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Real estate crisis coming?

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45acp said:
You're in CA... of course you're "noticing". 9 trillion people moved out of your state in the last 2 years.
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No kidding... they all moved to the states that are now seeing spikes in real estate costs and larger than life property tax hikes.
 
Real estate is not really going up that much. It’s the value of the dollar going down. It’s not going to stop anytime soon. This is one area where republicans and democrats have both contributed. The only exception to this is commercial real estate. The dems are trying (and succeeding) to eliminate small business.
 
WaterH said:
Real estate is not really going up that much. It’s the value of the dollar going down. It’s not going to stop anytime soon. This is one area where republicans and democrats have both contributed. The only exception to this is commercial real estate. The dems are trying (and succeeding) to eliminate small business.
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I think they're both trying pretty hard to eliminate small business. A lot of the "business friendly" moves made disproportionately help larger businesses. Not many small businesses out there paying no taxes like the Amazons of the world.
 
Thunderer said:
If democrats want to be fair with taxes, they would shitcan the current monster of a tax system and implement a flat sales tax. Rich people spend more money, therefore they would pay more taxes. I would gladly pay a 25% sales tax rather than have the government siphon me for 55% of my income every year (state/fed income, property, car registration, sales, cell phone fees, etc, etc).
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My Mom lives in an apartment building. The expenses of the block are divided by the number of apartment owners and are paid accordingly. Just because one owner makes more than another it doesn't mean one should pay more the other.

This is how taxes should be handled, dividing gov't expenses by the number of adults. It would encourage fiscal responsibility and accountability, since everyone contributes equally.
 
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SanDiegoCJ said:
Looks like we bailed out of the San Diego area (Ramona) just in time last May. :flipoff2: Ours sold inside 3 days for substantially above list.

I agree that Zestimates are trash.
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I would not bet my life on the Zestimate but they are pretty close in PA.
When we sold our house in Pittsburgh it went for within $100 of the Zestimate. Our current house apparaised for close to the zestimate. I think if there are comparables, Zillow uses them. I think they react more quickly to the crazy fast market changes we are seeing lately than say, the average appraiser.
 
DMG said:
I would not bet my life on the Zestimate but they are pretty close in PA.
When we sold our house in Pittsburgh it went for within $100 of the Zestimate. Our current house apparaised for close to the zestimate. I think if there are comparables, Zillow uses them. I think they react more quickly to the crazy fast market changes we are seeing lately than say, the average appraiser.
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I think it's area dependent. It's better in some areas than others and I think it mainly depends on the variability in the market. Some markets have a lot more variability in them than others. Good areas and bad areas close together, undesirable areas due to specific commutes, etc.
 
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Juztyn00 said:
if they pass taxes on the top 700 earners in the US, things are going to get wild. They will have to pull money from investments to pay said taxes and we're talking about stock market changing amounts of money. This will cause a contraction in every middle class portfolio. People will have everything up for sale to try to stay afloat. Fun times ahead for sure.
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Holy shit :eek:

I hadn't heard about that before your post, so I went and did some reading and it is down right frightening. I am just a 15%er rather than a .02%er, so I am nowhere close to being affected, but the fact that the government is talking about taxing unrealized capital gains, as well as charging interest on capital gains taxes from selling real estate is appalling. What's to stop them from coming after the rest of us once they come up with enough ways to piss away all this newfound revenue? The government doesn't have a revenue problem, they have a spending problem.

Mikel said:
My Mom lives in an apartment building. The expenses of the block are divided by the number of apartment owners and are paid accordingly. Just because one owner makes more than another it doesn't mean one should pay more the other.

This is how taxes should be handled, dividing gov't expenses by the number of adults. It would encourage fiscal responsibility and accountability, since everyone contributes equally.
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That sounds all well and dandy until you realize that probably 90% of the country or more would have to declare bankrupcy over paying their taxes :laughing: I agree with the ideal, but that is simply not feasible.There are currently about 209,000,000 citizens 18 and older. Federal tax revenue is about $4,050,000,000,000, state tax revenue is about $2,075,000,000,000, and local tax revenue is about $1,550,000,000,000. Total tax revenue in the U.S. is about $7,675,000,000,000. That works out to $36,722 in taxes every year for every adult living in the U.S. :laughing: The median individual income in the U.S. is $44,225 for reference. This is also ignoring the national debt which is currently at about $138,000 per citizen 18 and over. Here's a depressing website https://www.usdebtclock.org

