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Is anyone else completely depressed by the real estate market?

I live in the Northeast, and while I own my own home, it's likely time to upgrade to something a liitle larger for the bf and myself. A crackerbox starter here is now close to 500k in a decent town. A million doesn't seem to buy all that much either. We don't need big and fancy, but I would like something older with character. I am willing to put in some work. I am appalled at the prices that I see. I just can't fathom how middle-class people afford things anymore.

by Anonymousreply 156January 28, 2023 8:08 PM

I condole you, humble bragger.

by Anonymousreply 1January 25, 2023 2:18 AM

You’re being downgraded. The middle class is taking it in the ass. But don’t complain that’s antisocial.

by Anonymousreply 2January 25, 2023 2:20 AM

Not sure how this is a humble brag. I can't afford shit. But thanks.

by Anonymousreply 3January 25, 2023 2:21 AM

I mean this in the nicest way possible, but then you're an idiot. Boo hoo, I own a house and have a boyfriend but real estate is so expensive!

by Anonymousreply 5January 25, 2023 2:27 AM

I'm in the same leaky boat as you, OP. I own a nice, too-small home and want to size up and get out of my city. I'm too old for a shitty house that needs a ton of work, but that's all there is in my price range, especially at the current interest rates. Every house that we look at and think, "They're asking too much for all the work it needs" ends up going $30 or $40k over. Our real estate agent says regular people keep getting pushed aside by cash buyers.

by Anonymousreply 6January 25, 2023 2:30 AM

I sympathise, OP. My cheap-ass father only gave me a tiny cottage and then my new bride was expected to sleep in the slave quarters no one is supposed to know about. And the paps were trying to take her picture, which hurt my chance of making money to support my family and protect them.

So we moved to Montecito where the houses are a lot bigger. Did you know my wife says my cock is a lot bigger than my brother's because she said he sister-in-law looks at me like I'm a god but my wife is not jealous.

by Anonymousreply 7January 25, 2023 2:31 AM

Why am I an idiot? I bought a small house in my 20s. I did luck out on that, so I have some equity. That I have a bf and a house? Totally get it, Sylvia. We've been outbid on several places. One went a 100k over. I just don't understand how people younger than myself or someone that doesn't have some equity in a current property can afford anything. We keep hearing that there is going to be a downturn in the real estate market, but at least here, things keep climbing.

by Anonymousreply 8January 25, 2023 2:36 AM

OP, we don't.

by Anonymousreply 9January 25, 2023 2:39 AM

When the global economy is dedicated to satisfying the whims of a handful of billionaire oligarchs, guess what, Mr. Middle Class, you’re just another one of the peasants.

by Anonymousreply 10January 25, 2023 2:50 AM

Hang in there, real estate about to bust

by Anonymousreply 11January 25, 2023 4:30 AM

[quote] while I own my own home, it's likely time to upgrade to something a liitle larger for the bf and myself

If you own a home, already, I'd just stick with that.

Would both you and "the bf" be chipping in to buy a new place? Would both names be on the title?

by Anonymousreply 12January 25, 2023 4:35 AM

R11 Sure, Jan.

by Anonymousreply 13January 25, 2023 4:44 AM

Yeah, it's not a buyers' market for sure.

Even shitty homes in my hometown area - suburban rust belt homes that were in the 75-100K range even a few years after the crash - are now almost a quarter mil.

by Anonymousreply 14January 25, 2023 4:48 AM

The talk about a diminished middle class but while I think that’s true the upper middle class has grown exponentially. The only homes built now here are large and go for 800K to over a million. Townhouses go for 500K and up. The thousands of new apartments they’re building have $2500 one bedrooms and they’re snapped up. Everyone has a house, newer cars, substantial money saved for retirement, international vacations a couple times a year and they send their kids to university if they have any. I’m not in that league at all, and I wonder how everyone does it and what they all do for a living to live that lifestyle. For all the moaning about the economic anxiety of the middle class there seem to be more affluent people than ever before.

by Anonymousreply 15January 25, 2023 5:01 AM

I think people are just accepting enormous amounts of debt. They say 2008 can’t happen again but I. Believe it’s a good possibility it will. Let the sponge fill then squeeze.Why not nobody was prosecuted last time and the banks made out like bandits.

by Anonymousreply 16January 25, 2023 5:07 AM

R15 Some people get paid 40K a year. Some get 140K and some 240K and so on. The more you make the more stuff you can do. Want to make more? Get trained in IT. Forgo a big screen TV or beach weekend and take a community college course. Money is out there to be made. Get you some.

by Anonymousreply 17January 25, 2023 5:17 AM

Can’t you add on a room? How much space do you really need? (unless you’re planning on children) (and with a mere “boyfriend” that’s doubtful.)

by Anonymousreply 18January 25, 2023 5:35 AM

Private equity is gobbling up available properties

by Anonymousreply 19January 25, 2023 5:38 AM

I wish I could add a room, but the town setbacks won't allow for it. My property is pushed up against the corners of the lot. The bf, partner, whatever I call him is here and will be on the deed for any new property. He doesn't have much for savings, and that's fine. Our credit is good. We were approved for a mortgage well above what I think is smart. I don't want to be house poor and in huge debt. My current house is under a thousand sf, and now with him here, we are bursting at the seams for storage and would like at least another room or two. We can wait things out, there is no rush. I am just amazed at what the prices are currently. If I'm feeling the crunch, and have the benefit of the equity from this place? I just can't imagine how a first-time homebuyer must feel.

by Anonymousreply 20January 25, 2023 6:02 AM

Am depressed for the opposite reason. Most of my retirement savings is in my home equity and property prices are plunging in my area. Need to retire sort of early and move to a cheaper area for health reasons. Am afraid.

by Anonymousreply 21January 25, 2023 6:14 AM

[quote]OP: The bf, partner, whatever I call him is here and will be on the deed for any new property. He doesn't have much for savings, and that's fine

Why would you put a new boyfriend with no savings on a lease for a house?

Is this one of those 90 Day Fiancé set ups? Have you done a background check?

by Anonymousreply 22January 25, 2023 6:17 AM

R22, I didn't say the bf was new. We've been together about 3 years. We'll not be leasing, but buying.

by Anonymousreply 23January 25, 2023 6:21 AM

When you find a rent stabilized apartment, you stay there. You don’t need to worry about the market going up and down.

by Anonymousreply 24January 25, 2023 6:30 AM

[quote]R23 I didn't say the bf was new. We've been together about 3 years. We'll not be leasing, but buying.

