WWAW home ownership

[Saddam Hussein]

Looks like it’s going away. If you didn’t lock in a sub-3% rate in 2021, you missed the boat. I suppose if you look at human history, America in the 1950s was never sustainable. Still, a lot of people will get a rude awakening once they realize they’ll never have their life their parents said they would. Renting is most people’s future.

“You’ll own nothing and you’ll love it.”

 

[TomFromNawlins]

I wonder how many times the word “boomer” will be used in this thread.

 

[ミスタースパーコル]

I wonder how many times the word “boomer” will be used in this thread.

Only once.

 

[HR@PaneraBread]

Are we fishing for Boomia alts?

 

[captain_kamala]

Are we fishing for Boomia alts?

One time I told boomia I couldn't afford a house and he told me just buy a house. Simple.

 

[MilwaukeeStrangler]

FUCKING BOOMER SCUM SQUANDERED OUR BIRTH RIGHTS

 

[WifeStoreWill]

It will be down to 5-6% soon, which is reasonable.

I think prices will have to come down over the next few years because there are going to be way fewer customers with all the people who locked in at 3% not wanting to sell for a long time, plus the prices being insanely inflated to begin with.

 

[NortheastPhilly]

In like a year I plan on buying a house in the 175-200 range. Kind of rough area but its racist whites and no nonsense immigrants that hate niggers and junkies

 

[Ladynyahh]

It's all fawkin cyclical. Mortgage rates will drop, hard to say when. Home inventory will increase and prices will decrease. Just gotta give it some time

 

[BakersfieldChimp]

It will be down to 5-6% soon, which is reasonable.

I think prices will have to come down over the next few years because there are going to be way fewer customers with all the people who locked in at 3% not wanting to sell for a long time, plus the prices being insanely inflated to begin with.

People complain that home ownership is gone and that rates will always be high but can't even look back just a few decades and see trends.

Interest rates were nearly 17% in the early 80s. And like 10%+ for the whole decade. Rates went down, prices became reasonable and more people bought homes. Shit will correct.

 

[HH Brother]

The entire year is news reports talking about what a shit job market it is and how housing will be a bygone luxury.

I'm just glad I have my cash invested in Sink bonds.

At this point, Mortgages are just becoming another means of making people rent. Something like 70-90 year mortgages right across the border in Ontario to live in shitboxes.

 

[Africa.com]

I'm about to put my house on the market. Im locked in at 2.5% it's gonna be hard to give that up

 

[NoBacon]

“back in my day we had 12% mortgages! Kids today want everything handed to them! Try cancelling Netflix!”

>12% on a $30,000 home when they made $12,000 a year out of high school
>doing nothing it’s now worth $850,000
>gets pension plans that are long discontinued to anyone younger than 40 because they’re ludicrously generous
>get rich by raping the younger generations
>still act like they had it the hardest and everything is unfair to them

 

[Officer Chase]

I'm about to put my house on the market. Im locked in at 2.5% it's gonna be hard to give that up

It's a big problem that people can't move to avoid that trade up in rates and it has depressed inventory. We've never had home prices so screwed by rates as we do now because the sudden rise and so many people at 150% lower rates than currently available. It took like 7 years for rates to return in the 80s. With prices so high it might take longer as lower rate people need to compensate for the eventual equity downturn before they sell. That will keep inventory low for a longer period and keep prices higher than what they should be, just to serve the people forced to move. Eventually, like 10-12 years things will be near normal again. Lower prices 5% or so rates.

 

[BakersfieldChimp]

“back in my day we had 12% mortgages! Kids today want everything handed to them! Try cancelling Netflix!”

>12% on a $30,000 home when they made $12,000 a year out of high school
>doing nothing it’s now worth $850,000
>gets pension plans that are long discontinued to anyone younger than 40 because they’re ludicrously generous
>get rich by raping the younger generations
>still act like they had it the hardest and everything is unfair to them

None of this is realistic.

You're presenting a scenario that existed in the 40s and 50s (maybe) and applying it to people who bought houses in the 70s and 80s.

 

[NoBacon]

None of this is realistic.

You're presenting a scenario that existed in the 40s and 50s (maybe) and applying it to people who bought houses in the 70s and 80s.

It’s not much different. It was harder in the 80s than the 50s but it was still realistic for an average young man to be able to buy a house in a nice area. Now it’s not and never will be again, and the only people who benefit are older people.

Not sure how you could argue otherwise. The data is clear. Everybody’s experience is clear.

(in b4 if you just buy a house in the middle of no where with no career options it’s still cheap maaaan or whatever)

 

[NoBacon]

It's a big problem that people can't move to avoid that trade up in rates and it has depressed inventory. We've never had home prices so screwed by rates as we do now because the sudden rise and so many people at 150% lower rates than currently available. It took like 7 years for rates to return in the 80s. With prices so high it might take longer as lower rate people need to compensate for the eventual equity downturn before they sell. That will keep inventory low for a longer period and keep prices higher than what they should be, just to serve the people forced to move. Eventually, like 10-12 years things will be near normal again. Lower prices 5% or so rates.

If the market corrected itself so hard working young people could snap up property to actually live in from greedy financially illiterate boomers I’d be pretty happy. Then actual work shy stupid with money young people and old people pay the price and the smart ones benefit.

It doesn’t matter because all the mortgage lenders have already gone on record that they intend to be the largest private real estate owners by 2030. We’re not supposed to own anything, it’s pointless being mad at boomers in that context. If you work hard and look after your family, like I do - you’ll end up living in the same squalid social housing as niggers and Patrick’s. If there are any jobs left, which their won’t be.

 

[BakersfieldChimp]

Now it’s not and never will be again, and the only people who benefit are older people.

There's truth to this but it's idiotic to include examples that never existed, or if they did it was 30-40 years before the generation you're complaining about. The people who were buying $30,000 in decent areas are long dead.

 

[NoBacon]

There's truth to this but it's idiotic to include examples that never existed, or if they did it was 30-40 years before the generation you're complaining about. The people who were buying $30,000 in decent areas are long dead.

You only have to look at the data to see how cheap nice houses were in 2000.

My boss bought the same house (same block and same type) as I did when he was my age in 2000 when he did the same job as I do now and it was like 20 years worth of payments cheaper. The cards are stacked firmly against people even from the early 2000s, fuck - prices have doubled or tripled on my street since 2010. Wages have gone down in buying power.

 

[Dusty Dan]

I bought a 3 bed 3 years ago on a 5 year fixed term. Best financial choice I ever made and worth every penny for not having to put up woth shitty landlords any more. I was lucky in that I've worked from home for 10+ years and can rely on that continuing, so I bought rural. There are still plenty of shops and services around and I make an effort to buy everything locally because fuck Bezos maaaaaan.