/biz/ - Business & Finance

yes which is why people aren't buying and waiting for discounts

>>54302938
Interest rates go up, home prices have to fall so people can afford them. I'm waiting until this finally happens to get a house with my savings at a 25% down payment.

>>54303102
>home prices have to fall so people can afford them
or else what? what will you do about it if the powers that be simply never let that happen?
you won't do anything at all, ever
you won't ever own a home

>>54303498
At that point I will throw in the towel and buy a 300k home in the Midwest instead of a 700k home in cali.

>>54303498
>you won't ever own a home
i don't understand this nigger-tier psychological trick. being able to sign up for a 30 year welfare layaway plan on a plywood box isn't an exclusive club, even with the recent run-up in rates. that is, the required qualifications are incredibly low. i could """buy""" a home right now, by putting down the 3% minimum and meeting the 43% DTI requirement. instead i am choosing to wait, while i continue to stack cash and increase my down payment. i am not "priced out" and i will not "never own a home."

>>54303561
put another way, you are feeling FOMO but are too stupid to recognize it.
>IF I DON'T BUY NOW I WILL NEVER OWN A HOUSE
>I BOUGHT NOW
>YOU DIDN'T BUY NOW
>YOU WILL BE PRICED OUT FOOOOOREVER!!!!!!!

>>54303626
Owning a home is alright but if youre a neet whats the point

>>54303498
>or else what?
There is no "or else what", retard, it's the simple fact that you can't have price support come from money that people literally don't have. Blood can't be squeezed from stones. Hand-waiving this obvious Econ 101 problem away with "the banks/foreign investors will just buy them instead!" is a dumb fucking meme - you can't get price support for kind of rent that would offer ROI commensurate with the purchase price from money that people don't have either. The status quo cannot have price support into the future and the math on your dystopian nightmare simply does not add up.

For the median home you will pay over a million dollars over the course of the loan and your payment will be 3000 per month. This prices out like 80% of people completely.

>>54303715

Well and if it becomes obvious that there's no ROI to be had in RE that money is going to move.

>>54303725
which we've seen.
there's a huge cliff at 6% mortgage rates and we're at 7%.
so yea, it's just wait now for housing to drop 40%, if you have cash.

>>54303725
This seriously hurts my soul. I need houses to drop over 25 percent or I will never own anything. Even putting down 20% means shit at a 7.5% rate

>>54303715
Well said. I hate doomer tier sky is falling priced out posts. Also the "powers that be" need affordable housing and they know it. The fed chair even stated that was one of the reasons rates need to raise. The the biggest percentage of people in the US are low income and the quickest way to lose an election is to make them homeless by pricing them out.

>>54303715

Yes. There's still homebuyer demand but prices and rates are so beyond reasonable that no one is taking the bait. It's not that I don't want to own a home it's that I can't own a home where the mortgage is greater than 100% of my take home pay.

Eventually the market has to meet the buyer. It may take time but it has to happen.

>>54303888
Bankers are unelected yield-chasers. You don't even need to believe that elections are real to understand that doomerschizo math just doesn't add up. The prices WILL drop.

>>54303888
> the quickest way to lose an election is to make them homeless by pricing them out.
and the quickest way to win an election is to start WW3, because incumbent presidents are reelected during wartime 97+% of the time.
war with Russia + China before elections.

>>54302938
remember what they (the Fed) took from you.

>>54304181
>4 bedrooms
>1 bathroom
Hard pass

>>54302967
What's super interesting is that prices are not equally falling due to the dried up buyer side.

42 and not a home owner sitting on a few million. Gonna start buying 1 year + delinquent tax bills to hopefully take ownership of the property when the owner can't pay me back within 1 year.

>>54305272

>What's super interesting is that prices are not equally falling due to the dried up buyer side.

Well no one wants to take a 50% loss on their overpriced boomer box and we are playing a game of chicken right now to see who blinks first.

2008 makes a lot of sense now in retrospect because people will hold onto a home to the point of self ruin to avoid taking a loss. It's just sunk cost fallacy.

>>54303498
>or else what?
pic related lol

>>54305335

I don't know if it will be violent or nonviolent but eventually there will be a cultural shift where people will take a negative view towards the societal treadmill. The deal is that I work and I am rewarded so if there's no more reward why would I work?

A reaction to the breakdown to the social contract can take different forms but there will be some sort of reorganization of society.

>>54302938
There isn't inventory to bring prices down. In hot markets like Phoenix, we are still half of 2019.

>>54303498

I agree. The housing market will never crash again. This is the new paradigm.

>>54305511

I get that reference

>>54305806
How can there be a crash if there a few homes to buy?
https://www.realtor.com/research/us-housing-supply-gap-march-2023/

>>54305845

>Boomer website with an interest in maintaining high prices