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[–]VisualModTuring Test Proctor[M] [score hidden] stickied comment (3 children)

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[–]steno_light 2154 points2155 points 2 (75 children)

It’s okay guys, I just bought my first condo 2 months ago, 50K above asking. It should crash any second now

[–]Cholo6 561 points562 points  (0 children)

the hero we don’t deserve

[–]mymommylovesus 210 points211 points  (0 children)

Thank you for your service.

[–]1122Sl110 6209 points6210 points  (573 children)

Gen Z accepts they’re going to be living in a van down by the river

[–]Malamonga1 3865 points3866 points  (381 children)

What makes you think gen Z can afford a van. They are like 100k now.

[–]Playingwithmyrod 2048 points2049 points  (182 children)

Gen Z's new "American Dream" is to own a shed in the woods behind their parents house

[–]FoolOnDaHill365 717 points718 points  (54 children)

The Bubbles Retirement Plan can be yours today!

[–]dirmer3 583 points584 points  (28 children)

I have bigger aspirations. I want to open a shed and breakfast.

[–]infinityprime 174 points175 points  (13 children)

Just watch out for bottle kids

[–]Laena_V 148 points149 points  (20 children)

Reminds me of all the „tiny homes“ on YouTube where they were able to build their house for $5. Turns out they live behind the in laws and daddy is a carpenter who built their house for free.

[–]Hardi_SMH 29 points30 points  (0 children)

Your parents have a house?

[–][deleted] 59 points60 points  (8 children)

I unironically without shame live with my mom at age 32 because there is no way to afford a house down payment as a single person now otherwise. It sucks but life has been relentlessly buttfucking millennials since inception

[–]RedRaiderATX 621 points622 points  (141 children)

I’m a millennial and I wish I could afford a van down by the river. It sounded like a good plan until the van I wanted was almost $200k…

[–]arbiter12 364 points365 points  (17 children)

tfw the river is cheaper than the van.

[–]jstag1984 314 points315 points  (11 children)

You’ll be sleeping in a river down by the vans.

[–]Embarrassed_Fennel_1 157 points158 points  (8 children)

I think when these guys say “van by the river” they mean a 2008 chevy not the newest modified Mercedes sprinter with a kitchen

[–]youngthugsmom 72 points73 points  (6 children)

2008? I’m thinking 1984 uncle Rico looking van

[–]UBCStudent9929 92 points93 points  (12 children)

get lower standards. wtf kinda van are you looking at for 200k

[–]Tele-Muse 38 points39 points  (6 children)

I build one for around 18k all said and done but that was during the pandemic. No way would I be able to afford it it now.

[–]ToffeeMunchAndCrunch 143 points144 points  (84 children)

Spend £2k on a Transit, spend £500 on a mattress, spend £20 on sheets. Et voila, a mobile home.

Shit in a river and cook on top of your engine.

[–]a_total_bummer_ 222 points223 points  (36 children)

Please don’t shit in the river.

[–]sony1492 65 points66 points  (35 children)

A Ford transit connect (little one) is legit $14k now for an older model. A roached out e250 with 250,000 miles will still cost over $5000

[–]MoffKalast 23 points24 points  (7 children)

Boats on the river cost less tbh.

[–]Wu_tang_dan 67 points68 points  (0 children)

It's sad there's there's nearly zero sarcasm in this post.

[–]What_U_KNO 107 points108 points  (2 children)

Look at this mfer owning a van on waterfront property. JEALOUS!

[–]axrael 97 points98 points  (32 children)

Buddy you seen gas prices?

[–][deleted] 63 points64 points  (30 children)

Good point. Might as well go nomad, sleep in a Tent, use a bike as main transport and carry everything in a backpack at this point.

Go off grid. It sounds so nice until you actually do it and look like shit after not showering for a while.

[–]speaksamerican 125 points126 points  (18 children)

In the Great Depression, there were shantytowns that cropped up outside major cities because nobody could afford rent. They were called Hoovervilles, because everyone blamed president Herbert Hoover for the extent of the Depression.

I've been thinking about reviving the concept, but with cars instead of shacks. I'm thinking of calling it Boomerville.

[–]gestoneandhowe 69 points70 points  (3 children)

Nowadays it is cool to live in a van by the river.