Yes, I know. I meant deed, not lease.

I just have a bad feeling about this.

Leave him.

by Anonymousreply 25January 25, 2023 6:48 AM

You're depressed about this? What if any real hardships have you had in your life. Do you know how many people on here live paycheck to paycheck and will never be able to afford a house. Sell all your caftans, Hummel's, gaudy faux classy Christmas directions, your J Crew, Gap and Macy's wardrobe, and your pets with dumb names. Then you'll have enough room. Or move to one of the lesser expensive areas that are all around the country.

by Anonymousreply 26January 25, 2023 6:58 AM

Two income (presumably) and no children but can't afford to upgrade even with equity.. that's not good. Maybe time to look at buying in a different area?

by Anonymousreply 27January 25, 2023 7:10 AM

Or go Marie Kondo and ruthlessly cut down on all the stuff you have. I bet most of it you don't use or need.

by Anonymousreply 28January 25, 2023 7:12 AM

R17 My son is a software engineer/developer. His fiancé is a technical project manager and speaks Malay, Cantonese, Mandarin and English. They make a ton of money.

by Anonymousreply 29January 25, 2023 8:18 AM

OP can’t find proper help and can’t get his horse to jump.

by Anonymousreply 30January 25, 2023 8:56 AM

Not sure what all the kneejerk reactions are about, but it's a sad state of affairs if having a boyfriend and a home is already considered "bragging". Crabs in a bucket, anyone..?

Anyway, OP: YES! The real estate market is utterly depressing, not only in little America but also for pretty much the rest of the world. Sure, you can move to the middle of nowhere and pay next to nothing, but then what?

I find that with real estate, jackpot price tags don't always make sense; but bargain deals always do: It's because nobody wants to live there.

by Anonymousreply 31January 25, 2023 9:03 AM

I don't envy people who have to have mortgaged approved or, worse, are in s real estate chain where they must first sell their current house in order to buy another.

As a seller, the strings-attached offers don't stand a chance against a quick and easy all cash deal.

The other popular complication is that buyers often have an unnatural expectation that every little detail of their new house must come exactly as they would like like, down to the paint colors and the sink faucets and hardware on the kitchen cabinets. Ugly but easily replaced or repaired finishes and details are a buyer's friend: the reduce the field of interested buyers, they suppress the cost, and they are a way to improve aspects of the house to your own taste. But buyers are 1.2 spoiled and expect move-in perfection down to the tiniest detail, and 2.) have a "gut-reno" mentality where some simple, affordable fixes are all that's necessary. (Because the paint colors are hideous doesn't mean you have to replace the plumbing and relocate and enlarge all the bathrooms.)

by Anonymousreply 32January 25, 2023 9:05 AM

As a renter, it's even worse, but I feel like that I can afford reasonable, if not overpriced accommodations so I can't really complain. I would not want to be someone barely hanging in there & being forced to pay rent for some dirty, moldy shithole. I have fantasies every so often about buying some place in a rural area that's affordable, but given how things are these days, I don't know that being out by yourself in a rural area is such a great idea.

by Anonymousreply 33January 25, 2023 11:11 AM

R17 Ok, Boomer.

Offsite Link
by Anonymousreply 34January 25, 2023 11:17 AM

R33 Some people like rural areas which I definitely respect but I grew up in one and I didn't like it - nowhere near an airport or any decent public transport. No culture. Nothing much to do. Very limited in terms of restaurants, bars. No gyms. If you're gay, precious few other gay people. No universities, nothing much intellectual around there (that's why so many rural areas are heavily conservative).

by Anonymousreply 35January 25, 2023 11:34 AM

Frankly I get why people are attacking OP.

There are a lot of people out there really struggling to get by and OP is "depressed" because he can't upgrade to a bigger home.

Words tiniest violin that this is the most depressing problem in your life.

by Anonymousreply 36January 25, 2023 11:38 AM

[quote] and while I own my own home

No, you don’t. You don’t have a boyfriend either.

by Anonymousreply 37January 25, 2023 12:20 PM

[quote] Hang in there, real estate about to bust

Lol. You’ve been saying this for the last two years. It’s not.

by Anonymousreply 38January 25, 2023 12:22 PM

Damn. It's not as though OP whined that the cost of the really good Italian white truffles is well over $3300 per kg this year, giving him pause to consider for the first time the usual menu for his kid's birthday party. Go throw a Molotov at a yacht or something, and reflect on how much those "lot of people out there really struggling to get by" worry about people in worse positions than themsleves.

So far as I know, OP isn't seeking elected office. Or should he just hold his tongue until everyone everywhere has all his basic needs comfortably met?

by Anonymousreply 39January 25, 2023 12:23 PM

Hear hear, R39

by Anonymousreply 40January 25, 2023 12:26 PM

[quote]My current house is under a thousand sf, and now with him here, we are bursting at the seams for storage and would like at least another room or two.

The bf and I are in a house of just under 1000 sq ft as well, and we find it to be the right size, if not maybe a little too big for two people. Are you sure you can't do some interior remodeling that would increase storage space?

by Anonymousreply 41January 25, 2023 12:30 PM

R41 Remodeling won't do shit. It's clear from what he says that they have too much stuff which is why they want extra rooms (not even because they want guests over but because they want more 'storage'). It's clear that even if they moved into somewhere bigger, they'd probably just buy more stuff. The solution is to stop being a hoarder and get rid of the stuff they don't use or need.

by Anonymousreply 42January 25, 2023 12:37 PM

Homes for the middle class are still affordable if just barely. It's just now they're being manufactured by Ford, Kia, and Chrysler. Buckle up, it's going to be a bumpy ride.

by Anonymousreply 43January 25, 2023 12:40 PM

Cry me a river. My partner and I make over 300k combined and we cant afford shit in NYC. (student loan debt plus I support my mom).

We'll never own. Renters for life here. At least we have a rent stabilized apt. We'll be leaving this shit in a pine box.

by Anonymousreply 44January 25, 2023 12:47 PM

[quote]...even if they moved into somewhere bigger, they'd probably just buy more stuff. The solution is to stop being a hoarder and get rid of the stuff they don't use or need.

