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re: Homebuilders cancelling contracts to sell for more on market
Posted on 3/28/22 at 2:21 pm to Jcorye1
Posted on 3/28/22 at 2:21 pm to Jcorye1
I'll be honest and say it's just depressing. I busted my arse, turned a 2.59 GPA into a CPA firm management position, and can finally afford my dream of owning a house and it just seems like I'm getting priced out before I can. If that dream is stolen from me, I will do everything I can to go against every politician, bank, and industry that ruined it.
3
Posted on 3/28/22 at 2:24 pm to LSUFanHouston
I am no expert on contract law but
Posted on 3/28/22 at 2:27 pm to Jcorye1
Do people not take out a construction loan and hire a builder anymore? Admittedly I haven't built a house in 12 years* but the three we built we essentially "owned" everything on the property at any given time.
*The one 12 years I was the GC so it has been even longer since I built a home in what was then a conventional way.
*The one 12 years I was the GC so it has been even longer since I built a home in what was then a conventional way.
Posted on 3/28/22 at 2:28 pm to LSUFanHouston
D. R. Horton would never do you like that.
Posted on 3/28/22 at 2:29 pm to Jcorye1
quote:It is already stolen and it amazes me how people, even on this website, act like this isn’t one of the worst economies for any person to jump into.
I'll be honest and say it's just depressing. I busted my arse, turned a 2.59 GPA into a CPA firm management position, and can finally afford my dream of owning a house and it just seems like I'm getting priced out before I can. If that dream is stolen from me, I will do everything I can to go against every politician, bank, and industry that ruined it.
First they wipeout nearly everyone’s capital in 2007, and just when people in my generation begin to get a toehold, they price everyone out of the market for everything.
This is the 70s on acid (pun intended).
This post was edited on 3/28/22 at 2:32 pm
Posted on 3/28/22 at 2:30 pm to kywildcatfanone
I know in my market I have heard whispers of this. At least of contractors going to buyers and asking for more money due to rising costs. Most builders probably/or should have that in their purchase contracts. We did however come back last summer to all of our buyers stating that we would NOT be raising costs for build jobs under contract. A big sigh of relief from those buyers. Not sure if any other builders are doing that, in fact I haven't heard of any... However, we have just had 2 price increases on all other houses in the past 2 months. Pushing appx. $ 15,000 total. Prices just keep heading up...
Posted on 3/28/22 at 2:34 pm to Scruffy
quote:
they price everyone out of the market for everything. This is the 70s on acid (pun intended).
Meh you got to be doing whatever that youngish couple in the car commercial is doing… you know, the one where the girl gets the Apple watches and the guy gets his and hers matching Chevys.
If you’re not do you really deserve shite?
This post was edited on 3/28/22 at 2:37 pm
Posted on 3/28/22 at 2:36 pm to LSUFanHouston
It's all bullshite. These home prices are pandemic driven like with the car prices. Shitheads realize they could get way more in this market so they cancel the original deal. Right now is a terrible time to buy a house or car. If you had plans for either, you should have done it in 2020 or early 2021. Idiots who have no business owning a home are flooding the market trying to take advantage of low interest rates and low money down. Mortgage approvals are getting handed out like candy. I'd be real careful if I'm a legit buyer rather than a flipper trying to flip it 6 months down the road to make a quick buck because once this pandemic cools off, there could be a crash. I've been watching the Houston market for a while now and sheds that were literally selling for 200k or less are now upwards of 300k. Which is comical.
Posted on 3/28/22 at 2:41 pm to Obtuse1
quote:
Do people not take out a construction loan and hire a builder anymore? Admittedly I haven't built a house in 12 years* but the three we built we essentially "owned" everything on the property at any given time.
*The one 12 years I was the GC so it has been even longer since I built a home in what was then a conventional way.
Not in these mass produced tract housing communities found in the burbs of Dallas, Hosuton, ATL, anywhere where people are moving.
You visit the model home village, you pick out a home, a lot, options, you pay them a deposit and sign a contract.
They build your home.
At some point, you begin your mortgage application. It's not a construction loan, you are buying a completed home from the builder.
It's the middle ground between spec and custom.
Posted on 3/28/22 at 2:41 pm to chalmetteowl
It's truly insane out there. My spouse is from the Midwest, I'm from the Southeast. We're finally in a position to settle down now that our jobs are stable, and I'd like to be closer to my own family but we settled on buying here in the Midwest because the costs in the Southeast are just too high. Even here we bought a 1500 sq ft house that needs some work (cosmetic) for what my parents paid for their much larger house in 2004, which at the time they could hardly afford and the price was thought to be nearly unfathomable by most of my extended family. We make good money, probably even decent O-T money, but I still don't understand how so many people are able to purchase these 600k+ houses. We were approved at 700k on paper, but I would never, ever pay that much just for a place to live and I think it would leave our budget tight for anything of the things that I actually enjoy in life.
