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Started By
Message
re: Can someone help me explain how people are affording a house in today's market?
Posted on 4/5/23 at 5:53 am to Undertow
Posted on 4/5/23 at 5:53 am to Undertow
quote:
I don’t understand how these apartment complexes fill up.
Terrible credit, poor family support system, volatile job/career.
I recently hired someone from out of state from an expensive housing market. I put him in a nice apartment complex, but told him to have a goal of buying a house. He wants to but had horrible credit when he started, so that is his first issue to tackle.
Then when I was telling him in casual conversations on how insurance rates have risen, the AC I replaced, the roof I replaced, the grass man, etc. It hit him that all of this will be on his shoulders once he purchases.
Eventually he will get a house, but right now renting is best for him. Two years from now when he has savings, better credit, etc. will be the right time for him to purchase.
0
Posted on 4/5/23 at 6:05 am to STLhog
I rented most of my adult life so had to make moves to get into housing market
I bought a starter fixer up that only needed cosmetic work. Flooring, counter tops, painting etc. Didnt have the $ to put down so after the renovations, we reappraised it and refinanced and boom 20% equity plus. Stayed in that home for 10 years and home value skyrocketed. We made about 120k on that home. We didn’t have the 20% but scraped enough to do the renovations.
Sold that home and rolled it into another home that we did more extensive renovations on. Once again ever $ we had went into renovations. Took out a helix to finish. It was stressful and a lot of work every evening and weekend for about 2 years. This one could be our final home. Reappraised it and made $$$$ in equity.
Problem with people today is that they want the dream home right away and don’t want to put the manhours into fixing them. Buyers want turn key no effort.
The way you get to not housing market if you don’t have family $ is work your arse off and sacrifice. Settle for less a home in neighborhood that will appreciate. Look for worse home in best neighborhood and fix it.
I bought a starter fixer up that only needed cosmetic work. Flooring, counter tops, painting etc. Didnt have the $ to put down so after the renovations, we reappraised it and refinanced and boom 20% equity plus. Stayed in that home for 10 years and home value skyrocketed. We made about 120k on that home. We didn’t have the 20% but scraped enough to do the renovations.
Sold that home and rolled it into another home that we did more extensive renovations on. Once again ever $ we had went into renovations. Took out a helix to finish. It was stressful and a lot of work every evening and weekend for about 2 years. This one could be our final home. Reappraised it and made $$$$ in equity.
Problem with people today is that they want the dream home right away and don’t want to put the manhours into fixing them. Buyers want turn key no effort.
The way you get to not housing market if you don’t have family $ is work your arse off and sacrifice. Settle for less a home in neighborhood that will appreciate. Look for worse home in best neighborhood and fix it.
Posted on 4/5/23 at 6:13 am to Trapped in time
quote:I have done this 3 times and it has worked out well.
Look for worse home in best neighborhood and fix it.
Posted on 4/5/23 at 6:21 am to StringedInstruments
Old people are dying and their children and grandchildren sell all their shite.
Posted on 4/5/23 at 9:46 am to Undertow
quote:
Yeah I chose to buy a small 3br house 3 years ago over renting a 1 br apartment because the prices were comparable on a monthly basis.
I don’t understand how these apartment complexes fill up.
B/c buying a small 3br house is more expensive than renting a 1br apartment in 2023.
Posted on 4/5/23 at 10:14 am to Shexter
Along with the moronic logic and minimum price drop, if more people can afford homes, then of course supply / demand continues to push the prices up.
Posted on 4/5/23 at 12:11 pm to TigerMyth36
I know this is about houses, but today I was looking at used 4Runners online and I think the chickens are coming home to roost for some people. Just tons of 2020-2022's for sale on Carfax. I figured cars are now like houses, too many people buy too much for their budgets and then get underwater. Between massive house and car notes and all of the other things people spend money on, a lot of people are starting to go under.
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