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tilario t1_je2nsba wrote

if i had the money.

narrator: tilario doesn't have the money.

130

barsoapguy t1_je39dmy wrote

Narrator but he was willing to do all sorts of “things” for the money…for the right price” 😎

−12

abaum525 t1_je3eghe wrote

"I’m a big fan of money. I like it, I use it, I have a little. I keep it in a jar on top of my refrigerator. I’d like to put more in that jar. That’s where you come in."

6

barsoapguy t1_je3fvmk wrote

Narrator: barsoapguy was also a big fan of money but instead or storing it a jar, he kept it in his favorite sock, what little there was. Luckily he had been very bad the year prior and with the Energy crisis was able to resell most of the coal that Santa had left him for a tidy profit

−3

sbaz86 t1_je4a5wk wrote

Sooo, you have money to buy a house?

1

Loveroffinerthings t1_je2lto2 wrote

Interest rate are insane and I don’t want to pay inflated prices plus 6% interest rate.

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fishythepete t1_je2qdxw wrote

Hey maybe buying at the absolute top of the market is their way of setting the high score!

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UltravioletClearance t1_je3heoz wrote

Top of the market? Oh you sweet summer child...

7

fishythepete t1_je3iib2 wrote

Please tell me more about how rising interest rates and a looming recession is going to drive sales prices further upwards, oh wise one. My only frame of reference is the housing market following 2008 financial crisis, and the accidental rental properties I picked up back then. Clearly since you’re calling me a “sweet summer child” you have some vast and valuable experience you’d like to share?

−9

BingBong022 t1_je3s6vy wrote

Simple supply versus demand

9

fishythepete t1_je3u1b9 wrote

So sales are down 20% from this time last year, so mark that down on the demand side.

Consider that the jump in interest rates over the last 9 months means that your mortgage and interest expense (ie the bulk of your mortgage payment) has almost doubled for homes priced the same. I.e. buying a $400,000 home today costs you about 80% more than it did a year ago. And home prices haven’t stayed flat either. The cost to own a given home is > 2.5-3X today what it was 3 years ago. But hey maybe demand is unlimited no matter the cost.

Simple though right 🙄

−7

AttackonRetail t1_je4j8s8 wrote

But how does inventory look?

2

fishythepete t1_je4piln wrote

Based on slowing sales, it looks better than it did this time last year relative to demand.

−5

BingBong022 t1_je5svtf wrote

False inventory is down because nobody is selling lol, the prices of all my properties have increased from last year

1

fishythepete t1_je61rtp wrote

>False inventory is down because nobody is selling

it looks better than it did this time last year relative to demand.

Bolded it for you to help you figure out what you missed. Inventory changes don’t happen in a vacuum. They happen against a backdrop of changes like rising interest rates and economic concerns.

>the prices of all my properties have increased from last year

Congrats, you had the good luck to live close to a few major markets and not bumfuck Indiana. The median existing-home sales price was down 0.2% to $363,000 in February compared to a year ago. This is the first drop that has happened in 11 years. If you think it is an isolated event, you might want to chart some NAR data, because you clearly can’t see which way the wind is blowing.

−1

BingBong022 t1_je655xo wrote

Lol

1

[deleted] t1_je65cys wrote

[removed]

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AttackonRetail t1_je6ephg wrote

Aren't we only talking about RI relevant data? Are you using national averages?

0

fishythepete t1_je6wkum wrote

Are you under the impression that RI is some unique real estate microcosm that would insulate it from the national average?

National average data is absolutely relevant to RI.

−1

UltravioletClearance t1_je550yc wrote

> rising interest rates

Doesn't matter. There are always buyers who aren't sensitive to interest rates - all-cash buyers, buyers with massive equity who can stomach a high interest rate on a small mortgage, and of course corporations and house flippers.

> looming recession

No one has ever successfully predicted a recession. Every historical recession came out of the blue with no warning. This is no different. The media and corporations are certainly trying to convince us we're in a recession, but we have the lowest unemployment rate in 20 years and a strong economy so no one's buying their FUD.

>drive sales prices further upwards

Three words - supply and demand. No supply, sky-high demand regardless of economic conditions or interest rates.

