Buying House in 2017?

>>1909223
that house would have been lucky to sell for $50k during the crash. desu another crash is unlikely under Trump unless he deports all the illegals at once.

that house is disgusting
the idea of having to live in Nevada makes me want to eat a bullet, and I live in fucking Kansas

Why don't they bury the houses underground and save on cooling and look really futuristic

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I've been thinking about this a lot lately. Pretty sure we're headed for another crash soon. I live in Northern California and deal with buyers of homes often due to my field of wageslavery. Majority are either
>rich shitskins (asian, pajeet, or sand nigger) buying for 'muh investment', even though they can barely speak English, let alone work a computer
>poorfags who've "made it!"
>boomers who are looking to upgrade like they were doing every couple years before 2007 hit
>chad and stacey trying to keep up with the Jones

Sure it's gr8 that the market is on the up and up, but if it doesn't level out soon these people buying in now are in for another McFucking. Basic ass 3 bedroom houses in my area are already approaching the high 300s; a 30/yr loan on 375k is roughly 2k a month. Meanwhile the the median household income of the area is 79k. Normies are spending over 30% of their annual income on just the mortgage! Stack that on top of the other additional costs associated with home ownership (electricity, gas, water, ect.) and you're well over 50% of income on the house alone. The writing is on the wall lads, bubble-burst round 2 electric boogaloo is coming! REEEE!!

Start saving your shekels now OP, so you can buy in cheap as dirt when shit eventually hits the fan; then wait it out and sell the shack to the aforementioned green list when they finally manage to repair their credit score for the second time

>>1909223
>townhomes

may as well buy a condo

>>1909768
flooding

>>1909223
I've been thinking about moving to Henderson lately. I'ma save up like 50k first. I have an aunt that lives out there. fat house with bedroom balconies overlooking Vegas. it's hot as shit tho.

>>1910010
lol hell yeah

>>1910027
May as well fucking kill yourself.

Land or death.

>>1910034
and Vegas is nearby, so if u ever Wana hang some sluts just drive 15 minutes to vegas

I live in the bay area and the avg house (less than 1500 sq ft) in areas that arent total shit to live in is $900k

>>1909223
I want to do it but I want to wait for a crash or something first. Plan is to buy a duplex, live in half and rent out the other as sort of a little modest small business thing.

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>>1909223
>mfw wife wants to buy a million dollar house just because we can (barely) afford it.

>>1910259
Why are you scared? Just say no. Aren't you the man? Afraid she'll divorce you for disagreeing? Why did you marry her in the first place?

>>1909223
I dont know let me pull out my crystal ball.

>>1910260
>Why did you marry her in the first place?
I have no idea at this point.

>>1910259
I wouldn't do it if you have to get a jumbo loan. That shit will have worse rates and I think you need mortgage insurance too.

>>1910278
We have enough for the 20% downpay. It's just there's no fucking reason to spend that much, it's just her desire for conspicuous consumption and unwillingness to live farther out and take the train in.

How does that pos only have 1.1k square feet? I've seen studio apartments with more space

There won't be a crash in the next decade. Trump is a real estate magnate. He will pump it. Buy now then sell in 8 years when he's out

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>>1909223
>last sold 68k in 2010
there you go, youre being jewed

>>1909223

I work in the mortgage industry as a MLO.

Most people don't care that a crash is coming but have spoke with people at FHA at conferences and they are worried about a recession coming. Thats why they are pushing 1% down programs and lower ficos now to keep the show going.

>>1909223
Eyyyy I'm a Brit planning to buy somewhere in Henderson in the next year to settle with GF

Smart or not lads?

>>1910345
>How does that pos only have 1.1k square feet? I've seen studio apartments with more space
That's space of the yard, which is nonexistant

>>1909223
It's almost always worth buying. It's never worth buying when your over leveraged and have no liquidity.

Make sure your payments don't over burden you if you have a decrease in income.

Don't expect housing prices to fall or stop increasing for many years. I would imagine it's going to be at least 5 more years. Once interest rates go up, housing price increases will temper.

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>>1910010
>30 yr loan on 375k
>2k per month

What the fuck, did you mean 15 yr?

>>1910270
>leave her and she takes half your salary
>stay with her and you buy a million dollar house

C U C K E D

>>1909223
Not as an investment.

Just buy a small house and enjoy paying $300-600/mo instead of renting a shitty apartment for $1K and having loud ass neighbors.

