[dreamingat30fps]

Originally Posted by BMW F22

At some point homeownership becomes overrated. For most ppl it’s the largest purchase/investment of their life. But at ridiculously high prices, doesn’t it become a liability rather than an asset? I mean, you’re stuck in debt for 30 years and hopefully your home value will go up.

I have been on both sides of this. First place I ever purchased was a condo. At the time I was commuting an hour or more each way to work and had enough of that. Bought a condo that I wasn't 100% on just as a temporary solution to allow us the time to find something better. Everyone told me I had to buy something asap because soon no one would be able to afford anything. I paid like $120k for it in 2006. The area seemed up and coming, lots of developments at the time. Come the crash of 2008 that all stopped. Some were just never built and many of the ones that were sat empty or became low income rentals. The whole area went to shit and 5 years in we had enough of it and wanted out. Ended up short selling it in 2012 for like $35k.

At around the same time I bought our current house with no intentions of selling for $200k and it's now worth like $400k. So in the first case it was definitely not worth buying and the second buying has been much better. That being said I just looked up my old condo and it sold in 2019 for like $90k. So it's almost back up to what I paid but not quite. Had I planned to stay in the condo then it wouldn't have been so bad, but no way I could of dealt with living there for 15 years.

All that being said I buy because I like having my OWN house. I can do whatever the fuck I want with it. I don't have to worry about my rent going up or my land lord deciding to sell the house or whatever. Maybe if I was a single guy with a futon and a TV and I wouldn't mind moving from place to place, but just the thought of having to move makes me sick.

[RickFLM4]

I’m so glad we locked in the price of our Asheville condo in 2018, which is probably up 30% on paper, and still a relative bargain compared to some other buildings so I think it has room to continue if favorable conditions persist. And I thought we waited too long to buy there when we finally did.

Also seeing prices of new listings in our FL neighborhood spike over the last month. I hope they all get their asking prices. It’s all on paper for us since we aren’t selling either property, but prices in our FL neighborhood still haven’t gotten back to 2007-2008 so again I think there is room.

There was another thread 6-9 mos. ago where someone was saying they were going to wait because they just knew prices were about to drop... suggestion: don’t try to time the market if making a long-term purchase. Yes, things will cool off at some point, but it shouldn’t matter for a long term purchase.

[jsf721]

Kids are through Covid and back in NYC. Older one rented. 2000 sq foot apartment with his friend for 4K previous tenant laid 6800. 2 bed room 2 bath , washer dryer in unit. Renovated about 3 years ago. Elevator opens inside apartment. It’s a one year lease. He will possibly get a huge increase next year depending if nyc get popular again.

My other son once he got Covid and recovered lived all over the USA while working remotely. Park city Utah, Vail , Lake Tahoe, Vermont , and Long Island lol.

Nyc is a ghost town comparably . I never found parking on street before Covid. Now, no problem.

Originally Posted by nyalpine90

same thing happen to me few months ago, houses in Long Island were selling like hot bread on Sunday morning lol
it was a bidding war for every property.

[monkeyjuice5150]

I've been looking in Western NC as well!

[Littlebear]

Originally Posted by jsf721

.... Nyc is a ghost town comparably . I never found parking on street before Covid. Now, no problem.

Can't speak for Manhattan, but apt prices in my nabe of Brklyn are holding value.
But the parking is way worse. Not sure why, but it can't all be because of those restaurants expanding into the streets.

Murf

[ASAP]

For anyone selling a house right now... why in the world would you be using a realtor? lol

They add 0 value and you can do everything yourself (the job in general is not needed in society)... plus you aren't pressured into any sales based on what they think.

[eljay]

Originally Posted by ASAP

For anyone selling a house right now... why in the world would you be using a realtor? lol

They add 0 value and you can do everything yourself (the job in general is not needed in society)... plus you aren't pressured into any sales based on what they think.

Yes, I never understood why someone should be paid thousands of dollars that "work".
But I guess it happens everywhere. Everyone trading in a car to the dealer is essentially paying that dealer a hefty commission (much more %-wise than to a RE agent) to sell the car because they don't want to deal with it themselves.

And back on topic, in Canada, it's been crazy too. I think the reports are that YOY prices are up 20%, on average. Nuts!

[Our03z4]

Our house cost $19k, that's right 19k. We've been looking at buying a new house but you can imagine we can't fathom the payments. But hey our house is worth $175k and it works for us. So cheap we can do literally whatever we want.

[nyalpine90]

Originally Posted by jsf721

Kids are through Covid and back in NYC. Older one rented. 2000 sq foot apartment with his friend for 4K previous tenant laid 6800. 2 bed room 2 bath , washer dryer in unit. Renovated about 3 years ago. Elevator opens inside apartment. It’s a one year lease. He will possibly get a huge increase next year depending if nyc get popular again.

My other son once he got Covid and recovered lived all over the USA while working remotely. Park city Utah, Vail , Lake Tahoe, Vermont , and Long Island lol.

Nyc is a ghost town comparably . I never found parking on street before Covid. Now, no problem.

4k for 2 rooms, 2 bath is still alot lol, its really crazy what pple pay for these units. Dont get me wrong some of these apartments are really nice, are bigger then your typical ranch style house. i have a lot of projects in NYC, pple are still laying down serious cash for these renovations. Like i said before, these units are usually the whole floor, or combine 2 apts into 1.

[TrevorM3]

lol 4k on rent in NY...