I personally would like to see all the taxes condensed down into a single income tax that the government would be responsible for divvying up (but they have no idea how to create a budget :homer:). That way it would be clear to everyone exactly how much of their money the government is taking. No more sneaky taxes like property tax, gas tax, sales tax, etc. You can see how much the government is taking from you in one place on each and every pay stub. Hell, I'd be in favor of a single income tax percentage for everyone at all income levels if you want to take it a step further. That way everyone will be losing the same percent of their income to the government and know exactly what that percentage is. Perhaps then people would hold the government more accountable for their spending programs.
 
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Exactly right. The idea is an in for that style taxation, and given the fact that those top 700 earners at 100% taxation would only run the .gov for a month, they will quickly be lowering the threshold to include more middle class. Its the only way the numbers come close to working. Blaming or going after the rich is just a smokescreen. The proposed bill is bankruptcy for the country.
 
Juztyn00 said:
Exactly right. The idea is an in for that style taxation, and given the fact that those top 700 earners at 100% taxation would only run the .gov for a month, they will quickly be lowering the threshold to include more middle class. Its the only way the numbers come close to working. Blaming or going after the rich is just a smokescreen. The proposed bill is bankruptcy for the country.
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Biden is bankruptcy for the country.
 
DMG said:
I would not bet my life on the Zestimate but they are pretty close in PA.
When we sold our house in Pittsburgh it went for within $100 of the Zestimate. Our current house apparaised for close to the zestimate. I think if there are comparables, Zillow uses them. I think they react more quickly to the crazy fast market changes we are seeing lately than say, the average appraiser.
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Just checked our place on Zillow.

According to the Zestimate, our place has gone up $144,000 since we bought it two years ago. :eek:
 
Wizzle said:
I always think it’s odd they want to go after capital gains as if they want to “punish the rich”. The reality of it is capital gains like 401k or real estate are how you climb the ladder of society to a better life as you age, doubling the rate is like removing rungs from said ladder.

Also I lol at the fact that the money you pay into social security ends up being an average of 5% loss over your life, what a great investment to count on!
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For as long as anyone can remember, Real Estate investing has produced more millionaires than any other industry.
 
roundhouse said:
When I bought my house in 2001 the interest rate was 9%

If they jack it to that rate again, it woould slow down the sales .
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Every time I try to explain how increasing interest rates wouldn’t change the housing market someone said ‘I have 20% for a $200,000 home.’ They failed to realize the monthly payment being the same as buying today with the same down payment.
 
Roc Doc said:
Blaming non-Califonians is quite a thing with you...and lying.

Shhhhh, the men are talking here.
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i have zero need or desire to lie, if you havent noticed were in chit chat and making jokes/talking shit/giving people shit is a part of this place. its pretty obvious to most of the adults here when i talk shit about non californians im mostly joking, and i do it because everyone else is always talking shit about ca. i do the same kind of shit other members here do yet you call me out for it like im some kind of piece of shit that runs around lying, and you also keep engaging me out of nowhere when none of my posts are directed towards you. youre a piece of shit, go on about your day and quit trying to troll me with your bullshit.
 
There’s 5 houses in my neighborhood, 3 on my street alone. All over $700k….we bought ours in 2011 for $304k. Could probably not do anything to get it ready for sale and walk away with $700k. Benicia has ridiculous prices. I worked with a guy who swore up and down the market was gonna crash again….this was in 5-6 years ago 🙄
 
I just looked in zillow at the house we bought last year. They have the est at $86k more than we paid for it and I am willing to bet that doesn't include the shop I built
 
Wizzle said:
I always think it’s odd they want to go after capital gains as if they want to “punish the rich”. The reality of it is capital gains like 401k or real estate are how you climb the ladder of society to a better life as you age, doubling the rate is like removing rungs from said ladder.

Also I lol at the fact that the money you pay into social security ends up being an average of 5% loss over your life, what a great investment to count on!
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How is that funny? Thats their goal. Keep the wealthy wealthy and prevent new people from becoming wealthy without being allowed into the group.
 
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