Housing market trash

Was talking with a superintendent at work that’s trying to hire someone to fill a project manager role.
Our company is making offers that are less than what these candidates currently make. But even if the offer was the same as what they’re making now, they’d take a pay cut because if they’re like me, they have a mortgage under 3% now and if they relocate they’ll have a 6% mortgage on an inflated price house.
 
Jody Treadway said:
There's no way I'd finance a (new purchase) house these days. When you see the amount of interest paid on an average $400-450k house around here at 6.7ish% it's sickening.
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It is all perspective, right? My first (and only) auto loan in the early 00's was high sixes. First mortgage was in the high fives in the mid 00's. My parents paid 17% on their first house in 1979. I refinanced down a couple times on our current house to nearly the bottom.

We plan on building, sooner rather than later, hopefully start before the end of the year. We bought property a few years ago and waiting around forever will not get us in anytime soon. So, even with rates being crappy relative to the artificially low rates we had for years it is time to bite the bullet. The mortgage is nothing on the current house so renting it out will pay most of the mortgage on the new one. If rates drop I will refinance. If they do not then it will be as good as it can be. Selling the current house does not work out as well for the math on monthly cash flow compared against holding and renting.
 
OnlyOneDR said:
It is all perspective, right? My first (and only) auto loan in the early 00's was high sixes. First mortgage was in the high fives in the mid 00's. My parents paid 17% on their first house in 1979. I refinanced down a couple times on our current house to nearly the bottom.

We plan on building, sooner rather than later, hopefully start before the end of the year. We bought property a few years ago and waiting around forever will not get us in anytime soon. So, even with rates being crappy relative to the artificially low rates we had for years it is time to bite the bullet. The mortgage is nothing on the current house so renting it out will pay most of the mortgage on the new one. If rates drop I will refinance. If they do not then it will be as good as it can be. Selling the current house does not work out as well for the math on monthly cash flow compared against holding and renting.
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I've got my parent's mortgage contract on my grow up house. 1972, 1850 sq/ft brick ranch on full basement in paid for family land- $25k and $195 a month payment at 12%.
I remember times where they struggled to make the payment during sports season when one of us kids needed cleats, shoes or equipment.
Definitely all relative for sure.
My first mortgage was $89k and 5.5% in 2002. $525 a month.
Really can't imagine a +/- $3k payment these days on an average $400k house (around here)
 
Nearly 25 years. Mine never started paying her portion...but she let's me play with the bewbs (among other things) and I like bewbs (among other things)
 
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Thiught this might be informative, just got a 30x36 over a daylight basement in the dry for a buddy. Pretty basic house, 6:12 roof pitch (stick framed but vaulted throughout) , 10x16 deck with a shed roof off the back, 3x6 covered stoop on the front, Pella 250 vynil windows And architectural shingles. Sitting at about $85k ($42 sq. Ft.) to this point. I'll keep yall posted on how it progresses.
 
ramjo said:
Thiught this might be informative, just got a 30x36 over a daylight basement in the dry for a buddy. Pretty basic house, 6:12 roof pitch (stick framed but vaulted throughout) , 10x16 deck with a shed roof off the back, 3x6 covered stoop on the front, Pella 250 vynil windows And architectural shingles. Sitting at about $85k ($42 sq. Ft.) to this point. I'll keep yall posted on how it progresses.
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There’s people out there quoting that much for a shop that size with no basement!
 
I keep reading the housing correction is nigh, what sayeth the hive?
 
Things up here are at least slowing down, houses are staying on the market longer. Haven't seen any kind of drop though.

I'll see soon, have a neighbor that just listed at $500k. Its a rediculous price but I do secretly hope they get it ;-)
 
House across from us has been on and off the market for over a year. Finally closed last week, $100k less than the first asking price a year ago. But a year ago I said that lady was crazy if she thought she would get what she was asking.

Custom Neighborhood is 40+ years old and a developer bough the lot at the entrance and built a spec home last year. It’s been on the market for almost 9 months and they recently dropped the asking price by $80k. It’s still way higher than Snoop Dogg.

I hope we get a market correction because I don’t want my kids living with me forever!
 
They are trying to build a 1.4M dollar house on the 1 acre next to me, we will see if he finds a buyer

A lot of 1 acre lots near me for the last 1-2 years have been getting 1-1.5M houses built on them, its wild.
 
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