Excellent! That's just what the Koch brothers want you to think. Do more with less! Just like we ask you to do at work, they ask you to live in tiny houses and convince yourselves that you love doing so.

by Anonymousreply 45January 25, 2023 12:47 PM

God, some of the people in this thread. Do you also admonish people with, “Finish your dinner, there are children starving in China!”?

When my husband and I purchased our cute two-bedroom house in 2013, we assumed we’d live in it until retirement. We had no way of knowing that in several years we’d both be working from home full time in a 1100 sq. ft house with no dedicated office space. Wanting a modest three bedroom or perhaps a den and an acre of land hardly makes us the Koch brothers.

by Anonymousreply 46January 25, 2023 12:53 PM

[quote]So far as I know, OP isn't seeking elected office. Or should he just hold his tongue until everyone everywhere has all his basic needs comfortably met?

It's the juvenile Twitter-fication of the Internet, this grievance-nurturing black and white thinking that anyone who has something you covet should shut up about it until you're personally satisfied. Even if, as in the case of OP, he's sharing a sentiment you actually agree with, that home prices are out of control.

by Anonymousreply 47January 25, 2023 12:55 PM

R47 Sackcloth and ashes for all!!

R35 In our situation, since the pandemic began, we’ve cut so far back on doing any of the things that you live in a city for, we started to ask ourselves, “Why keep putting up with the noise, grime, and pollution?”

by Anonymousreply 48January 25, 2023 12:59 PM

Don't lay this on Twitter, r47. Datalounge has been wall-to-wall assholes for quite some time, and the constant refrain of "Twitter is worse" or "Facebook is worse" is a poor excuse for what this place has turned into.

While there are some asshole comments on here, I think many are reacting to OP asking how others in his situation are handling this problem -- the answer is they aren't, as the news has been saying for years now -- and also OP saying he wants to buy a new home and has easily qualified for a mortgage, yet "can't afford shit." It's either one or the other, it can't be both.

by Anonymousreply 49January 25, 2023 1:04 PM

[quote]also OP saying he wants to buy a new home and has easily qualified for a mortgage, yet "can't afford shit." It's either one or the other, it can't be both.

Banks encourage overspending for obvious reasons. In addition to that, many buyers are walking into traps right now, overbidding on houses with expensive undisclosed problems they won't be able to properly fix because they're already financially strained by the purchase. OP is doing himself a favor if he chooses to exercise restraint.

by Anonymousreply 50January 25, 2023 1:10 PM

You willfully misread my reply to make it sound like I said OP should extend himself financially beyond his means, r50.

by Anonymousreply 51January 25, 2023 1:32 PM

In the United States our standard of living did not peak in the 1950’s or 1960’s it peaked in 1973 and our standard of living has dropped dramatically since then.

by Anonymousreply 52January 25, 2023 1:36 PM

I live in a base level tract home that already is widely overinflated in price and have people repeatedly leaving offers in my mailbox for $100k over market value in cash. It's private equity firms and those of similar ilk. They've already purchased several homes in my neighborhood, many of which stand empty either because the company is leaving them idle or the rental price is astronomical ($3500/mo for a shitty 3/2?). They do the absolute bare minimum as far as upkeep. The neighborhood continually gets worse.

I hate these scum. The only reason I have a roof over my head is because I bought this house 20 years ago. I can't buy anything now nor could I afford to rent another house or lease even a one-bedroom apartment in my area. I say this as someone who makes six figures and my SO makes almost as much. We hardly ever eat out, we don't have any expensive hobbies or habits...but everything keeps going up in cost.

This is insanity. When are we going to drag these billionaire leeches out into the street? Because our lawmakers aren't doing shit for us.

by Anonymousreply 53January 25, 2023 1:37 PM

One thing I’ve noticed, which I find interesting… I’m in the market for a new house, having owned mine for 25 years and built up equity (no, I’m not rich by any means, I’m just in an in-demand area). There are several suburban communities outside the city I live in with a great deal of charm, and nearly all of the new hosing is townhouses. They’re getting ready for the great boomer retirement I think, but the good thing is they’re not these jumbo McManshions and are more reasonably priced.

by Anonymousreply 54January 25, 2023 1:44 PM

I wish I had a house.

by Anonymousreply 55January 25, 2023 1:44 PM

Hah meant new housing at r54, not hosing, although that’s welcome too…

by Anonymousreply 56January 25, 2023 1:45 PM

I don't know how it is in the bigger cities in the US, but on this side of the pond, we have a growing problem of lovely old birds - often widows or empty nest parents - who would love to move to a smaller place since they really don't need all of the space anymore.

Fat chance, because people will pay the same or, most likely, more, for less. And who in his/her right mind would do that? So now you have people living in homes way too big for them, but they can't afford to leave, and on the other side you have young families and (gay) couples looking to move in or grow a family together, and there's nowhere to go for them.

by Anonymousreply 57January 25, 2023 1:49 PM

R54 You need to move, hon. Life's too short to be in your circumstances job wise and still live so meagerly. Move to the outskirts of a small college town. Don't settle for a basic tract home. Get outside and breathe.

by Anonymousreply 58January 25, 2023 1:50 PM

Last post was in response to R53. Sorry.

by Anonymousreply 59January 25, 2023 1:52 PM

R34 I am not the person you replied to but I think many people being laid off at tech companies are in non-technical positions. In my area (DMV) there is always a demand for software engineers, software developers, etc., and many of those positions allow remote work and have a huge hiring bonus.

by Anonymousreply 60January 25, 2023 1:54 PM

R57 Yes, it's the same in all of the desirable areas of the U.S.

by Anonymousreply 61January 25, 2023 1:56 PM

Build an additional room for your house OP. Cheaper than buying a new house.

by Anonymousreply 62January 25, 2023 1:59 PM

Exactly, R57 and R61. People looking to downsize end up spending money rather than recovering it when selling large to buy small.

There's a basis for this -- in part. Older people, empty nesters, people widowed or divorced or on their own after having shared a home understandably want some level of luxury. They want to cut down on size and the proportional maintenance burdens that go along with size, but they usually are not seeking to cut down on quality of design, construction, finishes, and amenities; sometimes they want to lower reliance on cars and seek a location where they can walk for pleasure or for daily needs. On a square foot basis, small houses are not the bargain that big houses are.