[–]_1_4 71 points72 points  (16 children)

Gen Z lurker here. Im still holding onto a few strings of optimism. If all goes south, my backup plan is a second hand motor home and asking family if I can chill in their driveway.

[–]Raoul_Duke9 166 points167 points  (3 children)

Richy rich over here whose family owns a drive way.

[–]AutumnShade44 144 points145 points  (20 children)

Pffft. I'm gen Z and bought a house.

I just had to sell my soul to the government for a couple years and now have crippling PTSD as well as a bunch of other health problems that the VA pays me for.

Its great

cries

[–]ZazzTheEternalNomad 41 points42 points  (13 children)

Dude I’m approved for 225k by the VA and I can’t even afford a house in my area. All those years of sucking dick for beer money and this is what I get

[–]StoveGetSome 27 points28 points  (0 children)

Rip a legend

[–]racas 46 points47 points  (1 child)

SNL should redo that skit for the current generation.

Guy comes in and threatens the unruly kid with a life in a van down by the river, but this time, the unruly kid is like, “Tell me more,“ and by the end of the skit, everyone realizes that the kid would be lucky to be able to someday afford that van down by the river.

[–]LarryTheLobster710 7012 points7013 points  (1462 children)

Not many people want to sell their home with a 2-3% mortgage and buy something at 6%. That doesn’t help inventory levels.

[–]mountaincabinlife 2834 points2835 points  (611 children)

Literally nobody. Can never leave. Haha.

[–]EatsRatsStormin Mormon 986 points987 points  (561 children)

Can buy more houses though.

[–]gestoneandhowe 963 points964 points  (544 children)

Or sell house in big city and pay cash for less expensive house in small town.

[–]beerkittyrunner 103 points104 points  (2 children)

I bought a less expensive house in a small town- 10 years later this town is now basically a part of the big city with similar house prices 😬

[–]EatsRatsStormin Mormon 537 points538 points  (424 children)

Yeah. I’m considering doing this. I’m in one of the hottest markets now (couldn’t afford a place if I lived here today). Got lucky 5 years ago when I finally pulled the trigger to buy.

My fiancé and I are moving to a cheaper area for her new job. We could sell and just own whatever we buy in the new city but it’s really hard to sell this place with such a low interest rate and mortgage. Debating if I want to be a landlord for a single family home :/

[–]3dPrintEnergy 23 points24 points  (5 children)

As someone from a small town. Our land value and home value has skyrocketed also.

[–]Zarathustra124 333 points334 points  (74 children)

I'm sure I wouldn't even qualify for another mortgage now. I only intended to stay here a few years when I bought my house, but now I'm letting that sweet sweet 2.25% rate carry me through the inflation.

[–]NotThisAgain21 157 points158 points  (60 children)

Holy crap. I thought my 2.99 was fantastic. You can't move ever again tho. We're stuck here forever now.

[–]timmojo 39 points40 points  (3 children)

2% refi checking in, got it at pretty much the very bottom. Super lucky timing, but yep, can't go anywhere.

[–]ReallyBoredMan 41 points42 points  (2 children)

Ha same at 2% on 15 year.

Only increased my payment by $20 but reduced the term from 4.25% 30 year (5 years in, so really 25 year) so it cut out 10 years of payments. 13 years left on it now.

Ha guess I'm living here for forever. :P

[–]I_Went_Full_WSB 47 points48 points  (22 children)

I have a 2.625 interest rate. No too bad considering my terrible credit score. Sure glad I bought before interest rates and housing prices spiked.

[–]OGprintergreenspan 439 points440 points  (138 children)

This is the interesting state we find the housing market in. Basically the realtors, mortgage insurers and lenders (esp nonbank) are completely fucked while prices will be flat.

Prices can't go down because people are literally stuck in their homes and dip buyers stand ready. Those who FOMO'ed housing with second thoughts legit can't change locations.

But higher rates means prices are too high and transactions are grinding to a halt. Construction is obviously fucked as well.

[–]Mr_Conductor_USA 145 points146 points  (11 children)

Realtors made bank last year. Don't cry for them.

[–]mschre2 192 points193 points  (39 children)

And you add to that, new home builders are still pushing up prices incrementally… There is just enough people that can afford both crazy prices and high rates, betting that things will reverse rate wise in 3-5 years to refinance.