2

3-Inch-Hog t1_je4jj22 wrote

If you can get a house at a good price point, you can always refinance when the rates go back down. I’ll take a cheap house with a higher rate over an expensive house with a lower rate. You can’t fix it after you’ve overpaid

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Loveroffinerthings t1_je4mb9b wrote

I haven’t seen any prices come down yet, maybe in 6 months or so, but ppl are still looking for high prices.

4

pweedith t1_je57g4r wrote

Don't expect prices to really come down much if at all. Interest rates may be up but it comes down to supply and demand. Home construction has been outpaced by population growth for over a decade. This lack of supply is what will keep the housing prices stable right now. And waiting for interest rates to come down just means home prices will go up again. The best thing is to find a monthly payment you can afford and hope to refi in the next few years. Overtime the homes will be worth more, I bought in 2019 and thought prices were high then but it kept going up.

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SnooDrawings7662 t1_je5g4o6 wrote

Here in Barrington - Prices are coming down a little bit.. but it's still close to top of market - maybe only a couple percent..Zillow claims my house has dropped 10 % from peak in june 2022, and down about 2 % in last 30 days.. if you believe zillow..The biggest difference is that houses are staying on the market longer - e.g. 10 days instead of 1 day..I believe that there will be at least two houses in my neighborhood this spring.. it'll be interesting to see what they go for.

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pweedith t1_je5gnzw wrote

Zillow is hit or miss. They just use algorithms that don't always factor things in properly and can sometimes use outdated information, especially in a changing market. Also, with spring starting up I feel that those days on market are going to shorten again...as long as the house is priced properly. The ones that sit the longest tend to be priced too high, a properly priced home will sell quick because there is no shortage of buyers looking.

2

SnooDrawings7662 t1_je5jfeq wrote

Oh, Agreed - Zillow's data and numbers are guesstimates at best. I don't think Zillow is accurate in specific cases, but I think it is a useful comparison tool to look at overall trends.

Even with that - just looking around town, around my neighborhood, and talking with people - in the past two or three years, I haven't heard of a single house going for under asking price. It's all at asking price, or over. Usually, if the house stays on the market longer, it's at asking price, at least that's what I have seen with my admittedly incomplete information. To be fair, the number of houses sold here is so low, that getting an average selling prices is ... usually an N=2.. so it doesn't mean much.
And lots of houses are never on the open market, they go pocket listings - so you don't really know until 30-60 days after the sale has closed.

1

crownjd t1_je5loxm wrote

Also in Barrington. A house in my neighborhood has been on the market for over a month now. The house two houses down sold in 1 day, and around the corner, 1 day as well. All over-asking. Wild.

2

man9875 t1_je4obfp wrote

1978 enters the chat ....insane? You ain't seen nothing yet

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MoreLab5278 t1_je54b9x wrote

6% in the history of mortgages, is pretty average. We've been living in a bubble where 0-3% was "the norm" however it was anything but.

Also.. the inflated prices, won't deflate. Infact I think they can go higher.

Less and less people are willing to sell their homes because they locked in such a low rate. As long as demand is where it is, and inventory keeps dropping.. guess where the home values go...

2

Business-Impress4792 t1_je2krjv wrote

No because I am poor

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NoellaChel t1_je31vdv wrote

It can be done… difficult as hell but even section 8 recipients can purchase with help from voucher. Check out the poverty finance sub everyone is great there !

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cheesusbreezus t1_je2q063 wrote

Rhode Island actually offers a grant currently for first time home buyers that could be worth checking out for some people!

https://www.rihousing.com/statewide-dpa/

I would need to save more money, but would consider buying over renting for a few reasons.

  1. I have a dog and rent prices with a dog are completely and utterly insane (if you can find somewhere that will even take them to begin with)
  2. Actually putting money into my own investment and not into the hands of landlords that don't give a crap about you.
  3. rent prices I've seen can range from up to anywhere to over 3k for a 2 bed. Why not buy a house and have your own land for a mortgage that's going to cost the same.

I know most of this depends on where in RI you buy. Realistically you can get a house for 350-375k in Warwick, Pawtucket, Cranston, West Warwick,etc. If you're looking for a nice place closer to the ocean in South County or Aquidneck Island then you're going to be paying probably closer to 550-600k.