[David70]

Originally Posted by ASAP

For anyone selling a house right now... why in the world would you be using a realtor? lol

They add 0 value and you can do everything yourself (the job in general is not needed in society)... plus you aren't pressured into any sales based on what they think.

You can debate if they are worth the money but the idea that they provide zero value is wrong. Like almost everything else you can save money with the DIY but it will require more work (this is the value they provide).

Same can be said for landscaping companies, house cleaning services, general house repairs, painting, etc. People pay someone else to do things when they don't want the hassle or don't know what they are doing.

I purchased a house last year and did it without a realtor but then hired a lawyer for some items and a lot of things that would have been taken care of by the realtor became my problem. The extra savings was the worth the money to me (and helped me win the bid), but it definitely required a lot more of my time.

[ASAP]

Originally Posted by David70

You can debate if they are worth the money but the idea that they provide zero value is wrong. Like almost everything else you can save money with the DIY but it will require more work (this is the value they provide).

Same can be said for landscaping companies, house cleaning services, general house repairs, painting, etc. People pay someone else to do things when they don't want the hassle or don't know what they are doing.

I purchased a house last year and did it without a realtor but then hired a lawyer for some items and a lot of things that would have been taken care of by the realtor became my problem. The extra savings was the worth the money to me (and helped me win the bid), but it definitely required a lot more of my time.

Like I said, if you do your research, you will find out most info is easily publicly available online... its mostly paperwork. If you like the convenience and don't mind paying a large amount, so be it.

I'll give you an example in Miami, you need a realtor to show you a condo that you are trying to Rent lol... And why would that be? It is because they have a strong corrupt lobby that forces that... just like the fraudulent HOAs in many of these buildings that work with them. This could easily be arranged with the owner over an email or the association could show you the place in 5 minutes... Again, a middle man that is not needed and is necessitated due to bad practice.

They are also partially responsible for driving prices up / closing costs due their lobbys and the current state of the market... they will tell you whatever they want you to hear like any other sales man. It's very close to the job of a outside recruiter to me who looks at linkedin; makes a few calls and somehow gets 20% of the person's salary in fees... when the same corporate guy makes 50k a year... i mean fukin lol.

[BMW F22]

Originally Posted by Alfisti

Thing is I said that 10 years ago when we paid $850K, I didn't sleep for a month. Now it's worth $2m+.

In outer suburban Toronto, a town house got 71 offers.....SEVENTY ONE

10 years ago it was low everywhere. Now it's skyrocketed. Case in point, check out these two homes nearby. $1.25M for less than 1,100 sq ft and $1.65M for 1,600 sq ft.

[BMW F22]

Originally Posted by ASAP

For anyone selling a house right now... why in the world would you be using a realtor? lol

They add 0 value and you can do everything yourself (the job in general is not needed in society)... plus you aren't pressured into any sales based on what they think.

You might be able to do it yourself if you know exactly what to do. RE is a highly regulated industry as it is big $ and a fck up and screw people over. That's why brokerages have insurance on errors and omissions and such. Going with a RE agent helps minimize that risk and ensure things are done correctly.

[dreamingat30fps]

Just had basically the exact house we are looking for come into my inbox this morning. Exact style, exact amount of land for the exact price we are looking to spend. Sent to realtor to schedule showing today since we are still in town. Already had cash offer. I'm talking like a couple of hours between it being posted on MLS and our realtor calling for showing.

Which one of you fuckers bought it sight unseen?

[Sight22]

I got screwed on the last bubble burst. Bought in 2007 and sold it last year for less than I paid. Hopefully I just didn't buy before the bust again but its very possible. At least I got a foreclosure this time that I fixed up and have some equity now.

[Chihuahua]

I listed my house Friday at 9pm, it's under contract as of Saturday at 5pm. Sold for all cash in less than 24 hours. Pretty nuts. Tampa Bay, FL.

[MightyMouseTech]

Ottawa is getting crazy.

[kscarrol]

^^ Holy $hit!

[Alfisti]

Even if that is downtown Ottawa that's crazy, mind you the asking was a joke, i'd have figured 850 to 950K.

We paid $850K in Toronto suburbs (10 miles from downtown) 10 years ago and nothing has sold for less than $2m in my neighbourhood this year.

[Joekerr]

Originally Posted by MightyMouseTech

Ottawa is getting crazy.

For a townhouse too - that's nuts.

Originally Posted by Alfisti

Even if that is downtown Ottawa that's crazy, mind you the asking was a joke, i'd have figured 850 to 950K.

We paid $850K in Toronto suburbs (10 miles from downtown) 10 years ago and nothing has sold for less than $2m in my neighbourhood this year.

Yeah, we aren't in Toronto, but I figure all the homes on the street are solidly $1.5M+ and all of us bought in for less than half that within the past 5 years. Only house that did sell on our street recently sold for $2.6M and it is a teardown, but is half an acre and probably has 150 ft on the waterfront. Everything is crazy. But to move you'd have to buy in this market too, so there is no point.

[CPWINCH]

Originally Posted by ASAP

For anyone selling a house right now... why in the world would you be using a realtor? lol

They add 0 value and you can do everything yourself (the job in general is not needed in society)... plus you aren't pressured into any sales based on what they think.

For anyone selling a house right now... do not take financial advice from people who drive M2CS....

Whatever you do, work with someone who has a license who is an investor themselves. Saves you so much time. If you are worried about 2.5% fees then you have bigger problems to worry about lol