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Started By
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re: Can someone help me explain how people are affording a house in today's market?
Posted on 4/3/23 at 5:43 pm to Buckeye06
Posted on 4/3/23 at 5:43 pm to Buckeye06
quote:
Prices have dropped a ton in DFW I would say for a bit. I closed 10 days ago on a place and the price had dropped 25% from this time last year. Interest rate is higher, but principal is lower so when rates go down I'll refinance.
There is no one right answer, but I thought it was time to buy
Prices in my area of Florida are not dropping one bit. We looked for a used home for a year and just finally gave up. They were selling faster than we could drive over and look at them and they were selling for 100K over asking. I just was not getting into that. I went to a new subdivision and just bough a plan on a lot and signed the damn paperwork. It was way more than I wanted to spend and honestly the house is not what we are going to pay for it but I had to have somewhere to live.
We put 200K down and have been waiting a year so far. Looks like we may have 4-5 months left. I am not going to even look at the rates until we know our closing time. It will be high but like you said, we will just refinance later. There is absolutely nothing we can do. Our hands are tied
I am just not going to spend everyday worrying about it..
1
Posted on 4/3/23 at 5:45 pm to LSUBadger
quote:
You can do it man. It isn’t as easy as you may assume it was for others before you; but it can be done.
I was finally able to buy one last year and plan on being here for awhile, so I'm not househunting anymore. I really do feel for people who are though. I'm in my early 30s and feel like I'm way behind most of my peers, but reading through this thread made something click on me. I did this on one salary while most people my age are on two household incomes. If I keep telling myself that's why it took my longer than my peers, I won't feel as bad about it
.
Posted on 4/3/23 at 5:46 pm to Indefatigable
quote:
If so, that explains why so many houses are getting "cash" offers. Previously I considered a cash offer one that did not include financing,, i.e. the seller bought the house with their own liquid cash.
I know of a couple of houses that sold recently for cash, but both sales were contingent on the buyer selling their current house.
A contingency to buy dependent on the buyer being able to sell their house is common, but usually it’s because the buyer needs the equity for a down payment, not so they could have enough cash in hand to pay cash for another house.
Technically, neither buyer is able to make a true cash offer, but I’d rather sell to someone that could complete the loan process and close within 21 days, than a “cash” buyer that couldn’t close until they first sold their own house.
Posted on 4/3/23 at 5:48 pm to Ghost of Colby
quote:
Technically,
every house deal is a cash offer unless it's seller financed
Posted on 4/3/23 at 5:49 pm to VADawg
quote:
This is very, very not normal for brand new college graduates.
I completely understand that but one of the points I was trying to make is that people should look at and really consider expected salaries before getting a basic degree, coming out of school with debt and getting a 35k starting salary. There are plenty of industries and trades where you can make 2x-3x times that in entry level positions.
Posted on 4/3/23 at 5:50 pm to StringedInstruments
Sell previous house at a way overinflated value and roll said sales into new overinflated house but not have PMI but higher rate.
Posted on 4/3/23 at 5:51 pm to StringedInstruments
quote:It isn’t
How is this sustainable at all?
Posted on 4/3/23 at 5:52 pm to SwampAssassin
quote:
Every company in my field is short on just about every position.
What field is that?
Posted on 4/3/23 at 5:53 pm to SwampAssassin
quote:
There are plenty of industries and trades where you can make 2x-3x times that in entry level positions.
Plenty? How many entry level jobs that pay between 70k and 105k do you believe exist and why wouldn’t college grads take them over HS grads?
Posted on 4/3/23 at 5:55 pm to SwampAssassin
quote:
getting a basic degree, coming out of school with debt and getting a 35k starting salary.
we've beaten this absolutely to death, but there are some fields that require a four year degree for advancement and to open other doors, to give options
quote:
There are plenty of industries and trades where you can make 2x-3x times that in entry level positions.
and typically a lot of those fields top out not too far above that and you've hit the earnings plateau
Posted on 4/3/23 at 5:55 pm to SwampAssassin
quote:this is the OT I know and love
Graduated college last year and just bought a house in a well established neighborhood in Baton Rouge. Paid a little over 300k and got a FHA loan with 3.5% down. House note is around 2500 a month and I usually pay well over that. I make around 150k a year, and I’m planning on doing exactly what LSUBadger was talking about. If more people got useful degrees instead of just some dime a dozen degree then it would definitely be more common.
Posted on 4/3/23 at 5:56 pm to GreatLakesTiger24
quote:
this is the OT I know and love
yup
Posted on 4/3/23 at 6:01 pm to LSUBadger
quote:
20 years ago it was $225k. It is probably $400k today.
Try higher. The couple of houses that old I have seen started off at 150 and are now going close to 500.
Posted on 4/3/23 at 6:01 pm to GreatLakesTiger24
quote:
this is the OT I know and love
I have a STEM degree and around 25 years of experience in my field. I don't make 150k.
Posted on 4/3/23 at 6:04 pm to BilbeauTBaggins
quote:
Renting is cheaper and has less hassle than being a homeowner. If something breaks, you call the landlord/apartment complex and it gets fixed/replaced.) No dedication to a massive note every month. This is a massive incentive compared to owning a home, where you would have to provide major upkeep just to see an even return on investment.
Democrats: You will own nothing and like it.
Posted on 4/3/23 at 6:04 pm to deeprig9
quote:
Who wants to tell him?
Do you truly think the next president won't lower federal reserve rate ASAP?
Trump would blame Biden for a year and then yank that shite down.
This post was edited on 4/3/23 at 6:06 pm
Posted on 4/3/23 at 6:09 pm to Shexter
quote:damn the FHA is like a car salesman now
the monthly payments were $2,044 for 30 years and $1,904 for 40 years.
Posted on 4/3/23 at 6:18 pm to StringedInstruments
The amount of money that the mortgage companies will approve people for is ridiculous. I finished grad school five years ago and had a little bit of cash in the bank. I was not interested in throwing money away, renting so we wanted to buy. I contacted the mortgage company less than a month after starting my full-time job. What they approved me for verse my salary was sickening.
After being in that house a little over three years, we sold it and bought our long-term home in the area. We wanted to be in because of the Market boom. We got fairly lucky at having to overpay for our current house and have a 1.9% interest rate. We spent around 100 K on renovations. I’m just glad we got in when we did. We have some friends that are currently looking to buy near us and can’t find anything affordable with the current rates.
After being in that house a little over three years, we sold it and bought our long-term home in the area. We wanted to be in because of the Market boom. We got fairly lucky at having to overpay for our current house and have a 1.9% interest rate. We spent around 100 K on renovations. I’m just glad we got in when we did. We have some friends that are currently looking to buy near us and can’t find anything affordable with the current rates.
Posted on 4/3/23 at 6:19 pm to StringedInstruments
Dude
What about vehicles?
What about vehicles?
Posted on 4/3/23 at 6:22 pm to thermal9221
quote:
Dude
What about vehicles?
Yep just as ridiculous. I can look up the income data in my area and it just doesn't jive with what I see on the roads. My conclusion is that many Americans are in debt up to their eyeballs.
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