As a millennial that was somehow able to afford a house this bubble needs to fucking pop.
I’ll be locked into this house until I die and all of my friends and family will have to keep moving further away as they get priced out of their apartments each year. Before this I had moved 8 times in 6 years.
Also a millennial. Wife and I got our condo right before everything shot up, got a nice 3.25% APR. Great mortgage honestly. But we’ve been trying to sell our condo for a YEAR now and I honestly think it’s the bubble holding back a sale. The condo is just too expensive for what it is (and the horrific rise of small community HOA fees has gotten way out of hand…). We’re priced right compared to others on the market, but selling condos is just stupid hard right now.
Sure I’d love it if we could sell now and get some nice profits from the sale, but I absolutely agree this bubble needs to pop!
I would love to buy a condo right now, but rent is cheaper than buying looking at a 5 year time frame until mortgage rates drop below at least 6%. It would be years before the interest and taxes portion of the payment dropped below our current rent.
We’ve literally agreed with our landlords who want to sell after we leave that we’re all sitting still until mortgage rates drop. (Or I guess inflation rises high enough to offset the debt versus investment part of the pile.)
And this is all after moving to Utah from the west coast to get cheaper housing in general… Although the lower paychecks basically balance it all out 😂
I would argue that someone can’t sacrifice their future ability to buy just to lower the price on a single unit.
They’re stuck by the incentives of the situation just like everyone else.
We can’t expect anyone to act outside their own good when it comes to huge amounts of money. Especially in a capitalist society where the only thing that protects your quality of life is money. No one is going to step in when things go wrong except your decision to protect yourself and your family by making financially beneficial decisions.
And yeah, that sucks when you are the other major portion of our society who isn’t given the resources to grab that protection/money with both hands and not let go.
And on a more solution oriented note:
We need increased supply of dense housing appropriate for the average family, for the 20-30 yr olds who simply need a single bedroom, and for the retirees who need a small place to live after their children move out. Dense housing because driving an hour to where your job is makes sense to only a very small fraction of people and cities are continuing to attract people.
Increased pay for the average worker - probably requiring a decreased incentive to drive profits above all else for the large corporations that drive the majority of our market. (Thinking of examples like Walmart that pay minimum wage and then require their workers to receive government subsidies… meanwhile Walmart gets a profit. It’s a little circular.)
Kindness so we can all share our stories and think of solutions that change the structure and don’t require individuals to act outside their own interest. If we shut down conversation we’re no better than our silly two party system that seems to make enemies out of each other. Listen and sympathise and learn what each person has been able to build. Don’t be each other’s enemies. That’s letting the system we’re in win.
I’ll never understand people like this. Most of us will never own a home at this rate. Yet there are folks, who already own their home, who are complaining they can’t switch their home like it’s some trading-card game. They’re part of the problem.
Yup, I’m a total cocroach and the scum of society for wanting to have somewhere that me and my pregnant wife can live with room to grow with the little one.
I suppose we should decide to not sell and instead rent it out at extreme rates? Or perhaps raise a child in a place who would never have a room of their own?
I fully acknowledge that I’m privileged to have gotten a decent job and we happened to be in the right place at the right time, but comparing a single family trying to better their circumstances to the oligarchs and international entities who hoard land and homes for profit is a shit thing to do.
You’re not a cockroach, but you should have considered attempting to move before conceiving. You were in a privileged position, not because you were capable enough to find a decent job, which you are and should be proud of, but that you have a whole home for your family already. No one forced you to add an additional member, and thus feel overcrowded. There are consequences to your decisions.
I’m not comparing you to an oligarch, but you have to understand that many young adults who want to own just their first home simply can’t.
Holy fuck man. Fuck off and go eat the rich. I’m not your enemy. You are owed no explanation or glimpse into the YEARS of family planning and medical problems we’ve faced to be where we are now. Just because someone is able to squeak their way into the game the world leaders play is not an attack on you.
Sorry, I forgot you’re the exception to the rule. No one else has ever had to deal with medical issues preventing them from having children, as well as not having a home. You’re the main character and everyone else can “fuck off”.
