OT The Real Estate Market

Welcome to our community

Be a part of something great, join today!

Register Log in

Users who are viewing this thread

Total: 1 (members: 0, guests: 1)
jonnyboy said:
They will also be running the country at some point. Hopefully they can recognize and reverse the damage the boomer generation has caused before it’s too late.
Click to expand...

Not owning a home will be the next gen’s motivation: get to the white house and have a house for 4-8 years (tongue-in-cheek, kinda).
 
0b18hdmqgvu81.jpg
 
Most young people don't want to own anything anymore. I mean, even the art is digital with NFTs. They are paying 6 and 7 figures for pixelated avatars.

"You will own nothing and you will be happy"
 
Fairly-Hard said:
Something is wrong here? Permits are based on project cost.
https://homeguide.com/costs/building-permit-cost
Click to expand...

Building permits, yes, System Development Charges, no. SDCs are a huge chunk of the total permit costs and are typically a flat rate per unit. Parks, transportation, sewer, water, storm sewer, schools all get a bite out of your butt when you build these days, and they add tens of thousands of dollars to the cost of a home.
 
Fairly-Hard said:
Then you are building something very large. Not a house. Or it's a very very large house.
Click to expand...

2500 sq ft.

My point in all of this is, this leftist govt expects affordable housing but how am I supposed to make money with permits that cost 120k.

2500 sq ft house that costs 420k just for the following (before even breaking ground)

Initial Land - ~200k
Permits - ~120k
Lumber package - ~100k

Its ridiculous. Do not think that this house can be sold for under 1 Million dollars
 
In March 2021, the median house price was $326,350 and the interest rate on a 30-yr mortgage was 3.10%. Assuming 20% down, the monthly payment, excluding taxes and property insurance, was $1,115/month. Today, the same house costs $375,300, or 15% more, and the interest on the same 30-yr mortgage is 5.00%, 61.3% more. As a result, the new mortgage payment is $1,612/month, an increase of $497/month! The priced-out phenomenon is real.
Click to expand...
 
While the NAHB Housing Market Index of builder sentiment is at 69, which is not bad, it’s fallen from a peak of 90 in 11/20. Since 1985, and the start of the index, three of the four times it’s declined 20 points or more, regardless of the initial value of the index, a recession has followed. This time could be different, or it could be four out of five!
Click to expand...
 

In March 2021, the median house price was $326,350 and the interest rate on a 30-yr mortgage was 3.10%. Assuming 20% down, the monthly payment, excluding taxes and property insurance, was $1,115/month. Today, the same house costs $375,300, or 15% more, and the interest on the same 30-yr mortgage is 5.00%, 61.3% more. As a result, the new mortgage payment is $1,612/month, an increase of $497/month! The priced-out phenomenon is real.

50k increase in a year isn't very good. We were going to list for 400k in 2020 and we ended up selling for 540 two years later. Bought the house for 273k in 2015.
 
Natebishop3 said:
50k increase in a year isn't very good. We were going to list for 400k in 2020 and we ended up selling for 540 two years later. Bought the house for 273k in 2015.
Click to expand...
The fact that you think 50K increase isn't very good goes to show how overpriced the market is. I doubt you will ever see those types of increases again.
 
Natebishop3 said:
In March 2021, the median house price was $326,350 and the interest rate on a 30-yr mortgage was 3.10%. Assuming 20% down, the monthly payment, excluding taxes and property insurance, was $1,115/month. Today, the same house costs $375,300, or 15% more, and the interest on the same 30-yr mortgage is 5.00%, 61.3% more. As a result, the new mortgage payment is $1,612/month, an increase of $497/month! The priced-out phenomenon is real.

50k increase in a year isn't very good. We were going to list for 400k in 2020 and we ended up selling for 540 two years later. Bought the house for 273k in 2015.
Click to expand...
We have all got used to seeing 3-4%. It won't be back for some time if ever?
 
Shaboid said:
The fact that you think 50K increase isn't very good goes to show how overpriced the market is. I doubt you will ever see those types of increases again.
Click to expand...

Fairly-Hard said:
We have all got used to seeing 3-4%. It won't be back for some time if ever?
Click to expand...

I'm already getting notifications that houses are dropping their initial list by 15-20k. People were upping their prices 10-20k every few weeks. If the house down the street listed for $600 and it went pending immediately, the next house would list for $610 or $620.... and they'd get it. It was bonkers.

I don't think the bubble is going to burst because there's still so much demand. The inventory is still well below the demand. You can't have a bubble if there's still people who are willing to pay... and these are qualified buyers. I think buying a house is just going to be out of reach for some people. Period. It sucks and I was extremely lucky to get in when we did back in 2015 right when the market was turning. It's so hard for anyone who doesn't have 20% sitting around to get into a house.
 
April new home sales dropped 7% M-o-M, and 27% Y-o-Y to an annual rate of just 591,000, the lowest level since 4/20, the worst of the pandemic. Moreover, for sale new home inventory has skyrocketed from 4.7 months in 4/21 to 9.0! No wonder builder sentiment is crumbling. Interestingly, the gap between the average and median new house price is yawningly huge, suggesting a shift to much more expensive homes.
Click to expand...
 
