what in the ever living fuck is this place
also if anyone knows this area it makes it even more ridiculous
also if anyone knows this area it makes it even more ridiculous
š” Better Homes OFFICIAL real estate bs discussion
- Thread starter OffshoreDrilling
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Place near my SIL in TN. Husband/wife getting divorced, selling the house and splitting proceeds. They listed about two weeks ago for 780 and received multiple offers, couple over asking and a cash at asking. They take cash at asking. Scorned woman gets told by her, I'm sure equally scorned, friends "you can get so much more rabble rabble." Cancels the contract (or maybe wasn't even a contract, they just accepted an offer and cancelled before signing the contract), and relists for 810.
Already fucking contingent at 810k.
Also shocking nobody, I've mentioned it in the Bored thread, SIL already regrets buying their house and wants to list it as soon as the above house is appraised and moves forward with the sale. They think they're going to list it for 700-750 when they bought ~550 less than a year ago.
Already fucking contingent at 810k.
Also shocking nobody, I've mentioned it in the Bored thread, SIL already regrets buying their house and wants to list it as soon as the above house is appraised and moves forward with the sale. They think they're going to list it for 700-750 when they bought ~550 less than a year ago.
this seems like a new FRED series, existing home sales
here's new homes
all homes
Q4 2022 peak. median income
all sales divided by median income; missing some data but 2000 to 2022 january
now some more confusing charts; i don't understand these. eg.
eg. people's debt has gone down, fairly significantly since the past and .com bubble? particularly mortgages??
how can this jive with the initial set of charts?
it would seem like perhaps the rich getting much richer could account for the debt burden here hardly changing since covid, meanwhile on the median charts seeing it sure as hell looks like it is up for the median home buyer.
here's new homes
all homes
Q4 2022 peak. median income
all sales divided by median income; missing some data but 2000 to 2022 january
now some more confusing charts; i don't understand these. eg.
eg. people's debt has gone down, fairly significantly since the past and .com bubble? particularly mortgages??
how can this jive with the initial set of charts?
it would seem like perhaps the rich getting much richer could account for the debt burden here hardly changing since covid, meanwhile on the median charts seeing it sure as hell looks like it is up for the median home buyer.
The blue line in the 2nd to last chart seems counterintuitive, but it's probably because only houses sold in the last ~1.5 years are suffering from the higher payments, and total sales volumes were lower in those years. Everyone else is making more $ and sitting on their <4% mortgages for houses that they pay didn't much for (relative to today's prices). What this doesn't capture is the millions of people stuck on the sidelines because homes have never, in the history of the US, been as unaffordable as they are today for your average earner.this seems like a new FRED series, existing home sales
here's new homes
all homes
Q4 2022 peak. median income
all sales divided by median income; missing some data but 2000 to 2022 january
now some more confusing charts; i don't understand these. eg.
eg. people's debt has gone down, fairly significantly since the past and .com bubble? particularly mortgages??
how can this jive with the initial set of charts?
it would seem like perhaps the rich getting much richer could account for the debt burden here hardly changing since covid, meanwhile on the median charts seeing it sure as hell looks like it is up for the median home buyer.
Why would they sell it so quickly when they could wait another year and save ~$70k in taxes? Do they know they're going to get absolutely raped on capital gains?Place near my SIL in TN. Husband/wife getting divorced, selling the house and splitting proceeds. They listed about two weeks ago for 780 and received multiple offers, couple over asking and a cash at asking. They take cash at asking. Scorned woman gets told by her, I'm sure equally scorned, friends "you can get so much more rabble rabble." Cancels the contract (or maybe wasn't even a contract, they just accepted an offer and cancelled before signing the contract), and relists for 810.
Already fucking contingent at 810k.
Also shocking nobody, I've mentioned it in the Bored thread, SIL already regrets buying their house and wants to list it as soon as the above house is appraised and moves forward with the sale. They think they're going to list it for 700-750 when they bought ~550 less than a year ago.
Told her that. āOh, well 1031 exchange exists.ā Yeahā¦ if you know where the fuck youāre moving to and already know what house youāre buying. Which sheās repeatedly said they donāt.
SIL filed for bankruptcy at age 27 after divorcing her first husband. So. Let that marinate.
Yeah there's no way they're going to be able to finagle a 1031. People are really dumb.
Told Megan before they even bought the house that they'd regret it within the year.
Just keeping my mouth shut at this point.
Just keeping my mouth shut at this point.
