The highest mortgage rates in more than two decades are keeping many prospective homebuyers out of the market and discouraging homeowners who locked in ultra-low rates from listing their home for sale.
The dearth of available properties is propping up prices even as sales of previously occupied U.S. homes have slumped 21% through the first eight months of this year.
The combination of elevated rates and low home inventory has worsened the affordability crunch. Where does that leave homebuyers, given that some economists project that the average rate on a 30-year mortgage is unlikely to ease below 7% before next year?
I mean, The Grand Tour bought a house for $2200 in a bad area of Detroit that nobody wanted. There are a shitload available starting at around $500. Have at it.
Yes, you can buy a house for between $500-$1,000 and even cheaper but the catch is, as of 2018, you have to bring the property up to code within 6 months.
Conservative estimates three years ago was you’d need between $60,000-$100,000 to bring everything in a dilapidated house up to code
https://tiremeetsroad.com/2022/10/13/did-the-grand-tour-really-buy-a-house-in-detroit-for-2200/
