Home Buying & Real Estate Thread

[nonnative]

I thought it was rough in the Seattle area but my boy in Oahu got it way worse.

He's an engineer and is going through the process of buying a place. Single and makes ~$100k so that qualifies him for "affordable housing". He had to enter a lotto just for the chance to buy a 540 sq. ft, 1 bedroom condo with a $480/month HOA for $550k. Its in a dope area but sheeesh.

 

[Vincent Van Goat]

Oh definitely. I get that 100%... But sometimes, the only alternative, is not buying at all (untill you can afford the SFR) and continuing to rent... I think that's the wrong choice, almost always...

Again, just from my experience... One of the condos I was heavily considering at the time, has since appreciated over $100k..

I think should I had purchased the place... Couple years of paying down the mortgage+condo appreciation+current market inflation would = pretty nice equity...
IMO, a much better option than lining a landlords pockets by paying rent.!

Exactly my situation

In august it’ll be two years (avoid capital gains) I’m gonna think about selling since there’s just a dumb amount of profit to be had

I think even after paying agents and other fees my profit gonna be pretty crazy.. gonna hopefully find a bigger place but who knows out here south of LA

 

[deusavertat]

You’d probably still make good money too with your job.

If I moved south I’d be making half what I make.

My job now is hybrid in person and from home. If I just work from home 100 percent I can probably move anywhere but the money in the set up I have now is much better. I essentially have 2 jobs working 3 weeks a month. 2 for one group and 1 for another.

 

[executive76]

 

[アミーゴ]

I thought it was rough in the Seattle area but my boy in Oahu got it way worse.

He's an engineer and is going through the process of buying a place. Single and makes ~$100k so that qualifies him for "affordable housing". He had to enter a lotto just for the chance to buy a 540 sq. ft, 1 bedroom condo with a $480/month HOA for $550k. Its in a dope area but sheeesh.

Seattle market is great man - house is up like 500k in ~2 years

 

[executive76]

 

[アミーゴ]

Lol I’m at Ian Wongs house right now

 

[slaughterx]

This is why there is a "housing crisis".

 

[jewseejay]

This is why there is a "housing crisis".

Mmm hmmmm. Theres 1000 other companies 1/100th of the size doing the same things just more sucessfully. Less dependant on broad algorithms.

 

[Mark Antony]

Literally watched this earlier wondering if they get many offers at that price.


Hell of a discount.

 

[executive76]

I saw a video of it on ProducerMicheal's channel last year. The delusional developer was giving the tour. He initially wanted to list it for $500,000,000

A lot of money is still owed since he filed bankruptcy/defaulted on loans and it has liens. Even back property taxes are still owed

 

[deusavertat]

Literally watched this earlier wondering if they get many offers at that price.


Hell of a discount.

Who knows enough people to live in a place like this.

 

[Mark Antony]

Man a lot of these are just safe money havens to add to a diverse portfolio. That said i'd put my whole family from Jamaica in it. Having live goats killed and cooked in Bel Air and ****.

 

[townbidness]

Who knows enough people to live in a place like this.

Move the whole family tree in

 

[jewseejay]

Half the ppl in the background alrdy not watching the fight. Smh.

 

[executive76]

 

[you go boy]

Do you think the housing market is going down anytime soon? I'm only asking because my coworker told me her son was looking for a house in NJ since summer 2021 and prices were high so he's waiting for prices to drop...I kinda want to tell her that her son shoud stop waiting because prices have increased since this past summer and will continue to rise

 

[B Sox]

Do you think the housing market is going down anytime soon? I'm only asking because my coworker told me her son was looking for a house in NJ since summer 2021 and prices were high so he's waiting for prices to drop...I kinda want to tell her that her son shoud stop waiting because prices have increased since this past summer and will continue to rise

Nope. And interest rates are gonna rise too.

 

[sneakaprince]

Its hard for anyone to really predict. I've heard varying things from "the bubble is gonna burst any day now" to (what I predict is the more likely scenario) "the market will stabilize and go sideways for a while".


I've got quite a few friends who are waiting until it calms down and I haven't seen that work out well for them at all. Housing prices continue to rise and they aren't making much more than they did in the previous year over year.

I wouldn't advise anyone to jump in the market blindly but waiting it out and paying someone else mortgage via rent isn't the wave.

 

[lovehateself]

one of my econ boys simply said, " is minimum wage going down ?"

 

[sneakaprince]

one of my econ boys simply said, " is minimum wage going down ?"

Pretty much.

 

[mplsdunk]

Market isn’t going anywhere, if it drops people will just swoop in and buy up houses for rentals.

It’s only going to get more expensive.

 

[oh you mad]

I read that boomers hold about 40% or Real Estate wealth.. so give it 10-15 years for them to be gone lol.

 

[mplsdunk]

They ruined the world for us, only right we pay it forward to gen z.

 

[206to813]

I read that boomers hold about 40% or Real Estate wealth.. so give it 10-15 years for them to be gone lol.

Asking from ignorance - how would that cause housing prices to drop?

Cuz I know when my *** is washed I’m either
A) selling my real estate for as much as I can
B) giving it to my kids/grandkids

Dunno how that reduces pricing even if done on a wide scale