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Posted on 9/8/23 at 12:28 pm to A Smoke Break
I was thinking stimulus checks not PPP money so I will
quote:
Shut the frick up, you have no idea how economics works.
This post was edited on 9/8/23 at 12:38 pm
Posted on 9/8/23 at 12:47 pm to Cosmo
quote:
Yet prices still arent dropping Realtors are assholes
10/10. Well done
This post was edited on 9/8/23 at 12:48 pm
Posted on 9/8/23 at 12:50 pm to stout
Prices will never return down. New normal. Too many at the “new” values.
Multifamily living booming.
People aren’t moving so only supply is really new homes built.
Multifamily living booming.
People aren’t moving so only supply is really new homes built.
Posted on 9/8/23 at 12:54 pm to theunknownknight
quote:
Going to get worse
Needs to get worse. First time homebuying qualifications need dramatic increase in standards
Posted on 9/8/23 at 1:02 pm to PureBlood
quote:
Needs to get worse. First time homebuying qualifications need dramatic increase in standards
What?!
Posted on 9/8/23 at 1:15 pm to Cosmo
quote:
Yet prices still arent dropping
Realtors are assholes
I see at least one person doesn’t understand supply and demand.
Posted on 9/8/23 at 1:18 pm to stout
Glad I built when I did. I told a lot of people on the Home board to stop waiting for lumber to go down. I got a lot of downvotes. Now they can't build at all. I'm at 2.8 and I'm never leaving.
Posted on 9/8/23 at 1:20 pm to stout
I give you shite sometimes but I actually enjoy these threads
Useful information
Useful information
Posted on 9/8/23 at 1:23 pm to stout
When I bought my first house in 1998, pretty sure the interest rate was around 7%...I don't recall complaining about it at the time...
This post was edited on 9/8/23 at 1:24 pm
Posted on 9/8/23 at 1:26 pm to stout
There's a house that came up for sale in a neighborhood I've been wanting to move to for a few years but man we refinanced at 2.5% and a 15 year note. Hard to let go of that.
Posted on 9/8/23 at 1:28 pm to Chicken
quote:
When I bought my first house in 1998, pretty sure the interest rate was around 7%...I don't recall complaining about it at the time...
What was the sales price?
Posted on 9/8/23 at 1:28 pm to Chicken
The average student loan debt in 1998 was around $14,000 and the average home price was around $150,000. Now? Average student loan debt is much higher and the average US home is almost $450,000. It's a much different ballgame now.
Posted on 9/8/23 at 1:32 pm to RedHawk
quote:
Biden extended all of that longer than it needed to be extended, but it all started during Trump's tenure.
This was huge and not in a good way.
Posted on 9/8/23 at 1:35 pm to Chicken
quote:No one would complain if the average home price today was what it was in 1998.
When I bought my first house in 1998, pretty sure the interest rate was around 7%...I don't recall complaining about it at the time...
It was about 50% of what it is now, if Scruffy is reading the data right.
Looks like home prices increased 74% from 2010 to 2022.
Give me the prices you paid and I’ll be happy with my 7%.
Posted on 9/8/23 at 1:36 pm to Epic Cajun
quote:
Sure, but even kids who are making the right decisions are still in a shite situation. I bought my house 6 years ago. If I was 6 years younger, looking to buy the same house that I'm in now and had made all of the same life choices that I made back then (no student loans, good degrees, etc...), I would be stuck looking at a mortgage that is $1450 more than I currently pay.
I agree it's a tougher time than when I bought my house; rent is eating up a lot of income that could be saved. I think it is still doable, but priorities vary from person to person. I just disagree with the notion that new grads should be able to buy a house. That's not realistic.
Posted on 9/8/23 at 1:40 pm to Scruffy
quote:how much have wages increased from 1998 to now?
Looks like home prices increased 74% from 2010 to 2022.
Posted on 9/8/23 at 1:40 pm to Chicken
quote:
When I bought my first house in 1998, pretty sure the interest rate was around 7%...I don't recall complaining about it at the time...
What was the price per square foot?
How far did your dollar go?
So much more to consider rather than "I bought a house 30 years ago at similar rates, what's the matter"
This post was edited on 9/8/23 at 1:40 pm
Posted on 9/8/23 at 1:42 pm to Chicken
quote:
how much have wages increased from 1998 to now?
Average home price has far outpaced wage growth since then
I posted this earlier but in case you missed it this will help put it into perspective
Per Black Knight: It would take some combination of up to a 28% decline in home prices, a more than 4% reduction in 30-year mortgage rates, or up to a 60% growth in median household incomes to bring home affordability back to its 25-year average.
Posted on 9/8/23 at 1:43 pm to Chicken
quote:
how much have wages increased from 1998 to now?
Way tf less than housing prices
The respective increases are not even remotely close.
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