Housing shortage.

Lunchbox27

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  • Mar 23, 2017
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    I tried to buy a house last year....most fucking houses were getting offers the same day they were listed......the same day!


    Like are people not even inspecting the homes before plunking down a deposit??

    After fucking around with that bullshit for a year we decided to wait and let the market cool down
    My brother in law just sold his house last month. 22 showings in 48 hours. They received 9 offers the first day, I think 6 the next. They accepted one that gave them 60k over asking, no inspection, nothing! And... let them rent back for free for 2 months while they waited for their new home to be built.

    My buddy in real-estate said 2020 was his most profitable year in 14 years.
     
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    HeavyAssault

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    That's a HUGE area. I'd say that is a shortage of inventory. You're including all of Wyoming in that pic.

    Cause 578k+ people in WY need a home "right now?!? Show me where the WY statewide influx of people don't have a home.

    FYI: Wikidata

    Wyoming (/waɪˈoʊmɪŋ/ ( About this sound listen)) is a state in the Mountain West region of the United States. The 10th largest state by area, it is also the least populous and least densely populated state in the contiguous United States.[a] It is bordered by Montana to the north and northwest, South Dakota and Nebraska to the east, Idaho to the west, Utah to the southwest, and Colorado to the south. The state population was estimated at 578,759 in 2019. The state capital and the most populous city is Cheyenne, which had an estimated population of 63,957 in 2018.[6]


    BTW the WY 578K population is pretty close to the reported number of ......wait for it....553k homeless people across the U.S.A. circa 2017.

     

    Not a Sniper

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    "Rural" Northern VA here. Seen homes go for 20% above asking price, dozens of offers, many significant cash down payments or even all cash. All inspection/appraisals waived.

    We own 3 rentals , and planned on holding them long term. But, they've appreciated something like $400K combined just in the last 9 months, on top of years of appreciation. Have seriously considered unloading one of them but haven't yet. We'll see what summer is like. But, it's definitely insane right now.
     
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    Herb Stoner

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    We split our time between our Utah place and SoCal. Clearly a legit shortage in both markets - has nothing to do with a lack of qualified buyers. There are a lot of places for sale no doubt but far more qualified buyers who are struggling to find a place. @MJF summed it up well. Lenders can pick and choose right now.

    Our homes and rental are all up six figures in less than a year but this is not the same as the pre-crash situation mentioned above. That was more due to easy money and high LTV mortages on a lot of new developments - at least in SoCal.

    A home went up next door to some friends in a great neighborhood and I talked to the realtor as it would make a good income property - she had a cash offer for more than 10% over what it was going to be listed for before the MLS went live.

    I've been sitting on over 150+ acres in SoCal (along with a handful of partners) for quite a while and the development process has been slow and painful but I'm feeling better about it every day!
     
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    NovaHunter

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    I think you have a lot of people leaving higher density apartments and condos and moving to a townhouse or a house
    I bet rent in apartments is down, that is where the vacuum is

    Rents are going through the roof in our area too.

    New 1800sq ft "luxury" condo's are being listed for sale for $729k less than 20 min from me. That's more than I paid for my 5BR house 18 months ago.
     

    NovaHunter

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    We split our time between our Utah place and SoCal. Clearly a legit shortage in both markets - has nothing to do with a lack of qualified buyers. There are a lot of places for sale no doubt but far more qualified buyers who are struggling to find a place. @MJF summed it up well. Lenders can pick and choose right now.

    Our homes and rental are all up six figures in less than a year but this is not the same as the pre-crash situation mentioned above. That was more due to easy money and high LTV mortages on a lot of new developments - at least in SoCal.

    A home went up next door to some friends in a great neighborhood and I talked to the realtor as it would make a good income property - she had a cash offer for more than 10% over what it was going to be listed for before the MLS went live.

    I've been sitting on over 150+ acres in SoCal (along with a handful of partners) for quite a while and the development process has been slow and painful but I'm feeling better about it every day!

