patrick.net

WookieMan says

He overpaid for the house likely and then overpaid for the rehab

How does a buyer figure out if he is overpaying or not for a home? Real estate agents use comparables and this is how they justify the asking price.

gabbar says

WookieMan says

He overpaid for the house likely and then overpaid for the rehab

How does a buyer figure out if he is overpaying or not for a home? Real estate agents use comparables and this is how they justify the asking price.

comps don’t account for many things, it’s just sqft

DOGEWontAmountToShit says

Misc says

Also, about 25% of houses are bought pure cash, Fuck the high mortgage rates.

But it is the mortgaged purchases that determine prices in most markets.

Another thing that has come into being is that 34% of new buyers are coming in with downpayment assistance from Mom and Dad. When you add this to the $10k new buyer assistance from the State, it lifts the price of the house compared to price/income levels of the past. This is in addition to the 25% all cash buyers. So, yes, prices are inflated even for those with mortgages because of the extra coin being used for down payment.

gabbar says

WookieMan says

He overpaid for the house likely and then overpaid for the rehab

How does a buyer figure out if he is overpaying or not for a home? Real estate agents use comparables and this is how they justify the asking price.

Asking price means nothing. Research the owner of a property. The agent wants more commission. They do the higher price. You find the property owner or family is distress and offer a low ball number. Do that 50 times and you’ll hit.

Then don’t have shitty contractors that screw you over. Or do the work yourself.

Flipping is easy, humans don’t have patience or need money. It could take 6 months to find a flip and you’re not making money. Ultimately I’d never advise anyone to flip though. Need to educate yourself and it’s a full time job. If you have no trade skills your margins will be tiny.

People who use leverage to buy bitcorn get their clocks cleaned out regularly by whales and other actors.

Maga_Chaos_Monkey says

People who use leverage to buy bitcorn get their clocks cleaned out regularly by whales and other actors.

And yet Trump is supposed to set up a Bc reserve.

DOGEWontAmountToShit says

Maga_Chaos_Monkey says

People who use leverage to buy bitcorn get their clocks cleaned out regularly by whales and other actors.

And yet Trump is supposed to set up a Bc reserve.

i’d riot if they did that. bullshit coin as i call it, nothing more than some video game currency invented scam. our government is involved in this scam, it’s obvious, they would have shit it long ago otherwise. creating pyramid schemes is illegal.

I've been one of the bigger BTC bashers. I'm still gonna have my kids toss in $100 soon. They each have about $10k roughly in cash and I want them investing it.

I won't at my age, but my oldest at 14, in 20 years before it's finished mining it will likely be worth more. How much is the question. Still worth nothing in my world, but it's a small bet and they've barely worked yet. Not gonna break the bank.

DOGEWontAmountToShit says

And yet Trump is supposed to set up a Bc reserve.

Which is fine if they can't be margin called like the others I was referring to.

That's why we need to end the Fed. Yes, it would be 10-20 years of pain, but the boon to our kids, grandkids, and great grandkids would be immense.

No person that is a non USofA citizen (no dual citizenship either) should be allowed to own property in any state in the United States of America. No foreign companies or corporations either.

ForcedTQ says

No person that is a non USofA citizen (no dual citizenship either) should be allowed to own property in any state in the United States of America. No foreign companies or corporations either.

Furthermore - commodities futures markets should go back to way it used to be before the 1980's - only the producers and consumers of said commodities could participate in the futures markets that affected the products with which they were concerned. No hedge funds or "investment banks."

ForcedTQ says

No person that is a non USofA citizen (no dual citizenship either) should be allowed to own property in any state in the United States of America. No foreign companies or corporations either.

Agree with everything except dual citizenship. Would have to be a primary residence, basically you live here full time. Did it legally. I don't see a problem with that. My Canadian BIL will get dual citizenship soon. Will buy a home. Work in the states and produce something for other Americans.

Illegals shouldn't be allowed or non-primary residents. Can't just buy a home and let it sit there from China or somewhere else. Live and spend here 6+ months of the year.

Highest is 11 years? I thought this was an apocalypse.

Appalachia tool shed in Santa Cruz is now an even better bargain. This is what it costs for a beach sugar shack to enjoy thong season.

What does this have to do with housing prices?

Congruence.

The car market with tons of unsold inventory -- some even 2023 models -- need to crash drop prices low enough to clear out is also the same problem many housing markets across the nation need to do or will soon.

Dunno why these sectors can't figure out the obvious. Because YES the same actions are needed to clear out non-selling inventory on a market whether they be clearing the shelves off at WalMart or a supermarket or a carpet emporiom even a flee market stall: Either drop the damn prices enough via an EVERYTHING HAS TO GO liquidation sale OR product destruction.

If the car manufacturers designed and built cars that could be far more easily recycled, they could then do the latter even if housing can't. But noo...they don't. So crash selling it is.

But it is amazing how they fight against the waves like King Canute instead. So much for these idiots with business degrees, unlike homeowners.



https://wolfstreet.com/2024/12/04/cut-the-price-and-they-will-come-new-vehicle-sales-jump-in-november-amid-big-discounts-and-incentives-as-inventory-balloons/

Dealers were hoping the Covid times was "the new normal". I witnessed my co-worker buying a KIA for his daughter and it had $3K markup on a fucking $25K econobox. Any attempt to negotiate it down was met with "go shop around if you don't like our prices". He tried and every other dealer who even had a comparable car on the lot was marking up $5K+. He went back with his tail between his legs and paid the ask. The dealers and manufacturers held out as long as they could (hence these unsold 2023 cars on the lots), but now the race to the bottom has finally began.

I bet the holders of overpriced RE are watching stock market and wishing their money weren't tied up in the shacks...

Now homeloaners with 50 year old houses need to follow the car dealerships lead. We need 30% more, but 10% will do for the new year.

ID is next. Maybe MT. AZ at this point is semi bullet proof even though it keeps going up. CO is in the cross hairs. Nashville area is going to get the shit beat out of it in my opinion.

Vegas/NV I think does okay this time. CA I have no clue with all the Asians and illegals. San Diego seems fine. Everyone is moving out of LA though. I don't get any appeal in the Bay Area outside of a job. The weather is not all that great there. No snow, but foggy and a bad vibe.

Midwest, my area I think has a 10% floor IF it goes down at all. Chicago still has some room to lose and Milwaukee. Indy I'm not super familiar with or Detroit as they're trash cities.

Any correction is going to be minimal. Most people are locked into low interest rates. No point in moving unless you bought small and started a family. Hence why we're building. The new payment is trivial for us although it will be triple. Fucking permits need to come in tomorrow though. I've been a complete ass hole. Turnaround on this stuff is 48 business hours in my world. We're going on 6 weeks now. I want to start punching people and it might start tonight if I can make the village board meeting if I can bail early on mine.

WookieMan says

Most people are locked into low interest rates

Job Relocation, Divorce, Job Loss, Health & Death, and Retirement...

And the first four are not up to the homeloaner in most cases.