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That graph is kind of unimpressive since it's like prices have been steadily rising for four and a half years but go ahead and undo one month of growth (and not even the biggest month over the last year). You'd need years of decline just to get back to the already overpriced pre-pandemic environment.
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Sep 8, 2022 17:09
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I live in a decidedly not hot market in western CT so prices never shot through the roof here, but they've been steadily climbing from their already overheated pre-pandemic levels and they're still going up despite homes sitting on the market for longer. Same poo poo that happened out here around 2008. Houses never shot through the roof like in other places, also have never once come down in the past 20 years. There was a brief pause in the immediate aftermath of 2008 where prices held steady, then right back up again. The median home value in this area is just shy of $600k from around $450k six years ago.
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Sep 12, 2022 00:00
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indigi posted:build more large apartments imo. straight upward. also use some sort of .... green technology... to make them gooder they're building huge apartment buildings downtown here and they all cost minimum $3k/mo for a studio
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Sep 14, 2022 02:37
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Yeah, the average down payment (not even median!) doesn't come close to 20% for anyone under 50. First-time buyers are almost always going to be right around 3.5%
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Sep 19, 2022 16:52
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i am harry posted:going to guess something like $3700 for exactly the same thing that would be $2000 a year ago It's easy to figure out. At current average sale prices and the current fixed rate average, you're looking at somewhere in the neighborhood of $3200, not including PMI or homeowner's insurance. For a median two-income household, you'd basically need one person's entire net salary just to cover mortgage payments lol Paradoxish has issued a correction as of 17:14 on Sep 19, 2022 |
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Sep 19, 2022 17:11
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My favorite part about suicide cables is that every single time they come anywhere online, there are guaranteed to be a ton of morons in the comments insisting that while yes, they are very dangerous, they know better and their setup is perfectly safe. Every. Single. Time.
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Sep 20, 2022 00:17
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anime was right posted:yeah the affordability is a completely different scenario. median income to house price was like what, 1:5? on top of a lower CoL. it was much easier to accumulate a 20%-40% down payment in that era or even just save cash with you + your parents money with a union gig. Yeah, people treating home prices as the only component (or even the most important one) for affordability is very frustrating.
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Sep 24, 2022 20:05
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Jenny Agutter posted:should have checked this thread a while ago but uh is now a bad time to buy? lol Much worse than yesterday, probably better than tomorrow
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Sep 29, 2022 19:22
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BIG-DICK-BUTT-gently caress posted:i didnt read the article so maybe they used the term to desrcibe your first example but im thinking in terms of the second one, buying an abandoned/unlivable home and rehabbing it to neighborhood standards. That's essentially increasing the housing supply. It's a problem to assume that housing needs to be endlessly "updated" in this way in the first place, and it's part of what's pushing housing prices beyond affordability for almost everyone. Yes, if you watch stupid reality TV you'll see plenty of flippers taking wrecked homes and making them livable, but that's not what the typical flipper does at all. These people are mostly unskilled, inexperienced HENRY types with a little money (or access to loans) buying in on a get rich quick scheme. Lots of flippers swoop in on perfectly fine starter-level homes and tear them up to follow recent trends or otherwise show better. The whole reason the term "flipper" has become so derogatory is because these aren't people making lasting, durable improvements to increase the value of a home. They are, for the most part, people who are putting a cheap Instagram veneer on a house so they can sell it at a huge markup. I've been watching homes in my neighborhood get this treatment for the better part of ten years now. This area wasn't particularly cheap to begin with, and almost all the houses flippers buy in this area are move-in ready. The playbook is almost always exactly the same: knock down a bunch of walls to create an open floorplan, tear up carpeting and replace it with LVP if there's not already hardwood in the home, install a bunch of midrange stainless steel appliances, and then spend way too much money on marketing. Every time. It's builder-grade renovations that drive homes out of reach for anyone who can't afford a $3-4k/mo mortgage.
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Oct 18, 2022 08:05
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BIG-DICK-BUTT-gently caress posted:amybe not in your area but that stuff's all required by code around here. again, i think we're talking past each other. Sounds like you're talking folks who basiaclly put lipstick on a pig .. no poo poo those guys are unscrupulous actors This is incredibly stupid. "Required by code" means nothing if you're not doing something that requires inspection. Nobody is checking your insulation if you're replacing carpeting with LVP. No one is looking at your electrical just because you installed a new builder-grade 3-tab roof. "House flippers" literally refers to people putting lipstick on a pig. That's what it is. This weird thing you're describing where well-meaning contractors come into a home and modernize it for a modest profit is... not a thing in any real housing market. There's no money in that compared to making a house that was already fine look trendy and marking the price up by $100k. Don't complain about talking past people when you're just making up your own definitions for well-understood terms.
