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Forum » Zillow is fuarking HILARIOUS right now....
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Thread: Zillow is fuarking HILARIOUS right now....

post 1684505943 06-12-2023, 07:38 PM
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Originally Posted By BigDeeps01⏩
You’ll want to be making at least $120-$150k to not feel house poor
That doesn't seem right. I thought the number was closer to $300k to comfortably afford a home over a million.
post 1684505963 06-12-2023, 07:38 PM
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Originally Posted By coast2coastam⏩
Most people don't do that. When things go up, especially dramatically like during covid, people think it's the new normal and things will only go up forever. When they go down dramatically, the opposite happens, people think the party's over and they dump.

Same thing happened during covid itself, I was arguing with people on here to not take the shots and wait it out, and a ton of people here were insisting they had to for work or travel and that the shots were the new normal. Look at where we are now with that.
Why would people just dump though? They’ll only do that if they absolutely have to move (Lost job and can’t afford mortgage, health emergency etc) and that’s a small % of sellers
post 1684506083 06-12-2023, 07:39 PM
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Originally Posted By coast2coastam⏩
Most people don't do that. When things go up, especially dramatically like during covid, people think it's the new normal and things will only go up forever. When they go down dramatically, the opposite happens, people think the party's over and they dump.

Same thing happened during covid itself, I was arguing with people on here to not take the shots and wait it out, and a ton of people here were insisting they had to for work or travel and that the shots were the new normal. Look at where we are now with that.
People said that once rates increased, the housing market would immediately crash. You remember that bullsh*t?


I honestly don't think housing market ever drops. Too many people in too good of a spot with paid off houses/insanely low interest rates. Why am I gonna have urgency to sell my 2% interest rate house and move to 8% unless I'm getting top dollar?
post 1684506103 06-12-2023, 07:39 PM
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Originally Posted By BigDeeps01⏩
Can you think of a time in history where either the stock market or the housing market crashed and stayed low? Or did they always bounce back?
Oh, of course the markets always bounce back. But buying in the bubble isn't a good plan because most people finance their house. People that buy when the market is overvalued are going to be in negative equity until the bubble starts to inflate again. In many cases it could take years to get into positive equity. And with the current inflation and risk of recession, that's not a situation anyone wants to be in. Buying a house in this market is retarded.

Like I said, the housing market doesn't really matter to people who own their homes outright. I can sell now and buy now, or I can sell when the market tanks and buy then. It won't make that much difference either way. It's all a shell game.
post 1684506143 06-12-2023, 07:40 PM
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Originally Posted By BigDeeps01⏩
Prices get a lot more tame outside of Phoenix and Scottsdale lol
Yeah but I'd rope if I lived in Chandler/Surprise/etc.... absolutely zero appeal for these cookie cutter suburbs.... Just my opinion.

The price difference between a horrendous cookie cutter house with zero personality, and a unique GOAT mansion seems small.
post 1684506203 06-12-2023, 07:41 PM
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Originally Posted By Crazy_Desi⏩
That doesn't seem right. I thought the number was closer to $300k to comfortably afford a home over a million.
closer to $300k is correct.
post 1684506303 06-12-2023, 07:41 PM
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Originally Posted By Crazy_Desi⏩
That doesn't seem right. I thought the number was closer to $300k to comfortably afford a home over a million.
If you’re buying a house for $1M and putting 10% down you’ll be probably $6k to $7k a month right now for the mortgage

So yeah you’re right I undershot it a bit probably closer to $200k range

I make well above that and I’m not in a million dollar house. I don’t think I’ll buy something that expensive until I’m bringing in 1M+ a year
post 1684506343 06-12-2023, 07:42 PM
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Originally Posted By DDCT1135⏩
House listings are way way down from the past. You're smoking crack. Do your research


Also you have very stubborn buyers who have paid off houses/very cheap mortgages with a 2% interest rate. There's no motivation to move off the price. Why would that change? If you own 200K on a 600K house with a 1500 payment, why would you move unless you're getting top dollar? If people don't want to offer you top dollar, you just keep the house