A house you live in is not an income generating asset. Appreciation will rarely outpace debt servicing, insurance, property taxes, and maintainence.

Rental property is another story, but the best returns will come from self directed business operations. If you want returns, take the risk. Start small and grow when you have a sustainable system in place.

>>1910010
Were definitely in bubble territory in some urban areas. Valuations are out of whack in the commercial markets as well. A 3% return is considered acceptable, just wait until vacancies rise.

An extended Trump rally would put us in dangerous waters in terms of property markets.

Personally, I was considering buying 4 unit parts of various distribution centers but valuations are absolutely insane right now. I'm renting and locked into a 3 year contract 2 years ago. Thank god.

>>1909276
This. 8 years of sweet sweet justice

>>1909746
Kek. Me too. Live anywhere near southeast?

>>1910045
>>1910034

I'm thinking about moving to Nevada in the Reno/Carson City region. Nevada seems pretty based compared to all the other states in the Southwest. Nevada has much lower taxes compared to other states in the SW, land is cheap, and laws are much better. Seems pretty based to me.

>>1909223

A house is a place to keep you dry and store your shit, it's not an investment. The question you should be asking yourself is if you're ready to settle down. Not trying to time the market for the next crash; the longer you wait the more money you piss away to rent

ExWfie and I are looking to list our house for sale soon. We purchased it for 99k back in 2013 and we're estimating that it'll sell for a minimum of 135k.

When comparing to the comps around - it's very likely that there could be a bidding war, the market is getting hotter and buyers are snapping up properties pretty quickly.

We went from a 5/1arm FHA loan to a 15yr conv loan. We currently have about 81k remaining on our mortgage - we're hoping to cash out and split it at 50% as agreed in our divorce decree. We're hoping for a minimum of 20k each.

When I get the 20k, I'll invest most of it into my emergency fund which I have mostly funded but and the rest probably into IRA for this and the next year.

I'm hoping to get a duplex close by sometimes within 1 -2 years and live in + rent out the other side at approximately no cost to me - mortgage wise and I could then invest the savings I have well into a floating mortgage fund (3mo) and invest the rest into 457b / IRA...

>>1909223
1) not accounting for inflation, housing values are near their 2006 highs now in 2017
2) millennials have almost a trillion in student debt, so they can't afford houses or anything
3) boomers can't afford to retire
4) put it all together, it doesn't look good.

wait.

>>1911678
rubling my dongress to this

>>1909223
Why are houses so cheap in the us. Fuck in europe it would be twice that price

>>1909223
Kek, good luck buying a house in Toronto, single detached goes for over a million on average if your not in the downtown core.
Luckily my family(extended as well), own 7 houses between 5 families bought over 10 years ago :)

>>1909223
>Should Millennials wait until the next crash and buy then?
crashes are extremely uncommon.
you could be waiting your entire life and not see one.

>>1910372
I work as a mlo too and hate my life.

>>1912217
>crashes are extremely uncommon.

literally watched 3 major crashes in the last 28 years. These stupid boomers will eventually die or move into smaller places and be forced to sell. They'll realize they can't keep finding half decent renters stupid enough to dump $3k a month into their 4 bedroom house forever.

>>1912302
>literally watched 3 major crashes in the last 28 years.
not in the US

we've had one major crash and one minor in the last 28 years, and prices finished above the pre-crash rate both times. Prices go up. Buying low might happen once in your life. Most likely that once has already happened.

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>>1909223
That house would be worth well over a mil where I live

Interest rates are still around all time lows.

I'm 23 and have 2 mortgages. One I live in and rent out spare bedrooms which cover my mortgage and about 70% of utilities. The other I rent out to a family. It pays the bills and taxes but not much profit because it's HUD housing.

>>1911678
This. I'm waiting for more boomers to forcefully downsize. The youngest of them are still in their early 50s.

>>1912386
>The youngest of them are still in their early 50s.
we all have kids that will inherit and/or reverse mortgages.

for many of us our heirs never moved out.

>>1910289
Just put your foot down and say no. Make money, not purchases.

If your marriage is already shit don't buy a house that a judge will force you out of while you still pay for it and her lawyers while you like in a shitty 1 bedroom.

>>1910372
How is this allowed? How is that not illegal if they are knowingly contributing to the severity of the eventual recession?

>>1910377
Why are you moving to NV?

You will definitely have more individual freedoms as far as what you can own than bongland.

