Buying House in 2017?

I live in the bay area and the avg house (less than 1500 sq ft) in areas that arent total shit to live in is $900k

I want to do it but I want to wait for a crash or something first. Plan is to buy a duplex, live in half and rent out the other as sort of a little modest small business thing.

>mfw wife wants to buy a million dollar house just because we can (barely) afford it.

Why are you scared? Just say no. Aren't you the man? Afraid she'll divorce you for disagreeing? Why did you marry her in the first place?

I dont know let me pull out my crystal ball.

>Why did you marry her in the first place?
I have no idea at this point.

I wouldn't do it if you have to get a jumbo loan. That shit will have worse rates and I think you need mortgage insurance too.

We have enough for the 20% downpay. It's just there's no fucking reason to spend that much, it's just her desire for conspicuous consumption and unwillingness to live farther out and take the train in.

How does that pos only have 1.1k square feet? I've seen studio apartments with more space

There won't be a crash in the next decade. Trump is a real estate magnate. He will pump it. Buy now then sell in 8 years when he's out

>last sold 68k in 2010
there you go, youre being jewed

I work in the mortgage industry as a MLO.

Most people don't care that a crash is coming but have spoke with people at FHA at conferences and they are worried about a recession coming. Thats why they are pushing 1% down programs and lower ficos now to keep the show going.

Eyyyy I'm a Brit planning to buy somewhere in Henderson in the next year to settle with GF

Smart or not lads?

>How does that pos only have 1.1k square feet? I've seen studio apartments with more space
That's space of the yard, which is nonexistant

It's almost always worth buying. It's never worth buying when your over leveraged and have no liquidity.

Make sure your payments don't over burden you if you have a decrease in income.

Don't expect housing prices to fall or stop increasing for many years. I would imagine it's going to be at least 5 more years. Once interest rates go up, housing price increases will temper.

>30 yr loan on 375k
>2k per month

What the fuck, did you mean 15 yr?

>leave her and she takes half your salary
>stay with her and you buy a million dollar house

C U C K E D

Not as an investment.

Just buy a small house and enjoy paying $300-600/mo instead of renting a shitty apartment for $1K and having loud ass neighbors.

A house you live in is not an income generating asset. Appreciation will rarely outpace debt servicing, insurance, property taxes, and maintainence.

Rental property is another story, but the best returns will come from self directed business operations. If you want returns, take the risk. Start small and grow when you have a sustainable system in place.

Were definitely in bubble territory in some urban areas. Valuations are out of whack in the commercial markets as well. A 3% return is considered acceptable, just wait until vacancies rise.

An extended Trump rally would put us in dangerous waters in terms of property markets.

Personally, I was considering buying 4 unit parts of various distribution centers but valuations are absolutely insane right now. I'm renting and locked into a 3 year contract 2 years ago. Thank god.

This. 8 years of sweet sweet justice

Kek. Me too. Live anywhere near southeast?

I'm thinking about moving to Nevada in the Reno/Carson City region. Nevada seems pretty based compared to all the other states in the Southwest. Nevada has much lower taxes compared to other states in the SW, land is cheap, and laws are much better. Seems pretty based to me.

A house is a place to keep you dry and store your shit, it's not an investment. The question you should be asking yourself is if you're ready to settle down. Not trying to time the market for the next crash; the longer you wait the more money you piss away to rent

ExWfie and I are looking to list our house for sale soon. We purchased it for 99k back in 2013 and we're estimating that it'll sell for a minimum of 135k.

When comparing to the comps around - it's very likely that there could be a bidding war, the market is getting hotter and buyers are snapping up properties pretty quickly.

We went from a 5/1arm FHA loan to a 15yr conv loan. We currently have about 81k remaining on our mortgage - we're hoping to cash out and split it at 50% as agreed in our divorce decree. We're hoping for a minimum of 20k each.

When I get the 20k, I'll invest most of it into my emergency fund which I have mostly funded but and the rest probably into IRA for this and the next year.

I'm hoping to get a duplex close by sometimes within 1 -2 years and live in + rent out the other side at approximately no cost to me - mortgage wise and I could then invest the savings I have well into a floating mortgage fund (3mo) and invest the rest into 457b / IRA...

