me_irl

Millennial here, bought a house in late 2022, process were not low, but interest was (this was right before all the inflation nonsense that's plagued the market in the past year or so). Locked in for 3 years.

I don't care if my overpriced home drops in value. The value we get from owning it is the only thing we care about, and we have no intention of leaving or selling it. So I'm in support of a big crash; unfortunately unless something serious happens I'm not sure that we'll get a crash.

Every time something inexpensive hits the market it's snatched up by some investor or something; so the only homes left for normal buyers are overpriced. The businesses that are buying these properties are creating an artificial scarcity and leaving homes empty until they can either rent them for more than they're worth, or sell it at an incredible markup.

I can see this in action in the neighborhood I live in now. Two new homes were built and they're up for sale. Naturally I was curious. They both have less floor space, fewer bedrooms, and overall they're not nearly as valuable, but the market price that's listed for them is more than double the price we paid for our home less than a block away.

The stupid thing is that they'll eventually sell probably at that price or something close to it. My home's value will probably go up by proxy, but honestly, I could not possibly care less. The whole thing is stupid, and unreasonable for normal buyers. They're modest homes; new, sure, but not special. There's nothing notably better or variable about the houses. They just cost more.

I'm angry about it. I want families to be able to buy a home. The amount we paid was more than we would normally have been able to afford. We pooled our finances to afford the mortgage, and we're still struggling to find a balance so that we don't financially sink trying to afford it. Our situation aside, it should be easier. Others should be able to do it without having to pool resources with others to make it work.