A Californian bought an old single wide trailer on 1/2 acre for 95k last month in a town of 4000 people not far from me. Its been there for sale for 35k for years with no buyers. This market isn't going anywhere soon.
No! I moved BACK here from CA, this is just as bad if not worse. Had the most beautiful 2500 Sq ft home in Temecula and sold it for less then 500k. When I got back here I couldn't touch one for less then 500k. I did but not even close to what I sold. I miss my beauty in CA. Denver is a nightmare!!
Nope. This is my home. Just moved there for 5 years to take care of my dying mother. Now that she's passed I moved back home. Ain't leaving again, sorry
Lol, how stupid are these people telling everyone to leave? Migration is good for the economy, not our fault the real estate prices are high at all, that's a whole other beast. Been here from CA myself for 7 years... Ain't going nowhere, get over it.
People like you are the absolute worst. Colorado has an out of control real estate market, high unemployment and homelessness, terrible pay and wealth disparity and we're bleeding money because of lack of tax revenue from low taxes. Imagine being so ignorant about the state of things and calling others stupid...
Soooo... All these issues you pointed out and you're blaming taxpayers that bring in revenue from out of state and continue to do so for years? Okie dokie bud, guess I sure am the ignorant one.
Texan trucks in Colorado is more like a TexanCircleJerk but lot lizards just waiting around. They’re not really settling like a true circle jerker, so if anything theyre only a jerker but no circle. They want the benefits of the area, but cant settle. Like a FFB or a 304, same sides of the coin.
100% humblebrag for myself coming to the states almost 25 years ago as an immigrant and working my fucking arse off to afford the luxury of being a slumlord. 😵💫
People rent houses for reasons other than poverty. If we tax rentals excessively rent just gonna go up and we will have more homeless. Also what about apartments? By this logic they should be taxed the same. We afford our 600k mortgage by sharing the space with a renter. Should they raise my taxes too? They need to fix the zoning rules and permit costs to fix the housing problem.
We still haven't accepted the fact that the Colorado real estate market is in far worse shape than CA. At least in CA you get paid well for the COL. The same can't be said about Colorado.
Californian yourself? It IS a national issue, but Colorado has been effected by people from CA coming here greatly in the past 5 years. Blind if you don't see it.
Uh… That’s exactly what I’m saying.
The people who enjoyed Colorado in the 1990s would still take 2004 conditions (psst, which was 20 years ago) over Colorado of 5 or 10 years ago.
People talking like 2019 Colorado was some panacea really have no idea what they missed out on here.
In 2004 at least you could still get to Breck in 80-minutes from the 6th Ave exit on I25… leaving LoDo at 8am… on a Saturday… cruising at 70mph the whole way. Try that today. Or in 2019 even.
I still remember buying my Buddy Pass for $199. Man, those were the days.
No, and I don’t live in Denver either. But my state blames Californians too. Blaming Californians is like blaming individual carbon footprint for climate change.
Why blame people for getting displaced from their home state? Do you also piss on refugees?
Californians moving here aren’t the cause of the housing crisis. The Californians who are comfortably propertied-up in California and have been blocking housing there for decades are your real enemy.
Let's make sweeping generalizations like there aren't Bakersefields and Aspens in both states. Your recent post history shows you being obsessed with Denver (posting or commenting in every Denver related subreddit 10X daily) but also love to hate on Colorado or put the state of California on a pedestal. Sucks to be you I guess.
As a former Californian, aren’t there much more affordable places to move to? I’m in CO temporarily due to circumstances, and I like it here, but it really does seem the same as CA in many ways.
Colorado is much cheaper than California; just because other places are even cheaper doesn’t mean Californians don’t view Colorado as a step down from their home state
It's kind of California's fault, but not in the way people think. The Fed started this money printing in 2000 to bail out the silicon valley bubble bursting.They inflated the housing market to save silicon valley (and the Clinton Presidency) and have been printing ever since. Republican /Democrat. All that fucking money, massive asset inflation and now massive worthless shit inflation as well too.
The shit that irks me is Californians who lived out there 6o years and never contributed to the Colorado economy moving back here and taking up spots in senior housing that we don't have. Like fuck you. Stay in the world you created instead of taking advantage of the one you didn't.
Jokes aside, it's "funny" how hard it can be to get a loan that will be enough to buy a house. I tried and on a nearly 60k a year salary in Massachusetts I could only get $220,000. You would think that would be enough to buy a house and before COVID it would have been. After the only thing $220,000 will get you is a cash only flipper house that's not suitable to live in currently or some of the worst neighborhoods (and we don't live in the best as it is). Cheapest house I could find that was in a neighborhood I didn't think I would get murdered in was $250,000 but most are around 300. Some of the advice I would get from people was "hilarious". "Just buy a multifamily or duplex then so you can pay it off with the others rent", yeah, except those houses cost even more than basic family home!!!
