Anybody else extremely depressed over real estate?

[Anonymous]

I don’t think everyone knew how quickly they would go up or that once they did things would start selling for 3-400K over ask and never go back to prices of even a couple of years ago.

Remember “transitory inflation”/“supply chain problems”?

[Anonymous]

Anonymous wrote:I don’t think everyone knew how quickly they would go up or that once they did things would start selling for 3-400K over ask and never go back to prices of even a couple of years ago.

Remember “transitory inflation”/“supply chain problems”?

I refinanced at the beginning of 2021 because I was hearing at the time that rates were going to go up. Turns out it was another year before they really shot up, but yeah, people were talking about/expecting it for a long time before it actually happened.

[Anonymous]

Rates for residential primary homes should be capped at 3%

[Anonymous]

Anonymous wrote:Rates for residential primary homes should be capped at 3%

If they were prices would keep going through the roof forever.

[Anonymous]

Anonymous wrote:

Anonymous wrote:If bank CDs pay 5 percent and Real Estate stays flat next 4-7 years it makes it easy to save up a large downpayment in a risk free safe investment.

Now if they raise rates more and we have six percent CDs and six per by treasuries and 6 percent muni bonds and 5 percent money markets and home prices stay flat super easy to save up safely

Home prices do not need to rise at all next 5-10 years as long as price is stable will be very little defaults on mortgage loans

Home prices don’t need to fall as long as people safely can earn 4-6 percent on down payment fund.

My kid’s childhood will be over by then.

What’s your point? I bought my forever home when my oldest was 18. That’s life.

[Anonymous]

We have insanely low property tax and home insurance in the DMV. That is a plus.

In California with prop 13 new home buyers pay massive property taxes. Plus huge homeowners insurance do to earthquakes and wild fires

In Florida property property taxes very big and you have expensive homeowners insurance and flood insurance

In Long Island. Westchester and Northern NJ property taxes are massive. Like 3X DMV on a large house.

We also earn much higher than average income and most couples dual income.

If anything homes are underpriced in the DMV

[Anonymous]

Anonymous wrote:We have insanely low property tax and home insurance in the DMV. That is a plus.

In California with prop 13 new home buyers pay massive property taxes. Plus huge homeowners insurance do to earthquakes and wild fires

In Florida property property taxes very big and you have expensive homeowners insurance and flood insurance

In Long Island. Westchester and Northern NJ property taxes are massive. Like 3X DMV on a large house.

We also earn much higher than average income and most couples dual income.

If anything homes are underpriced in the DMV

At least in CA you have the UC system. We have UMD, BFD.

[Anonymous]

Anonymous wrote:I don’t think everyone knew how quickly they would go up or that once they did things would start selling for 3-400K over ask and never go back to prices of even a couple of years ago.

Remember “transitory inflation”/“supply chain problems”?

Well there’s your problem – you believe the bullshit the government spoon feeds you.

[Anonymous]

Anonymous wrote:Rates for residential primary homes should be capped at 3%

Wow, if you’re this dumb, how do you hold down a job?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Our house cost $600k and is still worth under a million. We have a nice (though unmodernized) 4 bedroom in a great school district (BCC) within easy walk of the metro.

Our compromise was buying on a busy road. There will always be compromises. But we are immensely grateful for what we have had and have loved raising kids here.

So no, I don’t have much sympathy with OP. I think having a better attitude would solve all her problems.

Fine, don't have sympathy for OP.

But I hope you understand that there are many people who have been priced out of the market, even buying an unmodernized house on a busy road, because not only can they not afford the 800-900k it would now list at, but they might not even be able to by it at 600k as you did, because rate increases make that 600k house significantly more expensive.

You can't "better attitude" your way out of simply being priced out of an entire market. 10 years ago in this area, people looking for starter homes around 500k could find them. They'd have to make compromises on size, location, schools, and upgrades, but you could buy something and get onto the property ladder. Now you can't. Now it's hard to find that for 750k and it all costs more -- the mortgage, the closing costs, any minor upgrades you might make to a fixer upper so it works for you.

A lot of us are just SOL. And now have to decide between moving way out with a long commute (the people in this position don't tend to have super flexible, remote jobs they can take wherever), waiting a couple years to see if we can save up more/increase incomes to make it easier (risking prices going up even more), or uproot and just head somewhere else. These options suck. I would LOVE an unmodernized house on a busy street with good schools. Seriously, I'm to the point where I think I'd give up my non-dominant hand for it.

If you are open to TH there are many options. Here's one that's very close in:
https://www.redfin.com/VA/Arlington/921-S-Rolfe-St-22204/unit-2/home/11263547

Thank you, yes, this is the kind of thing we put in offers for. We are looking at MD, not VA, for commute reasons. But we'll see what it sells for -- there is often stiff competition for places like this and we've yet to win out. Our target price is 550k, we could stretch to 600k (painfully), if it goes for 650k we can't do it. And if someone comes in with all cash, shorter close, waiving inspection, etc., we can't compete because we can't do any of those things.

