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Started By
Message
re: How much lower do housing prices need to go before people actually start buying?
Posted on 9/8/25 at 12:53 pm to Mingo Was His NameO
Posted on 9/8/25 at 12:53 pm to Mingo Was His NameO
quote:
While this is somewhat true, it’s likely more wrong than right. Rents are based on current values, not historical costs. You may be saving pennies on the valuation delta, but you haven’t bused the game like you think you have
I’m renting because all of the homes in my price range are total shite, not to save a few bucks on taxes. I expect my income to increase by a decent amount over the next year, which should be enough to put me in an actual entry level home and not a tear down.
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Posted on 9/8/25 at 1:04 pm to 9Fiddy
I think car owners in New Orleans pay a yearly property tax? And for those who don’t there’s yearly/bi-yearly registration tax. I mean why have to pay it more then when you register once?
Posted on 9/8/25 at 1:20 pm to Powerman
That's why we moved 3 years ago back to Louisiana. Close to retirement and I pay less in property tax annually in Louisiana for 3 properties, than I did for 2 months for 1 in Frisco.
Posted on 9/8/25 at 1:23 pm to Friscodog
quote:
That's why we moved 3 years ago back to Louisiana. Close to retirement and I pay less in property tax annually in Louisiana for 3 properties, than I did for 2 months for 1 in Frisco.
So you downsized your house and moved to a state that taxes retirement income and has the highest consumption taxes in the nation.
Should have moved to Mississippi in that case
Posted on 9/8/25 at 1:24 pm to Cotten
quote:
Interest rates are the significantly larger issue at play here.
Ehhh...if interest rates were lower, that would lower the monthly note. Meaning more people could afford a house currently listed at $500k. If more people can suddenly afford a good at the current price, what happens to the price?
Posted on 9/8/25 at 1:30 pm to boogiewoogie1978
A housing crash.
Posted on 9/8/25 at 1:59 pm to Clames
quote:
Sold a house months ago, people are buying. I know a chronic pissant like you would never understand these things though.
People or fools?
Posted on 9/8/25 at 2:09 pm to NFLSU
quote:
Rising property taxes are another major reason so many people are renting instead of buying.
This never made much sense to me because you as a renter are paying those higher property taxes for the home owner.
This is why rent prices are out of this world, among other reasons.
Posted on 9/8/25 at 2:10 pm to elprez00
quote:
I bought my first home in 2007 for $145,000. Three beds, 2 baths, 1/2 car garage. That same house today would be $250-275k.
First house in December of 2020, $240k 1600 sq ft starter home. Sold that same home in May of this year for $306k. The housing market is retarded and could not believe somebody offered us over asking. I mean we gladly took it and rolled it into what I am hoping is a 20+ year home, but does not change the fact that people are overpaying out the wazoo. Admittedly, we overpaid for ours and we pushed to 30% for the 50/30/20 rule, but still cant believe we paid 400k+ on the house we got. Seems insane but it is what it is.
Posted on 9/8/25 at 2:17 pm to parrothead
quote:
First house in December of 2020, $240k 1600 sq ft starter home. Sold that same home in May of this year for $306k. The housing market is retarded and could not believe somebody offered us over asking. I mean we gladly took it and rolled it into what I am hoping is a 20+ year home, but does not change the fact that people are overpaying out the wazoo. Admittedly, we overpaid for ours and we pushed to 30% for the 50/30/20 rule, but still cant believe we paid 400k+ on the house we got. Seems insane but it is what it is.
This was one of the more annoying phenomenons when buying a house. My wife and I are doing pretty well, but had zero interest in going above 2x on a house. I know where we are at in the Charlotte household median income, yet people were continually coming in and beating our housing offers (which we never went below asking). There's always the chance we just kept losing to people that technically were in the same boat as us, but our agent told us a lot of clients are going 3x to 4x their annual salary just to buy houses. It's insane.
Posted on 9/8/25 at 2:24 pm to halleburton
quote:
3% interest over 18 years brings that value to about $246k today...
You’re missing the point.
Have salaries increased a min of 3% per year for the last 18 years to make your statement apples to apples? No, they haven't, and not even remotely close to especially in entry level jobs.
Posted on 9/8/25 at 2:25 pm to boogiewoogie1978
Prices need to go back to 2019 to support any type of real movement from a majority of the population.
Posted on 9/8/25 at 3:29 pm to elprez00
I have no clue, but a house is a product just like anything else, and in your example is only marginally higher priced than the target inflation rate over that time period.
How many entry level workers were buying $145k houses in 2007?
How many entry level workers were buying $145k houses in 2007?
Posted on 9/8/25 at 3:42 pm to Mingo Was His NameO
Moved back to be near family and on family land.
Posted on 9/8/25 at 3:43 pm to boogiewoogie1978
I haven’t been in or kept up with the market for quite some time. However my aunt and uncle have a house in Northern Georgia that are closing on that was on the market for less than a month.
Posted on 9/8/25 at 4:00 pm to Cosmo
Property taxes and insurance are included in the monthly cost of rent.
Posted on 9/8/25 at 4:00 pm to DownshiftAndFloorIt
quote:
That whole period of sub 5% interest fricked everything up and the people who bought between '21 and early '24 are going to get fricked if they need to sell, and i say that as somebody in that exact position right now.
Exactly, we refinanced in 2021 a 2.4% interest rate....now were tying to sell and I asked my mortgage company if the buyer could assume our interest rate and they laughed in my face
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