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So is this whole housing situation going to be forever in the US? I'm trying to decide between trying to get in at the meager 600k I can afford (would never have room to have a kid lol) vs just doing the expat thing
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Mar 27, 2021 08:42
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SlapActionJackson posted:Not forever, but it could easily take a few years for things to settle in the most overheated markets. Are you looking in Des Moines or San Francisco? Raleigh, which is pretty overheated
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Mar 27, 2021 15:26
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Motronic posted:There's a huge shakeup in housing and associated things like building materials and construction labor. This is the time to sell, not to buy. It will take years but inventory levels should somewhat normalize. I just worry that I'll get priced out of anywhere with a job market in the US permanently. I don't really need this per se but it's nice to have the fallback. Much like stocks, housing prices are subsidized to only go up, but wages never go up really.
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Mar 27, 2021 15:31
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I just don't want to end up in the situation where I'm living in a cardboard box because of housing prices are doing this, rents will surely follow
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Mar 27, 2021 15:39
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Inner Light posted:Well this is surely making me feel like garbage closing on a place when I could’ve easily rented for a couple more years. I’ll try not to think about whether this was the right decision I guess You might not could've rented for a couple more years, better to have something locked in than see 5k studios become normal where you are
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Mar 27, 2021 15:43
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Vasudus posted:It's absolutely stupid that despite getting a lot of money and perks from my disability and having my high-end MIC job paying me a gross salary I was only able to barely get my foot in the door. Legit another 60-90 days and I'll be priced out of the market here. It's loving stupid, prices on the whole in this market are up almost 30% from last year alone. Yeah I wouldn't be able to look for another 90 and I'm out by then. Living on a beach somewhere dodging taxes seems incredibly good
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Mar 27, 2021 15:55
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I lay awake most nights thinking about this, and when I sleep I have nightmares about rents creeping up until I'm homeless.
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Mar 27, 2021 15:59
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spf3million posted:It keeps us looking but every time we run the numbers on a potential offer, it never makes sense to trade a $2400/mo rent ceiling for a $3,500/mo mortgage floor for a house that's functionally identical to our rental. It makes sense once you become wholly unable to afford market rent, if you are attached to the area. Edit: because houses are integral to our subsidized patchwork of a national retirement plan, the prices can really never go down without triggering a seismic upheaval politically and economically, and so prices can only ever go up poll plane variant fucked around with this message at 19:38 on Mar 27, 2021 |
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Mar 27, 2021 19:35
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Your rent is the ceiling month to month, but the next time the lease comes back up it could skyrocket with no recourse. The market for SFH is highly subsidized and too big to fail, suggesting it will never go down. If rents lag mortgages and both only ever increase, you'll eventually hit the point where you're priced out by your rent, and unable to purchase.
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Mar 27, 2021 19:50
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What's the deal with appraisal anyway? Like why is going over appraisal a big thing now? Shouldn't this be priced in to the appraisal?
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Mar 27, 2021 21:24
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theratking posted:IMO a buyer's letter is useful when it taps into the sellers existing biases. It probably helps if you paint a picture that reminds the seller of their own story. Obviously many sellers don't care though. Why would anyone care about letters? A house is like a share of stock, a fungible speculative asset, the value is what someone will pay for it. I'm not writing sappy letters to shareholders when I'm trying to buy shares in whatever. This is bizarre poo poo.
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Mar 27, 2021 22:04
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Scarodactyl posted:You can still get a nice house in the 'burbs for a lot less than 600k lol. Yeah but I can't even start looking for another few months
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Mar 27, 2021 22:19
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Can you use a U bend attachment on a pressure washer to blow that crud out? That's how I cleaned the tops of overhead pipes at my old job.
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Mar 27, 2021 22:29
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Vasudus posted:I passed on several houses that I wanted to see because I couldn't get a same-day viewing and I knew it would be sold before the end of the day. And they were. Leaving for a 4 month work trip knowing I'll be irrevocably priced out of my hometown on my return. Renewed my lease with my landlord, feels so bad man, you're doing the right thing.
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Apr 10, 2021 17:06
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El Mero Mero posted:Whelp, family house sold. The realtor had us list it at a "teaser price" and we ended up with like 100+ showings in a single week, a massively high pre-emptive offer, 15 offers (5 of which were considerable) and a bidding war at the end that pushed it up to selling 60% over list and 30% over what we would have accepted (no contingencies). We also were able to get the second highest bidder to go under contract as a contingent buyer if the first one fucks up. Was this a hot market? Are there any US markets not like this but with internet service and/or winter road access? Either of the two is fine. Just trying to think through my options before leaving the US over this, because I can't get expat tax breaks sailing on US flag ships.
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Apr 11, 2021 17:31
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Ruinous state taxes are the only thing I hate more than a hot housing market! Moving to Raleigh was the dumbest idea of my life!