Funny how that works, but I'm sure you'll throw an "I told ya so" out there when the time is right.
The bigger part of what caused this was my BIL had a Waste Management gig making mid-6 figures slinging garbage all day, day in day out. Literally a garbage man. Making 120-140k (in Cook county).
He didn't want a desk job so he just outright quit WM. Whereas he could have said "hey I'm moving, what's available in this area or are there any admin/remote jobs available." WM is literally their garbage collection. And he just outright quit WM.
They are very spontaneous people and their spontaneity caught up with them this time, hard.
He didn't want a desk job so he just outright quit WM. Whereas he could have said "hey I'm moving, what's available in this area or are there any admin/remote jobs available." WM is literally their garbage collection. And he just outright quit WM.
They are very spontaneous people and their spontaneity caught up with them this time, hard.
Anyway, if anyone wants a relatively decent house in Monterey, TN. I know a place. 
not posting it until they are for sure not on their next SQUIRREL line of thinking.
not posting it until they are for sure not on their next SQUIRREL line of thinking.
WHELP the saga continues and since I canāt fucking sleep due to my strep, Iāll just post the rest of the story I found out yesterday from my wife.
So they put down a significant down payment on this house (bought ~550k), canāt recall exact figure but I think it was around 15-20%. Letās just go normal 20%, 110k down payment. When they moved in, and they were aware of this, there was around 50-80k worth of shit that needed to be done to the house. Again, letās just use high figure of 80k. So 190k already gone to down payment and repairs RIGHT out of the gate. At typical 2023 rates, theyāre looking at a ~$3300 monthly nut, which includes tax/ins escrow. Their issue is that they expected the husband to have a job by now. He doesnāt. So theyāre now burning through the money they have left over because she canāt afford it by herself. Make note of that. ~$3300/mo she CANT AFFORD.
In order to break even to get out of the house, they have to sell above 680. Again, make note of that. To break EVEN. After realtors fees, taxes because havenāt lived there for two years, and whatever other fees, theyāll walk away with MAYBE a couple grand. 190k from the first paragraph? GONE.
Just found out, theyāre now looking at a house by her brother in another part of TN for $700k. You canāt fucking afford $550k at 2023 rates, what the absolute mouthfucking stupidity makes you think you can afford $700k at 2024 rates?
I told Megan her sister is a fucking retard. She said she told her sister āāthis is a really bad ideaā and I left it at that.ā No babe, your sister is a dumbfuck. Married twice, bankruptcy at 25 or whatever it was.
Iām just on the sidelines watching this shit. Told Megan yesterday ātheyāre not living with us when they eventually become destituteā and she just kinda sadly nodded.
So they put down a significant down payment on this house (bought ~550k), canāt recall exact figure but I think it was around 15-20%. Letās just go normal 20%, 110k down payment. When they moved in, and they were aware of this, there was around 50-80k worth of shit that needed to be done to the house. Again, letās just use high figure of 80k. So 190k already gone to down payment and repairs RIGHT out of the gate. At typical 2023 rates, theyāre looking at a ~$3300 monthly nut, which includes tax/ins escrow. Their issue is that they expected the husband to have a job by now. He doesnāt. So theyāre now burning through the money they have left over because she canāt afford it by herself. Make note of that. ~$3300/mo she CANT AFFORD.
In order to break even to get out of the house, they have to sell above 680. Again, make note of that. To break EVEN. After realtors fees, taxes because havenāt lived there for two years, and whatever other fees, theyāll walk away with MAYBE a couple grand. 190k from the first paragraph? GONE.
Just found out, theyāre now looking at a house by her brother in another part of TN for $700k. You canāt fucking afford $550k at 2023 rates, what the absolute mouthfucking stupidity makes you think you can afford $700k at 2024 rates?
I told Megan her sister is a fucking retard. She said she told her sister āāthis is a really bad ideaā and I left it at that.ā No babe, your sister is a dumbfuck. Married twice, bankruptcy at 25 or whatever it was.
Iām just on the sidelines watching this shit. Told Megan yesterday ātheyāre not living with us when they eventually become destituteā and she just kinda sadly nodded.
i am impressed that they were able to scrap up 110k as a down payment in the first place, although i'll also assume that was not a result of savings and investment.
this garage setup is fucking awesome really genius setup to not make it look like you have a ginormous attached garage when you really do
I also just put an offer on a house I canāt afford, but fuck it.
They prob won't have to spend much in capital gains taxes because they can write off the 80k in upgrades, so there's that. What's the place actually worth?
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