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NoellaChel t1_je31p4j wrote

Smart thought also though got to remember when you own something goes wrong you got to fix it so never buy a house without an inspection no matter how much they push! Its worth every penny! I encourage those wanting to buy to passive look my first home (long time ago$ I bought a perfect fixer upper it took almost 2 years of looking but I was not in rush had a decent rental etc. go see a mortgage broker learn about programs FHA 203 is awesome. This way when you find that perfect first home you prepared to jump

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climb-high t1_je38y1c wrote

Fuuuck I bought in September and I would’ve qualified. Oof.

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sicksteenein t1_je3dqjl wrote

I believe your lender has a duty to check and disclose home state buyer programs before offering you a loan. Fuck if I know what your recourse would be, but I believe dems da rulez

2

pweedith t1_je57n68 wrote

They bought before the grant program existed so the lender did nothing wrong in this instance. Just a case of bad timing.

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WafflesTheBadger t1_je4o5xm wrote

Wow. How long as this existed? My lender only offered me their first-time homeowners program which meant I only had to put 5% down. This was 3 or 4 years ago

1

Mountain_Bill5743 t1_je3noh6 wrote

People should know that the income caps for this program are around 112k (as it should be) or slightly more with kids. Worth noting there is a cut-off and many dual career couples will make too much.

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administrativenothin t1_je3f4za wrote

Damn…. I wish I had gone through RI Housing instead of Navigant when I bought my condo last year! I got a good interest rate though, so maybe it’s a wash in the end.

1

snowthunders t1_je4zjob wrote

Does anyone have any experience regarding how the income limit is calculated? My wife and I were certainly under the limit last year (just did our taxes), but this year we might end up just over it. I wonder if they measure by paychecks or taxes? Or something else?

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pweedith t1_je57xb0 wrote

If you're curious I can connect you with a lender who can answer any questions you have about this program and all the other first time buyer programs available

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Signal_Masterpiece_4 t1_je66dc5 wrote

Why does no one ever consider Glocester (chepachet)?

1

cheesusbreezus t1_je67ecx wrote

That is just a person dependent question. Just like anywhere what you prefer to do for fun/hobbies probably influences your choice of where to buy.

1

masoyama t1_je3onam wrote

Lol at that price to income ratio. At my household we are looking to ideally buy a house around $500k ( below the limit) but we make over 3 times the household income limit. Cant imagine going into that much debt with those income numbers.

0

o8r8a8n8g8e t1_je3s1g2 wrote

If you make 3x the household income limit, just buy a house normally and save the grants for people who need it. To be clear to those who haven't followed the links... you'd need to make over $300k to be "3 times the household income limit". What a crap complaint.

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masoyama t1_je3sbwv wrote

Im not complaining I don’t qualify lol. Im pointing out that the debt leveraging the state is incentivizing on its citizens is 3 times more than what we are comfortable taking on in my family. We make a lot more and still won’t buy a house at that price range as its taking on more debt than its sensible

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Synchwave1 t1_je4jgh4 wrote

This grant will be gone before anyone seeing it gets under contract.

−1

babith t1_je2q3ld wrote

I’m hoping to soon. I’d rather be house-poor than stay in my horrible apartment.

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User0098237490 t1_je2nlb8 wrote

I would if Rhode Island had West Virginia’s housing prices.

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Bad-Habit-2020 t1_je32fky wrote

.... but not W. Virginia "vibes" lol

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fuckdeer t1_je39bvv wrote

Nice people down there. Once had a boss from W. Virginia, once of the nicest men who always tried to teach me new stuff and had a real dad vibe.

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TzarKazm t1_je2o8ne wrote

If you want/need a house now then buy one now. Trying to time the market is kind of a fools game. Some people get it right, but most people get it wrong.

Buying a house is a lifestyle choice, like a car, or a watch, if it's the lifestyle you want and you can afford it then you should do it.

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NoellaChel t1_je32iw4 wrote

Another factor to consider is the “responsible”part I have friends who could easily afford a nice home but choose to rent as they don’t want to the headaches that come with homeownership theu like being able to call down maintenance and have them fix. (You don’t want to know what they pay for rent to have that nice maintenance option)

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TzarKazm t1_je4exhp wrote

Honestly, there are many days I regret buying a house. There is always something new that needs to be fixed.

