What's new
By:
Filters

Housing market theories

MONSTERMUDDER said:
I wonder if everyone bragging about their properties value going up is still gonnna feel that way when property taxes catch up with current apprasal values.
Click to expand...

I'm doing my best to hold off painting the house, mowing the lawn, and making sure I have dead vehicles around. Just doing my part to lower the property and therefore tax values on my block :flipoff2:


The boomer politics and politicians have spent decades destroying our economy to insure they made record profits short term. We're on the downward slide, just waiting on China to own everything.
 
MONSTERMUDDER said:
I wonder if everyone bragging about their properties value going up is still gonnna feel that way when property taxes catch up with current apprasal values.
Click to expand...
Yup, I keep preaching that, but most are all, "But look at my Zillow!" Same with 401k's, I hope the stock market goes down, and the goes way up right before I retire...but we all know that's not going to happen.
 
Supply and demand, because of covid I think a lot of first time buyers entered the market. In markets like mine a lot of people are moving here in order to escape communist run states. Our values rocketed up 100% in the last three years. There is a still almost no supply here, so a starter home is now $500k in Montana with pretty pretty much the lowest average income in the US next to Mississippi :eek:.

I live in the second fastest growing county next to Bozangelas (Bozeman), shit is still nuts here. I sold another house and bought my current shack in 06 and it's now worth close to 7 figures :eek: . I couldn't afford it today, but I guess all the Californians can :shaking:
 
Currency debasement, seeking hard assets


Big hedge funds monetizing shelter for return on investment, getting that sweet 0.5% money and buying up whole subdivisions for rent, as noted "you'll own nothing and be happy"

Old fuckers that were sitting on 10 mil and happy with a money manager are getting scared about the value of the USD, or whatever fiat its held in, so they're reluctantly becoming landlords to ensure survival
 
WTF? said:
Under $300k ‘Crackhouses in the ghetto’ you could sign my kids up for.

www.zillow.com

6103 Patric Alan Ct, Charlotte, NC 28216 | Zillow

6103 Patric Alan Ct, Charlotte NC, is a Single Family home that contains 1718 sq ft and was built in 2002.It contains 3 bedrooms and 3 bathrooms.This home last sold for $325,000 in May 2022. The Zestimate for this Single Family is $348,700, which has decreased by $220 in the last 30 days.The...
www.zillow.com www.zillow.com

www.zillow.com

10920 Whittersham Dr, Charlotte, NC 28262 | Zillow

10920 Whittersham Dr, Charlotte NC, is a Single Family home that contains 1298 sq ft and was built in 1991.It contains 3 bedrooms and 2 bathrooms.This home last sold for $312,500 in May 2022. The Zestimate for this Single Family is $331,000, which has decreased by $3,527 in the last 30...
www.zillow.com www.zillow.com

www.zillow.com

9203 Scotts Elm Ct, Charlotte, NC 28215 | Zillow

9203 Scotts Elm Ct, Charlotte NC, is a Single Family home that contains 1179 sq ft and was built in 2004.It contains 3 bedrooms and 2 bathrooms.This home last sold for $280,000 in May 2022. The Zestimate for this Single Family is $300,800, which has decreased by $4,620 in the last 30 days.The...
www.zillow.com www.zillow.com

edit: You’re looking at everything through your tainted lens from northern back- one of the worst Markets in the country for affordable homes within commuting distance, and has been for 20+ yrs.
Click to expand...
Right!

Yeah, I bought a 5 bedroom, 2 bath crack house on the water within a 25 minute drive to the oceanfront at Virginia Beach. About a 10 minute drive to the largest Navy base and shipyards in the world among many other DoD inspired jobs. All that for a whopping $225k that's worth $325K now 4 years later.

Oh the Huge Manatee!! :lmao::lmao:

And ALL THAT WITH NO DEGREE!!! I must be super lucky or something!
 
Motorcharge said:
Around here it's almost entirely outside money. In the city it's mostly late 30s/early 40s couples. Mostly from any of the big tech or financial companies that have moved offices here and driven real estate through the fucking roof. In the counties it's mostly boomer couples from the Northeast fleeing taxes. Lots of people selling houses they bought 30 years ago in NY, MA, NJ, etc, moving here and paying cash.

