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Forum » More General Categories » Misc. » I'm priced out of the housing market forever
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Thread: I'm priced out of the housing market forever

post 1445338033 06-01-2016, 01:06 PM
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Originally Posted By donblaximus⏩
I have a home in austin that I could probably sell for $750k right now.
It was built in 1940 and about 1200 square feet. The foundation is pier and beam and there is literally some cedar stumps serving as some of its foundation.

Its a rental until I decide to knock it down, build a mcMansion on it and sell it for a profit.
Its all about land value.
Good luck man. The price gap is insane to me. I've never checked real estate much out of state except in Florida, which was pretty bad as well, but not even close to the levels you guys are describing.
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post 1445338153 06-01-2016, 01:07 PM
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Originally Posted By FrankGrimesJr⏩
I don't know what will burst this bubble. It's not like there are tons of bad loans like before.

If the interest rate goes up, it doesn't seem like that will make a significant change.
I'm not expert but I think if interest rates going up would make a change, I'm sure there's a lot of people living paycheck to paycheck and barely able to afford the house they live in given how expensive they are. If the interest rates go up they won't be able to afford their houses anymore and forced to sell for a loss because there's going to be a lot of people in the same boat which will devalue the market, that's what I'm hoping for atleast lol.
post 1445338233 06-01-2016, 01:08 PM
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Originally Posted By FrankGrimesJr⏩
Pretty much nothing now.

Here is a house in the ghetto for $629k

https://www.redfin.com/CA/San-Franci...4/home/1463776
If you can't afford $650k then move south or over the bay bridge to oakland.
You are looking at buying property in one of the most dense/high cost of living cities in the US and you are crying about prices?
What do you expect?

Plenty of cheaper options to live in the bay. You just have to sacrifice commute times and creature comforts.
You want a pad in the heart of a city for $600k? Move to Alabama.
post 1445338543 06-01-2016, 01:10 PM
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Originally Posted By GEToutHOEits6AM⏩
I'm not expert but I think if interest rates going up would make a change, I'm sure there's a lot of people living paycheck to paycheck and barely able to afford the house they live in given how expensive they are. If the interest rates go up they won't be able to afford their houses anymore and forced to sell for a loss because there's going to be a lot of people in the same boat which will devalue the market, that's what I'm hoping for atleast lol.
Not sure how it would effect an area like San Francisco or Manhattan. Now I am no expert on those towns but that real estate is pretty much recessoin proof in my mind.
Tons of high earners in silicon valley.

You can barely get a house "in town" for $600k in Texas, why would you think San Francisco is easier?
post 1445339263 06-01-2016, 01:14 PM
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Where do you live?

You really don't need a huge space. Are you married and/or have any kids? Do you plan on it in the future? If you're single youshouldbe totally fine in a 2 bedroom place.
post 1445339753 06-01-2016, 01:16 PM
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Originally Posted By FrankGrimesJr⏩
Pretty much nothing now.

Here is a house in the ghetto for $629k

https://www.redfin.com/CA/San-Franci...4/home/1463776
what in the actual fuk. mind = nuked. 600k for 1,000sq ft

and lol at them saying the price is not a mistake as if its low or something
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post 1445339823 06-01-2016, 01:17 PM
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Originally Posted By donblaximus⏩
If you can't afford $650k then move south or over the bay bridge to oakland.
You are looking at buying property in one of the most dense/high cost of living cities in the US and you are crying about prices?
What do you expect?

Plenty of cheaper options to live in the bay. You just have to sacrifice commute times and creature comforts.
You want a pad in the heart of a city for $600k? Move to Alabama.
It doesn't seem like Oakland is much cheaper.

