Quote:Supply is tight, prices are soaring and mortgage rates are rising. That shouldn’t exactly add up to a happy housing market, and yet, it does. Consumer confidence in housing jumped to its highest level on record in April, according to a monthly sentiment index from Fannie Mae.

Of the index’s six components, only the share of those who think it’s a good time to buy fell. No surprise there, given the high competition in most of the nation’s neighborhoods. The share of those who think it’s a good time to sell and those who think prices will continue to rise jumped the most. In addition, more consumers think their incomes will rise over the next year, and fewer think they will lose their jobs.

Consumer attitudes remain resilient going into the spring/summer home buying season,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “However, the upward trend in the good-time-to-sell share seen since last spring has done little to release more for-sale inventory. The tightest supply in decades, combined with rising mortgage rates from historically low levels, will likely remain a hurdle for mobility and a persistent headwind for home sales.”

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This is not good. It will crush the youth that do not make as much as their parents did. I would worry about the state of healthcare in the coming 10 years... ...the kids won't pay enough in taxes to keep this thing afloat.

(05-07-2018 08:33 PM)oliveandblue Wrote:  This is not good. It will crush the youth that do not make as much as their parents did. I would worry about the state of healthcare in the coming 10 years... ...the kids won't pay enough in taxes to keep this thing afloat.

This.

The millennials already have a mortgage, we just call them student loans.

Rising prices will not benefit them at all.

(05-07-2018 08:35 PM)HeartOfDixie Wrote:  The millennials already have a mortgage, we just call them student loans.

Rising prices will not benefit them at all.

Very astute comment and unfortunately, very true.

Good. Maybe my house will get out from beneath the Titanic. In 2012, my house (after applying the Homestead exception) was worth 5 grand.

That's fracking it! I bought it at the height of the boom for $125,000.00.

And yeah, I blame you for that partially Obama.

(05-07-2018 08:35 PM)HeartOfDixie Wrote:  

(05-07-2018 08:33 PM)oliveandblue Wrote:  This is not good. It will crush the youth that do not make as much as their parents did. I would worry about the state of healthcare in the coming 10 years... ...the kids won't pay enough in taxes to keep this thing afloat.

This.

The millennials already have a mortgage, we just call them student loans.

Rising prices will not benefit them at all.

Just means that they'll fall back down.

(05-07-2018 08:35 PM)HeartOfDixie Wrote:  

(05-07-2018 08:33 PM)oliveandblue Wrote:  This is not good. It will crush the youth that do not make as much as their parents did. I would worry about the state of healthcare in the coming 10 years... ...the kids won't pay enough in taxes to keep this thing afloat.

This.

The millennials already have a mortgage, we just call them student loans.

Rising prices will not benefit them at all.

I"m very surprised that the student loan hasn't had more press. These kids are graduating with a mountain of debt that they can't pay back for a very long time. That hampers their ability to buy big ticket items like cars, houses, etc. This has a negative impact on the economy as a whole.

It's been discussed a few times that borrowing money to finance a degree that probably won't pay off is at an all time high and many are to blame.

New construction came to a halt in 2007 and at least around here has not gained momentum.

I'm seeing all kinds of new houses go up in neighboring areas of my little town. I need to sell now.

My house made $75k in one year. One year!

Assuming the $75k is correct, of course. Everytime you see your home value on a website think if the words of famous philosopher Brian Santana: "60% of the time, it works every time"

Good, maybe I'll soon be able to get out of my shithole house I bought in 2007 and am still underwater with.

One in our subdivision just sold in 2 weeks w/ an asking price that is about $50K over what we owe on ours. We gotta start thinking seriously about it.

(05-08-2018 07:49 AM)MemTigers1998 Wrote:  One in our subdivision just sold in 2 weeks w/ an asking price that is about $50K over what we owe on ours. We gotta start thinking seriously about it.

Unfortunately, we need to put about $30k into ours. Being cash poor for 10 years we had to let a lot go as we were a bit in over our heads. Now we are finally playing catchup. Just got new kitchen floors and getting it painted, inside and out, this summer.

Charlotte's real estate market is insane. I bought into a struggling inner city hood in 2012 where some homes could be had for as low as 30-40,000. Today, houses in this area sell for $400,000+.

(05-08-2018 07:59 AM)Niner National Wrote:  Charlotte's real estate market is insane. I bought into a struggling inner city hood in 2012 where some homes could be had for as low as 30-40,000. Today, houses in this area sell for $400,000+.

I'm about to sell my in-laws home for a million if you want to live in Foxcroft. Right down the road from Jeff Gordon

(05-08-2018 07:56 AM)EverRespect Wrote:  

(05-08-2018 07:49 AM)MemTigers1998 Wrote:  One in our subdivision just sold in 2 weeks w/ an asking price that is about $50K over what we owe on ours. We gotta start thinking seriously about it.

Unfortunately, we need to put about $30k into ours. Being cash poor for 10 years we had to let a lot go as we were a bit in over our heads. Now we are finally playing catchup. Just got new kitchen floors and getting it painted, inside and out, this summer.

Same boat. Redoing the showers and part of the bathrooms this summer. Luckily, I bought this sucker in 2009.

This post pushed me to look into my homes value and I was surprised that in one month it's value went up 21k. Wow, I'm tempted to sell and buy a smaller house. But, it's a Catch 22 as a smaller house is probably around that price NOW too. LOL