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All them city morons now experiencing buyers remorse when they all ran out half cocked over bidding for “country” homes and such. Check the neighborhood? Do some research? Nah. Just buy it. It’s in the country. Everyone else is doing it so we GOTTA do it too! What could go wrong? Haha! And now you’re stuck with the place. Jackasses.
Not us. We absolutely love where we live now. You couldn't pay us to move back to the city/suburb. Everyday is like being at our rural cottage, minus the lake. We couldn't be any happier.
I'm sure banks will negotiate those underwater mortgages much more willingly now than in 2008.
Banks learned the hard way that repossessing an underwater mortgage during a recession was a very bad idea.
None of the big survivors want to be the next Lehmann Brothers to fall. Their mortgage investment is much more secure when a home has people living in it.
And nowadays, homeowners are not treating their homes like piggy banks any more. Those days are gone, and owning a home is once more a lifetime investment in equity.
The only thing that's out of balance now is wage equity, and that problem is already beginning to be addressed.
Cutting desperate homeowners some slack is the easiest and cheapest way a bank has of protecting its investment and keeping it intact. Especially in a time when all homes cost more than they did in 2008.
I believe it. It has to come down eventually. Our model that we purchased in mid-2020 has gone up like 60% in price since then, and don’t get me started on land prices. My area is up at least 50% or more depending on acreage and location. But I’ve noticed the market isn’t moving as quickly now and prices are starting to come down. How much will it come down, I do not know. The bump in my supposed equity and home value is pretty awesome but you know the powers that be have already adjusted values so they can get their tax revenue on it. We have no plans to sell so the value jump is worthless at the moment.
Primary residence in Florida? You filed your homestead exemption under Save Our Homes right quick to lock in the original low taxable value and will have the max of 3% annual increases, I hope.
We’re on a SOH homestead exemption filed in 2001 and pay something like $1400/year in property taxes on what’s now a $400K house.
Primary residence in Florida? You filed your homestead exemption under Save Our Homes right quick to lock in the original low taxable value and will have the max of 3% annual increases, I hope.
We’re on a SOH homestead exemption filed in 2001 and pay something like $1400/year in property taxes on what’s now a $400K house.
I missed the deadline the first year, too much going on and we completely forgot (we moved in December after inspections were finally finished). Our homestead exemption basically took care of the value increase and our taxes are more or less the same as the un-homesteaded 2021 taxes.
Part of my post disappeared when I posted it. I did not know that’s how SOH worked, I thought it was more about the portability aspect. Oh well, that’s disappointing for sure.
A home's value is what a person is willing to pay for it.
Since the thread specifies 2022 the reality is that almost all homebuyers are "underwater" for a year or five after they buy, especially first time ones.
Do you also blame unions for doing the same for labor? How about politicians who are always voting a raise for themselves while the nation circles the drain???
And houses are very expensive. Go try to build one with today's material prices.... Not going to be cheap at all. Last time I bought a 2X4, it was $7. Five years ago, I was paying $2.50. Do the math... That's an incredible amount of inflation in a short period of time. Shelter is not cheap anywhere you go, unless it's some place no one wants to live in. I guess if democrats cause crime to reach such levels that no sane person would want to live here anymore, your dream of cheap housing may become reality, but it's not a reality I would want any part of.
FWIW 2x4 is back down to 3.54. Source I work at Depot and the lumber aisle is the main back to front aisle. FWIW 3.54 is roughly the price from 2018.
Are you sure Clinton was POTUS for the eight years leading up to and including that housing insanity?
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