/biz/ - Business & Finance

>>56364647
The market is in the period where prices are still high because there’s no liquidity. It can only stay this way for so long.

45 years of earning 39k is over $1.5m total, how the fuck can't you afford $224k? Especially if you have two incomes.

Eventually people have to sell.
>lose job, can't afford mortgage
>sell parents house after they passed
>room for kids
Normally prices would drop at that point.
However the shortage is so bad, there are also people who are desperate and will sell their firstborn for an apartment.
Bet nothing much will change before not-QE-QE runs again and prices inflate even more.

>>56364647
It’s very simple.

I’m simply not selling my home for less than it was worth at sub 4% rates. I will merely list it at that same price and if it doesn’t sell I will just continue to live here.

If you want to buy my home, you will need to pay me the full amount I am owed, and if the bank is going to rip you off in the process that is up to you to accept or not.

Meanwhile, I have a roof over my head in a wonderful neighborhood that only gets better every year, in close proximity to all of the best things as well as all places of employment, with wonderful landscaping, modern furnishings, and a fireplace that is both gas and vented for wood fires.

Everyone is so certain of a crash in housing. Makes me think the most tragic thing will be not a crash, but prices continuing higher and pricing out more people forever.

>>56364857
That's not how markets work but at least you have
>B8
in your ID

>>56364896
>people will sell an item for a certain price and not lower
>”that’s not how markets work!!!”

Sounds like cope. Let me guess, you don’t own a home?

>>56364675
What I can’t seem to understand is why we haven’t seen the airbnb properties flooding the market yet.

>>56364879
Sad truth. Everybody is expecting a crash but prices will probably just crab for the next 10 years no matter what happens to interest rates. We’ll just have a scenario where birth rates approach Japan levels and 90% of zoomers continue to live with their parents.

>>56364647
>Who the fuck is buying housing still
The people who can afford it.

>WhAt Is GoInG oN?
1. What kind of retard are you actually and unironically? How do you go from referencing the "median" and then acting like that also represents the 100th percentile?

2. You're completely ignoring the other half of the equation. People who sell a house control the listing prices, and lots of people have already bought a house when they were more affordable. Not everyone is an immigrant, and there are enough buyers to appease the relatively few people who actually want to sell.

3. Some people are dumb enough to buy a house in a sellers market or are forced to. They simply use more of their income on the mortgage, and they simply take on more disadvantageous loans to skip the downpayment. Yes, this often leads to a crash but not always.

4. Outside of the tomfoolery of gentrification and turning everything into luxury apartments in certain zip codes, you can always just move to a place that values buyers LIKE YOU. your income, your style of home, your preferred level of peace and quiet. The world isn't really running out of space lol

>>56365186
Where are there lower class white only areas that aren't full of niggers or spics. When I was a kid they existed in black cities like mine. Now they no longer fo outside trailer parks

>>56364647
The Jews are flooding us with migrants in record numbers to keep home prices high. Here in Canada for example we had 2 million come in last year when only having a total population of 30 million

>>56364647
>median income

That’s about half the national median household income and almost exactly the per capita nationwide income. Do you know what any of that means?

For example. The median household income in my area is 57k. I personally make four times that amount and so do many others. You are looking at everyone from some loser working part time at a gas station to CEOs of large companies.

>>56364647
>200k population
>250k houses
>no blacks
This doesn’t exist in America

>>56364647
Prices have corrected in SF, LA, NY, etc.

OP pic is likely rural American homeowners fomo-ing in. Everyone knows that the housing market is due for a depression, which sends prices skyrocketing as people hope to "get out before everyone else". Self fulfilling loop. Smart money already sold.

>>56364966

wannabe landlords / RE investors from last 3 years are holding vacant properties at a loss because "they only go up"

>>56364647
doesnt the government just buy them now?
doesn't blackrock just buy houses to keep the price high?

>>56364647
maybe be duel income. my gf and I net like 5500 a month average and thats after 20% into retirement and 27% in taxes.

>>56364689
how many chromosomes do you have?

>>56365456
yup. the amount of properties ive seen sell 10-20%+ below their original listing in northern iowa is funny. very few break even when counting inflation

>>56364689
it's not like consumer prices have any effect in your savings + that 1.5m worth a hell of alot less when the federal reserve rapes its worth. You should consider breathing from an oxygen tank than your mouth anon

>>56364647
Sorry, that's me
I bought a house in a small southern city last year when my cubecuck $90k/year DC job became remote.
Sucks you got priced out, but you'll just have to move somewhere cheaper like I had to in order to afford a house.

