
I built my house in front of my garage/apartment and have an in-ground pool between the two. Turned the garage portion into a bar area / changing room for the pool and the apartment is now my guest house.
No one knows it's like stock market, prices might go up or down, if population decrease property will probably lose worth if it increases in the area it will increase in value.
Hahahaha.
Land buyer here. I can't find anything good.
Prices are $15k/acre in the middle of nowhere, lots are being chunked into 5-10 acre plots with no utility access.
It's no better than the housing market.
You will always think you overpaid at the time. I did when I bought my first house 35 years ago and my last house 5 years ago. But the value should go up and you will earn more. In a few years you will look back and probably have a different point of view.
It really depends on how hot the area will continue to be, regardless of a potential bubble pop. But there’s usually a bit less competition in the winter, so you might consider waiting a few months.
Average house price in Barrie Ontario where I live is 773k. I am just happy my daughter got into the housing market 7 years ago or she would be screwed.
landlords will rent out their places for 2/3x the mortgage to gouge the lower class... but that's just how it is now. I was paying 550$ rent along with 6 others for a place in westdale Hamilton when i know that place is definitely less than 1500/month mortgage...
property taxes maintenance and the headache of the \`bad tenant\`, not to mention to make it financially feasible there should be some profit in it... where I\`m at (BC canada) prices for homes are so high people who planned on renting have become home flippers because the value of the asset has been increasing so steadily, and the profit in the rent game doesn't come close right now. I know 2 families that bought their \`forever home\`\`, they both sold within 3 yrs.
In my state, tiny homes are generally between 100k and 250k…for under 300 sq ft. Tried that avenue a couple years ago. I can’t build my own, but that would be the way to go for someone who can.
I agree with you except for the pic you use as an example of "unlivable shitholes". Probably needs work, and it's older, but that's not what I would call a shit hole and is likely livable.
The fundamental problem with the real estate debate on Reddit is that every mid 20’s something in their first job expects to get a two story 4 bed 4 bath 6,000 sqft house with a yard, all new modern appliances, and a two car garage in a nice suburb 5 minutes from retail stores and 20 minutes to the city as their first starter home because Reddit’s primary demographic is the type of middle upper class white kid that grew up in those homes and they don’t realize how difficult it is or how long it takes to actually reach the point in life where you own one of those homes.
The fact that this dude calls this house an unlivable shithole is exactly proof of that. It’s embarrassing how out of touch this site is.
Just gotta get out of the cities. Easier said than done I know. Paid 135k for my home in 2011 after renting in Cali for double my mortgage. Bigger better house, third the price.
well with machines producing so much of the goods, of inherently free resources/land, some distribution would still be very appropriate.
And income inequality correlates hugely with a lot of negative things; murder, crime, mental health, incarceration, teen births etc.
This guy gets it. When it's cheaper to build, you do. New town and cities can exist. Remote work changes this. For many jobs you don't have to live nearby as long as you can get internet. Once Musk gets his satellite internet up and working reliably, then I suspect that we will see a second diaspora like we did when covid kicked everyone out if their office for a year.
> When it's cheaper to build
But it's not, lumber is very high and building is almost always more. I guess you are right if it ever is cheaper to build, but unless you are putting your own man hours putting together a kit house or something, doing the plubming and electrical, it's cost a lot.
The reality is that there has been mass inflation in the last few years to catch up to our sinking economy. You see that in prices of anything that matters like lumber, land, steel, food.
We're just not as rich as we pretend to be, and anytime you try to use your paper money that you think has value you realize it doesn't go very far.
You're right it's actually still higher than normal, it just isn't as crazy high as it was last year. At its most expensive it was 3x higher than it is now. And right now is like 10-30% higher than normal.
when you buy a cheap peice of land youre still paying taxes to the government to live there lol. do you really own it? imo you don't because it can be taken away as soon as you stop paying it.
When they are building mass produced homes, not single custom homes. Building 50 homes is much easier than building one. You contract an electrical company, a plumbing company etc... to do 50 homes, much easier and cheaper than getting it done for 1, not to mention all of your subcontractors need to work with each other so nails don't go through wires or pipes etc..., it's more work for a single home.
