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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 4/3/23 at 8:09 pm to StringedInstruments
Posted on 4/3/23 at 8:09 pm to StringedInstruments
quote:My best friend sold his house last Summer for a cool $1.1 Mill. Buyer brought cash to the table.
Holy shite. According to this site, 1 in 10 home purchases were cash in 2022. Most since 1988.
He admits that he sold at the top of the market and no way he get that today. Just like cars bought during the pandemic, whole lotta people are upside down on the houses they bought in the last couple of years.
2
Posted on 4/3/23 at 8:11 pm to StringedInstruments
Cartel money.
If somebody you knows buys a house the are on the cartel's payroll and you should fill out a fed IC3 and rat on them.
Take the silver or the lead... or real property.
If somebody you knows buys a house the are on the cartel's payroll and you should fill out a fed IC3 and rat on them.
Take the silver or the lead... or real property.
Posted on 4/3/23 at 8:15 pm to greygoose
Man, for somebody who is young with a relatively high income in a low cost of living place, I'm learning that I'm actually broke AF.
Posted on 4/3/23 at 8:21 pm to greygoose
quote:I wonder what % of homeowners couldn’t afford the house they are living in at a 2023 price/rate
e admits that he sold at the top of the market and no way he get that today.
Posted on 4/3/23 at 8:24 pm to StringedInstruments
Only way is to pay out the arse for a $250-300k 1400 sf starter home. (Which was $175-$200k five years ago.)
Posted on 4/3/23 at 8:26 pm to GreatLakesTiger24
Before the pandemic I wanted to move. But I locked in 2.75 percent and bought the empty half acre next door. It’s doubled in value and house has appreciated 200k from what I paid.
Now I can’t afford to move.
Best bet now would be to just build a casita in the property if we wanted something bigger. It’s plenty big enough though.
My main concerns are rising property taxes and the fact that the city is creeping closer.
If I was in the market, I’d be depressed
Now I can’t afford to move.
Best bet now would be to just build a casita in the property if we wanted something bigger. It’s plenty big enough though.
My main concerns are rising property taxes and the fact that the city is creeping closer.
If I was in the market, I’d be depressed
This post was edited on 4/3/23 at 8:28 pm
Posted on 4/3/23 at 8:32 pm to ghost2most
Have some new builds listed for $330k where we are. 2200-2400 sqft.
Made an offer on one for $305k, they said no it would bring down the values of the others.
Houses (like 8 of them) have been on the market for 160 days
Well they will sit for another 160 days
Made an offer on one for $305k, they said no it would bring down the values of the others.
Houses (like 8 of them) have been on the market for 160 days
Well they will sit for another 160 days
Posted on 4/3/23 at 8:32 pm to StringedInstruments
Riets are what’s buying up all these houses. They then turn around and rent them out.
Posted on 4/3/23 at 8:33 pm to GreatLakesTiger24
quote:
I wonder what % of homeowners couldn’t afford the house they are living in at a 2023 price/rate
I closed May of 2022. I could prob still afford it but would have to make some cuts other places.
Glad we bought when we did though. Prices haven't fallen nearly as much as rates have risen.
To get roughly the same monthly payment, I would have to buy for about 180k less. The houses in that price range aren't nearly as nice as the house we got.
This post was edited on 4/3/23 at 8:56 pm
Posted on 4/3/23 at 8:41 pm to BilbeauTBaggins
quote:Wut?
Renting is cheaper
1 br apartments in Slidell are north of $1k/month now, closer to $1.5k. The rent moratorium for two years has destroyed the rental markers.
Posted on 4/3/23 at 8:42 pm to down time
quote:
quote:
The interest, property taxes, hoa all exceed what I "wasted" in rent a month.
I think most people here aren't factoring in tx or FL level tax rates. LA is a cheap state to own.
Do you guys think owners of there rental property don't ensure that their rent covers the property taxes, interest, hoa, etc.?
My previous mortgage was 2k. This included escrow to cover anything listed above. I'd have charged 2,500 a month minimum to rent after discussing with realtor. We decided against because we didn't want to deal with being landlords (thank the lord as this was right before covid). So the renter is paying the interest and fees plus a premium for my troubles. And on top of that, not recouping any of the equity built up in the property. There is no case where renting is better strictly from the numbers.
