So About This Frozen Housing Situation...

[frankdtank20]

I'm getting my house ready to sell right now, hoping to list about this time next year. If anyone wants to move to Iowa let me know. Probably list around 230k.

$230K in 2023? It always amazes me how cheap things are in the Midwest.

[Destor]

One of my woman’s friends just bought a 1 bedroom condo in a nice neighbourhood for $125k, like 2x her income (to compare with median multiples)

[OliverHeldens]

Just spoke to one of my clients, and he said a close friend is buying a house in Orlando right now, and the seller took a $100k cut to their listing price because the guy offered cash.

Seems like Florida is starting to hit the skids in a big way.

[SaltyDog920]

but even more so how people seem to be able to tolerate all of it. .

My good friend making $22 an hour just bought a 55k truck. Crazy how people are justifying the cost of things.

[Kawhilights]

My good friend making $22 an hour just bought a 55k truck. Crazy how people are justifying the cost of things.

55k truck used or be a top of the line, fully loaded beast. Today that could mean an XLT package with 4x4 on your F-150.

[guest89]

Properties are still moving right now, just not at the values people are expecting generally. It's a sign of healthy market, and most people who bought in 2022 are underwater by 20% already and they might not know it.

Won't matter at all assuming they are locked in for 30 years. I'd have preferred to pay a 20% premium locked in for 30 at sub 3% rates then get a 30% or even 40% discount at 7% interest.

Anyone who was interested in buying a home and didn't do so when interest rates were sub 3% missed the boat. Unless you just have a ridiculous amount of cash set aside for buying real estate it was stupid to try to wait out the market for some kind of crash.

[Krackerjacked]

That's a 14k sq ft mansion in Alabama.

I'm waiting to buy, hopefully the interest goes down within the next 18 months. If it doesn't I'll still buy. The longer you wait, the more money you lose out on.

Some builders are offering big incentives (price drops, cover 10k in closing and buying rates down) so look into that.
We’re still renting our current house and are contracted on a new build.

[Godfrd824]

Some builders are offering big incentives (price drops, cover 10k in closing and buying rates down) so look into that.
We’re still renting our current house and are contracted on a new build.

I want a custom build, but land costs around here are crazy.

[OliverHeldens]

Won't matter at all assuming they are locked in for 30 years. I'd have preferred to pay a 20% premium locked in for 30 at sub 3% rates then get a 30% or even 40% discount at 7% interest.

Anyone who was interested in buying a home and didn't do so when interest rates were sub 3% missed the boat. Unless you just have a ridiculous amount of cash set aside for buying real estate it was stupid to try to wait out the market for some kind of crash.

Rates will be back to 5% next year, and prices will be much lower than what people were paying 2018-2022.

I'd much rather have a 5% rate at 2024 pricing than a 3% rate in an underwater home that was purchased in 2020.

Golden handcuffs. Congrats on getting stuck with the golden turd.

[SaltyDog920]

55k truck used or be a top of the line, fully loaded beast. Today that could mean an XLT package with 4x4 on your F-150.

Yep. He bought it used.

[Masterchieffer]

I hope katya and others can use this as an opportunity to realize how retarded and out of touch with finance / economics they really are

[Krackerjacked]

I want a custom build, but land costs around here are crazy.

Here too man
Planning to keep buying houses to turn into rentals after a year or so and get land eventually.
Make moves now for the dream later right?

[Godfrd824]

Here too man
Planning to keep buying houses to turn into rentals after a year or so and get land eventually.
Make moves now for the dream later right?

Basically. Townhouses and townhouse style condos. Detached is too much work as a rental.

[Krackerjacked]

Basically. Townhouses and townhouse style condos. Detached is too much work as a rental.

I hear you, can only afford to go single family as a primary residence currently and only because of the rate buy downs.
Duplex is the next ideally