So when’s the housing bubble bursting?

[Llano]

One thing that will contribute to a housing bust that is not being discussed.

That is the quality of these homes currently being built. A lot of these homes being built by these large companies like DH Horton and KB Homes are building shitty homes.

There are a shit load of lawsuits thru-out the country on these homes that have been built since 2000.

Lot of folks in hot climates are buying these 2500sq Ft, two story homes. It gets warm, they crank up the AC to full blast and the home is still hot.

They give up trying to get the warranty thru the builder and call out a local HVAC guy. He drops the bomb on them telling them the house only has one AC unit that cannot cool a two story home. A 2 story home needs 2 AC units.

The homeowner gots to shell out a shit load of money to add a whole new system into the home cuz they ain’t got time waiting on a lawsuit to go thru.

Folks getting homes with faulty foundations, leaky roofs, leaking plumbing, bad or insufficient electrical and a whole list of other issues.

A lot of shit can’t be discovered by a home inspector unless he tears the whole house apart.

And buying a home from a previous owner. You ain’t got no clue what crazy DIY “HGTV” home renovation they did that won’t reveal itself until after you move in.

Nowadays, you taking a big risk and gamble on these homes.

There was a report I read a couple years ago that talked about homes built in the late 2000s & up are cheaply built compared to homes in previous decades. It talked about how newer homes even burn down 40% faster.

Homes that's been built since the pandemic started will have all kind of issues. They were built during a time where there was labor and supply shortages. This is recipe for shoddy work & home builders rushing to complete jobs while raking in high pandemic profits.

 

[DC_Dude]

 

[2Klub]

One thing that will contribute to a housing bust that is not being discussed.

That is the quality of these homes currently being built. A lot of these homes being built by these large companies like DH Horton and KB Homes are building shitty homes.

There are a shit load of lawsuits thru-out the country on these homes that have been built since 2000.

Lot of folks in hot climates are buying these 2500sq Ft, two story homes. It gets warm, they crank up the AC to full blast and the home is still hot.

They give up trying to get the warranty thru the builder and call out a local HVAC guy. He drops the bomb on them telling them the house only has one AC unit that cannot cool a two story home. A 2 story home needs 2 AC units.

The homeowner gots to shell out a shit load of money to add a whole new system into the home cuz they ain’t got time waiting on a lawsuit to go thru.

Folks getting homes with faulty foundations, leaky roofs, leaking plumbing, bad or insufficient electrical and a whole list of other issues.

A lot of shit can’t be discovered by a home inspector unless he tears the whole house apart.

And buying a home from a previous owner. You ain’t got no clue what crazy DIY “HGTV” home renovation they did that won’t reveal itself until after you move in.

Nowadays, you taking a big risk and gamble on these homes.

2 A/C units would make a big impact but on a decently built home it isn’t needed. My personal experience-live in Texas, 2 story and on the worst days, house gets up to 80 degrees when it will be 115+ outside. 2 units would be better or even having 1 higher grade unit.

If the homes aren’t insulated well or built shitty then there would be no stopping the heat.

If we were able to build a house 3k sqft or bigger, then definitely have multiple units. With our current house, I’d consider just upgrading the unit we have (which our builder seems to use high mid grade level items) to a more powerful/better performing unit.

 

[Ninja05]

Yeah. I’m putting this poll thread on mute…lol. Need to get this house sold maybe. Got a second look today.

Hella stressed - baby on the way and moving to Cali from Atlanta (don’t need two house payments)

Could be worse though - our people are losing homes post-Covid

 

[mrcmd187]

Yeah. I’m putting this poll thread on mute…lol. Need to get this house sold maybe. Got a second look today.

Hella stressed - baby on the way and moving to Cali from Atlanta (don’t need two house payments)

Could be worse though - our people are losing homes post-Covid

Don't be stressed take the knowledge and use it to your advantage. Congrats on the baby!

 

[Texas Catdaddy]

Anybody ever think of living on a boat?

How many Blacks folks you know have done it?

White folks been in this game for decades.

$229k 1990 Neptunus 62 Flybridge Power Motor Yacht Tour

this shyt was on my mind yrs ago .....

