Community Chat

[deepwaterdotter]

After reading this thread, think we will stay put in our 3-bedroom ranch on an acre here in the boring old flatlands of Wisconsin.  It's paid for and in a safe and desirable  neighborhood.   

[kaydee50]

We are looking to buy a second home either in Henderson NV or maybe Manhattan.  The problem isn't so much the prices--which have skyrocketed--but the lack of inventory.  We were interested in 2 apartments in Manhattan and in less than 2 weeks, before we could see them, they had contracts.  

The 2 communities we're interested in in Henderson have a total of almost 10,000 homes.  Less than 100 are on the market.  Unbelievable!

[JamandBread]

Younger people are most certainly buying houses. The trouble is, over the last couple of years, they are outbid on much of the inventory by people who have cash and don't need low down payment mortgages. Down payment is one of the major impediments to homeownership, though there are loans requiring no down payment or as little as 3%. Homeownership is pretty much a universal dream.

So glad my daughter and her family relocated when they did! Now their home has increased almost 50% in value.

[roeroe1005]

I moved from NY (1/2 hr north of NYC) to Delaware (beach area) in August, 2019, when I retired.  Houses were still cheaper but quickly, and I mean quickly, prices rose.  What was once a beautiful rural area is now becoming large development after even larger development.

I've been renting in a development as I was not sure where I wanted to live.  Since August, 2019, my rent has gone from $1,350 to $1,785 (as of 4/1/22).  This last increase is $235/month.  Some of my neighbors will have increases of $315 per month.  That is pure greed.  My next door neighbor sent a letter to the company who owns our development about her increase.  She received a letter that basically said "we can do it and we will".  

So ... I'll be packing up again.

[SeaMaiden]

Western Washington State housing is off the wall expensive for what you pay for what you get.... a crummy small home for $800.000 to a million dollars... multiple bids and homes sell for $100.000 or more  over asking price. Great time to sell... but you need to know what you can afford to buy to replace it.  Rents are ridiculous too.

People are being forced out of their housing  due to  huge rent increases and huge property tax increases that Washingtonians pay here.  Many Seniors who own their homes and have lived in them for 40 years find that they are losing their homes because they can not pay the inflated property taxes. The state takes their homes from them. 

[FiddleDeeDee]

I watched the 60 Minutes episode and found it to be misleading/left out quite a bit; it presented an "opinion" vs stating facts (but that's media today, it would appear).

My DH and I are in the thick of it: we have attempted to purchase a home in Florida for the past 22 months; the exact time from when we found out we would be moving here due to the loss of jobs during the Pandemic. We've experienced ALL that was discussed: the higher rents, the lack of homes to purchase (and rent), the cash buyers who pay WAY over the asking price (but are NOT investors, btw), the corporate owned homes....all of it. HOWEVER, we DID buy a house and we settle next week. GO us!! And yet we feel our hands were tied and it's not really something we're thrilled about...more along the lines of the "this is the best option we have". Oh well, that's Life.

We are also landlords for properties back in MD. This is a complicated subject and one that seriously takes longer time to discuss than the 13.24 minutes (the actual air time of the show) allows. Keep this in mind: Corporate buyers have a NARROW range they will spend. It is analyzed to the PENNY and the research is intense. A seller rarely knows it's a corporate entity until settlement IF AT ALL. These companies SELL their properties after 9 years and this began shortly after the Great Recession yet, no one cared until now, it would seem.

The only thing I found interesting was that it was a Canadian company buying the properties. Why? Because foreign investors wrecked havoc in Canada with their housing market until the government banned it. And yet, here they are, doing the SAME thing to another country that they cried foul about when it was done to them. What to do you call that? Oh yes, hypocrisy. Major side-eye to Canada...major.

[gidgetgh]

I've posted once before about this, but the housing market is crazy.

I'm in metro Atlanta.  I put our house on the market on January 7th. The listing went live like at 3 in the morning.  By the time I looked for it at 6:30 AM, it showed that it had already been viewed 611 times.  611. 

It was shown over 90 times between Thursday and Saturday. I received 9 offers in 3 days.  Late Saturday afternoon I actually chose an offer from the first day.  It was $45,000 over my asking price (and I thought my asking price was ambitious). I almost had to be revived.  While it was under contract, people were still calling my agent, asking to see it. 

Fortunately, I bought a new build and put a contact on it last May so my price was locked in.

[RollTide2008]

@Sooner, plenty of young people do want to buy homes. They can’t compete with cash offers five digits over asking price. Part of the appeal of a cash offer is inspection is often waived. Rising rents make it much harder to sock money away for a down payment.

I really wish the older generation would stop running their mouths with these generalizations thru clearly don’t understand.

[Sooner]

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@RollTide2008 wrote:
@Sooner, plenty of young people do want to buy homes. They can’t compete with cash offers five digits over asking price. Part of the appeal of a cash offer is inspection is often waived. Rising rents make it much harder to sock money away for a down payment.

I really wish the older generation would stop running their mouths with these generalizations thru clearly don’t understand.

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@RollTide2008 I will agree but add neither side understands.  A lot of kids want to start at the top, never be told no, and get the dream house to begin with.  I am sure not all of them think that way, but from working with many in the last years of a career, a lot do think that way and it holds them back greatly in life. 

[chrystaltree]

It's crazy out there, we gave up on looking for a new home.  We always get outbid.  Buyers are bidding $100k above what a home is worth!  Apartments have been expensive for many years but the 2 bedrooms that went for $2000 a year ago are $2600 now so my nephew and his little family will be with us for the foreseeable future.  I've seen those "sell your home to us" tv ads from realtors.  They scoop up properties and rent them or sell them for megabucks prices.  Driving up rents and home prices.