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So when’s the housing bubble bursting?

A to Dah K said:
These 0 down mortgages gotta be over 5k
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Not really. I could have done zero down as well.

If these are first time home buyer loans then they’ll have a lower payment versus someone that is on a fixed rate. Plus, they don’t have to pay the closing cost.

When wifey and I was doing the math, a huge down payment (~30k) was only a difference of a hundred a month. Shit wasn’t worth it, imo.
 
4 Dimensional said:
:lol:

Well, let’s hope there is no crash. Unfortunately, I’m part of the suckers with high interest rates and likely an overpriced home.



I’m paying nearly 3 times more than my previous rent payment. I was saving close to 2k a month! I could travel whenever and pay that shit off immediately. I didn’t have to be so many conscious about how I spend. I wasn’t responsible for high end issues in the crib (water heater, air unit, etc).

Now, property tax going up, insurance going up, cost of living in general going up, and hardly any of these payment are going to the principle.

I’m making bigger moves, so I can’t say that owning a home hasn’t pushed me to the next level, but I really do miss saving $2k a month (hell sometimes it was $2500 a month saved).

I’m already over this bullshit. But that peace of mind of not having to worry about being booted out of a rental for whatever reason is invaluable.
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5 yrs ago i was paying $783 a month in property/school tax & insurance. Now its $1200
Also in the last 5 yrs had to replace the boiler & water heater. Like WTF and like you said, along with everything else thats rising. Shit is taxing
 
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4 Dimensional said:
Not really. I could have done zero down as well.

If these are first time home buyer loans then they’ll have a lower payment versus someone that is on a fixed rate. Plus, they don’t have to pay the closing cost.

When wifey and I was doing the math, a huge down payment (~30k) was only a difference of a hundred a month. Shit wasn’t worth it, imo.
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On a 400k house with 7% interest rate 30k is not a huge down payment

Ur right its not 5k, i was comparing it to Ny prices i guess,but for that area its probably still relatively high to the COL
 
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A to Dah K said:
On a 400k house with 7% interest rate 30k is not a huge down payment

Ur right its not 5k, i was comparing it to Ny prices i guess,but for that area its probably still relatively high to the COL
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It is. My area was notoriously cheap because it’s just over 100k people with mostly manufacturing jobs. Luckily I got a decent size house with yard space.
 
blackbull1970 said:
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Cool stuff.. it just came across my feed i was gonna post it..interesting choice but definitely not a bad one! Much power to them and their success
 
4 Dimensional said:
Damn homeowners insurance went up $650 :hmm:

And honestly, I love this peace of mind of home owning, but I can’t do this shit for 30 years. I thought I was built for it, but I’m not.

These ridiculous payments every single month :smh:
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For me, my payments have stayed relatively steady with the exception of the inevitable 2 year property tax increase.

What really got me when I first bought a home was the realization that there’s a need to set aside at least $100-200 a month to build up a warchest for those unexpected maintenance/repairs you don’t realize when you are renting.

I had my first shock after being in my first house…2 years in, the Central air compressor went out and it was a shitty Goodman that was hard to get parts for. Wound up having to buy an entire new unit which set me back $6k. That was all I needed to make sure I was setting aside extra rainy day funds.
 
sinsay said:
For me, my payments have stayed relatively steady with the exception of the inevitable 2 year property tax increase.

What really got me when I first bought a home was the realization that there’s a need to set aside at least $100-200 a month to build up a warchest for those unexpected maintenance/repairs you don’t realize when you are renting.

I had my first shock after being in my first house…2 years in, the Central air compressor went out and it was a shitty Goodman that was hard to get parts for. Wound up having to buy an entire new unit which set me back $6k. That was all I needed to make sure I was setting aside extra rainy day funds.
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Jeezus.

That’s the bullshit I’m talking about.

Wifey and I have our savings in order, but the thought of dropping 6k gave me heart burn.
 
4 Dimensional said:
Jeezus.

That’s the bullshit I’m talking about.

Wifey and I have our savings in order, but the thought of dropping 6k gave me heart burn.
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I just had to finance 18k for my new unit. It's fucking crazy what these cost. Hopefully my 2nd unit lasts now that it isn't working so hard. Electric bill is down to $230 a month. 2 years ago when all the kids were back home, my shit was $800. I'm glad they finally got their own homes.

Btw, change your filters. Both my Son and Niece have dusty ass intake vents and clogged filters. My son's ac was set to 72 and his house was 83 inside and he wonders why that is. :smh:
 
LordSinister said:
I just had to finance 18k for my new unit. It's fucking crazy what these cost. Hopefully my 2nd unit lasts now that it isn't working so hard. Electric bill is down to $230 a month. 2 years ago when all the kids were back home, my shit was $800. I'm glad they finally got their own homes.

Btw, change your filters. Both my Son and Niece have dusty ass intake vents and clogged filters. My son's ac was set to 72 and his house was 83 inside and he wonders why that is. :smh:
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I have the nest thermostat so it gives me reminders and I stocked piled some filters as well. We have two units, so…yeah.

My energy bill has been solid. There is only three of us, but we are at home a lot. I work at home and wifey in school full time.

We have good natural light in the house, so that’s huge. Last months energy bill was $280, and I budgeted for $300.

Financially, we are in great shape, but my issue is that I used to a very frugal lifestyle and this has forced me into realms outside of my comfort zone. lol.
 
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