>>56365704
no, youre a subhuman nigger who paid cash price and incentivized other niggers to ask for 250k for a shitshack worth 100k.

>>56364647
Prices are subsidized by lenders eating the rate differential, and therefore are not "real"

>>56364879
> hey 4chan here's my contrarian take
Selling ice to Eskimos

>>56364966
Airbnb "investors" are low skill, low iq tards who believe in "the pivot"

>>56365270
Canada is fooked.
They had to hit > million immigrants just to get flat gdp, most were poor Indians with no savings or high paying skills.
It's over for Arctic Mexico.

>>56364966
Jews refuse to list houses on Zillow and other websites that rely on MLS data to keep this market from falling

>>56364675
>prices are still high because there’s no liquidity
you are genuinely retarded

>>56364647
Lumber prices have come down so house construction should have picked up already. In a year or two a lot of new housing should hit the market and drive the price down. Lumber prices are the same as 2018 but the house costs 66% more.

>>56364647
An area with NO blacks? Priceless.

For everything else, there's MasterRace

>>56366362
few homes have been built since 2020. first because of the kiked lockdown, and later because it's easier (and more profitable) to build new homes to order
they're literally selling pictures of homes now to keep the supply tight
same as cars basically

>>56364647
FOMO, people are jumping in with everything they have cos they’re scared it’ll go higher and they’ll be priced out forever. People are literally hoping they can ride it out until interest rates drop then they’ll be set. This is gonna be as bad as 2008 soon.

>>56364647
rent vs buy in most areas (not the most expensive ~15 metros) is the same, just comes down to a lifestyle choice

if you want stability so that landlords can't raise rent and/or kick you out every year, the ability to do what you want to your house, believe the market will continue to appreciate, then buying makes sense

if you want flexibility to be able to leave if a better job comes up in another city, are worried about coming up with money if something breaks (A/C, furnace, appliances, roof leak), don't believe housing is going to go up, then renting makes sense

people care too much about the rates - high rates are good for buyers, fed has already announced that they're essentially finished with rate rises, either we're going sideways or down.

the huge crash caused by the rate hikes didn't happen nationwide, because people held onto their homes which restricted the supply, only parts out west fell and those were the parts that had the biggest growth due to the low rates

>>56364966
These aren't 0dte options this stuff takes time. Wait like 3 months and you'll start to see the change.
>>56366338
>T. MTM retard

>>56367328
>+15% in freeze your dick off Northern Wisconsin and Michigan.
Noice.

>>56364675
homes are still selling, we just went from COVID frenzy of 2020-21 where everyone was bidding over asking with all contingencies removed because rates were sub-3%, to a more balanced market

people who were calling for a 2008 crash don't realize that it already happened, now we're in the 2009-11 sideways market where people are uncertain what prices will do in ~5 years.

2009-11 stopped crashing because banks chose to restrict inventory and not let all the foreclosures hit the market. same thing is happening now except it's the owners not the banks who are restricting inventory to prevent a larger crash

>>56364966
I sold my Airbnb property about 4 months ago. Thank fucking god. The new buyers took a 90% LTV mortgage and are using the same rental agency as me. Boy are they gonna be in for a surprise. I barely broke even with no mortgage but the price doubled in 4 years. I finally sold the top. Feels pretty good man

>>56367433
>The new buyers took a 90% LTV mortgage and are using the same rental agency as me. Boy are they gonna be in for a surprise. I barely broke even with no mortgage
Damn, that new buyer is gonna be fucked.

>>56364857
>owed.

Lol

>>56367433
>>56369135
I've got a better story for you. I know this yuppie husband and wife that probably gross around 300-350k a year that bought a house in 2020 in SF for almost 3 million with a 7 YEAR ARM!. I'm not even larping. Do you know how incredibly fucked these two are? If i had to guess, they will probably be a million dollars underwater if they hold that shit bag to the bottom. My sides lol

>>56365186
>just move to the middle of nowhere bro
fucking kill yourself

>>56364647
It's the same with cars, who is buying a 50k car with 9% interest. The answer is no one or very vew people who need to, the whole market is propped up by inflated prices from COVID and money printing, something will pop which will trigger the recession and prices will come back down.

Heard it from a normie coworker of mine.

The normie play right now is to buy these expensive home with high-interest rates with the intention that they'll refinance when interest rates come down.

Seems very shortsighted to me.

>>56364689
This. I'm 44 and looking to buy my first house next year having worked full time since I was 2. You entitled millennials are just lazy.