>>1911846
Because it is in a shitty part of a mediocre state. Plus the has states that are individually larger in land mass than most EU countries. Land isn't as much of a premium as it is there.

>>1912405
Kek.

>giving your homes to your shitty NEET kids
>denying they won't squander it

>>1912343
HOW are you doing this at 23 ?

>>1912465
With money, probably

>>1910010
>375k
jesus fucking christ that is cheap, that would buy you a 2br apartment here or half a house

>>1912458
>taking it with you
we earned it for our kids to squander

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Where are the biggest most inflated most insane residential property bubbles globally right now?

Peopel keep saying parts of Canada, are there worse than this?

>>1912465
kek I'm 21 and I could do that.

Get a real job.

>>1913137
Australia
NZ
Singapore
London
China
Cambodia - possibly the worlds worst offender
Mumbai
Myanmar
Dubai
Bangkok
Qatar
Indonesia
Mongolia

>>1913240
>Australia
This.
I've given up on "owning".
I'll just focus on making more money for now.

>>1910289
women are cancer

>>1910259
buy as much house as you can afford.

seriously, that thing is going to fund your retirement. Go big.

>>1912473
T. Filthy vanciuverite

>>1910270
1. Never get married
2. NEVER get married

You're fucked

>>1912437

Because every one is making stupid money in the business.

Last NAMB conference I went to, every lender threw a massive party for brokers. One was top floor of Mandalay bay at the bar with about 300 people from conference, free drinks for over 4 hours, people dressed like star wars passing out light sabers and taking pictures. It prob cost them over a million to do which is chump change for some of these places.

Before that party was a fully stocked meeting room at i think bellagio, tons of food, open bars.

There were other ones but only went to the two because couldn't be everywhere.

Basically they will push the limits all over again, pretty soon you will see 0% down programs and a required FICO lowered. Then come the NINJA apps and subprime.

And you ask why MLOs making 100k+ a year, account execs at large lenders making 400k+, Fannie Freddie making retarded profits, investments banks buying up loans making huge profits are not stopping? There will be about 2 more years of just shit show.

Like this month, a LO in my office closed 4 deals, made 32k in a month. You think he cares?

>>1910010

Lmao 30%....
I've seen people in Socal churning 625k mortgages at 3% down and 55% Debt to income ratios. Its complete madness.

When I see a file at 30% I actually think wow this person is responsible lmao.

>>1912441
Gf has a job in the casino industry (high paying in bongland if she transfers she'll be earning a large amount in the US)

I'm self employed and very flexible (earning potential is much higher in US once again)

UK tax is 40% after 30k so you can imagine how much it kills people who actually want to earn money and not live month by month with a shit ton of debt.

Idea is to move to US as visa's will be pretty easy to obtain and "make it rich". You know the American dream isn't really possible in Western EU as taxes will hurt you too much.

>>1913400
Confirmed. Own my place but am selling, want nothing to do with this madness.

>>1913690
>taxes will hurt you too much.
it's the same here.
you can be an employee and pay half your pittance to taxes

or you can own a business and pay almost everything you make to taxes.

the only way to get wealthy is - whether employee or owner- funnel your income into equity which is taxed at a much lower rate when you sell it.

JUST BUY A FUCKING CARAVAN IDIOTS

>>1909223
interesting, that looks like well over 1,200 ft^2

>>1913145
I'm 24 making 58k a year and do not want 2 mortgages. I still have 16k of debt from school (which i needed to make 58k and onward)

>>1913943
why would i want a caravan that's got no fuckin wheels

>>1910259
It-s cool, just ask her to pay for the first half if she's in such a hurry.

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>>1909223
>tfw bought a house in december at $155/sq foot

>>1910259
Jesus h Christ no. Don't do it.

Put your foot down cuckeroni

>>1910259
There's hood rich, but there's also house poor...

>>1911674
godspeed anon

It really is amazing how little 1m will buy you in certain desirable suburbs right now.

When this market crashes- and it will its balancing on a pinhead, it will not only cause the destruction of MANY markets but also the state itself in some countries.

Screen cap this post, the coming crash will see some countries disappear

>>1909223
It is never worth to buy. Investing into equities and renting is the financially wise thing to do.

>>1911429
kc

>>1910425
>housing price increases
how does that make any sense
higher rates means less people are willing to buy at that price and they go down

>>1909223
Millennials should just kill themselves.

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This city is a DUMP

FUCK IT

Though I have to admit I've not lived anywhere else.

