How are you affording buying a house?

Are you finding that older properties are over valued due to sellers trying to make a profit?

Has that affected you having kids?

Thankfully we bought in 2013 before the market got too insane. I remember at the time wishing we had bought two years earlier for a better rate. Little did we know how fortunate we were

Bought before I had a family. 7 years in one house. Sold house and downsized to a Townhome. Been here for 14 years and have tons of money we saved to do the things we wanted to do. 50 and retiring next year. Not being materialistic helped also. Lots of repairs myself.

Why the downsize?

Mike Hancho said:

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Are you finding that older properties are over valued due to sellers trying to make a profit?

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Not sure I understand this question. Can you expand on that?

Older properties (homes built in 70/80s with no upgrades) are selling in my area for around 600-700k

agsalaska said:

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Mike Hancho said:

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Are you finding that older properties are over valued due to sellers trying to make a profit?

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Not sure I understand this question. Can you expand on that?

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I can. He is a liberal and thus deems profit as evil. Houses should be re-sold for exactly what was originally paid according to this poster.

Mike Hancho said:

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Older properties (homes built in 70/80s with no upgrades) are selling in my area for around 600-700k

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That didn't answer the question. How does that make them overvalued?

Hungry Ojos said:

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agsalaska said:

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Mike Hancho said:

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Are you finding that older properties are over valued due to sellers trying to make a profit?

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Not sure I understand this question. Can you expand on that?

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I can. He is a liberal and thus deems profit as evil. Houses should be re-sold for exactly what was originally paid according to this poster.

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account created a week ago.

Paid agitator.

Maroon Dawn said:

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Thankfully we bought in 2013 before the market got too insane. I remember at the time wishing we had bought two years earlier for a better rate. Little did we know how fortunate we were

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+1 for us

I bought around 2 years ago and also live in a lower COL city in the Midwest. My place was bought as-is and I still had to go above asking- it had multiple offers with hours of hitting the market.

I still haven't bought one.

Not for financial reasons, but because it's "a thing that couples do", and I'm still single.

Mike Hancho said:

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How are you affording buying a house?

Are you finding that older properties are over valued due to sellers trying to make a profit?

Has that affected you having kids?

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I work and they give me money and I use that to pay my mortgage.

No, they are only worth what someone will pay for them.

No

In what world should a home from built in 1980 with no renovations or upgrades be worth that amount?

Location, location, location.

Hungry Ojos said:

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agsalaska said:

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Mike Hancho said:

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Are you finding that older properties are over valued due to sellers trying to make a profit?

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Not sure I understand this question. Can you expand on that?

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I can. He is a liberal and thus deems profit as evil. Houses should be re-sold for exactly what was originally paid according to this poster.

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Didnt know voting for Cruz made me a liberal. I'm just not ignorant to the housing market conditions younger people face vs those fortunate enough to have been born earlier

Hedge threads.

Mike Hancho said:

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How are you affording buying a house?

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I paid off my student loans and truck ASAP, and then I saved for seven years including staying the last 10 months at my folks until I closed on something.

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Are you finding that older properties are over valued due to sellers trying to make a profit?

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No, I'm finding that investing consortiums are buying up the new inventory direct from the builders which is raising the price on the older properties because they are the only alternative.

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Has that affected you having kids?

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Biggest reason for that is being single lol.

Mike Hancho said:

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Hungry Ojos said:

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agsalaska said:

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Mike Hancho said:

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Are you finding that older properties are over valued due to sellers trying to make a profit?

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Not sure I understand this question. Can you expand on that?

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I can. He is a liberal and thus deems profit as evil. Houses should be re-sold for exactly what was originally paid according to this poster.

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vs those fortunate enough to have been born earlier

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Yes, you guys have it SO rough. Weakest generation this world has EVER seen.

Hedge

Im trying to gain insight, not argue with people who dont want to stay on topic. Have a good evening

Mike Hancho said:

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In what world should a home from built in 1980 with no renovations or upgrades be worth that amount?

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In a free market world.

Mike Hancho said:

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In what world should a home from built in 1980 with no renovations or upgrades be worth that amount?