Lots of outside investment firms snatching up anything remotely affordable here as well to capitalize on it. Next to impossible to buy anything remotely affordable here even if it's a falling apart crack house in the ghetto. Real estate is so in demand here they're building luxury condos literally across from one of the worst public housing projects on the east coast near me.

Easy to sit back and arm chair quarterback blame people for not buying a house. Reality is every market varies so much it's impossible to pinpoint single reasons. Around here I've watched housing prices double or more every five years since I graduated high school. Housing market went from looking like maybe I could afford something in 5-10 years in 2007 if I save every penny to oh I might be homeless in a year because the odds of the place I'm renting being sold are so high. Almost every one I know has had to move out of this city in the past 4 years or so because landlords are driving rent through the roof to get people to move out so they can sell.

I'll be 35 this year and I can count on one hand the number of people close to my age that I know own a house vs renting and the few who do own bought 10+ years ago with help from family.
Click to expand...
I think this is a good analogy. In the Wasatch Front of UT, we have a pretty solid tech sector, strong job growth, low unemployment and a young population. People are moving here like crazy, and we are limited in land between mountains and the GSL. Ours is mostly S&D. Inventory has been crazy low the last 2 years which caused the pricing to shoot up. The free money being printed, and the fact that we have a pretty well educated populace, meant that many people could work from home during the pandemic. With less restrictions, people started moving here, causing more of a S&D crunch. People wanted to get out of their confined houses and "build a life" Low interest rates (2.5% on a 30yr loan w/ only 5% down here) drew other people into the market.

It's a ton of factors.

Funny, I am the tail end of Gen X at 44. Every friend I have bought a house within 8 years of college graduation without any help from parents. It is weird how who you grow up around/associate with REALLY affect how you live your life. I had this conversation with my wife. She grew up on the west side of SL valley, in the ghetto. She is only 1 of 2 kids she knew that even went to college. A good majority of her friends from high school are low wage earners, while a few are doing well in blue collar work. I grew up in a higher middle class area on the east side of SL valley and EVERYONE of my friends went to college. Only 2 didn't graduate, but the rest did, bought houses and had the mindset to have hard assets, start a life early, and that would be the best way to have a more comfortable life overall. Almost everyone one of us owns our homes outright now. I don't, but I started buying rentals first, but have sunk money back into them. Now I have my house and 2 rentals....all without any help from my parents.
 
Austin area is from everyone moving here, but that should leave a void somewhere else? Also foriegn money.

The absolute worst part... is all the talentless piles of human garbage, known as realtors, are profiting.
 
east_beast said:
Some of what contributes to millennial dumb spending IMO isn't just the social media "doi it for the 'gram" effect but also oats of the back from their parents and others from another generation. Yeah, little Suzie is pulling in $75k at 28 years old. She's kill' it! But wait, this isn't 1990 anymore. Cost of living has skyrocketed. Yeah, back in '90 making that kinda money under 30 would be killing it. As a single wage earner household, that's struggling to survive in a lot of areas. So while mom and dad and the grandparents are super proud and telling little Suzie how she's made it, little Suzie is struggling to keep her head above water with student loans, housing costs, etc.
Click to expand...
I'd be a pig in shit happy to make 75k a year from 1 place.

I probably make that, but I also work basically 3 jobs.
 
Provience said:
Void is CA, NY. Big population states in decline.
Click to expand...
This, but property isn't coming down in those states either.

NYC has a fucking ton of dead commercial real estate and apartment buildings from so many people moving after jobs went remote, but it will take years before the real estate market cuts it's losses and lowers the absurd costs on rent/leases.

Even before COVID it was a huge issue. Owners would rather buildings sit empty and unused in the hopes of something corporate coming along and paying the absurd prices rather than rent/lease for what market demand is.
 
AKnate said:
I'd be a pig in shit happy to make 75k a year from 1 place.

I probably make that, but I also work basically 3 jobs.
Click to expand...
In some areas, sure. In a lot of areas... oof. It's gonna be rough.
 
Fullsize80cherokee said:
My theory is the corporations who run the White House like black rock, vanguard, big banks, ect are going to make home ownership unattainable for upcoming generations.. they make more money renting out to the tax cattle goyims.
Click to expand...
Most of your theories seem like they were inspired by sharing a pipe with Hunter Biden but on this particular one I can't really disagree. At the current cost and wages home ownership is already pretty much unattainable by many if not most in most of America.

