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(Redfin)   Here is a handy article on how housing has gone from maybe affordable a year ago, to holy mother of God unaffordable this year   (redfin.com) divider line
    More: Sad, Real estate, Price, Home prices, mortgage rates, Supply and demand, new listings, fewer homeowners, months of supply  
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895 clicks; posted to Business » on 22 Sep 2022 at 6:50 PM (11 days ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



32 Comments     (+0 »)
View Voting Results: Smartest and Funniest
 
2022-09-22 6:54:35 PM  
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.
 
2022-09-22 7:14:19 PM  
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.
 
2022-09-22 7:18:35 PM  
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.
 
2022-09-22 7:26:13 PM  
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.
 
2022-09-22 7:27:16 PM  
Brought to you by a predatory real estate company...
 
2022-09-22 7:38:36 PM  

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.
 
2022-09-22 8:22:40 PM  
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.
 
2022-09-22 8:25:57 PM  
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.
 
2022-09-22 8:31:55 PM  
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.
 
2022-09-22 9:18:58 PM  
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
 
2022-09-22 9:28:22 PM  

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.
 
2022-09-22 9:36:03 PM  
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.
 
2022-09-22 9:46:29 PM  
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.
 
2022-09-22 9:49:23 PM  
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.
 
2022-09-22 9:51:41 PM  

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.
 
2022-09-22 10:01:11 PM  

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?
 
2022-09-22 10:51:38 PM  
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
 
2022-09-22 11:57:50 PM  

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!
 
2022-09-23 12:06:33 AM  

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.
 
2022-09-23 12:30:14 AM  
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.
 
2022-09-23 1:01:58 AM  
Still clinging to the faint hope of a modest rural home if I make it to retirement.

Faint hope is faint.
 
2022-09-23 1:07:44 AM  

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?
 
2022-09-23 3:21:58 AM  

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.
 
2022-09-23 7:04:07 AM  

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.
 
2022-09-23 7:16:17 AM  

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
 
2022-09-23 7:58:56 AM  
Is it because a major metro areas like LA, Chicago, NYC are outliers that skew the average?
 
2022-09-23 7:59:31 AM  

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.


Rents are way up because of this, so when you inherit, just fix the cosmetics and rent out.
It also doesn't help that the 2017 "tax cut" federal law eliminated the mortgage interest deduction for the majority of American home owners.
 
2022-09-23 9:11:03 AM  
Man that's a lot of words just to say "private equity companies bought them all"

"You control the debt, you control everything. You find this upsetting, yes? But this is the very essence of the banking industry, to make us all, whether we be nations or individuals slaves to debt." -the international

I'm not sure that was a great movie but it's a philosophy to be wary of. Same goes for housing though, the rich have more money than they know what to do with right now. We'd all expect the housing bubble to pop and for them to lose big (and then for us to bail them out, because they're not allowed to lose). But if the rich were able to buy up all property once it hit the market then the housing bubble might never pop and we'd be even bigger rent slaves than we already are.
 
2022-09-23 9:37:05 AM  

rideaurocks: 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


Relocating rural or suburban would mean a long daily highway commute by car to work in the city.  That's how about 80% of people in my province do it, but to me that would be a slow death and not worth the trade-off.  Highway gridlock is hell on earth, in my personal estimation.  A work commute should never take longer than 30 or 40 minutes.

If you can find a rural home not astronomically-priced near retirement and knock down most of the cost with your initial down payment, it might still be possible.  (Assuming one saves enough and invests wisely while still working.)
 
2022-09-23 9:54:37 AM  

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.


Hedge funds w deep pockets are snatching up homes at above market value and then renting them out.

The average murcan can forego home ownership and pay rent.

Economists call it rent seeking.

The government looks the other way
 
2022-09-23 9:58:11 AM  

Northern: 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.

Rents are way up because of this, so when you inherit, just fix the cosmetics and rent out.
It also doesn't help that the 2017 "tax cut" federal law eliminated the mortgage interest deduction for the majority of American home owners.


The mortgage interest deduction did not benefit homeowners as much as it's proponents think it did.
 
2022-09-23 11:15:29 AM  

Chief Superintendent Lookout: Northern: 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.

Rents are way up because of this, so when you inherit, just fix the cosmetics and rent out.
It also doesn't help that the 2017 "tax cut" federal law eliminated the mortgage interest deduction for the majority of American home owners.

The mortgage interest deduction did not benefit homeowners as much as it's proponents think it did.


It really wasn't even directly altered for most, was it? The cap was lowered, but a mortgage over $750k has got to affect a pretty small group.

The standard deduction was raised, plus other common itemized SALT deductions got a cap that affects many. The mortgage interest deduction is still there, it's just likely that the standard deduction is now better for more people.

The SALT cap was a shiatty change obviously meant to hurt the taxpayers in states that pay for their own infrastructure and services (and generally vote Democrat). But the increased standard deduction is a good thing. It just probably benefits non-mortgage interest payers more than those who are paying mortgage interest.
 
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