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I find that most of the time, when someone complains about the housing market, and you ask them how much they have saved for a down payment, the answer is "nothing."
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Let markets WORK. If BUYERS didn't pay the prices for housing then they would not be valued like they are. When a correction is needed, it will happen and I see one coming during the early Biden years. Watch. Once people start losing their jobs and uncertainty in the business world is the norm, in large numbers then the housing markets will stall.
Trouble is, and Vancouverites lived this, is that there will always be buyers in housing markets that the world's wealthy are attracted to and will invest in.
In those cases, the market doesn't work in favour of the locals, UNLESS you were lucky enough to be selling a family home where the proceeds go to the children. Then, you are very happy indeed.
Yep (except for that little housing crash thing that dinged the market) and it keeps getting worse at an accelerated pace.
Home prices in my area on the gulf were under 20k back in 2010 thru 2013. Just to insure a bigger home on the gulf was over 18k a year. My area never came back like everywhere else.
Why shouldn't it ? What do you think it should do ?
It is our fault. Instead of house hopping every few years we stuck it out too long. Then '09 hit and the house value plummeted. It took time for it to recover. Then we went from a starter home to a wealthy area to a house more than double the value, putting 15% down. Being we are both worker bee's, it takes time.
Because life is short/finite and unless you're paying all in cash (which could take even longer to save) you have to wait more years for the home to be financially yours. That's what makes it worse too. You work all this time, often neglecting other things that need to be done because you need to keep earning and saving.
I find that most of the time, when someone complains about the housing market, and you ask them how much they have saved for a down payment, the answer is "nothing."
I mean if it was more probable to obtain the money.....
[3] To be "outside" of municipal control only requires not giving consent to be governed. Check your own state constitution and statutes to verify that PRIVATE PROPERTY is protected. Then try and find one statute that imposes an ad valorem tax upon private property. (And, no, I am not referring to allodial title or land patents).
are you one of those sovereign citizen folks? If we're talking Texas, are you aware they have very unique real property laws?
The basic problem is this... housing prices have grown completely beyond even the highest level middle class to comfortably afford.
Sure there are some cheap houses in certain areas of the USA but with the exodus from higher living areas... there is great pressure on prices there as well.
IMHO it doesn't take a genius to see we will soon hit a point where you cannot reasonably purchase a home in the USA for anyone but the most rich.
At the same time, we cannot just unilaterally force people to sell at lower prices because they would lose money.
Is there anything that can be done to reset prices to reasonable levels without destroying the savings of most of he USA?
Yes let the free market dictate the price. That you actually believe housing will cost so much many can't afford it is silly. So the houses will sit vacant and the owner will not make any money? Or will the owner lower the rent or selling price and the owner will make money. See how that works?
I find that most of the time, when someone complains about the housing market, and you ask them how much they have saved for a down payment, the answer is "nothing."
That has always been the biggest obstacle to purchasing a home. The inability to come up with a sizeable down payment.
Trouble is, and Vancouverites lived this, is that there will always be buyers in housing markets that the world's wealthy are attracted to and will invest in.
In those cases, the market doesn't work in favour of the locals, UNLESS you were lucky enough to be selling a family home where the proceeds go to the children. Then, you are very happy indeed.
Then stop supporting Leftist politicians that are owned by CHINA and Chinese money.
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