Crime F*** THE HOUSING MARKET

[Satsui Ryu]

In CA nobody even bothers with the usual formalities. Demand is so high that anything that may prevent the sell disqualifies you as a buyer. Hell some people won't sell to you if you have your own place to sell.

 

[fedoriswar37]

Fuck canadas brutal. I've lost out on houses over 2000$ . They'll hold offers until say 6pm and then come back to the best few saying were all close what do you wanna renegotiate.

 

[Deleted member 592570]

I want to be optimistic as others but I can't be with this housing market. I live in the south and I remember when the south was actually affordable and you didn't have to try to find a house in the backwoods. I got a house in 2016 and it cost us $150k. The neighbor literally across from me sold his house last year for around $415k. The house are not big either. Just a simple ranch style home under 1,500 sq ft. and not a ton of additional land.

Yeah tripling your investment in 10 years sure does suck. Poor you.

 

[Hellowhosthat]

Yeah tripling your investment in 10 years sure does suck. Poor you.

Eh, housing is relative. My house is worth twice as much as when I bought it but if I sell it all the other houses are also more expensive and I need somewhere to live. Only really benefits multi home owners and people retiring and makes it difficult for young people to get on the housing ladder.

 

[Hellowhosthat]

you gotta trust your gut in these scenarios, dude that said fuck inspections, might have already inspected/the home new/didnt need and knew that was his trump card. In california, my first was overbid by 50K........ I only won the bid by 3K, and this was back in 2011-12 cant recall the exact year.

the guy that won had better instincts

housing market is ridiculous, my BIL makes 55-60K and just bought a 900K home...... he's gonna be underwater in no time.

15x annual salary sounds insanity. Please tell me his wife makes a decent salary. I don't see any way that's sustainable otherwise, the mortgage payments would take up most of his income.

 

[Mr Holmes]

Interesting. The market was nuts when I bought in 2021. But I heard sellers were having a hard time now that rates went up.

 

[chardog]

15x annual salary sounds insanity. Please tell me his wife makes a decent salary. I don't see any way that's sustainable otherwise, the mortgage payments would take up most of his income.

his wife makes similar, he's older, he saved a lot for a 30% down payment..... still WAY above his paygrade.

his previous rent cost less than what he'll be paying for his property taxes, his math aint mathing, he's going to have to rent out some rooms and I suspect that by September, that will already happen.

they've been lusting for a home for as long as I've known and have been actively looking for years now, it was inevitable.

 

[Darkavius]

Yeah tripling your investment in 10 years sure does suck. Poor you.

You are silly, Coleman. I get more money from real estate going up but property taxes go up and in many cases insurance premiums may go up as well. So if I want to move but stay in the general area the price has gone up. Plus, it's only common sense that the higher the property values the less prospective buyers I could have in the future, because it's not like income is keeping up with costs.

 

[D3thr0n3d K1ng]

You are supposed to bring an inspector on the tour to let you know if they see any problems then if there aren't you decline inspections later when you try to buy.

 

[Hellowhosthat]

his wife makes similar, he's older, he saved a lot for a 30% down payment..... still WAY above his paygrade.

his previous rent cost less than what he'll be paying for his property taxes, his math aint mathing, he's going to have to rent out some rooms and I suspect that by September, that will already happen.

they've been lusting for a home for as long as I've known and have been actively looking for years now, it was inevitable.

I mean there's nothing wrong with lusting after a home but maybe get something cheaper lol. Hell surely with a 300k down payment he could have got something reasonable without too much of a mortgage at all.

 

[Deleted member 592570]

Plus, it's only common sense that the higher the property values the less prospective buyers I could have in the future, because it's not like income is keeping up with costs.

That's not common sense at all. List your house. I bet you get an offer in the first couple of days.

Source: I bought a sold a condo in 13 months for a 30% profit

 

[chardog]

I mean there's nothing wrong with lusting after a home but maybe get something cheaper lol. Hell surely with a 300k down payment he could have got something reasonable without too much of a mortgage at all.

"keeping up with the jones" is a hell of a drug

I'm way younger, live in a bigger home with a bigger lot, SIL's hate each other (envy/jealousy), and they did settle for "cheap" in southern california. The alternative was to rent permanently, which is not a bad option considering they were paying less than the cost of property taxes......... as soon as they left, their previous place got occupied for 50% more.

 

[Hellowhosthat]

"keeping up with the jones" is a hell of a drug

I'm way younger, live in a bigger home with a bigger lot, SIL's hate each other (envy/jealousy), and they did settle for "cheap" in southern california. The alternative was to rent permanently, which is not a bad option considering they were paying less than the cost of property taxes......... as soon as they left, their previous place got occupied for 50% more.

I'm probably just not comprehending how much a property costs over there. For what they're paying you can get something like this round my way.

https://www.zoopla.co.uk/for-sale/details/70009652/?search_identifier=174391c86fd220565358805b6756304fd3343554c7335ce0def1bb6bc9fe06cd

 

[Mr Holmes]

You are supposed to bring an inspector on the tour to let you know if they see any problems then if there aren't you decline inspections later when you try to buy.

Uh... Are you sure about that?

 

[chardog]

I'm probably just not comprehending how much a property costs over there. For what they're paying you can get something like this round my way.

https://www.zoopla.co.uk/for-sale/details/70009652/?search_identifier=174391c86fd220565358805b6756304fd3343554c7335ce0def1bb6bc9fe06cd

in the US we have RECURRING property taxes, in california it's a lower rate, but due to inflated home costs, it ends up being as much as other states. 1.5% of the homes assessed value, so $13.5K annually for a property that's 900K, this typically gets added to the mortgage so you might not "see" the bill, but it's there.

a few years back, they asked me to cosign, and it was a no, I thought at the time that they werent close to being able to afford, I still think that. In my mind, they probably pay $5K a month on the mortgage.... in my mind..... they can probably only afford $3K and that's stretching it thin, anything north that amount smells like trouble.

 

[Natural Order]

We just sold our house that we bought for $225k in 2014, for $525k. All ive done is full bathroom reno and new shingles really.

1800 sq ft split entry bungalow. Its a sellers market here in Nova Scotia and it’s wild if you can take advantage of it.

There is no economy here that supports prices this high, have no idea how people are making it really.

 

[Oblivian]

You are supposed to bring an inspector on the tour to let you know if they see any problems then if there aren't you decline inspections later when you try to buy.

In what market does this fly? The seller has to agree to a home inspection. A good inspection is going to take hours as well.

 

[MT7]

Sorry sherbros. Had a few tonight.

Just lost a bid on a 300k mcmansion in Kentucky because the other bidder was willing to forgo all inspections lmao.

What a time to be alive.

Yes this is listed under crime.

Hey, at least you don't live in the Silicon Valley. 2 million minimum for a house.

 

[LostMyBlackBelt]

Sorry sherbros. Had a few tonight.

Just lost a bid on a 300k mcmansion in Kentucky because the other bidder was willing to forgo all inspections lmao.

What a time to be alive.

Yes this is listed under crime.

LOL at a MCMansion being 300k, maybe a McTrailer home

 

[SurferH2O]

I would be weary if inspections were waived. So it's an "AS IS" property now? What seller would think that's a good idea unless they are desperate or have something major to hide?

I'm sorry to hear you lost the home, but hopefully a better option comes up soon.

I've been looking at picking up a second home in either outside Nashville, near the Priest Lake... or in Hot Springs, AR off that nice lake system. The prices seem to be coming down and with the prices in my area still going up (Orange County, CA) ... I'm thinking a move may eventually be in order.