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re: The age of the median home buyer in 07 was born in 1968, in 2024 it is still 1968.
Posted on 5/20/25 at 4:33 pm to SallysHuman
Posted on 5/20/25 at 4:33 pm to SallysHuman
quote:
Older sellers are going to be making a profit anyway...
Are they?
quote:
People across from me bought in 99 for just under 100k... sold for over 220k to a corporate buyer
How many years in between? And fwiw, a 100k home paid for over 30 years costs 220k or more.
1
Posted on 5/20/25 at 4:37 pm to Dawgfanman
quote:
Are they?
Yes.
quote:
How many years in between? And fwiw, a 100k home paid for over 30 years costs 220k or more.
I wanna say they sold in 2022, maybe 2021. It's smaller than my house and no way was it fair market that much, the corporate buyers really are a problem- I know my husband and I did not have to compete with them and if we had, who knows where we would have ended up.
Posted on 5/20/25 at 4:41 pm to cgrand
quote:
You mean do what those of us born in mid/late 60s had to do when buying our first houses under double digit interest rates
Were you buying a house at age 12-15?
Posted on 5/20/25 at 4:41 pm to SallysHuman
quote:
Yes.
The person in your example didn’t. They paid out damn near 220k in mortgage/taxes/insurance over the 23 years of ownership (maybe more) and. That’s not counting the roof they had to replace, the A/C, flooring, water heater, etc. They did not make a profit.
quote:
I wanna say they sold in 2022, maybe 2021. It's smaller than my house and no way was it fair market that much, the corporate buyers really are a problem- I know my husband and I did not have to compete with them and if we had, who knows where we would have ended up.
Fair market is what a willing buyer will pay. And again, they didn’t even profit off this home. Likely didn’t recoup the money they put into it over the two plus decades.
Posted on 5/20/25 at 4:48 pm to Dawgfanman
quote:
The person in your example didn’t. They paid out damn near 220k in mortgage/taxes/insurance over the 23 years of ownership (maybe more) and. That’s not counting the roof they had to replace, the A/C, flooring, water heater, etc. They did not make a profit.
First, deduct rent from your equation- cuz nobody lives in a house for free.
Rent at, say $1000/mo for 23yrs is 276k. Even $700/mo is over $193k.
Try again.
Posted on 5/20/25 at 4:54 pm to SallysHuman
quote:
First, deduct rent from your equation- cuz nobody lives in a house for free. Rent at, say $1000/mo for 23yrs is 276k. Even $700/mo is over $193k. Try again.
No need to try again. You said they “profited” but they didn’t. They literally spent more on it than they got for it when they sold. That isn’t profit. They did get utility out of it, a place to live. And rent wasn’t $1000 for a similar home in 99 or even most of the 2000s. How do I know? I bout a home in 1999 for 98k and used it as a rental for 2007 until 2019, when I sold it for 170k. I did make a profit.
Posted on 5/20/25 at 4:58 pm to Dawgfanman
quote:
No need to try again. You said they “profited” but they didn’t. They literally spent more on it than they got for it when they sold. That isn’t profit. They did get utility out of it, a place to live. And rent wasn’t $1000 for a similar home in 99 or even most of the 2000s. How do I know? I bout a home in 1999 for 98k and used it as a rental for 2007 until 2019, when I sold it for 170k. I did make a profit.
If you deduct anywhere from 193-276k they would have paid monthly in rent, then yes... they profited. Better still, they moved to an inherited property so they didn't have to buy again.
I rented a house, in the same area for 9mo or thereabouts in 2006 and I believe the rent was 750/mo. Rents only go up.
Posted on 5/20/25 at 5:02 pm to RaoulDuke504
It’s all by design. It’s not the boomers fault the controlling elite decided to block people from buying homes. They are literally buying up the supply and people here pretend it’s because Blackrock wants to earn money on housing.
Posted on 5/20/25 at 5:04 pm to SallysHuman
quote:
If you deduct anywhere from 193-276k they would have paid monthly in rent, then yes... they profited. Better still, they moved to an inherited property so they didn't have to buy again.
