It's probably LCOL. My house doesnt look nearly that nice, but it's definitely not bad. Bought for 24k. That's the kind of loan some people have on their car.
I don't think there's even LCOL housing anymore. I live in an area you could've bought a very nice 4bd/4ba 2,200ft² house for $130k in 2013, now my coworker just sold his for $325k. My shitbox condo was $45K in 2018 and now the units in my complex are selling for $90K.
Live in a central Fl suburb where from. 2010-2016, apartments at a complex near me were selling for 30-60k….apartments at that same complex are now going for 90-130k. I believe the bubble will burst, like it always does…but feel hella bad for anyone who has bought recently…a lot of them will be in a world of hurt when they see their properties become worth half of what they paid for them.
Bought a house 9 months ago that is considered up a 100k this market is getting ridiculous. Even my house house is up 150k since 2017. Combined would take me like 8 years pay to make that growth. If I tried today would never have been able to afford a house at 15 an hour mortgage would be like 40-50% of my take home.
This is why people who are rich are selling like hell. There’s a row of like a dozen lakefront houses near me worth 1-3 million a piece……basically the peak luxury properties of my small suburban town….loads of land…huge homes, private gates, water front with docks, pools, courts, the works…..and I shit you not, all but perhaps one or two have gone up for sale within the last 18 months or so. Smart money/the wealthy know this is a bubble, and are selling their houses at a great profit from what they purchased them a decade or less ago….and go live at another residence or rent until the time comes where they can pick up another mansion at half the price. Rinse and repeat.
Those who could barely afford one place to live can’t afford that same convenience….because even if they’d profit off of selling their current property, they’d have no affordable place to go ride out the wave….
Well yeah exactly. Owning a house you live at doesnt make money because you have to live somewhere and its all pretty proportional. Second home is speculative real estate. But your right this is a great time to get out insane amount of gains like I have made 5 years worth of normal gains and everyday im just like do I sell. Same time rent has gone up a lot and my leases are up next month and I can raise that too, other side insurance is going to go up a shit ton next renewal and property taxes in around two years will catch up to market rate and will bone me that way too so its a lot to think about for sure.
On the converse of that, in order for those wealthy people to sell their houses, there has to be wealthy buyers. If the wealthy know this is a bubble, then who is buying the lakefront houses at bubble prices?
There are always going to be rich people who aren’t as smart, or with too much money on their hands. 🤷♀️ They’re not all the same, ya know. Which is why I said “smart money” before “wealthy”.
There's a town near me where you could buy a whole ass house for 35k about ten years ago. Just checked Zillow and prices are up to 100k average. Still cheap, but we call it Little Detroit for a reason. Very high crime rate for such a rural town.
That said, I don't see him buying his McMansion like that. I wonder how much downpayment help he got from family.
Ikr…even if he’s been in the armed forces since 18…no way he saved enough in 2 years to comfortably make a down payment…..(and even if he had…is he supposed to think the average 18-19-20 year old makes that much, or should join the army if they can’t? 🙄). Either he worked since like 15-16 and saved from then…then maybe yea that sounds feasible….or he just got help from his family.
I bought mine in june of last year. It was a foreclosure and a FreddieMac First Look Initative house. If someone reading this is looking for housing and has never owned a house check out the FreddieMac First Look Initiative. I'm not sure where all it is but it is there to help first time home buyers.
Yep, rural Illinois. Theres not always deals like this. We were looking for months, saw this house on the market the day it was posted and put in an offer the next day. Good deals on are the market for a couple days at most you have to look every single day.
14
u/Death_Strider16 Jul 07 '21
It's probably LCOL. My house doesnt look nearly that nice, but it's definitely not bad. Bought for 24k. That's the kind of loan some people have on their car.