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A Bad King posted:A home in my neighborhood sold for ~250k in 2018 (back then, I thought that was the top-end of this housing bubble -- hah!), and is now under contract for $365k after a weekend. There were about 22 cars lined up on our street during the open house. It's investors around here, not people buying them to live in.
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Mar 17, 2023 15:28
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mastershakeman posted:yeah people getting freaked out about PMI just didn't do the numbers. oh, to avoid a $100/mo at most expense (so 1200 a year for 5 years) I need to save up another 80k? yeah let me get right on that. people freaking out about pmi get their business and home buying advice first from the business news shows (lol) and second from r/personalfinance (lmao)
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Mar 17, 2023 15:46
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Pittsburgh Fentanyl Cloud posted:House prices went up here by nearly 18% while interest rates were doubling. buddy, capitalism has made it clear that prices must go up up up
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Mar 17, 2023 16:19
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Pittsburgh Fentanyl Cloud posted:It's investors around here, not people buying them to live in. do we have any updated reliable data on how much of the home stock is owned by investors?
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Mar 17, 2023 16:20
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Ornery and Hornery posted:y’all got a house yet? Everything around us that's turnkey livable rarely lasts more than 48 hours before going under contract for a few 10k over the list price. Average houses in the better school districts start at 600k.
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Mar 17, 2023 16:23
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Ornery and Hornery posted:do we have any updated reliable data on how much of the home stock is owned by investors? I've been watching home sales in and around where I live for years and keeping track of what gets bought by real people and what gets bought by LLCs, but that's anecdotal. The best definitive poo poo we have is stuff like this https://www.cnn.com/2022/11/03/homes/first-time-homebuyers-hit-record-low-nar-report/index.html https://www.pewtrusts.org/en/resear...riving-up-rents First time homebuyers are a record low proportion of the market at 26%, and last year institutional investors made up 25% of the market.
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Mar 17, 2023 16:28
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A Bad King posted:A home in my neighborhood sold for ~250k in 2018 (back then, I thought that was the top-end of this housing bubble -- hah!), and is now under contract for $365k after a weekend. There were about 22 cars lined up on our street during the open house. yeah for all the (valid) freaking out about investors buying up all the houses there is still a bonkers amount of demand for houses even at these prices and interest rates. softened from summer 2022 sure but still high. anything desirable will get sold at very high prices still, it just takes 2-4 weeks instead of 2-4 days. theres a few possible explanations: - there is a non-homeowning segment of working people who truly can afford these 2.8-4k/month payments (???) - people are reconfiguring their living situations to include family members/parents/roommates who make those paymenta affordable by sharing the costs - idiot assholes are thinking something along the lines of 'this payment eats up most of our income but when rates get cut in 6 months like my agent says they will we can refinance and it'll be affordable' - parents are giving their kids 200k to buy homes
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Mar 17, 2023 16:35
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PMI and interest don't matter if it's all cash
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Mar 17, 2023 16:36
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housing may seem expensive but it's an absolute steal compared to the costs of being homeless
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Mar 17, 2023 16:41
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Pittsburgh Fentanyl Cloud posted:I've been watching home sales in and around where I live for years and keeping track of what gets bought by real people and what gets bought by LLCs, but that's anecdotal. the article doesn’t mention institutional investors?
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Mar 17, 2023 16:50
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"Investors". At the end of the day it's organizations and people buying up houses where normal people could otherwise live and build equity.
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Mar 17, 2023 17:04
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Ammanas posted:- parents are giving their kids 200k to buy homes this is the thing that gets me now. back in the mid 2010s I’d have friends get help from their parents, but that would mean like $20k or something. nowadays with home prices - are parents dropping six figgies to get their children going??
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Mar 17, 2023 17:05
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If you don't have at minimum $25k in free flowing cash just don't bother. And that's probably after months of earnest money
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Mar 17, 2023 17:07
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I don’t even know if $25k cuts the mustard anymore
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Mar 17, 2023 17:09
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Ammanas posted:yeah for all the (valid) freaking out about investors buying up all the houses there is still a bonkers amount of demand for houses even at these prices and interest rates. softened from summer 2022 sure but still high. anything desirable will get sold at very high prices still, it just takes 2-4 weeks instead of 2-4 days.
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Mar 17, 2023 17:25
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Is PMI only for conventional mortgages? Would a jumbo loan have it too?
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Mar 17, 2023 17:30
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Nonsense posted:If you don't have at minimum $25k in free flowing cash just don't bother. And that's probably after months of earnest money The prime rate is so high right now that taking an interest only bridge loan to get 20% down costs more than just putting 5% down and paying PMI in the scenarios I looked at. lol
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Mar 17, 2023 17:34
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The lady I sold my starter home to in 2018, just listed it for sale +$100k over what she bought it for. Look at me, a feminist, generating wealth for women.
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Mar 17, 2023 17:44
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Our house cost 610k in 2021 which I consider insane, now my bro in law and his girlfriend with much lower paying jobs are looking at 800k duplexes in worse neighbourhoods with higher interest rates and they are flying off the market without conditions. Healthy, normal economy
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Mar 17, 2023 17:45
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Fozzy The Bear posted:The lady I sold my starter home to in 2018, just listed it for sale +$100k over what she bought it for. Look at me, a feminist, generating wealth for women. love to buy a home and then sell the home in less than 4 years homes are not for living they are for profit
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Mar 17, 2023 17:46
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Ornery and Hornery posted:love to buy a home and then sell the home in less than 4 years There are multiple houses near me that sold around when I bought in 2015 that have been sold again twice since then
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Mar 17, 2023 17:53
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Previous owner of my house paid $35K for it in 1992. I paid $120K in 2015. My real estate agent says I could get $250K for it now. It's a 117 year old balloon-framed shitbox with one bathroom.