2017-2020 put people in a great position with very cheap interest rates. Nobody feels any urgency to sell
Dude, like I said, I addressed that in the post you originally quoted. That's what's even keeping this circus going, but people can't afford what the market's at long term, it's completely disconnected from reality. The number of homes isn't shrinking, it's growing, but listings have shrunk dramatically because of the fukery with rates. Will this hold prices in bumfuk Georgia at 3x what they were in 2019? I guess we'll see.
post 1684506363 06-12-2023, 07:42 PM
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Originally Posted By Crazy_Desi⏩
That doesn't seem right. I thought the number was closer to $300k to comfortably afford a home over a million.
That guy is smoking crack. You need easily 300K to afford 1M+ house


The mortgage payment on a million dollar house where I live in Illinois now with 20-30% down is like 7-9K a month. 300k is 17k a month after taxes. That's about what you need to afford that house and still save 20k a year
post 1684506433 06-12-2023, 07:43 PM
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Bought my home for 220, selling it now looking for 440


Then buying a house for 175 n putting 35k into it and living minimal n stacking $$. Property goes up cool, if not, not that much loss as if I stayed in my current home

Mortgage will be like 1200 even with hi interest rate


My current mortgage went from 1400 to 2100…
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post 1684506573 06-12-2023, 07:45 PM
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Originally Posted By badger6⏩
Oh, of course the markets always bounce back. But buying in the bubble isn't a good plan because most people finance their house. People that buy when the market is overvalued are going to be in negative equity until the bubble starts to inflate again. In many cases it could take years to get into positive equity. And with the current inflation and risk of recession, that's not a situation anyone wants to be in. Buying a house in this market is retarded.

Like I said, the housing market doesn't really matter to people who own their homes outright. I can sell now and buy now, or I can sell when the market tanks and buy then. It won't make that much difference either way. It's all a shell game.
Correct but I disagree that just because people bought at the wrong time that they’ll just start dumping their houses and taking a loss like you mentioned earlier

Stressful for sure but most people will just wait it out
post 1684506583 06-12-2023, 07:45 PM
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Originally Posted By BigDeeps01⏩
Why would people just dump though? They’ll only do that if they absolutely have to move (Lost job and can’t afford mortgage, health emergency etc) and that’s a small % of sellers
People or firms that bought homes as an investment can dump and cash out, especially if they paid significantly less than what they could get now. People who bought and overpaid by 2x or 3x what their house was pre-2019 may walk away, especially those people who buy now at both historically high prices and relatively high rates.

I think the misc has a strong bias in favor of this whole thing never ending because many of you bought pre-covid and refinanced during this whole thing. The misc of 10 years ago would be losing its mind as everyone would be around the age people buy their first cheap house, which is impossible now.
post 1684506593 06-12-2023, 07:45 PM
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Originally Posted By coast2coastam⏩
Dude, like I said, I addressed that in the post you originally quoted. That's what's even keeping this circus going, but people can't afford what the market's at long term, it's completely disconnected from reality. The number of homes isn't shrinking, it's growing, but listings have shrunk dramatically because of the fukery with rates. Will this hold prices in bumfuk Georgia at 3x what they were in 2019? I guess we'll see.
You're not understanding the point. The majority/many of the houses being bought right now is not some investor, it's young people buying their first home. They're buying a house because they need a house. It's not some special investment. They don't care what the market is like



My point is you're going to continue to have first time house buyers keeping demand high and supply/listings will continue to stay very low because nobody wants to move from their 2% mortgage to 8% mortgage unless they're getting top dollar for it
post 1684506733 06-12-2023, 07:47 PM
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Originally Posted By DDCT1135⏩
That guy is smoking crack. You need easily 300K to afford 1M+ house


The mortgage payment on a million dollar house where I live in Illinois now with 20-30% down is like 7-9K a month. 300k is 17k a month after taxes. That's about what you need to afford that house and still save 20k a year
I fixed my math but it’s not $300k. It also depends on property taxes. A $900k mortgage in Phoenix is closer to $6k/month right now because we have very low property taxes

So you could make $200k and still qualify

Is it the best decision? No I don’t think so. But people do it
post 1684506763 06-12-2023, 07:47 PM
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Originally Posted By coast2coastam⏩
People or firms that bought homes as an investment can dump and cash out, especially if they paid significantly less than what they could get now. People who bought and overpaid by 2x or 3x what their house was pre-2019 may walk away, especially those people who buy now at both historically high prices and relatively high rates.
Nobody is gonna be under any real urgency to sell. Worst case scenario, you can always rent it out


This rentcel pipe dream has been around forever. I've been reading this garbage forever. It's never gonna come to reality
post 1684506803 06-12-2023, 07:48 PM
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Originally Posted By coast2coastam⏩
People or firms that bought homes as an investment can dump and cash out, especially if they paid significantly less than what they could get now. People who bought and overpaid by 2x or 3x what their house was pre-2019 may walk away, especially those people who buy now at both historically high prices and relatively high rates.