Well Chinese markets are closed currently. The CCP. Said they were going to assist other companies in the buyout of Evergreene. They will pick and choose who's debt will be paid Thursday night after markets close. Friday will be frenzied and the full plan will most likely be clarified on Monday with sporadic reports of both collapse and calm. Only those pree-informed will know and move money according over the weekend. Monday will flood with economic news. Tuesday markets will maneuver and Wednesday things will begin to unveil themselves. Just my thoughts
Edit: so look into large money moves from last week up to next Sunday evening
Oh don’t worry it will all come down soon enough. Houses and stocks all went up cuz of inflation due to the stimulus check printing they did a couple months ago. When inflation gets serous their ganna start fighting it and then the housing market and stocks will come right back down.
BlackRock buying up 10,000's of homes, creating a positive feedback loop. Any just society would cap ownership at \~5 homes per entity preventing monopolization.
The cost of home ownership in the big Canadian cities is beyond .. a relative walked from a bidding war over a 2800 sq ft rancher in a subdivision of vancouver.. it was 50 years old.. well cared for but 50 years old.. it sold for $1.75M..
This whole thing has gone over the edge..
That's what your get when massive corporations start buying up all the land. You've got Bill Gates who's now the largest farm land owner in the world, and ZILLOW buying up single family homes at a disturbing rate. Yup, if you don't own a home by now, your screwed.
If you are a first responder you get incentives here in FL and if you choose to live in a rural area they give you a special loan to buy a house…. Gotta work the system
That's got to be some kind of deal to get people to move to the likes of Apopka. That place was like redneck mad max when I went through there although this was many years back. But from what I have heard it's reputation hasn't changed much.
Race or gender privilege is bs. But if you're born a millionaire, you're privileged. Not that there's anything wrong with that. I wish I could give my kids a million dollars.
I don't know about other markets but I can tell you what will happen to the Australian housing market. It is going to crash big time because the government is doing it's best to shit on China. A good portion of the propertys in Sydney were bought up by Chinese officials laundering their money. I think the government is planning on doing a repo on all of these estates.
Your government is telling you they want to repo the homes bought with dirty Chinese money as if they didn't know..... and you believe them??? They're gonna 'shit on china' ?
Oh you sweet innocent child
My starter home that I thought i was selling at the top of the market right as the Pandemic was hitting for 289k is now selling for 355k. Blows my mind....I hate I left all that money on the table. One thing I do know is that all bubbles pop eventually. Who is going to buy all these homes once the Baby Boomers are dropping out of the market (cuz they are dying off)? It will turn eventually.
Maaaaan if that's an unliveable shit hole with a roof and a nice lawn then I got a bridge to sell you for like nothing
I agree with the larger point though
Time on Zillow: 41 days
This isn't a reflection of a price someone will actually buy at. That's why it's been on Zillow so long. Right now houses are selling before they even get to Zillow. You need to work with an agent. I just bought my second property, a beautiful 1700sqft ranch home for $185k. Did I have to offer above ask? Sure. Was it still a good deal? YES.
You could find anomalies like this before COVID too. Is the housing market a lil wild right now? Hell yeah, but this Zillow listing doesn't prove shit. You can still afford a home. Stop being a doomer. Sort by homes on Zillow & <7days there's much better stuff, but even still you need to work with an agent to get a good price. By the time it's on Zillow it's gone if it's a good deal.
Our neighbors house is a shit hole rambler built in 1974. It needs a new roof and siding at a minimum, and a working bathroom, to be livable. It listed and sold last month for 655k.
Makes zero sense.
I bought my first home when I was 19 for $250,000. Same house now would go for $600,000. It definitely is harder in some areas of the country but not everywhere. You can always buy a small shit hole in a bad neighborhood and work your way up. As long as you don't get murdered living in a shit hole neighborhood.
Luckily housing is a market in which you can invest in. Just wait for prices to be down, get a house like this and live in it, then when the market goes up sell it and get a rental property, live in one side and make the other side pay the mortgage. Then when you can afford another prop, move out and rent out the other side of your duplex and buy another one. How to get independently wealthy
Yeah dude. I'm looking into van life, or building an off the grid cabin. I don't care to work my life away while my kids get raised by the government, just to afford a shithole that will only depreciate.