>>56370092
you can't buy a home that you cannot afford, there are lending requirements you have to meet and if you don't have the income and the reserve cash then banks will not lend you the money

banks have become much more strict on who they lend to since 2008 and that's why foreclosure activity is basically non-existent

normies aren't buying now, normies have the mindset of "i'll wait until interest rates come down and things are more affordable"

>>56370226
the lending requirements are an absolute joke. FHA go up to 43% DTI without any waivers, and this is gross/pre-tax which only includes rent/student loans/credit card/car loans and excludes other big ticket items like groceries, taxes, and utilities. poorfag normalniggers can absolutely still bury themselves alive with a mortgage, despite meeting DTI requirements.

>>56364647
you lost midwit

>>56370260
FHA only goes up to 43% DTI if you have excess cash in reserves, and housing can only be at most 31% of that

if people couldn't afford it, then they would be missing payments and banks would be foreclosing, which isn't happening, foreclosures are at 5% of what they were in 2009

>>56370226
>normies aren't buying now, normies have the mindset of "i'll wait until interest rates come down and things are more affordable"
wrong. normies have been indoctrined to jump on the housing market as soon as possible. i have multiple friends, family memberrs and friends of friends who have bought this year despite the rates. their logic is ¨it only goes up, have to get into this as fast as possible¨. they're all struggling to get by with these new rates and they all bought the top. counting just off the top of my head, i have 8 people that literally bought late last year or this year. and they all expect to turn a profit in a year or two.

>>56364647
We just reached New Paradigm territory, in my meme chart.

>>56367328
The fuck is happening in Austin?
Any anons in the Travis County area know?

>>56364647
because of inflation (and other factors) people with money want to move that money into real assets. mostly that means real estate.

>>56370335
all data contradicts your anecdotal experience

percent of first time home buyers is down to 26% which is the lowest it's ever been

and that's with volume of re-sales matching the 2011 lows

the number of homes selling for cash are at an all time high, percent of cash buyers is highest since 2011

>>56370418
yes, i know the data suggests a lot of things contradary to what i just said, but that is my circle of friends/family and their friends as well. I always ask what their plan is if they have to sell with a loss, that thought hasnt even crossed their mind. They always ask me why im not buying my own place right now as well, even though the numbers say one thing, the sheep mentality is very strong in this case

>>56367426
>people who were calling for a 2008 crash don't realize that it already happened, now we're in the 2009-11 sideways market where people are uncertain what prices will do in ~5 years.
We haven't even reached a recession yet and you are saying the peak has already happened.

>>56370418
point is, these houses still get sold at these ridiculous prices and rates, because people have the mentality that you NEED to own something right now and that you will guaranteed make money off it. where i live, all house market data is negative, yet everything gets sold. the government forbids new housing projects, even though building materials have come down a lot, the real estate market keeps its price up because the inventory, as of now, is kept in check by not allowing the demand to be met. when the rates chunk into people too heavily we'll see more houses hit the market and the prices go down

>>56365813
They need those Indians to keep the country afloat and to pay for pensions. Thank your governments who gave your parents the options of working themselves to death and poverty with each having full-time jobs AND 3 kids, or working full-time and having 1 kid... and causing terminal population collapse in 60 years

>>56364857
Based home enjoyer. It's only the multiple-property landlords that are sweating. I'll continue living in my guaranteed 2.75% mortgage rate for life even if prices fall.

>>56364647
Blackrock literally has infinite money

>>56370469
>recession: consecutive quarters of negative GDP
>Q1 2022: -1.6% GDP
>Q2 2022: -0.9% GDP
>crypto fell 75%
>stocks fell 25%

now

>Q3 2022, Q4 2022, Q1 2023, Q2 2023 all 2-3% GDP growth
>crypto is up 60% YTD
>stocks are up 12% YTD

you already missed the bottom

>>56364857
Based, I feel the same

Probably people like me. I’m leaving CA with my wife and we have about 130k in cash in non retirement accounts. Currently saving up about 4k a month combined adding to our pile. We decided to move in June/July. Looking at Midwest, sorry, I can’t afford my home and I will be raising the price for everyone. Looks nice there. Even at these interest rates putting 50% down on a 200k home doesn’t seem bad at all. We will still have cash and a tiny mortgage. My job is transferable so I’ll be making about 75-80k there and we will be fine. She can raise our kids and work part time if she wants. Or not, the American dream seems alive there still

>>56365270
It’s unreal how Canada was ruined so quickly by poos. It’s happening to the US with Mexicans and it’s finally hitting democrat cities where they want it to stop. I feel bad for Canadians

>>56370058
I personally know 3 coworkers pulling in 60k a year driving 50k cars. One coworker is making maybe 65k and drives a fucking brand new raptor. I asked one her car payment and she told me 980 haha

>>56372576
if you're finding 200k homes in the midwest then you're looking at 50+ year old homes on postage stamp lots in economically depressed areas with bad schools (either white trash or non-white)

its 350k+ for anything desirable, 500k+ for anything good, which is still substantially more affordable than coastal CA and west coast metros, but you've got maybe 5 good months of weather here

>>56373065
I was looking at all of desmoin Iowa. It was so nice and cheap. We stopped at a bar and beer was $3 and a cheeseburger was $4. Houses there are like 150-250k

>>56364647
blackrock, techbros, corrupt chinese/indian/... foreigners.

