apples n oranges
So when’s the housing bubble bursting?
- Thread starter Dr. Truth
- Start date
Some people want to move to a “nice” neighborhood and be done. Not everyone is looking as real estate as a business.
If i was to buy that house it would be investment based period. I would never sleep a single night there. Esp if i had children
Its a wrap. Richmond heights is surrounded on all sides with mansions and gated communities now. SW 152nd st is now built all the way west to the everglades. Publix, movie theater, Bars all there minutes from Richmond Heights.
Perine is next, still hood but already being built.
Liberty city, all the Pork and Beans projects have been boarded up. Everything near the 95 has been bought and getting knocked down. Insane construction.
Overtown, forget it. new streets, new condos, new art everywhere.
Miami is cooked, its done.
Did you look at the terrible school district? The best school rating is 5 with the high school being ranked 1.You are kidding right? If I was looking for my first home, I would jump on this in a heart beat.
241 S Prentiss St, Jackson, MS 39203 | Zillow
Zestimate® Home Value: $98,300. 241 S Prentiss St, Jackson, MS is a single family home that contains 1,138 sq ft and was built in 2004. It contains 3 bedrooms and 2 bathrooms. The Zestimate for this house is $98,300, which has decreased by $3,060 in the last 30 days. The Rent Zestimate for...www.zillow.com
Jackson Mississippi Crime Rate 2022 | Cove Security
According to the Jackson Mississippi crime rate, how safe is this capital city? Here are the top 10 most dangerous neighborhoods in Jackson.
www.covesmart.com
There is a reason why this place is so fucking cheap. And where the fuck are you going to work that pays a decent wage? Maybe if you work online, or for yourself and if you are that type of person you would never buy this pos.
This is shocking as fuck to me . But not so much at the same time. Miami is prime real estate . It was a matter of time before they tried to move us up out of there to make way for the Chicos . When Cubans were moving next to my grandparents crib in Richmond Heights I knew something was up
Did you look at the terrible school district? The best school rating is 5 with the high school being ranked 1.
Jackson Mississippi Crime Rate 2022 | Cove Security
According to the Jackson Mississippi crime rate, how safe is this capital city? Here are the top 10 most dangerous neighborhoods in Jackson.
There is a reason why this place is so fucking cheap. And where the fuck are you going to work that pays a decent wage? Maybe if you work online, or for yourself and if you are that type of person you would never buy this pos.
LOL! I worked at a 1 star high school in NYC before, and oh brother long days. That crib has safety concerns written all over it. Like niggas can pull a U-Haul right up to the window and bagged all your shit up real quick and be Audi.
You missed the whole point.Did you look at the terrible school district? The best school rating is 5 with the high school being ranked 1.
Jackson Mississippi Crime Rate 2022 | Cove Security
According to the Jackson Mississippi crime rate, how safe is this capital city? Here are the top 10 most dangerous neighborhoods in Jackson.
There is a reason why this place is so fucking cheap. And where the fuck are you going to work that pays a decent wage? Maybe if you work online, or for yourself and if you are that type of person you would never buy this pos.
Too many of you are missing out because you don't like the starting point. Some of you want the fruits without sowing the seed.
Again, this is happening all over the country. Just ask the brothers in DC., Brooklyn, Harlem, little Haiti, Long Beach, Oakland, Houston etc.
Right now is the absolute worst time to refinance. Rates are crazy. The feds just raised the rates as well.
I'm dealing with the same shit right now as a single brother
It feels like I'm never going to get a spot in this market
I'm going to be putting in an offer for a spot tomorrow that I pretty much know I won't get since it will likely go significantly higher than it's asking price.
Don't be afraid to find a home that needs a little love. Financially, it's the smarter move.I'm dealing with the same shit right now as a single brother
It feels like I'm never going to get a spot in this market
I'm going to be putting in an offer for a spot tomorrow that I pretty much know I won't get since it will likely go significantly higher than it's asking price.
Why didn't you do it when rates was under 3%?
Also, to be honest, a new build is also a good option. You usually can find a new neighborhood and builder that is priced just like established homes.I've been looking at those as well, even those are going for far more.
Nah, not in this market.
I've looked, trust me.
Also, those newer homes built in new neighborhoods are the ones that are most likely to lose value in the event the housing market goes shit which is very possible.
However, homes in established neighborhoods usually fare better even with the cost of housing so high. Those types of homes will most likely survive a housing crisis and maintain the value that was paid.
Haitians and Jamaicans are moving to Broward in huge numbers. This shit is white chico city now. These cracker cubans do what they want.
