(09-15-2022 02:09 PM)Jugnaut Wrote:  I think it's time to make it illegal for corporations (like Blackrock) to own residential housing. Make an exception for mom and pops to have like 5 rental houses, but f**k Black rock being the largest landlord. It just makes fuels wealth inequality.

It allows them to control the price of rent.

(09-15-2022 03:32 PM)JMUDunk Wrote:  Yep, Bought our first in '96. 2 story colonial 3bd, 21/2 ba. around 1550 sq ft. Forgotten the interest rate specifically, but the monthly was a little over 800 bucks per.

We moved out of our 600 mo. apartment in the hood to buy. That floor plan is now renting for 1500-1700 mo. You can find a decent home to buy for that kinda money. Quit whining.

So you are saying rent is insane and if you could save up enough of a down payment while paying utterly insane rent prices and then win the bid on a house that's on the market for like 1 day you could maybe find a house with a mortgage payment of 1500-1700 a month? Also LOL that you could find that here in Raleigh NC average home value is approaching 500k. You live in a fantasy world.

Well. LOL that I have any friggin idea where on earth bondjons lives.

Why do you have to live in Raiegh? I've been in that area a few times, seems there's still a fair amount of land out there to move to. If those houses are only on the market for 1 day and are going to "bid", then it seem someone is buying those houses, right? So, someone's managing. Why not you?

Hunh.

(09-16-2022 02:37 PM)b0ndsj0ns Wrote:  

(09-15-2022 03:32 PM)JMUDunk Wrote:  Yep, Bought our first in '96. 2 story colonial 3bd, 21/2 ba. around 1550 sq ft. Forgotten the interest rate specifically, but the monthly was a little over 800 bucks per.

We moved out of our 600 mo. apartment in the hood to buy. That floor plan is now renting for 1500-1700 mo. You can find a decent home to buy for that kinda money. Quit whining.

So you are saying rent is insane and if you could save up enough of a down payment while paying utterly insane rent prices and then win the bid on a house that's on the market for like 1 day you could maybe find a house with a mortgage payment of 1500-1700 a month? Also LOL that you could find that here in Raleigh NC average home value is approaching 500k. You live in a fantasy world.

Renting has and always will be stupid. Even overpaying for a house is better than renting. Building up equity is the way to go long term

(09-16-2022 02:37 PM)b0ndsj0ns Wrote:  

(09-15-2022 03:32 PM)JMUDunk Wrote:  Yep, Bought our first in '96. 2 story colonial 3bd, 21/2 ba. around 1550 sq ft. Forgotten the interest rate specifically, but the monthly was a little over 800 bucks per.

We moved out of our 600 mo. apartment in the hood to buy. That floor plan is now renting for 1500-1700 mo. You can find a decent home to buy for that kinda money. Quit whining.

So you are saying rent is insane and if you could save up enough of a down payment while paying utterly insane rent prices and then win the bid on a house that's on the market for like 1 day you could maybe find a house with a mortgage payment of 1500-1700 a month? Also LOL that you could find that here in Raleigh NC average home value is approaching 500k. You live in a fantasy world.

LOL, how about Garner, Fuquay, Knightdale, Clayton, Willow Springs, etc, etc, etc.? I grew up there man. There's plenty of places for way under $500K that aren't bad at all.

1/2 acres... on the market for 11 days.
https://www.zillow.com/homedetails/300-F...3222_zpid/

49 days... 1800 SF
https://www.zillow.com/homedetails/4611-...7854_zpid/

(09-16-2022 03:14 PM)b2b Wrote:  

(09-16-2022 02:37 PM)b0ndsj0ns Wrote:  

(09-15-2022 03:32 PM)JMUDunk Wrote:  Yep, Bought our first in '96. 2 story colonial 3bd, 21/2 ba. around 1550 sq ft. Forgotten the interest rate specifically, but the monthly was a little over 800 bucks per.

We moved out of our 600 mo. apartment in the hood to buy. That floor plan is now renting for 1500-1700 mo. You can find a decent home to buy for that kinda money. Quit whining.