It used to be that the average blue collar America could afford to buy a modest home. That's gonna be a real stretch in a lot of areas right now, especially if it's a one income household. The old 1950s American dream of the white picket fence home with the man working a typical blue collar job and the woman staying at home to raise a kid or two is fucking GONE.
 
LOL if anyone who actually thinks this housing market is being caused by "Millenials who are sitting on buckets of cash because they're living at their parent's house making $75k"

60 minutes touched on some of the main factors recently...decent watch...however they gloss over other major factors (inflation, wage stagnation, etc.)


"home ownership is becoming increasingly out of reach"

"you can now rent the American dream"

Quite depressing.
 
IEATRKS84 said:
Oh you can buy a crack house in the ghetto in charlotte north fucking carolina for $300,000? Oh wow then everything i posted must be bullshit.

Fuck outa here.
Click to expand...

1650658366031.png
 
Motorcharge said:
This, but property isn't coming down in those states either.

NYC has a fucking ton of dead commercial real estate and apartment buildings from so many people moving after jobs went remote, but it will take years before the real estate market cuts it's losses and lowers the absurd costs on rent/leases.

Even before COVID it was a huge issue. Owners would rather buildings sit empty and unused in the hopes of something corporate coming along and paying the absurd prices rather than rent/lease for what market demand is.
Click to expand...
CA is losing people in San Francisco and other big cities, those city prices aren't going up nearly as much as the outside the city prices, where they flee to, then the displaced flee the state.

there is a whole bunch of favorable tax benefits to empty buildings especially when you are raking in massive gains on some older stuff.

Might need to address the tax code and reduce the burden significantly to disincentivize such activity and then prices could adjust more easily
 
bgaidan said:
Bullshit.

Any degree worth a shit would get you in the $70k range the day you graduated. My previous employer was hiring in the 80's and making offers to college sophomores.


More bullshit.

I just looked Charlotte and Atlanta on zillow. Plenty of houses inside the outer beltway in both cities in the 2 and 300's.


Are you saying I can't buy a 3,500 square foot mcmansion with a pool, game room, home theatre right in the heart of a major city on a new graduate's salary. How unfair!!! :shaking:




You sound like a typical millennial whining twat that blames everyone else for their problems.
Click to expand...
It really depends on the market. My brother out of college, 4yr bachelor in network admin was making ~$60k. Hes now well over six figures with a different company, he knew his worth and bailed after 3yrs.

I have friends trying to find a $300k house in our market and cannot. Every home that comes up in the range bids for $50k+ over. I look at housing elsewhere and could afford some seriously nice property, but not where we're at right now. Land is scarce and being bought up by companies for rentals because rental rates are through the roof (because no one can afford to buy a fucking house:laughing:) or lots of WFH people are fleeing the liberal shithole of Seattle and settling here. Its crazy to watch. Six years ago I bought my 197k starter home with 20% down and on a single income, its impossible to find something like that now. Again, in this market.
 
We currently live in Arizona but are looking to buy a second home in Tennessee.
The realtor we are working with has told us that most houses under 300 K are being purchased by conglomerates for cash to turn into rentals. The property we want doesn't really fall into their niche so we may not be bidding against them.
 
welndmn said:
You lost me at millennials having jobs. :P

BUT, a good chunk of the homes here in CA are being bought by cash offers from China
Click to expand...

In the bay region, that's been going on for 30+ yrs. SF and its 9 counties have always been hot to the Harbor Freighters.
 
Alpine4x4 said:
It really depends on the market. My brother out of college, 4yr bachelor in network admin was making ~$60k. Hes now well over six figures with a different company, he knew his worth and bailed after 3yrs.