>>56364703
>lose job can't afford mortgage
hate to break it to you but most of the old fags that have mortgages have multiple houses that they use to cover their mortgage

>>56364647
sex havers

>>56373109
200k gets you a 50+ year old home in the city of "desmoin" with low rated schools and diversity

its 300k+ for anything outside the beltway (waukee, ankney, johnston, etc.), and if you find anything cheaper it's going to be a shitty bi-level

>>56369573
That whole state is metaphysically cursed for being so friendly to gays. It will be destroyed with fire the way Sodom was.

>>56373283
Iowa was an absolute gem and everyone there was nice. Throwing a $20 bill on the table and buying 5 beers for the entire table was unreal. We also stopped at debuqe and I looked up rent there. $600 for a 1 bedroom apartment.

Game plan is to move there and transfer my job and rent. Buy a house in a year or so if we like it.

My favorite pic of the trip, this was in Illinois.

>>56373525
To add on we havnt decided what state. The more north it goes the cheaper it is and I’m guessing that correlates with the coldness. I’m leaning towards souther Wisconsin or southern iowa.

>>56373525
if you're serious about it, do it, i did the same move from CA to the midwest in 2021, my best friend out there went left for iowa

zero regrets, i go back out west for work once a year and just laugh at how shit it is. iowa is very friendly, good genetic stock (german), and very affordable, only issue is that it's hard to get into a social circle - people met their friends in grade school and those cliques persist into adulthood

i sold my 2 bedroom condo in an 80% hispanic area in CA and got a 5 bedroom house with a 3 car garage, finished basement, on a half acre in a in a 90% white 5 star school district, for cheaper

groceries are ~25% cheaper, i filled up for 2.99 this week at costco, there was no wait at the checkout, no wait at the food court, and the parking lot was empty - compare this experience to anything out west

golf in the summer is amazing, way cheaper than anything out west and the courses are full of grass that doesn't need watering because it actually rains here

it's not perfect - the weather from december-february fucking sucks, average temp in des moines is 27 degrees, but the cold isn't the problem, it's the constant overcast skies - make sure to budget for vacations so that you can actually enjoy sunlight,

roads also suck, potholes everywhere, roads are always under construction

i'm the only person on my street under the age of 50, there's a lot of fat truck driving gen X fucks who did nothing with their lives, and the biggest thrill they get in their day is being able to hold up traffic. also the women are fat entitled cunts married to their careers who think that they can have healthy kids at 40 and the energy to raise them in their 50s

this is a part of the country that people go to for an easy life, midwest is known for their "brain drain" where all the college grads leave for higher paying jobs elsewhere, the white trash and people with parents that made their path for them are those who stay

>>56364647
Ok, here is the reality that a lot of you don't want to here -
There are A LOT of people with money out there. Tons. While you were gambling on shitcoins for the past 10 years, a lot of people were getting up and going to work every day. You ended up back at 0 while they slowly accumulated cash and assets.

>>56373543
if you liked des moines you should also consider sioux falls, that way you don't get taxed on your out-of-state income since SD has no state income tax, metro area is smaller but similar, cheap and nice people

best city in the midwest IMO is traverse city michigan - amazing golf, best inland lakes in the country, grand traverse bay is beautiful, great skiing nearby, bike trails, hiking trails, snowmobile trails, wineries, town is big enough to have all the amenities you want but isolated enough to keep out the diversity

I love how cumskins have to flee inwards to escape brown people. Keep running, you will never be safe.

>>56373283
>>56373525
Grew up in Dubuque, lived in Ankeny for a bit. Lived in MSP, then Seattle, now Tokyo for a couple years before planning to probably go back to NE Iowa or Wisconsin. Iowa gets a lot of shit but it's super cozy. As a <30 yr old I get wanting to get around. But when I want to settle and start a family it would be hard to beat. I'm biased obviously, but I don't want my kids going through the ringer of city public schools. Rural schools have their own issues but I feel fortunate to have gone through that style of system compared to many of my friends that went to schools with thousands of students.