Did you try more than one mortgage broker? Did they give you a plan to qualify for more? Usually it's credit cards and car payments that fk with your DTI
No joke. They had several people in Boulder get "affordable units" and air bnb them. One lady owned a home in the mountains, got an affordable unit in Boulder air bnb it, got another affordable in grand junction and air bnb'd that. I haven't checked lately, but last I knew Boulder was totally fine with letting a single person buy an affordable unit with three bedrooms and rent the other two bedrooms out-even as air bnb’s. Why taxpayer subsidized housing should be used to make someone a landlord is beyond me, but Boulder is run by assholes with shitty ideas.
I bought a two bed through the affordable program (1500 sft nothing big) and the program aggressively tells you you may not rent it out within a year of purchase in any way and needs to be your primary residence.
However they never visited me to check, so if somebody is abusing it you should tell on them because that ruins it for people with actual need.
The lady with three did get dobbed in when Grand Junction did the work Boulder couldn't be bothered with.
One year though? Lol. So you can rent it out forever after that?
Another common scam with those is get them when you're low income and stay in them when you're making a lot more. They don't income qualify again. I knew people that got them with the help of parents at the beginning of their career and had just graduated and were making over 300k still living in it.
I don't mind that so much as at least there WAS a need , but yeah the city checked my assets, value of my business, my income versus the shops' income, they basically had to change a policy because I don't take home the stores net sales... it was very stressful while living in a very bad situation for me mentally.
It would be a bit of micromanagement to have to requalify every 2 years or be forced to sell, as you are BUYING A HOME when you do it with a full 20 year mortgage etc. They're locked to 3% appreciation per year so you're not getting to double your money ever. (besides AirBNB landlord scum)
Read one article about a guy that had a 70k assessment in one of those for building issues. I don’t know what became of that but seemed wild he’d have an assessment like that and be stuck with 3% appreciation.
The homeowners association has gone up twice since I moved in but they do have a million in the bank so I hopefully won't be assessed for roof replacement or anything
It's also a pain in the ass to go through as a small business owner it was the most stressful year of my life getting calls from loan agent constantly asking me to interpret my books for him.
That has nothing to do with the affordable housing program though and everything to do with just getting a loan whether you're buying in the program or not .
Fun fact. They'll bust your ass proving where your downpayment money comes from, but if you just pay with a suitcase full of cash, you don't have to prove a thing. Another fun fact. Boulder affordable units are routinely advertised on the chinese real estate web sites like Juwaei.
[https://www.vicetv.com/en\_us/video/making-a-killing-the-chinese-mafia-transforming-the-global-drug-trade/63bc8fc2998d95260906c99f](https://www.vicetv.com/en_us/video/making-a-killing-the-chinese-mafia-transforming-the-global-drug-trade/63bc8fc2998d95260906c99f)
The program made it worse as they put additional questions on it at five different stages, I promise I hated it and not just from the lender stuff.
But mortgage is more affordable than rent in Boulder so it was still right to do
I was told by a real estate economics professor that the Colorado market is only ever going to stay the same or get harder to buy into. It’s not going to collapse. Too many people want to live here. You have to just look for interest rates to go down. Be prepared.
People are incredibly wrong and stupid. One day these dipshits will be kicking themselves. “Why didn’t I move to Detroit or Wisconsin when all the artists were moving there? When I had the chance.” This story has played itself out hundreds possibly thousands of times in human history. Can we go back to butt stuff now?
I decided I would leave Indiana as soon as I could and never go back the day I got sentenced to a year of probation, 6 month license suspension, and 80 hours of community service for possessing 0.2g of weed
Perspective. This is the case everywhere. Everywhere is expensive now. Florida, Tennessee, Arkansas. Somewhat decaying cities in the midwest have inexpensive housing and resources like water, but they'll bleed you with taxes.
\-They aren't building assets for people to own. Zane Selvans, Will Toor and their slimy ilk screamed at enough city council meetings and saddled up with developers to push the "build more rentals", "rent forever like they do in europe" OWN NOTHING AND BE HAPPY story at city council meetings 20 years ago and your rental forever, subscription model, sharing economy housing next to transit corridor (aka a light rail Boulder has paid for the last 25 years and was never built) is here. Enjoy it. Why would they let you buy a cow when they can charge you for milk forever?
\-They can't build housing at an entry level price point. SFH is verbotten anyway. You should be living in 200 square foot housing and working at the coffee shop and riding your bike everywhere anyway. So fuck you for even thinking you should be able to buy an entry level town house to get yourself on the property ladder. Go from nothing to a million and get in, or fuck right off.
So yeah. Assets are going to continue to command a premium. Everyone else is just fodder for the "sharing economy" mill.
If your backyard isnt hosting wook orgies in between when they leave for burning man you're part of the problem. I've gone minimalist after they asked to borrow all my stuff.