1) not accounting for inflation, housing values are near their 2006 highs now in 2017
2) millennials have almost a trillion in student debt, so they can't afford houses or anything
3) boomers can't afford to retire
4) put it all together, it doesn't look good.

wait.

rubling my dongress to this

Why are houses so cheap in the us. Fuck in europe it would be twice that price

Kek, good luck buying a house in Toronto, single detached goes for over a million on average if your not in the downtown core.
Luckily my family(extended as well), own 7 houses between 5 families bought over 10 years ago :)

>Should Millennials wait until the next crash and buy then?
crashes are extremely uncommon.
you could be waiting your entire life and not see one.

I work as a mlo too and hate my life.

>crashes are extremely uncommon.

literally watched 3 major crashes in the last 28 years. These stupid boomers will eventually die or move into smaller places and be forced to sell. They'll realize they can't keep finding half decent renters stupid enough to dump $3k a month into their 4 bedroom house forever.

>literally watched 3 major crashes in the last 28 years.
not in the US

we've had one major crash and one minor in the last 28 years, and prices finished above the pre-crash rate both times. Prices go up. Buying low might happen once in your life. Most likely that once has already happened.

That house would be worth well over a mil where I live

Interest rates are still around all time lows.

I'm 23 and have 2 mortgages. One I live in and rent out spare bedrooms which cover my mortgage and about 70% of utilities. The other I rent out to a family. It pays the bills and taxes but not much profit because it's HUD housing.

This. I'm waiting for more boomers to forcefully downsize. The youngest of them are still in their early 50s.

>The youngest of them are still in their early 50s.
we all have kids that will inherit and/or reverse mortgages.

for many of us our heirs never moved out.

Just put your foot down and say no. Make money, not purchases.

If your marriage is already shit don't buy a house that a judge will force you out of while you still pay for it and her lawyers while you like in a shitty 1 bedroom.

How is this allowed? How is that not illegal if they are knowingly contributing to the severity of the eventual recession?

Why are you moving to NV?

You will definitely have more individual freedoms as far as what you can own than bongland.

Because it is in a shitty part of a mediocre state. Plus the has states that are individually larger in land mass than most EU countries. Land isn't as much of a premium as it is there.

Kek.

>giving your homes to your shitty NEET kids
>denying they won't squander it

HOW are you doing this at 23 ?

With money, probably

>375k
jesus fucking christ that is cheap, that would buy you a 2br apartment here or half a house

>taking it with you
we earned it for our kids to squander

Where are the biggest most inflated most insane residential property bubbles globally right now?

Peopel keep saying parts of Canada, are there worse than this?

kek I'm 21 and I could do that.

Get a real job.

Australia
NZ
Singapore
London
China
Cambodia - possibly the worlds worst offender
Mumbai
Myanmar
Dubai
Bangkok
Qatar
Indonesia
Mongolia

>Australia
This.
I've given up on "owning".
I'll just focus on making more money for now.

women are cancer

buy as much house as you can afford.

seriously, that thing is going to fund your retirement. Go big.

T. Filthy vanciuverite

1. Never get married
2. NEVER get married

You're fucked

Because every one is making stupid money in the business.

Last NAMB conference I went to, every lender threw a massive party for brokers. One was top floor of Mandalay bay at the bar with about 300 people from conference, free drinks for over 4 hours, people dressed like star wars passing out light sabers and taking pictures. It prob cost them over a million to do which is chump change for some of these places.

Before that party was a fully stocked meeting room at i think bellagio, tons of food, open bars.

There were other ones but only went to the two because couldn't be everywhere.

Basically they will push the limits all over again, pretty soon you will see 0% down programs and a required FICO lowered. Then come the NINJA apps and subprime.

And you ask why MLOs making 100k+ a year, account execs at large lenders making 400k+, Fannie Freddie making retarded profits, investments banks buying up loans making huge profits are not stopping? There will be about 2 more years of just shit show.

Like this month, a LO in my office closed 4 deals, made 32k in a month. You think he cares?

Lmao 30%....
I've seen people in Socal churning 625k mortgages at 3% down and 55% Debt to income ratios. Its complete madness.

When I see a file at 30% I actually think wow this person is responsible lmao.