    I agree, the quality of buyer's driving home prices right now is completely different than 12 years ago. It's not uncommon for homes over 500K in my area to be sold for 20% over list, with the buyer putting down north of 50% cash. And, multiple competitive offers with those stats on the same house. It's crazy. Never seen anything like it.
     
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    Gommer

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    Not my logic...just correcting yours.

    I stand by my statement.


    This is as dumb a using a pipe wrench on a wood screw. Good to see you are willing to show your ignorance.

    You literally didn't answer anything, you've just said you stand by your handily debunked statement.

    This is how gaslighting works, is the ignorant piece of shit doing it hopes to wear the victim down into submission. This is what you are doing, you still have not addressed your original statement nor my counter to it.

    You said:
    "There's no shortage of housing, it's an overabundance of people not wanting to work hard to afford a house they would live in."

    I responded:
    "I think you have that logic inverted there..."

    You responded:
    "How so?"

    I responded:
    "For your statement to be accurate, the homes would have to not be selling. That is not the case, the homes are selling."


    This is the baseline argument. Each side has a position that is articulated. Your position is:
    "There's no shortage of housing, it's an overabundance of people not wanting to work hard to afford a house they would live in."

    My position is:
    "For your statement to be accurate, the homes would have to not be selling. That is not the case, the homes are selling."


    Then you make a straw man, and ignorant, argument that:
    "For your statement to be accurate, homes would need to be selling EVERYWHERE......that's not the case."



    You are either being disingenuous or you are truly as stupid as your argument, I think it's both.

    And here you are, trying to change the argument. Again. A common behavior of abusers. Based on your continued attempt to change the topic from your initial assertion to anything else, I'd say you are just that type of person. The more defensive you get, the more you try to shift the argument.

    Or maybe it's partially true, maybe you truly are too stupid to realize that real estate markets are plural -- this thread is specifically about the plural aspect of the market, and the OP was literally looking to see how other markets are impacted beyond their own....

    Regardless, what I see is a weak man made a weak argument and has a weak mind incapable of accepting he was wrong.
     
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    texastonk

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  • Sep 14, 2010
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    Here in N Tx We looked for a year. I refuse to over pay for a home that needs thousands in work after we would have bought. Did the refi and cash out. Put it back in to the house doing a big remod. Even added a shop. Still les money than the cheapest house we could find that we liked.
    Crazy thing is with the current market I could get at least 100k more Than I owe from a little over a year ago.
     

    HeavyAssault

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  • Feb 14, 2011
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    You literally didn't answer anything, you've just said you stand by your handily debunked statement.

    This is how gaslighting works, is the ignorant piece of shit doing it hopes to wear the victim down into submission. This is what you are doing, you still have not addressed your original statement nor my counter to it.

    You said:
    "There's no shortage of housing, it's an overabundance of people not wanting to work hard to afford a house they would live in."

    I responded:
    "I think you have that logic inverted there..."

    You responded:
    "How so?"

    I responded:
    "For your statement to be accurate, the homes would have to not be selling. That is not the case, the homes are selling."


    This is the baseline argument. Each side has a position that is articulated. Your position is:
    "There's no shortage of housing, it's an overabundance of people not wanting to work hard to afford a house they would live in."

    My position is:
    "For your statement to be accurate, the homes would have to not be selling. That is not the case, the homes are selling."


    Then you make a straw man, and ignorant, argument that:
    "For your statement to be accurate, homes would need to be selling EVERYWHERE......that's not the case."



    You are either being disingenuous or you are truly as stupid as your argument, I think it's both.

    And here you are, trying to change the argument. Again. A common behavior of abusers. Based on your continued attempt to change the topic from your initial assertion to anything else, I'd say you are just that type of person. The more defensive you get, the more you try to shift the argument.