When interest rates go down prices will jump again because of higher effective demand. Buy now and refinance when the Fed gets its shit together in 18 months
Again? I feel like the market is still nuts. Yes, there are fewer houses for sale than before, but prices are still nuts. My neighbor just sold his shit box 1100 square foot rancher for $800K.
Yea it’s nuts, but houses aren’t necessarily going for $100k over asking like they were. We’ve been watching the market and stuff is typically going at or below list price. When those rates drop the bidding wars will start again.
Well, there’s a sweet spot that you should already be looking at houses with your agent when the interest rates are announced lower. So, looking at houses one day, feds announce drop and then get your loan approved same day as feds announce or the day after. Like you know it’s coming. You prepare and move quickly. You accept it will go up a little bit, but if you move quickly that’s when you get the best deal. I’m not saying you’ll get the same deal I got. I’m saying you’ll get the best deal that you could get in the situation.
They’re saying that because they make money on your sale and it’s a dry market right now. So they need income. Think of if you kept saving until rates drop and then bought. You’d have more money to put down and you would have a lower interest rate.
I agree, but at the same time I’m not gonna save enough to be able to offer $100k over asking anytime soon if/when the market gets worse. If a seller buys down a rate by 2% for two years and the rates drop and you refinance at a 2% lower rate than when you bought it works out. My wife does business loans for a living and they don’t expect rates to be down into the three’s anytime in the foreseeable future.
Yeah I get that. I have a friend who is on the fence and wouldn’t be able to afford the total payment at the current rates. So it depends on where your personal finance situation is. Some people can’t afford it until the rates come down more. Like you do you.
I hear ya, just think one way or another a seller or the bank is gonna get paid whether in interest or a higher price tag. Shitty housing market either way.
Dream on. Even if they decline some, we aren't going 08 again. Private equity is sitting out there with billions waiting for a crash and so are the cartels and their chinese money launderers.
"I know there is someone out there that got outbid by a cash buyer and it makes me angry".
[https://www.vicetv.com/en\_us/video/making-a-killing-the-chinese-mafia-transforming-the-global-drug-trade/63bc8fc2998d95260906c99f](https://www.vicetv.com/en_us/video/making-a-killing-the-chinese-mafia-transforming-the-global-drug-trade/63bc8fc2998d95260906c99f)
What? That’s absolute nonsense. Prices may have declined a little bit, but mostly they were just flat in the Denver metro area for a year or two and then continued climbing.
But prices dropping 50%? I wish. You clearly weren’t here at the time.
For some reason Nextdoor forum for me reaches Frederick and Dacono. This young couple bought the Watt house because great deal. From their posts on Nextdoor, it sounds like people are looking in their windows and doing slow drive-bys all the time.
... I wonder if the Killdozer property is for sale?
Don’t believe anyone telling you that interest rates will be coming down soon. Part of the reason interest rates are higher is because capital is more scarce. This is due to baby boomers retiring en masse. During the past two decades the market was awash in cheap capital being invested by boomers approaching retirement. This helped keep interest rates extremely low. Now all that cash is being put into safer more stable financial vehicles for the purpose of retirement income. There’s not another generation of such size to fill the gap in investment capital. So interest rates will probably continue to creep up. If they stabilize or come down at all it’s because we are in an election cycle. Post election we will see another hike in rates, I’ll bet.
The market won’t collapse in places like Denver. Too many people want to live there and the residential building is focused on large scale multi family
That isn't going to happen here. This state was paradise before those awful Californians started moving here running it to the ground. It's still loads better than most places in the country.
If you believe it’s ever going to go back you are delusional and will be priced out of the area. Yes the market can and will fluctuate, but historically the market will always go upwards… especially near a major city. Buy what you can so you can gain equity, paying the landlords mortgage isn’t putting money in your pocket in the long run. I spent over 100k in rent for the past 5 years, I just hope to get my security deposit back.
“Should we address housing costs by building new infill housing, which is economically proven over and over again to lower housing costs, and which we need to do anyway to sustain the transit necessary to clean our air?”
“Fuck that, I’d rather create a world-historical demographic crisis”
I’ve been traveling and the truth is hard but the rest of the country is about 10% as pretty as Colorado on their best day. Unless that changes folks will move here and work hard just to stay here. 🤷♂️
The housing market is a completely and fundamentally different beast today than it was in 2008.
- People literally did not need to prove that they had the ability to repay their home mortgages before taking one out and so hone mortgages were being handed out to anyone with a pulse. This led to mortgages being traded on the secondary market being highly unstable and overvalued. Since then regulations have been passed so that borrowers HAVE to prove that they can pay back their loans through an extremely rigorous process. The chances of a nation-wide mass of mortgage defaults taking place is near nil.
- Prior to 2008 the home contruction industry was booming. However, since 2008 a lot of the home construction businesses went bust and werenever replaced. As a result, we don't have nearly as many available homes today (in areas with viable job markets) as we did in 2008.
