• Flying Squid@lemmy.world
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    1 year ago

    There’s a town near us, we’re waiting for the housing bubble to collapse so we can move there, in the past 10 years, they’ve built luxury apartment building after luxury apartment building, hoping that the university students in the town will rent them. They’re about to get a harsh awakening.

    • GiddyGap@lemm.ee
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      1 year ago

      we’re waiting for the housing bubble to collapse so we can move there

      You may be waiting a very long time. People aren’t selling their homes with mortgages at 2-3 percent from 2020-21. Golden handcuffs until rates come down at some point.

      • negativeyoda@lemmy.world
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        1 year ago

        That’s where I am. We bought our place in 2016. Since then i became a parent and my house is no longer ideal, but I have a 2.7% rate when we refinanced during covid.

        Zillow says our place is supposedly worth 70% more, but houses are still selling for double.

        I can’t move. It’s also fucked up that I’m incredibly fucking fortunate to even have a place. If we hadn’t bought when we did we’d be fucked

        • SoleInvictus@lemmy.world
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          1 year ago

          That’s us. We bought our house at the height of the COVID freak out, when APRs were low but few people were buying because no one knew what was going to happen. Our house then appreciated by 35% over the course of a few months and has remained high; we couldn’t afford our place anymore at current rates and prices, much less anything else.

          • mesamune@lemmy.world
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            1 year ago

            Same. Fortunately we love our house so that’s good. It’s going to be our home for at least a decade (probably our forever home).

        • GiddyGap@lemm.ee
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          1 year ago

          Sure, but if you can’t afford it anymore or you have to move for some reason (e.g. job loss or job move), you can probably rent it out for quite a bit more than your mortgage is and keep building equity. Rents are also sky high in most metros.

      • Skyrmir@lemmy.world
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        1 year ago

        They can sit there all they want, builders are more than happy to supply the market without competition from existing homes. Of course at some point rates will go down, and flood the market with existing homes, hopefully while the builders keep over producing for a while.