High mortgage rates and expensive real estate have locked many Americans out of buying a home. Christine Romans details what it takes for buyers to make a purchase.
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#HomeBuying #Mortgage #RealEstate
Wait a minute, make 200k together and can’t afford to buy a home? I guess that money doesn’t go far in the northeast.
If you can’t afford a home making 200k you need to hire a money manager….
It doesn’t go far in most places with these prices and interest rates. Have you determined what a payment would be in your neighborhood for a regular house?
Exactly , 200k doesn’t go far anywhere . Also consider having 20% or even 10% down on an average 800,900k …. It’s tough
I am a Realtor in the NE. People who have higher expectations cannot afford a home. Instead of a detached single family, buyers can settle on a tie home for much less instead. It’s better than renting
2033 is when the social security trust fund runs out, and an expected 20% benefit cut will be instituted. Unless there’s a bailout, I think that’s when the boomers will start selling houses enmasse.
You’ll be battling more than paying for a mortgage. Trump, Putin’s Apprentice. America you’re moving into a dictatorship. Congratulations
increases taxes to support war and immigration…nice…
The housing supply is short. There aren’t too many houses on the market. It means that people can still afford a home but not the same social structure. People still have money to do what they want but have different priorities.
there are enough, but repeat buyers and conglomerates buying a bunch of houses at a time.
It’s been three long years of suffering for the American people with the most disastrous administration in the history of the United States, and I still can’t buy milk for my children at Safeway because three out of four days they don’t have any to sell.
Gosh… I know. It’s insane how the Trump administration botched the whole COVID response. Leading to failed economic policies and destabilization of an economy he was blessed to take over from Obama. It’s almost as if the quote “sins of our ‘father’” feel applicable here 🤔
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In short, owning a home isn’t worth it. Cheap money, she nailed it.
hunnie, we are so phucked .
Why spend a million on the same house
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Don’t you love how much your home is worth? Thank you Mr President
@@lordy1952 keep saying that when your kids are living with you forever and homelessness hits even higher numbers
Biden doesn’t control interest rates
bidenomics is working as intended
In my country u can get a nice 3 bedroom home for about $80k and a mansion near the ocean for about $200k
You live in a 3rd world country.
where is this
Yeah in Florida
Most Americans are worried about the next meal. Meanwhile in D.C. and MSM everything is great. Lol
At least the price of gasoline has gone down again from $3.35 a gallon to $3.55 a gallon. My area. Liberal math, lol.
Build back better looks like its working great.
You’ll own nothing and be happy.
Im sure joe biden will win 2024 in a landslide.
I just sold my house for $600 k 😂
I just paid cash for my house $400k
@@Jakg8484that was merely my down payment
This to shall pass
It best to live in card board box..
Think of all the money you could save while you’re doing it? What’s 1500 a month x 3 yrs… no you have a down payment…
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Nobody is going to be able to afford all these 4000 Sq ft homes that were built and are hitting the market. The only entry level homes (and apartments) being built are rentals and those don’t help anyone
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The Elite think regular people are too dumb to own property
The inflation has to stop or else whatever we make is burning down
SUPPLY SUPPLY SUPPLY
Everyone is talking about everything but building more houses. The US is short 3.5m single family homes. Investors and Airbnb leeches gobbled up housing in the last 5-10 years. Nimbys vote out new housing developments.
Guess what happens when new houses come on the market? Competition goes up. Prices go down.
This is EASY. Heavily tax corporate ownership of SFH. Heavily tax SFH vacation rentals. Dismantle ridiculous zoning laws. Sue cities who block new developments. Tax incentives for new developments.
The boomers won’t hold the houses forever and will eventually move into retirement homes, but guess who’s gonna buy those houses?
Private companies that buy up these houses and rent them out at well above local rates.
Anyone interested in counter buying these big companies?
With $200k a year you can afford the worst house in the ghetto in my city. People need to do research. You lose your job and how are you going to afford a $7k mortgage payment.