If a house costs less than $300,000 or more than $50,000,000 it's OK to buy.

>>1910259
>we can (barely) afford it
Imagine if it were her money. Would she be saying "we"?

>>1913137
London and Paris. Paris may look cheap for foreigners, but keep in mind salaries are shit here, and the state keeps up like 50% of your earnings.

>>1917484
I've lived there, Melbourne, tassie and qld.

Qld and Tassie shit all over the other two

>>1913137
Australia
New Zealand
Canada
Some US cities. San Fran for example.
London
Paris
Seoul however this is correcting

>>1913137
Also she's a pig

>>1910248
Only a moron would live in a place with that high of rent.

>>1913591
Found the brainwashed idiot.

>>1919452
Ah, you're one of those
"I'll win the game by not playing" types.

tell me how that works out for you.

>>1911407
Fuck yeah. Look at Boulder Colorado. Average home price is now over 1 million, for fucking Boulder.

>>1919456
You're one of those a "home is a good investment" types. It's one of the shittiest returns on your money you can make. Unless, on the off-chance, you time it just right for a boom.

It's smarter to buy a cheaper home, and invest the extra money elsewhere. It's not like the money just goes away or gets spent if you don't buy the most expensive home possible.

>>1919459
>It's smarter to buy a cheaper home, and invest the extra money elsewhere.
sure, but that's not what anyone does.
you buy a cheaper home and then have less credit and you blow your money on boats and cars instead of investing it. Because your wife doesn't want to look poor and neither do you.

knowing this, you're better off buying the biggest house you can afford so you're forced to save and don't feel poor for doing it.

and that payment just gets cheaper and cheaper as inflation eats the cost. In the end you're sitting on a million dollar asset you can easily afford. Or you can be you and not. Because you're so clever.

>>1919466
It has nothing to do with being clever. It's simple money management. Just because you don't have any discipline over you and your wife's spending habits doesn't mean everyone else suffers the same personality fault.

>>1919475
>Just because you don't have any discipline over you and your wife's spending habits doesn't mean everyone else suffers the same personality fault.
true,
but statistically it's undisciplined folks like me that get rich. Perhaps that will change in the future but so far it isn't looking like it.

People that retire well buy as much house as they can afford. Financial planners will almost always advise it.

>>1916919
Same.

>>1919483
>Financial planners will almost always advise it.
This is why I mentioned the brainwashed quote. The truth you know relies on it's funding.

>>1919486
>The truth you know relies on it's funding
It may be self-fulfilling prophecy but that doesn't make it false.

One of the main reasons it pays big in real life is because the house you live in is mostly protected in bankruptcy while your investments are guaranteed to be lost. Combine this with the simple fact that many people will face bankruptcy at some point in life and you see why the house you live in is so important to your finances.

>>1911429
No we're not meeting up

>>1919494
Are roth IRAs or 401ks protected?

>>1919508
I think so. Retirement accounts usually aren't touched.

Student loans, child support, and tax debt is also unaffected. So how you handle all of these things can make a huge difference in financial outcomes after bankruptcy. Your money should be in a retirement account and your house. Cars are often exempt as well, but they're terrible investments. Tools of your trade are usually exempt but they're not usually worth much.

>>1919466
>Because your wife doesn't want
>justifying being poor cuck

Come on m8

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>>1910289
>We have enough for the 20% downpay

That's $200,000....... here in Ohio you just buy a really nice house outright for that much.

>>1913591
>4) put it all together, it doesn't look good.
>>1919452

Offload your stuff.
I'm saving money hoping to buy at the burst of the bubble.

>>1919607
>I'm saving money hoping to buy at the burst of the bubble
last time the bubble burst people just stopped selling. Most of them didn't lower their prices, they just sat on the house for years until the market picked up again.

it was a good time to buy foreclosures, but that hasn't changed much. You can still buy them if you have cash, they're still trash.

while you're waiting for prices to go down others are getting in earlier than you and paying less that way. You might catch a dip, but most likely the best price you'll ever see is the one you're ignoring now.

>>1913400
>I've given up on "owning".
>I'll just focus on making more money for now.

t. Australian and literally me. My only gripe is I'm living in a crappy share house with degenerate pain in the ass house mates... honestly thinking about moving into a van. Housing prices has fucked my generation.

