Originally Posted by
Westen
I am looking for the same. I also feel like the only person who doesn't like housing prices that are always climbing.
What good does that do for the average person? The example I use: If you buy a house for 200K and it goes up 10%, you gain 20K. If your next house was worth 400K and went up 10%, it increased by 40K. Now that 20K you thought you had gained in value is actually a 20K hit. It helps the lenders as you will need to borrow even more for the next house. It helps the lenders when you take out a HELOC because it increased in value to make improvements to your house. Climbing home prices is definitely good for the lenders. I look forward to not having a house payment someday.
The people that moved in next to me paid $75k over what comps showed. Well into the $600s.
Maybe I’m just old fashioned, but that’s a ton of debt to be carrying. Normally, I’d write it off to a wealthy Aunt, hit the lotto, frugal savers, married rich or what have you, but it’s been happening all over our area. People just walking in and financing a $600-700k house. A new development nearby with that price range was completely sold out in about six months.
A handful of people I could see, but it’s like everyone can swing a 600k note these days.