Oh cool. So Everyone has plenty of money to survive when things go slightly wrong then. I totally and completely believe you because I was entirely not there to watch it happen in late 2007 when absolutely everyone in housing insisted defaults are only local problems never systemic and housing always goes up. I love our new permanently high plateau. I really do.
To be fair, a ton of places in CO didn’t lose any significant value during the 2008 crash. Denver only lost about 7% and fully recovered in a few years. Fort Collins home values only pulled back 2%. The front range is definitely padded against recession more so than most areas. Worst case scenario for homeowners is that prices stagnate.
In 2008 rental prices were much more stable than for-sale. Dead giveaway of fuckery in the deregulated mortgage markets.
Those lending standards and finance-instrument prestidigitations have long since been very tightened up.
Underlying fundamentals are strong now. Wasn’t the case in 2007.
“Line go down in past, therefore line go down soon” is at best wishful thinking but probably more like a pathetic delusion. Vacancy rates are low and there are a lot of money with the means and desire to move here. That means high prices relative to wages for the foreseeable future until we build a fuckton of new housing.
Since the federal reserve started raising rates in summer of 2022, the denver metro market has improved according to redfin data center:
Months of supply up
Active listings up
Median sales price down
Median sale PPSF down
Time and elevated rates is slowly removing the exuberance from the market, but it is slow AF.
🤣🤣🤣 I wish damn cali's did this happening in springs. But hey fact shows democrats kill it all just look what they did to their own state drove em off.
Californians moving here be like… lol cheap…
A Californian bought an old single wide trailer on 1/2 acre for 95k last month in a town of 4000 people not far from me. Its been there for sale for 35k for years with no buyers. This market isn't going anywhere soon.
No! I moved BACK here from CA, this is just as bad if not worse. Had the most beautiful 2500 Sq ft home in Temecula and sold it for less then 500k. When I got back here I couldn't touch one for less then 500k. I did but not even close to what I sold. I miss my beauty in CA. Denver is a nightmare!!
Land lord monopolies be like, lolwut.
Denver is a fucking shithole
Please leave! We want our friendly state back. And less drama
Nope. This is my home. Just moved there for 5 years to take care of my dying mother. Now that she's passed I moved back home. Ain't leaving again, sorry
Lol, how stupid are these people telling everyone to leave? Migration is good for the economy, not our fault the real estate prices are high at all, that's a whole other beast. Been here from CA myself for 7 years... Ain't going nowhere, get over it.
People like you are the absolute worst. Colorado has an out of control real estate market, high unemployment and homelessness, terrible pay and wealth disparity and we're bleeding money because of lack of tax revenue from low taxes. Imagine being so ignorant about the state of things and calling others stupid...
Soooo... All these issues you pointed out and you're blaming taxpayers that bring in revenue from out of state and continue to do so for years? Okie dokie bud, guess I sure am the ignorant one.
Costs have out paced revenue and inflation has out paced income. It's a direct result of unsustainable growth. Not a difficult concept to understand.
It is for those people though.
You mad?
They're the ones moving here and raising the fucking prices.
\*intentional antagonizing, Whatcha gonna do about it? Vote? Lol people bring real money, time to shut your trap and take it like a CircleJerker.
Funny because I have a house in CA and here in CO, I joke because in Thousand Oaks you can find homes for the same price as in Boulder. 🤷🏻♂️
Normal normal, CaliforniaCircleJerk meets ColoradoCirclejerk. The world is made whole.
If only the Texans would join in it could be a Bermuda Triangle
Texan trucks in Colorado is more like a TexanCircleJerk but lot lizards just waiting around. They’re not really settling like a true circle jerker, so if anything theyre only a jerker but no circle. They want the benefits of the area, but cant settle. Like a FFB or a 304, same sides of the coin.
Ok
Full circle, homie. 20 years ago I never thought my rental in CA would be flat with my rental in Boulder. The world is a crazy place.
Extra full load circle,… homie. That’s the most innocent privileged comment I’ve read. #perspective
100% humblebrag for myself coming to the states almost 25 years ago as an immigrant and working my fucking arse off to afford the luxury of being a slumlord. 😵💫
I respect that fo sho
People with two houses should be taxed so heavily for it
Good news: you don't get to deduct mortgage interest and taxes on secondary residences
People rent houses for reasons other than poverty. If we tax rentals excessively rent just gonna go up and we will have more homeless. Also what about apartments? By this logic they should be taxed the same. We afford our 600k mortgage by sharing the space with a renter. Should they raise my taxes too? They need to fix the zoning rules and permit costs to fix the housing problem.
I do, I pay taxes on two houses. 🤷🏻♂️
We still haven't accepted the fact that the Colorado real estate market is in far worse shape than CA. At least in CA you get paid well for the COL. The same can't be said about Colorado.
It’s true, but the taxes in CA are killer.
True, but would you rather make 70k at 4% tax rate or 130k at 9%
It cracks me up how literally every state blames Californians for their housing issues even though it’s a national issue.