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Apr 11, 2021 18:03
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I guess my other question is I could probably change industries if white collar is seeing 10% raises quarter over quarter or whatever housing is seeing
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Apr 11, 2021 18:20
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GEMorris posted:Some Raleigh NC market news, 10% over asking is no longer enough. I'm priced out but my wife won't let us move. Edit: genuinely stressed if I'll be able to do my job safely for 4 months at sea knowing I'm plummeting out of the middle class for her sentimentality about living near friends and family. I only sleep a few hours a night and we fight about it constantly but she won't believe stories like yours and thinks we will be able to buy something. poll plane variant fucked around with this message at 02:29 on Apr 12, 2021 |
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Apr 12, 2021 02:27
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skipdogg posted:Isn’t her family all in Denver? Oh no this is the fake schnorkles gimmick account you're thinking of the real one. My wife's family is in western NC. Anyway I know I can't buy into a cheap market bc real estate outperforms all other investments and nursing home / end of life care will track closer to Raleigh real estate than Ahoskie real estate so I'll need the investment in my old age. Edit: again, whose wages are increasing this fast, tech? Edit 2: is cash gift a big thing in Raleigh yet? poll plane variant fucked around with this message at 02:40 on Apr 12, 2021 |
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Apr 12, 2021 02:36
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Scarodactyl posted:Living in raleigh is worth the hassle IMO. There's nothing to do here and I don't work here, I could move back home to rural eastern NC or VA for 85k. I'm just bitter that I need the investment performance, no stock is going to give me 30% and have that be a bad year. Edit: 200-300k being lower lower middle class is just something I need to learn to live with. poll plane variant fucked around with this message at 02:53 on Apr 12, 2021 |
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Apr 12, 2021 02:49
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El Mero Mero posted:I mean that is objectively incorrect. Do Never Buy is sound advice. Every homeowner friend I have has made more in appreciation than salary lol. Had a huge blowup fight over this with my wife just now, she's dead set on Raleigh no matter the cost, even if we're living in a studio and barely making rent.
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Apr 12, 2021 04:48
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I have this fight almost daily now, I think it's going to end in divorce, a do never buy success story
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Apr 12, 2021 04:48
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Tyro posted:Cool, let me tell you about the place i bought shortly before the 2008 financial crisis! I owned it for 8 years, 3 of those as a landlord because I couldn't afford to sell it. After 8 years of mortgage payments and putting about 10% of the cost of the house into upgrades and maintenance, I still had to bring $11k to the table to sell it. The factors in play in that bubble don't apply now at all, no one is going to end up upside down on a house in a market where I just got laughted out of the room by a realtor for suggesting 100% of asking might be enough to have on hand to get through the down payment, earnest, dd, appraisal gap, cash gift, and sellers costs Edit: like if I had a house right now I'd put it up for sale with a 5% fee just to make an offer, pocket all of that, and not take any offers, then repeat in a month. Actually I guess I don't need to own the house to do that, I can do that with an Airbnb
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Apr 12, 2021 04:55
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El Mero Mero posted:yes but a different set of factors will be in play for the next one. If you really want in on real estate returns just invest in a diversified reit. You can get the return without the hassle and risks related to insurance, lawsuits, natural disasters, banks, neighbors, build quality, local politics, regional development and local economic trends, or property taxes. My dream would be a shack with a garage bigger than the house outside my old hometown bought for 80k, and hundreds of thousands in reits
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Apr 12, 2021 05:49
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Bucnasti posted:What is making Raleigh such a hot market? Jobs and "cheap houses" by northeast/west coast standards. I'm just super pissy paying city prices to live where I need a car daily if I don't work here. If I need a car to live downtown, it's not a city in my book. Edit: it's hot, humid, not near any outdoor activities, no major league sports, and the long time locals are notoriously old fun hating uptight condescending Southern money. It's blue, but that's bc it's full of brunch lib transplants poll plane variant fucked around with this message at 05:59 on Apr 12, 2021 |
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Apr 12, 2021 05:57
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GEMorris posted:If she wants to see the emails let me know. My career move would be Norfolk right now, I haven't even priced it out because climate change is going to break my heart there It sucks but it's nice to be on a working waterfront instead of computer toucher town. I don't have anything in common with most Raleigh people, no offense Edit:. Like my dream before covid priced me out of Raleigh was to buy a low stress 350k place by the airport or whatever was cheap to keep my wife happy then buy a place with a garage apartment in inland VA beach where poo poo is cheap and cheerful, rent out the house through my work network, and have the ADU as my pied-a-terre there poll plane variant fucked around with this message at 06:07 on Apr 12, 2021 |
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Apr 12, 2021 06:03
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It's expensive enough now that it would be cheaper for me to move myself, my wife, and my wife's whole family to my parent's town where I grew up and 100k is still a palace, or to move my parents and us to her hometown.
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Apr 12, 2021 06:09
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Tunicate posted:what college basketball doesn't count? As a UNC alum, the romance has worn thin.
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Apr 12, 2021 06:10
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I could stare at closed blinds anywhere.
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Apr 12, 2021 06:10
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I'm a merchant seaman, I make like 150-200k, I ship out of Norfolk and I'm home on vacation half the year. Most of my peers live in like some overseas garden spot or a farm in Vermont or a ski town. Can any of you imagine spending big money to vacation half the year in Raleigh? All I do here is kill my liver and grow new chins. I was living downtown in Durham in 2014, and it was supposed to be temporary, just to party for a while, but here I am.
