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Thread: It's astonishing how awful real estate market is now for young people

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08-13-2024, 07:17 AM
#91
Originally Posted By MikeLowrrrey⏩
'material wealth'.


See post #88
I listed the very essentials for being comfortable. The only wealth I had was internet.
$150 for internet?
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08-13-2024, 07:18 AM
#92
Originally Posted By Cleveland33⏩
$150 for internet?
probably starlink
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08-13-2024, 07:21 AM
#93
Originally Posted By Cleveland33⏩
$150 for internet?
Decent internet is more than $150? DAHMN.
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08-13-2024, 07:22 AM
#94
$100k is the new $60k peeps.


If you ain't striving for $100k you ain't making it.
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08-13-2024, 07:26 AM
#95
Originally Posted By flat6pilot⏩
I've been shopping seriously with an agent for about a month and starting casually looking back in the Spring. Prices are going up in front of my eyes. There were a decent amount of turn key move-in ready homes for $350k early summer. Now the same caliber homes seem to be around $380-400k. Anything decent that comes up for $350k now is gone overnight. We schedule showings and there are other people pouring in left and right. There's hardly even "open houses" anymore because it's all sold within a few days. I'm not in a hurry because I don't need to be, but I'm starting to panic a little bit, because at this rate I could soon be priced out for what I want in the 350-400 range.

There's high demand and low inventory so don't count on the housing market cooling anytime soon either.
What state or city?

Edit: I think $350-400k is a very attractive price point for a lot of people which is why the prices are going up. If you look in the $600k+ price range that's generally unaffordable to most of the population so you'd probably see less competition there.
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08-13-2024, 07:29 AM
#96
Originally Posted By xTEXASPRIDEx⏩
100%

but what happens when property taxes, insurance and the HOA go up?
That's not gonna take you from a 3% rate/1000 payment to current 3500 mortgage payments

Also, depending on which form of bankruptcy you file, they can still come after your home to pay off debts.

There's no bankruptcy that won't allow you to keep your house as long as you keep paying it
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08-13-2024, 07:42 AM
#97
Originally Posted By flat6pilot⏩
I've been shopping seriously with an agent for about a month and starting casually looking back in the Spring. Prices are going up in front of my eyes. There were a decent amount of turn key move-in ready homes for $350k early summer. Now the same caliber homes seem to be around $380-400k. Anything decent that comes up for $350k now is gone overnight. We schedule showings and there are other people pouring in left and right. There's hardly even "open houses" anymore because it's all sold within a few days. I'm not in a hurry because I don't need to be, but I'm starting to panic a little bit, because at this rate I could soon be priced out for what I want in the 350-400 range.

There's high demand and low inventory so don't count on the housing market cooling anytime soon either.
Desperate times call for desperate measures. A lot of us are just gonna have to move to a lesser desireable city or an up and coming city.

Is Detroit THAT bad to pass on listings??

https://www.zillow.com/homedetails/1...88233134_zpid/
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08-13-2024, 07:44 AM
#98
I remember there was a time in Detroit not too long ago where you could buy houses for 5k. Like an entire length of a street for about 25k, even though they were all crack houses or complete teardowns. You have to think even if you just bought and held on, you would have quintupled your money by now.
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08-13-2024, 07:48 AM
#99
Originally Posted By Godfrd824⏩
I don't like coming here and seeing people complain about being poor. Why not do something about it instead of complaining?
This is a terrible perspective

The point is that the goalposts have moved so far for the average person. Not everybody can be a top 1% earner. That’s not how economies work.
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08-13-2024, 07:51 AM
#100
Feel sorry for poorcels
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08-13-2024, 08:07 AM
#101
Originally Posted By coast2coastam⏩
$350k for this sad little thing:

https://www.zillow.com/homedetails/7...94138112_zpid/

Damn why is that so high LMAO. Fuk are you paying for??
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08-13-2024, 08:41 AM
#102
Originally Posted By Godfrd824⏩
Yes. Just about anywhere that's not the center of a metropolitan area or an enclave for the elite.

All you have to do is, be a veteran to get a loan with no down payment.

Settle for what you can afford not what you want.

