Clemson13
Evernoob is a douchcanoe
A nicer group of people couldn't financially fuck themselves in the impending crash
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Housing market theories
- Thread starter Poke
- Start date
Fullsize80cherokee
Red Skull Member
There’s way too many rich motherfuckers now, there’s not going to be another 2008. If prices do go down the inventory will immediately be bought up by companies like black rock and vanguard. This is the beginning of the reset.
Projectjunkie
Whatever
You might be right, there's a lot of freshly printed money in a few hands ready to buy, how much, how deep, how long remains to be seen. It is part of "you'll own nothing and be happy"
The caveat will be the trashed property that a regular financed home buyer can't afford to buy and fix, and also doesn't pencil out for wall street to buy and fix.
Provience
Kill!
and since several states did forclosure and eviction moritoriums, them low low prices will be excellent targets for the state to buy up properties and secure a price floor, so the banks don't lose too much value after getting kickbacks all this time.
if not the state directly, housing projects and state/private mix funded associations and charities for displaced-peoples and others who lack paperwork due to racism will be soaking up what the private equity money doesn't want.
welndmn
Well Done Man
It sucks there are no more large lots.We were going to look at some acreage with a bunch of unpermitted structures in a couple weeks. Plan was to make a lowball cash offer.
RE agent called me yesterday and said they already have one full price cash offer and were expecting others. 700k property 2.5 hrs from SF bay area. Guess I gotta look a little further out, or wait a bit longer.
I'm only on 1/4 acre and I hate moving crap around. Everyone here buys all the old ranch homes and just rezones them to put up condos :(
TRINDU
PBB Orphan
I swear I get an email every 30 minutes from a MLS search. Either new listing or price reduction.
Need to market to fallout
Need to market to fallout
Motorcharge
Unregistered User
Bottom one ~$80k and ~$550/m adjusted for inflation, not that crazy low compared to some places just a few years ago. Shocking part is the 1007% inflation since 1955.
Projectjunkie
Whatever
Don't forget that little feminism thing the .gov pushed in the 60s and 70s that pushed women into the workforce, suppressing wages while increasing "household" spending on everything, especially housing.Bottom one ~$80k and ~$550/m adjusted for inflation, not that crazy low compared to some places just a few years ago. Shocking part is the 1007% inflation since 1955.
Now it takes 2 incomes to buy a home
It was the plan all along, more wage slaves
*obligatory, women are entitled to equal compensation and equal rights, but this is about bankers globalists sheisters politicians and conmen, but I repeat myself
RusM
Amateur Viking
Women got pushed into the workforce in WW2 to win the war against the Nazis and Japanese
Projectjunkie
Whatever
Ya but. You're right, but then most returned to the kitchen, and we had a manufacturing/ building boom and the few women in the workforce hardly suppressed wages. That was a blip, the feminist movement was a tide changeWomen got pushed into the workforce in WW2 to win the war against the Nazis and Japanese
gunracer1
Collector of fine junk
i have bought 5 different homes and 4 more other properties. my wife quit work to stay home with the kids. it doesn't take two to buy a home. we gave up new cars and eating out. other than that it was about the same.
Projectjunkie
Whatever
Same here, bought my 1st house at 22 and had a stay at home wife. But I basically had to earn 2 incomes to do it. The men in the ibb sample group aren't "average"
Bottom one ~$80k and ~$550/m adjusted for inflation, not that crazy low compared to some places just a few years ago. Shocking part is the 1007% inflation since 1955.
7900 in the stock market in 1955 would be about 2.2 right now.
buzzbombxj
Not too samrt
No new cars, almost no eating out, no vacations that involve flying is how my wife and I bought a house. A house that in the last year has lost 25% of its value (according to redfin). Its crashing good here. I feel bad for my neighbors who bought a lipstick on a pig flipper special at the very peak
Provience
Kill!
Early next year i'll need to get real serious about signing another year lease or buy something. Lease is up in april.
Trying to shoot holes in the idea of buying something cheap/conservative/fixer vs renting. Yeah there is the potential to watch my home value go down in the next year or so. At the same time, you gotta live somewhere- might as well be paying my mortgage vs someone elses.
The idea would be to buy something cheap enough that I still have cash left over to make a move if/when the market totally tanks. Either in the form of a rental property or buy something I really like and turn the cheap/conservative place into a rental.
Am i an idiot? I will admit I am impatient and renting a small house with no garage isn't helping that.
Trying to shoot holes in the idea of buying something cheap/conservative/fixer vs renting. Yeah there is the potential to watch my home value go down in the next year or so. At the same time, you gotta live somewhere- might as well be paying my mortgage vs someone elses.
