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  • How many of those high asks are adjustable mortgages because people thought they'd be in for a short term and will have to liquidate when the rate changes? It's the ones that represent a significant amount of a retirement plan that people will hold onto until the market once again goes up.
  • One sign the market is slowing down, I haven't gotten any letters recently from people wanting to list my house.  Not six months ago, people were telling me I could get 40-50% over what I paid in 2020.
  • Time for BlackRock to buy up the houses and apartments!

    Then demolish them and put up hive city 1 and make the plebes live in the pods and eat the bugs.

    Problem solved.
  • I'm glad I bought when I did, but I am most definitely stuck here for awhile.  Not that this is a bad thing.  But damn do I feel bad for anyone who wants to buy right now.

    I explained it to my nephew who is just entering the working world after college what's happened out there is that when I bought my first house in 1999 to when I sold it at the end of 2020, I more than doubled my income.   My house more than tripled in value.  It's nuts, but now almost two years later, I couldn't afford to buy my old house or the one I bought to replace it and that's even if I had the same awesome interest rate.
  • Brought to you by a predatory real estate company...
  • Myk-House of El: I'm glad I bought when I did, but I am most definitely stuck here for awhile.  Not that this is a bad thing.  But damn do I feel bad for anyone who wants to buy right now.

    I explained it to my nephew who is just entering the working world after college what's happened out there is that when I bought my first house in 1999 to when I sold it at the end of 2020, I more than doubled my income.   My house more than tripled in value.  It's nuts, but now almost two years later, I couldn't afford to buy my old house or the one I bought to replace it and that's even if I had the same awesome interest rate.


    Same deal. I bought my first house in 2013 and sold just now (2022), moving to a different city where things are cheaper. My first house double in value over that period while my income approx doubled, but I do not think I would have been able to buy any house in that city now without the appreciated equity in my 2013 purchase. What I mean is that someone early-career now, in most metro areas, even with a high salary, may simply be unable to buy a house.
  • Tried putting in about a half dozen offers on houses between 2020 and 2021, got outbid by a lot on every one.  2/3 of those houses looked to be bought by investment companies that updated some cosmetics and put in some paint, but not much else (aside from the 100k+ price increase from when I tried to buy them).  Decided I really didn't want a house that bad when my last house was outbid by 80k and my realtor tried to convince me to go in blind and put a bunch towards appraisal gaps to get a house.  Hard pass...

    Fast forward to today, the all in cost of a mortgage, insurance, etc. is roughly double than what I'm paying for almost exactly the same house I'm renting.  I'll wait until things cool off a bit, as I learned in 2007-2009 that the debt doesn't go away if prices fall, and things feel much more bubbly than they did back then.
  • I still get updates on the market I sold in. Still getting 100% of asking and prices are up over last year. Actual homes available and sales thereof are down.
  • Not going to click on, or read, an article from a company that thinks my house is worth less than it was when I built it and closed in 2020 right before the shiat hit the fan. Totes how new houses work over the last few years.

    Sure, so maybe sex dungeons, indoor tiki bars, carpeting in all the bathrooms, and pink tile in the kitchen aren't for everyone, but I know the value didn't go down THAT much.
  • It's going to be interesting watching normally wealth-worshipping Americans slowly turn on the rich and begin calling for blood.

    /you think it won't happen
    //you also thought Donald Trump would never be elected president
    ///or that the Cubs would win the pennant
  • OhioUGrad: Not going to click on, or read, an article from a company that thinks my house is worth less than it was when I built it and closed in 2020 right before the shiat hit the fan. Totes how new houses work over the last few years.

    Sure, so maybe sex dungeons, indoor tiki bars, carpeting in all the bathrooms, and pink tile in the kitchen aren't for everyone, but I know the value didn't go down THAT much.


    I think it was your choice of brass-finished manacles that had the most impact.
  • As a real estate broker, I kinda wish I'd be swallowing my pride right about now admitting I was wrong to my seller clients. As each day passes it's becoming an "I told you so" moment and it doesn't feel good. On the flip side, the cost of housing is absurd and working with buyers also sucks. The real estate market is f*cked. It's going to take a long time before things stabilize and we have some grasp on normalcy again.
  • Prices are not coming down. They're just delisting them.