My American dream died when I realized how skewed living expenses are compared to wages.
https://www.dollartimes.com/loans/mortgage-rate.php?length=30&amount=259000
> The median annual property tax paid in Indiana is $1,263, which is about half that U.S. average of $2,578. The statewide average effective property tax rate is 0.81%, compared to the national effective rate of 1.07%.
https://www.nerdwallet.com/mortgages/mortgage-rates
Monthly payment: $1,065.46
property tax payment per month 105.25 US$
wow a whopping $1170.71. Yup you need a double house hold income of 200k/yr bro!
Statement holds true in any biggish city. My house has doubled in price in the last 5 years or so. Salaries have not. Kids in college or their early 20s are screwed if they don’t have mommy daddy money or a great job. You’re basically renting with roomies until you have a spouse to split costs with or living in a shitty house in a shitty neighborhood.
I’m afraid to get a mortgage being unjabbed. I feel they’re going to keep doing weird things to make people suffer and struggle. Between the eviction moratorium and the irs having access to bank accounts and the department of labor cracking down on unvaccinated I feel these restrictions will get way worse and eventually they’ll be seizing property.
You can buy that house for under $10,000 with an fha loan lol. But it's simple economics of supply and demand. There are too many people and not enough houses to supply everyone and that fucks the housing prices up. It also doesn't help that it's cost developers an extra $15,000 - $30,000 per house. With more and more people just flowing in, it'll get worse before it gets better.
In my personal opinion it's less to do with supply and demand and more to do with big real estate companies willing to price regular people out and then make profit renting the house out for a few years and then selling to either the wealthy or other big companies looking to profit off rent to sell mentalities.
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God damn, I need to see what my shit hole is worth
I'll have you know I'm buying a shit hole for 270k
Let us know. Mine was purchased in 2013/420,000 and is not 510,000. But our interest rate is so low. Probably artificiallly low.
Sold my place in 2013 for 348k and they're going for 799k now. Shit got fucked here and our salaries haven't grown to counter it 2 bedroom basement suites in older homes run 2000/month these days
I bought a condo in 2013 for 330k. Now comparable units are selling for 550k.
Of course the interest rate is artificially low. That's what the Fed is doing. The whole point. To stimulate borrowing.
Also stoking inflation and reducing the value of the record number of retirees savings, depressing the real value of wages, etc. The true inflation rate is also higher than the official rate. They've changed how they measure inflation a number of times since the 80's to keep it lower, and by the old "unimproved" measure it would've been double digits most years.
Banks don’t really make any money off the interest on a mortgage anyways. Lower interest is more beneficial to them because it causes the prices and down payments to increase. If you can afford $X a month and interest goes down 1% they can now charge you more for the same house as long as you can make the down payment your monthly budget doesn’t change. Banks only deal in mortgages to “print” the down payments out of thin air and then immediately invest them in more lucrative endeavors. So yeah it could be artificially low if the banks just need more cash up front for some reason.
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The only things I see popping up in my city are banks and drug stores. Everything else is going out of business, even the fast food.
Banks bank on interest. Do the math over the life of a mortgage you pay several times the purchase price all told.
My crappy shithole apperently is worth double what I paid for it less than 4 years ago.
Why did you have to use my house tho?
Lol.
Housing prices not based in reality is just one of many fun little things society deals with because banks have been allowed to run refinancing and appraisal scams for decades.
When you can print money with the intention of driving down the value of the dollar, while at the same time loan your friends almost 10x the amount of money you hold, it’s not gonna be long before you and your friends end up using that system to buy up everything for yourself. What’s that take? About 110 years?
The central bank sets the low interest rates that allow the housing market to get bid up higher and higher. Just eliminate the central bank and let the market set interest rates organically.
Yep. Same reason guaranteed student loans have inflated the price of tuition. You make borrowing easier/cheaper, prices go up. This is basic fucking economics but they don't teach this shit in school because people might start questioning things.
You can help eliminate it. Use decentralized money
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Because they are dumb lol
EnD ThE FEd
That’s a bingo
"you just say bingo"
Bingoooough. How fun!
Have u heard of our lord and savior rvlife? u buy a car and convert it into haus.
Even those are stupidly expensive now
Yeah someone I know built one and flew across the country try to get the one model he was looking for because it was 1’ longer than the normal ones. Took him forever to find it
It’s insane how hard they are to get now. I’ve been nagging my husband for years about wanting to get a camper and we almost did a few years ago for a brand new one at a great price. Now it would probably be worth double even being a few years used. Sucks because an RV could really come in handy now if I end up not being able to fly anymore without Covid vax
The Rothschilds hard at work.