MickZagger said:
It all just starts with a small million dollar loan from your father and you too can live the American dream
Click to expand...

Depends on your wants and needs and your willingness to relocate and/or put your own labor into it. If you have decent credit, a good work history, and $5k-$20k saved up there's government programs that will finance first-timers with 3% or less. There's homes all over Oregon that fall into that price range.

BTW, crandc would call you a sexist for that post, and I do have to say that it is
inaccurate.

It's not always the father that provides the down payment.






















Sometimes it's Grampa or an Uncle.
 
EL PRESIDENTE said:
Most young people don't want to own anything anymore. I mean, even the art is digital with NFTs. They are paying 6 and 7 figures for pixelated avatars.

"You will own nothing and you will be happy"
Click to expand...
Spoken like the dozen grizzled old men I drove by panhandling with their belongings in a grocery cart...cause if you can't shelter a family...it's going to be you and a grocery cart and your memories of vacations, hotels and restaurants ! Hey! But you'll own nothing!
 
riverman said:
Spoken like the dozen grizzled old men I drove by panhandling with their belongings in a grocery cart...cause if you can't shelter a family...it's going to be you and a grocery cart and your memories of vacations, hotels and restaurants ! Hey! But you'll own nothing!
Click to expand...
I was sure @barfo would ask me how you get a dozen grizzled old men in a grocery cart! He's slippin'
 
jonnyboy said:
Bunch of weirdos moving in, especially from Texas for some reason. Ugh. They are like our Californians. I actually think they may be worse.
Click to expand...

Don't sweat it.

They're moving there for one specific purpose. Voter fraud.

Once they've all voted for Chaney, they'll be back in Texas by Christmas.
 
MARIS61 said:
Don't sweat it.

They're moving there for one specific purpose. Voter fraud.

Once they've all voted for Chaney, they'll be back in Texas by Christmas.
Click to expand...

Damn those librul Texans! Everything south of the Red River is practically Red China.

barfo
 
riverman said:
I was sure @barfo would ask me how you get a dozen grizzled old men in a grocery cart! He's slippin'
Click to expand...


Slip slidin' away
Slip slidin' away
You know the nearer your destination
The more you're slip slidin' away
 
QUOTE="ABM, post: 5341053, member: 20873"]I'm pretty glad we sold, then bought, when we did. Lete last year. This crazy inflation situation might upset the whole market.

Will interest rates hit 6% (and higher)?!![/QUOTE]
I inspect houses and commercial buildings for a municipality and Re Sales have fallen. Rentals are still stable. In my role as a building inspector renovation and rehab is still strong.
 
MARIS61 said:
Depends on your wants and needs and your willingness to relocate and/or put your own labor into it. If you have decent credit, a good work history, and $5k-$20k saved up there's government programs that will finance first-timers with 3% or less. There's homes all over Oregon that fall into that price range.

BTW, crandc would call you a sexist for that post, and I do have to say that it is
inaccurate.

It's not always the father that provides the down payment.






















Sometimes it's Grampa or an Uncle.
Click to expand...
Did you ever consider asking crandc what she thinks before making pronouncements about what she thinks? Where I come from this is considered rude.
 
https://www.cnbc.com/2022/07/14/these-are-the-10-cities-seeing-the-most-price-cuts-for-homes.html

These are the 10 cities seeing the most price cuts for homes

  • More home sellers are dropping their asking prices as rising mortgage interest rates and inflation ease competition in the market.
  • Some cities are seeing more price cuts than others. Boise, Idaho, took the lead in June, with 61.5% of sellers cutting their asking prices, according to a new report from Redfin.
  • Many markets saw massive price increases during the pandemic that were simply not sustainable as interest rates rose.

More home sellers are dropping their asking prices as rising mortgage interest rates and inflation have eased competition in the housing market.

Some cities are seeing more price cuts than others. Boise, Idaho, took the lead in June, with 61.5% of sellers cutting their asking prices, according to a new report from Redfin, a real estate brokerage.


Boise was one of the hotter pandemic markets, as the work-from-anywhere culture prompted thousands of people to flee pricier markets like San Francisco and Los Angeles. A year ago, just about a quarter of sellers in Boise had dropped their prices.

Top 10 markets seeing cuts in asking prices:

  • Boise, Idaho: 61.5%
  • Denver, Colorado: 55.1%
  • Salt Lake City, Utah: 51.6%
  • Tacoma, Washington: 49.5%
  • Grand Rapids, Michigan: 49.3%
  • Sacramento, California: 48.7%
  • Seattle, Washington: 46.3%
  • Portland, Oregon: 45.7%
  • Tampa, Florida: 44.5%
  • Indianapolis, Indiana: 44.1%
Many of these markets saw massive price increases during the pandemic that were simply not sustainable as interest rates rose. The average rate on the 30-year fixed mortgage is now nearly twice what it was at the start of this year. That makes the cost of ownership considerably higher.
 
You must log in or register to reply here.
Back
Top