Re:Home ownership is not the boon to older Americans that it...
by scruple on Sunday May 12, 2024 @12:50AM
(#40332335)
> ...it seems houses have little room to appreciate further.
I keep thinking this, too. But my neighbors home just sold for $894/square foot and the first 3 offers they accepted were all $80k to $100k over their asking price which was already fucking insane to me (and I own the same model on a "better" lot but they put in ~$40k in renovation before listing -- forget whether or not I could even afford to buy my own home if I tried to buy it today, I straight up wouldn't even bother. It has literally not been worth the sticker price for close to 2 years now). They had 8 offers the weekend they listed, the first 3 they accepted fell through because those buyers were accepted on other homes they liked more. The offer that went through was $50k over asking. The new owners put 20% down and mortgaged the other 80%. It's an absolutely staggering monthly payment -- effectively the same house on effectively the same lot but they're paying nearly 4x what we are monthly on housing.
There was an article today about our local housing market [0]. I cannot wrap my head around who the fuck is buying these homes and where the hell they're getting their money from. I've thought for years now that we were reaching the top of this market but here we are. It's a very, very hot market where I am, which was also true when we bought here back in 2015/2016, but now the prices have more-than doubled.
I keep thinking this, too. But my neighbors home just sold for $894/square foot and the first 3 offers they accepted were all $80k to $100k over their asking price which was already fucking insane to me (and I own the same model on a "better" lot but they put in ~$40k in renovation before listing -- forget whether or not I could even afford to buy my own home if I tried to buy it today, I straight up wouldn't even bother. It has literally not been worth the sticker price for close to 2 years now). They had 8 offers the weekend they listed, the first 3 they accepted fell through because those buyers were accepted on other homes they liked more. The offer that went through was $50k over asking. The new owners put 20% down and mortgaged the other 80%. It's an absolutely staggering monthly payment -- effectively the same house on effectively the same lot but they're paying nearly 4x what we are monthly on housing.
There was an article today about our local housing market [0]. I cannot wrap my head around who the fuck is buying these homes and where the hell they're getting their money from. I've thought for years now that we were reaching the top of this market but here we are. It's a very, very hot market where I am, which was also true when we bought here back in 2015/2016, but now the prices have more-than doubled.
[0]: https://www.msn.com/en-us/money/realestate/it-takes-349-200-...