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have also thought about a lump sum principal payment to get to the 20% LTV to get rid of the PMI.
Labor shortages will be with us for a while, too. Demographics are a bitch.
It seems like you made a long term decision (buying a condo) that didn't work with your long term needs.
I bought my condo in 2019 in Oakland for $405,000.
I lived in it for four years but decided to rent a place with my girlfriend.
Sounds like you are under water. Maybe contact the mortgage holder and work out a deal under pressure of a strategic default.
I owe roughly $367,000. ...
I tried to sell it from June-September for $390,000 (eventually lowered price) and got no offers. Condo prices dropped. My real estate agent and comps said it would be valued ~$350,000 leaving me with a large out of pocket sell price (which I can afford)
You're probably not going to move back in, so that's not a reason to hold on. Also, paying $3400 and collecting $2100 while taking on all the risks of landlording and wear-and-tear of the place is a pretty bad monthly loss. Since you appear to be underwater, I don't think selling is the way to go; you may have better options. You've been paying PMI ... well, now it's time put that insurance to use!
My payment is $3,400. The breakdown is $2,900 mortgage (taxes and insurance included) and $500 HOA. ~$670 goes to principal and $370 to PMI. ...
Since October I have been renting it out for $2,100. My gut tells me no and I should try and sell again once the lease is up but I’m wondering if there is any way this is justifiable?
I have also thought about a lump sum principal payment to get to the 20% LTV to get rid of the PMI.I would say that you shouldn't have purchased the place at all if you couldn't make the down payment and get the best rate. But now you might have an advantage by not putting 20% down.
That is why there needs to be more innovation and productivity
ad says
That is why there needs to be more innovation and productivity
Older societies don't produce that.
Biden is funneling $45 billion from clean energy incentives in the ridiculously named Inflation Reduction Act (IRA) into housing conversions.
Before there was Sam Bankman-Fried...there was WeWork!
WeWork Finally Files for Bankruptcy two Years after Going Public via SPAC. Office Landlords, CMBS Holders Face the Music, Stockholders Wiped Out
https://wolfstreet.com/2023/11/07/wework-finally-files-for-bankruptcy-2-years-after-going-public-via-spac-office-landlords-cmbs-holders-face-music-stockholders-wiped-out/
Its founder (https://en.wikipedia.org/wiki/Adam_Neumann) was paid at least $1.5 billion before being pushed out.
I bet he was happy he got pushed out and not holding the bag as far as worthless stock in WeWork. Who were the fools who bought WeWork when it was within $300 to $500 range ?
https://www.reddit.com/r/RealEstate/comments/17psis6/trouble_selling_socal_condo/
Trouble selling SoCal condo
The price is too damn high.
https://www.reddit.com/r/RealEstate/comments/17psis6/trouble_selling_socal_condo/
Trouble selling SoCal condo
Renting the place out is not an option; without selling we can’t buy another home, and the likelihood of selling is dwindling for the aforementioned reasons, not to mention insurance companies pulling out of California.
An aside: How come you never hear about housing coops having the same problems as condos in the news? Anyone know?
Housing coops do not allow renters and also buyers have to get approved by the board.
The move down buyer has tons of cash/equity. Middle class homes will stay unaffordable to the middle class. There will need to be government intervention. Does anyone find it interesting that the government helped when the financial system was fucked in 2008? Remember the $8,000(?) first time buyer credit?
Sell at a loss or Rent at a loss?
WHAT?????? Home prices might go down. Not with "free money" Joe running things. He's talking about another $25 billion in "free Money" to new home buyers. This is in addition to the $45 billion earmarked for converting commercial properties to residential. Of course this is in addition to the about $10k every new homebuyer already gets from the State and Local governments.
What's not to like??????
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A “silver tsunami” of baby boomers will start downsizing next year and 2025.
In terms of the housing market, baby boomers pretty much have it made. They own homes worth a whopping $18 trillion combined, compared to just about $5 trillion for millennials as of the first quarter of 2023, according to a Redfin report released in August.
The ‘silver tsunami’ is about to hit the housing market—but millennials and Gen Zers may not come out any better in the wash
https://fortune.com/2023/11/09/housing-market-affordability-silver-tsunami-home-prices-baby-boomers-millennials-gen-z/
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In terms of the housing market, baby boomers pretty much have it made. They own homes worth a whopping $18 trillion combined, compared to just about $5 trillion for millennials as of the first quarter of 2023, according to a Redfin report released in August.
ad says
Biden is funneling $45 billion from clean energy incentives in the ridiculously named Inflation Reduction Act (IRA) into housing conversions.
Translation - Warehouse accommodations for mass illegals.
Here in California, these old folks have dirt cheap property tax due to Prop 13. They either stay put and die in situ so their kids can inherit tax free or they leave, but rent out their place until death so their kids can inherit tax free. Fortunately, now, the kinds can't get the dirt cheap tax unless they themselves live in the house.
You know, housing is just like Bitcoin in a way. Those who already hodl Bitcoin are motivated to pump up its value by that fact alone. Same with housing.
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https://finance.yahoo.com/news/pimco-kiesel-called-housing-top-160339396.html?source=patrick.net
Bond manager Mark Kiesel sold his California home in 2006, when he presciently predicted the housing bubble would pop. He bought again in 2012, after U.S. prices fell more than 30% and found a floor.
Now, after a record surge in prices, Kiesel says the time to sell is once again at hand.