Work your ass off in overtime while going to school full time in order to better your situation.

That's how I did it. What I didn't do was complain or cry about my situation.

90 minutes outside of DC.

https://www.zillow.com/homedetails/2...12224330_zpid/

I've had a 2.5 hour commute each way before.
What bank would you use to approve you for a loan that would be about 80% of your pretax income? I’m curious how exactly you’d afford that on $12/hour
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08-13-2024, 08:55 AM
#103
Originally Posted By MikeLowrrrey⏩
$100k is the new $60k peeps.


If you ain't striving for $100k you ain't making it.
And you don't even make 100k…sad.
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08-13-2024, 09:26 AM
#104
Interest rates won't stay that high forever. However I do believe property values will eventually continue to rise. IE its not going to get 'that' much easier to buy a house.

Originally Posted By xTEXASPRIDEx⏩
100%

but what happens when property taxes, insurance and the HOA go up?

Also, depending on which form of bankruptcy you file, they can still come after your home to pay off debts.
Property taxes, insurance and HOA aren't expensive everywhere.


I know a lot of people talk about people losing their job and defaulting on their mortgage. But I've never actually met someone that's happened to. I'm 37. 99% of my peers/family members own a home. I've never heard of anyone losing a house to the bank IRL. I'm sure it happens in some places. But its not as common as people think.
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08-13-2024, 09:32 AM
#105
Originally Posted By guest89⏩
Interest rates won't stay that high forever. However I do believe property values will eventually continue to rise. IE its not going to get 'that' much easier to buy a house.


Property taxes, insurance and HOA aren't expensive everywhere.


I know a lot of people talk about people losing their job and defaulting on their mortgage. But I've never actually met someone that's happened to. I'm 37. 99% of my peers/family members own a home. I've never heard of anyone losing a house to the bank IRL. I'm sure it happens in some places. But its not as common as people think.
I used to think rate cuts would mean higher housing prices, but lately I've been hearing that rate cuts are indicative of a worsening economy. I don't think rate cuts are bullish for housing anymore. It will allow some people to move around and get into the market, but it won't drive up prices.
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08-13-2024, 09:57 AM
#106
Originally Posted By TugOfPeace⏩
I used to think rate cuts would mean higher housing prices, but lately I've been hearing that rate cuts are indicative of a worsening economy. I don't think rate cuts are bullish for housing anymore. It will allow some people to move around and get into the market, but it won't drive up prices.

house prices will go up because there's still a shortage. People don't want to sell their 1000 mortgage with 3% rates


this idea of economy collapsing and people defaulting on their house is insanity. People will go into bankruptcy and allow their cars to be repossessed before they default on their 3% interest and 1000 payment. They know the other side of that market if they move is fcking atrocious
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08-13-2024, 09:59 AM
#107
Originally Posted By Orion1818⏩
house prices will go up because there's still a shortage. People don't want to sell their 1000 mortgage with 3% rates


this idea of economy collapsing and people defaulting on their house is insanity. People will go into bankruptcy and allow their cars to be repossessed before they default on their 3% interest and 1000 payment. They know the other side of that market if they move is fcking atrocious
shoulda got in when the getting was good
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08-13-2024, 09:59 AM
#108
People are still under the delusion that interest rates are high. Interest rates never should have dipped below about 4%, and should remain at least there between about 5-8% forever. The free money they were giving away is what caused all the problems. If you want a stable economy, at least.
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08-13-2024, 10:03 AM
#109
Originally Posted By WoofieNugget⏩
People are still under the delusion that interest rates are high. Interest rates never should have dipped below about 4%, and should remain at least there between about 5-8% forever. The free money they were giving away is what caused all the problems. If you want a stable economy, at least.

interest rates are normal compared to historical records, prices are absolutely outrageous


Prices were relatively high in 2020 but rates were fantastic so the market was decent now you have mediocre rates with utterly insane prices. The median house is like 7x the median income. It's never been that bad
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08-13-2024, 10:04 AM
#110
Originally Posted By Cleveland33⏩
shoulda got in when the getting was good

