DIYbanter - View Single Post - OT: House Offer Accepted. What A Crazy Market!

Leon[_7_]

On 5/6/2021 12:00 PM, wrote:
Snip

at home.

Uneducated? *Maybe* but since the houses are still being built, that
must mean that the older crowd is just as ignorant as the youngsters.

Just to clarify, I meant to say uneducated in home buying and ownership.

Every age group has it's deficiencies. But right now, today, at the all
time high of home building, what is the ratio of older buyers to first
time home buyers.

At a buy-in of $4-500K, is it really first time buyers? If so,
they're going to be in for a shock.

Yes! The new neighborhood that we were going to build in the residents
looked like they were in their mid to late 20's. And if you can believe
the news, this market is being driven by young home buyers.

And most older buyers have experience with home costs like property tax
increases.
The home we were going to buy would have had a $2K property tax increase
from contract date to closing, and going up from there.

I guess I don't get your point.

This high priced market is likely not going to last. Those that have
not seen the housing market come and go will likely suffer the
consequences of buying high and probably not gain any equity for a very
long time.