    They figure it's better to hold onto the house -- because its an investment asset, not a dwelling to be actually used -- and wait out the recession rather than sell for less.
  • My mortgage and insurance is cheaper than my rent was. But now I gotta pay for gas and water.

    But sanity is a small price to pay if you can afford it. Probably why I will always be a "country" bumkin. Neighbors are loud enough as it is. I could barely contain my sanity working nights in my appartment. That extra 500 feet is seperation great.

    Also, roommates from hell. No more second hand smoke for me.
  • AppleOptionEsc: My mortgage and insurance is cheaper than my rent was. But now I gotta pay for gas and water.

    But sanity is a small price to pay if you can afford it. Probably why I will always be a "country" bumkin. Neighbors are loud enough as it is. I could barely contain my sanity working nights in my appartment. That extra 500 feet is seperation great.

    Also, roommates from hell. No more second hand smoke for me.


    50, not 500.
  • Nuclear Monk: OhioUGrad: Not going to click on, or read, an article from a company that thinks my house is worth less than it was when I built it and closed in 2020 right before the shiat hit the fan. Totes how new houses work over the last few years.

    Sure, so maybe sex dungeons, indoor tiki bars, carpeting in all the bathrooms, and pink tile in the kitchen aren't for everyone, but I know the value didn't go down THAT much.

    I think it was your choice of brass-finished manacles that had the most impact.


    Wait, so NOW you tell me brass class?
  • I'm putting this on the market for $59k in Elizabethtown KY.

    1980 prefab on a foundation. Could be fixed, could be pulled off for a new house.
    Fark user imageView Full Size
    Fark user imageView Full Size
  • The Brains: I'm putting this on the market for $59k in Elizabethtown KY.

    1980 prefab on a foundation. Could be fixed, could be pulled off for a new house.[Fark user image image 337x750][Fark user image image 337x750]


    Burn it!
  • endosymbiont: Myk-House of El: I'm glad I bought when I did, but I am most definitely stuck here for awhile.  Not that this is a bad thing.  But damn do I feel bad for anyone who wants to buy right now.

    I explained it to my nephew who is just entering the working world after college what's happened out there is that when I bought my first house in 1999 to when I sold it at the end of 2020, I more than doubled my income.   My house more than tripled in value.  It's nuts, but now almost two years later, I couldn't afford to buy my old house or the one I bought to replace it and that's even if I had the same awesome interest rate.

    Same deal. I bought my first house in 2013 and sold just now (2022), moving to a different city where things are cheaper. My first house double in value over that period while my income approx doubled, but I do not think I would have been able to buy any house in that city now without the appreciated equity in my 2013 purchase. What I mean is that someone early-career now, in most metro areas, even with a high salary, may simply be unable to buy a house.


    Alternative theory :

    The value of your house remained the same and the value of the US decreased.
  • There aren't enough rich people to buy all these houses - so they must be poor and lying and soon to be broke poor people. These banks suck at lending.
  • Still clinging to the faint hope of a modest rural home if I make it to retirement.

    Faint hope is faint.
  • The Brains: I'm putting this on the market for $59k in Elizabethtown KY.

    1980 prefab on a foundation. Could be fixed, could be pulled off for a new house.[Fark user image image 337x750][Fark user image image 337x750]


    Where is your moth collection?
  • The Brains: I'm putting this on the market for $59k in Elizabethtown KY.

    1980 prefab on a foundation. Could be fixed, could be pulled off for a new house.[Fark user image image 337x750][Fark user image image 337x750]


    I've never been able to smell a photo before.
  • Ishkur: Prices are not coming down. They're just delisting them.

    They figure it's better to hold onto the house -- because its an investment asset, not a dwelling to be actually used -- and wait out the recession rather than sell for less.


    This - those folks trying to wait this out will be sorely disappointed unless their salary growth outpaces inflation.

    / That $500K @ 6.8% you don't want to pay now will be $700K @ 8% in five years.
  • frestcrallen: Still clinging to the faint hope of a modest rural home if I make it to retirement.

    Faint hope is faint.


    You can't buy when you retire. The mortgage would eat all your income. You need to plan on buying asap, paying the mortgage off, then retiring

    Unless you mean "retiring" but really just working until you die, which seems to be most people's plan
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