Do you know the difference between affordable housing units and what @Plum Street was referring to? It's 2 completely different things.
Bro, you posted some townhouses built in the middle of no where in Egg Harbor. You're proving my point. I can go to every state and find some random spot where you can get something cheap. That's not proving affordable housing is being built. Hell if I really care enough and did research you would probably learn that those townhouses are expensive relative to other prices in that area historically.
The other issue is that just about anything “affordable” needs a ton of work due to the ages of many NJ homes/neighborhoods. In Northern NJ, good luck getting anything under $750K that doesn’t need new kitchen, baths, etc. And the cost of all of those renovations seem to have doubled in last few years. In Morris County, I see reno projects going on all over the place = New Roofs, Kitchens, baths, massive additions, you name it. Are saving and investing dead because something has to give. Job market and wages can’t support the level of spending that seems to have been going on post-COVID.
I’m strongly considering renting for a year or two and just sitting on the cash for a while. I’m not usually one who tries to time markets but all things considered (relocating, wanting to find the right neighborhood, etc) this seems like a good time to try it.
Hopefully that work for you. Our neighbor thought they did great selling their house at the Covid highs a few years ago and now want to buy back in the neighborhood. However their great selling price no longer can buy move in ready. Hardly any houses on the market and interest rates are so much higher. They know they screwed themselves being stuck in a rental for the past 2 years. No one can predict the future but housing will be tough in NJ for quite some time it seems.
My wifes cousin did that. Sold his home last year, moved back in with in-laws and now can't get a house because there are bidding wars and appraisal waivers still. Be careful.
Dude you're talking out of your ass now.
Yup - I know people in the same boat. They never, ever, thought that after they sold at what they thought were the COVID highs the market would not only continue to sky-rocket but now they can’t find anything they like or can afford.
Housing everywhere is a mess. It may be fundamentally broken. What drives me nuts is I was planning to upgrade to a larger home for years and/or buy a second home. But, I waited, and waited, for the perfect house…even had a hand-shake deal for my dream house on a lake. Then COVID ruined everything LOL. But, I figured no biggie because my investment accounts were through the roof so I’d sit tight and jump on something when the market settles down. So what happened = stock market takes a dump and I lost 25% in my investment accounts, housing prices continued to climb, and there is zero inventory now. If I had pulled some money from the market and bought something that 25% drop wouldn’t have made an dent and my new house would probably be up 30% and I’d have a 3% mortgage. Oh well…on the bright side my current home is plenty big/nice and I’ve got a 2% 15-year. Can’t predict the future. I remember people saying COVID was going to create a housing crisis because people/businesses were going broke and wouldn’t be able to pay their mortgages. What a F’in joke that prediction was.
Surely there’s some risk to it. If I found something I like I’d have no problem buying. There’s just not much out there and I’m not going to force the issue if I don’t have to.
I think were in a low inventory environment for the long haul. That was a main premise of the video in the op and why i felt we werent in a bubble when everyone was screaming bubble. It was viewed as a bold call by me but i think if people watched the video in op and looked at the data not a lot of this should come as a surprise.
They absolutely do buy and own SFH for rent. The MF/rental sector will start to take a hit and will trickle down to the housing market. There have been a few large defaults already.
Correct, they own build for rent sfh communities as i stated. They arent buying individual sfh in any even halfway meaningful way. That is a pure conspiracy theory
Majority are SFH communities for rent. But institutional money is buying SFH to rent. I’m not sure how you define meaningful way.
SFH rentals owned by institutions are BTR entire communities. Again, theyre not buying individual homes one by one. Theyre buying entire communities by the hundreds at a time.
Next question: what happens to the big cities now that everyone is still fleeing for the burbs? At least, everyone but the young, old, and foreigners?
Im not quite sure. Theres a desire for somewhere between urban and suburban. Millenials love walkability. Not all cities are equal either. Some doing quite well, some not so much.
Kinda interesting . All we heard for years was the millennials and the generation behind them wanted out of the suburbs and into the cities . Suburbs and their old housing stock were gonna be depressing !
I think it’s more towns with train stations and downtown areas will continue to rule. No different than what has been going on for years.
So true…6 months before COVID I looked at a few neighborhoods in Chester and Mendham. Those markets were flat and houses barely moved. My agent said the general perception was they are too far from local highways, just a bit too far from Morristown train, and folks wanted more restaurants/entertainment nearby. Fast forward and today those same neighborhoods that were dead are almost untouchable unless you want to mess around with bidding wars.
Beach houses were always desirable just not insanity we see now. I have friends that bought LBI right after major hurricanes and are now 5X value. Once in a lifetime buying opp.
I mean the three things you mention are gonna be valued in any market, pretty much at any time . It’s like saying if a team has good football players that team will win some football games.
Don’t forget the sky is falling. Where do you see housing depressing?
They said the same thing if millennials and once they hit gamily formation age guess what theyre doing. Moving to cul-de-sacs
Wow is that gen z stay true ? Who are the gen z parents? I would think this parent group is mix of boomers and generation x .