Remember
The same people saying
>you will sell your home to me for 1950's nominal pricing
Are the same people who think holding a 6 year old erc20 token, or a video game store stock, is going to make them a billionaire.

>>56365203
>poor
>thinks he’s no better than a nigger or spic
Anon I…

>>56365652
That tax rate is insanely high, wife her up and have a kid already, it’ll be a lot cheaper than paying the degenerate single tax. This is financial advicetxhk0p

>>56366362
Show labor cost chart

>>56373273
> most have multiple homes
Think about the math and get back to me

>>56373693
>There are A LOT of people with money out there. Tons.
tired of seeing this low IQ meme. metropolitan statistical area specific income distributions say otherwise.

>>56364647
Eurobro here

I am in top 25% earners in Western Europe (senior engineer & wife is pharmacian) we earn around 8k€ a month. We are in the top 25%.
We CAN NOT take a loan greater than 420k€ or 550k€ with a reasonably large deposit.

We are at the edge of being priced out from a large portion of residential houses. This must mean that 75% of the population IS priced out.

The house we want are now 400k+ and I refuse to buy shit house & small land for 300-400k. It's not worth it.

The prices must be at a ceiling, or else the demand/supply induced pricing is non sense

>>56364647
Literally everything, from foreign policy to our economy, will improve over night once the boomers die off.

>>56369573

i'm confused. my wife and i with no kids make 300k-350k and we're lolnoping on $1.5m homes and 30 year mortgages. how could they even afford or be approved for what you're talking about, unless it's a huge % cash?

>>56364647
>the median household income is only $39,000 (200,000 population, no blacks)
just irish and poles lol
you are no better

>>56364647
>Who the fuck is buying housing still?
Retards, and companies with their hand so far up the government's ass that they will be pardoned if shit goes sour.

>>56374921
if you are buying a SFH, never buy in a place with bad public schools

good public schools make people want to come back to the area when they are adults to raise kids there, bad public schools scare people off from moving back to the area

public school demographics are the future of the neighborhood, never buy in a place with rapidly declining white population of students at the high school, or a rapid growth of non-whites

once a public school becomes <50% white, the neighborhood is gone - urbandale and west des moines get closer to this tipping point every year, which is why i recommended districts outside the beltway

most millennials are clueless to the demographic decline in public schools the past 15-20 years

>>56376794
it's just a renter making up a situation and coping with the fact that they missed out on the 30 year mortgage for sub-3%

you can't qualify for a home that is 10x your income, and no one was taking out an ARM in 2020 when rates were under 3%

>>56365700

you got all the Minnesotans escaping this sinking ship

>>56364689
Do you even understand interest?

>>56369945

if we were going weimar DXY would not be absolutely wrecking

>>56372576

you, your wife and her son should stay in containment

>>56370486
>They need those Indians to keep the country afloat and to pay for pensions

Post nose, no one believes that line anymore.

>>56370469
>still waiting for a recession when the fed already pivoted in march 2023

>>56372576
Fuck off Jose we are full. Go vote for communists amongst your spics and leave the last hope for western civilization alone.

>>56378252
Ok well they did and it's true so kys.

>>56364647
Zestimates only go up, poorfag rentoids will never know this feeling.

>>56370367
It's a liberal enclave.

>>56378448
liberals aren't the ones leaving california

>>56370367
Tech bros and california boomers and airbnb retards all fomo'd into Austin real estate after it already mooned 50% thinking it would become SF level of fucked. But us texas natives knew that shits not going to happen for a long time because you can drive 20 mins outside of downtown and find empty fields. The obvious happened and construction ramped up like crazy so there's new condo high rises and apartments springing up everywhere across the city. Theyre lterally tearing shit down to build them. So basically even though the city population grew rapidly like 30% in a couple years there's not really a geographical shortage of room like in California

>>56378551
yeah the biggest problem Austin has it's that it's roads aren't keeping up, even when I lived their 7 years ago traffic was getting bad, now it's a nightmare. Lot's of room for new housing around the city though, and Texas doesn't have even half the amount of regulation California does so it all goes up quickly.

>>56364647
Who says anyone js buying? Zillow? Yeah lets trust a company selling houses that everything is totally fine and your bags arent worth less

Wouldn't surpise me if people fake buys on zillow to keep the price up, easy way to make it look like their house is still worth as much

>>56374944
I mean who's the real loser here? Me being fat, ugly, not owning a home BUT having all of my small insignificant wealth all in crypto and GME. Or you with dubs?

>>56370367
cheap credit was pulled by the fed, without cheap credit you can't afford a house that is 7x your income

high rates force people to look into more affordable areas