I hear you on that. Alot of the local realtors advertise their sales locally. Often mentioning the sales that went for over-asking (in an already overpriced westcoast market). It's a frustrating eye opener.
Bought in the spring of 2009 and the assessed value hovered for a handful of years. Same, up a little bit, down a bit, up, down. Then the "value" took off. In the past 8 years, only 2 slight years of decline and it has gone up all the other years (sometimes 15 - 20+ %). More than double the move-in value back in April 2009. No changes or upgrades made to the property.
It's a weird feeling wherein you're TEMPTED to want to sell it and "get good money" for it ... but you aren't interested in looking at what's out there given today's prices (compared to all the open house viewings back in 2008 - 2009 before buying).
Got a coworker who is looking to sell her late parents' family home. She's been living there for years. She wants to downsize to a modest condo or townhome. Not at these prices though.
Another coworker who lives in an old downtown apartment which has a very fair, reasonable monthly rent. He's in the heart of the city. He bought a brand new pre-sale apartment about 20 mins away in a neighboring city in recent years. It isn't move-in ready just yet, but he said he's probably just gonna rent it out to get good monthly rent for it - $$$. He's happy just paying a "smaller", reasonable rent right now and living downtown as he prefers downtown Vancouver.
Yeah my brother and sister-in-law were considering selling but I told them they'd be crazy.
Sure they'd get way more than they paid especially since they've made significant upgrades since purchasing the home but they'll only end up paying significantly more for another house with much higher interest rates.
Exactly. Coworker looking to downsize was mentioning some of the condos she was looking at. We're talking 700 - 900k. 2 bed, 2 bath. Her parents' family home will be split between her sister and her when they eventually sell. Neither has children. One is married, one isn't. They are 50 - 60yo. That family home will probably go for 1.2 - 1.4 million.
A friend of mine recently sold her 690 sq ft condo ... 1 bed, 1 bath. Very nice, but modest. She got $500k+ ... keep in mind she bought for 300-something in the early-2010s.
Fam, you sound like everybody else that bought their house before 2022.
It ain’t the same.
Not the same.
Folks is having a hard to with perspective of this housing market. I got into an hour argument with my sister in law who bought a house in 2018. I said “you paid $500 in due-diligence. People are dropping 10s of thousands on due diligence.”
Brother Tito means well, but either he's fucking insane, or a real life Carlton Banks.
That shit is a trap house. Unless you're buying about 20 of these places and trying to improve and gentrify this shit, this isn't a good investment if you are living there. If you buy it, put a little cash in it and rent it out, well...that might work.
I'm dealing with the same shit right now as a single brother
It feels like I'm never going to get a spot in this market
I'm going to be putting in an offer for a spot tomorrow that I pretty much know I won't get since it will likely go significantly higher than it's asking price.
Yeah, we got a visit on Wednesday. I’m going to offer 20k over selling and 30k in due-diligence. It’s in a great neighborhood and an area I’m very familiar with. I’m certain it will not lose value once the market starts to correct.
That’s all I can offer though. I’m going to market myself since I’m a native of the area and my daughter wants to go to the high school around the way.
I hear you.
Also, I'm not sure if you're aware of this or if it's occurring in your area but a lot of homes are being listed well below what it's actually worth because in this market it draws in even more potential buyers (which is effective unfortunately but also infuriating as a buyer
)One of my first bids I came in at 35k over asking price and wasn't even close.
The fucked up thing is I know that once I have to renew my lease I'll be paying the same or close to what I'll pay for a mortgage (and possibly more) so I'm really between a rock and a hard place.
I hear you.
Also, I'm not sure if you're aware of this or if it's occurring in your area but a lot of homes are being listed well below what it's actually worth because in this market it draws in even more potential buyers (which is effective unfortunately but also infuriating as a buyer
One of my first bids I came in at 35k over asking price and wasn't even close.
The fucked up thing is I know that once I have to renew my lease I'll be paying the same or close to what I'll pay for a mortgage (and possibly more) so I'm really between a rock and a hard place.
Oh, these fuckers are under-listing and over-listing.
Over-listing, so when the appraisal comes back under the listing price, guess who got to pay the difference? The buyer. And guess who loses the due-diligence if you can’t cover the difference? The buyer.
That’s how fucked up this market is. Greed is everywhere and all I want is a house I can feel good about living in.
Exactly, it's not like I'm delusional and looking at mansions and shit. I just want something comfortable, reasonably priced and not falling apart.