 

[praetor]

 

[praetor]

 

[praetor]

 

[Helico-pterFunk]

this shyt was on my mind yrs ago .....

@blackbull1970 @Texas Catdaddy


Speaking of living on a boat ... I used to work with a guy back around 2004 - 2005. He was a friend of a friend, and we worked a block together for a few months during the spring of 2004. Cool dude ... lived on a boat ... drove a motorcycle ... ladies' man (he looked like Jesse Williams, lol - had the panties dropping) ... always had all types of honeys to date. He was always at the marina & would occasionally stay with friends. The whole house or condo thing & payments just wasn't for him. A free spirit, one could say. Early-30s. Unfortunately he got into a serious motorcycle crash in the late-2000s and suffered a brain injury. Hurt to hear that update, as he was starting to settle down and if I remember correctly his gf had a baby on the way.

 

[Helico-pterFunk]

There was a report I read a couple years ago that talked about homes built in the late 2000s & up are cheaply built compared to homes in previous decades. It talked about how newer homes even burn down 40% faster.

Sort of reminds me of well-built electronics from the past, compared to some of the cheap shit of the past decade or two. Stuff that seemingly lasted for ages. TVs and stereos that never had any issues.


Planned obsolescence is one thing, but there was definitely better built stuff previously.


These days there's just too many moving parts & features with electronics. Too many things that can go wrong.


Or cars which basically have a computer on board, but weak-ass plastic or whatever with the bumpers / fenders. Stuff that crumbles and offers zero protection.

Planned obsolescence - Wikipedia

en.wikipedia.org

What Is Planned Obsolescence? How Strategy Works and Example

Planned obsolescence is a purposeful strategy to ensure the current version of a product will become out of date or useless within a known time period.

www.investopedia.com

 

[Ninja05]

Appre

Don't be stressed take the knowledge and use it to your advantage. Congrats on the baby!

Appreciate it brotha.

 

[praetor]

 

[Helico-pterFunk]

Yeah. I’m putting this poll thread on mute…lol. Need to get this house sold maybe. Got a second look today.

Hella stressed - baby on the way and moving to Cali from Atlanta (don’t need two house payments)

Could be worse though - our people are losing homes post-Covid

It's all gonna work out, man. You'll look back and breathe a sigh of relief once it's sold and the move is complete. Kick your feet up with a cold drink.

Also, congrats in advance re: the baby on the way.

 

[DC_Dude]

Yeah. I’m putting this poll thread on mute…lol. Need to get this house sold maybe. Got a second look today.

Hella stressed - baby on the way and moving to Cali from Atlanta (don’t need two house payments)

Could be worse though - our people are losing homes post-Covid

Stay focus Bro. You got it! When you feel stressed, stop and take in 10 deep breathes through your nose, from diaphragm, and out your mouth. Technique a lot of therapist tell patients to do when stressed.You will be surprise of the relief it provides.

Congrats on the baby!

 

[Texas Catdaddy]

@blackbull1970 @Texas Catdaddy


Speaking of living on a boat ... I used to work with a guy back around 2004 - 2005. He was a friend of a friend, and we worked a block together for a few months during the spring of 2004. Cool dude ... lived on a boat ... drove a motorcycle ... ladies' man (he looked like Jesse Williams, lol - had the panties dropping) ... always had all types of honeys to date. He was always at the marina & would occasionally stay with friends. The whole house or condo thing & payments just wasn't for him. A free spirit, one could say. Early-30s. Unfortunately he got into a serious motorcycle crash in the late-2000s and suffered a brain injury. Hurt to hear that update, as he was starting to settle down and if I remember correctly his gf had a baby on the way.

I was thinking very similarly and living like that at the time, no bike tho ..... was gonna get the bike with the boat .....

 

[Helico-pterFunk]

I was thinking very similarly and living like that at the time, no bike tho ..... was gonna get the bike with the boat .....

Yeah - he seemed to be living the life. Used to give him a lift some mornings when he didn't have the bike. The marina was in a cool part of town - probably cost a pretty penny though.

