'Doubt and hesitation' are ripping through the housing market: 'People are starting their home search, then backing out' : usa

[+] solsangraal@lemmy.zip 21 points 1 year ago* (last edited 8 months ago) (1 children)

[deleted]

[–] BartyDeCanter@lemmy.sdf.org 19 points 1 year ago (4 children)

Five digits? Where you getting housing that it only takes five digits for a down payment?

[–] bdonvr@thelemmy.club 5 points 1 year ago (3 children)

Uh, even in more expensive areas $100k down payment seems a little insane

[–] grue@lemmy.world 2 points 1 year ago* (last edited 1 year ago) (2 children)

$100k is 20% of a $500k house. 20% is the traditionally "normal" amount, and $500k is a pretty average price in big cities these days...

[–] bdonvr@thelemmy.club 2 points 1 year ago

I don't think most people are putting 20% down anymore tbh. Especially not in those places

[–] BreadstickNinja@lemmy.world 1 points 1 year ago (1 children)

A lot of people put down 10-15% and pay the PMI. That's what we had to do.

[–] grue@lemmy.world 0 points 1 year ago

Or 3.5% with an FHA loan (if that's still a thing?).

[–] ActuallyGoingCrazy@sh.itjust.works 1 points 1 year ago (1 children)

100k is 6 digits

[–] bdonvr@thelemmy.club 5 points 1 year ago (1 children)

Right, the comment I'm replying to is saying that 5 digits wouldn't be enough

[–] ExtantHuman@lemm.ee 2 points 1 year ago

No it isn't. It says "who has that?", and "what bank would approve the loan for the falling apart shack that would buy"

[–] BartyDeCanter@lemmy.sdf.org 1 points 1 year ago (1 children)

The floor price to buy a 2/1 house is $750,000 in my town. Assuming a standard 20% down payment you have to come up with $150,000 cash to buy the worst house in town.

[–] bdonvr@thelemmy.club 1 points 1 year ago

Maybe. But. That's assuming people are actually putting 20% down, which I doubt.

And either way, even though prices are rising everywhere your area is still an outlier

[–] TTH4P@lemm.ee 4 points 1 year ago

Srsly

[–] Fredselfish@lemmy.world 0 points 1 year ago

My dad bought a house for 5k the other day. He so excited goimg around looking for more. The house should of been torned down and the town has zero jobs. But it bound and determined to gst us all to move there. "So cheap" there reason for that.

[–] Yawweee877h444@lemmy.world 20 points 1 year ago* (last edited 1 year ago)

As planned.

Wealthy and corporations love buying properties to rent out.

Eventually the majority will have the vast majority of their income going to rent and bills for necessities, if we're not getting there already. With no escape. It's only going to get worse.

8647

#luigi

[–] DioramaOfShit@lemm.ee 4 points 1 year ago

I am also mildly surprised.

[–] SolarMonkey@slrpnk.net 3 points 1 year ago* (last edited 1 year ago)

I’m currently in this boat.. I’ve wanted to sell to buy land with a house somewhere cheaper, and I have a private offer on mine (never listed on the market, friend just knows I want to move and offered), but I’m seriously considering backing out (or at least heavily delaying) because there’s absolutely nothing meeting my requirements on the market, where three months ago there were dozens of options..

[–] Linktank@lemmy.today 2 points 1 year ago (1 children)

I've wanted to buy a house for like 10+ years. Never the right time.

[–] blakenong@lemmings.world 3 points 1 year ago

20 years here. It wasn’t the right time for me in 2012, when it was rock bottom in the US. I refuse to pay 500k for a 70 year old tract home with a bad roof and original everything.

[–] Malfeasant@lemm.ee 2 points 1 year ago (1 children)

And of course my wife picked now to get divorced...

[–] peoplebeproblems@midwest.social 1 points 1 year ago

Yeah mine did too. Don't worry, whatever settlement you end up with will be frustrating and disappointing to you both.

The good news is that in 3 years all my salary will be mine and maybe I'll be able to afford a place then. Who knows. Probably not since that also expects us all to survive that long.

United States | News & Politics