How are people affording these crazy home prices?

[Hnthrdr]

Where are you looking? My advice is choose location over everything. Especially as the markets tighten, and potentially in 10-15 years a bunch of boomer croak location will be the difference between having an assets and a liability. Focus on areas with high rental potential or space limited like it’s not feasible for them to build a bunch of tract homes in 10 years and devalue existing properties

Can you explain a little more? I see some basic info on NFCU site but not the kind of info you seem to have.

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I’m military, currently starting to look for a house with my VA loan.

 

[dirtshooter]

Where I live in a small town Alberta, houses have been selling fast and at good prices. I bought 12 years ago for $348,500 and a house behind me was listed at $499,000 and was sold within a week and another on the sale street sold mid 400s earlier this year. We're going to move to some land that's destined to be willed to me at the farm, just trying to figure out when the best time to list is in relation to interest rates here in Canada.

I bought a desk from a dude in town and his house just sold, he told me all the new people coming to town are remote (camp) job or work from home workers since the international airport is like 25 min away.

I'm glad the prices are going up because the end goal has always been to stay just long enough before taking my money and running to the countryside.

 

[NRA4LIFE]

Average home price in King County here is now $870K. I could not afford to buy my house now as it has nearly quadrupled in value since we bought in 1998. It is crazy here. We would have to move back to the Midwest to afford a move.

 

[Sanchez]

Where I'm at on the Oregon coast a stick-built ocean view or proximity home is expensive and difficult to afford.

At the same time away from the ocean you can get land cheap and drag in a used travel trailer. You can have a functional place to live on the cheap. Not high status or luxurious but it will work until you figure out something better.

 

[loganwayne]

Where I'm at on the Oregon coast a stick-built ocean view or proximity home is expensive and difficult to afford.

At the same time away from the ocean you can get land cheap and drag in a used travel trailer. You can have a functional place to live on the cheap. Not high status or luxurious but it will work until you figure out something better.

There is more and more people buying a year or 2 old 5th wheel and setting them up in a year round camp ground here in the southeast. 50k and you can have a nice 40+ft 5th wheel with 2 bedrooms. That's nicer than the inside of my house.

Heck if I find the right property we will probably do that until we build a house

 

[aftriathlete]

Where are you looking? My advice is choose location over everything. Especially as the markets tighten, and potentially in 10-15 years a bunch of boomer croak location will be the difference between having an assets and a liability. Focus on areas with high rental potential or space limited like it’s not feasible for them to build a bunch of tract homes in 10 years and devalue existing properties

Funny you mention the rental potential and space limited — I’m on Oahu, so checks both those boxes.

Divorce just went final, and I got the best divorce agreement any man has ever gotten. So I’m suddenly in a place where I’m looking to buy a house.