Interest rates
- Thread starter Tenacious E
- Start date
I understand. But low interest seems to be more of a socialist/communist idea than capitalist idea where there is real value in value.
Actually it's not. I know many people who would prefer to buy a smaller "starter" home but those are hard to come by unless you want something that's 60 years old. They used to make lots of 1,000 sq. ft. 3BR, 1 BA homes back in the 50s and 60s. They don't anymore.
I'm not sure where you live but there are all kinds of starter homes that size here in the DSM metro. They may not be standalone houses, and they may be some form of condominium, or else "old", but they exist. People just don't want to share walls or pay their dues with a less than grand living arrangement.
A lot of those post-war homes are in disrepair and can't be bought with a conventional mortgage. Good deal for investors, not something a first time home buyer can usually swing unless they qualify for some kind of rehab loan.
There's actually a lot more Des Moines inventory now on Zillow than the last time I looked (probably mid 2022). Dramatically. In February, that's weird.
This shows that in the metro, there are 542 agent listings, and another 20 private listings, between $100K and $200K:
Real Estate & Homes For Sale - 580 Homes For Sale | Zillow
Zillow has 580 homes for sale. View listing photos, review sales history, and use our detailed real estate filters to find the perfect place.
www.zillow.com
I will add that many of them are a hell of a lot nicer than any place I lived before turning 30.
Yup this is a lot more inventory than when I was last using zillow daily. There's your high interest rates.This shows that in the metro, there are 542 agent listings, and another 20 private listings, between $100K and $200K:
Real Estate & Homes For Sale - 580 Homes For Sale | Zillow
Zillow has 580 homes for sale. View listing photos, review sales history, and use our detailed real estate filters to find the perfect place.
I will add that many of them are a hell of a lot nicer than any place I lived before turning 30.
2 homes of 1750 Sq Feet or more.This shows that in the metro, there are 542 agent listings, and another 20 private listings, between $100K and $200K:
Real Estate & Homes For Sale - 580 Homes For Sale | Zillow
Zillow has 580 homes for sale. View listing photos, review sales history, and use our detailed real estate filters to find the perfect place.
I will add that many of them are a hell of a lot nicer than any place I lived before turning 30.
8 over 1500 Sq Ft or more in the metro area.
4 built after 1973.
83 total homes in the metro area in that price range.
Over 300 of the listings are lots.
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This seems to be a trend, particularly with new construction that everybody is willing to go farther away from civilization to get.
Sure you’re taking out a 30 year note on a home with questionable structural integrity made of materials that will need to be replaced in order to have curb appeal to sell, but it has rock countertops (whatever kind is trendy today) and stainless appliances
I removed the lots and manufactured homes, and there were still over 146 listings
Real Estate & Homes For Sale - 134 Homes For Sale | Zillow
Zillow has 134 homes for sale. View listing photos, review sales history, and use our detailed real estate filters to find the perfect place.
www.zillow.com
That's because you go all the way to Winterset. The metro area has 128. 47 of those are homes under 1000 Sq feet.I removed the lots and manufactured homes, and there were still over 146 listings
Real Estate & Homes For Sale - 134 Homes For Sale | Zillow
Zillow has 134 homes for sale. View listing photos, review sales history, and use our detailed real estate filters to find the perfect place.
That's not many homes for sale in a metro area of 500,000. There is a vast shortage of affordable homes.
If US Bank and Rocket Mortgage are the only places you looked it's no wonder your rates suck. Check your local lenders, my guess is they're way more competitive.
Currently on the market. If we go to recently sold, there are over 10,000.
Recently Sold Homes - 10187 Transactions | Zillow
Browse data on the 10187 recent real estate transactions. Great for discovering comps, sales history, photos, and more.
www.zillow.com
And most of those are older homes (which I personally love). What I am saying is that 40 years ago, young people had lots of "entry level" homes that were only a decade or so old. That isn't as common now.Currently on the market. If we go to recently sold, there are over 10,000.
Recently Sold Homes - 10187 Transactions | Zillow
Browse data on the 10187 recent real estate transactions. Great for discovering comps, sales history, photos, and more.
Sigh. That's only if you consider anytime "recently". There's just over 3000 that have been sold in the last 12 months which demonstrates that availability is very scarce compared to what the demand has been. 3000 sales and 150 available, yikes.Currently on the market. If we go to recently sold, there are over 10,000.
Recently Sold Homes - 10187 Transactions | Zillow
Browse data on the 10187 recent real estate transactions. Great for discovering comps, sales history, photos, and more.
2/3rds of the sales in the last year were for units more than 50 years old. I bought my first house, brand new with all the appliances included for the equivalent of $167K in today's dollars. These homes were available in the past but there's little incentive for builders to develop these types of homes.
Putting the old house up for sale. When sold we'll apply that towards the loan and hopefully in the next year or 2 refinance as we got a no fee refinance with the bank. Plus if we don't refinance should be paid off in 7 years. The bank was able to do this type of loan in-house.
Are you in the Iowa City area? Couldn't quite do 5.8% but I think our special is 6.9% (tehe!) right now. DM me if you want more deets.
No, there are hardly any homes built in the past 20 to 30 years that are 1,000 sq. ft or less. That's my point. Perspective home buyers in 1970 had lots of newer starter homes of that size. Home buyers today do not.
Case in point - Des Moines homes built after 2000 with 1,000 sq. ft or less - there are 5 options.
Case in point - Des Moines homes built before 1980 with 1,000 sq. ft or less - there are 61 options!
And I guess I don’t see why houses built before 1980 are so horrible, at least for a starter home.
Probably depends on the neighborhood and schools?
In my area (not Iowa) old starter homes are $400k+ and up and those are often in hit or miss areas with questionable schools. Gotta do what you gotta do, but no question it’s more difficult for younger families starting out in many metro areas.
Anyone that barely qualifies for a $500k house has absolutely no ****ing business buying a $500k house.
Majority of Americans have no clue how to live within their means.
It’s pathetic.
This is not accurate. Real estate has been an outstanding investment for many, many decades. Before I bought my first house I was concerned about the price tag and my Dad said to buy as much house as you can as the investment will pay over time. Likewise, being young the income stream should continue to rise if you have a good job.
Depreciating assets are a different matter as well as "things" which are far more responsible for financial difficulties.
I think some here have a 1990s view of a $500k house.
At first glance, those monthly payments look incorrect (way too high). Are you adding estimated taxes and insurance?
You continue to prove you have little knowledge about anything every time you post.
A HOME is not an investment.
Millions and millions of homeowners disagree with you.
Probably because you're stupid.
You buy a HOME to live in moron.
How about the millions of homeowners that aren't homeowners anymore because they took out loans they couldn't afford. Outstanding investment! Let me guess, knowing you, that was the banks fault.
Is real estate a good investment? Absolutely. I have real estate myself.
A home is not "an outstanding investment".
Does your house give you an income stream? Oh yes, the amazing reverse mortgage investment!!!
Sure it can appreciate in value, but unless you plan on going homeless, you still need it.
The bolded is irrelevant to being a good investment. So, you think a home is a good investment but not "an outstanding investment"? Splitting hairs if you ask me.
LOL - wow, there's a lot you need to learn. I suggest a class or at least some research.
There are good investments and bad investments. Many, many more millions of people have seen their homes become an outstanding investment than those who have lost significantly. There are also investments that don't produce income. Investments can be sold and new investments bought.
A home is a unique investment that not only is an appreciating asset (most of the time) but also serves as shelter among other aspects of a home.
You're.... not smart.
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