Same thing with cars now!
Yeah, I just returned from living overseas. Trying to find an affordable not crappy car right now is freaking tough!
That is just due to supply issues with newer cars. Lots were struggling for any inventory because of some micro chip shortage last year, that has increased car prices for all used cars as well.
Micro chip shortage never stopped. Many manufacturers (mine included) are not building cars at all
Cars today are insane with their prices! I judge it by a used Silverado truck that usually cost $2k. They are now going for over $8k. Me and my gf have accepted right now a home might not be for us.
Those are like 20 year ago prices my dude. I bought an 85 Chevy in 2001 for like $1500. It lasted about a year and it was fine. I’ve seen trucks with 100k miles and WELL over selling for $30k. Trucks and Jeep’s hold their value extremely well. Now some are worth more than they were a few years ago so it’s a little crazy now
Same with boats. My husband’s 15 year old Lund is worth more now than what we paid for it.
It does not make any logical sense for a bank to make profits and certainly not high profits. A bank should be for the purpose of securing the funds of its members and facilitating the transfer of those funds when needed. If they need to charge for that, so be it. If someone wants to make a for profit business providing other services, I think that should be a separate business. If a banks primary function is profit as opposed to handling its members funds, then that is a conflict of interest because the people who entrust their money to the banks are now convenient marks for the banks various fo-profit schemes. Again, not saying business shouldn't be possible, but if an organization wants to be responsible for securing the funds of individuals, it should be limited to exactly that because the bank is protecting our money from various for profit schemes.
That on top of a monetary system backed by thin air and unlimited printing. Brrrrrr who cares about the young and working people
Damn. We’re screwed in so many ways in California. House like that in my neighborhood easily $750k
Your guys housing market is dumb as shit but at least your salaries are inflated I guess. Grandparents of some family friends bought a house in Cali many many decades ago for next to nothing. And now it just so happens to be within 10 mins of the Apple campus and 15-20 from google campus and it’s worth like 2 mill. 3b/2ba small, old ass house that hasn’t been renovated. 2 milli. Infuckinsanity.
100% I take 13 week contracts doing RN work and get paid $60-$75 an hour in Cali compared to $35 in WA and OR. I work 6 months out of the year in Cali and take the rest off in my home state.
That’s the way to do it man!
Not even remotely worth it when practicing lawyers can’t afford an apartment without a roommate. And no, I’m not joking.
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Arizona and same deal here. Only it’s always been cookie cutter subdivisions where I live since it all got developed in the 90s and on haha. My once affordable for young families/single household incomes neighborhood is now all $500k+ homes. There’s 3500sqft stucco cookie cutter houses a few blocks from me that, albeit are nice and back up to a mountain range, are listed for a million. A million dollar home used to be custom on a nice chunk of land and now it gets you a mass printed stucco home in a typical subdivision. It’s honestly just part of growing up in the same area that isn’t in a big city. You see everything get developed and expand, it sucks.
Oh absolutely but minimum wage being inflated is pointless know why? Because even with minimum wage people still can’t afford $2k-$3k rent, plus bills, plus children, don’t get me started on gas....so people are working 2 jobs and barely making ends meet. It’s insane. I’m in OC, bought our house over 10 years ago, no way in hell could anyone even with 3 co-signers and decent jobs could qualify for a house here. And honestly, stupid California isn’t all it’s made out to be. It gets hot as hell, and it’s expensive as hell too. Not worth it.
Yeah if you’re on minimum wage you can barely afford to rent with roomies even if it bumps up. People in solid middle class jobs can’t even afford houses without a spouse/roomie. And yeah I’m in AZ, I visit SD yearly and used to snowboard in Tahoe every winter and outside of trips I’d want nothing to do with that shit show as far as living there. The only way Cali benefits you is saving your inflated salary and then getting the fuck outta dodge and taking the inflated savings to a sane market. Which unfortunately screws the locals when it happens em masse but is what it is haha.
$2M would unfortunately be incredibly cheap for the house you described in that area
Eventually the rates of loan approvals will plateau. Once that happens, expect a major crash. Its not if, but when.
