Has anyone bought their first home near a major city in the last 12 months?

Discussion in 'The Mainboard' started by bro, Apr 14, 2022.

  1. zeberdee

    zeberdee wheel snipe celly boys
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    moving is honestly one of the worst experiences of my life. stay where you are.
     
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  2. Boo MFer!

    Boo MFer! Have you ever knowingly bought a haunted item?
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  3. ned's head

    ned's head Well-Known Member
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  4. westcoastbias

    westcoastbias Well-Known Member
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    I live in coastal San Diego and housing inventory is almost non existent at the <1m price point. Anything with 4 bedrooms from 1-2m was selling as soon as they were listed.

    There are three 4 bedroom new builds at $3.2m that have been on the market for several weeks and haven’t sold. Also seeing more 1m-2m 4 bedrooms on the market that aren’t selling now.

    Not sure what it all means but possibly the market has peaked and might be starting to come down a little in an area where housing values tripled in the last 8 years.
     
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  5. steamengine

    steamengine I don’t want to press one for English!
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    Seems bad
     
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  6. THF

    THF BITE THE NUTS, THUMB IN THE ASS!
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    Well obviously those people who are evicted aren’t going to be buying a new home, which means the house they had is now vacant and they can’t buy a new one.

    There would now be increases in supply and less demand.

    Lower demand would lead most to assume prices would decrease. So while you will see less people upgrading, other options are going to effect the supply/demand situation which will effect pricing.
     
  7. dblplay1212

    dblplay1212 Well-Known Member
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    Sure, lots of foreclosures would result in more supply and huge decreases in value. We saw that in the last 2000's. Let's hope we don't see that again.
     
  8. TC

    TC Peter, 53, from Toxteth
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    Prices will come down when sea levels rise :ohdear:
     
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  9. $P1

    $P1 Ball State #1
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    Related: My friend's rent just got raised by 35%
     
  10. letan

    letan Just looking for the gator board
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    I got an email that mine is being raised 25%. Called to bitch and they told me I have to go in person to bitch about it so going in to talk today. Ridiculous and good chance I’ll move out of spite if they stick with that.
     
  11. ned's head

    ned's head Well-Known Member
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    Hard to fathom how someone could go with that kind of increase with a straight face. That's some martin shkreli bullshit
     
  12. ramszoolander

    ramszoolander Known for Buns
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    Did they state a reason letan ? Just cashing in on the buying market being insane, and wanting to see if people are bluffing when they say they'll leave?
     
  13. letan

    letan Just looking for the gator board
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    Just said that’s the market rate. Housing is pretty ridiculous where I’m at right now although that is starting to slow (Jacksonville at the beach). I think it’s also partially bc when I originally renewed back during Covid I got them to agree to not raise my rent that year so I’ve been under their market rate by quite a bit and they’re trying to pull me back up to what someone off the street would be paying. Then I’m sure they know there is the factor that moving is a pain in the ass and comes with added charges so moving to a place that is only slightly cheaper isn’t worth it.

    I’ve currently negotiated down to a 20% increase. Trying to see if I can get down to 15% or at least get something else thrown in.
     
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  14. brolift

    brolift Well-Known Member
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    is this the housing bubble thread?
    i'm gonna have to move east of 71 at this rate
     
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  15. dblplay1212

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    They are doing it bc they can. If the current tenant can't/won't do it, they'll find a new tenant that will. Young professionals and the general lower middle class are being priced out of buying houses and the people that can buy can charge what they want for rent. The old 30% of income for housing rule isn't remotely possible for a lot of people now.
     
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  16. brolift

    brolift Well-Known Member
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    Found this on reddit. Neat little sheet that compiles data for different markets.

    The trend is more listing with more of them listed as price reduced. Does not adjust for seasonality.

     
  17. Lyrtch

    Lyrtch My second favorite meat is hamburger
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    someone buy my brothers house in KC thx
     
  18. brolift

    brolift Well-Known Member
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    i might what is the address
     
  19. skiedfrillet

    skiedfrillet It's not a lie if you believe it.
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    who are the experts itt that i can disagree w/?
     
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  20. skiedfrillet

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  21. Sean Connery

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    My apartment went up 29% and we weren’t in a position to move so we’re riding it out until the lease term runs in March 2023. We briefly looked at other options, but it’s insane everywhere.
     
