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Message
1
Posted on 8/30/22 at 12:52 pm to Joshjrn
I agree, 28% is optimal, but if you stretch to 32-35%, especially in today’s market, it won’t be a huge setback long-term.
Posted on 8/30/22 at 12:54 pm to PeteRose
I bought my current house at the end of 1999 for $165K.
Currently valued at $350K (due to tax caps assessed value is $335K).
Currently valued at $350K (due to tax caps assessed value is $335K).
Posted on 8/30/22 at 12:56 pm to Zappas Stache
Central Texas, DFW and Houston are more than likely going to continue to see at least 3-5% yearly appreciation gains.
Posted on 8/30/22 at 12:56 pm to Paul Allen
quote:
I agree, 28% is optimal, but if you stretch to 32-35%, especially in today’s market, it won’t be a huge setback long-term.
It's a dangerous game to play. For example, when my escrow got recalculated for this year, my mortgage went up $100/mo due to insurance increases. I wasn't exactly amused, but it's not going to affect me in any appreciable way.
But if you're already on the edge? Those kind of adjustments get dicey quickly, and there's not a damned thing you can really do about it.
Posted on 8/30/22 at 12:58 pm to PeteRose
Bout 2000sq ft house 18 years ago for $158k. Appraised last year at $275k
Posted on 8/30/22 at 12:59 pm to Joshjrn
True, but if you live in an area where you’re consistently seeing at minimum 3-5% yearly appreciation gains it makes it more accommodating.
Posted on 8/30/22 at 1:03 pm to Paul Allen
quote:
True, but if you live in an area where you’re consistently seeing at minimum 3-5% yearly appreciation gains it makes it more accommodating.
Only if you can afford the note. Unrealized gains stay unrealized until you sell. You can refinance, but that comes with fees attached. You can sell, and now you just got reamed by realtor fees and general costs.
Now, this isn't me going out against buying a home. I've been pretty vocal on here the last few years that I think unless people jump on the merry go round soon, it might start going so fast that they can never safely get on.
But that doesn't make jumping on the merry go round any less dangerous, and it doesn't take much of a slip to cause people real damage.
Posted on 8/30/22 at 1:03 pm to SuperSaint
quote:
2,650sq ft
You call that living?
Posted on 8/30/22 at 1:04 pm to Joshjrn
quote:
my mortgage went up $100/mo due to insurance increases. I wasn't exactly amused, but it's not going to affect me in any appreciable way.
Get used to it
Posted on 8/30/22 at 1:10 pm to fallguy_1978
quote:
Get used to it
Yeah, I've kinda gathered that
Fortunately, the wife and I were in a financial position to buy a very pleasant house (though not luxurious by any means) that puts our current monthly note at around 16% of our combined gross income, and still only about 23% of my income alone. Most of my age-peers aren't so lucky.
Posted on 8/30/22 at 1:30 pm to SuperSaint
quote:
SuperSaint
quote:
Not sure on the 20 years ago but 10 years ago in 2012 $675K today $1.8 (according to Zillow)
quote:
We had our house paid off at 30. What's wrong with Millennials these days?"
I’ll be 44
You gonna pay off a $1.6M house that you supposedly bought with the income from that low level blue collar career that you started at almost 40 by the time you're 44? After spending years as a junkie criminal bartender in New Orleans throughout your 30s? FIL must be treating you well.
Posted on 8/30/22 at 1:37 pm to Joshjrn
quote:
Now, this isn't me going out against buying a home. I've been pretty vocal on here the last few years that I think unless people jump on the merry go round soon, it might start going so fast that they can never safely get on.
Yea this is pretty much where I’m at. We are homeowners now, so we’re much more insulated from rapidly rising prices. I feel really bad for those looking to buy their first home.
We were terrified we were buying too much house, or that we were buying at the top of the market etc when we bought our first home.
That was 35% ago.
Posted on 8/30/22 at 1:40 pm to beerJeep
quote:
Back then you didn’t have all of the modern necessities. A home didn’t come with granite countertops, 10-12 foot ceilings, designer furniture, smart appliances, 2 car garage, etc.
Did the house get expensive or the amount of shite we put in them get expensive?
This. Houses are absolutely ridiculous now.
"oh you don't have all granite and stainless appliance, sorry white trash, your house is worth nothing"
Posted on 8/30/22 at 1:47 pm to tadman
quote:
This. Houses are absolutely ridiculous now.
"oh you don't have all granite and stainless appliance, sorry white trash, your house is worth nothing"
This isn't close to reflective of reality.
Posted on 8/30/22 at 1:49 pm to Paul Allen
quote:
True, but if you live in an area where you’re consistently seeing at minimum 3-5% yearly appreciation gains it makes it more accommodating.
Appreciation doesn't mean anything if you can't cash flow the note
Posted on 8/30/22 at 1:51 pm to PeteRose
My little bitty area first house that i bought over doubled the appraisal value with a recent sell.
That house was great. Easy to deal with, the utilities weren’t expensive, and the mortgage was very manageable.
The amount people are being paid that are buying those houses haven’t increased enough to cover that cost now.
That house was great. Easy to deal with, the utilities weren’t expensive, and the mortgage was very manageable.
The amount people are being paid that are buying those houses haven’t increased enough to cover that cost now.
Posted on 8/30/22 at 1:57 pm to Joshjrn
quote:
This isn't close to reflective of reality.
I just bought and sold a house, it's not far off.
It was a big point selling our old place with matching stainless.
I also got a great deal on the new place because of 1990's oldskool countertops and mismatched white-plastic appliance. I'm going to put a lot of elbow grease into it and enjoy it, but most suburban folks would turn their noses up at the place now.
Posted on 8/30/22 at 2:09 pm to tadman
quote:
I just bought and sold a house, it's not far off. It was a big point selling our old place with matching stainless. I also got a great deal on the new place because of 1990's oldskool countertops and mismatched white-plastic appliance. I'm going to put a lot of elbow grease into it and enjoy it, but most suburban folks would turn their noses up at the place now.
Of course it’s a selling point, just like nice landscaping is. But a $300k house doesn’t turn into a $200k house because the kitchen is out of date. I wish it did. Would have made house hunting far easier
Posted on 8/30/22 at 2:16 pm to MusclesofBrussels
quote:you still on this huh
MusclesofBrussels
Did you forget when you told me aboot this alter?
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