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Oct 18, 2022 16:05
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Like the answer for how often a home should be updated is actually, literally, "never," at least if you're talking about middlemen who come in and do it for a profit. There's no reason for that ever to happen and it adds effectively zero value for the new buyers, who could have the exact updates and improvements they want for a fraction of the markup they're paying.
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Oct 18, 2022 16:14
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Modern appliances are super efficient in general but for some reason people don't want to accept that because they think hard work is cool or whatever Also if an appliance takes a long time to do something, there's probably a good chance it's doing it very efficiently.
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Oct 19, 2022 03:35
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actionjackson posted:if modern appliances are so efficient why is my bosch dishwasher's cycle 2.5 hours Modern dishwashers are slow because they're more efficient than older ones. It's specifically a response to newer requirements for energy star ratings limiting the total amount of water and electricity used for a single cycle. There's no way to meet those requirements without taking several hours to clean a load of dishes. High-efficiency washing machines take longer, too. Paradoxish has issued a correction as of 16:13 on Oct 19, 2022 |
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Oct 19, 2022 16:11
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actionjackson posted:fair enough i have a HE washing machine and yeah that's true, though it's definitely quieter and makes a pretty little chime noise at the end They pretty much all have some kind of quick setting that's basically a "gently caress it" mode that just runs as inefficiently as possible and finishes in no time. It's good that most people have no idea it's there because it would completely torpedo the environmental advantages of having modern, high-efficiency appliances.
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Oct 19, 2022 18:38
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Thoguh posted:Yeah, inspectors can be incompetent or biased but how is that not caught either by them, your realtor, or in the final walkthrough? No one opened up the fridge or turned on the stove? There's honestly some weird stuff going on in that article. Like this: quote:While her monthly mortgage payments are about as much as her rent was, necessary repairs to the roof ended up costing $65,000, much more than the $12,000 to $17,000 the inspector had estimated before the sale closed. $65k for a roof on what appears to be a fairly modest house is... a lot. There's gotta be something seriously structural going on there because there's just no way a basic roof replacement is ever going to cost that much. Kind of makes me wonder if the inspector was the honest one and she got taken by a really lovely roofing contractor.
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Oct 20, 2022 01:01
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Prices will absolutely come off the peak for a while, but anything short of a large double-digit drop is essentially meaningless. There also need to be large and substantial drops outside of the hottest markets, because a lot of less attractive markets have been slowly and steadily climbing this entire time. It's not so much a question of it's "enough" or not, it's that a few percentage points down isn't really anything happening at all. That's basically just an indication that prices will shoot back up the moment rates become affordable again.
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Oct 26, 2022 16:05
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A big part of the issue is that higher rates clobber affordability worse than high prices, so doubling rates and stalling price gains is actually a massive loss for the typical buyer. There's this idea that you can theoretically refi later, but you still have to be able to afford your current mortgage indefinitely since there's no guarantee that rates will drop soon.
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Oct 26, 2022 16:09
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A Bakers Cousin posted:Yeah the whole idea of having like a generic baseline makes sense but yeah people just live like that Most people don't really put effort into things in general. You sell houses like this based on the fact that: 1) Almost no one actually hates it so much that they wouldn't live in it and 2) People can pretend they'll make it their own, even though they won't
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Oct 28, 2022 18:15
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iCe-CuBe. posted:https://www.zillow.com/homes/Pittsburgh,-PA_rb/ Did you actually look at those listings? There are technically livable houses in there, but the majority at those price points are gutted or condemned. This is by far the nicest listing I could find under $100k: https://www.zillow.com/homedetails/7535-Short-St-Pittsburgh-PA-15218/11383724_zpid/ And the fact that this house has been there for almost 200 days screams that something is incredibly wrong with this property. The existence of listings drastically below median market price does not mean there are actually houses you can live in at those price points.
