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64% of millennials have regrets about buying their current home

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The issue is the older homes are getting really old now and depending on how good the previous owner was, you may need major renovations.

On the other hand new homes are made of sticks and bubble gum.

don’t forget dollar tree scotch tape. Not even the good tape from Staples but the dollar tree kind that rips as you use it.
 

Santanas

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i feel you but the nosy neighbor thing is a thing in apartments as well. My bf and i both have neighbors who have gotten too comfortable and feel they can knock on our door for anything. But on the flip side they do look out for you.
Good that you think of the upside to it. I do try to think about that too. I am feeling uncomfortable wearing a pyjamas and being in a general relaxed state on a Sunday morning though, because they might frenetically knock on the door til I open it. I just realised that the bastards who sold the house were really going on about how lovely the neighbours were, how they were not nosy at all, how they would leave me in peace etc. I thought that was a little odd to emphasise so much, because I didn’t ask or think about the prospect of nosy neighbours.
 
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Noir777

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Good that you think of the upside to it. I do try to think about that too. I am feeling uncomfortable wearing a pyjamas and being in a general relaxed state on a Sunday morning though, because they might frenetically knock on the door til I open it. I just realised that the bastards who sold the house were really going on about how lovely the neighbours were, how they were not nosy at all, how they would leave me in peace etc. I thought that was a little odd to emphasise so much, because I didn’t ask or think about the prospect of nosy neighbours.
Yeah i mean if they're doing all that you might just have to have a friendly convo with them because it sounds like your neighbors are doing too much. My bfs neighbor does the constant knocking til she gets a response but he tolerates it cause he's know her since he was a kid. Now my neighbors? Nah. They know better lol. Dont over do it. This one lady always makes sure i get my packages which i appreciate because i had something stolen before.
 

Ms Her

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I think that Americans need to read a book from the Germans. The country with the most renters in the world. You can’t possibly make $50k trying to buy a 500k house. Even if you’re married to simply can’t afford it and it is ok. I think there should be more rent control laws passed in order to allow people to afford more reasonable rents.
My suggested recommendation to my friends is keep the mortgage at most 3X your income and be able to pay it off in 15 years. If most people did that math, they would simply not even look at the way of properties they buy. Also people want things or think they deserve things but we ain’t in kindergarten here, you can’t afford it
I did the math was working on my credit (better interest rate) THEN= Covid happened. I thought I'd be good but houses are going 10-25k over asking! What was $150k late 2019 is going for $200k...which works as does $225k but wth!
 

Ms Her

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The biggest issue is we’ve lived in an artificially low interest rate environment for over a decade. The Fed’s goal was to increase asset prices by making it almost free money to borrow. The side equity markets and real estate markets have inflated.

Most millenials intuitively know their parents did not have to spend $500k on a starter home. The Fed isn’t concerned about quality of life as long as asset prices increase. They need to raise interest rates as soon as possible to cool everything down before the next exogenous event occurs.
A coworker said something similar but can you explain more? Reply like I'm financially illiterate...So it can help everyone. My apologies if that sounded 'snarky'.
 

froggy00

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economy moving too fast = raise federal funds rate (rate for banks to borrow and lend to other banks) -> banks will charge consumers at a higher rate since they have a higher rate
economy moving too slow = lower rate -> banks will charge consumers at a lower rate since they have a lower rate

right now it's something under 1%. if you have boomer parents like I do, they probably purchased their first home when federal funds rate and their interest rates were double digits.

 

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