Also a millennial. Wife and I got our condo right before everything shot up, got a nice 3.25% APR. Great mortgage honestly. But we’ve been trying to sell our condo for a YEAR now and I honestly think it’s the bubble holding back a sale. The condo is just too expensive for what it is (and the horrific rise of small community HOA fees has gotten way out of hand…). We’re priced right compared to others on the market, but selling condos is just stupid hard right now.
Sure I’d love it if we could sell now and get some nice profits from the sale, but I absolutely agree this bubble needs to pop!
I’ll never understand people like this. Most of us will never own a home at this rate. Yet there are folks, who already own their home, who are complaining they can’t switch their home like it’s some trading-card game. They’re part of the problem.
Yup, I’m a total cocroach and the scum of society for wanting to have somewhere that me and my pregnant wife can live with room to grow with the little one.
I suppose we should decide to not sell and instead rent it out at extreme rates? Or perhaps raise a child in a place who would never have a room of their own?
I fully acknowledge that I’m privileged to have gotten a decent job and we happened to be in the right place at the right time, but comparing a single family trying to better their circumstances to the oligarchs and international entities who hoard land and homes for profit is a shit thing to do.
You’re not a cockroach, but you should have considered attempting to move before conceiving. You were in a privileged position, not because you were capable enough to find a decent job, which you are and should be proud of, but that you have a whole home for your family already. No one forced you to add an additional member, and thus feel overcrowded. There are consequences to your decisions.
I’m not comparing you to an oligarch, but you have to understand that many young adults who want to own just their first home simply can’t.
We’re the lowest priced among the competition. I don’t care about “more money”, but my family is starting to grow so we need to be somewhere other than a tiny condo and I can’t do that selling at a loss
Yes actually. Almost everyone who’s toured in person has said the price is the right for the market, but they’re generally not finding specific things they’re looking for. We’re a backup for one person right now, and the things turning people away are out of our control (HOA prices, neighbor to a public service). Couple people went for other properties due to the lack of AC in ours (Would cost $14,000 for a mini-split, so not cost effective while selling) and it’s totally understandable.
I’m assuming they’re looking to buy after this condo sale. If that’s the case, they may not have much choice as their next place will be similarly insanely inflated, so they need that money to get the monthly payment to something affordable.
That’s the position my partner and I are in. We have equity in our house, but it’s mostly because it has “appreciated” to a level that we could never afford, despite making a combined over quarter million dollars a year (due to living in a high cost of living area). Even if we sold our house at full inflated market price and used it all as a down payment, we’d be hard pressed to afford a place with the same price.
It’s not that I’m complaining about the equity, it just doesn’t get me much when everything else is insanely inflated. We barely squeaked into the place we’re in because COVID tanked interest rates and prices in our area.
Yup, once we sell we won’t even be able to buy in the local area near our families. Mortgage rates are still stupid, we’d never be able to afford having an actual house here
We’re already lower than the competition. We’re actually showing well, but like others said we’ve got so much unrealistic growth that people just don’t have the money to match the growth over the last few years. Even after selling we’d be nowhere near close to having a proper down payment for a real family home. We’re well priced for the area, we’ve got a new realtor, we did some renovations, and now we’re just waiting for the right person
Also a millennial. Wife and I got our condo right before everything shot up, got a nice 3.25% APR. Great mortgage honestly. But we’ve been trying to sell our condo for a YEAR now and I honestly think it’s the bubble holding back a sale. The condo is just too expensive for what it is (and the horrific rise of small community HOA fees has gotten way out of hand…). We’re priced right compared to others on the market, but selling condos is just stupid hard right now.
Sure I’d love it if we could sell now and get some nice profits from the sale, but I absolutely agree this bubble needs to pop!
Complains that bubble needs to pop. Is trying to sell a condo but has it priced too high to attract any buyers. Doesn’t lower price.
My dude, your desire for more money is the bubble that’s holding back the sale.
Your scenario is a microcosm of the whole market.
I’ll never understand people like this. Most of us will never own a home at this rate. Yet there are folks, who already own their home, who are complaining they can’t switch their home like it’s some trading-card game. They’re part of the problem.
Yup, I’m a total cocroach and the scum of society for wanting to have somewhere that me and my pregnant wife can live with room to grow with the little one.
I suppose we should decide to not sell and instead rent it out at extreme rates? Or perhaps raise a child in a place who would never have a room of their own?
I fully acknowledge that I’m privileged to have gotten a decent job and we happened to be in the right place at the right time, but comparing a single family trying to better their circumstances to the oligarchs and international entities who hoard land and homes for profit is a shit thing to do.
You’re not a cockroach, but you should have considered attempting to move before conceiving. You were in a privileged position, not because you were capable enough to find a decent job, which you are and should be proud of, but that you have a whole home for your family already. No one forced you to add an additional member, and thus feel overcrowded. There are consequences to your decisions.
I’m not comparing you to an oligarch, but you have to understand that many young adults who want to own just their first home simply can’t.
We’re the lowest priced among the competition. I don’t care about “more money”, but my family is starting to grow so we need to be somewhere other than a tiny condo and I can’t do that selling at a loss
Will anyone buy it at the current price? No? Then I’m sorry to say but you have not yet reached the market clearing price.
Yes actually. Almost everyone who’s toured in person has said the price is the right for the market, but they’re generally not finding specific things they’re looking for. We’re a backup for one person right now, and the things turning people away are out of our control (HOA prices, neighbor to a public service). Couple people went for other properties due to the lack of AC in ours (Would cost $14,000 for a mini-split, so not cost effective while selling) and it’s totally understandable.
I’m assuming they’re looking to buy after this condo sale. If that’s the case, they may not have much choice as their next place will be similarly insanely inflated, so they need that money to get the monthly payment to something affordable.
That’s the position my partner and I are in. We have equity in our house, but it’s mostly because it has “appreciated” to a level that we could never afford, despite making a combined over quarter million dollars a year (due to living in a high cost of living area). Even if we sold our house at full inflated market price and used it all as a down payment, we’d be hard pressed to afford a place with the same price.
It’s not that I’m complaining about the equity, it just doesn’t get me much when everything else is insanely inflated. We barely squeaked into the place we’re in because COVID tanked interest rates and prices in our area.
Yup, once we sell we won’t even be able to buy in the local area near our families. Mortgage rates are still stupid, we’d never be able to afford having an actual house here
Also its a fucking condo.
And?
Only a small subset of folks want to live in a condo.
You know you can lower the asking price to sell it faster…
We’re already lower than the competition. We’re actually showing well, but like others said we’ve got so much unrealistic growth that people just don’t have the money to match the growth over the last few years. Even after selling we’d be nowhere near close to having a proper down payment for a real family home. We’re well priced for the area, we’ve got a new realtor, we did some renovations, and now we’re just waiting for the right person