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Oct 28, 2022 18:36
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Pittsburgh Fentanyl Cloud posted:yeah, thing is when people talk about "cheap" cities it's usually just the bottom end that's cheap. Once you start moving into desirable newer housing these cities are just as expensive as everywhere else. I paid $120K for an old house but I can walk eight blocks and find houses going for a half million. Median sales price for any particular market usually doesn't lie. If homes are selling for drastically less than the typical listing, there's usually a pretty good reason. There aren't tons of buyers out there turning up their noses at perfectly good properties and settling for nothing instead.
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Oct 28, 2022 19:07
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Salt Fish posted:This mountain bike content creator I follow posted a video about how its soooooo hard to be a landlord because your airbnb tenants put loose trash into the trash can and it reminded me that all landlords are scum. There's like drat near 100% overlap between "content creators" and small-time landlord scum. They all fall for the same scams that convince them to dump their money into rental properties. The only upside is that a lot of these people are still poor enough that they'll be the ones going under the bus even without a full-scale crash.
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Nov 7, 2022 05:54
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Xaris posted:arguably not just small-time landlord scum but also born into wealthy upper-class landed gentry. although the venn diagram between the two is massively overlapping Yeah, they nearly all come from some kind of upper-class background or really lucked into some money beforehand. There are exceptions to every rule, but I can say with a very high degree of confidence that your average influencer isn't a landlord turned YouTube star and that the trajectory for most of them goes in the other direction. Investing in "passive" income sources has been all the rage for this particular set for a really long time now and it's basically the first thing a lot of them do when they achieve any amount of success at all.
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Nov 7, 2022 06:36
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projecthalaxy posted:Scam, much like grift, always just means "job i don't like" online funniest post on the forums
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Nov 14, 2022 15:44
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Pittsburgh Fentanyl Cloud posted:This flip just showed up Is... is that tiny twin bed intended to make that room look huge or something? It looks loving ridiculous.
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Nov 17, 2022 16:11
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3D concrete printing is real, it's just not (how loving shocking) the technological panacea that the media wants it to be. It's a method of laying down concrete, which is probably legitimately useful, but a lot of "3D printed home" prototypes still use conventional stick framing all over the place. As usual, the media is desperate to sell excitement, so they assign all kinds of insane attributes to a fairly mundane and unremarkable technology. Just the term "3D printed house" is complete marketing garbage since you are, at most, printing some concrete walls and nothing else. Edit- PIR printing is the real funny one, though, because ICF blocks already exist and I've never heard anyone actually explain why printing polyiso makes any sense except in cases where you want to make weird curvy houses or something Paradoxish has issued a correction as of 17:16 on Nov 17, 2022 |
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Nov 17, 2022 17:11
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I know a couple who intentionally decorated their house with poo poo like this (not to sell or anything), and it's just like what the gently caress.
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Nov 18, 2022 17:34
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Justin Tyme posted:love the "home renos" where they install a single high-end fixture/bath/shower or something and do nothing else. Fancy clawfoot tub next to a contractor-grade sink from the 90's, brand-new kitchen with composite flooring with a hard transition to beige carpet and grandma couches Honestly, it's usually much worse than something like this. A lot of these quick and dirty renovations involve tearing out relatively good (but old) poo poo and replacing it with cheap but trendy contractor-grade stuff. There's a small-ish colonial down the road from my house where the flippers tore out the original hardwood to replace it with bargain basement LVP. I have no idea why you'd do that, but I assume because restoring the hardwood was hard, and plunking new vinyl down was easy.
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Dec 1, 2022 00:01
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Minecraft Holmes posted:why do so many idiots love The Worst Building Material Someone's not thinking like an innovator  I bet you want to build houses out of wood and concrete and poo poo
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Dec 8, 2022 08:56
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It will take years to finish at my current rate of expansion, but our backyard will eventually be nothing except a massive food garden. Also the front yard. gently caress lawns.
