Home Buying / Housing Market Griefing Thread - You're going to rent until you die.

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Had a look in the local Re/Max window today- almost every house was marked 'Reduced'. Quick calculation shows they have knocked around 5% off the original price. I don't think they will sell soon, nobody wants to pay the interest rates or buy a depreciating asset. Anyone whose mortgage is coming up for renewal will see their payments triple and they will not be able to get out from under their house as no-one will be buying. Usually 90 days for possession, nobody wants to move at Christmas/in Winter/while the kids are in school. A lot of toys will be hitting the local classifieds soon, quads, rvs, trucks etc.

People are going to have to choose between feeding their kids, paying the mortgage, Visa, lines of credit etc. Buckle up peeps, it will be a rough ride for many.

Edit to add: Wonder what will happen to the price of RVs. Some owners will no longer afford the payments versus homeowners buying RVs to live in as they can no longer afford their mortgage.
 
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Flatline said:
Workers at the major automobile companies just went on strike; used cars are flying off the lots.
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The cash for clunkers ruined the used car market from a while back. This will just kill all manufacturing until automation takes full control and puts these retards out of a job. Fully done to themselves too. The demands they made were ridiculous
 
A bit of insider info from a contact in the mass-produced home-builder world. This info specifically revolves around one of the top-5 biggest metropolitan areas of the US. I believe that looking at new home-builders and especially production home builders (builders that buy large lots of land and put anywhere from 2 - 300 houses on that land) is more beneficial because they have quantifiable pressure on them to sell their inventory. Mr. and Mrs. Boomer down the road don't want to reduce their sale price and can likely afford to sit on their house while they pray for an idiot to come along. These production builders have banks and investors to answer to and can't afford to keep potentially dozens or hundreds of empty houses on their books.

These companies are already hurting, bad. One company in question that is no small player has fired half of their building managers. They have also been putting "SOLD" signs on unsold properties in their communities as a "marketing exercise."

These companies have been absolutely bending the market over for the past 2 years. I had a production builder tell me they had a 6-month waitlist for their base model home 2 hours outside of the city center. These houses were a "budget build" and absolutely soulless. No craftsmanship, multiple obvious defects, poor draining in lots that flooded when it rained, etc. Upscale builders are busy selling shitty townhouses for half a million and the quality is not significantly better than the budget builds. It's all made by mexicans. It all sucks.

Also seeing a bit of buyer's remorse peaking into the market. People are desperate to get out of homes they bought at the peak in 2022. I'm seeing some listings where people bought in 2022, listed at +10% in 2023, then price reduced down to what they bought it for in 2022.
 
I Digivolved Into A Loli? said:
Also seeing a bit of buyer's remorse peaking into the market. People are desperate to get out of homes they bought at the peak in 2022. I'm seeing some listings where people bought in 2022, listed at +10% in 2023, then price reduced down to what they bought it for in 2022.
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The majority of people who bought homes in my neighborhood during the pandemic are trying to get out. They've finally started listing homes at less than they paid for them.

I don't know if it's US-wide but property taxes, electricity rates and homeowners insurance all skyrocketed where I live within the last 18 months. If you could barely afford the home you bought in 2020 congratulations you can't afford it at all now.
 
MI is fucked. Trying to find a ranch for my retiring parents, and there's no way that's gonna work out. I just don't understand how even condos are trading at these prices when the number of buyers are decreasing at a significant rate. I guess the old adage holds true. Canada is just the U.S. 5 years away.
 
Buy land in the country, set up and weather the storm. I moved out, took a massive pay cut but considering I pay almost 1,000 dollars a month less for 3 bedrooms and an acre then I did for the shoe box I was renting, the massive pay cut actually wasn't a pay cut at all.

The only hitch is gas prices, but I intend to fix that issue by getting a motorcycle license and commuting to work on that. Great mileage, and makes me looks cool.
 
