Nikki, I’ve been screaming this for years. Some people DO NOT understand the implications of this. My son and daughter in law purchased a home off of Bethlehem road after playing the game of chase and offer all summer and they finally purchased a home that had to literally be gutted and redone. Some of the houses they were missing putting offers on were $250-290 and they were losing out on every single contract. Gone in hours! Cash sales. Finance companies began to offer them two loans, one to enlarge their down payment and the other to cover the mortgage, all I could think about was 2006. So my husband and I were pounding our fists on the table hollering NO! You. Never go in to a new home owner as a first time buyer with two loans.
I digress...We busted out bottoms on that house for 4 months trying to get it livable. He works retail (manager) and she is a teacher. If they do not stop this nonsense they are going to chase all of the teachers out of these areas and push them south of the city where they can find a smaller commute and still afford housing and earn more.
When I started saying ESPECIALLY about the 2006 issue, we were in Alabama (it’s where my husbands family lives, NASA people) we were in a town called Pinson, just SE of Birmingham in the county and we purchased our second at a reasonable price, ($150-ish), this was they year 2000. They decided to build a neighborhood behind us and offer those purchasing not only balloon payments, but second mortgages going in as first time buyers. Within three years, almost every single one of those homes (2 and 3 story bricks) had gone belly up and these poor people had lost their homes!
We need to stop this from happening. You never want a majority of your citizens to be rental properties, not saying there isn’t a need for it, but not at an inflated price. The danger there is that they aren’t rooted deep enough in the town. Not to say just because they are rentals but because they are renters in an inflated priced area, and when something better comes along they’re gone.
Add to that there are people like us, my husband and I had tried to downsize for the last three years and cannot. We can’t find anything we can afford, everything around us is priced higher than we have right now and we’re sitting on 3/4 acre with 2400 sq. Ft. Let that sink in! On top of we have kids that like to come over (2-3) and a camper. We have NO PLACE to have gatherings or even park the camper which would lend me to renting space at a storage facility for upwards of $125 a month on top of an overpriced new mortgage. So we stay. BUT the minute we can find something close that is one level and priced closer to our need we will probably jump on it.
So not only is the area not lending to those truly in need of housing, but they are forcing out the older people of which have some cash (sometimes) that could be spent on fundraisers and events.
Anyway, yes, I’ll be calling whoever I can find. Thanks for the information, makes me just a little sick to my stomach.
I've been saying this forever!! We shouldn't be selling SFR to investors period!!! They have been doing this shit forever. Housing shortages cause property values to increase so real estate agents fuel the paranoia and love to sell to cash buyers. Everyone of those real estate brokers are making bank and it's just "capitalism" - I say bullshit and we should get rid of the real estate agents that profit from the bullshit... especially the local RE peeps who should give a shit about the town but don't as long as they're making $$
Nikki, I’ve been screaming this for years. Some people DO NOT understand the implications of this. My son and daughter in law purchased a home off of Bethlehem road after playing the game of chase and offer all summer and they finally purchased a home that had to literally be gutted and redone. Some of the houses they were missing putting offers on were $250-290 and they were losing out on every single contract. Gone in hours! Cash sales. Finance companies began to offer them two loans, one to enlarge their down payment and the other to cover the mortgage, all I could think about was 2006. So my husband and I were pounding our fists on the table hollering NO! You. Never go in to a new home owner as a first time buyer with two loans.
I digress...We busted out bottoms on that house for 4 months trying to get it livable. He works retail (manager) and she is a teacher. If they do not stop this nonsense they are going to chase all of the teachers out of these areas and push them south of the city where they can find a smaller commute and still afford housing and earn more.
When I started saying ESPECIALLY about the 2006 issue, we were in Alabama (it’s where my husbands family lives, NASA people) we were in a town called Pinson, just SE of Birmingham in the county and we purchased our second at a reasonable price, ($150-ish), this was they year 2000. They decided to build a neighborhood behind us and offer those purchasing not only balloon payments, but second mortgages going in as first time buyers. Within three years, almost every single one of those homes (2 and 3 story bricks) had gone belly up and these poor people had lost their homes!
We need to stop this from happening. You never want a majority of your citizens to be rental properties, not saying there isn’t a need for it, but not at an inflated price. The danger there is that they aren’t rooted deep enough in the town. Not to say just because they are rentals but because they are renters in an inflated priced area, and when something better comes along they’re gone.
Add to that there are people like us, my husband and I had tried to downsize for the last three years and cannot. We can’t find anything we can afford, everything around us is priced higher than we have right now and we’re sitting on 3/4 acre with 2400 sq. Ft. Let that sink in! On top of we have kids that like to come over (2-3) and a camper. We have NO PLACE to have gatherings or even park the camper which would lend me to renting space at a storage facility for upwards of $125 a month on top of an overpriced new mortgage. So we stay. BUT the minute we can find something close that is one level and priced closer to our need we will probably jump on it.
So not only is the area not lending to those truly in need of housing, but they are forcing out the older people of which have some cash (sometimes) that could be spent on fundraisers and events.
Anyway, yes, I’ll be calling whoever I can find. Thanks for the information, makes me just a little sick to my stomach.
I've been saying this forever!! We shouldn't be selling SFR to investors period!!! They have been doing this shit forever. Housing shortages cause property values to increase so real estate agents fuel the paranoia and love to sell to cash buyers. Everyone of those real estate brokers are making bank and it's just "capitalism" - I say bullshit and we should get rid of the real estate agents that profit from the bullshit... especially the local RE peeps who should give a shit about the town but don't as long as they're making $$
PREACH!!!!