17% of young homebuyers regret their purchase

I bet the real reason for their regret isn’t really about the mortgage. It’s about the fact that they already can sense, or literally see, that housing prices are beginning to soften, and soon will decline.

When people say that location is the most important factor in real estate values, they are only half right. The equally important factor is TIMING!

What I have seen is youngsters buying a house without having a plan in case their job moves, slows down or they decide that “this town ain’t big enough for me”.

Three of the houses in my neighborhood were taken back by the bank when the last oilfield slowdown happened.

One kid, 26 had a $350k house and had been making upwards of $120k for 5 years. His own fault that he spent his paycheck on toys rather than paying off the house.

First mistake is buying a 350k house .

Had to have somewhere to put the $70k truck, $20k side by side, snowmobiles and jet skis.

Damn , and the 47′ Studebaker truck I want is only 22,000 , or the 51′ ranchero sitting next to it at 16, 000 . We have a vintage car dealership here , I look regularly . When I decide to get rid of my truck , I’m going to go into the past , the ones made before electronics . They have a 53′ fleetwood that could wipe out an 18 wheeler . They have a few DeSoto’s also .

Ya, the oilfield trash only want new and big.

The retirees start to look at vintage but still trade new pickups every two years.

I could have probably gotten two Studebaker pickups and a dog for <$10k when the owner died, had I been in CO. The dog would have been worth it.

• This reply was modified 8 months, 1 week ago by  Whirlibird.

We got our house after the seller had to drop the price by nearly $70k.

Oilfield trash, they had bought during the last boom and paid way too much. After the kitchen remodel, they didn’t break even.

The belief that the price can only go up, is hazardous at least.