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Apr 12, 2021 06:13
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Tunicate posted:and you're not a hockey fan either I guess I enjoy the hockey games, they're a bright spot here, but I don't really consider the poor NHL major league either. Edit: the US is just so bad to live in at densities between "heavy rail mass transit" and "farmhouse" poll plane variant fucked around with this message at 06:18 on Apr 12, 2021 |
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Apr 12, 2021 06:14
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Residency Evil posted:Offer day, first one in: 50k over asking, escalation clause to 100k over asking. Weak, double asking is apparently getting to be a starting point in Raleigh. edit: Wife says she will not leave Raleigh unless studio apartments go over 6k/mo, period. She's dead set on staying here lmao edit2: nightmares about ending up under a bridge in Durham like everyone else who thought they could stay solvent longer than the market could stay irrational poll plane variant fucked around with this message at 13:04 on Apr 12, 2021 |
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Apr 12, 2021 13:01
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Hutla posted:I think you’re a loving monster for having a job where you’re away for half of the year and demanding that your wife leave her entire support system of family and friends just so you can own a house. She would be utterly alone for 6 months out of the year. If she was a real life friend of mine, I’d be warning her heavily off and sending her abuse questionnaires I mean this is why I'm staying there but I'm worried that within a few years of 10% quarterly home price growth we'll have to leave either way. Isn't it better to get ahead of it in order to stop pissing away money on rent and enjoy the highest performing non crypto asset class we've ever seen? poll plane variant fucked around with this message at 16:57 on Apr 12, 2021 |
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Apr 12, 2021 16:55
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Inner Light posted:If you are so sure prices will rise this much and are sure you are staying, then now is the time to buy (or in 6 months when you get back from being a Maersk captain or first officer or whatever it is that you do). What's there to complain about? I lost a lot of money during the pandemic due to emergency expenses and don't have the cash to cover the DD and appraisal gap and straight up baksheesh on top of a down payment. Afaik these days I'd need easily 200k cash to buy something that lists at 500k and I'm just nowhere close. I think the plan right now is buy a townhouse to stop the bleeding, but they aren't seeing the same appreciation. Cash flow will be fine but I'm worried I'll get priced out entirely while I'm rebuilding my savings. PS thanks BFC for telling people to have a good sized emergency fund, I'm talking about comparative asset performance instead of living in a cardboard box, after an utterly hosed year.
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Apr 12, 2021 17:00
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Inner Light posted:Yeah I mean I can't afford a detached house where I am unless I lived in Suburbia, and wanted to own property, so I pulled the trigger on a condo. Might work for you. But like you said appreciation won't make you set for retirement alone. I think with a townhouse under my belt I could plow hundreds of thousands into reits or properties in a market where I'm closer to the ground floor. I also think I lost perspective on network/family bc I haven't seen anyone but my wife and coworkers since like September 2019 (got off a long assignment at the start of the pandemic and have been living in continuous crisis mode ever since) It feels like everywhere is just interchangeable, no human interaction and a lovely view of the inside of blinds I guess if the reits perform well I could use them to fund a later home purchase? poll plane variant fucked around with this message at 17:06 on Apr 12, 2021 |
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Apr 12, 2021 17:04
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Dik Hz posted:There are myriad reasons why you might not like Raleigh. But calling it "not a real city" is some weird gatekeeping way of confusing your personal preferences for universal truths. A real city is somewhere you don't need a car imo
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Apr 12, 2021 17:41
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DaveSauce posted:And not gonna lie, even then it doesn't really stand out in comparison, but IMO it's not as bad as you seem to want to be. It's just not worth living in an empty house eating ramen on the floor to live there, whereas anywhere on the west coast that's like something people beg for the chance to do
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Apr 12, 2021 18:18
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GEMorris posted:I've been pretty clear that Raleigh is a "value proposition" town and always has been. What stands out to me is how much worse that value-proposition has gotten as I've lived here. Costs go up but nothing is really added in return other than increased competition for the same scarce resources. They've added some restaurants and bars but I feel like the investment in city type amenities has been really lacking. Needs a LOT of money in transit, parks, outdoor rec, etc beyond more road widening and kids sports megaplexes Edit: and "leaving the house" and "seeing people" are off the table for the foreseeable lol, except to go to work in the covid mines poll plane variant fucked around with this message at 19:11 on Apr 12, 2021 |
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Apr 12, 2021 19:03
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Vox Nihili posted:Man this thread is stoking some anxiety now. Am I FOMOing into the market at the worst possible time? Why not rent longer while rent is so low? I don't see any reason this market would ever change, this isn't a heavily leveraged retail bubble, this is people who profited handsomely from covid (white collar workers who are now full time remote, big institutional buyers, etc) putting their money into a "too big to fail" asset which cannot go down bc it's a subsidized de facto national retirement program.
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Apr 12, 2021 20:29
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Like wages cannot, for structural reasons, be allowed to increase meaningfully, so as we get later into our careers, wages will be essentially meaningless vs. investment income all the way down to the average joe
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Apr 12, 2021 20:32
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