    Or maybe it's partially true, maybe you truly are too stupid to realize that real estate markets are plural -- this thread is specifically about the plural aspect of the market, and the OP was literally looking to see how other markets are impacted beyond their own....

    Regardless, what I see is a weak man made a weak argument and has a weak mind incapable of accepting he was wrong.

    When one reads the thread title as HOUSING SHORTAGE.

    Thank you for proving my point. There's no housing shortage as I have said.
     

    HeavyAssault

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  • Feb 14, 2011
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    Just remember the OP asked "What's your area look like?"

    To which I responded..."There's no shortage of housing, it's an overabundance of people not wanting to work hard to afford a house they would live in."

    So your thoughts are focused on my area, as in WHERE my home is located?? Cause I was answering the OP.


    You wanted to gaslight yourself.....and it worked.

    image003.jpg
     

    Ruger1300

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    The 1,350 sq ft 3 bedroom 2 bath house behind me sold in 2018 for $265k. The same house was listed a couple months ago for $285k and sold for $300k.
     

    Gommer

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    When one reads the thread title as HOUSING SHORTAGE.

    Thank you for proving my point. There's no housing shortage as I have said

    Once again, too weak to defend your position -- you try to change the subject and declare victory.

    It makes sense with a name like "HeavyAssault" that you'd be weak, probably fat, too.

    So, look fat, there's more to a thread than a title. And getting back to your original statement, which was stupid and you have yet to accept you were wrong and idiotic for posting or defend it, either one...

    See statistical data:
    1618352797344.png

    There is the housing inventory. If you read the OP's post, you'd see that was what this thread was intended to be about.


    Once again, dragging you back to your original comment that you still can't defend and you continue to shift away from -- there are very clearly more qualified people buying houses than houses being sold. Statistical data from many sources bares this fact out.

    This makes your comment incorrect.
     
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    Gommer

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    Just remember the OP asked "What's your area look like?"

    To which I responded..."There's no shortage of housing, it's an overabundance of people not wanting to work hard to afford a house they would live in."

    So your thoughts are focused on my area, as in WHERE my home is located?? Cause I was answering the OP.


    You wanted to gaslight yourself.....and it worked.

    image003.jpg

    If you had led with that, I would have ceded. Not knowing what area you live, that could certainly have been true and it may have even been funny.

    Unfortunately, though, you attempted to defend it. And in your attempt to defend it showed that was not actually your position.

    That's too bad, too, would have been funny.
     

    HeavyAssault

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  • Feb 14, 2011
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    Yea, I should have used a semi-colon and dropped the hidden verb: >>>> housing; it's an abundance

    Sorry you didn't use common sense. Good luck in the future.
     

    HeavyAssault

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  • Feb 14, 2011
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    The level of narcissism required to have made such a public ass of yourself and still declare yourself victor... I'd say impressive but it's sad.

    The depths of your ignorance are only surpassed by your effort to show us all they go MUCH deeper. Please continue.
    It's quite impressive.
     

    chevy_man

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  • Jan 25, 2019
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    There's no shortage of housing, it's an overabundance of people not wanting to work hard to afford a house they would live in.

    Not at all.

    It's insane pricing that nobody can truly afford. Around here $20-30/hr is good money. Yet I see people buying $300k houses. Not going to end well when you're paying 50% of your check to taxes and 40% to your mortgage. Miss some overtime or have to take an unwanted unpaid vacation and they'll never make it back.

    I make over $30/hr, and I bitch about my mortgage on a $175k. I'd rather be out doing stuff than be house poor though. I can afford to save enough to make 6 months of house payments and other expenses without painful budgeting also.


    4 years ago there were about 150 listings when I was looking. Just checked, and there are 5 in the county.
     
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    HeavyAssault

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  • Feb 14, 2011
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    I responded the OP.