So you are saying rent is insane and if you could save up enough of a down payment while paying utterly insane rent prices and then win the bid on a house that's on the market for like 1 day you could maybe find a house with a mortgage payment of 1500-1700 a month? Also LOL that you could find that here in Raleigh NC average home value is approaching 500k. You live in a fantasy world.

LOL, how about Garner, Fuquay, Knightdale, Clayton, Willow Springs, etc, etc, etc.? I grew up there man. There's plenty of places for way under $500K that aren't bad at all.

“Nah man I have to live in the city!”

That’s the thing that is hilarious. Millennials want to live jam packed like sardines right in the middle of the city where there is already so much demand. Live in the outskirts, insane value. Even in this market.

(09-16-2022 03:14 PM)b2b Wrote:  

(09-16-2022 02:37 PM)b0ndsj0ns Wrote:  

(09-15-2022 03:32 PM)JMUDunk Wrote:  Yep, Bought our first in '96. 2 story colonial 3bd, 21/2 ba. around 1550 sq ft. Forgotten the interest rate specifically, but the monthly was a little over 800 bucks per.

We moved out of our 600 mo. apartment in the hood to buy. That floor plan is now renting for 1500-1700 mo. You can find a decent home to buy for that kinda money. Quit whining.

So you are saying rent is insane and if you could save up enough of a down payment while paying utterly insane rent prices and then win the bid on a house that's on the market for like 1 day you could maybe find a house with a mortgage payment of 1500-1700 a month? Also LOL that you could find that here in Raleigh NC average home value is approaching 500k. You live in a fantasy world.

LOL, how about Garner, Fuquay, Knightdale, Clayton, Willow Springs, etc, etc, etc.? I grew up there man. There's plenty of places for way under $500K that aren't bad at all.

1/2 acres... on the market for 11 days.
https://www.zillow.com/homedetails/300-F...3222_zpid/

49 days... 1/2 acre. 1800 SF
https://www.zillow.com/homedetails/4611-...7854_zpid/

Reminds me of all the leftist loons who complained about the housing prices in Asheville. Dude... move to Old Fort, Waynesville, Hendersonville, etc. You're not entitled to live in one of the most expensive places in the southeast just because you think you should be.

They need a trendy little microbrewery within walking distance so they can hang with all the other neckbeards on the weekends.

(09-16-2022 03:19 PM)b2b Wrote:  They need a trendy little microbrewery within walking distance so they can hang with all the other neckbeards on the weekends.

Imagine those conversations.

“F’in capitalism man. My rent is 2K per month! Can’t believe they charge that month. Soak the rich.”

Move to another location, *******.

(09-16-2022 03:14 PM)b2b Wrote:  

(09-16-2022 02:37 PM)b0ndsj0ns Wrote:  

(09-15-2022 03:32 PM)JMUDunk Wrote:  Yep, Bought our first in '96. 2 story colonial 3bd, 21/2 ba. around 1550 sq ft. Forgotten the interest rate specifically, but the monthly was a little over 800 bucks per.

We moved out of our 600 mo. apartment in the hood to buy. That floor plan is now renting for 1500-1700 mo. You can find a decent home to buy for that kinda money. Quit whining.

So you are saying rent is insane and if you could save up enough of a down payment while paying utterly insane rent prices and then win the bid on a house that's on the market for like 1 day you could maybe find a house with a mortgage payment of 1500-1700 a month? Also LOL that you could find that here in Raleigh NC average home value is approaching 500k. You live in a fantasy world.

LOL, how about Garner, Fuquay, Knightdale, Clayton, Willow Springs, etc, etc, etc.? I grew up there man. There's plenty of places for way under $500K that aren't bad at all.