I think the misc has a strong bias in favor of this whole thing never ending because many of you bought pre-covid and refinanced during this whole thing. The misc of 10 years ago would be losing its mind as everyone would be around the age people buy their first cheap house, which is impossible now.
This is not how it works at all lol
post 1684506953 06-12-2023, 07:50 PM
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Originally Posted By DDCT1135⏩
You're not understanding the point. The majority/many of the houses being bought right now is not some investor, it's young people buying their first home. They're buying a house because they need a house. It's not some special investment. They don't care what the market is like



My point is you're going to continue to have first time house buyers keeping demand high and supply/listings will continue to stay very low because nobody wants to move from their 2% mortgage to 8% mortgage unless they're getting top dollar for it
Why would young people, or anyone for that matter, keep a loan for let's say $500k, on a house that was $150k a couple of years ago, even if it corrects to $250k, conservatively? What if we're even more conservative and it goes to $350k, like a 2021 price? Why would they stay for 30 years with that? Because eventually they'll maybe go back to $500k? They're now also paying a 7% interest loan on that $500k.

But hey, anything is possible.
post 1684507043 06-12-2023, 07:52 PM
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2 weeks ago my neighbor sold his home for $200K more than he paid for it

Misc said it was going to crash by 6 months ago



Idk who to beleaf anymore
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post 1684507053 06-12-2023, 07:52 PM
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Originally Posted By DDCT1135⏩
Nobody is gonna be under any real urgency to sell. Worst case scenario, you can always rent it out


This rentcel pipe dream has been around forever. I've been reading this garbage forever. It's never gonna come to reality
I really don't understand this 180 shift in thinking everyone has since this whole thing kicked off during covid. People weren't willing to pay sub-200k prices for years, things change overnight, and everyone's on board as this being the new normal forever.
post 1684507083 06-12-2023, 07:53 PM
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Originally Posted By blissful88⏩
2 weeks ago my neighbor sold his home for $200K more than he paid for it

Misc said it was going to crash by 6 months ago



Idk who to beleaf anymore
lmao.
post 1684507133 06-12-2023, 07:54 PM
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Originally Posted By coast2coastam⏩
Why would young people, or anyone for that matter, keep a loan for let's say $500k, on a house that was $150k a couple of years ago, even if it corrects to $250k, conservatively? What if we're even more conservative and it goes to $350k, like a 2021 price? Why would they stay for 30 years with that? Because eventually they'll maybe go back to $500k? They're now also pay a 7% interest loan on that $500k.

But hey, anything is possible.
Prices will absolutely not go down that far lmao

Most markets are already starting to recover

https://www.redfin.com/city/14240/AZ...housing-market

Phoenix was one of the worst hit markets and it’s bouncing back

And that’s without the interest rate drops that’ll be coming by next year
post 1684507213 06-12-2023, 07:55 PM
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Originally Posted By BigDeeps01⏩
This is not how it works at all lol
That's literally what happened in 2008. I know people who stopped paying their mortgages because suddenly their house was worth half of what their loan was for.

It's a different scenario now, but prices are once again disconnected from reality. But I guess we'll see over the next few years.
post 1684507253 06-12-2023, 07:55 PM
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Originally Posted By DDCT1135⏩
That guy is smoking crack. You need easily 300K to afford 1M+ house


The mortgage payment on a million dollar house where I live in Illinois now with 20-30% down is like 7-9K a month. 300k is 17k a month after taxes. That's about what you need to afford that house and still save 20k a year
Just looking at an online calculator the mortgage on a 1 million dollar home with 20% down @ 6.5% interest is about $5k/month. With 2% property tax that takes it to $6666/month and with utilities let's say $7k/month. So yea you're right. That's nuts.

With a 2% interest rate that $5k/month drops to $3k/month..