For all that, new, well located, small but attractive housing of well considered design are expensive. Switching out a 6-bedroom 1930s Colonial Revival of 4600 square feet witha pool and beautiful gardens for a 1500 square foot townhouse or condo can mean spending money rather than saving any. Apples and oranges, but there doesn't seem to be a lot of in-between choices in housing where the size is much less, the quality is there, but it isn't somehow much more expensive because of the new construction factor. Real choice has yet to catch up to the growing dynamic of downsizing.

by Anonymousreply 63January 25, 2023 2:13 PM

R58 College towns are some of the worst places to house shop because they have a built-in captive audience of incoming people (new staff, faculty, and grad students) who need homes every year and keep the prices inflated even if they're going down elsewhere. I know because we've been trying to buy in the outskirts of a small college town for over a year.

by Anonymousreply 64January 25, 2023 2:18 PM

OP, 1000 square feet is plenty of room for two people to live comfortably. I suggest consulting with a designer and architect to remodel to make the space work for you. They can also advise on how to add space. If you can’t extend the footprint go up. Is the basement finished?

How long have you owned the house? Hopefully your bf has been paying rent and you’ve doubled up on mortgage payments and have a healthy chunk of equity. Interest rates are 6-7% so I wouldn’t be in any rush to move, assuming your current mortgage rate is around 3%.

by Anonymousreply 65January 25, 2023 3:28 PM

[quote]OP, 1000 square feet is plenty of room for two people to live comfortably.

[quote]The bf and I are in a house of just under 1000 sq ft as well, and we find it to be the right size, if not maybe a little too big for two people.

Between the Marie Kondos and those who will insist that 1000 square feet or 300 square feet works for someone else so it should work for OP too, there's no shortage of advice from trhose who want to redefine OP's problem into what THEY think it is. Just shut up and and rid yourself of all belongings, OP, then hire out a monk's cell of a space in the back of a garage somehwere, 200 square feet should do more than nicely: a bed, small shower room, two folding chairs, a table, microwave and refrigerator, two shelves: one for food, the other for a Kindle and a small lamp and three hooks for your entire wardrobe. Don't argue with it, OP, what you need is not more space but less! If the sackcloth isn't available, there's always homespun, just make sure it's itchy for maximum pleasure.

by Anonymousreply 66January 25, 2023 3:44 PM

No one who has suggested 1000 sq ft for two people shouldn't be so crowded that it's "bursting at the seams" is suggesting the OP live like a monk.

You were so desperate to bitch about something that you just made something up and bitched about that, r66.

by Anonymousreply 67January 25, 2023 3:48 PM

r66, I don't think you have any idea how much space 1000 square feet is.

by Anonymousreply 68January 25, 2023 3:58 PM

I'm not depressed because I rent.

If I owned, my real estate taxes alone would be more than my entire rent.

by Anonymousreply 69January 25, 2023 4:02 PM

So many petty, envious Darfur Orphans aspirants on this thread.

OP, what about that basement, as mentioned upthread? If possible, could you add egress windows for extra natural light and air circulation? Put in a extra bathroom beneath the existing bath above or near a basement drain?

Do you have an attic? Could it be bumped up or bumped out?

If you’re unhappy with the exterior of your home, can you repaint and re-landscape?

by Anonymousreply 70January 25, 2023 4:25 PM

Home prices are coming down as we speak. Be a little patient. There's a recession coming and that will be the time to buy.

by Anonymousreply 71January 25, 2023 4:33 PM

Housing is ridiculously expensive. I own a home and have paid dearly for it. Despite this one has to recognize the damage these housing costs accrue besides an actual number. Cities small town villages are full of empty spaces that somebody wanting to start a buisness or a family cannot afford to rent or buy. The owner if they can’t get this kings ransom just leaves it empty for tax write simply because they don’t want the wear and tear on their “investment”Dreams are put on hold. People can’t eat out ,go on vacation, take that class they want to take, buy a nice non polluting car all because the rents are absorbing all the cash from the middle and lower classes. Stupidly high real estate prices damage the culture and peoples lives and opportunity. Who benefits ask yourselves that and you will have the answer as to why we have gotten here. I have a handful of groups I focus my blame upon. I won’t list them because I want you to think about this. I remember in the seventies when housing was reasonable and so many things were better because of it. Now with hedge funds in the rental market I fear what will come. Why did we let greed Winn.

by Anonymousreply 72January 25, 2023 4:37 PM

We build way less housing in this country that we used to. Supply and demand. We need to build, build, build.

by Anonymousreply 73January 25, 2023 4:46 PM

My friend who is in real estate is complaining that the New England market has cooled already - huge difference from a few months ago. So keep your eyes open - something should be coming up affordable.

(She has said condos and apartment rentals have remained high - doesn't see thm coming down quite as quickly).

by Anonymousreply 74January 25, 2023 4:50 PM

Do the opposite of the masses, buy smaller and choose secondary markets.

by Anonymousreply 75January 25, 2023 4:54 PM

[quote]r65 College towns are some of the worst places to house shop because they have a built-in captive audience of incoming people

And murderers! (like in Idaho!)

by Anonymousreply 76January 25, 2023 5:05 PM

The people who earn six figures are on their own hamster wheel of doom because they’re in careers where they’re expected to spend lavishly to look successful. Most of those people in $500,000 homes are juggling all sorts of debt. I remember walking through my neighborhood (which was more like $250,000 homes)’after the 2008 crash seeing all the vacated houses with legal postings in the windows.

by Anonymousreply 77January 25, 2023 5:13 PM

R 77, R73 In much of California 500 thou is a starter home or less. It can easily cost 5000 dollars to move into a rental in cities. Supply and demand has been circumvented in the housing market by protecting the mortgage lenders from losses. As in 2008 bailout Also in many cases real estate is a Storage of value/ Tax write off. When it becomes a buisness instead of a house losses become a tax advantage. As a storage of wealth real estate also becomes a tax shelter as it is taxed very lightly. In Cali prop 13 froze taxes at a 1978 Level. Even now I pay only 1.5 percent tax on my house I bought in 2000. If it was a buisness id pay 28 percent. Supply and demand is a concept from the 18 th century as was the invisible hand. They loosely apply now but only if surrounding circumstances allow. The interests of the Wealthy have captured government who protect them from supply and demand. It still usually applies to the rubes though.

by Anonymousreply 78January 25, 2023 5:50 PM

I still don’t trust the “boyfriend” from nowhere, with no savings, no family, no connections, so eager to get his name on the deed to a vast palace.