 

[mrcmd187]

Sort of reminds me of well-built electronics from the past, compared to some of the cheap shit of the past decade or two. Stuff that seemingly lasted for ages. TVs and stereos that never had any issues.


Planned obsolescence is one thing, but there was definitely better built stuff previously.


These days there's just too many moving parts & features with electronics. Too many things that can go wrong.


Or cars which basically have a computer on board, but weak-ass plastic or whatever with the bumpers / fenders. Stuff that crumbles and offers zero protection.

Planned obsolescence - Wikipedia

en.wikipedia.org

What Is Planned Obsolescence? How Strategy Works and Example

Planned obsolescence is a purposeful strategy to ensure the current version of a product will become out of date or useless within a known time period.

www.investopedia.com

I watch this home inspector on YouTube and TikTok he finds all kind of shit wrong in these newly built houses. Basically it cost 70k to 80k to build these house cause they are already pre-made it's just putting a puzzle together and they still fuck that up, the 10k for the land depending on location. Then they jack the prices up to 300k on the low end 750k+ on the high end.

 

[Helico-pterFunk]

I watch this home inspector on YouTube and TikTok he finds all kind of shit wrong in these newly built houses. Basically it cost 70k to 80k to build these house cause they are already pre-made it's just putting a puzzle together and they still fuck that up, the 10k for the land depending on location. Then they jack the prices up to 300k on the low end 750k+ on the high end.

Damn. Everything's a rush.


Agreed re: land value. My dad's said to us over the years that his actual home isn't worth much. It's simply the land and location that are valuable. Especially with much better, newer homes in his area. His home was built in the 1950s and would need plenty of money to bring it up to speed. Kitchen especially (last remodeled in the 70s or 80s). Just took a quick glance at BC Assessments and the land value is essentially 33x what the building value is.

Yes. That's not a typo. 33 times.

The house I grew up in during the 1980s and 90s is worth a bit more building-wise. According to the Assessments site ... the land value is just under 24.5 times the building's worth. But the assessed value overall is worth a bit less (though the home is more move-in ready).

Crazy.

 

[havelcok]

Housing is so expensive in California that a school district is asking students' families to let teachers move in with them

As housing affordability falls to a 15-year low in California, teachers in Milpitas are moving in with their students' families to make ends meet.

www.businessinsider.com

 

[DC_Dude]

 

[2Klub]

Anybody ever think of living on a boat?

How many Blacks folks you know have done it?

White folks been in this game for decades.

$229k 1990 Neptunus 62 Flybridge Power Motor Yacht Tour

Got an old friend of mine in Seattle. He and his wife have a house boat that’s permanently docked. I visited once and if it wasn’t for walking through the dock and looking out the windows, I’d forget we were on water.

 

[2Klub]

Live in a newer neighborhood in Austin. For Austin prices and the types of home it was…great price starting in the 300k (still expensive honestly). During Covid, all advertising that said homes starting in 300s jumped to 400s. Some neighbors sold their homes and houses would be sold in 1 week or 2 weeks tops. A guy near me that rented his 1 story sold it for 540K!!! Another neighbor who was renting a 1 story listed it 750k at first (house hasn’t sold and if it did, I don’t know how much for).

Way to many people trying to sell or rent at prices that don’t match the rate of pay in the city. To many people trying to be greedy.

 

[praetor]

 

[4 Dimensional]

Since the wife and I have decided to fall back for the time being, we have went ahead and used part of our downpayment money to payoff more debt.

We just paid off the car and a personal loan that has added $700 back to us monthly.

I only have 11k left in credit card debt, and I’m going to be aggressive in trying to pay that off within the 6-10 months.

Our debt to income ratio was already good, but now it’s even better. I’m looking to save at least $800 a month as soon as I get this credit card paid off. I consolidated my cards with a balance transfer offer of 0.99% APR until January of 2024.

so when we do finally buy a house, mostly likely the only debt we’ll have is the house itself.

 

[BKF]

Live in a newer neighborhood in Austin. For Austin prices and the types of home it was…great price starting in the 300k (still expensive honestly). During Covid, all advertising that said homes starting in 300s jumped to 400s. Some neighbors sold their homes and houses would be sold in 1 week or 2 weeks tops. A guy near me that rented his 1 story sold it for 540K!!! Another neighbor who was renting a 1 story listed it 750k at first (house hasn’t sold and if it did, I don’t know how much for).