However, there are short term reasons for individuals to rent over purchase. Owning is a longer term endeavor for sure.
Posted on 4/3/23 at 8:42 pm to Horsemeat
The fricked up part is people that bought at non insane prices might get priced out by property tax.
Texas has to do something to lower the taxes. Mine are as much as the mortgage
Texas has to do something to lower the taxes. Mine are as much as the mortgage
Posted on 4/3/23 at 8:43 pm to ghost2most
quote:
The fricked up part is people that bought at non insane prices might get priced out by property tax.
Texas has to do something to lower the taxes. Mine are as much as the mortgage
We have been comparing with other states and we come out ahead when considering no income tax.
Posted on 4/3/23 at 8:47 pm to Jon A thon
quote:
Do you guys think owners of there rental property don't ensure that their rent covers the property taxes, interest, hoa, etc.?
I honestly don’t know. One of my close friends rents a condo in San Jose for $2700ish. Condos in the community sell for $750k (small 2BR 1BA without an in-unit washer/dryer). Either the owner has owned it forever, or they’re eating the difference.
Posted on 4/3/23 at 8:48 pm to nola tiger lsu
quote:
We have been comparing with other states and we come out ahead when considering no income tax.
I'd rather pay just about any other kind of tax over a property tax.
Posted on 4/3/23 at 8:48 pm to Robin Masters
quote:
When I was a kid my single mom couldn’t afford anything close to her work so she bought a hundred year old house and 20 acres out in the country about 45 min from the city for $22k (in 1985). We worked for 5 years fixing it up and sold it for $160k.
We did the same thing a little closer and she sold t for $400k. She’s now worth over 2 million.
Everyone thinks they deserve the best without needing to sacrifice
I remember those days.. But that was before tv shows like "flip this house."
Right now. I get an average of 3 texts and 3 calls per day by people wanting to buy my house... plus stuff in the mail...
I saw a sign today for a manager at taco bell. Starting pat $12 per hour.. How can they afford a house today?
Posted on 4/3/23 at 8:52 pm to nola tiger lsu
quote:
We have been comparing with other states and we come out ahead when considering no income tax.
I seriously am dumbfounded whenever people rail about TX property taxes on here. It's been brought up a ton lately.
I live in Texas now. I used to live in Louisiana. My tax burden to the state I live in is considerably lower now than it was when I lived in Louisiana. And the property I bought in texas is assessed at 67% higher than the one I had in Louisiana.
Yes the property taxes are high, but they are more than offset by no income tax. And my monthly escrow payment is barely higher when you factor in that my home insurance (again, for a property that requires a WAY higher coverage amount) is a fraction of what I was paying in Louisiana.
Posted on 4/3/23 at 8:53 pm to StringedInstruments
If the banks and Wall Street couldn’t make billions on mortgages then we’d all be sleeping in tents worth $50,000.
Posted on 4/3/23 at 8:53 pm to fallguy_1978
quote:
I'd rather pay just about any other kind of tax over a property tax.
Property tax is one of the best kinds of taxes. Way the frick better than income taxes.
This post was edited on 4/3/23 at 8:54 pm
Posted on 4/3/23 at 8:54 pm to Dawgfanman
quote:
Does your company have jobs for all 3.5+ million people that graduate HS each year? Do you think your place of employment is so typical as to describe such jobs as “plentiful”? It’s an outlier. Most college grads earn more than most HS grads. The last figure I saw was close to 1 million over a working lifetime.
Does my company? No, but the maritime industry and skilled labor industries are pretty desperate for people right now (and paying.) I’m not saying people shouldn’t go to college. I went to college…for a degree relevant to my field. I’m saying people should put more thought behind their degrees and really search out industries that are paying because why would two people go to a four year college with one choosing a degree where your salary is 35k out of school and the other is 150k+. People I went to high school with went to LSU for a business degree and are now working retail jobs making just above minimum wage. In what world does it make sense to go spend however much on a college education to go work a retail job.
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