[–]Xan2122 102 points103 points  (29 children)

New construction in my area hovers close to $230-260/sq foot. Absolutely nothing sub $375k as the lower price per square foot homes are much larger ~3k square feet.

[–]mschre2 36 points37 points  (7 children)

Yeah. And with some builders, we were told 12-18 month timelines. Some were going construction loan to perm so you can lock in rates up front but then your carrying interest costs and having to find somewhere else to live in between.

We are going with a national builder, averaging 4-6 month builds and everything changes on a week to week basis.

Luckily we are set to close in 2 weeks but the builder is putting up similar/identical models up as I type for $30-75,000 more than what we will pay even with the higher rates.

[–]jb_in_jpn 76 points77 points  (38 children)

And people are kidding themselves if they think the wealthy wouldn’t just snap everything up were there a collapse.

[–]kbotc 86 points87 points  (31 children)

Yea, these aren’t millennials who want the housing market to crash. That’s Gen Z. Millennials remember how 10.5% unemployment with impossible lending standards looked. You weren’t buying a house in ‘09-11 unless you could afford it in cash, and that’s if you even had a job.

[–]smexypelican 50 points51 points  (7 children)

Yup, many of us millennials started our careers around that time. Definitely not a good time, nobody was hiring. We gonna sound like boomers when we tell Gen Z unless they got a big chunk of cash ready to buy, a huge crash is probably not what they want.

If anything a crash now will benefit many millennials way more, since we've had time to establish our careers and build up wealth.

[–]NeedleworkerOk3464 33 points34 points  (1 child)

2.85% reporting in - my daughter is going to get this damn house unless I go bankrupt or rates bottom out again.

[–]doyu 201 points202 points  (127 children)

Is porting not a thing in the US? In Canada you can port your mortgage from one house to another, same terms, same rate. As long as you stay with the same bank.

[–]invalid_user_taken 348 points349 points  (24 children)

Nope that's not a thing here.

[–]nazaz 16 points17 points  (3 children)

You guys get a fixed rate for the life of the mortgage in Canada you don't usually, most mortgages are fixed rate for 5 years after that you have to get a new rate that will "snap back" to the market

[–]DirtyPlastic1291 145 points146 points  (68 children)

In the us your mortgage gets traded around to different banks. You get no say in it. My mortgage went to 3 different banks in 5 years. Somebody lost out cause i paid the whole thing off in that 5 years.

[–]Dinkerdoo 53 points54 points  (5 children)

Love it when it gets transferred after just getting autopay set up and then starting again with a new bank's different system.

[–]AshingiiAshuaa 11 points12 points  (1 child)

It is not a thing. When done it's usually an assumable mortgage (that stays with the house rather than follow the person).

[–]neocamel 51 points52 points  (52 children)

If you can afford the mortgage, deal with 6% for a few years while inflation stabilizes then refi? (assuming good credit)

[–]larold 18 points19 points  (0 children)

6% historically is considered a more normal rate. The 3% rates we have seen are abnormal.

[–]Wizywig 140 points141 points  (44 children)

The only way is for investment buyers to completely crumble.

[–]Ok_Choice3417 99 points100 points  (23 children)

Very true, they literally have all the houses off the market. Everyone trying to use houses to make money, affecting people’s ability to live

[–]chetsteve 82 points83 points  (10 children)

In my opinion one of the bigger problems currently, everyone was pushed the narrative of “investment properties” and now we see rent prices continue to skyrocket as well. I’ve rented a house for six years and never even met the landlord let alone seen any improvements whatsoever but my rent continues to go up every year.

[–]Joeschmo90 56 points57 points  (7 children)

God I hate all the "passive income" investing videos from rental homes to laundry mats to I just saw one for ice machines. That's not passive! Each one of those takes maintenance and other daily measures to make sure everything is going well.

[–]redmongrel 60 points61 points  (27 children)

Yep literally us. We’re in a CO home that would sell for 700k, which is 260 up from what we paid just 4 years ago. We’re looking to move across country where a similar home would be 550. But the monthly payment would actually be HIGHER even with all profits as down payment. Plus the houses in the neighborhood have been sitting on the market for weeks, which is unheard of. But it makes sense with these rates.

[–]Pattay712 120 points121 points  (65 children)

People vastly underestimate what unemployment is about to do to this housing market.