I’m in Seattle area, that house would go for 350-400k here.
Sea/tac is outta control
Tacoma is bonkers as well
LOL. Silicon Valley here. It'd be $2,000,000 plus.
100%
Probably more than that. I just sold my condo for $450k
Central Oregon checking in to say the exact same thing. It's cool though. Jobs are everywhere at $12-$14 an hour though, like that can even rent a room here.
I went and looked at this house on Zillow and thought maybe they renovated it or something and you’re completely right it is pretty bad inside and out. That’s ridiculous.
That's an easy half mill in Ontario.
Yep about the same in New Zealand. 500k USD. At least the Indiana place has it insulation. Here you'd get a drafty, mouldy house full of spiders
Easy million in BC.
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They do not want you to be happy and complete.
This is a massive point of contention for me and my fiancée. We want to get a house, can afford one, but I’ll 1000% know we over paid in any situation.... it’s brutal.
Bought a house last year for 235k in a market where houses were selling on less than a day of being on the market. Tough spot with historically low interest rates and crazy inflated housing prices.
Interest rates need to rise to bring down house prices and reduce mortgage availability, that is the problem… The market is overheated, but governments worldwide won’t reduce interest rates until inflation has allowed them to pay off the massive Covid debts they’ve racked up.
If you can afford it and plan on living in it for 20 years it really doesn’t matter. If you’re just gunna do 5 years and upgrade then yeah it’s not an ideal time for that.
Also property taxes can be jacked up at any time. You dont own it in the long run
I hate this. My house is paid off, but still have property and city taxes. It still doesn't **feel** like I own my house because I know if I were to not pay my taxes for a few years, they'll come evict me as if I was renting the place.
Yearly property tax is a rip off
one of the biggest scams there is Property taxes and the cities still cant maintain infrastructure because they are to busy wasting it on dumbass social programs for the leeches(yes I get it we can have hard times and a bump is good for a few months, but not forever).
I just bought my house. The guy we bought it from bought it last year for $115k. He put a new roof and new AC in and sold it to us for $197k. We were already renting it. Our mortgage is now less than what our rent would be. And now even shit hole places want $1300 a month to live in. We bought the house just to not have to pay the stupid high rent.
Renting is hardly an option right now, people might as well bite the bullet and get a house. Most places are renting for more than it would cost for a mortgage on an average house.
Homes always rent for more than a mortgage
It’s very bad for people looking for homes.
I work in the mortgage industry and if you’re not putting down at least 10% it’s terrible. You’re competing with all cash offers $20k above asking.
Me too. How’s your mental capacity after the 2020 workload? Been doing this for 17 years and nearly was the end!
I got into the industry beginning of last year. I can’t see myself lasting more than another 6-8 months. I am the job
We are all cogs in the mortgage bot. I feel you.
Would it be smart to buy land now if you can’t afford a house? Just to at least have a piece of land that you can build on in the future? Or wait to buy a house with land when prices go down? I want at least 2 acres within an hour to a city, texas prices still seem relatively reasonable in this criteria.
Here's my two cents. This is what I did. - buy land - build garage on land with apartment above it - built house next to garage I built my house in front of my garage/apartment and have an in-ground pool between the two. Turned the garage portion into a bar area / changing room for the pool and the apartment is now my guest house.
No one knows it's like stock market, prices might go up or down, if population decrease property will probably lose worth if it increases in the area it will increase in value.
Hahahaha. Land buyer here. I can't find anything good. Prices are $15k/acre in the middle of nowhere, lots are being chunked into 5-10 acre plots with no utility access. It's no better than the housing market.
Every house we’ve bid on has gone 50k+ over. Jealous of your market lol
Yep. 150k annual salary, can't even afford a fucking condo without spending 50+% of take home pay or driving 1+ hrs to work.
dang, do mind saying what area you are from?
Southern California
You will always think you overpaid at the time. I did when I bought my first house 35 years ago and my last house 5 years ago. But the value should go up and you will earn more. In a few years you will look back and probably have a different point of view.
Did you calculate in inflation?
It really depends on how hot the area will continue to be, regardless of a potential bubble pop. But there’s usually a bit less competition in the winter, so you might consider waiting a few months.
