Mortgage rates back to 7%

Rekkapryde

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So it looks like I’m about to cop my first house.

It’ll be a sacrifice, but it’ll be well worth it.

If you can afford to get into a home, go ahead and do so. Trying to time the market is a fools errand.

I’m going to miss paying 1500 for my two bedroom apartment in East Atlanta :mjcry:

Where you copped?
 

cleanface coney

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Thing is there's actually more than enough houses for people to buy. In fact, there's a housing surplus. It's just that it doesn't benefit banks/investors to capitulate and call it for what it is so the numbers get fudged and the stats go from literal, physical older already built SFHs to some so-called shortage of "new homes being built".

In almost every major city in America there are currently hundreds if not THOUSANDS of homes sitting vacant right now and this is an undeniable fact. We are at a point in this country where we could theoretically house every single homeless person and STILL have plenty room to accommodate working homebuyers Yet they've somehow convinced you otherwise.

35 and under generation are about living, working, and partying in the same area. Most mid to major cities those are in the hood In terms of proximity of downtown/uptown areas. Trust and believe once all those type cities are locked up...prices will come down but you'll be 30-45 minutes out the city...most public transportation is terrible it's all by design. Living in a city you either rich or working for the rich in the future...thats for everybody too

If you really settled on buying a house don't be scared of an interest rate but aim for 15 yrs... Get what you can actually pay off but most won't they want 200-400k cookie cutter....like you said "new builds"
 

Raw Lyrics

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Because of property tax, you don't "own" the land here either :francis:

Why do people completely parrot this lazy thinking?


Don't pay property tax and just pay sanitation, fire department, road-pavers, water treatment, etc., out of your own pocket - whenever you need it?

In many municipalities you can see exactly where your property tax is going. Do our scummy politicians skim off the top? of course they do, but that's the price we pay for needing others to govern for us.
 

BeeCityRoller

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They are doing that RIGHT NOW in seasonal jobs.
I'm banking on Amazon being the first major employer to bring company towns back. Going to be a bunch of 20 & 30-somethings (mostly minorities) in a Studio Apartment with robots and Ambassadors patrolling the hallways for mischief, the smell of weed, and other stuff that will have them terminated/evicted within 24-36 months like they want.
 

RiffRaff

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Houston to LA like I'm Robert Horry.
I’m trying to get something in LA. It’s not if it’s just when. The difference is interest rates between 15% down and 20% down is pretty significant so imma wait until I can do a full 20 and don’t have to worry about being house poor.
 

Wild self

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I'm banking on Amazon being the first major employer to bring company towns back. Going to be a bunch of 20 & 30-somethings (mostly minorities) in a Studio Apartment with robots and Ambassadors patrolling the hallways for mischief, the smell of weed, and other stuff that will have them terminated/evicted within 24-36 months like they want.

Good luck doing that with Gen Z.

All this exposes is landlords and banks being too damn greedy and going to destroy capitalism for short-term gain.s
 

the bossman

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Dave24

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Yup.

Take $2500 and buy some consumer shyt that will last a long time: computer, streaming device, splurge on headphones, a console and some VR/AR goggles just to occupy your time even if you’re a gym rat.

Because the way shyt is going you gon need the diversion that 90% of folks can’t afford.

Average breh can’t go to a nice golf course 3x a week for 4 hours a day to “escape” or a spa or even ride a fukkin ATV all day. The masses will be skressed (lol) out, working trash jobs and barely holding it together.

@Michael's Black Son what brand/type of computer, streaming device, headphones, and console do you recommend? I want to get all of those items.
 

CopiousX

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@CopiousX can you afford your own house? Do you already have one?
I live in a resort town, so no.

Holywood actors come out here for vacations so im competing with them and the investment banks that market to them. Whole game is a crapshoot.


Even the small houses are starting at north of 600k. A 20% downpayment+ agent-fees is the equivalent of a whole house in other parts of the country. Tempted to move back south:mjcry:
 

Contrefaire

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35 and under generation are about living, working, and partying in the same area. Most mid to major cities those are in the hood In terms of proximity of downtown/uptown areas. Trust and believe once all those type cities are locked up...prices will come down but you'll be 30-45 minutes out the city...most public transportation is terrible it's all by design. Living in a city you either rich or working for the rich in the future...thats for everybody too

If you really settled on buying a house don't be scared of an interest rate but aim for 15 yrs... Get what you can actually pay off but most won't they want 200-400k cookie cutter....like you said "new builds"

Your initial argument is the equivalent of boomers claiming millennials can't afford homes because they spend too much money on avocado toast but that's just not the reality. In this era most would take whatever tf they can afford within a reasonable distance from their JOBS. There isn't even room to be choosy about a proximity to some kind of club scene or nightlife anymore.

And it's not homebuyers who are demanding new builds, it's greedy developers who know there's more money to be made from producing and selling shoddily-built new constructions at overinflated prices as opposed to well maintained 60-100yr old Craftsman's without all the bells and whistles like granite countertops, subway tile and luxury adjacent backsplash or flooring. Thing is, many of those same developers end up selling to 'INVESTORS' hoping to a make a quick buck via short-term or vacation rentals instead of being long-term housing for real people/families.

Also, people should definitely be scared of interest rates. It's one of the things that determines whether someone even can qualify for a 15yr vs 30yr mortgage.

However the fact that you think 200-400k is the average price of some idyllic "cookie-cutter" home tells me that we're speaking about vastly different regions and realities in America so it is what it is....
 
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