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Thank you. This is exactly my view as well. Folks before me got in when the getting was good, then pulled the ladder up.
by TheAmazingRace 2y ago
Thank you. This is exactly my view as well. Folks before me got in when the getting was good, then pulled the ladder up.
- nemo44x 2y agoA lot of people bought into places that weren’t very desirable and helped make the place desirable. There’s a lot of old towns that were down market from where they are today because the housing stock aged and owners couldn’t afford the renovate. But eventually some people took a risk and did because they saw the potential. Then more did and so on and the town is much more attractive than it was. The idea that an interloper should just be able to walk in and exploit that is ridiculous. Talk about getting in while the getting is good! There’s plenty of shabby places with potential. Go there and unlock it. It’s futile to try and jump on the back of people that did that elsewhere by demanding they build affordable housing after they turned a place around.
- TheAmazingRace 2y agoYou make a decent point... but this recent run up in property values truly feels different than the norm. I'm from the Phoenix area, and prior to the Pandemic, I could have afforded a three-bedroom, two bathroom house with a pool, and with a sub six-figure income to boot. That same property has doubled or tripled in price within the past few years (which is an abnormal level of growth in real estate) plus the interest rates have also gone up. I'm getting fscked on both ends, with a monthly mortgage payment that would make me absolutely house poor. I just hate the feeling of needing to put more of my life on hold because a world changing event disrupted my buying power and messed up the available housing stock. Truly the perfect storm of disappointment.