Moved from the northeast to the south before 2010 bc I knew cost of living was too high up north.
I’m glad I bought in 2018 when everyone thought it was gonna crash. And every year before and thereafter folks have expected and expect a crash, yet here we are…
Yeah, but houses were a lot cheaper too. What a stupid comment
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As a Realtor I disagree with mortgage rates being the issue. Historically we have had way higher rates up to 13%. The main issue is not interest rates as much as it’s the housing costs in general due to lack of inventory
Interest rate won’t be the problem if the listing price of a house is low. Back in the 80s, when the average mortgage interest rate was hovering around 15%, I believe the average homes in the US cost barely 100K. Nowadays, we have “relatively” high interest rates, combined with unaffordable home prices, that’s the main reason homeownership is out of reach for the younger generations.
The houses are way too expensive plus higher rates and higher property taxes.
REGULATE THE INVESTORS BUYING UP OUR HOMES
You know good and well this will never happen.
Low interest rates, house 🏠 prices went over the roof. HIGH interest rate up houses PRICES stable ..So you tell ME what the best option…
Salary up 22% from last year. Yeah that seems reasonable.
The average interest rate on a 10-year bond, going back to 1910, is around 3% to 4%. Mortgage rates are 2% above this, so that means 5% to 6% is the average of what people can expect to pay for mortgages from now going forward. These are not ‘high’ rates, these are simply ‘normal’ rates.
Baby boomers are 70+ they don’t have the energy to buy all these homes. It’s private companies buying not 75 year old grandmas
Housing is ridiculous in Canada & the US… My aunt in Mexico was able to pay off her mortgage in 15 years working a factory job where she earned about $400 a month during the early 2000s. My uncle and his wife together as an architect & school principal were able to build a three-story house around the same time. Even today, this couple w/ their 200k salary would get a mansion lol.
My dad’s family in Cuba could buy a house for 20k or build a nice one for that amount of money.
We are a 6 figure income couple and had very little saved and not much cash lying around the preverbal”.
‘…don’t have $500 for an
emergency” that was us. The big thing was debt all kinds of it, cars mortgage (although our home isn’t a high price one), student loans for our kids, and of course credit cards.
One day we just got sick of being broke and went total scorched earth and became frugal overnight. Paid it all off, it took almost 5 years but now we have no debt and this year our savings rate is 50% on basically the same income that had us perpetually broke. So for us it is mainly staying out of debt and watching our spending, at first it was a real effort to save in our HISA and 401Ks but now it’s actually fun watching our money grow. No car or vacation or neighborhood is worth being broke or financially unstable.
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This is a basic supply and demand problem. Most big cities in the US have a rigorous permitting process, and NIMBYism is very prominent in metropolitans such as as LA, which further restrains local supply.
The enormous lack of inventory is a glaring problem when you have very little of something it drives up the demand from those willing to pay. The pool of people willing to buy hasn’t shrunk the pool of homes has.
Housing prices are exorbitant! Unreal inflation sick of it
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In my opinion, a housing market crash is imminent due to the high number of individuals who purchased homes above the asking price despite the low interest rates. These buyers find themselves in precarious situations as housing prices decline, leaving them without any equity. If they become unable to afford their homes, foreclosure becomes a likely outcome. Even attempting to sell would not yield any profits. This scenario is expected to impact a significant number of people, particularly in light of the anticipated surge in layoffs and the rapid increase in the cost of living.
I suggest you offset your real estate and get into stocks, A recession as bad it can be, provides good buying opportunities in the markets if you’re careful and it can also create volatility giving great short time buy and sell opportunities too. This is not financial advise but get buying, cash isn’t king at all in this time!
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I’m 31 years old and have two houses, one in Florida and one in Virginia. I used my VA loan to buy both houses (yes, you can have two VA loans). I’m also single so nobody is going to take my houses in case of a divorce. Smartest decision in the world- create wealth and stay single.