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NoellaChel t1_je4mbq5 wrote

Exactly it can get expensive fast I prefer Owning because I like the freedom, I get up in the morning want to paint the house purple With green polka dots I can

3

TzarKazm t1_je4wfew wrote

I hear you. For me, it's about 60/40 like/dislike. I feel like maybe a condo would have better suited me, I'm just so tired of things that need to be fixed. Some people are good at living with things that are not quite right, I am not one of those people. Everywhere I look, I see something that could be better, and it stresses me out.

I spent over a hundred thousand fixing this place when I bought it, and I still spend an amount equal to about half my mortgage every year just on upkeep or maintenance.

Not to mention the hundreds of hours I put in a year doing maintenance myself.

It's definitely a lifestyle choice, and it's not for everyone.

2

NoellaChel t1_je5o5wx wrote

I am slightly below you I am about 90 Thousand in with this house and most of work done myself

2

derpbeluga t1_je2m11p wrote

Yes, I would. You can refinance that 6% mortgage in a few years when interest goes down, but you can never get back to the current prices. While it's high now, just wait a few years and it will be even higher.

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Theo_dore229 t1_je2nxgg wrote

Not only can you refinance, but current interest rates aren’t even that “high” by historical standards. For better or worse, we’ve been spoiled with low interest rates since they were slashed to zero in the wake of the financial crisis of 2008-2010.

Not currently in the market for a home at the moment, but if I had the money, I definitely wouldn’t be stopped by current interest rates.

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ApolloKid t1_je2ofgk wrote

You’re right that the rates aren’t high by historical standards, but home values certainly are. The values combined with current interest rates are making for higher monthly payments than the combination of any past rates and values ever has

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PepperJack731 t1_je2pksy wrote

I agree that values are high but I do not think they will decrease any time in the near future. COVID was a game-changer for the workplace and an increasing number of people are working from home. I suspect people who mainly work from home and commute to Boston a few days a week are going to continue driving prices up.

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Theo_dore229 t1_je2ospb wrote

Absolutely. My only point was mostly that it’s better to get your foot in the door regardless. While interest rates have definitely made housing prices go up, we have a fundamental shortage of housing. By a significant amount. At this point, even lower interest rates won’t solve that problem. It’s going to require coordinated policy decisions in multiple levels of government. That’s going to take a while to happen.

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NoellaChel t1_je3247f wrote

Agree while I think it might drop a little I don’t think there will be a burst like in past

1

jujubean17 t1_je2reks wrote

There’s nothing on the market

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bmyst70 t1_je2xhhr wrote

I've heard it's because most homeowners who got nice 3.5% interest rates during the pandemic are obviously loath to sell their houses to get a 6.5% or 7% interest rate.

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rninri t1_je36iko wrote

We got 2.875 in April 2020. We were not planning for this to be our forever house but not sure how we can let go of that interest rate

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Hurdler1024 t1_je3ja0n wrote

Exactly this. I told my husband we can never leave. Instead of upgrading for more space, we're looking at adding an addition.

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SnooDrawings7662 t1_je5gfu9 wrote

Several people in my neighborhood have done additions in the past 2 years.

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BWanderful t1_je5nqgl wrote

Yup, we didn’t even buy during that time, just refinanced. But not going anywhere now with these rates.

3

onewheelonelove t1_je30bbo wrote

3.25 to be exact. I would rent my house before i sold it and rent something else. interest rate is too good.

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darekta t1_je4lqho wrote

I refinanced right before shit kicked off. I got 2.125%

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GodlyTaco t1_je35ip7 wrote

Yeah, 3.5% here, I don't think I'll sell anytime soon, my mortgage with taxes included is pretty much what I was paying for rent almost 4 years ago.

4

Sparkleshart t1_je4d1l9 wrote

2.85%. Will never sell. If I ever have to move it’s a rental.

4

hawtdawtz t1_je2zjxg wrote

I honestly don’t understand how an average Joe can afford a home in RI right now. I’d understand if you bought last year, but the mortgages on are insane for these prices.

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Wide_Television_7074 t1_je36rdz wrote

bought a house in January 2022 and people told me I was crazy… house is up 20% in value and I’m locked in at 3% — don’t listen to anyone, just buy it and figure it out later

12

hawtdawtz t1_je3dedm wrote

That’s dependent on so many variables. Not everyone is buying a house to keep it for 10+ years. Some people want to move 4-5 years later and that mindset could hurt them.

