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Posted on 4/10/24 at 12:11 pm to fareplay
Low inventory ( despite increasing starts) and higher interest rates selling into an inflationary economy. It’s a recipe for inaction. Housing starts being up will take some pressure off but monthly mortgage payments must still be in a reasonable range for people to buy. It’s a pickle.
Posted on 4/10/24 at 12:16 pm to Lsupimp
Just had one we were watching drop the price 25k this morning. It’s probably still 50 over what it should be at.
Posted on 4/10/24 at 12:27 pm to fareplay
I know a married couple who is currently paying 3 house notes because their realtor told them over the summer that towards the end of 2023 and into 2024 the housing market will bounce back strong.
They have the house they bought after getting married. They bought a small rental house and was renting it out.
They bought a lot to build a new house. They decided in September that it was the right time to start building. During that time the person renting the small rent house informed them they were going to be moving at the end of the year and since the housing market was supposed to be booming, they decided to just go ahead and sell it instead of finding a new tenant.
They started building in mid October, put house up for sell. The beginning of the year they put the rent house up for sell. The house they lived in, they have shown it to 3-4 people between October and now. 0 people have shown interest in the rent house.
No matter how much money I would have, the idea of that makes me sick. Having two homes up for sell with a lack of people interested to buy whiling building a new house. Three homes you also pay insurance on, still have to maintain.
They keep being told "by this time". "It still slow, but don't worry it should be getting a lot better by ____". Personally I wouldn't listen to a realtor because they want people to move so they will have inventory to sell. At some point it will get better, but having to pay 3 houses, that's wasting money....
They have the house they bought after getting married. They bought a small rental house and was renting it out.
They bought a lot to build a new house. They decided in September that it was the right time to start building. During that time the person renting the small rent house informed them they were going to be moving at the end of the year and since the housing market was supposed to be booming, they decided to just go ahead and sell it instead of finding a new tenant.
They started building in mid October, put house up for sell. The beginning of the year they put the rent house up for sell. The house they lived in, they have shown it to 3-4 people between October and now. 0 people have shown interest in the rent house.
No matter how much money I would have, the idea of that makes me sick. Having two homes up for sell with a lack of people interested to buy whiling building a new house. Three homes you also pay insurance on, still have to maintain.
They keep being told "by this time". "It still slow, but don't worry it should be getting a lot better by ____". Personally I wouldn't listen to a realtor because they want people to move so they will have inventory to sell. At some point it will get better, but having to pay 3 houses, that's wasting money....
Posted on 4/10/24 at 12:27 pm to notiger1997
Well I'm assuming the way it works is this.
Private investment firms buy real estate property with combo of equity and debt. They rent said properties to individuals/families as housing, earning income.
They also simultaneously package said properties into a financial instrument and market them, with a proportion of the rents earned assigned to the investors ala a coupon or dividend. But the proportion of rents paid to investors are far lower than what the companies are making off of selling the derivatives.
The firms are making profits on both the rental and capital market sides, with said profits being re-invested to buy up additional properties.
The market is being propped up by the same companies buying more properties with their profits, which only works because of the retail investors. The vast majority of rental properties are nowhere near profitable enough to do such post-taxes, depreciation, repairs, loss of capital/debt availability tied up in the property, etc.
Private investment firms buy real estate property with combo of equity and debt. They rent said properties to individuals/families as housing, earning income.
They also simultaneously package said properties into a financial instrument and market them, with a proportion of the rents earned assigned to the investors ala a coupon or dividend. But the proportion of rents paid to investors are far lower than what the companies are making off of selling the derivatives.
The firms are making profits on both the rental and capital market sides, with said profits being re-invested to buy up additional properties.
The market is being propped up by the same companies buying more properties with their profits, which only works because of the retail investors. The vast majority of rental properties are nowhere near profitable enough to do such post-taxes, depreciation, repairs, loss of capital/debt availability tied up in the property, etc.
This post was edited on 4/10/24 at 12:33 pm
Posted on 4/10/24 at 12:28 pm to fareplay
just sold in Orleans. Had 3 offers, 1 was cash & the other 2 full asking
Posted on 4/10/24 at 12:30 pm to AbitaFan08
quote:
Wait. Your argument is that illegal immigrants, who mostly make barely enough to get by and can’t legally get a bank loan for a home, are causing prices of homes for sale to go up?
They aren't living in caves. They have to put a roof over their head and all housing is connected on some financial level. Hedge fund buys crappy houses and rents them out to Mexican roofers knowing they can act more slum-lordy with illegals = less entry-level housing stock available for Americans = higher prices on the supply demand curve. More illegals moving into apartments pushes rents higher which also impacts house prices.
Do you guys really think that adding millions of illegals every year beyond the natural birth rate has no ripple effects on our economic lives?
And Jesus Christ don't even get me started on Healthcare. Do you idiots think your $10,000 ER visit bill is because the raw materials in sutures and antibiotics skyrocketed?
Posted on 4/10/24 at 12:31 pm to fareplay
This dude posting from his trailer park 
Posted on 4/10/24 at 12:39 pm to TigerBait2008
Yes my trailer park in the third most expensive city in the country. You caught me.
Posted on 4/10/24 at 12:41 pm to AbitaFan08
Huh he is tagging me.
I also live in a city too but not 3rd expensive
I also live in a city too but not 3rd expensive
This post was edited on 4/10/24 at 12:42 pm
Posted on 4/10/24 at 12:41 pm to fareplay
Couldn’t tell if that was a dig at me or you. Either way he’s way off.
Posted on 4/10/24 at 12:47 pm to AbitaFan08
Oh you’re in Boston, we lived there till recently and have a place in Arlington
Posted on 4/10/24 at 12:51 pm to fareplay
We’re selling 30-50 new construction homes a month right now. Best start to a year since the company has been in business. We only have investment companies buying 5 to 6 of those a month.
Posted on 4/10/24 at 12:55 pm to whit
Someone needs to tell buyers in my area. Had a house on the market for four months now. Little to no interest. I'm beyond ready to be done with this house.
Posted on 4/10/24 at 1:03 pm to fareplay
Let me know if you ever want to sell. We have a nice place now in Boston but it’s a condo and as we start a family Arlington is a great area.
Posted on 4/10/24 at 1:04 pm to AbitaFan08
We’re renting it out rn, schools in that area are pretty great so think we will keep it for investment purposes. Wish we had the money for Lexington at the time
Posted on 4/10/24 at 1:05 pm to AbitaFan08
I'm pretty sure he means Arlington, TX
quote:Saugus is the only place to be!
and as we start a family
Posted on 4/10/24 at 1:06 pm to GreatLakesTiger24
No I mean Arlington MA
Posted on 4/10/24 at 1:07 pm to GreatLakesTiger24
quote:
I'm pretty sure he means Arlington, TX
Nah he means MA.
quote:
Saugus is the only place to be!
That’s a hard pass. White trash haven in MA. I’d sooner move to Lynn.
This post was edited on 4/10/24 at 1:14 pm
Posted on 4/10/24 at 1:08 pm to fareplay
quote:
You left out the *non american* property part which many countries already limit
Putting limits on foreign nationals purchasing property in the future is not the same as seizing property that has already been legally purchased. But I’m sure you know that.
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