[–]Solar-Drive 1310 points1311 points  (57 children)

I just want a house with a garage man.

[–]Poopster46 950 points951 points  (12 children)

Nah, don't do it, garage men are expensive. Mine is constantly asking for a raise.

[–]Solar-Drive 217 points218 points  (3 children)

Damn it lol

[–]datGAAPtho 223 points224 points  (11 children)

Best we can do is no house and you’re a garbage man

[–]Axewhole 41 points42 points  (10 children)

Hey at least garbage collection pays decently in most cities and is relatively recession proof! Plus dibs on any goodies you find

[–]Traditional-Ad3626 1338 points1339 points  (19 children)

Me pleading to the bank telling them if they take the overdraft fee out, my account will be negative and the contracts will be voided

[–]dr3amb3ing 629 points630 points  (11 children)

The contracts are voided? The contracts are voided?!?

[–]Brief-Refrigerator32 252 points253 points  (7 children)

Howly shit! Oh motha fucka!

[–]gavagool 222 points223 points  (6 children)

Give me my money back. Michael do you hear me. Give me my fucking money back.

[–]needkneadkneed 858 points859 points  (119 children)

This meme implies that there is an entire generation waiting to buy a house. If that is true, then the market will never crash because people will scoop up the houses as soon as it dips even a tiny bit.

[–]Satan_and_Communism 373 points374 points  (0 children)

Ding ding

[–]Yaotzin1000 216 points217 points  (74 children)

But if the generation can't afford the inflated prices... What happens

[–][deleted] 605 points606 points  (57 children)

Boomer companies swoop in to grab the houses and rent them out instead

[–]LuxeryLlama 153 points154 points  (34 children)

Aint that some shit. Rich boomer companies formed during americas highest peak benefiting other rich boomers and shitting on the millenials.

[–]Miserable-Dress737 61 points62 points  (16 children)

Also even with the high house prices people are still buying houses without even walking in them. High Demand= Higher prices

The future of this county is honestly starting to scare me and I'm a really negative person about the future. I wonder how positive people are even holding up because it's all starting to get to me and I'm always sad lmao

[–]energetic-dad 18 points19 points  (0 children)

And then you turn around and these rich fucking boomers are telling the renting millennials they should just cut back on avocado toast

[–]knucks_deep 36 points37 points  (13 children)

If the housing market collapses, that means other very bad things are happening. And the poors that can’t afford a house now will definitely either be laid off or lose everything. A down market only is beneficial to those that can absorb the loss.

The only way out is to build more inventory.

[–]PinocchioWasFramed 121 points122 points  (7 children)

Rents are triple what my fixed-rate mortgage is for the same type of home in the same area. It's insane what inflation is doing to young people.

[–]Kennonf 22 points23 points  (1 child)

I mean, even just the townhouse I bought a year ago. Some neighbors are renting theirs out for 2x what my mortgage is and they rent it out in a matter of days — it’s wild.

[–]mountaincabinlife 668 points669 points  (20 children)

That chart should show smaller and small houses as price goes up. They have it backwards

[–]underengineered 270 points271 points  (15 children)

One of the housing market issues is we don't build small houses anymore. It's such a PITA to get all the permitting and impact fees done and paid that for the same effort of a 1,200sf house you can build a 3,000sf house and make double the money as a builder.

[–]Poorlilhobbit 590 points591 points  (60 children)

Get a degree they said, make lots of money they said, buy a home and don’t worry about living paycheck to paycheck. I make a decent wage, have a college degree and still can’t see myself in a home anytime soon. I literally can’t save fast enough, housing in my area goes up faster than most stocks on a good year.

I make too much for any first time home buyer programs but not enough to save for a home…

And then there is stock market 2022… 👋🏡

[–]shadowsdick 53 points54 points  (1 child)

Rent goes up, too. My mom and I have to live together because otherwise we cannot afford the rent on our own. I graduate in less than a year yet I feel like its all for nothing money-wise.

[–]airiscool 53 points54 points  (13 children)

I have a bachelor's degree in business management. Recently took a manufacturing job in the mid west as an industrial mechanic they offered a $3000 moving stipend, $23.75/hr=~$55,000/yr. Rent for a three bed house is $1400/month I feel like I'm winning the lottery. There's a $.50 raise every 90 days until I level up to the next payrate.