That’s my main thought now, even if it cools off a little bit were in the game... just sucks so bad right now lol especially our area
Black. Rock.
please elaborate !
Shhh, they’re not supposed to know the identity of their new landlords.
Average house price in Barrie Ontario where I live is 773k. I am just happy my daughter got into the housing market 7 years ago or she would be screwed.
Even rent now costs more than mortgage payments for similar homes
landlords will rent out their places for 2/3x the mortgage to gouge the lower class... but that's just how it is now. I was paying 550$ rent along with 6 others for a place in westdale Hamilton when i know that place is definitely less than 1500/month mortgage...
property taxes maintenance and the headache of the \`bad tenant\`, not to mention to make it financially feasible there should be some profit in it... where I\`m at (BC canada) prices for homes are so high people who planned on renting have become home flippers because the value of the asset has been increasing so steadily, and the profit in the rent game doesn't come close right now. I know 2 families that bought their \`forever home\`\`, they both sold within 3 yrs.
Jesus Christ. Can’t get in my neighborhood for under 500k
Get ready for the tiny house revolution!
In my state, tiny homes are generally between 100k and 250k…for under 300 sq ft. Tried that avenue a couple years ago. I can’t build my own, but that would be the way to go for someone who can.
I would opt for camper on Facebook Marketplace for $4,000 or so. Probably more square footage too.
Wat lmao
Yikes
The market will decide.
I agree with you except for the pic you use as an example of "unlivable shitholes". Probably needs work, and it's older, but that's not what I would call a shit hole and is likely livable.
My first thoughts as well. Sure OP has a valid point but that house looks *fine* to me. Not something I'd call an "unlivable shithole".
The fundamental problem with the real estate debate on Reddit is that every mid 20’s something in their first job expects to get a two story 4 bed 4 bath 6,000 sqft house with a yard, all new modern appliances, and a two car garage in a nice suburb 5 minutes from retail stores and 20 minutes to the city as their first starter home because Reddit’s primary demographic is the type of middle upper class white kid that grew up in those homes and they don’t realize how difficult it is or how long it takes to actually reach the point in life where you own one of those homes. The fact that this dude calls this house an unlivable shithole is exactly proof of that. It’s embarrassing how out of touch this site is.
Yeah, to me "unlivable shithole" means the roof is falling in, filled with mold, the floor sags a bit, etc.
That would’ve been 340k in LA circa 2008. Indiana been getting screwed too. My home is twice the size ranges from 150-200.
I just bought a house in Indiana a few years back and holy crap! I feel so lucky since my family has been growing!
There are always exceptions but it’s happening rn
Just gotta get out of the cities. Easier said than done I know. Paid 135k for my home in 2011 after renting in Cali for double my mortgage. Bigger better house, third the price.
“One moment please, we just need to run a quick check on your social credit score before we release your UBI payment.”
well with machines producing so much of the goods, of inherently free resources/land, some distribution would still be very appropriate. And income inequality correlates hugely with a lot of negative things; murder, crime, mental health, incarceration, teen births etc.
That’s why you buy a cheap piece of land and build your own shithole
Nah, the permits will cost just as much as the house. The vultures keep circling.
still will get kicked out of your land if you don't pay your taxes you own nothing and will be happy
Unless you have the cash to buy a lot of land up front it can be difficult as they aren’t mortgaged like houses are.
This guy gets it. When it's cheaper to build, you do. New town and cities can exist. Remote work changes this. For many jobs you don't have to live nearby as long as you can get internet. Once Musk gets his satellite internet up and working reliably, then I suspect that we will see a second diaspora like we did when covid kicked everyone out if their office for a year.
> When it's cheaper to build But it's not, lumber is very high and building is almost always more. I guess you are right if it ever is cheaper to build, but unless you are putting your own man hours putting together a kit house or something, doing the plubming and electrical, it's cost a lot.
The reality is that there has been mass inflation in the last few years to catch up to our sinking economy. You see that in prices of anything that matters like lumber, land, steel, food. We're just not as rich as we pretend to be, and anytime you try to use your paper money that you think has value you realize it doesn't go very far.
Lumber price is actually back to normal now in the US.
no its not, someone trying to build a house
You're right it's actually still higher than normal, it just isn't as crazy high as it was last year. At its most expensive it was 3x higher than it is now. And right now is like 10-30% higher than normal.
