@dogememe Think about this, in 1980 the average 30 yr fixed mortgage rate was 13.74% and never went below 10% through the 80s. We managed to buy and sell several houses through those years. You're a working man in California, how you will ever own property will be a miracle.
Our property value has climbed back to the high point of June 2022 after losing 10%. Not selling but it's good to keep track.
Yes, MANY decades ago, newly married, we bought a home at high prices and no inventory on Long Island.
I remember our sales agent saying she felt bad for young people including her kids because things are so tough. LOL
Yet everyone I knew, all our friends bought homes. Those homes what the agent thought was high at the time are many times their value now. Todays homes will be too one day.
We paid many points, 20% down and 10.25% rate. BTW we all worked both husband and wife full time jobs. We made it happen, failure or living with a parent was not even a thought.
A sibling bought before us, waterfront home on the Great South Bay of Long Island at a great price and 16% mortgage rate.
Today’s rates are still historically reasonable.
Home prices are what people can afford and if you can’t you found a home in a state and job somewhere you could.
Mass media, social media, 24 hour so called “news” on everyone’s personal devices and TV is turning many people young and old into drones of mass despair (for media profits) because they lean on it like a crutch and blame someone else when they say they can’t do something.
The home building in the Carolinas is massive, reasonable, jobs plentiful if you make the effort. Oh taxes and utilities cheap. STUPID CHEAP, like $10,000+ less a year than Long Island and utilities like electricity a full 50% less.
In the last year we sold our larger 16 yr old 5 br SC home in two days and purchased a new fair size 3br plus home office for just my wife and I plus any possible company near the NC coast in a large well established “resort” community.
The continuing building here of nice reasonably priced homes, dirt cheap taxes, utilities and fuel amazes me.
Seems like every 6 months another block of 20 foundations and homes are going up.
Not saying it isn’t tough in some areas, but then those have to go someplace else. Because even the job market, there are jobs everywhere.
I do look back at the area we used to live on Long Island and think to myself why would anyone want to live there anymore?
Insane prices on old homes, highest taxes in the nation, traffic and people congestion everywhere. The answer to that question is people have to have the guts to move and make it happen elsewhere.
. At the end of the day it’s shelter and if it meets your needs and make you happy that’s all that matters!
