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re: New home buyers facing least affordable market ever, data from the MBA shows
Posted on 6/9/23 at 12:17 pm to stout
Posted on 6/9/23 at 12:17 pm to stout
If anyone is waiting to buy, don’t wait.
Buy what you can afford even if small.
Buy in best neighborhood you can afford.
When interest rates start dropping- and they will- prices are fling to jump up.
Speaking from experience here
1
Posted on 6/9/23 at 12:55 pm to lowspark12
quote:
Liberal scum say things like this
Lmao, you think I’m liberal?
Posted on 6/9/23 at 12:56 pm to shutterspeed
I hate to break it to you. It is political. Inflation, monetary policy, energy policy, energy efficiency mandates, renewable energy policies and subsidies, supply chain crisis, etc. all are driving and affecting the economy and housing market. Period.
This is political. This is personal.
This is political. This is personal.
Posted on 6/9/23 at 1:33 pm to Deplorableinohio
absolutely it is
Posted on 6/9/23 at 1:49 pm to shutterspeed
quote:
Not many can "afford" it, but what else can people do if stuck in the current market? People have to have shelter, so they're SOL. I'm sure people are having to sacrifice the majority of their their take-home pay, go into debt, etc. to meet rental market demands.
You elect politicians who will make it impossible for landlords to evict tenants.
And why not?
Posted on 6/9/23 at 2:07 pm to stout
I’ll sell you a trailer. Singlewide or doublewide?
Posted on 6/9/23 at 2:21 pm to stout
I've been trying to buy recently and anything even halfway affordable is being bought within hours of listings being posted. It's insane.
Posted on 6/9/23 at 2:24 pm to stout
I see a lot of this in the future of male millennials.
Posted on 6/9/23 at 2:54 pm to SlidellCajun
quote:
When interest rates start dropping
Posted on 6/9/23 at 3:09 pm to NIH
quote:
People need to pick up their boot straps and quit complaining
Nah we need ubi and more free housing. Also let the government completely take over the energy sector.
Posted on 6/9/23 at 3:14 pm to stout
They are buying their 3rd and 4th vacation homes that will be their millennial children’s homes when they die.
33-42 are the children of the 68-76
I’m in that number, my boomer parents are in the other.
quote:
Boomers hold the greatest wealth across generations at $73 trillion in Q4 2022—eight times that of millennials. In the current environment of high home prices and interest rates, boomers are better equipped financially for home purchasing. In fact, data shows only 49% of older Boomers (aged 68-76 years) financed their home purchase in 2022, compared with 93% of those aged 33-42 years, according to the report.
33-42 are the children of the 68-76
I’m in that number, my boomer parents are in the other.
This post was edited on 6/9/23 at 3:17 pm
Posted on 6/9/23 at 3:20 pm to NIH
quote:
People need to pick up their boot straps and quit complaining
While I’m sure this was said in jest, it’s true. Work harder if you can’t afford the things you want in life.
Posted on 6/9/23 at 3:22 pm to stout
quote:
Well Baby Boomers may be contributing to the unaffordability problem as well
Baby boomers are just the worst. Sorry, Mom and Dad.
Posted on 6/9/23 at 4:24 pm to h0bnail
quote:I wish my home would appreciate like this.
I bought my first house for $162k in 2008. A near exact replica in the same subdivision is now listed for $400k. It's absolutely bonkers.
Where the frick are you that home values have more than doubled since 2008?
I’m in Lafayette, LA and my home value has increased less than 40% since we bought it in 2010.
This post was edited on 6/9/23 at 4:27 pm
Posted on 6/9/23 at 4:57 pm to bhtigerfan
quote:
Where the frick are you that home values have more than doubled since 2008?
Baldwin County AL is one area. Towns like Fairhope, Foley, Gulf Shores.
Posted on 6/9/23 at 5:29 pm to TackySweater
quote:
While I’m sure this was said in jest, it’s true. Work harder if you can’t afford the things you want in life.
Working hard (while important) is only one of many factors in determining success. We all have limitations in abilities and we’re all at the mercy of things outside of our control. To say a person can’t afford an 700k house because they didn’t work hard is an over simplification general statement.
Posted on 6/9/23 at 5:46 pm to jralspanky
quote:
My youngest (23) son and his fiancé closed on a new house just a few minutes ago. Pay 1800/month in rent or 2100/month and buy something
I remember the good old days when renting was more expensive than buying.
Posted on 6/9/23 at 5:51 pm to stout
Posted on 6/9/23 at 5:55 pm to stout
Multifamily is booming until the financing goes away.
In reality, owning a home has never been the right move for many.
People are having fewer kids, moving jobs more often, marrying later. Plus, a growing part of our population come from places that owning a “house” isn’t how things are done.
In reality, owning a home has never been the right move for many.
People are having fewer kids, moving jobs more often, marrying later. Plus, a growing part of our population come from places that owning a “house” isn’t how things are done.
This post was edited on 6/9/23 at 5:59 pm
Posted on 6/9/23 at 5:56 pm to stout
This is prob the worst time to buy a house in decades. We're right at the crest where home prices are still near their peak while interest rates are also their highest in decades. Home prices haven't reacted enough to interest rate increases.
They will eventually (I hope). If they don't then something is fundamentally wrong with the system and we'll see another 2008 style crash. The majority of people in this country can't afford a $350k house with 7% interest rates.
They will eventually (I hope). If they don't then something is fundamentally wrong with the system and we'll see another 2008 style crash. The majority of people in this country can't afford a $350k house with 7% interest rates.
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