I’ll let you get back to your little pity party, dealing with the effects of your choices. I hope you can make a nice profit on your current home, since that’s clearly what you want.
Ah, I see. Because I don’t have the same problems and suffer exactly like you I MUST be a classist prick who cares only for themselves.
Since you’re so powerful and wise, and apparently know my whole situation, how about you get over here and rip my land-owning heart out of my chest since apparently that’s the only thing that will appease you.
Wait, I don’t own land. Because it’s a fucking condo. That we lived in for years until we were in a position to get away from it.
I’m assuming they’re looking to buy after this condo sale. If that’s the case, they may not have much choice as their next place will be similarly insanely inflated, so they need that money to get the monthly payment to something affordable.
That’s the position my partner and I are in. We have equity in our house, but it’s mostly because it has “appreciated” to a level that we could never afford, despite making a combined over quarter million dollars a year (due to living in a high cost of living area). Even if we sold our house at full inflated market price and used it all as a down payment, we’d be hard pressed to afford a place with the same price.
It’s not that I’m complaining about the equity, it just doesn’t get me much when everything else is insanely inflated. We barely squeaked into the place we’re in because COVID tanked interest rates and prices in our area.
Yup, once we sell we won’t even be able to buy in the local area near our families. Mortgage rates are still stupid, we’d never be able to afford having an actual house here
We’re the lowest priced among the competition. I don’t care about “more money”, but my family is starting to grow so we need to be somewhere other than a tiny condo and I can’t do that selling at a loss
Yes actually. Almost everyone who’s toured in person has said the price is the right for the market, but they’re generally not finding specific things they’re looking for. We’re a backup for one person right now, and the things turning people away are out of our control (HOA prices, neighbor to a public service). Couple people went for other properties due to the lack of AC in ours (Would cost $14,000 for a mini-split, so not cost effective while selling) and it’s totally understandable.
We’re already lower than the competition. We’re actually showing well, but like others said we’ve got so much unrealistic growth that people just don’t have the money to match the growth over the last few years. Even after selling we’d be nowhere near close to having a proper down payment for a real family home. We’re well priced for the area, we’ve got a new realtor, we did some renovations, and now we’re just waiting for the right person
As a millennial that was somehow able to afford a house this bubble needs to fucking pop.
I’ll be locked into this house until I die and all of my friends and family will have to keep moving further away as they get priced out of their apartments each year. Before this I had moved 8 times in 6 years.
I bought mine during the housing crash in 2008. Shit was ballin. No way I could afford a house now.
Also a millennial. Wife and I got our condo right before everything shot up, got a nice 3.25% APR. Great mortgage honestly. But we’ve been trying to sell our condo for a YEAR now and I honestly think it’s the bubble holding back a sale. The condo is just too expensive for what it is (and the horrific rise of small community HOA fees has gotten way out of hand…). We’re priced right compared to others on the market, but selling condos is just stupid hard right now.
Sure I’d love it if we could sell now and get some nice profits from the sale, but I absolutely agree this bubble needs to pop!
I would love to buy a condo right now, but rent is cheaper than buying looking at a 5 year time frame until mortgage rates drop below at least 6%. It would be years before the interest and taxes portion of the payment dropped below our current rent.
We’ve literally agreed with our landlords who want to sell after we leave that we’re all sitting still until mortgage rates drop. (Or I guess inflation rises high enough to offset the debt versus investment part of the pile.)
And this is all after moving to Utah from the west coast to get cheaper housing in general… Although the lower paychecks basically balance it all out 😂
Complains that bubble needs to pop. Is trying to sell a condo but has it priced too high to attract any buyers. Doesn’t lower price.
My dude, your desire for more money is the bubble that’s holding back the sale.
Your scenario is a microcosm of the whole market.
I would argue that someone can’t sacrifice their future ability to buy just to lower the price on a single unit.
They’re stuck by the incentives of the situation just like everyone else.
We can’t expect anyone to act outside their own good when it comes to huge amounts of money. Especially in a capitalist society where the only thing that protects your quality of life is money. No one is going to step in when things go wrong except your decision to protect yourself and your family by making financially beneficial decisions.