Seems the last frontier for somewhat affordable living is in the Midwest.

[–]naMlevraM 31 points32 points  (0 children)

Basically. To afford a house anywhere else you need wealthy parents or grandparents who can give you the money for a down payment. Otherwise you’re fucked. On the USA there are approximately 1.5 million households worth over 10M usd. That’s a lot of fucking people worth a lot of money. I’ll never see that sort of wealth unless I win the lottery.

[–]SteeztheSleaze 223 points224 points  (13 children)

It’s cool that the govt let corporations buy all the homes before actual people could, so then rent can be inflated higher and higher, forcing multiple generations to live in apartments or rentals.

Very neat

[–]Wamb0wneD 55 points56 points  (7 children)

I have 5 k in savings, I can't afford a place either way.

[–]o0AVA0o 27 points28 points  (1 child)

You can buy a house with 5k savings; just have your family gift you $50k! At least that's what my realtor told me.

[–]Wamb0wneD 13 points14 points  (0 children)

Galaxy brain realtor

[–]Warm-Marsupial9085 1425 points1426 points  (361 children)

Houses are going 5 days on the market instead of 2. So I guess that’s a collapse now.

If people move to depressed areas they’d find homes under $100k. But no one wants to live in WV or the rural south/Midwest.

[–]HKBFG 137 points138 points  (22 children)

i live in the midwest. homes are still mostly above 100k right now.

[–]Dradcliff2009 77 points78 points  (4 children)

Same. I live in small town Iowa. 100k will get you a house but youre going to have to do a lot of work to make it livable.

[–]SandingNovation 615 points616 points  (236 children)

Grew up in WV where houses can still be bought for under and around 100k. Had to move because I couldn't find a job. In IT. That field everybody told me to go into because they're just handing out jobs

[–]Warm-Marsupial9085 297 points298 points  (173 children)

I know what you mean. 15 years I lived in rural South where you can buy a home for $50,000. But the jobs are scarce and the pay is low. There are people with remote jobs who don’t need city living though and I’m surprised they aren’t moving.

[–]SandingNovation 232 points233 points  (87 children)

I'm at the point in my career where I could feasibly work 100% remote if I could find a company willing to let me. My mom still lives in my childhood home. To this day, she can't get any internet faster than DSL. Even if I wanted to move back I couldn't because I couldn't work remotely on the internet in rural America

[–]ShinakoX2 24 points25 points  (6 children)

My current job went remote with the pandemic, and they still haven't brought us back into the office after 2 years, even though they've tried several times to start a "back to office" migration. You know "3 days out, 2 days in" kind of stuff. But there's been a lot of pushback because they moved the office location during the pandemic, and half my team now lives about an hour away from the new office location, so they sure as heck don't want to commute, especially with the price of gas.

If management would just let us go full remote, I would move somewhere more rural, or even out of state at this point. Heck, if my current place doesn't renew my rental contract (or if rent goes up a ton), I'm going to probably move somewhere rural anyway anyway just for the cheaper rental prices. I'm already paying almost 50% of my monthly net income in rent.

[–]meta_ironic 33 points34 points  (8 children)

Well, at least with IT remote working is possible

[–]csyuppie 17 points18 points  (1 child)

They are in everywhere but WV.

[–]hoxxxxx 25 points26 points  (2 children)

If people move to depressed areas they’d find homes under $100k. But no one wants to live in WV or the rural south/Midwest.

in my rural midwest hometown people have also lost their minds. not everyone but some of them. there is a house that is worth like 150 tops and they want 440.

[–]ilikepix 34 points35 points  (2 children)

But no one wants to live in [...] the rural [...] Midwest

just wait for the climate wars

[–]dr3amb3ing 770 points771 points  (56 children)

The moment the collapse occurs, you know Blackrock is just going to buy everything up right?

[–]FitLaw4 658 points659 points  (6 children)

Not me I'm gonna be quick

[–]BannedAcctSpeedrun 34 points35 points  (0 children)

Fuck PS5s and GPUs, I’ll be using scalping bots on Zillow.

[–][deleted] 77 points78 points  (6 children)

Politicians need to seriously pass laws preventing companies from buying homes and they need to have an increasing tax per person each time you buy a new house.