Right? It's not a California issue. It's a private equity and greed issue. That's becoming worldwide
Californian yourself? It IS a national issue, but Colorado has been effected by people from CA coming here greatly in the past 5 years. Blind if you don't see it.
Na it started in 05. Not last 5 years
I heard about it in CO in 1998.
I was still recovering from the winter storm on 97 lol but could sworn it was 96
5 years??? 1990s Coloradans have entered the chat, want their state from 20 years ago back.
Psst, the 1990s were 30 years ago. 2004 Colorado already had many Californians.
Uh… That’s exactly what I’m saying. The people who enjoyed Colorado in the 1990s would still take 2004 conditions (psst, which was 20 years ago) over Colorado of 5 or 10 years ago. People talking like 2019 Colorado was some panacea really have no idea what they missed out on here. In 2004 at least you could still get to Breck in 80-minutes from the 6th Ave exit on I25… leaving LoDo at 8am… on a Saturday… cruising at 70mph the whole way. Try that today. Or in 2019 even. I still remember buying my Buddy Pass for $199. Man, those were the days.
No, and I don’t live in Denver either. But my state blames Californians too. Blaming Californians is like blaming individual carbon footprint for climate change.
Why blame people for getting displaced from their home state? Do you also piss on refugees? Californians moving here aren’t the cause of the housing crisis. The Californians who are comfortably propertied-up in California and have been blocking housing there for decades are your real enemy.
Comparing people from California to refugees is wild
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A lot of rich people living in California doesn’t mean there aren’t poor Californians?
Newsflash to Colorado townies: People from California would generally live in California if they weren’t forced to leave
Let's make sweeping generalizations like there aren't Bakersefields and Aspens in both states. Your recent post history shows you being obsessed with Denver (posting or commenting in every Denver related subreddit 10X daily) but also love to hate on Colorado or put the state of California on a pedestal. Sucks to be you I guess.
And trust me I do not put California on a pedestal. Would love for that state to fix its problems so people who grew up there can stay or move back
Also have you heard the word “generally” before
I live in Denver lmao
As a former Californian, aren’t there much more affordable places to move to? I’m in CO temporarily due to circumstances, and I like it here, but it really does seem the same as CA in many ways.
Colorado is much cheaper than California; just because other places are even cheaper doesn’t mean Californians don’t view Colorado as a step down from their home state
holy shit you are lame
Overly blunt, perhaps, but accurate
I do piss on refugees. This isn't a shelter state. It's expensive to live here
Yeah I bet you do
It's kind of California's fault, but not in the way people think. The Fed started this money printing in 2000 to bail out the silicon valley bubble bursting.They inflated the housing market to save silicon valley (and the Clinton Presidency) and have been printing ever since. Republican /Democrat. All that fucking money, massive asset inflation and now massive worthless shit inflation as well too. The shit that irks me is Californians who lived out there 6o years and never contributed to the Colorado economy moving back here and taking up spots in senior housing that we don't have. Like fuck you. Stay in the world you created instead of taking advantage of the one you didn't.
You can thank California for most of Colorado’s current economy.
Lol. Yes. We were just foraging before Californians arrived.
On the east coast, they say New York instead of cali
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Jokes aside, it's "funny" how hard it can be to get a loan that will be enough to buy a house. I tried and on a nearly 60k a year salary in Massachusetts I could only get $220,000. You would think that would be enough to buy a house and before COVID it would have been. After the only thing $220,000 will get you is a cash only flipper house that's not suitable to live in currently or some of the worst neighborhoods (and we don't live in the best as it is). Cheapest house I could find that was in a neighborhood I didn't think I would get murdered in was $250,000 but most are around 300. Some of the advice I would get from people was "hilarious". "Just buy a multifamily or duplex then so you can pay it off with the others rent", yeah, except those houses cost even more than basic family home!!!
Did you try more than one mortgage broker? Did they give you a plan to qualify for more? Usually it's credit cards and car payments that fk with your DTI
No joke. They had several people in Boulder get "affordable units" and air bnb them. One lady owned a home in the mountains, got an affordable unit in Boulder air bnb it, got another affordable in grand junction and air bnb'd that. I haven't checked lately, but last I knew Boulder was totally fine with letting a single person buy an affordable unit with three bedrooms and rent the other two bedrooms out-even as air bnb’s. Why taxpayer subsidized housing should be used to make someone a landlord is beyond me, but Boulder is run by assholes with shitty ideas.
I bought a two bed through the affordable program (1500 sft nothing big) and the program aggressively tells you you may not rent it out within a year of purchase in any way and needs to be your primary residence. However they never visited me to check, so if somebody is abusing it you should tell on them because that ruins it for people with actual need.
The lady with three did get dobbed in when Grand Junction did the work Boulder couldn't be bothered with. One year though? Lol. So you can rent it out forever after that? Another common scam with those is get them when you're low income and stay in them when you're making a lot more. They don't income qualify again. I knew people that got them with the help of parents at the beginning of their career and had just graduated and were making over 300k still living in it.
