As a millennial that was somehow able to afford a house this bubble needs to fucking pop.
I’ll be locked into this house until I die and all of my friends and family will have to keep moving further away as they get priced out of their apartments each year. Before this I had moved 8 times in 6 years.
Also a millennial. Wife and I got our condo right before everything shot up, got a nice 3.25% APR. Great mortgage honestly. But we’ve been trying to sell our condo for a YEAR now and I honestly think it’s the bubble holding back a sale. The condo is just too expensive for what it is (and the horrific rise of small community HOA fees has gotten way out of hand…). We’re priced right compared to others on the market, but selling condos is just stupid hard right now.
Sure I’d love it if we could sell now and get some nice profits from the sale, but I absolutely agree this bubble needs to pop!
I’m assuming they’re looking to buy after this condo sale. If that’s the case, they may not have much choice as their next place will be similarly insanely inflated, so they need that money to get the monthly payment to something affordable.
That’s the position my partner and I are in. We have equity in our house, but it’s mostly because it has “appreciated” to a level that we could never afford, despite making a combined over quarter million dollars a year (due to living in a high cost of living area). Even if we sold our house at full inflated market price and used it all as a down payment, we’d be hard pressed to afford a place with the same price.
It’s not that I’m complaining about the equity, it just doesn’t get me much when everything else is insanely inflated. We barely squeaked into the place we’re in because COVID tanked interest rates and prices in our area.
As a millennial that was somehow able to afford a house this bubble needs to fucking pop.
I’ll be locked into this house until I die and all of my friends and family will have to keep moving further away as they get priced out of their apartments each year. Before this I had moved 8 times in 6 years.
Also a millennial. Wife and I got our condo right before everything shot up, got a nice 3.25% APR. Great mortgage honestly. But we’ve been trying to sell our condo for a YEAR now and I honestly think it’s the bubble holding back a sale. The condo is just too expensive for what it is (and the horrific rise of small community HOA fees has gotten way out of hand…). We’re priced right compared to others on the market, but selling condos is just stupid hard right now.
Sure I’d love it if we could sell now and get some nice profits from the sale, but I absolutely agree this bubble needs to pop!
Complains that bubble needs to pop. Is trying to sell a condo but has it priced too high to attract any buyers. Doesn’t lower price.
My dude, your desire for more money is the bubble that’s holding back the sale.
Your scenario is a microcosm of the whole market.
Also its a fucking condo.
I’m assuming they’re looking to buy after this condo sale. If that’s the case, they may not have much choice as their next place will be similarly insanely inflated, so they need that money to get the monthly payment to something affordable.
That’s the position my partner and I are in. We have equity in our house, but it’s mostly because it has “appreciated” to a level that we could never afford, despite making a combined over quarter million dollars a year (due to living in a high cost of living area). Even if we sold our house at full inflated market price and used it all as a down payment, we’d be hard pressed to afford a place with the same price.
It’s not that I’m complaining about the equity, it just doesn’t get me much when everything else is insanely inflated. We barely squeaked into the place we’re in because COVID tanked interest rates and prices in our area.
You know you can lower the asking price to sell it faster…