The home I'm bidding on has all of that but was owned by an older woman so would need to be upgraded aesthetically to look more up to date but thats nothing, I'll do that myself.
Also, I refuse to move anywhere near the hood.
I didn't work this hard to get out that shit only to end up back there because of this housing market.
No way in hell.
Selling high and buying back high with NO GUARANTEE that they’ll be able to buy a house in this market.
My brother wants to sell because his house. He bought at 200k and it’s now worth 350k. I broke it down to him.
He’s been paying on it for 8 years. He pays 1200 a month and struggle with that. I said if you sell, then you get roughly 150k, but remember YOUR house is worth 350k now and you’re paying a $1200 mortgage. I said, you’d have to put damn near all the profit you made just so you can get in a house with the same payment. So in essence he may profit 20k in an inflated economy. And that’s IF he can get another house after he sells.
That’s the part many people is missing. The competition is fierce.
it's crazy everywhere right now. i don't think i'd be buying if i were in the market, this feels like a peak....a lot of dollars floating out there looking for someplace to land...competition is fierce for what are at the end of the day average houses
You and I are in the same mindset. I already came from the mud. Ain’t trying to be near that shit anymore.
I did all that going to school shit and got a dope career as a atmospheric scientist and professor at an HBCU. I did what society and the black community suggested we do to achieve some type of dream of owning a home.
But once again I am reminded NONE of that shit matters when society can change and make all that shit moot. I spent years building my credit to 770. From 2014 when it was 580 to where it is now. And now mofos can just come swooping in with pure cash negating any significance of credit.
I’m telling you, fam. I’m a pessimist. We out here winging this shit, and nothing bothers me more now of days when folks tell you to do XYZ and everything will work out. Naw. That’s not how that works. It’s not how any of that shit works
Maybe for some, but we don’t have control of anything of this societal shit.
No doubt.
The only way I'd sell in this market would be if I had somewhere to comfortably live where I had to pay little to no rent for the next year or year and a half to ride out these high prices and mortgage rates.
True but the thing is those prices, for the most part, aren't returning to where they were even after this.
The mortgage rates will hopefully stay close to where they are or go down some (which isn't a guarantee) but these houses aren't going back down for the most part.
You and I are in the same mindset. I already came from the mud. Ain’t trying to be near that shit anymore.
I did all that going to school shit and got a dope career as a atmospheric scientist and professor at an HBCU. I did what society and the black community suggested we do to achieve some type of dream of owning a home.
But once again I am reminded NONE of that shit matters when society can change and make all that shit moot. I spent years building my credit to 770. From 2014 when it was 580 to where it is now. And now mofos can just come swooping in with pure cash negating any significance of credit.
I’m telling you, fam. I’m a pessimist. We out here winging this shit, and nothing bothers me more now of days when folks tell you to do XYZ and everything will work out. Naw. That’s not how that works. It’s not how any of that shit works
Maybe for some, but we don’t have control of anything of this societal shit.
sorry to hear this bro...it does send one into a rage to think that they did everything 'right' in life and clawed and stretching the mental/physical limits just to get...this. i've been struggling with this as well. feels like a casino where only the house wins
i agree that the houses aren't going back down [much], but perhaps the mortgage rates will stabilize. else we're looking at crazy loan schemes again. not the same as before, but...the same
You and I are in the same mindset. I already came from the mud. Ain’t trying to be near that shit anymore.
I did all that going to school shit and got a dope career as a atmospheric scientist and professor at an HBCU. I did what society and the black community suggested we do to achieve some type of dream of owning a home.
But once again I am reminded NONE of that shit matters when society can change and make all that shit moot. I spent years building my credit to 770. From 2014 when it was 580 to where it is now. And now mofos can just come swooping in with pure cash negating any significance of credit.
I’m telling you, fam. I’m a pessimist. We out here winging this shit, and nothing bothers me more now of days when folks tell you to do XYZ and everything will work out. Naw. That’s not how that works. It’s not how any of that shit works
Maybe for some, but we don’t have control of anything of this societal shit.
Brother if I had a diary I would have sworn you were reading my shit
With the exception of your career this post describes my situation and feelings perfectly.
I even lost a house due to someone not only overpaying but also guaranteeing to pay the difference if the house didn't appraise for what they bid.
After that it was like there's no way I'm getting a spot. This whole process can be demoralizing honestly
Consider yourself lucky that you're going through it with your wife, this shit is worse as a single man.
Exactly, fam.
that’s why everything is “it is what it is” to me.
What can you do about something that is out of your control? I can try and earn more money, but that’s not the easiest thing to do.