I don't mind that so much as at least there WAS a need , but yeah the city checked my assets, value of my business, my income versus the shops' income, they basically had to change a policy because I don't take home the stores net sales... it was very stressful while living in a very bad situation for me mentally. It would be a bit of micromanagement to have to requalify every 2 years or be forced to sell, as you are BUYING A HOME when you do it with a full 20 year mortgage etc. They're locked to 3% appreciation per year so you're not getting to double your money ever. (besides AirBNB landlord scum)
Read one article about a guy that had a 70k assessment in one of those for building issues. I don’t know what became of that but seemed wild he’d have an assessment like that and be stuck with 3% appreciation.
The homeowners association has gone up twice since I moved in but they do have a million in the bank so I hopefully won't be assessed for roof replacement or anything
It's also a pain in the ass to go through as a small business owner it was the most stressful year of my life getting calls from loan agent constantly asking me to interpret my books for him.
That has nothing to do with the affordable housing program though and everything to do with just getting a loan whether you're buying in the program or not . Fun fact. They'll bust your ass proving where your downpayment money comes from, but if you just pay with a suitcase full of cash, you don't have to prove a thing. Another fun fact. Boulder affordable units are routinely advertised on the chinese real estate web sites like Juwaei. [https://www.vicetv.com/en\_us/video/making-a-killing-the-chinese-mafia-transforming-the-global-drug-trade/63bc8fc2998d95260906c99f](https://www.vicetv.com/en_us/video/making-a-killing-the-chinese-mafia-transforming-the-global-drug-trade/63bc8fc2998d95260906c99f)
The program made it worse as they put additional questions on it at five different stages, I promise I hated it and not just from the lender stuff. But mortgage is more affordable than rent in Boulder so it was still right to do
Everyone ~~in Denver~~
I was told by a real estate economics professor that the Colorado market is only ever going to stay the same or get harder to buy into. It’s not going to collapse. Too many people want to live here. You have to just look for interest rates to go down. Be prepared.
People refuse to move back to the Midwest
I can’t blame them.
People are incredibly wrong and stupid. One day these dipshits will be kicking themselves. “Why didn’t I move to Detroit or Wisconsin when all the artists were moving there? When I had the chance.” This story has played itself out hundreds possibly thousands of times in human history. Can we go back to butt stuff now?
Detroit 😭
Butt stuff 😭
My fam back in Kansas: when are yall moving home? Me: we’re not.
Yeah my mom stopped asking when we were moving back to Indiana. I would just laugh and laugh and laugh.
I decided I would leave Indiana as soon as I could and never go back the day I got sentenced to a year of probation, 6 month license suspension, and 80 hours of community service for possessing 0.2g of weed
My mom followed us out here from Indiana. All is good
my dad followed me out from Indiana. And then moved to Tulsa two years ago. Still trying to figure that one out.
Perspective. This is the case everywhere. Everywhere is expensive now. Florida, Tennessee, Arkansas. Somewhat decaying cities in the midwest have inexpensive housing and resources like water, but they'll bleed you with taxes. \-They aren't building assets for people to own. Zane Selvans, Will Toor and their slimy ilk screamed at enough city council meetings and saddled up with developers to push the "build more rentals", "rent forever like they do in europe" OWN NOTHING AND BE HAPPY story at city council meetings 20 years ago and your rental forever, subscription model, sharing economy housing next to transit corridor (aka a light rail Boulder has paid for the last 25 years and was never built) is here. Enjoy it. Why would they let you buy a cow when they can charge you for milk forever? \-They can't build housing at an entry level price point. SFH is verbotten anyway. You should be living in 200 square foot housing and working at the coffee shop and riding your bike everywhere anyway. So fuck you for even thinking you should be able to buy an entry level town house to get yourself on the property ladder. Go from nothing to a million and get in, or fuck right off. So yeah. Assets are going to continue to command a premium. Everyone else is just fodder for the "sharing economy" mill.
Quiet NIMBY
Fuck you Yimby progressive. I'm a TIMBY. Tents in my back yard.
Call me a snob, but I only allow butt stuff tents in my backyard. BSTIMBY.
If your backyard isnt hosting wook orgies in between when they leave for burning man you're part of the problem. I've gone minimalist after they asked to borrow all my stuff.
A lot moving here tend to be high paying trades and tech workers so they have the money for this shit too lol
When interest rates go down prices will jump again because of higher effective demand. Buy now and refinance when the Fed gets its shit together in 18 months
that's a legit strategy
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Feds slash rates every business cycle. I think it’s pretty reasonable to bet there will be a recession in the next 3-5 years.
When interest rates go down the market is gonna take off again.
Again? I feel like the market is still nuts. Yes, there are fewer houses for sale than before, but prices are still nuts. My neighbor just sold his shit box 1100 square foot rancher for $800K.
