Redfin and Compass do large layoffs

[SDSUfan]

On 6/22/2022 at 5:35 AM, grandjean87 said:

Think about that a little deeper. 

Okay. I did. I'm still right. 

Asshat

[happycamper]

On 6/22/2022 at 2:44 AM, tailingpermit said:

@utenation, find this man!

 

 

can you please leave a 2-3 sentence summary of vids when you post them. I ain't got time for that shit

On 6/22/2022 at 9:23 AM, SDSUfan said:

Okay. I did. I'm still right. 

Asshat

It's good for existing home prices to rise. It's not good for all home prices to outprice first time home buyers and for there to be such a lack of supply of "starter" homes that the middle class can't get the ball rolling on wealth generation. We're well on that side of the pendulum right now. I say that as someone who got in just in time 

[tailingpermit]

On 6/22/2022 at 9:28 AM, happycamper said:

 

can you please leave a 2-3 sentence summary of vids when you post them. I ain't got time for that shit

I’m busier than you are, bitch!

[SDSUfan]

On 6/22/2022 at 6:28 AM, happycamper said:

 

can you please leave a 2-3 sentence summary of vids when you post them. I ain't got time for that shit

It's good for existing home prices to rise. It's not good for all home prices to outprice first time home buyers and for there to be such a lack of supply of "starter" homes that the middle class can't get the ball rolling on wealth generation. We're well on that side of the pendulum right now. I say that as someone who got in just in time 

You're not the only one who got in "just in time". The market is the market. The only alternative to it is government meddling. I'm not unsympathetic to first time buyers but buying a home had never been easy. It was hard for me forty years ago. It was hard for my dad  65 years ago. He had to put his mother in law on the note.

I've heard this same whining about housing prices my entire life. There's nothing new under the sun.  

[grandjean87]

On 6/22/2022 at 7:23 AM, SDSUfan said:

Okay. I did. I'm still right. 

Asshat

What we are dealing with here, and the case in many places, is an affordable housing crisis or crunch or whatever pejorative descriptor is chosen. 

We’ve been through rapid rising home prices before, but not like this one and its spillover effects on rent.  People doubling up w/others just afford a place or go homeless.  When that $1,200/m rent goes to $2,100 and you’re hourly goes from $17 to $20/h you’re way behind.  You lose your place.

We (our market) need home prices to stabilize, and in our market come down some, especially with the rise in LT interest rates.  I know young working class folks who were able to buy houses even just 2-3 years ago.  They sometimes needed family money for the down payments from grandparents or relatives or inheritance, but once that was cleared, wages sufficed to own.  That ain’t the case now.   

 

[happycamper]

On 6/22/2022 at 9:41 AM, SDSUfan said:

You're not the only one who got in "just in time". The market is the market. The only alternative to it is government meddling. I'm not unsympathetic to first time buyers but buying a home had never been easy. It was hard for me forty years ago. It was hard for my dad  65 years ago. He had to put his mother in law on the note.

I've heard this same whining about housing prices my entire life. There's nothing new under the sun.  

The idea that the housing market is free from "government meddling" is either being deliberately dishonest or is being hilariously ignorant. The housing market is explicitly and deliberately impacted by governments at every level. A huge part of local politics is "how do we use the levers of government to meddle in the housing market". 

Buying a home especially right now is far harder than it was for you or your dad... or for me, for that matter. It's a problem with a trajectory that's going up. And no, it isn't a problem that people haven't seen before, but it is also a problem that gets worse and worse. We also know ways to alleviate issues and smooth out a build-bust cycle we're looking at. 

[happycamper]

On 6/22/2022 at 9:45 AM, grandjean87 said:

What we are dealing with here, and the case in many places, is an affordable housing crisis or crunch or whatever pejorative descriptor is chosen. 

We’ve been through rapid rising home prices before, but not like this one and its spillover effects on rent.  People doubling up w/others just afford a place or go homeless.  When that $1,200/m rent goes to $2,100 and you’re hourly goes from $17 to $20/h you’re way behind.  You lose your place.

We need home prices to stabilize, and in our market come down some, especially with the rise in LT interest rates.  I know young working class folks who were able to buy houses even just 2-3 years ago.  They sometimes needed family money for the down payments from grandparents or relatives or inheritance, but once that was cleared, wages sufficed to own.  That ain’t the case now.   

 

When the required down payment goes up each month more than you can save... it's a huge problem. 

[grandjean87]

On 6/22/2022 at 7:46 AM, happycamper said:

When the required down payment goes up each month more than you can save... it's a huge problem. 

That’s another part of the current problem.  It’s nice watching my home value go 2x in short order after a longer, slower rise.  But, when working class wage earners can’t afford housing because of the spillover effects on renting, I’d take an equity cut to balance that. 

[SDSUfan]

On 6/22/2022 at 6:45 AM, happycamper said:

The idea that the housing market is free from "government meddling" is either being deliberately dishonest or is being hilariously ignorant. The housing market is explicitly and deliberately impacted by governments at every level. A huge part of local politics is "how do we use the levers of government to meddle in the housing market". 