2

boulevardofdef t1_je6c2e6 wrote

I've heard that as a general rule, seven years is the sweet spot. You should be planning to stay for at least seven years if you want it to work in your favor financially.

1

Wide_Television_7074 t1_je3e7wd wrote

they’ll be fine over a 5 year time frame…. Could have bought in 2007 (all time high) and sold 5 years later at a profit

−3

Mountain_Bill5743 t1_je3nv6c wrote

This isn't true. I've seen plenty of houses that only recovered in value 10+ years later here from underwater mortgages. RI was one of the worst hit states in unemployment, which was around 7% at the worst period.

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Wide_Television_7074 t1_je3ozax wrote

advising people to wait to buy a home hasn’t been good advice in 80+ years

−4

Mountain_Bill5743 t1_je3s46w wrote

I'm not telling people to wait, this isn't 2007. I'm simply stating that your comment about what happened during the Great Recession here is at best misinformed and at worst completely dismissive of the suffering that people went through here in 2007 well into the 2010s.

Here's from when RI was in the top 10 worst list for underwater mortgages (published in 2012): https://www.nbcnews.com/business/business-news/5-states-drowning-underwater-mortgages-flna436089

The original article is no longer available but this snippet covers a bit of the challenge "Some of the states with a high percentage of underwater mortgages had economic problems long before the recent recession. States such as Michigan and Rhode Island have experienced long-term industrial declines for some time. In these areas, drops in home values were only accelerated by the recession."

4

Wide_Television_7074 t1_je4v6bl wrote

I wish I bought in 2007 — I would have tripled the value of my home. I don’t understand what your trying to get at but you are over complicating this.

−2

Mountain_Bill5743 t1_je546rg wrote

Yes, by now you would have succeded, but your statement earlier about 2012 being profitable after 2007 is misleading. Many people were still selling at a loss back then if they needed to move/divorce/etc and I'm just showing you that the data says otherwise.

2

fishythepete t1_je7ecnq wrote

But for the disruption of the pandemic, you’d have been lucky to break even. Average price in the national housing market doesn’t fall often. When it starts to fall for the first time in 10+ years, that’s probably not the time to buy.

1

Wide_Television_7074 t1_je7p34m wrote

when Joe Biden was elected, that was the signal to buy hard assets. You just knew shit would fall apart.

1

boulevardofdef t1_je6bqmh wrote

I bought in February 2022. I didn't quite get the historic low rates, but they sure were a whole hell of a lot lower than they are now (about 3.5%). I probably got a deal at the time (incredibly enough, as the market was still really competitive), but Zillow says I'm up about 9%.

2

Styx_Renegade t1_je4nkep wrote

But do most people really buy a home in hopes that the value will go up?

1

DrGeraldBaskums t1_je4qenw wrote

Yes. It is one of the biggest benefits of home ownership. It’s always been one of the biggest creators of wealth in America, especially for older people in retirement.

3

howsyourlife t1_jea3d8g wrote

Transplants, typically from MA CA NY TX, who wfh and don't bat an eye paying above asking or engaging in bidding wars. These are usually the same people who would shit on RI constantly before Covid as being boring, uneducated, nothing to do, not progressive or diverse enough, etc. Now they're gushing about OMG how much they love living in cute artsy RI (especially the East Side) and avoiding the "rat race" and commute of the HCOL city they were infatuated with just a few years prior.

2

thebirbseyeview t1_je2qi3l wrote

Housing prices are high all across the country. I'd rather spend extra $ here than some shit state just to say I spent less than $100k on a house.

9

Elwalther21 t1_je2qzfh wrote

Define shit state?

4

thebirbseyeview t1_je2r3y8 wrote

I'd rather be able to drive to see the ocean and have rights. Anything outside of that in my eyes in a shittier state.

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NoellaChel t1_je326za wrote

Actually rural places (if you can find work) you can find decent houses for like 50k

2

siesta_gal t1_je365fn wrote

I moved from Providence to south central Kansas in 2004...did well on the sale of my home (Elmhurst area) so I was able to pay cash for a new place here. Paid $42k for a 2 bed/1 bath with 1/3 acre lot. Extremely rural area, less than 1,000 residents. Quiet, peaceful, very low cost of living. Got a job at the prison 40 minutes north of town, made $58k in my first year (managed the prison kitchens) with a little OT and zero experience in that field.