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You are looking at the question wrong. It's not that the house gained more value; it's that our money is worth less.

Mike Hancho said:

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Im trying to gain insight, not argue with people who dont want to stay on topic. Have a good evening

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You're on the politics board. That's the whole point of it.

Combination of both, but I think its mainly due to investment companies buying houses and creating a shortage like another poster mentioned

DINKs, cash buyers, and folks stuck in low mortgages are muscling out many young families.

For many young families it's now "Size, quality, or location. Pick one & overspend."

As to those picking to not have kids because they don't have the house… I understand the logic, but funny enough it's the poor people who keep having kids and the middle-class who is abstaining due to housing.

edit: not explaining myself on a hedge thread.

Just make more money

Or marry someone who does

"Older homes" is getting thrown around like anathema.

Our house was built in the 50's when lumber was actually solid wood. Aside from some specific issues (aluminum wiring) I'd rather be in my home than nearly any tract home community you put in front of me.

I've lived in my home for about 8 years and I am yet to see a foundation repair company in the neighborhood. There are almost no issues.

We have two live oaks that are probably 30' x 30' as far as canopy footprint goes.

I love my old house. There are absolutely reasons I would go to a new house but "new" by itself is not the selling point. Quality builds are much LESS common now than they were in the past.

42 years old. On contract for my first house here in CO. Built in '59, a number of upgrades, well maintained, 1200 sq ft, garage, great neighborhood outside of Denver. $450K. With 3% down and a 30 year mortgage, that's $2700 / month P&I, $3300 total / month. That's which 6.5% interest.

I could have and should have bought when I was way younger, but I thought "that's a couples thing". Horrible financial decision, all things considered. But I'm here now, and I'll pay this off sooner or at least build up more equity for future life events.

Once rates drop, I'll refinance and drop that further.

Considering rent on such a place would be $2500 / mo or more, that's not much more than rent to buy a house.

If I didn't like the market here, I could move and buy something else. But my fiancee is from here, her mom is close, and this is where we love.

I don't really understand the whole "can't afford a house" mindset. It's really "I can't afford the house I want". My fiancee was approved for a 1bed / 1 bath condo for $175K on her greatly reduced salary before we got engaged. She considered buying to use as a rental or airbnb.

Mike Hancho said:

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Hungry Ojos said:

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agsalaska said:

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Mike Hancho said:

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Are you finding that older properties are over valued due to sellers trying to make a profit?

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Not sure I understand this question. Can you expand on that?

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I can. He is a liberal and thus deems profit as evil. Houses should be re-sold for exactly what was originally paid according to this poster.

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Didnt know voting for Cruz made me a liberal. I'm just not ignorant to the housing market conditions younger people face vs those fortunate enough to have been born earlier

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You mean those of us born before I-phones, high speed internet, and there was an expectation that we work as teens?

Rapier108 said:

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Hedge

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my bad

LMAO


So since it's hedge, I'm going to be a deek

Hey Hedge, I live in house with a market value of about 1.5M and my monthly mortgage payment is $1280. True story. HAHA.

Another note on all these people "buying up properties and raising costs". What I've seen here in CO are investors offer BELOW list price in a effort to flip on the cheap. There are plenty of sellers that don't sell to investors. That helps stabilize bloat.

Also, for the record, there are kids right now with a little can-do attitude hanging TVs and marketing it correctly in this country making over 200k per year.

The type of kick-it-in-the-ass people are hanging lights in a season and taking them down and can walk away with 50-100k in a month or two.

This takes virtually no money to start and do. You get 100k cash in your pocket, you can probably afford to buy a house.

Read Rich Dad Poor Dad, go down a business-building rabbit hole on youtube, put together a proposition and go make money.

Also if any young entrepreneurial person needs a start and reads this, DM me if you are serious---with a business plan and I would be happy to tell you that you are a moron or fund it.

Bought current house in Houston during a sort of double counter-cycle effect time frame. 2016 oil crash and low interest rates. We would love to have more house now and if we move, there is no way we would sell this place because the interest rate is so low. Based on current market, I could easily 1k over our monthly burn rate on this place without breaking a sweat. If I want to be a landlord.