Buying a home especially right now is far harder than it was for you or your dad... or for me, for that matter. It's a problem with a trajectory that's going up. And no, it isn't a problem that people haven't seen before, but it is also a problem that gets worse and worse. We also know ways to alleviate issues and smooth out a build-bust cycle we're looking at. 

Of course the government meddles, usually by constricting inventory through zoning and environmental regulation. That's America.  Conditions are always changing. At one time, Detroit was a hot housing market. Now, not so much even without government meddling. 

When I came of age, inflation was rampant and rates were just beginning to climb down from the 17-19% range. I jumped in when they got to 9.5 during the subsequent recession. You don't think that was hard?  I scraped and saved and dumped every penny I had to my name + a small back door loan from my father to qualify. I had 2 kids and a wife to support while she finished her degree. 

Nothing was easy about it. Nothing worth doing ever is.

[SDSUfan]

On 6/22/2022 at 6:45 AM, grandjean87 said:

What we are dealing with here, and the case in many places, is an affordable housing crisis or crunch or whatever pejorative descriptor is chosen. 

We’ve been through rapid rising home prices before, but not like this one and its spillover effects on rent.  People doubling up w/others just afford a place or go homeless.  When that $1,200/m rent goes to $2,100 and you’re hourly goes from $17 to $20/h you’re way behind.  You lose your place.

We (our market) need home prices to stabilize, and in our market come down some, especially with the rise in LT interest rates.  I know young working class folks who were able to buy houses even just 2-3 years ago.  They sometimes needed family money for the down payments from grandparents or relatives or inheritance, but once that was cleared, wages sufficed to own.  That ain’t the case now.   

 

So. MOVE.

That's what many of my nieces and nephews have done. From SD to places like Nashville, Alpharetta and Charlotte. They've all been successful in establishing themselves in those hellholes. 

My kids are lucky that their dad could help them out, primarily because their mom told him she would cut off his balls if he didn't.  Grandkids, it turns out are really important to her. 

[happycamper]

On 6/22/2022 at 9:59 AM, SDSUfan said:

Of course the government meddles, usually by constricting inventory through zoning and environmental regulation. That's America.  Conditions are always changing. At one time, Detroit was a hot housing market. Now, not so much even without government meddling. 

So why the original comment? Government meddles at every level, from federal to state to county to municipality to various utilities to HOAs. That's the entire point of many governments in this country. So why bring it up?

On 6/22/2022 at 9:59 AM, SDSUfan said:

When I came of age, inflation was rampant and rates were just beginning to climb down from the 17-19% range. I jumped in when they got to 9.5 during the subsequent recession. You don't think that was hard?  I scraped and saved and dumped every penny I had to my name + a small back door loan from my father to qualify. I had 2 kids and a wife to support while she finished her degree. 

Nothing was easy about it. Nothing worth doing ever is.

And it is getting much more difficult. The median houses you were struggling to buy were less than 4 times the median household income, whereas now it is about 6 times more - and furthermore, the market is far less homogeneous. The median home price in Boise is 8.5 times the median household income. Interest can make the payments tough, sure, but that extreme difference makes saving a down payment far, far, far more difficult - and unlike in your youth, rent is more expensive by month than home ownership (often far more expensive). People who are paying ~50% of their monthly income on rent for 5 years can't get a mortgage at ~40% of their monthly income because they can't get... underwritten? underwrote?

Furthermore, all of the issues you're talking about - high interest, difficulty in buying a house after WW2 - were all ameliorated by extensive government action. So what? Your dad got his massive suburb expansion and cheap loans, you got the fed busting the interest rate, but +++++ them kids? Your position seems ahistorical and to not reflect what actually happened for you. 

[happycamper]

On 6/22/2022 at 10:06 AM, SDSUfan said:

So. MOVE.

That's what many of my nieces and nephews have done. From SD to places like Nashville, Alpharetta and Charlotte. They've all been successful in establishing themselves in those hellholes. 

My kids are lucky that their dad could help them out, primarily because their mom told him she would cut off his balls if he didn't.  Grandkids, it turns out are really important to her. 

"sorry youth, but sdsufan said that family is meaningless and so are friends and community. don't ever imagine you can live where your parents lived or have your kids see their grandparents every weekend"

[grandjean87]

On 6/22/2022 at 8:06 AM, SDSUfan said:

So. MOVE.

My kids are lucky that their dad could help them out, primarily because their mom told him she would cut off his balls if he didn't.  Grandkids, it turns out are really important to her. 

Some can and some do. Not everyone can move to Springfield, Missouri.  

Not everyone, younger adults, have that parent or grandparent funding.  I’d say most young adults in my sphere do not have that back up. I don’t mind people struggling and sacrificing.  That’s fine. It’s okay if it goes on awhile, but if you work full time especially a couple even w/child, you ought to be able to afford basics like rent.