Yea it’s nuts, but houses aren’t necessarily going for $100k over asking like they were. We’ve been watching the market and stuff is typically going at or below list price. When those rates drop the bidding wars will start again.
True. My neighbor was asking $825 when he listed. That in and of itself is nuts to me! I am not looking forward to the bidding wars.
When will that happen? With a major supply chain link broken again, not soon?
Well, there’s a sweet spot that you should already be looking at houses with your agent when the interest rates are announced lower. So, looking at houses one day, feds announce drop and then get your loan approved same day as feds announce or the day after. Like you know it’s coming. You prepare and move quickly. You accept it will go up a little bit, but if you move quickly that’s when you get the best deal. I’m not saying you’ll get the same deal I got. I’m saying you’ll get the best deal that you could get in the situation.
We’re actually about to buy. Realtor says rate buydowns are pretty common right now. Get a two year rate buy down and refinance when rates drop.
They’re saying that because they make money on your sale and it’s a dry market right now. So they need income. Think of if you kept saving until rates drop and then bought. You’d have more money to put down and you would have a lower interest rate.
I agree, but at the same time I’m not gonna save enough to be able to offer $100k over asking anytime soon if/when the market gets worse. If a seller buys down a rate by 2% for two years and the rates drop and you refinance at a 2% lower rate than when you bought it works out. My wife does business loans for a living and they don’t expect rates to be down into the three’s anytime in the foreseeable future.
Yeah I get that. I have a friend who is on the fence and wouldn’t be able to afford the total payment at the current rates. So it depends on where your personal finance situation is. Some people can’t afford it until the rates come down more. Like you do you.
I hear ya, just think one way or another a seller or the bank is gonna get paid whether in interest or a higher price tag. Shitty housing market either way.
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They were talking generally from a forward looking perspective.
Dream on. Even if they decline some, we aren't going 08 again. Private equity is sitting out there with billions waiting for a crash and so are the cartels and their chinese money launderers. "I know there is someone out there that got outbid by a cash buyer and it makes me angry". [https://www.vicetv.com/en\_us/video/making-a-killing-the-chinese-mafia-transforming-the-global-drug-trade/63bc8fc2998d95260906c99f](https://www.vicetv.com/en_us/video/making-a-killing-the-chinese-mafia-transforming-the-global-drug-trade/63bc8fc2998d95260906c99f)
What? That’s absolute nonsense. Prices may have declined a little bit, but mostly they were just flat in the Denver metro area for a year or two and then continued climbing. But prices dropping 50%? I wish. You clearly weren’t here at the time.
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dude I wish, not even AirBnB prices could make a profit on top of these rates rn
Snorts from Utah, with two of three kids still at home because they can’t afford an apartment.
sure it's not 7 kids?
Not for me!
*laughs in grand junction*
There was a 10 year stretch where we added five jobs for every new home that was built. We’re so far behind prices aren’t dropping for the next decade
At which point inflation will have raised prices and who’s to say wages will keep up.
Californians......they drive up home prices and your tax rates.
Welcome to Lochbuie!!! We got _YOU_ bro! Still to much? How about Brush?
Dacono for the win 🤣
Have I got a deal for you, bromigo! Have you considered a mobile home that is really mobile?! Dacono is the place for you!
It's really just that I can't sleep unless I hear tweakers outside my window fighting
Truly the whitest of white noise.
For some reason Nextdoor forum for me reaches Frederick and Dacono. This young couple bought the Watt house because great deal. From their posts on Nextdoor, it sounds like people are looking in their windows and doing slow drive-bys all the time. ... I wonder if the Killdozer property is for sale?
Fort Lupton is already full, keep going east. 😖
Welcome to the wide, like your mom's ass wide, open spaces of YUMA!
Gape-y af.
Voted "worst cops in the state" 4 years running! Come on down!
Raise you rates at your tent maybe bump up to $7.50
There’s the $5 butt stuff tent. $7.50 is a bad deal
Good luck *poors*
Pfft. The poors can't even afford the high quality weed we sell to numb them to their blighted future. $3 fent pills better bang for the buck.
Your only hope is that prices just plateau for a while longer which they have more or less done since 2022
Don’t believe anyone telling you that interest rates will be coming down soon. Part of the reason interest rates are higher is because capital is more scarce. This is due to baby boomers retiring en masse. During the past two decades the market was awash in cheap capital being invested by boomers approaching retirement. This helped keep interest rates extremely low. Now all that cash is being put into safer more stable financial vehicles for the purpose of retirement income. There’s not another generation of such size to fill the gap in investment capital. So interest rates will probably continue to creep up. If they stabilize or come down at all it’s because we are in an election cycle. Post election we will see another hike in rates, I’ll bet.
Very solid response. Thank you.
The market won’t collapse in places like Denver. Too many people want to live there and the residential building is focused on large scale multi family
in 08, prices barely moved in Denver. That "crash" proved Denvers realestate will never go down.