Way to many people trying to sell or rent at prices that don’t match the rate of pay in the city. To many people trying to be greedy.

It's a seller's market. Low supply and high demand is the reason for such prices. If there was no high demand, then the prices would drop.

If my neighbor sold their home for 450k. Why would I sell my home for 300k?

 

[TENT]

About that last sentence.
That is how the game gets fucked up.
Maybe the neighbor has a nicer house.
New bathroom, finished basement. Updated plumbing, brand new AC units. Clean ducts,

People automatically want the price of someone else's house but put NO WORK into their house.

SMH!

It's a seller's market. Low supply and high demand is the reason for such prices. If there was no high demand, then the prices would drop.

If my neighbor sold their home for 450k. Why would I sell my hone for 300k?

 

[DC_Dude]

Since the wife and I have decided to fall back for the time being, we have went ahead and used part of our downpayment money to payoff more debt.

We just paid off the car and a personal loan that has added $700 back to us monthly.

I only have 11k left in credit card debt, and I’m going to be aggressive in trying to pay that off within the 6-10 months.

Our debt to income ratio was already good, but now it’s even better. I’m looking to save at least $800 a month as soon as I get this credit card paid off. I consolidated my cards with a balance transfer offer of 0.99% APR until January of 2024.

so when we do finally buy a house, mostly likely the only debt we’ll have is the house itself.

Very smart move...I kinda did the same thing...Make sure that credit score is good and if both have good credit even better.....

 

[BKF]

About that last sentence.
That is how the game gets fucked up.
Maybe the neighbor has a nicer house.
New bathroom, finished basement. Updated plumbing, brand new AC units. Clean ducts,

People automatically want the price of someone else's house but put NO WORK into their house.

SMH!

But location plays a huge role in the housing market. I don't care how much nicer my neighbor's home is. If there a large demand for my neighborhood/town. Then obviously there are buyers willing to pay my price. You have people who don't give a fuck about the house because their plan is to knock it down anyway. Location...location...location....

 

[TENT]

Your point of view is not the prevailing one. However it isn't really that good.

A gang can move into any neighborhood and fuck it up. Or to be honest, too many black people with kids in a neighborhood fucks it up.

That is why white people are like damn police offers on who drives down the block. It is fucking up their money.

Truth is the value of a house should be based on the actual house!!

But location plays a huge role in the housing market. I don't care how much nicer my neighbor's home is. If there a large demand for my neighborhood/town. Then obviously there are buyers willing to pay my price. You have people who don't give a fuck about the house because their plan is to knock it down anyway. Location...location...location....

 

[BKF]

Your point of view is not the prevailing one. However it isn't really that good.

A gang can move into any neighborhood and fuck it up. Or to be honest, too many black people with kids in a neighborhood fucks it up.

That is why white people are like damn police offers on who drives down the block. It is fucking up their money.

Truth is the value of a house should be based on the actual house!!

The value of the home should be and is based on what the market is willing to pay. How are you going to tell somebody how they should base the price of their home? I will sell my home based on what buyers are willing to pay.

You don't want it. Then go any find someone willing to give their home based on what you think the price should be. It's that simple but good luck with that.

 

[TENT]

Yes. I understand.
That is why there is a bubble now.
People bought bullshit.
People trying to sell bullshit.

The value of the home should be and is based on what the market is willing to pay. How are you going to tell somebody how they should base the price of their home? I will sell my home based on what buyers are willing to pay.

You don't want it. Then go any find someone willing to give their home based on what you think the price should be. It's that simple but good luck with that.

 

[BKF]

Yes. I understand.
That is why there is a bubble now.
People bought bullshit.
People trying to sell bullshit.

Nobody is forcing anyone to buy their home.

 

[TENT]

Thank you.
This is a discussion board.
I am discussing you imbecile.
I know I am not talking to a mortgage broker.

Nobody is forcing anyone to buy their home.

 

[thismybgolname]