I could buy a $400k McMansion in Pittsburg, Antioch, Stockton but I can't stand traffic. I would be full of rage everytime I got home.
post 1445339913 06-01-2016, 01:17 PM
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Originally Posted By GEToutHOEits6AM⏩
I'm not expert but I think if interest rates going up would make a change, I'm sure there's a lot of people living paycheck to paycheck and barely able to afford the house they live in given how expensive they are. If the interest rates go up they won't be able to afford their houses anymore and forced to sell for a loss because there's going to be a lot of people in the same boat which will devalue the market, that's what I'm hoping for atleast lol.
I hope so
post 1445340163 06-01-2016, 01:19 PM
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Originally Posted By caravanbrah⏩
Just buy in a worse area. There's lots of other people in your position who will do the same and the area will become nicer.
find a location with potential. lots of gentrification projects going on that's turning low class to middle class
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post 1445340343 06-01-2016, 01:20 PM
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Originally Posted By ~Hades~⏩
what in the actual fuk. mind = nuked. 600k for 1,000sq ft

and lol at them saying the price is not a mistake as if its low or something
I died at that part too along with " Investors dream"

mind = blown.
6'1 - 240lbs

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post 1445340873 06-01-2016, 01:23 PM
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Agreed. Sadly I just wasn't making money five years ago, pisses me off how I always miss the "right time".

Our area never experienced a turndown in the market. But due to gentrification, all of the older homes I was eyeing (with good bones) are being eaten up by investors. And the interest rates will keep going up.

Saving up for a new condo project. We'll see.
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post 1445341033 06-01-2016, 01:24 PM
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This is what happens when I go further south, into San Mateo County.

Only one house below $600k.

https://www.redfin.com/county/343/CA...max-price=600k

$598k for a tiny ass 620sqft house.
post 1445341703 06-01-2016, 01:28 PM
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Originally Posted By FrankGrimesJr⏩
Pretty much nothing now.

Here is a house in the ghetto for $629k

https://www.redfin.com/CA/San-Franci...4/home/1463776
Wow i though san fran was expensive. That house in vancouver would be 1.5 million CAD.

FML
post 1445341773 06-01-2016, 01:29 PM
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Investors Dream, only 500 billion dollars for this cardboard shack
post 1445341863 06-01-2016, 01:29 PM
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#45
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FYI here is what 600k gets you in my area, and this is one of the richest developments in the northeast.

http://www.realtor.com/realestateand...7_M41604-30487
6'1 - 240lbs

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post 1445342243 06-01-2016, 01:32 PM
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i'll never buy property in a populated area total scam 100% srs pay 9999% more to be surrounded by a bunch of *******s 24/7 ? doesn't make sense.
post 1445342633 06-01-2016, 01:34 PM
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Originally Posted By JUGGERNAUT1333⏩
FYI here is what 600k gets you in my area, and this is one of the richest developments in the northeast.

http://www.realtor.com/realestateand...7_M41604-30487
Good god, if I had a house like that for that price I would be living like a king.

A house like that here is $ 4million.
post 1445342993 06-01-2016, 01:36 PM
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Originally Posted By FrankGrimesJr⏩
It doesn't seem like Oakland is much cheaper.

I could buy a $400k McMansion in Pittsburg, Antioch, Stockton but I can't stand traffic. I would be full of rage everytime I got home.
I guarantee you can find a place to live for $400k in livermore or pleasanton.

If you cant stand traffic, step your game up and make more money so you can afford to live where you want OR adapt.
post 1445343143 06-01-2016, 01:38 PM
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Originally Posted By FrankGrimesJr⏩
This is what happens when I go further south, into San Mateo County.

Only one house below $600k.

https://www.redfin.com/county/343/CA...max-price=600k

$598k for a tiny ass 620sqft house.
San Mateo is still very high dollar area.

