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housing prices peak 2
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2022 Apr 29, 9:29pm 601,344 views 5,634 comments
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1757
Patrick
2023 Feb 17, 10:27pm
Patrick
2023 Feb 17, 10:27pm
Al_Sharpton_for_President says
I've done both. The https://www.treasurydirect.gov/ is kind of annoying to use, but works well enough.
I am slightly worried about a US default though. Could happen. All Treasury holders could get a "haircut" as they say.
You can buy them through your broker. You can also buy them direct from the gubberment. (https://www.treasurydirect.gov). I've only purchased through a broker, like Schwab, so I have no experience with buying direct.
I've done both. The https://www.treasurydirect.gov/ is kind of annoying to use, but works well enough.
I am slightly worried about a US default though. Could happen. All Treasury holders could get a "haircut" as they say.
1758
AD
2023 Feb 17, 10:54pm
AD
2023 Feb 17, 10:54pm
Patrick says
I do not know if default has ever happened before in the USA. I don't think it will happen in the present form of conditions and government, unless there is a "fundamental change" with our government and society.
They'll inflate themselves out of the crisis first, if not they may make small cuts like to entitlements and also small tax increases.
.
I am slightly worried about a US default though. Could happen. All Treasury holders could get a "haircut" as they say.
I do not know if default has ever happened before in the USA. I don't think it will happen in the present form of conditions and government, unless there is a "fundamental change" with our government and society.
They'll inflate themselves out of the crisis first, if not they may make small cuts like to entitlements and also small tax increases.
.
1760
Blue
2023 Feb 17, 11:42pm
WookieMan says
Good that no state other than CA has passed ponzy scheme 1978 Prop 13 to deal with its ill effects.
Rest of the country in most places is stable and fine.
Good that no state other than CA has passed ponzy scheme 1978 Prop 13 to deal with its ill effects.
1761
Misc
2023 Feb 18, 3:34am
GNL says
When FDR revalued gold from $20.67 per ounce to $35 per ounce, that was a default as well.
The inflation from 1974 through 1982 should've been classified as a default too.
Closing the gold window was a default.
When FDR revalued gold from $20.67 per ounce to $35 per ounce, that was a default as well.
The inflation from 1974 through 1982 should've been classified as a default too.
1762
Misc
2023 Feb 18, 4:07am
Then there is the Biden default of 2022.
That's when the Fed went from having a balance sheet of about $8.5 trillion to having a marked to market balance of about a negative $3 trillion.
Nobody in the mainstream media talks about this. You ain't supposed to know.
Shhhhhhhhh, Patrick.net users only please.
That's when the Fed went from having a balance sheet of about $8.5 trillion to having a marked to market balance of about a negative $3 trillion.
Nobody in the mainstream media talks about this. You ain't supposed to know.
Shhhhhhhhh, Patrick.net users only please.
1764
B.A.C.A.H.
2023 Feb 18, 9:00am
B.A.C.A.H.
2023 Feb 18, 9:00am
Patrick says
I've thought about this. Candidate Trump, a Serial Bankrupcty Filer, suggested haircuts as a remedy for the federal debt in 2016. So where before it was an un-mentionable concept, like Valdemort in the Harry Potter stories, he let the cat out of the bag.
I followed the goings on during the Financial Crises in Europe. Small depositors were made whole. There were some withdrawal limits like 50 Euro per day in Greece or whatever, but nobody's deposits were taken or cancelled or wiped out, not even the accrued interest. Haircuts for sovereign debt and large depositors (like Russian oligarch deposits in Cypriot banks) were fair game. I think authorities feared the pitchforks more than anything else. Remember, the military, police departments, private security goons, etc are mostly in the pitchfork crowd.
Applying those observations to our situation, I made a political calculation (not a financial calculation), that insured (FDIC) deposits for small depositors are safer than Treasury Debt, for parking cash. Yes, snarksters, I know: the FDIC could go insolvent. In that case, because of the fear of pitchforks, the Treasury will print the money to cover it. (Yes, yes, I know: debt monetization and inflation).
I am slightly worried about a US default though. Could happen. All Treasury holders could get a "haircut" as they say.
I've thought about this. Candidate Trump, a Serial Bankrupcty Filer, suggested haircuts as a remedy for the federal debt in 2016. So where before it was an un-mentionable concept, like Valdemort in the Harry Potter stories, he let the cat out of the bag.