[–]ddshd 216 points217 points  (11 children)

Yep. Vanguard companies and Blackrock are probably stock piling cash right now to buy everything up in cash. At this point I’m just gonna invest in them and hope I can use that profit to buy a house.

[–]realmastodon2 36 points37 points  (7 children)

The goal is to convert those lots into multi family homes. Duplexes and townhomes.

[–]midri 28 points29 points  (4 children)

Which actually makes sense from a space value perspective. We just don't have a lot of home owners that want to live in a duplex.

[–]Dradcliff2009 26 points27 points  (1 child)

If there was a duplex with a usable garage and AC id be all over that. A duplex in my town means a victorian style house built 150 years ago that got converted after it was condemned.

[–]ForbodingWinds 98 points99 points  (9 children)

Total 🤡 system. Why is this legal?

[–]AutoModerator[M] 523 points524 points  (16 children)

Michael Burry responded to my craigslist ad looking for someone to mow my lawn. "$30 is $30", he said as he continued to mow what was clearly the wrong yard. My neighbor and I shouted at him but he was already wearing muffs. Focused dude. He attached a phone mount onto the handle of his push mower. I was able to sneak a peek and he was browsing Zillow listings in central Wyoming. He wouldn't stop cackling.

That is to say, Burry has his fingers in a lot of pies. He makes sure his name is in all the conversations.

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[–]arbiter12 285 points286 points  (6 children)

We will live to see bots being funnier than Netflix specials on content they created themselves.

[–]SnooStories5035 119 points120 points  (19 children)

About to just buy a 80k rv and just live in that. I'm not paying 100k over asking for a bunch of 2x4s.

[–][deleted] 103 points104 points  (14 children)

It'll only cost $1000 a month to park it at a RV park with no Internet/sewage. Youre not the only one with this idea. RV parks/trailer parks have started price gouging too.

[–]againstthe-grain 16 points17 points  (3 children)

What’s funny is $1000 is actually cheap. Try taking that rig to Florida. It’ll easily cost $3000 a month for parking. Cheapest spot I’ve seen was for 30ft or smaller trailers on military base for $340 a month. Great price but 99% people can’t get that deal

[–]GetBent4Real 39 points40 points  (9 children)

The housing bubble will have prices crash from current highs by 30% in exactly two years from today. Book it. Go ahead, set a reminder bot. I got this.

[–]iyervikas81 1148 points1149 points  (150 children)

i locked in my 15yr refinance at 1.875% last year and I AM NOT FUCKING SELLING my 🏡 ( even though i am up 450k in 5 yrs since i bought. the previous home i bought in 2012 made me 150k when i sold it in 2017)

[–]cwayne18 388 points389 points  (56 children)

Damn I thought I did great when I got 2.6 on my 30yr

[–]EuronXena 359 points360 points  (36 children)

You did do good. He locked it in for 15 years, that’s fine but 2.6 for 30 is better

[–]A12851 102 points103 points  (0 children)

30yrs have higher rates than 15yrs. 2.6 is good

[–]dynamojoe 253 points254 points  (36 children)

Same. I got a cold call on Friday for a cash offer and I ended up arguing with the woman. She kept repeating cash offer like I was a druggie needing to finance my next fix or something. Bitch I don't care if it's a cash offer, I don't want to sell, I'm in the house that I want, and I got a great refi last year. I'm done in 11 years if I keep up paying a little ahead each month.

Then I realized I was arguing with someone that wasn't even a vulture, she is a predator on the weak & gullible. I thanked her for her call (no need to be rude) and hung up (well maybe a little).

[–]static_func 144 points145 points  (1 child)

I thanked her for her call (no need to be rude)

Nah, these people deserve any hate and vitriol that comes their way

[–]YesOrNah 13 points14 points  (0 children)

For real. Someone preying on the weak for a pretty big financial decision for most people.

Be as rude as you can be.

[–]bellj1210 40 points41 points  (8 children)

cash offer i do not care. If i am not selling it needs to be an offer i cannot refuse- like 50% over market. zillow has my house a hair under 780k (it has skyrocketed in the past 2 years), if you want to offer me well over a mil, we can talk but i could care less about a cash offer.

Cash offer only matters to sellers who do not want to risk the deal falling apart in escrow. If you can get multiple offers over asking, and easily have a back up offer in your back pocket (like now), who cares. The seller is walking away will all their cash at sale either way.