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  22. brolift

    brolift Well-Known Member
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    The bidding war has started
     
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  23. Lyrtch

    Lyrtch My second favorite meat is hamburger
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    whoever venmos 475k first gets it

    if you're second i keep your money but i'll send you a gift basket
     
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  24. brolift

    brolift Well-Known Member
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    475k sir I work at a Wendy’s
     
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  25. Lyrtch

    Lyrtch My second favorite meat is hamburger
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    Can I get some spicy nuggs
     
  26. brolift

    brolift Well-Known Member
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    That spicy enough?
     
  27. Arliden

    Arliden Well-Known Member
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    posted in the investing thread but better here probably
     
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  28. Thoros of Beer

    Thoros of Beer Academy Award-Winning Actor, Tim Allen
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    Should corporations be allowed to own housing? Many people are asking
     
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  29. Lyrtch

    Lyrtch My second favorite meat is hamburger
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    thats a reasonable thread
     
  30. dblplay1212

    dblplay1212 Well-Known Member
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    No. I'm ok with them building apartments but absolutely not on buying 1-4 units.
     
  31. zeberdee

    zeberdee wheel snipe celly boys
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    how do you think that would turn out for all the people currently living in subsidized housing communities?
     
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  32. Menelaus

    Menelaus The Red-Haired King
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    I bought in Atlanta at beginning of June. Thankfully got my mortgage locked at 4% ahead of closing, would have been way higher otherwise.

    After 12 years of apartment dwelling in NYC, this has been a pretty big change.
     
  33. Thoros of Beer

    Thoros of Beer Academy Award-Winning Actor, Tim Allen
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    Obviously we should make them homeless
     
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  34. brolift

    brolift Well-Known Member
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    TrolleyProblem.jpg
     
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  35. zeberdee

    zeberdee wheel snipe celly boys
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    yea I think you're pulling in the wrong direction with that solution, but I'd be willing to listen.
     
  36. Thoros of Beer

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    I doubt the statute would be written: "Corporations can't own housing. Suck it poors."
     
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  37. steamengine

    steamengine I don’t want to press one for English!
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    We’re looking at property in sd and I just saw a 2-1, 700 sf for $1.7million
     
  38. brolift

    brolift Well-Known Member
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    I don’t know enough about that market/business to make an informed comment on a solution. Lower income people need to be treated more compassionately. Could start there and work backwards.
     
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  39. Bo Pelinis

    Bo Pelinis Yesterday is a hard word for me.
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    Look at this guy admitting to not knowing enough about something to have an informed opinion on it. On the internet of all places!
     
  40. zeberdee

    zeberdee wheel snipe celly boys
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    I've worked basically my whole career in affordable housing so I'll admit I'm biased to the work done by corporations.
     
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  41. Thoros of Beer

    Thoros of Beer Academy Award-Winning Actor, Tim Allen
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    There would necessarily be exceptions. In fact, such a law could further incentivise subsidized housing.
     
  42. dblplay1212

    dblplay1212 Well-Known Member
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    There's a huge difference in corporations running multi family housing complexes and corporations buying up every other single family home that goes on the market. I know his post didn't distinguish between the two and was just anti corporations, but there's a huge difference.
     
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  43. i am a bammer

    i am a bammer Ben Eblen>Jamychal Green
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    I rent but Gf and I just moved in together and places were getting listed on Thursday night with an open house and lease decision on Saturday. Housing market here is broken.
     
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  44. Tommy Jefferson

    Tommy Jefferson Well-Known Member
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    With the interest rates increasing, isn’t that expected to slow the rapid increase in house prices? Sellers were able to jack up the asking price because buyers could afford a higher mortgage thanks to a low rate.

    I could see this amplifying the rate at which corporations are buying houses as they aren’t needing to finance.
     
  45. zeberdee

    zeberdee wheel snipe celly boys
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    I agree there's a huge difference and that's why I pointed it out.
     
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  46. ramszoolander

    ramszoolander Known for Buns
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    Yep. A huge issue in all of the "good" Birmingham city neighborhoods. To the point that neighborhoods are having to make covenants about a certain percentage of occupied dwellings to keep out Airbnbs etc.
     
  47. ramszoolander

    ramszoolander Known for Buns
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    By the same token, Woodlawn Foundation and other "corporations" are doing great work for affordable housing in the city. So it's mixed.
     
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  48. dblplay1212

    dblplay1212 Well-Known Member
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    AirBnb is an issue but a lot of the corporate owned housing is long term rentals. Companies own tens of thousands of houses for yearly rentals.
     
  49. Bo Pelinis

    Bo Pelinis Yesterday is a hard word for me.
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    Close to one in every 5 homes sold nationwide last year was to a corporation. That’s insane to me.
     
  50. bro

    bro Hey Hermano
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    if only we could pass a bill to stop that
     
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