>>1910259
can you trust your parents? gift all your money to them for health reasons and good boy , you need to be ready for a divorce bro

>>1913671
how can i get this job?

where i live in southern california all the areas that are affordable for starter familys are over ran by niggers and spics.

It's hard being white, we gotta save up 50 grand and buy a mansion just to live in a safe area. Nobody cares about the white man anymore it seems.

>>1911674
holy fuck - 135k isn't even a downpayment here. Where do you live so cheaply? Midwest or Texas??

Depends on where you live.

I live in Omaha, and bought my first house for 135k. The previous owner bought it for an inflation adjusted 121K back in 1996. There's never been a housing bubble here. Hell, the local economy wasn't too bad either during the recession.

Why live on the coasts where you're vulnerable to that shit?

>>1920247
have bachelors in under water basket weaving, go to indeed, look up MLO listings (always hiring), apply, ???, boom

Loan Officer here too. Buying my first home for 330k. Dallas as increased so much but have to buy now and feeling the pressure.

>>1920339
That's what happens when your city is overran by niggers and non-whites: no cheap housing

>>1913690
>I'm self employed and very flexible (earning potential is much higher in US once again)
>UK tax is 40% after 30k

What on earth are you talking about

My tax bill is about £6k on £35k

Have you heard of an accountant

>>1920317
It's called gentrification, learn the ways of the white man. In California neighborhoods progress from blacks (renting) to hispanic (renting / owning and fixing) to white. Other places you watch for where the gays are buying.

I've always wondered if I could move into a hispanic neighborhood and open a coffee roasters to attract hipsters and accelerate gentrification.

>>1920367
i dont have a degree , is it really required? if i fake it will they check ? is it that easy to make the money? any downsides?

Lets say I have 100k saved up and no debt.
and I have 70k coming in a year

Should I try to buy like a 400k house? more?

and What state would I want to move to assuming I want to be near some water?

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Oh shit, the stories in this thread have me really quite worried about the upcoming crash. If even half of what's been said about the lending practices here is true then we (the global economy) are in for a major shitshow within the next couple of years.

And all because of completely irresponsible Central Bankers worldwide leaving interest rates at near to zero (or even below!) for over 8 years now. A couple of years of ~1% Fed Funds Rate lead to the housing bubble of the last decade, I fear untold damage has been caused by this cycle's CB policies.

>>1913943
shit, i accidentally bought a carrot van. what do i do now

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>>1909223
>mfw 2 bed detached in the middle of rural engle land is $500,000

somebody pop this insane bubble please. the banks are retarded to mortgage this with 5-10% deposits.

>>1919634
>Housing prices has fucked my generation.
But don't forget, like our treasurer said, "Just get a higher paying job :^)"

Politics is the only growth industry left in the world it seems.

Come to Sydney and be prepared to shit your bed at night about the housing prices

>>1912465
I bought my home in 2009 at 20. My mortgage on a three bedroom home is cheaper than rent on a one bedroom apartment was.

>>1921073
anyone?

>>1921240
Virginia

>>1921255
>>1921255
funny enough I was thinking NC or Virginia would be the answer.
any reasons why?
id love to hear some deets

>>1910039
Of course. Townhomes are the absolute worst of both worlds though.

I own land and a house myself.

>>1921073
North coast of Ohio

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>>1910377
>>1913690
Belgian here that moved to the US a while ago. Jump ship lad, life's better over here.

Visa's are a bitch though.

Housing in Australia's major capitals = 2% return.


We're FUCKED

https://www.crikey.com.au/2016/07/29/australias-property-market-in-mother-of-all-bubbles/

No idea what happened to house prices over in the US, but here in Belgium for instance, house prices never even budged at the height of the 08-09 financial crisis.

>>1919458
Niche market, original culture. In a world of copy paste cities, people will pay for the unique

>>1911638
Our housing market is in a 20 year bubble and our rental market is trash.

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>>1911638
lived there for 3 years, i still own my house out in cold springs. Charge 1400 a month, property mangennt says lets cut the trash and sewer and charge them 1600. says the demand is getting higher.

when i first moved out there in 2012 it waz pretty chill, now all the people from california are creating a demand and lib'n it up.

I miss it though, sold my atv and moved back to commiefornia for better job op.

regrets

>>1919466
Not the guy you're arguing with, but I'm the poorest looking nigga ever because fuck what Chad and Stacey think of me.
>$675k net worth at 36
>buy and flip houses
>stockpiling money to be able to buy after the crash

Yeah.