    I read your comments as people in your area ARE working for homes. Unlike my area where people DO NOT WANT to work for a home.
     

    theLBC

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    corporations control everything, and they don't give a shit.
    why did europe start importing migrants? they needed somebody to buy a tv, and a cellphone, and trainers (shoes over there) and all the other shit that all the wypipo already have. they cannot tolerate zero growth, so they have the governments import consumers, even if the existing tax payers have to actually pay for all the shit for these new "consumers" while they sit in some flat on the dole.

    and this is where we are headed, which is why the pedo administration is going to force block housing into the suburbs if they can.
     

    Bigfatcock

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    Not at all.

    It's insane pricing that nobody can truly afford. Around here $20-30/hr is good money. Yet I see people buying $300k houses. Not going to end well when you're paying 50% of your check to taxes and 40% to your mortgage. Miss some overtime or have to take an unwanted unpaid vacation and they'll never make it back.

    I make over $30/hr, and I bitch about my mortgage on a $175k. I'd rather be out doing stuff than be house poor though. I can afford to save enough to make 6 months of house payments and other expenses without painful budgeting also.


    4 years ago there were about 150 listings when I was looking. Just checked, and there are 5 in the county.

    People are between a rock and a hard place. Either buy at current prices and take your chance, or keep renting (throwing money in the trash) and watch prices go higher.

    Even if the market corrects and shaves 25% off of home prices today, they will be back here and higher soon enough.

    I am looking to buy a couple more rental properties, but am looking for specific neighborhoods. Just waiting on the right ones to buy.
     
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    Bigfatcock

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    corporations control everything, and they don't give a shit.
    why did europe start importing migrants? they needed somebody to buy a tv, and a cellphone, and trainers (shoes over there) and all the other shit that all the wypipo already have. they cannot tolerate zero growth, so they have the governments import consumers, even if the existing tax payers have to actually pay for all the shit for these new "consumers" while they sit in some flat on the dole.

    and this is where we are headed, which is why the pedo administration is going to force block housing into the suburbs if they can.
    The bold part is what concerns me.
     

    theLBC

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    around here, mortgages are not that much higher than rents, since a 2br 1.5ba might be $1800+/month.
    it is foolish to rent at those prices if you pay significant income taxes and can use the deduction.
     
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    Strykervet

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    I tried to buy a house last year....most fucking houses were getting offers the same day they were listed......the same day!


    Like are people not even inspecting the homes before plunking down a deposit??

    After fucking around with that bullshit for a year we decided to wait and let the market cool down
    It ain't gonna cool down bro. You better get while the gettin' is good. Still killer rates. Shit holes are turning around because of it --all the shit stains are looking at moving to Seattle and Portland because there aren't an apt. complexes here and rental properties are flipping and selling out at record rates. Property taxes have nearly doubled in the last year alone! Thank god for veteran exemptions.

    You don't need to put anything down --make an offer, they accept it, you get it inspected in the given timeframe (or not but I used a VA cert. to underwrite the purchase so that's pending both my inspection and a VA inspection and market research to ensure you aren't over-paying).

    But yeah, they're going same day. Have been the last three or four years or more. It's been a pretty steady rise. 08 didn't really make values go down here as much as they just paused or delayed equity.

    As prices go up, property taxes go up causing prices to rise --it's all cyclical.

    Renting is throwing money away. Ex was a property manager. Saw her raise rent consistently, doubling every ten years at least. So unless your paycheck doubles every ten years, well, you get the idea.
     

    theLBC

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    i think low mortgage rates might not last with the economy tanking under xiden. if they raise taxes?
    but then i really don't know, so whatever...if it is cheap to rent...

    some sellers are taking letters from buyers to decide who gets the house, so start working on a really good letter. :p
     
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    Bigfatcock

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    I’m not into house flipping. I like the income stream of renting while the physical property continues to appreciate.

    I’ve had renters in my properties since 2009, and they have paid $434,000 combined worth of rent in the last 12 years. That is significantly more than I paid for the two properties combined. On top of that, the properties themselves have increased in value by over $300,000 combined.

    I love rental properties.