And in exchange for what? That’s the other question.

by Anonymousreply 79January 25, 2023 5:58 PM

I would never own property with anyone, especially if they weren't contributing the same amount (or at least percentage of earnings).

by Anonymousreply 80January 25, 2023 6:02 PM

[quote](She has said condos and apartment rentals have remained high - doesn't see thm coming down quite as quickly).

I believe I read on a previous thread that owners would rather have properties sit empty than lower rents; whatever the case, in many markets prices will never go down once they've gone up as there are a lot of retirees that want to live in condos/apartments.

I get the "whole supply/demand" the market is/down - what I hate is properties scooped up by investment firms & sitting empty or used as Airbnbs, eliminating affordable housing for the locals

by Anonymousreply 81January 25, 2023 6:05 PM

R81 - I agree with you. It's ridiculous that these investment companies (who have no real estate experience, whatsoever) buy up property (residential and commercial) and let them waste.

by Anonymousreply 82January 25, 2023 6:24 PM

I have a question (probably naive). Why would anyone be renting out an AirBNB in, say, Ohio? Or Nebraska? Would there be enough traffic to even make it worthwhile? I’m not denigrating those two states, but when I think AirBNB, I think the beach or a resort, or perhaps a big city with lots of tourism.

by Anonymousreply 83January 25, 2023 6:27 PM

R83 You’d be surprised. I’m in Flyoverstan, and we don’t have a lot of lodging options in these parts. Almost to the point where it pushes the decent options higher, just for lack of selection and competition.

by Anonymousreply 84January 25, 2023 6:42 PM

I rent and I am pretty pissed r69, just got a 20% increase on my rent to renew.

Unless you have rent stabilization for your property thats the downside of renting, the cost can keep going up and up

by Anonymousreply 85January 25, 2023 7:21 PM

Average DLer: "But R85, I inherited a rent controlled apartment that I shared with Mother for 40 wonderful years, why didn't YOU?!"

by Anonymousreply 86January 25, 2023 7:35 PM

^I agree with R84; in an area with no/few lodging options, you buy a house for $100K (or less), make some minor upgrades and rent it out as an Airbnb, you don't have to have maximum capacity to make a profit, not even factoring in whatever tax benefits you get. In my hometown in Ohio, there are a couple of colleges in the area so when people come in town for graduations, parents weekend, etc., they rent them out since there are so few hotels - most of them crappy & overpriced. Added bonus if you live in the same area as the Airbnb - you can just clean it yourself rather paying cleaners, keeping down your costs.

I don't begrudge people this and I respect the free market principle of it all, but it does eliminate housing options for people who have nowhere else to go

by Anonymousreply 87January 25, 2023 7:50 PM

I don't see how renting a house for a few weekends a year as an Airbnb is going to pay to keep the lights on. Even figuring a generous $10k/year in rental income, you still have to pay for utilities, including WiFi, taxes, maintenance, repairs.

I have a friend who lives in a split-level ranch in a high-demand summer tourist area. She built an apartment with a separate entrance. It has a full kitchen, bath, and one large bedroom with a king size bed and a sofa bed in the living room. She also rents out her upstairs 3-bedroom residence and if she has both places booked at the same time she couch surfs with friends, or goes on vacation. She barely makes enough rental income to cover her year-round expenses including the mortgage payments. She also has to pay tax on all of the rental income. If you list with a platform like Airbnb and VRBO they require you to file a 1099.

by Anonymousreply 88January 25, 2023 8:11 PM

Who the fuck even uses Airbnb any more? Everywhere in the area I live has towns and small cities severely curtailing, taxing, and plain just stopping Airbnb from functioning. It’s become a major social issue and people are pissed they even exist. They’re almost horribly handled and managed generally, fees abound, and they’re way too much of a hassle. Airbnb is dying or dead in large swaths of the country, and major cities are up next. They’re dying just like Uber is dying, and Airbnb doesn’t have the ability to shift to a shitty fast food delivery service.

by Anonymousreply 89January 25, 2023 8:46 PM

Are you in the US, r89? Where is Uber dying?

by Anonymousreply 90January 25, 2023 9:11 PM

[quote]...Unless you have rent stabilization for your property...

I do, luckily. It is very reasonable.

by Anonymousreply 91January 25, 2023 10:16 PM

OP I am watching Live It or List It right now and there is a 1000 sf house Hilary is remodeling to give them more space. S9E13.

by Anonymousreply 92January 26, 2023 1:17 AM

My ass is tired

by Anonymousreply 93January 26, 2023 1:22 AM

The massive 2008 bailouts were colossal mistake. People would bite your head off for saying that - "BUT MY 401K!!!" - but now they're beginning to see it. The RICH JUST GOT RICHER and more powerful, and that includes the banks and corporations, etc etc. They never got the beating they so richly deserved. The whole country would be in a far healthier place economically and socially if they had and a few motherfuckers jumped from skyscrapers.

by Anonymousreply 94January 26, 2023 1:30 AM

My house as doubled in volume since I moved in here ten years ago this January. I am sick and tired of the calls, emails, texts and letters asking me if I am interested in selling my house. They are hell-bent on gentrification, not caring about working folks.

by Anonymousreply 95January 26, 2023 1:38 AM

Crackerbox? Crackerjack? Peanuts, please.

by Anonymousreply 96January 26, 2023 1:48 AM

[quote]Who the fuck even uses Airbnb any more? Everywhere in the area I live has towns and small cities severely curtailing, taxing, and plain just stopping Airbnb from functioning.

I was thinking the same thing !

In my (New England) city, the hotels got together and lobbied the state reps and city council, saying it wasn't fair how AB&Bs were popping up everywhere, and skirting different permits and taxes which hotels are subject to in order to operate. The state and city took the hotels seriously, and placed different laws and rules on operating an AirBNB in the city - same rules and regulations as hotels in the city. They have really cracked down since the pandemic. They actually have staff checking AB&B sites and catching scofflaws in the city (and fining them). Other cities in my state which has big hotel businesses are now enforcing the same laws starting this spring.

by Anonymousreply 97January 26, 2023 3:03 AM

Based on my experience Airbnb has slightly lowered in popularity, I know people who used to use it exclusively going back to hotels.