Go out to Livermore and see what options you have available?
post 1445343483 06-01-2016, 01:40 PM
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Originally Posted By JUGGERNAUT1333⏩
FYI here is what 600k gets you in my area, and this is one of the richest developments in the northeast.

http://www.realtor.com/realestateand...7_M41604-30487
That's similar to what you'd find 30 to 40 minutes outside of Denver for the price. Add a couple hundred thousand if you want to be slightly closer and in a more established neighborhood. Triple or quadruple the price if you want to be in Denver.
post 1445343553 06-01-2016, 01:40 PM
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Originally Posted By JUGGERNAUT1333⏩
FYI here is what 600k gets you in my area, and this is one of the richest developments in the northeast.

http://www.realtor.com/realestateand...7_M41604-30487
I get it but you just cant compare Scranton PA to San Francisco.

A Corona at a bar in the financial district in NYC is $10.
Same Corona on the bean in Nicaragua is $1.50.

Same exact beer, bottle, everything.
post 1445344283 06-01-2016, 01:46 PM
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Originally Posted By FrankGrimesJr⏩
But then again it doesn't look like the market will crash.
Yes it does.



Also, for those saying 400k gets you a nice house: damn I'm jelly. Location, location, location.

Houses are going for 600k-1mil here. Youmightget lucky and snag a condo for 350-400k.
waT_-
post 1445346113 06-01-2016, 01:58 PM
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Originally Posted By FrankGrimesJr⏩
I don't know what will burst this bubble. It's not like there are tons of bad loans like before.

If the interest rate goes up, it doesn't seem like that will make a significant change.
You'd think so, but FHA loans have picked up that slack. Many banks are also offering 3% down mortgages for sub par credit to compete with the FHA loans.
post 1445346243 06-01-2016, 01:59 PM
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Don't you worry, soon prices are going to drop even further than last time.
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post 1445347273 06-01-2016, 02:06 PM
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OP you in Toronto?

Housing prices here are currently rising by $550 per day. If you don't own land here already you probably never will.
Average projected price of a detached home by 2026 will be $3.5 million lmao
home owneres in Toronto hang on to your land. You're sitting on the roots of a money tree.

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post 1445347813 06-01-2016, 02:10 PM
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Originally Posted By JUGGERNAUT1333⏩
FYI here is what 600k gets you in my area, and this is one of the richest developments in the northeast.

http://www.realtor.com/realestateand...7_M41604-30487
"The median income for a household in the borough was $38,987. The per capita income for the borough was $21,178."

post 1445348823 06-01-2016, 02:16 PM
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Originally Posted By ~Hades~⏩
what in the actual fuk. mind = nuked. 600k for 1,000sq ft

andlol at them saying the price is not a mistake as if its low or something
lol exactly my reaction when I read that.
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post 1445349273 06-01-2016, 02:19 PM
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Originally Posted By Bassackwards⏩
find a location with potential. lots of gentrification projects going on that's turning low class to middle class
I always miss the boat by a few years. My town is under massive growth, never experienced the downturn housing collapse post 2008. Alot of our homes built in the 1930-60s are being bought up and renovated, sold for x4-5 the original cost. Pisses me off because that was my plan...but was a student and had no capital. Now that I do....interest rates going up and all the cheap homes gone now. FML.

Looking to invest in a new condo project downtown, the only one starting under $250k that I can afford. (I live in the South...$250k is a lot for a single bedroom ten years ago...not anymore) My last hope for a possibly good investment to sit on/rent out.
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post 1445349653 06-01-2016, 02:21 PM
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Can confirm.

I live in Miami,FL. And still live with my parents, and its killing me.

-I pay $600/month as "rent"
-I have about 10k saved up. Hopefully I can get to 20k by EARLY next year.
-Any decent "Home" id wana buy is gonna be upwards of 300k+. Sad times. GG foreign money ruining my city

-I was looking into just biting the bullet and renting but I can't justify spending $1200/month (on a crappy Apt) + Utilities + Groceries+ etc... And this would make saving money much more difficult.
Are you not entertained?

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post 1445350573 06-01-2016, 02:27 PM
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tfw my first home will be about $130k for a 3br/2b with a two car garage. Blows my mind when I see these threads.
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