I have a 3000 square foot house worth 600k that I paid 380 for but I'm not blind to the struggles of other people
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08-13-2024, 10:05 AM
#111
Originally Posted By Orion1818⏩
I have a 3000 square foot house worth 600k that I paid 380 for but I'm not blind to the struggles of other people
brootal
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08-13-2024, 10:06 AM
#112
Originally Posted By Orion1818⏩
The median house in america is 400-450K. At a 7-8% rate, that's about a 3000-4000 payment. This is a median house, not some mansion. Where I live, there are dumpy places that are very old for 350K. You're talking about a 1500 square foot place that's almost 3k a month


the median income in america is 70-80k a year. For people under 40, it's more like 60-70k. That's about 4k a month income post taxes



Literally the median house in america is about the same cost as the median income for young people. How the hell is this sustainable?
Average house price in England is £300k/$385k with the average size being 800 square feet and the average salary 35k.

You guys still have it good.
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08-13-2024, 10:07 AM
#113
lol @ rentcels
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08-13-2024, 10:10 AM
#114
Didn’t read thread, but how many posts until miscers blamed the juice?
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08-13-2024, 10:21 AM
#115
Originally Posted By Vhagar⏩
What bank would you use to approve you for a loan that would be about 80% of your pretax income? I’m curious how exactly you’d afford that on $12/hour
Midwest Loan Services, baby.

With differentials my pay was more like $13.50/h, and I worked a shyt load of overtime.

Funnily enough, my broker just emailed me stating that I'm set for full VA financing for another house I want to buy. All I had to do was pull a new COE. The house is beat, but in a great location, I can probably flip it in a year for $250k ROI.
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08-13-2024, 03:34 PM
#116
Originally Posted By MikeLowrrrey⏩
$100k is the new $60k peeps.


If you ain't striving for $100k you ain't making it.
Sad but true.

If I made what I make now 15 even 10 years ago, I’d be VERY comfortable
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08-13-2024, 03:41 PM
#117
I barely notice mortgage. Food cost for my family is biggest expense by far. Bought the house before prices went way up and have low interest rate and low taxes. Looks like I'm never moving. Good luck zoomer brahs.




Originally Posted By MikeLowrrrey⏩
$100k is the new $60k peeps.


If you ain't striving for $100k you ain't making it.
More like 200k
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08-13-2024, 04:43 PM
#118
Originally Posted By MikeLowrrrey⏩
Damn why is that so high LMAO. Fuk are you paying for??
An older more worn down and used up house. Tons of housing markets look like this right now.
Originally Posted By Orion1818⏩
I keep arguing with people on this and they don't want to listen. House prices will never go down. If there's a repression or recession, people will default on everything and keep mortgages. 40% of people out there have a 3% interest rate and 1000-2000 payment. They know if they default on their house, they will have to rent or buy something else and pay 3-4000 a month. People will save their mortgage before anything else
Housing prices are so inflated that they could fall 50% and most people still wouldn't be underwater. They went sky high in 2021 almost overnight because rates were dropped to nothing and people could afford the monthly payments because of that. Now prices are high and rates are at more normal levels, but no one can afford anything as a result. If inventory returns to normal, what's going to keep these prices so elevated?
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08-13-2024, 04:45 PM
#119
Originally Posted By Godfrd824⏩
Midwest Loan Services, baby.

With differentials my pay was more like $13.50/h, and I worked a shyt load of overtime.

Funnily enough, my broker just emailed me stating that I'm set for full VA financing for another house I want to buy. All I had to do was pull a new COE. The house is beat, but in a great location, I can probably flip it in a year for $250k ROI.
No I meant today. For 40 hours of work per week. Which bank would you use to get that mortgage approved
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08-13-2024, 04:52 PM
#120
Originally Posted By Vhagar⏩
This is a terrible perspective

The point is that the goalposts have moved so far for the average person. Not everybody can be a top 1% earner. That’s not how economies work.
Yes but over time economic growth SHOULD see growth in productivity which is translated into growth in real incomes

Now ofc in the short run that has not occurred but today’s welfare recipients have a higher quality of life and life expectancy than a monarch from pre-industrial revolution
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