Uber/Lyft has not. Everybody still uses it all the time, even my elderly mother has started using Uber.

by Anonymousreply 98January 26, 2023 3:04 AM

We haven’t heard from OP lately.

I told you all that pauper “boyfriend” was trouble.

by Anonymousreply 99January 26, 2023 8:21 AM

R98 I started a thread or two on AirBnBs a while back, and the outcomes were pretty much:

- Just take a hotel if you are travelling alone and/or are staying for just a few nights

- Do book an AirBnB If you are travelling with a group and/or are staying for a longer time

I completely ignore AirbNb these days. Their site is a mess now, and I got so sick and tired of the crappy apartments with cheap IKEA furniture, bad lighting, rowdy neighbours, etc.

by Anonymousreply 100January 26, 2023 9:14 AM

We are in a similar situation,

I would buckle down and do a really nice renovation, working with a designer and pare down your furniture and buy some really nice pieces and get rid of any clutter , OP. If you already have a mortgage with a low rate, stay put! You’ll be trading for a much higher rate and it doesn’t look like you could refinance any much better right now.

One thing that really made all the difference was brighter, new flooring. It made our condo look a lot bigger.

by Anonymousreply 101January 26, 2023 9:39 AM

[quote]The massive 2008 bailouts were colossal mistake.

I don't know -without government invention, the economy was tasking. There as valid reason to believe that banks were going down & taking the country with it. What I blame - and Obama bears a degree of responsibility for this - is that no meaningful reforms were put in place afterwards, no one of consequence went to jail - there was absolutely no consequence for bringing this country to the brink. And we all know why - the same people that did it are the same people that give very big donations to all candidates, repigs & dems alike.

In part, I think that whole disaster fueled Trump's rise; a lot of low/middle income people looked at how taxpayers were forced to support the banks when these same banks had no trouble taking their homes, cars, etc when they didn't pay up. And this current real estate problem is another manifestation of that same issue: corporations are allowed to run amuck with no government intervention and creating a situation in which a large percentage of the population of the country either can't afford to find a place to live or are spending practically every penny they have on home/rental expenses.

by Anonymousreply 102January 26, 2023 12:20 PM

*tanking*, not tasking!

by Anonymousreply 103January 26, 2023 12:20 PM

Your government is in bed with those crooks, R102..

by Anonymousreply 104January 26, 2023 12:31 PM

That was r102’s point, Dutchie.

by Anonymousreply 105January 26, 2023 12:35 PM

Remodeling and adding a room sounds good on paper, but in my neighborhood, all the upper-middle class people who already own huge homes have been on a mad remodeling binge. Design firms and contractors are booked two years out.

by Anonymousreply 106January 26, 2023 12:42 PM

Agree R102. Why are REITs even still in existence? We threw free money at the corporate sociopaths and it only emboldened them

by Anonymousreply 107January 26, 2023 12:45 PM

Aside from NYC, what areas of the US have rent-stabilized apartments?

by Anonymousreply 108January 26, 2023 1:00 PM

Oops, right you are R105

by Anonymousreply 109January 26, 2023 1:01 PM

[quote]I completely ignore AirbNb these days. Their site is a mess now, and I got so sick and tired of the crappy apartments with cheap IKEA furniture, bad lighting, rowdy neighbours, etc.

R100: Mostly agreed, though I do still look to see what sort of thing AirBnB has on offer in different cities. It's quite variable one city to the next. One city will have some architecturally interesting spaces beautifully furnished, maybe with great views, a beautiful street, a private terrace, and with some decent original art, while another city will have a huge number of completely generic small apartments with the usual lowest common denominator Ikea crap goods: the Ikea chipboard furniture with knife-like edges and horrible cushions, the €13.99 Ikea lamps with blaring white bulbs, the Ikea plates, towel rack, an Ikea shower mat thinner than the Ikea towels, those ugly fucking Marimekko-wannabe sheets, an Ikea salt shaker (with price sticker attached), two shitty plastic handled spoons and 1 fork, and a not quite dead dracena in a plastic pot in the corner, giant Ikea price tag on it. Some cities have some real choice and others nothing but surprisingly poor choices.

by Anonymousreply 110January 26, 2023 1:42 PM

Yes that is true, R110 — It can still be a rather attractive option in secondary or tertiary cities/towns.

Also, AirBnBs that are in the middle of nowhere can be extremely good value.

by Anonymousreply 111January 26, 2023 2:57 PM

R110 Miss Prisspot.

Offsite Link
by Anonymousreply 112January 26, 2023 3:42 PM

R102 Thank you very well stated. This a perfect example of Democrats not using power when they have it and showing what they really stand for. This was a perfect moment for reform but clearly the political puppets were not only avoiding their job of running the country for everyone but taking their orders from the financial elite. Orders which appear to have been: never let a good crisis go to waste. Legislative capture is the term. Al this doesn’t bode well for any constructive change any time soon.

by Anonymousreply 113January 26, 2023 5:20 PM

OP is a big fat chunky karen

by Anonymousreply 114January 26, 2023 5:55 PM

I am always amazed at the assumptions made when anyone starts a thread here. This is a small old house with a fieldstone basement. Not gonna be able to expand there. As explained, I cannot really add on to the house because of lot line restrictions. There's no issue with the bf, but he's semi-broke because of a work accident and being on workman's comp. Things are looking up for him, he's healing and several companies have approached him to work for them. Again, my point is just that it's pretty damn expensive to get into the next tier of housing around here. I assumed many would feel likewise.

by Anonymousreply 115January 26, 2023 11:52 PM

OP, these are not normal times. The fundamentals of real estate don’t seem to matter today.

I am hoping these times are temporary; it’s not easy to feel optimistic at the moment.

by Anonymousreply 116January 27, 2023 12:33 AM

[quote]R115 I cannot really add on to the house because of lot line restrictions

You can’t even add an upstairs room? Are you both unable to handle stairs? You said the extra space is for storage; just how often do you have to visit it?

by Anonymousreply 117January 27, 2023 7:23 AM

OP wants what he wants and that's what he's been searching for. Reasonable or not, what does it matter so much to others that they want to shame him for wanting a too large house, for having too many possessions, some not adhering to the tenets of the tiny house movement. And if it's not shame they want, it's conformity: "Why can't OP and his partner be perfectly happy living exactly as some other pair of people do?"

