I know I’m supposed to want it to keep going up as a wealth generator or whatever.

But like… I wouldn’t be able to afford the monthly payments if I bought my house right now and it’s scary. Also none of my friends are buying homes, none of them are even renting full places. Just like renting rooms.

So what are your feelings home owners of lemmy?

  • ericbomb@lemmy.worldOP
    link
    fedilink
    arrow-up
    46
    arrow-down
    2
    ·
    edit-2
    1 year ago

    Yeah like it’s cool my 200k town home I bought 4 years ago is now selling for 400k (neighbor just sold for that much).

    Except that means that the 350k home I was thinking might be a nice upgrade one day, is 700k.

    Like I’m way more screwed over now unless I intend to like sell my home then move to the middle of nowhere. All that higher value means is property taxes like you said. But of course renters are the most screwed.

    • TropicalDingdong@lemmy.world
      link
      fedilink
      arrow-up
      10
      arrow-down
      2
      ·
      1 year ago

      This is precisely why your home price won’t crash. You are locked in and so is everyone else. You literally can’t do better, so selling is a bad move.

      • TheWoozy@lemmy.world
        link
        fedilink
        arrow-up
        3
        arrow-down
        1
        ·
        1 year ago

        Yep. Nobody’s buying, because they can’t afford to, and nobody’s selling because they can’t afford to.

        • TropicalDingdong@lemmy.world
          link
          fedilink
          arrow-up
          5
          arrow-down
          1
          ·
          1 year ago

          If it makes you feel good, I’d say congrats. I’ve never owned a condo and it has different considerations than a home. I sold my first house in March 2021 after I bought our current house in 2020. Both felt like some of the smartest, best times moves. I actually do wish I would have bought a more expensive house in 2020, but we’re likely buying more land in the next 2-5 years. Not holding some kind of property right now (again, idk about condos), feels like leaving stupid money on the table.

    • AA5B@lemmy.world
      link
      fedilink
      arrow-up
      2
      ·
      edit-2
      1 year ago

      This was actually my thought process when I got divorced. It probably would have been prudent in many ways to downsize to a condo, since it’s just me, however I could afford to buy my ex out of the house and any percent gains will be off a much higher base. I’m hoping that when I do eventually downsize, that my equity will be higher than if I had a paid off condo. In your example, doubling prices gained $200k inequity for the condo owner, vs $350k gain for the house owner (of course it’s more complicated when you factor in the mortgage)

      … so yeah, it would suck for the housing market to crash, or stay down