I was so close and now I’m shut out

[Anonymous]

Anonymous wrote:

Anonymous wrote:OP is correct. Houses in my neighborhood that would have been $1.2 a few years ago are now going for $1.6 or more. It is depressing for those of us who were looking and could have bought but didn't do it quickly enough and now find that we missed the boat. But it really doesn't help to dwell on it! You can only move forward from where you are and who knows what the future will bring.

Same. We’re now priced out of a neighborhood we love and hoped to buy in.

It’s pathetic that so many of the people on this forum can’t have compassion for people priced out by a ridiculous and unimaginable sharp increase in such a short time. Just confirms my suspicions that half of you are corporate slumlords, brokers, and builders greedy for cash.

Nah just btches.

[Anonymous]

Anonymous wrote:

Anonymous wrote:My friend back when he was 28 bought a huge beautiful home in a super nice area with award winning schools as a single person with average income. His secret live at home 21-27 to save up downpayment. He picked a home on a corner with side entrance to basement. He carved out a little 200 SF apt for himself. Rented whole upstairs and rented other 3/4/ of basement. He lived there till married at 36. Eventually by 44 they took over whole house.

Most people won’t do that. But that is how a middle class person owns a home now worth 2 million.

Most people want it HGTV turnkey

“His secret” was to have parents who own a home in a major city already

This. They probably paid all the utilities and maintenance too.

[Anonymous]

Anonymous wrote:

Anonymous wrote:My friend back when he was 28 bought a huge beautiful home in a super nice area with award winning schools as a single person with average income. His secret live at home 21-27 to save up downpayment. He picked a home on a corner with side entrance to basement. He carved out a little 200 SF apt for himself. Rented whole upstairs and rented other 3/4/ of basement. He lived there till married at 36. Eventually by 44 they took over whole house.

Most people won’t do that. But that is how a middle class person owns a home now worth 2 million.

Most people want it HGTV turnkey

“His secret” was to have parents who own a home in a major city already

And parents who likely paid for college so the young man was able to add to his "secret plan". He's one clever dude!

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My friend back when he was 28 bought a huge beautiful home in a super nice area with award winning schools as a single person with average income. His secret live at home 21-27 to save up downpayment. He picked a home on a corner with side entrance to basement. He carved out a little 200 SF apt for himself. Rented whole upstairs and rented other 3/4/ of basement. He lived there till married at 36. Eventually by 44 they took over whole house.

Most people won’t do that. But that is how a middle class person owns a home now worth 2 million.

Most people want it HGTV turnkey

“His secret” was to have parents who own a home in a major city already

And parents who likely paid for college so the young man was able to add to his "secret plan". He's one clever dude!

DP here. It's true that these are advantages, but many people with these same types of advantages don't make the same sacrifices that he did to increase their wealth. I'm still impressed with this story.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My friend back when he was 28 bought a huge beautiful home in a super nice area with award winning schools as a single person with average income. His secret live at home 21-27 to save up downpayment. He picked a home on a corner with side entrance to basement. He carved out a little 200 SF apt for himself. Rented whole upstairs and rented other 3/4/ of basement. He lived there till married at 36. Eventually by 44 they took over whole house.

Most people won’t do that. But that is how a middle class person owns a home now worth 2 million.

Most people want it HGTV turnkey

“His secret” was to have parents who own a home in a major city already

And parents who likely paid for college so the young man was able to add to his "secret plan". He's one clever dude!

DP here. It's true that these are advantages, but many people with these same types of advantages don't make the same sacrifices that he did to increase their wealth. I'm still impressed with this story.

I don’t know. Given they sheltered and fed their son through the majority of his 20s, I’d say his parents were the ones who made the majority of the sacrifices here. Whatever works for each family though. Just think his parents should get some credit here, the “secret” wouldn’t have been possible without them.

I could have lived with my parents in the DMV area when I was starting out and I am positive I would have some financial benefits to show for it if I had, but living on my own also taught me some invaluable lessons that I personally value more than being one rung up the property latter right now. (And while my parents and I are very close and think all parties involved enjoyed me coming home for weekly dinners or what have you…we were all glad not to be under the same roof constantly.)

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP is correct. Houses in my neighborhood that would have been $1.2 a few years ago are now going for $1.6 or more. It is depressing for those of us who were looking and could have bought but didn't do it quickly enough and now find that we missed the boat. But it really doesn't help to dwell on it! You can only move forward from where you are and who knows what the future will bring.

Same. We’re now priced out of a neighborhood we love and hoped to buy in.

It’s pathetic that so many of the people on this forum can’t have compassion for people priced out by a ridiculous and unimaginable sharp increase in such a short time. Just confirms my suspicions that half of you are corporate slumlords, brokers, and builders greedy for cash.

Same here. We were looking and could have bought but thought we would be patient for the right fit. Now we are having to look at much lower quality houses at a higher price. I don't really understand why people on this forum can't understand how that would be disappointing. Imagine you wanted to book an airline ticket, you wait a day to confirm your travel dates and all the sudden the ticket price jumped by 40 percent. Wouldn't you be regretful and disappointed? Now instead of your holiday to Rome, you are looking at spending even more money to go to Atlantic City. And no, I am not trying to start a debate on the merits of Atlantic City vis a vis Rome - it is just an example!

Great example, it's like people wanting their first vacation to be - Rome, Italy and then being sad because it costs too much. Maybe start smaller, a starter vacation, like to Venice California or Rome Georgia and continue to save up your pennies.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:My friend back when he was 28 bought a huge beautiful home in a super nice area with award winning schools as a single person with average income. His secret live at home 21-27 to save up downpayment. He picked a home on a corner with side entrance to basement. He carved out a little 200 SF apt for himself. Rented whole upstairs and rented other 3/4/ of basement. He lived there till married at 36. Eventually by 44 they took over whole house.