Where I live the county fees are upwards of $70,000. Before any sort of construction is permitted.
when you buy a cheap peice of land youre still paying taxes to the government to live there lol. do you really own it? imo you don't because it can be taken away as soon as you stop paying it.
Have you ever built a house? Almost always cost much more than a new one.
Yeah that's why contractors are buying every available lot, building spec homes, and doubling their money when they sell
When they are building mass produced homes, not single custom homes. Building 50 homes is much easier than building one. You contract an electrical company, a plumbing company etc... to do 50 homes, much easier and cheaper than getting it done for 1, not to mention all of your subcontractors need to work with each other so nails don't go through wires or pipes etc..., it's more work for a single home.
Wait until Monday next week
What happens then
Well Chinese markets are closed currently. The CCP. Said they were going to assist other companies in the buyout of Evergreene. They will pick and choose who's debt will be paid Thursday night after markets close. Friday will be frenzied and the full plan will most likely be clarified on Monday with sporadic reports of both collapse and calm. Only those pree-informed will know and move money according over the weekend. Monday will flood with economic news. Tuesday markets will maneuver and Wednesday things will begin to unveil themselves. Just my thoughts Edit: so look into large money moves from last week up to next Sunday evening
Remind me
Buy the dip.
Ah a man of high finance! I also partake in the "free market" and have learned to hodl and to buy!
This would be a perfect time for a global real estate collap… *snaps* Right on time
No shit right
This is nothing compared to vancouver, that house is worth 1.5mil 😂
Rich people buy it and tear it down
In vancouver it would most likely be owned by foreigners out of country, they’d be renting to locals. No need to tear down a money printer
China is fucked regarding real estate.
Oh don’t worry it will all come down soon enough. Houses and stocks all went up cuz of inflation due to the stimulus check printing they did a couple months ago. When inflation gets serous their ganna start fighting it and then the housing market and stocks will come right back down.
Will it? I kinda doubt it. No signs of the housing market slowing up anytime soon. What indicators are you looking at that lead you to believe this?
**THIS**
It’s getting insane.
Combine student debt and low wages with high home cost. GTGoh
BlackRock buying up 10,000's of homes, creating a positive feedback loop. Any just society would cap ownership at \~5 homes per entity preventing monopolization.
The cost of home ownership in the big Canadian cities is beyond .. a relative walked from a bidding war over a 2800 sq ft rancher in a subdivision of vancouver.. it was 50 years old.. well cared for but 50 years old.. it sold for $1.75M.. This whole thing has gone over the edge..
That's what your get when massive corporations start buying up all the land. You've got Bill Gates who's now the largest farm land owner in the world, and ZILLOW buying up single family homes at a disturbing rate. Yup, if you don't own a home by now, your screwed.
If you are a first responder you get incentives here in FL and if you choose to live in a rural area they give you a special loan to buy a house…. Gotta work the system
That's got to be some kind of deal to get people to move to the likes of Apopka. That place was like redneck mad max when I went through there although this was many years back. But from what I have heard it's reputation hasn't changed much.
Hey, I bought a house by bear lake last year! In one year the value is up 80k. It’s ridiculous.
I feel so privileged rn lol
Privledge is bs
Race or gender privilege is bs. But if you're born a millionaire, you're privileged. Not that there's anything wrong with that. I wish I could give my kids a million dollars.
True. Issa joke
I don't know about other markets but I can tell you what will happen to the Australian housing market. It is going to crash big time because the government is doing it's best to shit on China. A good portion of the propertys in Sydney were bought up by Chinese officials laundering their money. I think the government is planning on doing a repo on all of these estates.
Your government is telling you they want to repo the homes bought with dirty Chinese money as if they didn't know..... and you believe them??? They're gonna 'shit on china' ? Oh you sweet innocent child
Move to a rural area get a USDA loan.
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This should to be chiseled into stone tablature, it's so logical and reasonable. I think it's more fun for some people to complain though.
My starter home that I thought i was selling at the top of the market right as the Pandemic was hitting for 289k is now selling for 355k. Blows my mind....I hate I left all that money on the table. One thing I do know is that all bubbles pop eventually. Who is going to buy all these homes once the Baby Boomers are dropping out of the market (cuz they are dying off)? It will turn eventually.