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Jan 11, 2023 16:33
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bvj191jgl7bBsqF5m posted:Housing prices seem to be dropping in many places. Seems good to me, and I hope they drop more. Housing prices will come down somewhere around 5-15% off peak, maybe a little more in extremely hot markets, maybe a little less if the fed pivots sooner than expected. They'll bounce back as soon as rates decrease, so the net effect is that there will never actually be a point where housing is more affordable. edit- an actual housing crash that brings down prices by a substantial amount means that people are losing their homes in huge numbers. it's basically the only way it can happen, short of something crazy like a huge infusion of new, low-priced stock or landlords just getting creamed somehow. Paradoxish has issued a correction as of 19:03 on Jan 11, 2023 |
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Jan 11, 2023 18:58
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Ornery and Hornery posted:I wish anybody knew actual poo poo about what home prices are going to do. No one really knows, but expecting something like a nationwide 50% crash in median sales price means you're expecting something that's never happened before:  Median home prices dropping back to pre-pandemic levels would be an unprecedented drop and uncharted waters for the US economy. Obviously individual markets shoot up and collapse all the time, but expecting housing prices to just collapse nationwide is one of the doomiest and most far-fetched things that people in CSPAM believe. That little dip after 2008 represents millions of people losing their homes and an unimaginably huge upward wealth transfer.
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Jan 12, 2023 09:46
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BIG-DICK-BUTT-gently caress posted:theyll continue to go up they might also just roughly stay the same for a while, which is also a thing that happens sometimes
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Jan 12, 2023 13:34
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Pittsburgh Fentanyl Cloud posted:Lol that immense jump at the end of the graph Home prices jacking up suddenly also seems to correlate pretty strongly with the months/years right before a recession.
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Jan 12, 2023 13:42
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High home prices are terrible, you just need policy to fix those prices. Relying on the market (ie, some kind of price crash) means that you're rooting for a situation that absolutely will not make homes more "affordable," even if they sell for much less.
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Jan 12, 2023 20:15
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TheSlutPit posted:You’re insane dude I’m literally giving homeowners advice on how to leverage their existing mortgages and equity into more money/leverage. You're not explaining why anyone would sell at a reduced price, though. You're just giving an explanation for how people can trade homes back and forth at the current inflated prices. Like the key issue here is why people would be desperate enough to sell their homes well below (current) market value, not why or how people should sell. Prices don't just dive because of forces of nature, they dive because tons of people are constantly lowering their sales price so that someone will actually bite. You're suggesting that existing homeowners who want to take their profits will, for some reason, drop their prices by huge margins so they can instead move their mortgage onto another home being sold by another homeowner who for some reason is also dropping their price by a huge margin. People who want to cash in on their homes are not going to take huge hits to their home's sale value so they can port their mortgage. That doesn't make sense. That's realtor logic trying to escape the reality that the market is locking up.
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Jan 13, 2023 11:51
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Exodus1984 posted:Unfortunately, relying on the policy being fixed is rooting for a situation that will not happen. I never said that policy solutions will happen. You are absolutely correct: home prices will never become more affordable.
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Jan 13, 2023 16:13
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actionjackson posted:why would you take a hit on your home's sale value by porting your mortgage? Might have been unclear, but that's not what I was saying. I was saying that being able to port your mortgage doesn't explain why people would sell in a down market, because you'd still be selling your house for less money.
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Jan 13, 2023 17:29
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There are some extra hurdles, but I don't think it's usually an issue as long as you can qualify for the loan you're taking and you can prove that the "gift" isn't a secret loan that you need to pay back. I know a couple that got $100k toward a house from their parents as a bribe to have kids and I don't think their mortgage company thought twice about it. like to be clear, you have to say "we're getting a gift" because a huge lump sum appearing in your bank account will definitely raise red flags for a lot of lenders Paradoxish has issued a correction as of 18:27 on Jan 13, 2023 |
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Jan 13, 2023 18:25
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Bar Ran Dun posted:they’re expected to eat it and continue working poo poo jobs. Yeah, the issue is that these areas are becoming harder to find, and moving to them often means accepting lower pay or longer commutes. I constantly post some variation of "if you literally cannot afford a house right now, things are not going to get better for you" and I feel like an rear end for doing it, but it's true. There hasn't really been a point at any time in recent history where housing conditions have improved so that marginal or excluded buyers can suddenly get into the market. Your income or savings need to outpace the market and rates or it's just not going to happen. Housing isn't going to come down to meet you unless you're willing to make increasingly drastic sacrifices in terms of where you live.
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Jan 14, 2023 21:35
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A Bakers Cousin posted:hmmmmmm seems like a good afordable starter place This is theoretically affordable for two people with slightly above-average paying jobs. Looks great as long as you aren't single, never intend to have kids, and don't want to use your home as a place for anything except sleeping! You might even be able to get away with paying less than half of your net income for the privilege.
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Jan 16, 2023 20:21
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