Home purchase

[SAJ-99]

First time homebuyers make up only 21% of the market and are coming in with a median are of 40.

Glad your niece made it happen though.

People are getting older before they can afford to buy their first home, new survey shows

First time homebuyers are getting older, according to a recent survey by the National Association of Realtors.

www.scrippsnews.com

Americans are getting older. Last estimate was about 39.3 years, so the home buyer age going up should be expected. The NAR is a clown show an organization, so take anything that comes out of the survey with a grain of salt. It is lobbying politicians to get stimmy checks to first time home buyers which will flow through to realtors commissions. The housing problem is multifaceted. Kind of "all of the above".

 

[mdhunter]

I read an article that explained there is about $80 Trillion dollars that is going to pass from one generation to the next, in a few years. I guarantee those fortunate enough to inherit part of this wealth will immediately buy another property. So much for those who hope/expect a major housing correction imho.

 

[Tradewind]

That would mean an increase of nearly 9k a year in property taxes and insurance in 6 years. Does not sound accurate. My taxes and insurance run around 4k per year total.

my old house had an increase of $4500 in one year for tax and insurance.

 

[Tradewind]

 

[lexfurther]

View attachment 408400

our reality. Buying a home is such a stressful but exciting process, there are so many moving parts and financial considerations to keep track of. We went through it a couple of years ago, and I remember spending hours comparing mortgage rates and reading up on different investment strategies to make sure we were making a sound decision. It's a bit like when I was looking at IQ Option reviews to understand the risks and potential rewards of online trading; you really have to do your homework before committing.

 

[Steiny77]

We bought our old farm house and 100 acres (70 tillable) back in 1989 for $75,000. Ground was going for $750 an acre back then and the house was pretty junky so not worth much.
Between house expansion, remodeling, new outbuildings, barns, decks, paving, utility upgrades, etc. I'm sure we dumped $800k or more into this place pay as we go, so call it $900k total invested.

I'd guess we could easily get $1.3mil out of the place. That's not a purchase I would take on today.

Very similar situation for a lake property we purchased in 2010. Bought for $460k, now worth about $800k.

The right real estate can be a real wealth builder.