I'm priced out of the housing market forever

[ptkg]

I have a home in austin that I could probably sell for $750k right now.
It was built in 1940 and about 1200 square feet. The foundation is pier and beam and there is literally some cedar stumps serving as some of its foundation.

Its a rental until I decide to knock it down, build a mcMansion on it and sell it for a profit.
Its all about land value.

Interesting. Is it north of the river or south? I'm guessing it has to be very centrally located to command that price.

[donblaximus]

Interesting. Is it north of the river or south? I'm guessing it has to be very centrally located to command that price.

Its in Pemberton Heights north of the river and inside Mopac.

Here you go, here is a 1400sqft house in Texas which is supposedly one of the LOWEST COST OF living states in the country right?

1400 sqft for $1M

http://www.austinhomesearch.com/home...8703-172535130

[semok27]

OP its not over man just want for the next bubble to pop and make a calculated strike

[cookiefiend]

Start lower and work your way up like most other people. I don't believe most people get into their ideal house straight away, I'm sure you can get something for 400k still.

[LYCLifter]

Its in Pemberton Heights north of the river and inside Mopac.

Here you go, here is a 1400sqft house in Texas which is supposedly one of the LOWEST COST OF living states in the country right?

1400 sqft for $1M

http://www.austinhomesearch.com/home...8703-172535130

Yeah I just moved to Austin from DFW area and was shocked at the prices. I ended up buying in south east Austin since that was all I could afford!

[Ex-Terminator]

You guys must live in some really expensive areas. Look what $284K will buy you in my area:

https://www.redfin.com/TN/Knoxville/.../home/62857100

[Ratfish]

ask a guy who bought a house for 160K 3 years ago and already has his mortgage down to 69K anything

[iwant2beswole]

You guys must live in some really expensive areas. Look what $284K will buy you in my area:

https://www.redfin.com/TN/Knoxville/.../home/62857100

who the fuk wants to live in bumfuk tennessee?


this is what a house in seattle will cost you

https://www.redfin.com/WA/Seattle/16...09/home/134014

[engj]

what in the actual fuk. mind = nuked. 600k for 1,000sq ft

and lol at them saying the price is not a mistake as if its low or something

https://www.realtor.ca/Residential/S...olumbia-V5P2N1

[donblaximus]

Yeah I just moved to Austin from DFW area and was shocked at the prices. I ended up buying in south east Austin since that was all I could afford!

Its a great city and you are still ok in SE Austin. I lol everytime I hear people say you can but a mansion in Texas for $250k.

You can buy a mansion anywhere in the US so long as its in BFE.

[JUGGERNAUT1333]

I get it but you just cant compare Scranton PA to San Francisco.

A Corona at a bar in the financial district in NYC is $10.
Same Corona on the bean in Nicaragua is $1.50.

Same exact beer, bottle, everything.

I get that, and I'm not "comparing". Just adding to the conversation as to how insane location drives up a price. I mean that shack for 629k in San Fran would be like 30k in PA.

[InfinityThor]

Buy rural.

I'm currently eyeing off a 5 bedroom house on 5 acres (with dam) for $175k... I don't want to rot in the suburbs for $500k+.

[BostonRockets]

I heard Google workers here with $200k salaries are even having a hard time to afford a house. They are moving to areas like Seattle with almost similar pay with way cheaper housing.

I know a girl who works at Google making AT LEAST 100k (never bothered to ask). She still takes the bus like an 2-3* hrs commute or some sh!t because the houses are cheaper

[Devils]

I don't know what will burst this bubble. It's not like there are tons of bad loans like before.

If the interest rate goes up, it doesn't seem like that will make a significant change.

Everyone parents dying

Buy rural.

I'm currently eyeing off a 5 bedroom house on 5 acres (with dam) for $175k... I don't want to rot in the suburbs for $500k+.

so you rot in your car commuting to work every day?

[VISCIOUS]

Buy rural.

I'm currently eyeing off a 5 bedroom house on 5 acres (with dam) for $175k... I don't want to rot in the suburbs for $500k+.

Are you retired or self-employed? The above option does not apply to the average 20-something alpha-wannabee wage slave.

[InfinityThor]

so you rot in your car commuting to work every day?

Are you retired or self-employed? The above option does not apply to the average 20-something alpha-wannabee wage slave.

It's probably not a great first step on the property ladder for someone in their 20's.

When you have a transferable skill or you're able to work remotely through the internet it's very attractive.

[shanedawg]

RIP.

Just bought our first house in december (in pittsburgh) for 90k, 1500 sqft with a tennis court sized yard. I feel for you expensive location brahs.

GLHF

[BustaCapp]

LOL

Enjoy your basement life sentence OP.

[IlChosenOne]

Makes sense now, example of what 400k gets you in SF? Just curious.

[GabrielNovar]

rent and invest the downpayment monies=win

[JUGGERNAUT1333]

fukin lmao. On spread, will have to rep when I'm off.

[Maxpowers88]

braah didnt read thread

aus brah checking in

if you think you're priced out check out the aus market... absolutely ****ed 900k + for homes in relatively ****ty suburban areas

das not it mayne

[criminal_manne]

braah didnt read thread

aus brah checking in

if you think you're priced out check out the aus market... absolutely ****ed 900k + for homes in relatively ****ty suburban areas

das not it mayne

Yea 900k Monopoly money

[Frank Drebin]

Bide your time

The bottom will drop out again as soon as interest rates start climbing

this, although I think cyhap money is here to stay relatively speaking

[Frank Drebin]

ask a guy who bought a house for 160K 3 years ago and already has his mortgage down to 69K anything

nice congrats. I'm going to physically burn my mortgage when it's done. Figure it should be around the end of 2017, which would put me at 38.

[iifymbro]

I would still be ok.

Now If I bought a million house and the market crashed I would be in trouble. But then again it doesn't look like the market will crash.

It's only a matter of time bro, be patient. Markets always bob and weave even if the overall trend is upward over the very long term.

[Berts]

the bubble will burst in a few years

While I don't think it will completely burst something has to give, at least in my area. Housing prices are up 40%+ since 2011. We are 3% away from 2007 pricing. It just can't sustain that long term. I'm no expert but I predict housing will drop 20% in the next year or 2 in my area, Boise ID.

I can afford the house I want right now, $200K for a 3 bed, 2 bath, dbl garage but don't want to end up owing $20K-$40K (10%-20%) more than it's worth.

Interest rates have to come up, housing market will drop to where it should be and not over inflated like they are now. It's a catch 22, housing prices come down but interest rates go up. I would rather pay higher interest on a cheaper house knowing I can sell and not have to pay a huge chunk out of pocket.

Good thing my half of the rent is $367.50 for the house I rent with my fiance.

[Roasted]

Da fuk do you people live where 400k doesn't get you a nice house?

400k in my area gets you a Mansion.

HAHAHAHA, my poverty one bedroom condo is worth 340K

Average house price in my city is $1,000,000

[iifymbro]

Everyone parents dying

Cause their heirs won't be able to afford the mortgage/upkeep? Not sure I get this ^, when ur parents die they also leave their money/investments/other assets.

[JDizleSwoleizle]

Bought a house in 2011 crew. Home value has gone up 30-40% since I bought it crew. Feels John Goodman.