The downside? I miss my family, the ocean, a vibrant downtown scene, great restaurants and nightlife. There is literally none of that here.

3

Wide_Television_7074 t1_je36mbq wrote

congratulations that’s a great decision… you bought a home for less than one year income !!!

5

NoellaChel t1_je39d5g wrote

No place is perfect but must feel good right now with all the housing crisis to know your home is yours. I get missing stuff I lived in VT and Florida but always came back to RI I love it here, Despite being so expensive

3

[deleted] t1_je2o1ku wrote

[deleted]

8

NoellaChel t1_je31zpy wrote

As I said to the other person it can be done but it’s not easy it’s tough as hell but can be done

−1

Ri_Surf t1_je2sr3n wrote

My buyer’s offer just got accepted on the perfect house for them. They had been looking for months and lost out on another one that they loved. It’s definitely competitive right now, and you have to go in with your best foot forward if you find something and you’re serious.

8

SnowWolfIzekeal t1_je3higt wrote

Are you kidding me? I'm struggling out here to find a job and get off SSI. I can barely afford the apartment I have now. I ain't gonna get a house when most apartments rent for $1000 or so and minimum wage can't even cover the cheapest apartment. So no. I will not buy a house in Rhode Island. On the topic of jobs, it would be swell if places were hiring people that just want to work. Those interviews are a waste of time when you're just looking for a job to earn money.

6

MakeTomorrowBetter t1_je3mibz wrote

Check out Electric Boat. They need hundreds of workers, pay starts at $20/hr, and no prior skill is necessary.

5

SnowWolfIzekeal t1_je3mopd wrote

Is it anywhere near Pawtucket? I currently don't have a car so walking, bike, buses or Ubers are my only current modes of transportation.

3

Rustygaff t1_je2uoph wrote

Sure if i could afford one along the shore.

5

ballofstress12 t1_je2qz2v wrote

If you qualify for the free 17500..you can cover all your downpayment/closing costs and just refinance when rates go down

4

Mountain_Bill5743 t1_je3pbwf wrote

How are these offers going? At the income caps, it seems like the prices would have to be very low and the offers would have to be very flexible at a competitive market space.

Just wondering as I am hearing that the low down/FHA offers some friends did aren't really a thing anymore in the competitive starter home space. Realtor friends (actual friends lol, not hired) are saying it's pretty much 20% just to compete and I'm seeing data published at 30% cash offers in some parts of the state.

I do hope it is going well, but I am curious to hear from someone who has successfully navigated the program.

2

ballofstress12 t1_je4o9du wrote

I have! I’m buying a house right now with it. I have decent income, good credit, but didn’t have 20k to put down. I’m buying a house for 285k. It’s small and the morgage is high but not comparably to what I’m paying in rent

2

ballofstress12 t1_je4oezx wrote

I also hired a really good realtor / lender which helped enormously. They beat out a 20% down offer with no inspection

2

Selrach_401 t1_je2s424 wrote

Definitely not. The colleges and Airbnb as well as inflation and shit economic conditions have ruined the housing market around here.

4

Kirenuchiha t1_je2vi1a wrote

I can barely afford an apartment, so my answers a hard no

4

Shot-Perspective2946 t1_je334en wrote

Well, Rhode Island is small, and they aren’t making any more of it. So, why not.

3

Tone_Deaf55 t1_je3a81y wrote

I would if there were any and i could afford the interest. But there aren't and I cant

3

Peach_enby t1_je3do2f wrote

Yes because renting sucks

3

idkmybffphill t1_je3gyvz wrote

Rates are higher than previous but historically these are still low. It's just getting harder for some to buy compared to the past few years. If you're able to buy... buying is usually a good bet

3

CharlieWellington t1_je2ouro wrote

Whats your other options?

2

headnodandwink t1_je31pwz wrote

I moved to CT, just across the border, always loved RI but I do love what I can afford for my price point

4

NoellaChel t1_je312t3 wrote

Honest tough call I own so I would not sell/buy right now but rents being so high and hard to find housing for rent if I was a renter i definitely would be looking especially if I had kids even overpriced as I would the stabile but I would passive look vs active look

2

Pvdsuccess t1_je31edw wrote

No, even with cash deals are limited.