He's not looking for a house with a special rooms for his collection of taxidermy giraffes and a temperature controlled skin laboratory for his Donatella Versace room of special cremes and lotions. He simply wants more space or different space because both he and his partner find themselves working from home full-time and because...and because he does.

Different people like different things.

You can berate him for wanting more than he can afford,

by Anonymousreply 118January 27, 2023 9:22 AM

[quote] r118 He simply wants more space or different space because both he and his partner find themselves working from home full-time

Unless I missed it, all OP states is he wants “something a little larger” because he’s “bursting at the seams for storage.” There’s nothing about wanting to switch addresses for a job, socialization, children, a fresh start with the “boyfriend,” or even just the thrill of change.

The fact that he isn’t creative enough to make his perfectly good house work is mystifying. Aside from renting a storage unit or building some attractive sheds on the property, there’s little this couple can do except weed out possessions if it’s all really such a pressing drama.

by Anonymousreply 119January 27, 2023 10:55 AM

[quote] He simply wants more space or different space because both he and his partner find themselves working from home full-time

That was me.

R119 How do you know OP's house is "perfectly good"? Have you visited? Seen a 3D tour? If OP was as frivolous as you seem to think, he wouldn't have started this thread, he'd have run out and overspent on a flimsy new construction behemoth.

by Anonymousreply 120January 27, 2023 11:19 AM

I'm puzzled by all this remodeling talk - how is remodeling going to magically add significantly more space? And as for adding rooms, that requires planning permission and quite a lot of work and expense.

by Anonymousreply 121January 27, 2023 11:23 AM

[quote] That's just what the Koch brothers want you to think. Do more with less! Just like we ask you to do at work, they ask you to live in tiny houses and convince yourselves that you love doing so.

WTF are you talking about? If anything, doing with less (to save the planet) is more of a Left Wing tenet. Republicans are more about money and excess. Oh, and hitting the WW button for yourself a bunch times isn't fooling anyone.

by Anonymousreply 122January 27, 2023 12:39 PM

The whole point about remodeling misses the entire point about real estate. This is what families do. They buy starter homes and then, as their families and possessions grow, they get bigger houses. This gentleman is right—the market is insane right now, he’s stuck in what is probably a “starter” home and would like to move on. .

And remodeling? Has anyone actually done that recently? People are needing to remodel because they can’t move, and it could be more than a year to get a reputable builder. And forget about additions. The permits alone are a bear and expect to spend 50k to 150k depending on what you need.

by Anonymousreply 123January 27, 2023 12:57 PM

^btw, moving up from a starter home allows a new couple or family to buy it. Right now, there aren’t any starter homes. And we all know rent is outrageous.

by Anonymousreply 124January 27, 2023 12:59 PM

R122, wrong. While the move to smaller houses might be a progressive thing for some, we all know the Koch brothers are happy to pull more money from the middle and working class and into to their pockets.

by Anonymousreply 125January 27, 2023 1:02 PM

I am not seeing what OP’s problem is. He is already on the property ladder and has equity in the home. You sell that house at a profit and buy a bigger one.

However until prices level off (in the Northeast they won’t really go down but should start to level off and have already in some markets), you should hold off. I am not sure we will ever see historically low interest rates as we did in the past few years.

So you have a fieldstone basement. Redo it and add value to your house. Basements can be dug deeper to allow for higher ceilings. Convert the attic, blow out the dormers, etc. or continue to whine that remodeling is impossible, not even look into it.

Get a storage unit while you figure things out.

by Anonymousreply 126January 27, 2023 2:24 PM

When one pots a tread it is no longer theres but the realm of DL ers. If you don’t want your premise challenged questioned or expanded upon well, you’re in the wrong place.

by Anonymousreply 127January 27, 2023 3:12 PM

[quote]#R127 When one pots a tread it is no longer theres but the realm of DL ers.

Put down the brandy.

(Though you’re right, of course.)

by Anonymousreply 128January 27, 2023 8:05 PM

[quote]R121 as for adding rooms, that requires planning permission and quite a lot of work and expense.

As does moving to a bigger space, usually.

by Anonymousreply 129January 27, 2023 8:06 PM

Is “Love It or List It” accepting applicants?

Offsite Link
by Anonymousreply 130January 27, 2023 8:21 PM

R31 thank you! Crabs in a bucket indeed.

by Anonymousreply 131January 27, 2023 8:58 PM

If you can’t stand to live in close proximity to your partner, there’s something wrong. A [italic]lot [/italic]wrong.

by Anonymousreply 132January 27, 2023 9:33 PM

[quote]I just don't understand how people younger than myself or someone that doesn't have some equity in a current property can afford anything.

They can't unless they have family money behind them now. And this is the same in all western countries. The days of everyone being able to expect to own a house are gone OP.

by Anonymousreply 133January 27, 2023 9:47 PM

"I would like something older with character'

Isn't that the husbear OP?

by Anonymousreply 134January 27, 2023 9:56 PM

I will restate and explain again. There is no smart way to add on to my current home. It's not that I haven't considered it. It's a Cape Cod-style home, there is no attic. Digging the basement deeper is absolutely foolhardy. First off, it's expensive, and rooms below grade do not add value like a main floor addition. We are not just looking for storage, I would like more room to entertain, have another bedroom for guests, etc. Unfortunately, the area we live in is prohibitively expensive. I bought this house because it was the worst house in the best town I could afford, years back. I've spent a lot of time and effort in making the most out of what it is. There is little inventory on the market, and when things become available, you are looking at spending 6-700k for something that still will need work. I just imagined that more people on this board might be in the same situation. What I can do, and will be looking at doing this spring and summer is enclosing the deck to make a three-season screened porch. It should help with the livability, and we can bide our time until either interest rates come down some, or prices cool off.

by Anonymousreply 135January 28, 2023 12:44 AM

Sounds like now is not the right time, financially, considering boyfriend’s situation.

by Anonymousreply 136January 28, 2023 12:53 AM

Instead of enclosing the deck as a three season room why not turn it into a year round sunroom? Or blow out the upstairs? It’s fairly easy to create a center hall colonial from a Cape Cod. At least discuss with a designer to explore options.

by Anonymousreply 137January 28, 2023 1:21 AM

The well is beneath the deck, and turning it into a four-season room would not allow access. Truly, guys----this house is all that it can be. Again, we are looking at about 850-900 sf. It is what it is. The next logical step is a new house. I also don't want to over improve for this neighborhood. I have a design background. Trust me, I really know what this house is capable of being and what it cannot be.

by Anonymousreply 138January 28, 2023 1:27 AM

[quote]R135 OP: We are not just looking for storage, I would like more room to entertain, have another bedroom for guests, etc.