Seems like the best way to go about it now is to just put as much cash down as possible, but then you risk losing it if the market crashes. Terrible situation..
post 1684507313 06-12-2023, 07:57 PM
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Originally Posted By coast2coastam⏩
Why would young people, or anyone for that matter, keep a loan for let's say $500k, on a house that was $150k a couple of years ago, even if it corrects to $250k, conservatively? What if we're even more conservative and it goes to $350k, like a 2021 price? Why would they stay for 30 years with that? Because eventually they'll maybe go back to $500k? They're now also paying a 7% interest loan on that $500k.

But hey, anything is possible.
You're not understanding the point. Majority of people don't care what the value of the house is. They just want a place to live. If the rates go down, they refinance it. They don't look at housing as an investment


Why did the housing market crash in 2007? You had lots of people buying houses they simply can't afford. The percent of people in that group are way smaller than ever with how strict home buying rules are now. Also the percent of people with super low rates/massive equity is huge.


How are you going to have a massive sell off in a market where Majority of people have a 2% interest rate for 30 years and 300k equity? This is the only way for prices to drop - you need a huge sell off. Why would people volunteer to sell their house that they own dirt cheap with near 0% interest? To buy something at 7%???


The listing of houses is going to continue to be very low. The percent of people under real pressure/urgency to sell will continue to be very low

The idea of a real estate crash is rentcell pipe dream...
post 1684507323 06-12-2023, 07:57 PM
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Originally Posted By BigDeeps01⏩
Prices will absolutely not go down that far lmao

Most markets are already starting to recover

https://www.redfin.com/city/14240/AZ...housing-market

Phoenix was one of the worst hit markets and it’s bouncing back

And that’s without the interest rate drops that’ll be coming by next year
Yeah people are listing homes for sometimes hundreds of thousands over what they were last year. I think the people who buy will be underwater over the long term. Maybe not though, I guess we'll see.
post 1684507353 06-12-2023, 07:57 PM
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Originally Posted By coast2coastam⏩
That's literally what happened in 2008. I know people who stopped paying their mortgages because suddenly their house was worth half of what their loan was for.

It's a different scenario now, but prices are once again disconnected from reality. But I guess we'll see over the next few years.
It is a different scenario now and that matters

We don’t have an oversupply if houses

It’s very difficult for the average Joe to get a conforming loan compared to the chaos back then

The two scenarios simply aren’t comparable

Why would prices be starting to creep up again after the correction? Even though interest rates are still high?

Supply and demand. Rent is still insane high
post 1684507483 06-12-2023, 07:59 PM
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Originally Posted By Crazy_Desi⏩
Just looking at an online calculator the mortgage on a 1 million dollar home with 20% down @ 6.5% interest is about $5k/month. With 2% property tax that takes it to $6666/month and with utilities let's say $7k/month. So yea you're right. That's nuts.

With a 2% interest rate that $5k/month drops to $3k/month..

Seems like the best way to go about it now is to just put as much cash down as possible, but then you risk losing it if the market crashes. Terrible situation..
Where the fukk do you live where property taxes and utilities add another $2k/month lol
post 1684507593 06-12-2023, 08:01 PM
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Originally Posted By BigDeeps01⏩
Where the fukk do you live where property taxes and utilities add another $2k/month lol
I live in Illinois


1 mil house here is easily 20K property taxes. Utilities is another 1000 a month so you're talking what 2800 a month?
post 1684507763 06-12-2023, 08:03 PM
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Originally Posted By BigDeeps01⏩
It is a different scenario now and that matters

We don’t have an oversupply if houses

It’s very difficult for the average Joe to get a conforming loan compared to the chaos back then

The two scenarios simply aren’t comparable

Why would prices be starting to creep up again after the correction? Even though interest rates are still high?

Supply and demand. Rent is still insane high
Because the interest rate helped lower demand but it helped massively lower supply also. You raise rates after massively lowering them for 6 years when everyone had a 2% mortgage and nobody wants to move
post 1684507783 06-12-2023, 08:03 PM
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Man, some of you are delusional. Anyone smart enough to be a homeowner got it refinanced at 2-3% interest. You'd have to really be desperate to sell to move into another house to pay double the interest.
Sure you can LMAO at the prices all day but your landlord is lmao'ing at you harder. Prices are only going to go up, may as well buy now and hope you may be able to re-finance in the future at a lower rate.
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