    I know it’s tempting for people to sell right now, but you have to ask yourself if it’s worth it when you are going to dump all of the profit into a new place that’s not a huge upgrade in SF and lot size?
     
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    BullGear

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    I’m holding onto my rental properties.

    I'm probably going to keep this one too. I am going to talk to my real estate agent and see if Zillow is close to realistic. The Capital Gains is going to kill me, so that's a big strike against selling.
     

    theLBC

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    I’m not into house flipping. I like the income stream of renting while the physical property continues to appreciate.

    I’ve had renters in my properties since 2009, and they have paid $434,000 combined worth of rent in the last 12 years. That is significantly more than I paid for the two properties combined. On top of that, the properties themselves have increased in value by over $300,000 combined.

    I love rental properties.

    I know it’s tempting for people to sell right now, but you have to ask yourself if it’s worth it when you are going to dump all of the profit into a new place that’s not a huge upgrade in SF and lot size?
    can i borrow fiddy?
     

    Huskydriver

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    I’m not into house flipping. I like the income stream of renting while the physical property continues to appreciate.

    I’ve had renters in my properties since 2009, and they have paid $434,000 combined worth of rent in the last 12 years. That is significantly more than I paid for the two properties combined. On top of that, the properties themselves have increased in value by over $300,000 combined.

    I love rental properties.

    I know it’s tempting for people to sell right now, but you have to ask yourself if it’s worth it when you are going to dump all of the profit into a new place that’s not a huge upgrade in SF and lot size?

    You and me think exactly alike....I'm about one word....

    Cashflow
     
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    Redmanss

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    Plenty of housing for sale....

    View attachment 7603754
    See all those listings in the Gillette and Casper areas? That's because Biden took a giant shit on the Wyoming energy industry, and unemployment which is falling through the floor across the nation is actually going up in Wyoming. Lots of coal miners and roughnecks are out of work, quickly going under on their homes, and nobody is stupid enough to move there and buy a house in an area that just lost its #1 industry. Same goes for Riverton and Rock Springs.

    There's three houses for sale on my street, all 100 yds of it. All are well ender $200k, and in relative decent shape 3/2 or more homes. And all have been on the market for over a year and will stay there too. Nobody wants to move to a bust town that is 80 miles from the nearest Starfucks and has DSL grade internet.

    But sure, there's some homes for sale in Wyoming. And there's no jobs to be had and businesses are going under as a result of the ripple effect of oil pipeline cuts and moratoriums on energy production on federal lands. Wyoming has 62 million acres, 49 million of which are federal mineral estate, all of which just got cut from new production. Do the math. But come on in, I dare you. We don't even need blizzards and wind to make people not want to move here since Jan 20th.
     

    Bigfatcock

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    Plus a processing fee
    Lol.

    To add to selling. Capital gains was mentioned, but don’t forget about agent fees. Some of the places in areas I looked at, the real estate agent wants 6% or more. Fuck that.

    Maybe if it was like 2009 and they had to actually do real work for it, but all they do now is post that shit on a website and wait for offers. Fuck taxes and fuck real estate agents.
     

    Maggot

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    corporations control everything, and they don't give a shit.
    why did europe start importing migrants? they needed somebody to buy a tv, and a cellphone, and trainers (shoes over there) and all the other shit that all the wypipo already have. they cannot tolerate zero growth, so they have the governments import consumers, even if the existing tax payers have to actually pay for all the shit for these new "consumers" while they sit in some flat on the dole.

    and this is where we are headed, which is why the pedo administration is going to force block housing into the suburbs if they can.
    Already happening here. When I was in building in the late 70's to the mid 90's we were building lots of middle class single family homes. Now its either McMansion for the million/billion/aires or apts, townhomes/condos for the serf/proletariat/slave.
     
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    Lug Nut

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    If people are moving and paying as much as we see witness to here, where are they moving from? Where is the vacuum? I ask because that's where I want to go. 🤠
    They are moving from expensive California.