1/2 acres... on the market for 11 days.
https://www.zillow.com/homedetails/300-F...3222_zpid/

49 days... 1800 SF
https://www.zillow.com/homedetails/4611-...7854_zpid/

Your "point" here don't land all that well. That first house you listed according to Zillow (not taking them as the gospel but since it's the source you used) was valued at less than 150k in January of 2020, now over 300k. Second you listed was valued at less than 250k in January of 2020, now almost 350k. That's utter insanity. Also acting like 300k is like affordable for a first time home buyer is funny as hell. 20% down payment on that to not have to get PMI is 60k then you are looking at probably a 2k a month mortgage payment give or take. You start mathing that out and you've got to have a household income (depending on how much student debt you have) of upwards of 100k to even consider buying a home at that cost.

No it’s not.

It’s the market. If someone is willing to pay that, then guess what? That’s what it’s worth. Period.

(09-16-2022 03:21 PM)WalkThePlank Wrote:  

(09-16-2022 03:19 PM)b2b Wrote:  They need a trendy little microbrewery within walking distance so they can hang with all the other neckbeards on the weekends.

Imagine those conversations.

“F’in capitalism man. My rent is 2K per month! Can’t believe they charge that month. Soak the rich.”

Move to another location, *******.

this vers. o’ capitalism thrives when 20 under a roof in westworld open border landia … me thinks you know the difference in the 21st century robber baron era vs. the 19th/20th vers….

it’s simple supply/demand at this point coupled with the inflated mass exodus $$$ from too many blue states…

the last developed land mass is under its final siege … hence, #costa

Saving money helps. I lived in a ****** apartment for years and worked the last 10 years. Went from a salary of 30k and now make good money. Could have traveled, bought the newest cars, ate out every night, etc. Had other friends who lived a consumption based lifestyle for years.

Bought a house early this year in the Raleigh market even with competition. Still have plenty saved too with putting 20% down. All of my friends are still renting and trying to buy but they have nothing saved up.

It can be done, but saving is possible and unfortunately our society is obsessed with dumb crap.

(09-16-2022 03:35 PM)WalkThePlank Wrote:  Saving money helps. I lived in a ****** apartment for years and worked the last 10 years. Went from a salary of 30k and now make good money. Could have traveled, bought the newest cars, ate out every night, etc. Had other friends who lived a consumption based lifestyle for years.

Bought a house early this year in the Raleigh market even with competition. Still have plenty saved too with putting 20% down. All of my friends are still renting and trying to buy but they have nothing saved up.

It can be done, but saving is possible and unfortunately our society is obsessed with dumb crap.

Exactly. You've got to be willing to do what it takes. I've lived in a couple of complete dumps but it paid off in the long run. We also bought a fixer upper for pretty cheap in 2014 and have been putting money into it over time.

(09-16-2022 03:35 PM)stinkfist Wrote:  

(09-16-2022 03:21 PM)WalkThePlank Wrote:  

(09-16-2022 03:19 PM)b2b Wrote:  They need a trendy little microbrewery within walking distance so they can hang with all the other neckbeards on the weekends.

Imagine those conversations.

“F’in capitalism man. My rent is 2K per month! Can’t believe they charge that month. Soak the rich.”

Move to another location, *******.

this vers. o’ capitalism thrives when 20 under a roof in westworld open border landia … me thinks you know the difference in the 21st century robber baron era vs. the 19th/20th vers….

it’s simple supply/demand at this point coupled with the inflated mass exodus $$$ from too many blue states…

the last developed land mass is under its final siege … hence, #costa

Correct. You have the liberal locusts moving their 120k salaries down south and bringing cash, knocking the housing market into record highs.

In 2020 there was a huge supply issue with houses being listed. People didn't want COVID and this has continued into 2022. In 2020, you have scaredy cats who wear masks in their cars not listing houses like they normally would, pushing demand and multiple offer situations. Then when you want to list your house, the realtor runs comps on prices and the market is reset. It continues to climb.

Shutting down the economy gave us crazy inflation (high interest rates now), lower supply of housing (higher principals and comps for future pricing).