Lunar Eclipse Paradox said:
In Japan, getting a home in the rural outskirts is rendered very cheap due to a ever declining population. Anyone can find an abandoned house and try to live there.
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And then you have to hope the Japs want another Davido-kun teaching English, and you have to take a long-ass train ride every day (better hope a salaryman doesn't decide to go splat that day). Your house won't have AC either since no Japanese properties do despite Japan's summers in the entire country being Florida-tier miserable. There will be all sorts of sketchy ass local government bureaucracy (which can be literally controlled by the same few families who have done so for 100+ years) that really doesn't want Davido-kun setting up shop there.
 
Save the Loli said:
And then you have to hope the Japs want another Davido-kun teaching English, and you have to take a long-ass train ride every day (better hope a salaryman doesn't decide to go splat that day). Your house won't have AC either since no Japanese properties do despite Japan's summers in the entire country being Florida-tier miserable. There will be all sorts of sketchy ass local government bureaucracy (which can be literally controlled by the same few families who have done so for 100+ years) that really doesn't want Davido-kun setting up shop there.
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Not to forget in the winter, these houses get very cold.
 
Lunar Eclipse Paradox said:
In Japan, getting a home in the rural outskirts is rendered very cheap due to a ever declining population. Anyone can find an abandoned house and try to live there.
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Save the Loli said:
And then you have to hope the Japs want another Davido-kun teaching English, and you have to take a long-ass train ride every day (better hope a salaryman doesn't decide to go splat that day). Your house won't have AC either since no Japanese properties do despite Japan's summers in the entire country being Florida-tier miserable. There will be all sorts of sketchy ass local government bureaucracy (which can be literally controlled by the same few families who have done so for 100+ years) that really doesn't want Davido-kun setting up shop there.
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I heard also that those 100+ $1 houses will still always belong to the family that originally owned them. So if you find an "abandoned" house and then fix it up, some random Tanaka can come along, prove it was their "ancestral home" and take it from you.
 
NoReturn said:
I heard also that those 100+ $1 houses will still always belong to the family that originally owned them. So if you find an "abandoned" house and then fix it up, some random Tanaka can come along, prove it was their "ancestral home" and take it from you.
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I guess we have to live it like the way of Fight Club and keep it dilapidated. Or maybe we pretend to clean it up then fuck with it in a way (like making the insides of the house under the drywall even more moldy) to get back to those manipulators. But then again. Japan is in some sort of Children of Men situation and if they take the house from you. There are thousands of new houses to take.
 
A quick Google search shows UK house prices are down 5%, same as where I am.

Couple of ads on the radio selling new townhouses in a city about 2 hours away.

Watching homes entering the market at what I would call 'last years price'.

The market seems different by location, still see reports of prices increasing, N.E. US.

Many think interest rates will increase further and mortgage applications will stall even more.

I hope prices do crash, everyone needs a home. I got mine, it doesn't matter what it is worth, only what I owe on it.
 
Lunar Eclipse Paradox said:
I guess we have to live it like the way of Fight Club and keep it dilapidated. Or maybe we pretend to clean it up then fuck with it in a way (like making the insides of the house under the drywall even more moldy) to get back to those manipulators. But then again. Japan is in some sort of Children of Men situation and if they take the house from you. There are thousands of new houses to take.
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Yes, once you dogeza before enough 80+ year old local government dudes (I hear they really enjoy $300 bottles of whiskey like all Japanese politicians) and pay thousands to a new set of contractors (who themselves are paying the yakuza). And you will be paying contractors since Japanese government will demand it be "up to standards."
 
Last time I tuned into Nick Rochefort's house-viewing livestreams he said that he was looking for houses to get to something like 2016 prices. He said that it would likely be a stretch to do so but I think that's a good rule of thumb. If you can get a house for its 2019 or 2018 value you're likely going to get a pretty good deal especially when you account for inflation.

I think at this point it may be cheaper to build your own house. As opposed to home prices, lumber prices seem to have normalized at a level that seems way more reasonable relative to inflation.

10YR lumber price trend:
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Source

Now if you can just snag a good piece of land with utilities already connected you can spend a few years making your own house or paying a builder to make one.
 
Really wanted a bigger house but paying a 4k mortgage when mine is below $1k is a dumb idea no matter how much i make.
 
Bigger house, bigger problems. If you are not in a position where you need to flex, you only need enough space for the family to have their own bedrooms, tops. You can do alot with that extra 3,000 dollars a month.
 
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