    A house in my neighborhood just sold for $750,000, over asking price. Old neighborhood, built in the late 1950’s, in West San Jose. Standard 8,000 foot lot. Nothing special.

    I work in home building in the SF bay area. About 99 percent of our new homes are sold to non-American born people. About 75 percent Chinese, 20 percent Indian, and a few Eastern European.

    There is no vacuum here.

    Homes sell really fast.
     

    P-Squared

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    FYI - VERY BLEEDING EDGE technology. I watched a video today of building a 1750 sq ft home with a 3D printer. I was very skeptical when I heard about it, but when I watched the video it was amazing. Imagine a 3D printer that lays down a 2" ribbon of concrete mud. It draws the outline of the wall, then comes back with a 'Z' like cross piece between the wall sides. The it starts the next layer doing the same thing. No lumber, no laborers (except for those running the machine), no nothing, just mud. They had homes where they left the walls with the texture of the layers of a 3D printer, sort of like the 70's look of exposed slump block, and they had homes where someone came back after the layer was laid down and hit it with a trowel so you had a smooth wall.

    Granted this is really the cutting edge of new technology, but imagine 10 years out.

    They 'printed' this house in less than 24 hours. All the exterior walls, all the interior walls, all the doorways, all the window openings, just freaking amazing.

    I have no idea what we're going to do with all those people streaming across our borders. There isn't going to be the laborer jobs at some point like there used to be.
     

    theLBC

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    Lol.

    To add to selling. Capital gains was mentioned, but don’t forget about agent fees. Some of the places in areas I looked at, the real estate agent wants 6% or more. Fuck that.

    Maybe if it was like 2009 and they had to actually do real work for it, but all they do now is post that shit on a website and wait for offers. Fuck taxes and fuck real estate agents.
    both real estate agents and brokers may kick back some of their fees to borrowers as incentive, or so i heard.
    of course stupid people don't care that about the cost as long as they have cash to buy more shit.
     

    theLBC

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    Minuteman
    Jun 21, 2019
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    They are moving from expensive California.

    A house in my neighborhood just sold for $750,000, over asking price. Old neighborhood, built in the late 1950’s, in West San Jose. Standard 8,000 foot lot. Nothing special.

    I work in home building in the SF bay area. About 99 percent of our new homes are sold to non-American born people. About 75 percent Chinese, 20 percent Indian, and a few Eastern European.

    There is no vacuum here.

    Homes sell really fast.
    much more likely to be able to afford living there than wypipo.

    fbhUgaPv.jpeg
     
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    HeavyAssault

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    Minuteman
  • Feb 14, 2011
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    3D Concrete printing has been around awhile now. Several places have used it. Now widespread use of said construction I could agree is a bit further out.
     

    Sniperwannabee

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  • Feb 14, 2017
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    FYI - VERY BLEEDING EDGE technology. I watched a video today of building a 1750 sq ft home with a 3D printer. I was very skeptical when I heard about it, but when I watched the video it was amazing. Imagine a 3D printer that lays down a 2" ribbon of concrete mud. It draws the outline of the wall, then comes back with a 'Z' like cross piece between the wall sides. The it starts the next layer doing the same thing. No lumber, no laborers (except for those running the machine), no nothing, just mud. They had homes where they left the walls with the texture of the layers of a 3D printer, sort of like the 70's look of exposed slump block, and they had homes where someone came back after the layer was laid down and hit it with a trowel so you had a smooth wall.

    Granted this is really the cutting edge of new technology, but imagine 10 years out.

    They 'printed' this house in less than 24 hours. All the exterior walls, all the interior walls, all the doorways, all the window openings, just freaking amazing.

    I have no idea what we're going to do with all those people streaming across our borders. There isn't going to be the laborer jobs at some point like there used to be.
    id love to have a solid concrete house..i know what im going to do in 10 years hahah link to video?
     
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    theLBC

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