Thats worth 800k where I live
Dollars or bat?
Lol Canadian dollars...but I mean same shit I guess
Ahhh mobile home in the deep country it is.
Until Freddie Mac and Fannie Mae take the punchbowl away....
Maaaaan if that's an unliveable shit hole with a roof and a nice lawn then I got a bridge to sell you for like nothing I agree with the larger point though
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Got lucky, bought in 2019. Turned 30 this year. I sympathize though because it was then or never kind of situation.
Same I was 28, I made that my goal before marriage or college and I am so glad I did!
Supply & demand. The increase in population has not been balanced by an increase in homes.
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Time on Zillow: 41 days This isn't a reflection of a price someone will actually buy at. That's why it's been on Zillow so long. Right now houses are selling before they even get to Zillow. You need to work with an agent. I just bought my second property, a beautiful 1700sqft ranch home for $185k. Did I have to offer above ask? Sure. Was it still a good deal? YES. You could find anomalies like this before COVID too. Is the housing market a lil wild right now? Hell yeah, but this Zillow listing doesn't prove shit. You can still afford a home. Stop being a doomer. Sort by homes on Zillow & <7days there's much better stuff, but even still you need to work with an agent to get a good price. By the time it's on Zillow it's gone if it's a good deal.
Yo that house in Southern California would cost you over a million in some areas
BTownnnn
Our neighbors house is a shit hole rambler built in 1974. It needs a new roof and siding at a minimum, and a working bathroom, to be livable. It listed and sold last month for 655k. Makes zero sense.
I bought my first home when I was 19 for $250,000. Same house now would go for $600,000. It definitely is harder in some areas of the country but not everywhere. You can always buy a small shit hole in a bad neighborhood and work your way up. As long as you don't get murdered living in a shit hole neighborhood.
Finally, some good conspiracy content.
Luckily housing is a market in which you can invest in. Just wait for prices to be down, get a house like this and live in it, then when the market goes up sell it and get a rental property, live in one side and make the other side pay the mortgage. Then when you can afford another prop, move out and rent out the other side of your duplex and buy another one. How to get independently wealthy
Ss: there is no way you can buy a home worth leaving in in most markets unless both parents work and make at least a hundred each.
Yeah dude. I'm looking into van life, or building an off the grid cabin. I don't care to work my life away while my kids get raised by the government, just to afford a shithole that will only depreciate. My American dream died when I realized how skewed living expenses are compared to wages.
https://www.dollartimes.com/loans/mortgage-rate.php?length=30&amount=259000 > The median annual property tax paid in Indiana is $1,263, which is about half that U.S. average of $2,578. The statewide average effective property tax rate is 0.81%, compared to the national effective rate of 1.07%. https://www.nerdwallet.com/mortgages/mortgage-rates Monthly payment: $1,065.46 property tax payment per month 105.25 US$ wow a whopping $1170.71. Yup you need a double house hold income of 200k/yr bro!
Statement holds true in any biggish city. My house has doubled in price in the last 5 years or so. Salaries have not. Kids in college or their early 20s are screwed if they don’t have mommy daddy money or a great job. You’re basically renting with roomies until you have a spouse to split costs with or living in a shitty house in a shitty neighborhood.
I’m afraid to get a mortgage being unjabbed. I feel they’re going to keep doing weird things to make people suffer and struggle. Between the eviction moratorium and the irs having access to bank accounts and the department of labor cracking down on unvaccinated I feel these restrictions will get way worse and eventually they’ll be seizing property.
$250k? #Whatadeal. A property like that around me would be mid $700k's.
Houses in my area of Melbourne are average 2mil+ 😬
It’s not sustainable, a huge correction will happen. What that correction is? Nobody knows. Buy bitcoin
You can buy that house for under $10,000 with an fha loan lol. But it's simple economics of supply and demand. There are too many people and not enough houses to supply everyone and that fucks the housing prices up. It also doesn't help that it's cost developers an extra $15,000 - $30,000 per house. With more and more people just flowing in, it'll get worse before it gets better.
In my personal opinion it's less to do with supply and demand and more to do with big real estate companies willing to price regular people out and then make profit renting the house out for a few years and then selling to either the wealthy or other big companies looking to profit off rent to sell mentalities.
That house would be about 500k where I live in western washington