Starter homes lack inventory in metro Denver (Lakewood, Grand Junction: section 8, rental)

[TCHP]

Originally Posted by headingtoDenver

That's what I've been saying in a lot of these real estate threads. People complain about the cost of a house, but there are plenty of houses within their budget, they just don't like them for whatever reason. I think we should call the current crop of 1st time home buyers the HGTV generation. Every show on HGTV shows 'first time buyers' finding homes with granite counters, hardwoods throughout, many bedrooms, etc.

Now that's funny!

Another thing that gets me about these shows is how the people can buy $150k houses in the middle of a neighborhood where everything around them is $250-300k. I don't know about Denver, but in CoS, that $150k flipper house is surrounded by a bunch of $175k residences in a neighborhood that overall is run down and/or neglected. Also, how is they can get a plumber to replace the entire system in a house for $3k?

In the collector car market, we call this the Barrett-Jackson effect. Just because you own a beat up, rattle trap, unrestored version of something that sold for a million bucks doesn't automatically mean your POS is now worth half of that. I can see how all these home improvement shows impacting housing that way.

[Dirty-Mill]

Originally Posted by reed303

When I sold my last (5th) home in Broomfield in 2011, the problem I saw with the 20-something lookers (40 showings before contract) was what they considered a "starter" home.

It wasn't a 3 bed 1 bath 1 car ranch on a slab like my 1st home at age 26. They seem to expect a showhome-like 4 bed 3 bath tri-level, 2 car, finished basement with porches, and walking distance to Starbucks, for under $250K.

If you would have sold in 2015 you would have had 5 all cash offers above asking price within 1 day.

[jHolman91]

Originally Posted by reed303

the problem I saw with the 20-something lookers (40 showings before contract) was what they considered a "starter" home.

It wasn't a 3 bed 1 bath 1 car ranch on a slab like my 1st home at age 26. They seem to expect a showhome-like 4 bed 3 bath tri-level, 2 car, finished basement with porches, and walking distance to Starbucks, for under $250K.

Sounds just like my age demographic, They climb the financial latter right out of the gate because they seem to think that is how reality works. Just look at what they buy, right out of high school and into college they buy or lease Audi's, Mercedes, BMW's, Lexus. Its just a disconnect with reality because mommy and daddy never told them that you start with nothing or the cheapest you can afford and work your way up over your life.
The house thing is related to this because mom and dad had a big house so I deserve that to or they just want to flaunt how much it cost and that its in the most trendy expensive part of town. I am probably the crazy one because I dont want a giant house and would love to live in the University Hills area because I like those sensible sized home, Sad they are getting expensive. Point is they just want the best of the best right of the bat with out working towards it.

[reed303]

Originally Posted by reed303

When I sold my last (5th) home in Broomfield in 2011, the problem I saw with the 20-something lookers (40 showings before contract) was what they considered a "starter" home.

It wasn't a 3 bed 1 bath 1 car ranch on a slab like my 1st home at age 26. They seem to expect a showhome-like 4 bed 3 bath tri-level, 2 car, finished basement with porches, and walking distance to Starbucks, for under $250K.

Originally Posted by Dirty-Mill

If you would have sold in 2015 you would have had 5 all cash offers above asking price within 1 day.

How well I know.
To add to the "pain", my buyer sold the house in 2015 for 38%, that's thirty-eight %, more than they paid. No idea if they did any or a lot of upgrades. I do know they sold it to the realtor that handled the buy from me .

But my personal situation was such I had to sell, and in early 2011 there was no clue when or if the market would turn like it did.

But I'm OK, and life goes on

[DoodlemomCoS]

I agree with jholman. I think a lot of this is a generational thing. And I'm going to pick on my generation (gen X). Just about every family my age feels they need to have the new latest and greatest things in their bigger homes. Granted at my age most of us are not dealing with stater homes but most of the people in my gen have "traded up" to houses that I don't know how they afford. Thinking about the homes my husband and I grew up in, they were nothing compared to what folks would but today or even consider buying. Both of our families were solid middle class.
There is a lot of entitlement in gen x'ers and the following generations. Not a lot of patience. Instant gratification. It's an odd phenomenon. HGTV definitely adds fuel to the fire but I don't think its the primary cause.

[mic111]

With zillow you can look at the houses you grew up in and see pics of the inside if they have recently been on the market.

There were 5 of us in a 1584 sqr ft one and a half bath 2 story house built in 1929. I don't remember it being cramped, having any issues sharing a bedroom or there being any issues sharing the one bathroom with a tub and shower. You replaced things when they went bad, not because you wanted a different look.

It is why I can't feel any sympathy for the posters who state they can't find anything livable in Denver for under $300K.

[philberf]

Here's a skewed perspective on housing, just in case you wanted to stand in slack-jawed amazement.

Palo Alto considers subsidized housing for families making under $250,000 - SFGate

[Dirty-Mill]

Originally Posted by mic111

With zillow you can look at the houses you grew up in and see pics of the inside if they have recently been on the market.

There were 5 of us in a 1584 sqr ft one and a half bath 2 story house built in 1929. I don't remember it being cramped, having any issues sharing a bedroom or there being any issues sharing the one bathroom with a tub and shower. You replaced things when they went bad, not because you wanted a different look.

It is why I can't feel any sympathy for the posters who state they can't find anything livable in Denver for under $300K.

Buyers are not being too picky... the problem with the Denver housing market is there are too many buyers and too few sellers. The market is way out of balance.

Buying a home in Denver is similar to buying a Tickle me Elmo during the Christmas of 1996.

[Hschlick84]

Originally Posted by Dirty-Mill

Buyers are not being too picky... the problem with the Denver housing market is there are too many buyers and too few sellers. The market is way out of balance.

Buying a home in Denver is similar to buying a Tickle me Elmo during the Christmas of 1996.

Sooner or later, the bubble will burst and the housing market will make a correction. Overpaying for a house in schizophrenic weather Colorado isn't worth being ripped off. It's a fad living in this state because hipsters and yuppies said so.

[bluescreen73]

Originally Posted by Hschlick84

Sooner or later, the bubble will burst and the housing market will make a correction. Overpaying for a house in schizophrenic weather Colorado isn't worth being ripped off. It's a fad living in this state because hipsters and yuppies said so.

Enjoy Aridzona.