The idea would be to buy something cheap enough that I still have cash left over to make a move if/when the market totally tanks. Either in the form of a rental property or buy something I really like and turn the cheap/conservative place into a rental.
Am i an idiot? I will admit I am impatient and renting a small house with no garage isn't helping that.
TrailTamer
🤣🖕🏻
You're not the only idiot. I am in exactly same situation as you, except that my lease expired ~2 years ago.
As long as you have enough money to make it work, it's not a terrible idea. I moved most of my cash into real estate. Inflation affects real estate also, s I wanted to keep my value in a hard asset while I'm getting my shit together to build. I have always tinkered in real estate so it was a natural choice for me. I have a niche in buying undeveloped land and getting it ready to build on so I can sell it for a higher price. I expect interest rates to get to around 9 to 11% at prime so I'm feeling good about financing the property I want to build on at 6%. I have two lots I'm improving for flipping that I'm into for 140K total with no debt (larger lots at 2.5 and 3.5 acres). I'll sell them at around 210K when I'm ready to build. I have 60K cash to build my shop/cabin until then.
My point is that I'm the reverse of you I'm cash investment property and financed my crash pad.
ETA our market is still hot here like I said it would be earlier in the thread. Your market may vary.
WTF?
degenerate at large
at the high-level macro scale; it looks like demand has peaked and the market is cooling; most counties appear to have a 2+ month supply of homes (active listings), and prices are starting to plateau.
Real Estate Market Activity by County | Georgia MLS
Real estate activity in Georgia
www.georgiamls.com
you can drill down by specific zip:
if youre looking for a temporary residence, the smart play is to buy a 2-4 unit house that cash flows enought to pay the bills and live in one unit for a couple years. This way you get a residential mortgage and can move out after 2 yrs but have the fixed rate 30 yr mortgage. ( if the mortgage holder finds out you moved out earlier than 2 yrs they can call the loan due)
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Not too far off of your program
Phase 1 would be finance a place to live to take care of our current needs and satisfy us for the next 5 years or so- aka get through the potential depreciation phase that may be upon us. That leaves enough cash left over to make a move if/when prices drop and interest rates go up.
Phase 2 would logically be buy a cash or mostly cash investment property during the dip, if there is one.
It is cooling off here, but not as fast as I'd hoped.
east_beast
Well-known member
- Joined
- May 20, 2020
- Member Number
- 549
- Messages
- 880
You're not wrong. These groups basically want to turn us into a renter society. You'll own nothing and be happy. Or at least that's what they claim.
less thinking more doing a wise man once told me
Jag
Well-known member
What are yall seeing first hand with housing at the moment?
With interest where it is im not seeing anything moving and over the last 6 or 7 months only minor price drops from the highs so it seems to all just be sitting.
I hate to be that asshole looking for someone thats hurting and just needs out but Im wondering if its time to start making insulting lowball offers yet.
With interest where it is im not seeing anything moving and over the last 6 or 7 months only minor price drops from the highs so it seems to all just be sitting.
I hate to be that asshole looking for someone thats hurting and just needs out but Im wondering if its time to start making insulting lowball offers yet.
45acp
naw man
Last year, neighbor A put house up for sale at 140% appraisal, sold that day. Neighbor B did about the same, sold within a week. March this year neighbor C tried the same shit, signs are still in the yard.
Lawless
A turd in the herd
Prices still as high as ever but it's taking a few weeks to sell now vs. days a few months ago. I ain't so sure it's the market correcting of that it's mostly the traditional slow period for RE we have every year.
Southernfriedcj8
80's bartender
New construction canary in the coal mine:
My porta jon guy had 140 toilets out a few months ago. Now he has 87 out.
We also have subs calling looking for work. That hasn't happened in years.
My porta jon guy had 140 toilets out a few months ago. Now he has 87 out.
We also have subs calling looking for work. That hasn't happened in years.
Pocahontas
Red Skull Member
- Joined
- Jun 18, 2020
- Member Number
- 2117
- Messages
- 492
Slowing down but houses priced reasonably are still selling. Selling for appraised value the days of 25% over asking are long gone, that ended in June here.
New construction is going to take a pounding, they used to not even advertise now they have tons of houses sitting completed. With new developments still in construction, I'm interested to see if they stop or end up building them.
New construction is going to take a pounding, they used to not even advertise now they have tons of houses sitting completed. With new developments still in construction, I'm interested to see if they stop or end up building them.
Poke
I’m condescending
- Joined
- May 20, 2020
- Member Number
- 763
- Messages
- 1,393
Houses are still going cash over asking price around depressed upstate NY.