Posted by
Message
MSTiger33
LSU Fan
New York City
Member since Oct 2007
18344 posts

re: Could you afford to buy your own house if you had to buy it today?
Hell no


Replies (0)
Replies (0)
00
USMCguy121
US Marine Corps Fan
Northshore
Member since Aug 2021
2761 posts

Hell no, i got it for 280k and its at 500 something. My house is not worth a mil


Billy Blanks
Arkansas Fan
Member since Dec 2021
853 posts

No, and that's a one part of the inventory shortages. There's other aspects but that is one for sure...can't replace what they currently have.


Replies (0)
Replies (0)
10
TigerAlum1982
LSU Fan
Member since Sep 2011
1339 posts

Probably not. Bought ours in 1999 at around $84/sq ft. Houses in the area are now selling for around $180- 200 sq ft.


Replies (0)
Replies (0)
10
Arkapigdiesel
Arkansas Fan
Arkansas
Member since Jun 2009
8364 posts

quote:

I continue to try to figure out how people are paying the notes on these $700/800K houses

People will buy a house at whatever the bank will approve them for vs. buying something in the price range in which they should purchase. People should have stood their ground more in some of this. That has also contributed to this artificially inflated housing market.

We sold our house 3 1/2 months ago and have looked at a number of houses, but I will not under any circumstance allow myself to succumb to the bidding war market that we are in.

We are currently in our 5th wheel camper and will probably be in our 5th wheel camper until this Fall or the 1st quarter of next year. The interest rates and the economic slow down should get things to where I'm more comfortable in purchasing something. Hopefully, the market will allow me to to pay at least 70-80% up front on a mortgage.

It truly is mind boggling at what banks will approve people for on a purchase.


Replies (0)
Replies (0)
14
FLObserver
LSU Fan
Jacksonville
Member since Nov 2005
11556 posts

quote:

Hell no, i got it for 280k and its at 500 something. My house is not worth a mil


Same boat. 10 years ago got short sale for around 200k now at mid 500's. With todays rates could afford but no way in hell i'm in the house i'm currently in


lynxcat
Rutgers Fan
Member since Jan 2008
23025 posts

I’ve half joked with my wife that we won’t ever be able to move after securing a 3% rate for 30 years. The loan value alone with rates on track for north of 6% makes the opportunity cost difficult to justify. We also never imagined our house would be a “million dollar house” but we are much closer to that at this point than expected.

In TX, this biggest issue is that blooming property taxes can really create pressure on household budgets. Between property taxes and homeowners insurances, our monthly escrow is up $400 in the last year. I can realistically see that trend continuing for multiple years going forward.




wiltznucs
South Florida Fan
Apollo Beach, FL
Member since Sep 2005
8746 posts

Not a chance…. Tampa Bay market…. For perspective; well appointed new construction homes in the Tampa burbs are approaching $270 sqft.

We put out a contract to buy a new construction home in September of 20’. Sold our existing home and closed on the new one in August of 21’.

To buy my same home from the builder now costs $350,000 more than I paid for it. With the increase in interest rates as well there’s no chance that I’d be looking at the home I live in.
This post was edited on 7/4 at 10:06 am


Replies (0)
Replies (0)
12
stout
Arizona Fan
Smoking Crack with Hunter Biden
Member since Sep 2006
155063 posts
 Online 

I bought a storm-damaged home for less than half what it is worth and since I am a GC I repaired it for well under what it would normally cost. No way I would buy this much house otherwise. The main house is 3700 heated and the guest house is 1300 heated on an acre just outside of the city limits.


Replies (0)
Replies (0)
30
21JumpStreet
Colorado Fan
Member since Jul 2012
13432 posts

No I wouldn't. But I wouldn't want to pay higher for anything so that's easy. I would be able to buy my home twice at that time and I think I would be able to buy my home twice again right now if I halted investments of course but it would be tight.

