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Housing market gonna take a dump in the next year?

JR4X said:
BS, there’s no way this is sustainable
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Graphs and stuff. Take it or leave it. Don't matter to me.

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JR4X said:
There have been people on this forum bragging for years about how much their property value has increased. Are those same people happy with their tax burden increase that mirrored the portfolio gain?
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We were lucky with our timing. We bought our lot for a low price in 2011 and built our house in 2013 for a good price. Our property taxes have gone up, but they are only about $5,500/yr. We live in the county (no city taxes) in NC so low taxes relative to a lot of areas of the country. The value of our house has probably doubled, but I don't ever plan on leaving and the cost of the property taxes are really minimal.
 
Sandy Johnson said:
Graphs and stuff. Take it or leave it. Don't matter to me.

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You think it’s impossible for something to begin to change in the next year or two? Is that hopeful optimism for your children’s future or do you genuinely believe it unlikely elevated taxes/interest rates/rising prices on everything including food utilities fuel etc would cause a correction?
 
JR4X said:
You think it’s impossible for something to begin to change in the next year or two? Is that hopeful optimism for your children’s future or do you genuinely believe it unlikely elevated taxes/interest rates/rising prices on everything including food utilities fuel etc would cause a correction?
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Hopeful optimism for my children's future? Optimism would be hoping for a correction before they have to get out on their own and figure out where they're going to live.

I don't see things changing until the supply of houses goes higher since there will always be a demand. Shelter(a place to live) is on the bottom of Maslow's pyramid after all. People will sacrifice a lot and put up with a lot of BS just to have a place to call home.
 
DannyK said:
We were lucky with our timing. We bought our lot for a low price in 2011 and built our house in 2013 for a good price. Our property taxes have gone up, but they are only about $5,500/yr. We live in the county (no city taxes) in NC so low taxes relative to a lot of areas of the country. The value of our house has probably doubled, but I don't ever plan on leaving and the cost of the property taxes are really minimal.
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"Only $5,500":laughing:

Mine were about $1100 + Special assessments (recycling program, bill for paving our street and bill for tying into the new sewer). I just made the bill $0 + special assessments.:flipoff2:

After I pay off the truck this fall, and the STI next spring, I'll tackle the special assessments so I'll only have the $69 recycling fee left on the taxes each year.:smokin:
 
Sandy Johnson said:
Graphs and stuff. Take it or leave it. Don't matter to me.

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1724266807478.png
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All those things are true, but the really ugly stuff they left out :homer:

Existing home sales lower than they have been since the 1990's , lower than 2008 :eek:

Home affordability is at an all time low, in other words shits way over priced.

Shit is going to reset itself, it always does and over corrects. Lots of pain coming soon ...
 
DannyK said:
We were lucky with our timing. We bought our lot for a low price in 2011 and built our house in 2013 for a good price. Our property taxes have gone up, but they are only about $5,500/yr. We live in the county (no city taxes) in NC so low taxes relative to a lot of areas of the country. The value of our house has probably doubled, but I don't ever plan on leaving and the cost of the property taxes are really minimal.
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"Only" $5500??? In rural NC??!!!

I live in rural NC. My house is 3000 square feet on 11 acres. My property taxes are $1800.
 
Norm said:
All those things are true, but the really ugly stuff they left out :homer:

Existing home sales lower than they have been since the 1990's , lower than 2008 :eek:

Home affordability is at an all time low, in other words shits way over priced.

Shit is going to reset itself, it always does and over corrects. Lots of pain coming soon ...
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I think it'll be fine until we hit a recession then housing will take a blood bath and it'll cause one helluva recession. Probably '09 all over again. Different triggers and root causes, but basically the same outcome. The way the government manages the economy basically ensures a constant boom/bust cycle. What fuels the booms causes the busts then you have to fuel another boom to recover from the last bust.
 
east_beast said:
"Only" $5500??? In rural NC??!!!