I have friends trying to find a $300k house in our market and cannot. Every home that comes up in the range bids for $50k+ over. I look at housing elsewhere and could afford some seriously nice property, but not where we're at right now. Land is scarce and being bought up by companies for rentals because rental rates are through the roof (because no one can afford to buy a fucking house:laughing:) or lots of WFH people are fleeing the liberal shithole of Seattle and settling here. Its crazy to watch. Six years ago I bought my 197k starter home with 20% down and on a single income, its impossible to find something like that now. Again, in this market.
Click to expand...
This is what a lot of folks don't realize. If you're shopping at modest price points, you better have cash and you better be ready to pay over list. Wanting a traditional mortgage? You're probably shit out of luck. Somebody else probably has cash, even if your offer is higher.
 
east_beast said:
It used to be that the average blue collar America could afford to buy a modest home.
Click to expand...

define modest? consumerism is the driving factor for the cost of living increases a crossed the board. additionally as a society we are more mobile than before, so in the case of socal, people take their OC or LA salaries inland to get a bigger house for cheaper, moving their dollars away from where they work, so the local industries money doesnt stay local. i think that actually has a larger effect on things than most.

i live in a 3/1.5 1400sqft home, we are the second owners, the original owners raised 3 children in our house. 90% of people would say that house is too small (including my wife, who is an only child and grew up in a 2300sqft house).
 
We are selling at auction a 2100sqft home. I hope this market holds till first week of June.
 
ridenby said:
We are selling at auction a 2100sqft home. I hope this market holds till first week of June.
Click to expand...

Good luck. I feel like it is coming apart right in front of my eyes.

My house went on the market 2 weeks ago. Immediately had 3 offers 40k+ over asking. Accepted one (cash) and went into 15 day escrow.

#1 pulls out right before inspection 7 days into excrow.

Cool NBD we'll take #2 - they come back 10k less than before. Not gonna get greedy, we'll take it. By the time we accept they are already in escrow on another property.

#3 is also in escrow elsewhere

Fine put it back on the market

.... crickets all week

fuck me
 
mjlogan88 said:
Good luck. I feel like it is coming apart right in front of my eyes.

My house went on the market 2 weeks ago. Immediately had 3 offers 40k+ over asking. Accepted one (cash) and went into 15 day escrow.

#1 pulls out right before inspection 7 days into excrow.

Cool NBD we'll take #2 - they come back 10k less than before. Not gonna get greedy, we'll take it. By the time we accept they are already in escrow on another property.

#3 is also in escrow elsewhere

Fine put it back on the market

.... crickets all week

fuck me
Click to expand...
This why we are going auction/as is/where is. Hope to avoid such nonsense.
 
mobil1syn said:
define modest? consumerism is the driving factor for the cost of living increases a crossed the board. additionally as a society we are more mobile than before, so in the case of socal, people take their OC or LA salaries inland to get a bigger house for cheaper, moving their dollars away from where they work, so the local industries money doesnt stay local. i think that actually has a larger effect on things than most.

i live in a 3/1.5 1400sqft home, we are the second owners, the original owners raised 3 children in our house. 90% of people would say that house is too small (including my wife, who is an only child and grew up in a 2300sqft house).
Click to expand...
That modest house here is $400k. We sold our 3/2 1500sqft 1983 with no updating for $390k. Similar homes in our neighborhood were going for $380-460k depending on updating.
mjlogan88 said:
Good luck. I feel like it is coming apart right in front of my eyes.

My house went on the market 2 weeks ago. Immediately had 3 offers 40k+ over asking. Accepted one (cash) and went into 15 day escrow.

#1 pulls out right before inspection 7 days into excrow.

Cool NBD we'll take #2 - they come back 10k less than before. Not gonna get greedy, we'll take it. By the time we accept they are already in escrow on another property.

#3 is also in escrow elsewhere

Fine put it back on the market

.... crickets all week

fuck me
Click to expand...
This happened to us. First offer was $5k over, we took it, they backed out on a technicality on inspection. We surmise they realized they couldnt afford the house (bid $400k and were approved for max $400k). We went back on for a month with an offer $40k below before finally settling on an offer $5k under asking.
 
Alpine4x4 said:
That modest house here is $400k. We sold our 3/2 1500sqft 1983 with no updating for $390k. Similar homes in our neighborhood were going for $380-460k depending on updating.

This happened to us. First offer was $5k over, we took it, they backed out on a technicality on inspection. We surmise they realized they couldnt afford the house (bid $400k and were approved for max $400k). We went back on for a month with an offer $40k below before finally settling on an offer $5k under asking.
Click to expand...
how did you find out what they were approved for "max" ?

when I bought this current house, I only ever got pre-approved for what I was putting an offer in. Didn't ever get a "here is your MAX preapproval!" letter.
 
You must log in or register to reply here.
Top Back Refresh