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Forum » Redditor's house has dropped 600k in value in less than a year (mortgage cells GTFO)
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Thread: Redditor's house has dropped 600k in value in less than a year (mortgage cells GTFO)

post 1675932623 01-27-2023, 07:05 AM
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#1
  1. kengriffeyjr24
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Redditor's house has dropped 600k in value in less than a year (mortgage cells GTFO)

https://www.reddit.com/r/Seattle/com...by_houses_are/

Bought a house in the eastside (north of Totem Lake) for ~1.4million when currently houses there are selling for ~700-800k.

Bought during the absolute freaking peak (March 2022) and the house is old, small (~1500 sqft) and quite frankly both of us feel trapped here. While the rate we got was great, it is clear we overpaid heavily and we will never be able to sell this house. My wife is already angsty to leave, and is threatening to move back home across the country to her parents since the stress of ownership has been too much.

We've already spent over 20k in fixes/updates (some on updates...cabinets, a few windows...and fixes such as malfunctioning A/C and a rotting staircase)

I'm just at a complete loss. I work in tech and have a good job...but even that is on shaky footing recently. Our mortgage is for over 1 million dollars...for a freaking shack.

Just need somewhere to vent. I know that I made my bed and have to sleep in it, but...arghh I could just scream for days. Feel like a prisoner in my own home...I'll be paying this off for a decade longer than if I just waited a year to buy (or bought earlier)

We just got so enamored in the buying frenzy, and were seriously worried we would priced out forever making us stretch and squirm our finances to the maximum.

Edit: Here are 3 similar houses (similar area, specs) to the one we bought:https://www.redfin.com/WA/Kirkland/9...34/home/279912750khttps://www.redfin.com/WA/Kirkland/1...34/home/278596800khttps://www.redfin.com/WA/Kirkland/1...34/home/459260820k
the crash is happening boyos. you told me I was delusional but its happennig faster than I even predicted.

I said there would be layoffs, and with layoffs, people would be forced to sell their homes (doesnt matter what rate they locked themselves into).

as layoffs mount, fear hits the market and people are less likely to make big purchases and will be inclined to hunker down with their savings being prudent.
post 1675933273 01-27-2023, 07:18 AM
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#2
  1. backinbusiness
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Good.

Whoever bought a house in 2022 deserves everything coming to them. Buying houses without even inspecting them etc. Fk em.
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post 1675933363 01-27-2023, 07:21 AM
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  1. RICHSTRONG
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Rents due soon bud
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post 1675933383 01-27-2023, 07:21 AM
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Whenever I feel stupid I read stories like these and just LOL.
post 1675933483 01-27-2023, 07:24 AM
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Redditor
Owns a house

Pick one
post 1675933563 01-27-2023, 07:26 AM
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He is an idiot. The bank that loaned him the money is an idiot. OP is an idiot.
post 1675933673 01-27-2023, 07:30 AM
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Damn
post 1675934023 01-27-2023, 07:41 AM
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What kind of dumbass finances 1.4 million?
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post 1675934033 01-27-2023, 07:41 AM
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Post deleted by user
post 1675934083 01-27-2023, 07:42 AM
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that's the choice they made to overpay for a specific house, das not it mane

should have had some financial restraint
post 1675934173 01-27-2023, 07:44 AM
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  1. outfoxxed
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Originally Posted By Anachron⏩
This, if true, is great news for real estate investors.
Might have to join the propertycel club if this keeps up.

Canadians get a primary residence capital gains exemption so i should probably get in on that.

Shame that there are so many ****** coming in though
post 1675934183 01-27-2023, 07:44 AM
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  1. infinityplus1
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lol rentchads stay winning
post 1675934313 01-27-2023, 07:46 AM
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Sounds like a repeat of 2008. In my area people that bought in 2006-2008 just walked away when they got underwater that much. Only now, interest rates are triple what they were a couple years ago. So the banks are just gonna tank again and need bailing out from uncle Joe. Will be surprised of there is more that one bank left after this. If i was a rentcel I would be buying a tiny home pr something so when the place you are renting gets foreclosed you have somewhere to live.
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post 1675934393 01-27-2023, 07:47 AM
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It's the murrican dream they said.
Your schtick sucks and it screams insecurity.
post 1675934423 01-27-2023, 07:47 AM
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post 1675934563 01-27-2023, 07:49 AM
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Wow... makking yourself house poor for a chitty little shack...