Most people won’t do that. But that is how a middle class person owns a home now worth 2 million.

Most people want it HGTV turnkey

“His secret” was to have parents who own a home in a major city already

And parents who likely paid for college so the young man was able to add to his "secret plan". He's one clever dude!

DP here. It's true that these are advantages, but many people with these same types of advantages don't make the same sacrifices that he did to increase their wealth. I'm still impressed with this story.

I don’t know. Given they sheltered and fed their son through the majority of his 20s, I’d say his parents were the ones who made the majority of the sacrifices here. Whatever works for each family though. Just think his parents should get some credit here, the “secret” wouldn’t have been possible without them.

I could have lived with my parents in the DMV area when I was starting out and I am positive I would have some financial benefits to show for it if I had, but living on my own also taught me some invaluable lessons that I personally value more than being one rung up the property latter right now. (And while my parents and I are very close and think all parties involved enjoyed me coming home for weekly dinners or what have you…we were all glad not to be under the same roof constantly.)

Of course there are benefits to doing it the way you did. But this guy supposedly bought a home, created a small apartment for himself in the basement, then rented out the main house and the rest of the basement. Most people don't do that part. That's impressive to me.

[Anonymous]

I think the problem is that there is real suffering as a result of this market and there is self imposed suffering. This self imposed suffering, although understandable, is hard to empathize with and relate to because $1 million is vastly more than most americans can afford for a house. It’s like complaining that your diamond shoes are too tight.

[Anonymous]

[google]

Anonymous wrote:

Anonymous wrote:OP I can link some nice SFHs in the $190-400k range.

LMAO

They are in Baltimore....and they need some TLC.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:OP is correct. Houses in my neighborhood that would have been $1.2 a few years ago are now going for $1.6 or more. It is depressing for those of us who were looking and could have bought but didn't do it quickly enough and now find that we missed the boat. But it really doesn't help to dwell on it! You can only move forward from where you are and who knows what the future will bring.

Same. We’re now priced out of a neighborhood we love and hoped to buy in.

It’s pathetic that so many of the people on this forum can’t have compassion for people priced out by a ridiculous and unimaginable sharp increase in such a short time. Just confirms my suspicions that half of you are corporate slumlords, brokers, and builders greedy for cash.

Same here. We were looking and could have bought but thought we would be patient for the right fit. Now we are having to look at much lower quality houses at a higher price. I don't really understand why people on this forum can't understand how that would be disappointing. Imagine you wanted to book an airline ticket, you wait a day to confirm your travel dates and all the sudden the ticket price jumped by 40 percent. Wouldn't you be regretful and disappointed? Now instead of your holiday to Rome, you are looking at spending even more money to go to Atlantic City. And no, I am not trying to start a debate on the merits of Atlantic City vis a vis Rome - it is just an example!

Great example, it's like people wanting their first vacation to be - Rome, Italy and then being sad because it costs too much. Maybe start smaller, a starter vacation, like to Venice California or Rome Georgia and continue to save up your pennies.

It's not just being disappointed at the cost. It's saving money for years to go to Italy, then the price suddenly jumps 40-80% and now you can only afford a road trip to Georgia buy hey that jumped 40-80% too.

[Anonymous]

Anonymous wrote:I think the problem is that there is real suffering as a result of this market and there is self imposed suffering. This self imposed suffering, although understandable, is hard to empathize with and relate to because $1 million is vastly more than most americans can afford for a house. It’s like complaining that your diamond shoes are too tight.

No, it's suffering due to the market. You can pick any price point - $300K, $1M, $2M - everyone's affordability plummeted quickly due to the market. What we really need is legislation to limit foreign and corporate investors from running up the sales and rental prices for everyone else. Other hopeful homeowners aren't the right target.

[Anonymous]

I feel like you got some bad financial advice. Instead if saving and saving for your dream house, why didn’t you buy something cheaper and earlier on to help you build equity faster?

[Anonymous]

Anonymous wrote:I think the problem is that there is real suffering as a result of this market and there is self imposed suffering. This self imposed suffering, although understandable, is hard to empathize with and relate to because $1 million is vastly more than most americans can afford for a house. It’s like complaining that your diamond shoes are too tight.

You must not be from here. $1 million gets you a 1965 fixer upper.. Yes, a lot of money but it also is a starter home. That what’s frustrating.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I think the problem is that there is real suffering as a result of this market and there is self imposed suffering. This self imposed suffering, although understandable, is hard to empathize with and relate to because $1 million is vastly more than most americans can afford for a house. It’s like complaining that your diamond shoes are too tight.

No, it's suffering due to the market. You can pick any price point - $300K, $1M, $2M - everyone's affordability plummeted quickly due to the market. What we really need is legislation to limit foreign and corporate investors from running up the sales and rental prices for everyone else. Other hopeful homeowners aren't the right target.

+1

[Anonymous]

Anonymous wrote:

Anonymous wrote:I think the problem is that there is real suffering as a result of this market and there is self imposed suffering. This self imposed suffering, although understandable, is hard to empathize with and relate to because $1 million is vastly more than most americans can afford for a house. It’s like complaining that your diamond shoes are too tight.

No, it's suffering due to the market. You can pick any price point - $300K, $1M, $2M - everyone's affordability plummeted quickly due to the market. What we really need is legislation to limit foreign and corporate investors from running up the sales and rental prices for everyone else. Other hopeful homeowners aren't the right target.

Okay but if your price point is $1M or $2M, you CAN STILL AFFORD A HOUSE! That's why there is not much sympathy.

If your price point was $300k and now you can't buy anything at all, then yes, I feel bad for you.