This is a big issue these “suck it up” people forget about.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It’s very hard to be sympathetic to someone who has over a million dollars to spend on a house when we are happily raising our teens in a 3-bedroom rowhouse in DC that would sell for significantly less than that. There are thousands of other families doing the same. I would like to live on a cliff overlooking the Pacific and have a fenced in acre for my dog, but I’m not “suicidal” because that isn’t in the cards (or my budget). You are always going to be dissatisfied with something if you don’t change your outlook, OP.

You're missing the point. OP and others were able to have that but they didn't buy and suddenly they couldn't have it anymore. That stings. Why do you click on these threads if you're just here to kick the posters when they're down?

My point was that OP (who apparently has a million to spend) has a lot of options. She seems determined to not accept any of them. Even in DC, anyone with a million-dollar budget is not “down.”

A million dollars still buys you a fixer upper though and that should depress everyone. What you get your money here is crazy.

Please $1M won’t get you a teardown on the inside the beltway on the Bethesda/CC anymore.

Yes, it will....

https://www.zillow.com/homedetails/103-N-Brook-Ln-Bethesda-MD-20814/37171395_zpid/?

I guarantee you this house did not close for under $1M more likely $1.2-1.4M.

And was probably all cash, no inspection.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:It’s very hard to be sympathetic to someone who has over a million dollars to spend on a house when we are happily raising our teens in a 3-bedroom rowhouse in DC that would sell for significantly less than that. There are thousands of other families doing the same. I would like to live on a cliff overlooking the Pacific and have a fenced in acre for my dog, but I’m not “suicidal” because that isn’t in the cards (or my budget). You are always going to be dissatisfied with something if you don’t change your outlook, OP.

You're missing the point. OP and others were able to have that but they didn't buy and suddenly they couldn't have it anymore. That stings. Why do you click on these threads if you're just here to kick the posters when they're down?

My point was that OP (who apparently has a million to spend) has a lot of options. She seems determined to not accept any of them. Even in DC, anyone with a million-dollar budget is not “down.”

A million dollars still buys you a fixer upper though and that should depress everyone. What you get your money here is crazy.

Please $1M won’t get you a teardown on the inside the beltway on the Bethesda/CC anymore.

Yes, it will....

https://www.zillow.com/homedetails/103-N-Brook-Ln-Bethesda-MD-20814/37171395_zpid/?

I guarantee you this house did not close for under $1M more likely $1.2-1.4M.

And was probably all cash, no inspection.

You could be right about cash and inspection, but it won't be more than $1.2. This house is one street over and is bigger/more updated, and took two weeks to sell so it's certainly not going for over the list price of $1.25:

https://www.zillow.com/homedetails/110-Lucas-Ln-Bethesda-MD-20814/37171391_zpid/?

I live several streets over, and I agree these prices are nuts. I am glad I bought when I did, but I don't think it's good for prices to have escalated so fast in the past few years.

[Anonymous]

Anonymous wrote:Rates for residential primary homes should be capped at 3%

Exactly, Comrade Stalin!

[Anonymous]

Anonymous wrote:

Anonymous wrote:We have insanely low property tax and home insurance in the DMV. That is a plus.

In California with prop 13 new home buyers pay massive property taxes. Plus huge homeowners insurance do to earthquakes and wild fires

In Florida property property taxes very big and you have expensive homeowners insurance and flood insurance

In Long Island. Westchester and Northern NJ property taxes are massive. Like 3X DMV on a large house.

We also earn much higher than average income and most couples dual income.

If anything homes are underpriced in the DMV

At least in CA you have the UC system. We have UMD, BFD.

The UC system in California is a joke compared to taxes. My house in Maryland would be an extra $2 ,500 hundred a month with property taxes and insurance. If I put $2 500 a month on a 529k I could go to Harvard, Yale Princeton etc if kids. Like get in.

[Anonymous]

Anonymous wrote:We have insanely low property tax and home insurance in the DMV. That is a plus.

In California with prop 13 new home buyers pay massive property taxes. Plus huge homeowners insurance do to earthquakes and wild fires

In Florida property property taxes very big and you have expensive homeowners insurance and flood insurance

In Long Island. Westchester and Northern NJ property taxes are massive. Like 3X DMV on a large house.

We also earn much higher than average income and most couples dual income.

If anything homes are underpriced in the DMV

You need to compare specifics. We moved from DC to FL, and our property tax, homeowners insurance, and auto insurance all went down. We don't need flood insurance.