Posted on 3/28/22 at 2:42 pm to LSUFanHouston
i'm going to be in the market for a single family house in about 6 months and ive never looked forward to something less
Posted on 3/28/22 at 2:42 pm to msutiger
quote:
BlackRock and others with help from the federal reserve are buying up every house they can at prices your middle class American can’t afford. The bubble won’t burst because Black Rock won’t sell, they are turning them into single family rentals.
Our own government is trying to wipe out the middle class. The “American Dream” is quickly dying because there is never enough money for the elite in America. They will fricking crush you into lifetime financial dependence with no escape if it means a few extra thousand for them.
Many people refuse to believe this and it's 100% true.
The middle class is now competing with other middle class families AND the govt's guys in Blackrock.
Posted on 3/28/22 at 2:44 pm to GreatLakesTiger24
quote:We will be there in a year, possibly in the Tampa area.
i'm going to be in the market for a single family house in about 6 months and ive never looked forward to something less
I think the wife has expectations outside of reality and will be incredibly surprised.
frick, I’m uncomfortable with car prices, let alone home prices.
Posted on 3/28/22 at 2:51 pm to reddonuts8
quote:
We make good money, probably even decent O-T money, but I still don't understand how so many people are able to purchase these 600k+ houses. We were approved at 700k on paper, but I would never, ever pay that much just for a place to live and I think it would leave our budget tight for anything of the things that I actually enjoy in life.
I know a family, wife does not work, husband if I had to guess makes 35-40K a year. Nice house, nice cars, kids are in travel ball / dancing, take several nice houses a year. First few months, I was like, how?
Slowly the details come clear.
Inherited house from a grandparent. No mortgage.
Kids are on LA CHIP. Adults on on Obamacare.
The grandparent they inherited house from, they apparently inherited a truck from. Bought other car.
Another set of grandparents pays for ALL of the kids extra curricular costs.
Qualifies for EBT.
So if you are making 40K a year, probably paying 0 taxes, only have to pay for one car note, car insurance, utilities, homeowners insurance, and cell phone... you can afford to live a nice life on that low salary.
Meanwhile my wire and I make combined a number of multiples of that and I feel like I'm barely scraping by.
Posted on 3/28/22 at 2:51 pm to Jcorye1
quote:
We wonder why kids are turning to socialism, and then our companies constantly do shite like this.
It's the new Guilded Age.
Posted on 3/28/22 at 2:52 pm to Scruffy
quote:
frick, I’m uncomfortable with car prices, let alone home prices.
I hate buying cars.
I hate buying homes.
Hell, I hate buying homes so much that when I do get a wild thought about telling LA's politicians to go F themselves and moving to another state... I think about having to sell and buy a house... and I stay here.
Posted on 3/28/22 at 2:54 pm to Jcorye1
Capitalism is an economic theory and does not reflect reality. We have always and will always be a mercantilist economy. The utopian vision of free markets cannot exist because of human nature.
Posted on 3/28/22 at 2:58 pm to LSUFanHouston
I just recently found out that Alvarez is renting out about half of my neighborhood while it's still being built. I don't really want a neighborhood full of renters, but I can definitely understand why they are doing it.
I've been saying for months that greed for money specifically has crept into every facet of life. It is now unchecked, meaning that people used to have principles and there were somethings that outweighed making more money. That is no longer true. This is unsustainable. I don't know how or when this ends, but it won't be pretty.
quote:
the pressure to value short term gains over everything else (including just basic ethics/morals and customer relations) is crushing capitalism.
I've been saying for months that greed for money specifically has crept into every facet of life. It is now unchecked, meaning that people used to have principles and there were somethings that outweighed making more money. That is no longer true. This is unsustainable. I don't know how or when this ends, but it won't be pretty.
This post was edited on 3/28/22 at 3:09 pm
Posted on 3/28/22 at 3:00 pm to msutiger
quote:
BlackRock and others with help from the federal reserve are buying up every house they can at prices your middle class American can’t afford. The bubble won’t burst because Black Rock won’t sell, they are turning them into single family rentals.
Surprised the post got that many up votes when the quoted part above is not true.
LINK
quote:
However, the idea that institutional investors are somehow largely to blame for the current housing market catastrophe is wrong and obscures the real problem. Housing prices have been skyrocketing due to historically low supply, low mortgage rates, and the largest generation in American history entering the market looking for starter homes.
quote:
According to the National Rental Home Council, a single-family home rental lobbying group, “single-family rental home companies accounted for less than 0.14 percent of homes purchased” and just 0.09 percent of net homes if you count the fact that many single-family rental investors sold homes as well.
This post was edited on 3/28/22 at 3:09 pm
Posted on 3/28/22 at 3:00 pm to LSUFanHouston
quote:
I know a family, wife does not work, husband if I had to guess makes 35-40K a year. Nice house, nice cars, kids are in travel ball / dancing, take several nice houses a year. First few months, I was like, how?
Slowly the details come clear.
Kind of what I figured as well any time I see a young 28 year old couple looking at a 600k house or whatever...just assume it has to be family money in most cases. I'm in like the 89th income percentile for my age but I've never felt poorer than when shopping for a house a couple months back.
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