2

StunningConfusion t1_je5b8rs wrote

I would like to but the houses are getting bought really cheap and getting flipped with shit box store materials and resold for 1.5 times the original price or they don’t even get fixed up and just get put back on the market 91 days later. I’m so sick of it.

Yes, I know it’s “the game” but wtf. The prices are getting out of hand and the average person can barely afford these houses and have decent DTI ratios.

2

Actual_Heart7266 t1_je5o8f5 wrote

I would buy, mainly because we just did last week. We plan to refinance if and when the rates lower. My parents bought at a 18% rate in the 70’s so comparatively 6.49% wasn’t as terrible as it could be. Supply is low so it’s definitely a seller’s market but if you have the right timing you have a fighting chance. Good luck!

2

Signal_Masterpiece_4 t1_je5xedm wrote

I mean, I already do. But, hypothetically? yes.

Why? Safest state in the country, with absolutely ZERO school shootings.

Also, the most ethnically diverse state in the country. So,come to RI. We come off a little rude, but we just live fast.

2

Ok_Connection3468 t1_je77zx0 wrote

Absolutely not, houses here are old trash compared to other parts of the country and WAY more expensive than 90% of the rest of the country

2

RhodySeth t1_je4i538 wrote

I mean I wouldn't. I already live here. But there are worse places to live.

1

Synchwave1 t1_je4jpac wrote

It depends how you view the forward outlook of the state. Historically, things start West and work East. By that measure, the east is a ways away from the values seen in places like California heading into parts of Canada. People get bogged down in what should be or what they think. Reality is as “inflated” as home prices are, limited supply met with unlimited demand means price will keep going just at a slightly lower rate than we’ve seen the last few years as market has to adjust to interest rates.

If you’re buying for long term or an investment, now is always the best time to buy real estate.

1

Swamp_yankee_ninja t1_je50plv wrote

No, If I had the 5% or more for a down payment I would would wait it out and live in a van down by the river before I spent it on a house in RI right now. High Interest rates and inflated home prices don’t mix, something has to give. It’s not just in RI, I watched real estate values spike after 2020 up north as well, people buying property up north, NH, VT and ME sight unseen in some cases. The pandemic unfortunately had people living in the cities thinking about wide open spaces, and man did they buy up property, this has caused value to go up and inventory to go down as well. Inventory in RI is at an all time low, however I’m optimistic that will change. The economy right now is like a train wreck in slow motion, some people are affected more so than others. If you have money, hold on to it as others may not, this will cause a sell off. People who bought homes in the past 3 years paid way over what they should have, they are dealing with a large mortgage payment, one or two monkey wrenches in their life and boom all done. Now times that by thousands.

1

Peter_Nincompoop t1_je6r2v8 wrote

So long as the house you're wanting to buy isn't a shitheap, and you've got enough money to stomach the high interest rates until they crash and you can refinance, there's no reason not to buy property. If you're able to sell and buy in the same market, like we did last year, your high price sale offsets the high price purchase, and you're (hopefully) in a nicer house than when you started.

1

realbusabusa t1_je4imwa wrote

No, because then I would have to live in RI.

−6

Livid_Will9194 t1_je2p46e wrote

Why would someone buy a house in RI ?Move to Texas s and buy same size house half the price and less taxation .

−28

thebirbseyeview t1_je2qurn wrote

Why would I move to a state that hates women? You couldn't pay me to live there.

24

Livid_Will9194 t1_je2r6n7 wrote

Truly you think Texas hates women ? You probably referring to Abortion right ? No one is gonna pay no one to live there . You will live there if u looking for affordable living . Gréât economy , less taxation and gréât roads .

−19

thebirbseyeview t1_je2rcb9 wrote

Yeah sorry. I have family who live/lived there and they either want to move back to the northeast or already have. Affordable living and less taxes come with some consequences I don't believe in.

13

jjayzx t1_je364xk wrote

There might be no state income taxes but money gotta come from somewhere. People complain about property taxes here, some places there are just absolutely horridly expensive.

2

Coincel_pro t1_je2v4mr wrote

Lol lived in texas for 20 years, never again.