I live in rural NC. My house is 3000 square feet on 11 acres. My property taxes are $1800.
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Same. We're in Rural Henderson County. $425k house and land, pay around $2k if memory serves.
 
east_beast said:
I think it'll be fine until we hit a recession then housing will take a blood bath and it'll cause one helluva recession. Probably '09 all over again. Different triggers and root causes, but basically the same outcome. The way the government manages the economy basically ensures a constant boom/bust cycle. What fuels the booms causes the busts then you have to fuel another boom to recover from the last bust.
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Possibly be by design, seeing how the people with the real money/assets/power typically come out with even more money every boom and bust cycle...
 
Pook said:
Possibly be by design, seeing how the people with the real money/assets/power typically come out with even more money every boom and bust cycle...
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You're not wrong about them capitalizing on it but I honestly don't think it's as much by design as it's just ego driven incompetence. They really think they're going to be able to keep their time on the scale and create an atmosphere of constant steady growth but when things start booming no one wants to reel it in. Everyone wants to benefit from the boom. This current fiasco we found ourselves in is largely from having 20 years of near record low interest rates. People whining about sky high rates currently obviously have no concept of historically normal rates. Basically free money has become the norm.
 
ApeEater said:
Even if that's potentially true, they still end up with the asset. You can never sell it. That value doesn't pass to your children.
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Bingo. They'll have a lien on your title to get theirs.

I strongly suspect that there's no such protection to begin with or the protection is so narrowly defined that virtually no one qualifies for it anyway.
 
rockota said:
income tax is much better than property tax.

taxing a persons property is unethical AF. I'd trade my "no income state tax" for a "no property state tax" any day.
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Exactly, I've made this point living in/ around a town that's half in TX (high property tax- no state income tax) and half in AR (low property tax- 2-4% income tax)

When you're middle class 30yr old with a good income and a normal "middle class house in town" it's a wash. It really doesn't matter which side you live on, it's about even either way.

When you're older and have reduced income but significant property value, Texas rapes you anally so your grandkids can go to a public school that looks like a college. Arkansas leaves you alone with your mansion on land with the monster shop full of toys and only charges you $1000/year for all of it while scraping 2% off the top of your pension (or whatever).

I am a native Texan. FUCK TEXAS.
 
Bitches; you people are all light weights when it comes to property taxes. I lived many years in New Jersey (yeah it sucked). Last house I lived in; taxes were almost $10k per year on a home valued in the low $200K. SIL was paying well north of $20K in property taxes.
 
east_beast said:
Property tax is just proof that you literally own nothing. That's your rent to the state. If you don't believe me, stop paying it and watch when they send men with guns to remove you from "your" property.
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You already own nothing, happy or not.
 
ProjectTwin said:
katv.com

California advances 0 down, no payment home 'loans' for undocumented immigrants

The California Senate Appropriations Committee advanced a bill to allow undocumented immigrants to make use of the state’s zero down, no payment “loan” program.
katv.com katv.com
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Wow, didn't even know that existed. They give people free loans with no payments to add on top of their normal mortgage. This allows them to pay more than other people. If this is pushed out on a large scale, it would simply increase the price of all house by the amount of the free loan. Its really scary what the left is rolling out.
 
I wouldn't say I've bragged about my assessments, though I have noted that it is a tragic comedy that I am nearly a millionaire according to the bank or state or whoever it is that you'd ask.

I couldn't buy today what I "own" today, for certain. I can afford the tax increases though for now.

It also enables me to use my house as a credit card, that's convenient from time to time :flipoff2:

I'm pretty well maxed out in my comfort level with debt for a while though. No vehicle and no credit card debt, so that's nice
 
I think we won't see a crash for sometime.
Property is so expensive that all the old turds got fixed up and sold. Now people are scared to sell and everything is used up leaving a dry market. There's literally almost nothing for sale so it's easy to sell what does pop up.
Supply is too low for any type of crash and high price is the new standard from all the printing of new money. I shouldn't say printing because they don't even do that now,just poof! Here's your not free free money:usa:
 
east_beast said:
"Only" $5500??? In rural NC??!!!

I live in rural NC. My house is 3000 square feet on 11 acres. My property taxes are $1800.
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I guess it is relative. I don't think that is bad compared to the stories I hear of people paying $20k or more in some areas of the country.
 
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