And yeah, that sucks when you are the other major portion of our society who isn’t given the resources to grab that protection/money with both hands and not let go.
And on a more solution oriented note:
I’ll never understand people like this. Most of us will never own a home at this rate. Yet there are folks, who already own their home, who are complaining they can’t switch their home like it’s some trading-card game. They’re part of the problem.
Yup, I’m a total cocroach and the scum of society for wanting to have somewhere that me and my pregnant wife can live with room to grow with the little one.
I suppose we should decide to not sell and instead rent it out at extreme rates? Or perhaps raise a child in a place who would never have a room of their own?
I fully acknowledge that I’m privileged to have gotten a decent job and we happened to be in the right place at the right time, but comparing a single family trying to better their circumstances to the oligarchs and international entities who hoard land and homes for profit is a shit thing to do.
You’re not a cockroach, but you should have considered attempting to move before conceiving. You were in a privileged position, not because you were capable enough to find a decent job, which you are and should be proud of, but that you have a whole home for your family already. No one forced you to add an additional member, and thus feel overcrowded. There are consequences to your decisions.
I’m not comparing you to an oligarch, but you have to understand that many young adults who want to own just their first home simply can’t.
Holy fuck man. Fuck off and go eat the rich. I’m not your enemy. You are owed no explanation or glimpse into the YEARS of family planning and medical problems we’ve faced to be where we are now. Just because someone is able to squeak their way into the game the world leaders play is not an attack on you.
Sorry, I forgot you’re the exception to the rule. No one else has ever had to deal with medical issues preventing them from having children, as well as not having a home. You’re the main character and everyone else can “fuck off”.
I’ll let you get back to your little pity party, dealing with the effects of your choices. I hope you can make a nice profit on your current home, since that’s clearly what you want.
Ah, I see. Because I don’t have the same problems and suffer exactly like you I MUST be a classist prick who cares only for themselves.
Since you’re so powerful and wise, and apparently know my whole situation, how about you get over here and rip my land-owning heart out of my chest since apparently that’s the only thing that will appease you.
Wait, I don’t own land. Because it’s a fucking condo. That we lived in for years until we were in a position to get away from it.
I’m assuming they’re looking to buy after this condo sale. If that’s the case, they may not have much choice as their next place will be similarly insanely inflated, so they need that money to get the monthly payment to something affordable.
That’s the position my partner and I are in. We have equity in our house, but it’s mostly because it has “appreciated” to a level that we could never afford, despite making a combined over quarter million dollars a year (due to living in a high cost of living area). Even if we sold our house at full inflated market price and used it all as a down payment, we’d be hard pressed to afford a place with the same price.
It’s not that I’m complaining about the equity, it just doesn’t get me much when everything else is insanely inflated. We barely squeaked into the place we’re in because COVID tanked interest rates and prices in our area.
Yup, once we sell we won’t even be able to buy in the local area near our families. Mortgage rates are still stupid, we’d never be able to afford having an actual house here
We’re the lowest priced among the competition. I don’t care about “more money”, but my family is starting to grow so we need to be somewhere other than a tiny condo and I can’t do that selling at a loss
Will anyone buy it at the current price? No? Then I’m sorry to say but you have not yet reached the market clearing price.
Yes actually. Almost everyone who’s toured in person has said the price is the right for the market, but they’re generally not finding specific things they’re looking for. We’re a backup for one person right now, and the things turning people away are out of our control (HOA prices, neighbor to a public service). Couple people went for other properties due to the lack of AC in ours (Would cost $14,000 for a mini-split, so not cost effective while selling) and it’s totally understandable.
Also its a fucking condo.
And?
Only a small subset of folks want to live in a condo.
…and? This isn’t news.
You know you can lower the asking price to sell it faster…
We’re already lower than the competition. We’re actually showing well, but like others said we’ve got so much unrealistic growth that people just don’t have the money to match the growth over the last few years. Even after selling we’d be nowhere near close to having a proper down payment for a real family home. We’re well priced for the area, we’ve got a new realtor, we did some renovations, and now we’re just waiting for the right person