Gf has a job in the casino industry (high paying in bongland if she transfers she'll be earning a large amount in the US)

I'm self employed and very flexible (earning potential is much higher in US once again)

UK tax is 40% after 30k so you can imagine how much it kills people who actually want to earn money and not live month by month with a shit ton of debt.

Idea is to move to US as visa's will be pretty easy to obtain and "make it rich". You know the American dream isn't really possible in Western EU as taxes will hurt you too much.

Confirmed. Own my place but am selling, want nothing to do with this madness.

>taxes will hurt you too much.
it's the same here.
you can be an employee and pay half your pittance to taxes

or you can own a business and pay almost everything you make to taxes.

the only way to get wealthy is - whether employee or owner- funnel your income into equity which is taxed at a much lower rate when you sell it.

JUST BUY A FUCKING CARAVAN IDIOTS

interesting, that looks like well over 1,200 ft^2

I'm 24 making 58k a year and do not want 2 mortgages. I still have 16k of debt from school (which i needed to make 58k and onward)

why would i want a caravan that's got no fuckin wheels

It-s cool, just ask her to pay for the first half if she's in such a hurry.

>tfw bought a house in december at $155/sq foot

Jesus h Christ no. Don't do it.

Put your foot down cuckeroni

There's hood rich, but there's also house poor...

godspeed user

It really is amazing how little 1m will buy you in certain desirable suburbs right now.

When this market crashes- and it will its balancing on a pinhead, it will not only cause the destruction of MANY markets but also the state itself in some countries.

Screen cap this post, the coming crash will see some countries disappear

It is never worth to buy. Investing into equities and renting is the financially wise thing to do.

kc

>housing price increases
how does that make any sense
higher rates means less people are willing to buy at that price and they go down

Millennials should just kill themselves.

This city is a DUMP

FUCK IT

Though I have to admit I've not lived anywhere else.

If a house costs less than $300,000 or more than $50,000,000 it's OK to buy.

>we can (barely) afford it
Imagine if it were her money. Would she be saying "we"?

London and Paris. Paris may look cheap for foreigners, but keep in mind salaries are shit here, and the state keeps up like 50% of your earnings.

I've lived there, Melbourne, tassie and qld.

Qld and Tassie shit all over the other two

Australia
New Zealand
Canada
Some US cities. San Fran for example.
London
Paris
Seoul however this is correcting

Also she's a pig

Only a moron would live in a place with that high of rent.

Found the brainwashed idiot.

Ah, you're one of those
"I'll win the game by not playing" types.

tell me how that works out for you.

Fuck yeah. Look at Boulder Colorado. Average home price is now over 1 million, for fucking Boulder.

You're one of those a "home is a good investment" types. It's one of the shittiest returns on your money you can make. Unless, on the off-chance, you time it just right for a boom.

It's smarter to buy a cheaper home, and invest the extra money elsewhere. It's not like the money just goes away or gets spent if you don't buy the most expensive home possible.

>It's smarter to buy a cheaper home, and invest the extra money elsewhere.
sure, but that's not what anyone does.
you buy a cheaper home and then have less credit and you blow your money on boats and cars instead of investing it. Because your wife doesn't want to look poor and neither do you.

knowing this, you're better off buying the biggest house you can afford so you're forced to save and don't feel poor for doing it.

and that payment just gets cheaper and cheaper as inflation eats the cost. In the end you're sitting on a million dollar asset you can easily afford. Or you can be you and not. Because you're so clever.

It has nothing to do with being clever. It's simple money management. Just because you don't have any discipline over you and your wife's spending habits doesn't mean everyone else suffers the same personality fault.

>Just because you don't have any discipline over you and your wife's spending habits doesn't mean everyone else suffers the same personality fault.
true,
but statistically it's undisciplined folks like me that get rich. Perhaps that will change in the future but so far it isn't looking like it.

People that retire well buy as much house as they can afford. Financial planners will almost always advise it.

Same.

>Financial planners will almost always advise it.
This is why I mentioned the brainwashed quote. The truth you know relies on it's funding.

>The truth you know relies on it's funding
It may be self-fulfilling prophecy but that doesn't make it false.

One of the main reasons it pays big in real life is because the house you live in is mostly protected in bankruptcy while your investments are guaranteed to be lost. Combine this with the simple fact that many people will face bankruptcy at some point in life and you see why the house you live in is so important to your finances.