7

Bad-Habit-2020 t1_je31j97 wrote

I just reluctantly moved to Texas to be able to afford a house next year or so and also salary is on par. TBH, now I miss RI like hell. It's was tough weighing out my options but both states

3

Coincel_pro t1_je45cik wrote

Yep RI is not very affordable post covid but if you look less than white texas isn’t friendly

2

Bad-Habit-2020 t1_je7w2ze wrote

Yea and that's at the back of my mind. I'll have to see how long I'll last in TX 🤞🏽

1

Hurdler1024 t1_je3jwjw wrote

Their property taxes are actually insanely high.

1

Livid_Will9194 t1_je3k5tt wrote

I owned in Tx and owned in RI and to be fair it is nothing compare to RI tax wise . Way less I lived in Houston area to be more specific and it is considered higher tax rate but still way less .

−1

Livid_Will9194 t1_je2vc46 wrote

To me as a pro life I like it . But this has nothing to do with living there or not . I lived in Texas . Moved to RI and running back to Texas

−11

Melicope t1_je3i9sw wrote

Because some people prefer to pay extra to live in the state they want to live in. Price is not everything.

1

BingBong022 t1_je2lxej wrote

Bought 4 so far, real-estate is gold

−31

Beezlegrunk t1_je3r6ca wrote

For those of you wondering why housing costs are so high …

−1

BingBong022 t1_je3sfhl wrote

Don't hate the player, hate the game. Passive income is desirable. Capitalism.

−3

Beezlegrunk t1_je3v0me wrote

Sort of like saying, "Don't hate slave-owners, hate slavery as an institution. Free labor is desirable. Capitalism."

Doesn't sound so great when it's applied to something that we as a society (eventually) decided was morally indefensible. And forcing people to be wage slaves so they can pay 30%+ of their income for housing is indefensible, especially if the reason is just to enrich other people at their expense (literally and figuratively).

Slave-owners perpetuated slavery — they weren't powerless "players" in a "game" they didn't control or were forced to play, they benefitted from it and wanted it to continue. Just like you do.

Eventually we fought a long and bloody war that ended the formal system of human exploitation called slavery. So hate the player and the game — and especially players who try to pretend they're not the reason the game is still being played ...

−1

sbaz86 t1_je4bbcq wrote

You broke the mic when you dropped it.

1

BingBong022 t1_je5sz4o wrote

Lmao stay broke

1

Beezlegrunk t1_je5xuak wrote

LYAO as you stay exploitative, playah …

1

BingBong022 t1_je5yoov wrote

Exploit deez nuts my guy

0

Beezlegrunk t1_je5zwq9 wrote

Sorry, left my microscope elsewhere …

0

BingBong022 t1_je64zjh wrote

You can't afford one though...🤣

1

Beezlegrunk t1_je6c7q8 wrote

I make a comfortable living without exploiting other people — as do most of us. Guys like you are the outliers: Pretending they're powerless not to take advantage of others, when it's really just a function of their own greed.

Just own it, dude, instead of blaming some mythical "game". The fact that you trot out lame excuses shows you know what you're doing is not OK ...

−1

BingBong022 t1_je6tv44 wrote

Your tears taste salty 🧂

0

Beezlegrunk t1_je6wmmw wrote

Your Gordon Gekko retort-generator is really lame. You're clearly incapable of offering any sort of reasoned argument to justify exploitation, so all you can do is try to deflect people's attention from it. But since you obviously don't care how your greed affects other people, at least be a big boy and own it ...

0

BingBong022 t1_je6xnox wrote

It's all about bucks, kid. The rest is conversation.

1

Beezlegrunk t1_je74yzu wrote

Translation: "I don't care about anyone but myself."

Welcome to me-first America. Of course, when your housing-exploitation hustle collapses, you'll be crying for a government bail-out and suddenly it'll be all about "we" instead "me" ...

0

BingBong022 t1_je7j4fu wrote

I don't throw darts at a board. I bet on sure things. Read Sun-tzu, The Art of War. Every battle is won before it is ever fought.

1

Beezlegrunk t1_jeb525g wrote

>I bet on sure things.

Right, because nobody ever lost money on real estate.

And seriously, Sun Tzu? Is this a parody account?

1

BingBong022 t1_jeeniqv wrote

Sun-tzu: If your enemy is superior, evade him. If angry, irritate him. If equally matched, fight, and if not split and reevaluate.

1

Beezlegrunk t1_jefkw0e wrote

Sun-Tzu: If your enemy is greedy and tries to hide it by quoting ancient Chinese philosophers, call him out on Reddit ...

0