Side note: home went up 100k+ since bought 2 years ago. So not too bad.
This post was edited on 7/4 at 2:40 pm


Replies (0)
Replies (0)
10
TD SponsorTD Fan
USA
Member since 2001
Thank you for supporting our sponsors
Advertisement
USMCguy121
US Marine Corps Fan
Northshore
Member since Aug 2021
2761 posts

quote:

Same boat. 10 years ago got short sale for around 200k now at mid 500's. With todays rates could afford but no way in hell i'm in the house i'm currently in ?


I bought this house 2 freaking years ago, 280 to 500 something is ridiculous, just crazy to me.
This post was edited on 7/4 at 5:16 pm


Replies (0)
Replies (0)
00
Zappas Stache
Radford Fan
Utility Muffin Research Kitchen
Member since Apr 2009
34410 posts
 Online 

Nope, its now valued at 4 times what I paid for it.


Replies (0)
Replies (0)
00
BamaCoaster
LSU Fan
God's Gulf
Member since Apr 2016
4016 posts
 Online 

Bought our home Aug of 21 at 2.75%.
With todays rates, our mortgage payment would go up a from 2400 to like 3300.
No way I would do that.


dualed
New Orleans Pelicans Fan
Member since Sep 2010
4507 posts

Friend of mine sent me a home that’s selling for 475k. Said they offered on it. I didn’t ask, but that’s gotta be close to a 3k note today right?


Replies (0)
Replies (0)
00
montana
LSU Fan
Bozeman, MT
Member since Dec 2008
1216 posts

Paid our house off in 7 years. Don’t care what anyone says about paying off a house early. Great feeling to no longer have a house note, and living in the house we what to stay in for the rest of our lives.

With that said, we are currently looking for another house in St. George, Utah. AirBnB rental rates are nuts for nightly rentals.


Replies (0)
Replies (0)
22
tirebiter
LSU Fan
7K R&G chile land aka SF
Member since Oct 2006
7929 posts

quote:

What about you could you buy your house today given your financial position?


Yes, but we bought our current house at the end of December 2020, and had been in the prior house over 20 years. Would probably pay cash today for a new house as wouldn't be interested in a 6% mortgage, although the first place we ever bought in ATL was just over 8.5%. Most of the current price increases were driven by the absurdly low 30 year purchase mortgages at 2.25% - 3%. Put 55% down and have 6+ more years at 1.625% and will pay off in lump sum if we are still here. It's hard to find good homes for less than $700k here in Santa Fe and the really nice ones are $900k to $2M+ depending on location.


Replies (0)
Replies (0)
00
evil cockroach
LSU Fan
27.98N // 86.92E
Member since Nov 2007
6196 posts

I Live in a pretty middle-class neighborhood , and just the other day when a real estate agent was running comps , it was seen that a house sorry neighborhood or for 1/2 million$
This post was edited on 7/4 at 9:11 pm


Replies (0)
Replies (0)
00
TheDeathValley
LSU Fan
New Orleans, LA
Member since Sep 2010
14909 posts

Just built my house and moved in February.

We bought our precious house in 2015 for 160 and sold it in 2022 for 242. That’s wild.

We could buy it again for the market rate but the 5-6% APR would have really sucked. We paid around ~130-40 a square foot so it wasn’t too bad. Lumber got us.


Replies (0)
Replies (0)
00
NC_Tigah
LSU Fan
Carolinas
Member since Sep 2003
111198 posts

quote:

Could you afford to buy your own house if you had to buy it today?
Yes.
But the question would be, are you buying a bubble?
If so, would your time-horizon allow for revaluation back to present levels?

We just sold one place. Travel and maintenance between two homes got old. Given the market, selling and locking the gain on one made sense. Now our property's shot north of $1000/SqFt here though. Crazy. Hard to imagine further escalation, but who knows.
This post was edited on 7/5 at 7:15 am


Replies (0)
Replies (0)
00
Fox McCloud
Member since Oct 2020
3138 posts
 Online 

Definitely would not be able to afford mine


first pageprev pagePage 2 of 4next pagelast page

Back to top

logoFollow TigerDroppings for LSU Football News
Follow us on Twitter, Facebook and Instagram to get the latest updates on LSU Football and Recruiting.

FacebookTwitterInstagram