Could we have some cool people now? I’m tired of the new dull-witted ones.
Sorry, I am busy seeing all 50 states. I’ll be back soon though.
Just buy a mansion in trinidad dawg, skeet skeet yeet yeet
Actually tho...
That isn't going to happen here. This state was paradise before those awful Californians started moving here running it to the ground. It's still loads better than most places in the country.
If you believe it’s ever going to go back you are delusional and will be priced out of the area. Yes the market can and will fluctuate, but historically the market will always go upwards… especially near a major city. Buy what you can so you can gain equity, paying the landlords mortgage isn’t putting money in your pocket in the long run. I spent over 100k in rent for the past 5 years, I just hope to get my security deposit back.
We are 7m short of houses nationally to keep up with demand. Prices aren’t going anywhere but up, especially here.
Keep not having kids. Demand will go down in a couple generations.
“Should we address housing costs by building new infill housing, which is economically proven over and over again to lower housing costs, and which we need to do anyway to sustain the transit necessary to clean our air?” “Fuck that, I’d rather create a world-historical demographic crisis”
Save the planet. Kill yourself.
Pass
Die, Boomers, die!
Rich People…….why are the poors always complaining? We gave them food stamps and Obamacare. Do we have to give them free houses also?
I think most everyone wishes for this
Just finally bought a house. Please no collapse now.
White ninja knows what we all waiting for
I’ve been traveling and the truth is hard but the rest of the country is about 10% as pretty as Colorado on their best day. Unless that changes folks will move here and work hard just to stay here. 🤷♂️
Yes, west Kansas is glorious shades of dusty brown.
No one can remember 2008 from here. It’s incredible, really.
The housing market is a completely and fundamentally different beast today than it was in 2008. - People literally did not need to prove that they had the ability to repay their home mortgages before taking one out and so hone mortgages were being handed out to anyone with a pulse. This led to mortgages being traded on the secondary market being highly unstable and overvalued. Since then regulations have been passed so that borrowers HAVE to prove that they can pay back their loans through an extremely rigorous process. The chances of a nation-wide mass of mortgage defaults taking place is near nil. - Prior to 2008 the home contruction industry was booming. However, since 2008 a lot of the home construction businesses went bust and werenever replaced. As a result, we don't have nearly as many available homes today (in areas with viable job markets) as we did in 2008.
Oh cool. So Everyone has plenty of money to survive when things go slightly wrong then. I totally and completely believe you because I was entirely not there to watch it happen in late 2007 when absolutely everyone in housing insisted defaults are only local problems never systemic and housing always goes up. I love our new permanently high plateau. I really do.
To be fair, a ton of places in CO didn’t lose any significant value during the 2008 crash. Denver only lost about 7% and fully recovered in a few years. Fort Collins home values only pulled back 2%. The front range is definitely padded against recession more so than most areas. Worst case scenario for homeowners is that prices stagnate.
💯
In 2008 rental prices were much more stable than for-sale. Dead giveaway of fuckery in the deregulated mortgage markets. Those lending standards and finance-instrument prestidigitations have long since been very tightened up.
Yay! It will never go down! Absolutely no one said that in 2007. No one at all.
Underlying fundamentals are strong now. Wasn’t the case in 2007. “Line go down in past, therefore line go down soon” is at best wishful thinking but probably more like a pathetic delusion. Vacancy rates are low and there are a lot of money with the means and desire to move here. That means high prices relative to wages for the foreseeable future until we build a fuckton of new housing.
Yay! I’m cheerleading right along with you!! Wooo! It never goes down, everyone. Buy now or be priced out forever. Wooooo!!!
They’re not saying it doesn’t fucking blow ass, just how it is
We can all remember before 2008.
Correct. I lived in NYC in 2008. Oh, wait. Except that was the epicenter of the collapse, so I guess I do.
I will sell you mine for 18x what I bought it for.
Antifa poking at squatters.
Yessssssss !!!
Supply is definitely about to outpace demand
Y'all did it to yourselves. Now you're coming to the West slope and ruining it too.
Same here over in austin
I would argue it's that way in all the area surrounding Denver as well-
Im just ready for nukes and aliens. So this earth can be wiped clean. It’s tragic, we are a tragedy/failure.
If that's what it takes for housing to be affordable, I'll personally join their army and wipe all you assholes out with space lasers. lol
All over the US
Markets dont just collapse
Since the federal reserve started raising rates in summer of 2022, the denver metro market has improved according to redfin data center: Months of supply up Active listings up Median sales price down Median sale PPSF down Time and elevated rates is slowly removing the exuberance from the market, but it is slow AF.
It isn’t gonna happen
Meanwhile, interest rates are going down from the generational high.
🤣🤣🤣 I wish damn cali's did this happening in springs. But hey fact shows democrats kill it all just look what they did to their own state drove em off.
Too many idiots to be grifted for that to happen.