If you edit down your friend list (along with possessions) there will be fewer people you have to fit in. Have you thought of that?

by Anonymousreply 139January 28, 2023 1:31 AM

But then how will I be able to host the DL Christmas party, R139?

by Anonymousreply 140January 28, 2023 1:33 AM

Mmmm. That’s true!!

Well, I am glad you’re sensible. I can help clear the room for you with some good off key singing if it gets too crowded!

by Anonymousreply 141January 28, 2023 1:35 AM

Cheryl usually clears out the room on her own. But where the fuck am I to put a piano player and the damn piano? Maybe the screened porch.

by Anonymousreply 142January 28, 2023 1:39 AM

I can be on a swing with an accordion- high above the crowd. They’ll hardly know I’m there till you give the signal!

by Anonymousreply 143January 28, 2023 1:43 AM

Accordions take up less space. This works.

by Anonymousreply 144January 28, 2023 1:45 AM

Honestly, I do hope you find a place you enjoy. I object to this from someone else, earlier:

[quote] You can berate him for wanting more than he can afford

We ALL want things we can’t afford. We just hopefully don’t go into debt acquiring them, and instead use them as inspiration and find something that has some of the same qualities.

I’m glad I don’t have a bigger home, as I detest housework and it would just mean there’s more to keep neat.

by Anonymousreply 145January 28, 2023 2:14 AM

If it's in the best area that you could afford is there a reason why you can't look at bigger houses in the next good areas?

by Anonymousreply 146January 28, 2023 4:47 AM

My house, a late 70s small bi-level house (sometimes called a split-level house) is also very short on storage - no basement, single car garage, which I also park in because I live in a place with a harsh winter climate), so I feel OP's pain. I could use what little storage I have more efficiently - but then I would have to catalog where I stored every single thing so that I would be able to find it without a major search. If I had the time and the energy, I could rigorously go through all my things and on the first reliably warm and sunny weekend, have a huge garage sale. But that's not my thing. (don't want to have to get up at 5 am on several weekend mornings and make nice with strangers for the next 10 hours just for what might turn out to be a measly couple of hundred bucks). So lately I've been fantasizing about renting the lowest cost storage unit I can find, just to clear out my garage and not feel like everything in there might fall onto me every time I get out of my car. When OP mentioned that he is bursting at the seams, I thought of that solution for him and his partner. In my area, a cheaper 5X10 unit is about $50/month - so basically a little over $$600/year. That's a lot cheaper than an addition to a house and might buy some time until the housing market cools.

by Anonymousreply 147January 28, 2023 8:45 AM

R45 you are definitely having a point. I'm conflicted though. Only speaking of myself (because I don't know how OP's house looks like) and mine and my husband's flat: we have too much stuff. We're not hoarding but stuff keeps accumulating. It's not precious additions as if you are expanding your pocellaine collection. There is a difference between stuff and clutter. It's liberating to not make do with less but to give away or toss things that really are a burden. Old towels, shoes that you wore the last time three years ago because they don't fit properly, books you will never read again and didnt like, chargers for devices that don't exist anymore... I wish I could organize my household like my mother - always neat, everything has its place without her being pedantic - but I just can't, so I have to get ahead if it about once a year. I think many houses are that way. There is much stuff you can get rid off that you will not miss, long before you're getting in the territory of Koch Brothers approved minimalism.

by Anonymousreply 148January 28, 2023 10:18 AM

[quote]The whole point about remodeling misses the entire point about real estate. This is what families do. They buy starter homes and then, as their families and possessions grow, they get bigger houses. This gentleman is right—the market is insane right now, he’s stuck in what is probably a “starter” home and would like to move on

The idea of a starter home and a so-called "natural progression" to a larger home is really more about consumption than it is about any kind of natural evolution in living.

Many, probably even most, people haven't been able to "naturally progress" from apartments to "starter homes" to larger homes since the 1970s, and it's slowly been getting worse and worse over the decades.

I feel like everyone already knew that finding a decent small home for just two people was difficult, and I suspect that's where a lot of these comments are coming from: yes, we already know that it sucks, so here are some ideas for you since it's going to be a while before you get that new upgraded home, if you ever do.

Some of the people objecting to these comments seem to be taking them personally in a way that doesn't make a lot of sense.

by Anonymousreply 149January 28, 2023 10:44 AM

Even if you rented storage - how often would you actually use the stuff that's in storage and would you be accumulating even more and more stuff? I get the shitty economics but if this is it, maybe time to take seriously the concept of only keeping stuff that you genuinely like and use.

by Anonymousreply 150January 28, 2023 11:01 AM

Who knew that an obscure TV series 'Hoarders' would cripple the minds of a generation or three?

by Anonymousreply 151January 28, 2023 11:49 AM

I agree r150. If you’re putting stuff in storage, it’s stuff you can probably toss or donate.

by Anonymousreply 152January 28, 2023 3:05 PM

There’s middle ground between minimalism and paying for storage.

I can understand not wanting to do a garage sale, but paid storage is not the only alternative.

At some point, someone will have to sort through all your belongings.

by Anonymousreply 153January 28, 2023 5:10 PM

[quote]At some point, someone will have to sort through all your belongings.

And? The dead often leave us with some piss and shit to clean up, too. I shouldn't think they are too deeply worried about some some boxes 9f old things in the closet.

by Anonymousreply 154January 28, 2023 5:17 PM

What is so important that you can't live without it but then just stick it in storage?

I look at all my crap- books, furniture, art etc....they'll all end up in a charity shop after I'm gone.

by Anonymousreply 155January 28, 2023 5:17 PM

I was really thinking about OP’s desire to move to a larger house in the future, where he and his partner would have the room to properly spread out the things they have. In my case, I have lots of items I do use, but seasonally. Fans, outdoor cushions and furniture (summer), blankets, space heaters, Christmas trees and decorations (winter). Bulky kitchen appliances I do use (bread maker, crock pots) but which are too large to live in my small kitchen. Garden tools, bags of de-icer, potting soil. Bicycle, lawn mower

by Anonymousreply 156January 28, 2023 8:08 PM
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