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Mar 17, 2023 17:53
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Nothus posted:Only 23% of buyers are first-time, so it's middle-aged people who can either swing the payments or have access to large amounts of cash from the asset/crypto/real estate bubbles or some combination of all of that. but who is buying the home they left?
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Mar 17, 2023 17:54
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I paid 310k for mine back in early 2021. Good sized home (if anything a little too big) in a good school district in a medium sized city in the Deep South. We briefly thought about waiting because none of the historic homes downtown with big rear end porches and charm out the wazoo were on the market at the moment. Thank gently caress we didn’t wait a second longer.
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Mar 17, 2023 17:54
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Ornery and Hornery posted:this is the thing that gets me now. Sorry your parents don't love you. Ornery and Hornery posted:love to buy a home and then sell the home in less than 4 years Doesn't the average job only last four years nowadays? Besides, with home prices rising don't you kind of have to keep all your assets invested in real estate? Otherwise when you do have to move you'll be priced out of buying a new home. I make good money and I feel like I can barely afford to buy my own home, which was well within my budget ten years ago.
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Mar 17, 2023 17:59
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PerniciousKnid posted:Doesn't the average job only last four years nowadays I don't think people sell their homes and buy new ones every time their job changes. Last time I got a new job, it was four blocks from my previous one.
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Mar 17, 2023 18:01
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Pittsburgh Fentanyl Cloud posted:I don't think people sell their homes and buy new ones every time their job changes. Last time I got a new job, it was four blocks from my previous one. True but not all jobs are next door to each other. People move cities all the time.
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Mar 17, 2023 18:04
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Not really. https://www.nytimes.com/2019/11/20/us/american-workers-moving-states-.html
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Mar 17, 2023 18:05
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I figure the great majority of people selling and buying new houses is people frantically climbing up the property ladder and "upgrading" their investment. I don't think mobility concerns have much to do with it.
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Mar 17, 2023 18:06
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Teabag Dome Scandal posted:Is PMI only for conventional mortgages? Would a jumbo loan have it too? One of the wildest things about the last two years is seeing the non-jumbo loan 'cap' on the market get absolutely smashed through in my area. that's not really answering your question and I'm sure tons of other places have been way over it for ages but it was new to me. Back in the mid '10s basically every property got bid up to near the 400kish max here
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Mar 17, 2023 20:17
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https://www.realtor.com/realestateandhomes-detail/1420-Alton-St_Pittsburgh_PA_15216_M39775-24164 This is identical to my house and costs the same as my house did when I bought it, except I got a move-in ready house and this is a stripped out husk. lol
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Mar 17, 2023 20:54
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Ammanas posted:yeah for all the (valid) freaking out about investors buying up all the houses there is still a bonkers amount of demand for houses even at these prices and interest rates. softened from summer 2022 sure but still high. anything desirable will get sold at very high prices still, it just takes 2-4 weeks instead of 2-4 days. Seems like for "starter homes," of the bi-level, 1100 sq ft (if you include the basement) types with 3beds no larger than 10x12 and a 1.5 bath, they're still selling that Saturday after a Thursday listing. I wonder if folks are still doing cover letters with their offers, worshipping the "strong bones," of a 1960s mass-manufactured cookie cutter sold for half a year's salaryman wage back in the 80s.
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Mar 17, 2023 21:03
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Ammanas posted:- idiot assholes are thinking something along the lines of 'this payment eats up most of our income but when rates get cut in 6 months like my agent says they will we can refinance and it'll be affordable' Who says they're idiots? Didn't you see the news, JPow turned the money printer back on, these people are going to refinance soon at 4% and then a bit later at 2% while house prices shoot into the millions nationally.
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Mar 17, 2023 21:14
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Twerk from Home posted:Who says they're idiots? Didn't you see the news, JPow turned the money printer back on, these people are going to refinance soon at 4% and then a bit later at 2% while house prices shoot into the millions nationally. 100 billion bailouts for banks, 0% interest loans for big business, but 7% for consumers
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Mar 17, 2023 21:42
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Ammanas posted:100 billion bailouts for banks, 0% interest loans for big business, but 7% for consumers capitalism is the most effective system for the allocation of resources
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Mar 17, 2023 22:04
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Could we get some socialism? Maybe paid parental leave, or cancer treatments without a profit motive? We have socialism at home. Socialism at home: Ammanas posted:100 billion bailouts for banks, 0% interest loans for big business, but 7% for consumers
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Mar 17, 2023 22:13
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https://www.nytimes.com/2023/03/17/...ce=articleShare
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Mar 18, 2023 03:20
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said Ms. Mitas, 31. Mr. Mitas, 40, a mortgage broker,
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Mar 18, 2023 03:26
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Pittsburgh Fentanyl Cloud posted:said Ms. Mitas, 31. Mr. Mitas, 40, a mortgage broker, society would be better if they were fertilizer
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Mar 18, 2023 03:32
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I’m worried about American’s gentrifying Portugal says man gentrifying Portugal. was my favorite
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Mar 18, 2023 03:39
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