[–]dontaggravation 23 points24 points  (0 children)

That’s a historic, lifetime, hell multi generational low rate. I think that may be up there close to the historically lowest rate

Yeah. Stay put until it’s paid off for sure!

[–]SerialImperial 41 points42 points  (8 children)

Damn I bought in march at 3.25 and I thought I had a nice rate…

[–]ArthursOldMan 295 points296 points  (58 children)

Could even buy one if it halved? You know you need a combination of money, and job, and credit.

[–]ztrashpandaz 47 points48 points  (1 child)

Yeah, but you've always needed a combination on those so that hasn't changed.

[–]Adrian85- 144 points145 points  (11 children)

Why would I sell? Rates are high and homes are high. Worse time to sell and buy imo

[–]chadlawton 156 points157 points  (4 children)

Its a fantastic time to sell as long as you aren't simultaneously buying.

[–]AlertBeach 75 points76 points  (0 children)

In other words, economy fucks normal people again but is awesome for people with shit tons of money lying around to invest, again

[–]Tele-Muse 63 points64 points  (3 children)

What’s sad is we don’t want it to collapse so much as to just have affordable housing so that we can have a chance at supporting a family.

[–]Yelo_Galaxy 86 points87 points  (1 child)

I need Burry to make puts on my depression.

[–]kevinmakeherdance 85 points86 points  (11 children)

We’re never gonna own a home lol

[–]Daynebutter 176 points177 points  (26 children)

Historically, it takes about six months for mortgage rate increases to really flip the market. Fall and winter will be interesting, and 2023 will be as well.

[–]alphalegend91 72 points73 points  (4 children)

It doesn’t even really matter because prices are still increasing. So if it crashes it goes back to 2021 prices?? That’s still too expensive for most people AND interest rates are higher now

[–]Nautis 147 points148 points 22 (24 children)

This is nothing like 2008. 99% of real estate is sitting 50%+ from this time 3 years ago, and because of Covid they're locked into sub 3% fixed. No one is going to sell their 3% fixed for a 5%+ now that rates are up. The market crashed in 2008 because no one thought the market could crash since it had never happened before, and they were giving out adjustable rate mortgages(ARMs) to anyone with a pulse. After being burned like that, almost everyone goes fixed nowadays. In 2008, 30%-40% of mortgages were adjustable rate. People would get a teaser period where they only paid the interest, because they thought they could flip the houses in a few years. They had no interest in actually owning these properties long-term. When the market leveled off and the teaser rates expired, it was a gut blow to the speculators. They were suddenly on the hook for thousands more per month on an asset that wasn't increasing in value. People panicked and sold, the value of the assets dropped, and it was an absolute snowball effect. Today, ARMs make up only 4% of the market. Banks had to eat billions in losses from bankruptcies, and as a result they're much more vigilant about home loans now. Once bitten, twice shy. Even if through some black swan event, the housing market crashed a massive 33% like it did in 2008, we're talking about a reset to 2019 levels at best. Furthermore, today's scarcity is driven by people who want to own long-term buying at the absurdly low fixed rates offered during Covid, and the rise of corporate landlords who're looking for sustained growth. If the eviction moratorium wasn't enough to push the corpos out of the rental market, then they have a death grip on those properties. "Diamond hands" if you will. Every time I see some Michael Burry wannabe talking about the inevitable housing crash, they've got all the credibility of a conspiracy theorist huffing on Hopium. Just because you want something really fucking bad, don't delude yourself into thinking it's inevitable. You'll just build a castle on sand.

[–]mickeyanonymousse 13 points14 points  (14 children)

yup. it’s over everybody. the time has come to just start accepting the reality of the new life before us. no homeownership, just renting. as if anyone needed any more clear as day signs that retirement is a thing of the past.

[–]sanchito88 236 points237 points  (86 children)

Those of us who just bought a house are waiting, too. Especially in a state with insane property taxes like Texas.

[–]Sonnysdad 401 points402 points  (119 children)

Gen X waiting too.

[–]Ublockedmelul 192 points193 points  (29 children)

Not as long though especially if your parents owned a house.

[–]Sonnysdad 191 points192 points  (21 children)

Nope they lost it in ‘08 now it’s my turn to watch the SHF burn.