Maybe you know about the inherited property but not all inherited property is owned free and clear. My mom used her house like a piggy bank, always taking the equity when it built up, when I inherited it she owed more than she’d paid for it originally.
quote:
I rented a house, in the same area for 9mo or thereabouts in 2006 and I believe the rent was 750/mo. Rents only go up.
Yeah we charged like 800 at first on ours by the time we sold we were charging 1200.
I’m not saying they didn’t benefit from owning over renting, just they didn’t really profit, imo.
The solution is building more homes, smaller homes, cheaper homes, like the 100k (in 1999) house I bought a t the one you describe here. These don’t get built anymore. No first time home buyers want them. They are too “ghetto”.
Posted on 5/20/25 at 5:05 pm to SallysHuman
quote:
Rent at, say $1000/mo for 23yrs is 276k
Where are they renting,pine bluff ?
Posted on 5/20/25 at 5:08 pm to Dawgfanman
quote:
The solution is building more homes, smaller homes, cheaper homes, like the 100k (in 1999) house I bought a t the one you describe here. These don’t get built anymore. No first time home buyers want them. They are too “ghetto”.
That's the thing... my daughter is looking at "starter homes" that are similar in size and smaller to my own "starter home"... and they are really, really expensive. She's not looking at anything fancy or a McMansion, she's looking at very small houses.
Posted on 5/20/25 at 5:09 pm to Dire Wolf
quote:
Where are they renting,pine bluff ?
Where is pine bluff?
Anyway, she'd skin my arse if I gave that info out. It's in SC, not the beach, not Aiken, not Columbia, not Spartanburg or Greenville... that's all I can say, lol.
Posted on 5/20/25 at 5:20 pm to RaoulDuke504
So, basically, you are saying that we boomers should be buying more investment houses because there's a lot more renters than buyers.
Thanks.
Thanks. Posted on 5/20/25 at 5:30 pm to Chicken
quote:
well, if this person just has a few years before both loans are paid off, then that bodes well for them to start saving more towards their home purchase, no?
So well into their thirties, which, for the millionth time now, is the whole point. This is getting embarrassing.
“Hey if you work really hard, get an engineering degree, and get a good job, by the time you’re 35, you can drive a 10 year old vehicle with 175k miles and maybe afford to buy a home that’s outdated and 1200 sq feet an hour away from where you work. Of course, you can’t have kids during that time frame, or that will throw all your savings plans off. Lucky you! Congrats on your professional success!”
So motivating
This post was edited on 5/20/25 at 5:40 pm
Posted on 5/20/25 at 5:48 pm to AtlantaLSUfan
quote:
It’s not the boomers fault the controlling elite decided to block people from buying homes. They are literally buying up the supply and people here pretend it’s because Blackrock wants to earn money on housing.
Are boomers (f them kids) not making bank from it? Seems like someone has to be supporting what Blackrock and others do
This post was edited on 5/20/25 at 5:51 pm
Posted on 5/20/25 at 5:56 pm to chalmetteowl
Blackrock buys the homes for whatever the asking price because they plan to make home ownership obsolete. Property taxes are also assisting. You don’t even own what you own.
Posted on 5/20/25 at 6:02 pm to Mingo Was His NameO
what was this guy's starting salary? does this guy have any savings?
Posted on 5/20/25 at 6:07 pm to Mingo Was His NameO
quote:the only embarrassing thing is that you think a single guy with student loan debt and an outstanding car loan should not be content on buying his first home until he is in his mid-thirties...
So well into their thirties, which, for the millionth time now, is the whole point. This is getting embarrassing.
This post was edited on 5/20/25 at 6:09 pm
Posted on 5/20/25 at 6:14 pm to Chicken
quote:
the only embarrassing thing is that you think a single guy with student loan debt and an outstanding car loan should not be content on buying his first home until he is in his mid-thirties...
He’s not, which is the ENTIRE frickING POINT. Holy shite
Posted on 5/20/25 at 6:18 pm to RaoulDuke504
If I didn't buy before COVID it would be tough for me to buy a house right now and im 31 with 0 debt.
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