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Replies: 23
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110%er [7102]
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Just bought my first home
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May 4, 2024, 8:37 PM
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What an experience. The housing market is insane. If I would have been in the situation to do so, the house I’m having built would have cost about half as much as it would in 2018.
I’m happy and blessed, and I also live in Jacksonville area which doesn’t help, but don’t judge the younger generation for their financial struggles because it is hard out here.
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Walk-On [109]
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Re: Just bought my first home
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May 4, 2024, 8:48 PM
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I was thinking about the snowball effect of inflation -- because of the increased "cost of entry" 1st time home buyers are encountering, it basically sets a new bar on the cost of living that cannot be undone (at least not without a serious collapse). I fear permanent damage has been done.
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110%er [7102]
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Re: Just bought my first home
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May 4, 2024, 8:52 PM
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That is something I have read into a lot. I agree that it will be incredibly hard to undo.
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Hall of Famer [24380]
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Re: Just bought my first home
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May 4, 2024, 9:10 PM
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In 2010 (+/-), the housing market was hit hard. I - and MANY OTHERS - lost almost 40% of our homes value as the market corrected for the mortgage lending ‘inconsistencies’ that occurred with the change in lending practices the previous 5-10 years. While values are crazy now, as well, another issue is the higher interest rates.
IMO, all of the above were due mainly because the government attempted to legislate solutions to other problems - real and perceived. Or as it is often said, the most feared phrase in history?
“I’m/we’re from the government, and I’m/we’re here to help you.”
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All-In [39736]
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Re: Just bought my first home
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May 4, 2024, 9:10 PM
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No $$ and a low paying job, was able to get into a home on the GI bill.
It took part time jobs to make the payments.
It was in a mostly crime free area where the Bride could jog after work.
We made payments for 30 years.
When able to move back to the Clemson area, appreciation made that possible.
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Heisman Winner [136671]
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Congratulations!!!***
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May 4, 2024, 10:47 PM
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All-In [27249]
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Re: Just bought my first home
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May 4, 2024, 10:53 PM
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Congrats on purchasing your first home!
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All-In [40142]
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Re: Just bought my first home
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May 5, 2024, 6:18 AM
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Our 1st house purchased in 1986 had an interest rate of 13%, but the price of homes was not overly inflated. We were able to refinance as the rates dropped. We didn’t have to worry about being under water with our mortgages.
Good luck to you.
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Orange Blooded [2342]
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Re: Just bought my first home
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May 5, 2024, 6:23 AM
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Be glad that it is not 1979.
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Orange Blooded [2418]
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Re: Just bought my first home
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May 5, 2024, 7:30 AM
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May you make many good memories in your new home. Congratulations
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110%er [8159]
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Re: Just bought my first home
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May 5, 2024, 7:37 AM
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Congratulations on the first home! We purchased our current home in 2014 so the value has almost doubled since then. For homeowners, the sticker shock is repairs and maintenance. New paint or roof or HVAC is simply crazy expensive
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Orange Blooded [2727]
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Re: Just bought my first home
May 7, 2024, 1:44 PM
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Congratulations on the first home! We purchased our current home in 2014 so the value has almost doubled since then. For homeowners, the sticker shock is repairs and maintenance. New paint or roof or HVAC is simply crazy expensive
Let's add PMI, property tax, and insurance to this too.
I was fortunate enough to get my first home a few years ago and although I knew about these things, I was shocked at how property tax and insurance go up making the overall payment also go up. It's not talked about enough IMO.
Repairs are a thing for sure but got my first sticker shock when the property tax and insurance went up at the same time and I had to scramble to come up with additional escrow payments to minimize how much my payments went up from month to month.
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Hall of Famer [21858]
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That is a big accomplishment nowadays!
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May 5, 2024, 7:46 AM
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I bought a foreclosure in 2012. It was 5 years old and got it for $86K. Now loaded trucks have sticker prices higher than that. It’s a crazy economy.
~JKB
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All-In [46849]
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Re: Just bought my first home
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May 5, 2024, 7:48 AM
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Awesome and congratulations!
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Legend [17973]
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Re: Just bought my first home
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May 5, 2024, 7:53 AM
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I remember the first time we looked for a home... in Norfolk, VA (1981). The interest rate we offered was higher than the average... get this... 20%. Needless to say, we did not buy.
We were young, newlyweds, and I was in the USN. I was bringing home about $850 per month. Wife did not work until a few years later. All this to say, there are plenty of us who know what "hard" is - right there with you. But you will be just fine!
Oh, Congratulations!
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CU Medallion [54086]
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You are exaclty right. It was that long ago in Powdersville that we broke the ``
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May 5, 2024, 8:03 AM
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100 dollar per sq.ft. barrier.....Now...200 plus...I even sold one for 363.00 per foot. When I bought my first home back in the 80's I got hit with high interest...10.25 on a State Housing loan, anything else was 11.25.......But, at least prices were okay. This generation has been hit with the double whammy! High interest and high prices...and in our area I don't see it changing.....
Congratulations! Post a pic when you move in!!!
Spud
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Legend [16629]
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Congrats!
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May 5, 2024, 9:00 AM
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Selling the house I built two years ago, and moving into what (I hope) will be my last house…and should be 100% mortgage free within a year. Clearly we are at different places in life, but my wife and I have plied the waters of this crazy market. In the last four years, we have bought a second home, sold our primary home and moved into a rental, built a new primary home, bought a lot for our future home, sold the lot, sold the primary home, and renovated and moved into the second home.
Crazy few years, but it has worked out pretty well.
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All-TigerNet [10183]
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Basically what everybody is trying to say
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May 5, 2024, 9:43 AM
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But don’t have the spine is…Biden is an idiot and it’s a shame you have to pay a crappy interest rate of over 7% when Trump was in office it was 2.5-3%. So take your mortgage payment now and divide it in half. That’s what you should be paying! Enjoy your new house. Wait until Trump gets back into office in January 2025. Then May of 2025 refinance and you will have extra money for window coverings, vacation, lawnmower and food. Truth hurts the snowflakes.
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Walk-On [143]
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Re: Just bought my first home
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May 6, 2024, 10:57 AM
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I live in Clay County and it is insane the amount of building going on here. I keep wondering where all these people are working! I know medical facilities are booming over here.
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All-In [32743]
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Congrats !***
May 6, 2024, 11:01 AM
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Rock Defender [56]
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Re: Just bought my first home
May 6, 2024, 12:46 PM
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Congratulations!
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Commissioner [967]
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Re: Just bought my first home
May 6, 2024, 12:48 PM
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What part? I’m in Riverside!
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Oculus Spirit [81577]
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Congratulations***
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May 6, 2024, 12:56 PM
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CU Medallion [62859]
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Congratulations!
May 6, 2024, 1:03 PM
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I heard on the radio this morning that amount required to buy a house these days is about 40% more than it was a year ago.
Thankfully, I paid off my house last year and ahead of schedule. Now, to start pricing improvements.
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