makes me feel good.
post 1675934663 01-27-2023, 07:52 AM
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More loss porn? You rentcels will get a kick out of it.


post 1675934733 01-27-2023, 07:53 AM
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seriously seems like redditors make every wrong decision possible
post 1675935133 01-27-2023, 07:58 AM
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saw that chit.

one user found the actual house.

was listed for like 950k and OP offered 400k above ask JFL and now comps are selling for 700-800k. they can't afford the payments or to sell. they're either stuck or filing bankruptcy.

like holy fukkin cow, in what world was offering a full 40% above ask going to make sense and not turn out horribly.
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post 1675935323 01-27-2023, 08:01 AM
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  1. kengriffeyjr24
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Originally Posted By friesbruh⏩
saw that chit.

one user found the actual house.

was listed for like 950k and OP offered 400k above ask JFL and now comps are selling for 700-800k. they can't afford the payments or to sell. they're either stuck or filing bankruptcy.

like holy fukkin cow, in what world was offering a full 40% above ask going to make sense and not turn out horribly.
in 2022 that was the only way to win a bidding war in areas like seattle suburbs (ded srs).
post 1675935553 01-27-2023, 08:05 AM
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lmfao, redditer, liberal, techy, retard. Makes sense
post 1675935653 01-27-2023, 08:08 AM
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Looks like his mortgage is for $1M for a house worth much less than that.

There is a saying that is something like "If you owe $3000, that's your problem, if you owe $300,000, that's the banks problem." he should just bail.

If his wife leaves instead of being loyal and standing by him while he does what he must, should just quit his job and take a much lower paying one temporarily, then BK everything in about 6 months.
post 1675935703 01-27-2023, 08:09 AM
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Originally Posted By RICHSTRONG⏩
Rents due soon bud
This lol^^^


I bought a crib in 21 and I’m up 80k. Zillow usually fluffs a bit but if I did an appraisal I’d come in around 65-70k on top.
I loe e.
post 1675936463 01-27-2023, 08:23 AM
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He paid 1.4 million for a 1500 sq ft house. Who could possibly have seen that coming lol
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post 1675936563 01-27-2023, 08:24 AM
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redditors own houses?

lol, imagine overpaying for a crusty shack in liberal Seattle bc "muh own home". Classic example of just because you have the money, doesn't mean you should. And having more money doesn't = being smart. Also a classic example of paying more than you can afford. Would rather be a rentcel then be trapped in a stupid home ownership decision dedsrs

to pour salt on the wound, the guy works in tech, LOL! This is definitely ropeworthy material. revenge of the rentcels. rentcels rejoice!
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post 1675936623 01-27-2023, 08:25 AM
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I bought nearly 200 acres of bush lot with 1900 feet of waterfront for around 90k in 2020

I couldn't imagine pissing away a million dollars on a 1500 sq foot shack in Seattle
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post 1675936723 01-27-2023, 08:27 AM
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Originally Posted By Smithers115⏩
I bought nearly 200 acres of bush lot with 1900 feet of waterfront for around 90k in 2020

I couldn't imagine pissing away a million dollars on a 1500 sq foot shack in Seattle
Lmao this.

I'm spending half that and am going to end up with a massive custom home on a 6acre tree wrapped lot. #midwest things
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post 1675936773 01-27-2023, 08:27 AM
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The crash is not happening. There was a modest 4% price decline over the last 2 months but when properties averaged 40% increases over the last 1.5 years, that's hardly a crash. Of course certain markets fluctuate more than others, but as a whole the nation's home prices are stagnant.
post 1675936873 01-27-2023, 08:28 AM
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Originally Posted By kengriffeyjr24⏩
the crash is happening boyos. you told me I was delusional but its happennig faster than I even predicted.

I said there would be layoffs, and with layoffs, people would be forced to sell their homes (doesnt matter what rate they locked themselves into).

as layoffs mount, fear hits the market and people are less likely to make big purchases and will be inclined to hunker down with their savings being prudent.
Bought a 2400 sf house in West Palm for $400k in 2021. It is now worth $600k. Am I missing something?
post 1675937003 01-27-2023, 08:29 AM
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  1. kengriffeyjr24
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Originally Posted By sr7914⏩
Bought a 2400 sf house in West Palm for $400k. It is now worth $600k. Am I missing something?
anyone claiming your house is up in value......go ahead and list.....tons of properties taking forever to sell.

its only worth that much if someone gives you an offer
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