(09-16-2022 03:11 PM)WalkThePlank Wrote:  

(09-16-2022 02:37 PM)b0ndsj0ns Wrote:  

(09-15-2022 03:32 PM)JMUDunk Wrote:  Yep, Bought our first in '96. 2 story colonial 3bd, 21/2 ba. around 1550 sq ft. Forgotten the interest rate specifically, but the monthly was a little over 800 bucks per.

We moved out of our 600 mo. apartment in the hood to buy. That floor plan is now renting for 1500-1700 mo. You can find a decent home to buy for that kinda money. Quit whining.

So you are saying rent is insane and if you could save up enough of a down payment while paying utterly insane rent prices and then win the bid on a house that's on the market for like 1 day you could maybe find a house with a mortgage payment of 1500-1700 a month? Also LOL that you could find that here in Raleigh NC average home value is approaching 500k. You live in a fantasy world.

Renting has and always will be stupid. Even overpaying for a house is better than renting. Building up equity is the way to go long term

If you're single rooming with someone is the way to go. You have the luxury of enjoying someone else paying the mortgage and the upkeep and you only pay less than in an apartment. If you get along with the person you're rooming with then you've got it made. Some seniors only want someone to be there in case they kick the bucket and to call the EMTs before they smell up the place with their dead carcass. If I live longer than my wife I'm going that route but I'll specify only female GIs E-5 and above.

(09-16-2022 03:45 PM)b2b Wrote:  

(09-16-2022 03:35 PM)WalkThePlank Wrote:  Saving money helps. I lived in a ****** apartment for years and worked the last 10 years. Went from a salary of 30k and now make good money. Could have traveled, bought the newest cars, ate out every night, etc. Had other friends who lived a consumption based lifestyle for years.

Bought a house early this year in the Raleigh market even with competition. Still have plenty saved too with putting 20% down. All of my friends are still renting and trying to buy but they have nothing saved up.

It can be done, but saving is possible and unfortunately our society is obsessed with dumb crap.

Exactly. You've got to be willing to do what it takes. I've lived in a couple of complete dumps but it paid off in the long run. We also bought a fixer upper for pretty cheap in 2014 and have been putting money into it over time.

Bet you bought a "fixer upper" in 2014 for maybe 150k.

(09-15-2022 09:12 AM)Eldonabe Wrote:  

(09-15-2022 07:50 AM)VA49er Wrote:  Still an historically good interest rate.

Recency bias begs to disagree unfortunately.

When you have an entire generation of young adults (40 and under) who have never/rarely seen rates above 5% never mind 6% - this is sticker shock for them.

I remember when rates hovered around 10% (even higher actually). Can you imagine trying to borrow $400K at 10%? $3500 per month before taxes and insurance.

YIKES

I bought my first home with a double loan or whatever it's called. I didn't know better but at least I was able to generate a little escrow to buy a better one. It was still high though so 6 percent ain't nothing.

(09-15-2022 10:14 AM)Hernando Hills Tiger Wrote:  I paid 12% on my first home I purchased in 1979.

I was at 6.5% on my 1st house in 1996 and I only had an income of about $25k since I was still finishing up college. I paid $69,000 for a 4 BR in a registered historic district.

The double whammy for the younger generation beyond the rate hikes is that that same house in the same massive fixer-upper condition would go on the market at 4 times that value. People are entering the housing market with $300k homes now.

Bless people that pay what they do for homes. ARMs are back in vogue. Lending guidelines have stretches to get people into more home than they should afford. It's going to be painful when the tab comes due again.

(09-15-2022 08:01 AM)b2b Wrote:  

(09-15-2022 07:57 AM)b0ndsj0ns Wrote:  It's sad that my generation is pretty much forced to hope for a housing crash so we can one day hope to be able to afford a house.

It's going to happen. It won't be long. Just be ready to jump on it when you can.

As interest rates rise home sales will slow and probably lead to a glut of inventory causing some prices to fall depending on location. The problem I see is so many people bought overpriced homes at low fixed rates that when this happens they are pretty much stuck with what they have or are going to get hammered when they sell.