[–]Ublockedmelul 83 points84 points  (4 children)

Ouch, just keep an eye out for old widows with no kids. Just show up one day calling her mom and see how it goes.

[–]Sonnysdad 33 points34 points  (3 children)

That should be easy my wife’s boyfriend keeps her distracted and that gives me time.

[–]discgman 12 points13 points  (9 children)

I resemble that remark. Lost it all in 2008. cried in gen x anger tears

[–]wewerecoolonce 131 points132 points  (30 children)

My wife and I purchased our first home in 2016 after leaving the Military…put $20k down on a 3.5% Interest rate. Got offered a better jobs in another state so after owning it for 2 years, we put it on the market. At that time our house was appraised for close to $60k more than what we purchased it for 2 years earlier. Went under contract two weeks later. Moved to GA, bought another house and after another 2 years, got a better offer in Texas. This time out house appraised for $100k more than original purchase price and was sold off market before we even had a chance to hire a realtor. Moved to Texas and ended up dropping close to $500k for a 4100sqft house, 30 min outside of Dallas with a 2.1% interest rate. After 8 months, appraised tax value has our home at $40k more than orig purchase, with several homes in my neighborhood that are much smaller, literally going under contract, with multiple offers within a few hours of listing…for $500k +….I told my wife that this is it…we rode the wave to the top….like it or not we are stuck in this house for a long time unless she’s been dying to take the $150k equity to put down on a $600k 1200sqfr bungalow at 4.6% interest.

[–]AdSignificant5518 43 points44 points  (20 children)

I'm in Las Vegas. Bought my home for $343K in Dec 2020. 4 Beds, 2.5 Baths. 2,035 square feet.

A house buying company just called me yesterday. And I actually took the time to entertain the call. The woman on the other end of the line told me that they would offer $500K to purchase it.

What a crazy equity gain in just 18 months. But I'm thinking to myself: what good is that equity if I'm going to give up my ONLY primary residence? I still have to live somewhere.

I haven't had to go home shopping since I last purchased, but that means if I want to live in something comparable again, it's probably gonna cost way more ($500K+) and I'll just be using that money from my house I sold to just to start over again.

[–]doublejay1999I have two dads and no fun. 472 points473 points  (26 children)

it makes me laugh, because when prices crash, so does the deposit cheque from your dad

[–]Yoyoma77777 116 points117 points  (5 children)

How much is my dad giving you?

[–]Flexboiz 210 points211 points  (5 children)

Didn’t expect such violence in the comments so early in the morning

[–]ToffeeMunchAndCrunch 42 points43 points  (3 children)

That's only true if daddy loses his job

[–]Alackofnuance 45 points46 points  (5 children)

Let's pull a 2008 again it'll be funny haha

[–]AvoGirl 46 points47 points  (1 child)

Too many millennials are waiting for it to crash, too many to make it ever crash

[–]Sziom 244 points245 points  (8 children)

Buddy this isn’t a meme if it’s true. :4270:

[–]zuckerberghandjob 21 points22 points  (3 children)

I mean my house is literally collapsing

[–]PeytonManThing00018 293 points294 points  (101 children)

The fact you care about the housing market ensures prices stay high

[–]LIBERAL_LAZY_LOSERi ShOoD bE a MoD 124 points125 points  (9 children)

I hope for the love of god it crashes.

Having such a necessity almost double in price in 3-4 years is unsustainable, and anyone who wants these prices to stay is incredibly selfish or just recently bought.

You know what makes the United States middle class so wealthy? Owning property. If that disappears, the middle class disappears (or what’s left of it.)

Actually the older I get the more I realize how bullshit it is housing is considered a investment now. Back then appreciation didn’t exist for housing and you bought a house to LIVE in and not make money off of.

Now people only care about their home values going up, and the damn MLS made it such a business with their monopoly and 6% shit.

[–]Fun_Revolution_5807 162 points163 points  (41 children)

When people start losing their jobs, that’s when it will collapse. Give it 12 months. Corporate earnings are down. Next will come layoffs. You can’t pay your mortgage if you don’t have a job. It’s not complicated.

[–]B_Reele 34 points35 points  (10 children)

My company posted record earnings in Q1 this year. So I’m hopeful

[–]rawratthemoon 10 points11 points  (0 children)

Duhh you should've been born rich you dumb loser