I followed the goings on during the Financial Crises in Europe. Small depositors were made whole. There were some withdrawal limits like 50 Euro per day in Greece or whatever, but nobody's deposits were taken or cancelled or wiped out, not even the accrued interest. Haircuts for sovereign debt and large depositors (like Russian oligarch deposits in Cypriot banks) were fair game. I think authorities feared the pitchforks more than anything else. Remember, the military, police departments, private security goons, etc are mostly in the pitchfork crowd.
Applying those observations to our situation, I made a political calculation (not a financial calculation), that insured (FDIC) deposits for small depositors are safer than Treasury Debt, for parking cash. Yes, snarksters, I know: the FDIC could go insolvent. In that case, because of the fear of pitchforks, the Treasury will print the money to cover it. (Yes, yes, I know: debt monetization and inflation).
1765
NDrLoR
2023 Feb 18, 9:05am
NDrLoR
2023 Feb 18, 9:05am
gabbar says
And that's not including all the auto loans that are so upside down they defy gravity. As long as some people can afford the payment, it doesn't matter if the loan extends into the next millennium.
https://www.wxyz.com/news/us-foreclosure-filings-are-up-36-michigan-is-in-the-top-3
1766
Eman
2023 Feb 20, 7:08pm
Eman
2023 Feb 20, 7:08pm
From the Redfin article:
“Investor home purchases in the fourth quarter of 2021 were near their record high, which is another reason the year-over-year decline in 2022 was so dramatic.
The typical home investors purchased cost $425,926, little changed from one year earlier but down 5.8% from one quarter earlier.
U.S. home prices are up less than 1% year over year—compared with 15% growth one year ago—and have fallen 11% from their spring 2022 peak.”
I’m shocked that investors bought 18% of the real estate inventory in the current market environment. It made sense when they couldn’t earn much yield in treasury and had to settle for real estate at 4-5 cap with borrowing cost around 3%. Given today’s borrowing cost and the cap rates, it’s negative leverage. 🤔
“Investor home purchases in the fourth quarter of 2021 were near their record high, which is another reason the year-over-year decline in 2022 was so dramatic.
The typical home investors purchased cost $425,926, little changed from one year earlier but down 5.8% from one quarter earlier.
U.S. home prices are up less than 1% year over year—compared with 15% growth one year ago—and have fallen 11% from their spring 2022 peak.”
I’m shocked that investors bought 18% of the real estate inventory in the current market environment. It made sense when they couldn’t earn much yield in treasury and had to settle for real estate at 4-5 cap with borrowing cost around 3%. Given today’s borrowing cost and the cap rates, it’s negative leverage. 🤔
1767
WookieMan
2023 Feb 20, 7:20pm
WookieMan
2023 Feb 20, 7:20pm
Eman says
If you have cash flow, can earn income on a property you want to buy, there's not much out there. Result, prices go higher.
High interest rates are meant to make people NOT want to sell to control inflation. So they don't. Most are locked in at low interest rates outside of the last 18 months, but with qualified and solid underwriting. I can piss in a 360º circle in my backyard and get a $50k+ a year job. Coastal cities are going to drag it down as the exodus continues. Move from the $1M condo to the rural/suburban home on 1/2 acre for $500k. Median price nationally will drop. Doesn't mean it's bad. Just means people are getting smart.
I’m shocked that investors bought 18% of the real estate inventory in the current market environment. It made sense when they couldn’t earn much yield in treasury and had to settle for real estate at 4-5 cap with borrowing cost around 3%. Given today’s borrowing cost and the cap rates, it’s negative leverage. 🤔
If you have cash flow, can earn income on a property you want to buy, there's not much out there. Result, prices go higher.
High interest rates are meant to make people NOT want to sell to control inflation. So they don't. Most are locked in at low interest rates outside of the last 18 months, but with qualified and solid underwriting. I can piss in a 360º circle in my backyard and get a $50k+ a year job. Coastal cities are going to drag it down as the exodus continues. Move from the $1M condo to the rural/suburban home on 1/2 acre for $500k. Median price nationally will drop. Doesn't mean it's bad. Just means people are getting smart.
1768
Eman
2023 Feb 20, 7:56pm
Eman
2023 Feb 20, 7:56pm
WookieMan says
Interestingly, markets experiencing the most drawdown in investors activity are the cheaper markets where people likely moved to after the pandemic due to work from home.
Eman says
I’m shocked that investors bought 18% of the real estate inventory in the current market environment. It made sense when they couldn’t earn much yield in treasury and had to settle for real estate at 4-5 cap with borrowing cost around 3%. Given today’s borrowing cost and the cap rates, it’s negative leverage. 🤔
If you have cash flow, can earn income on a property you want to buy, there's not much out there. Result, prices go higher.
High interest rates are meant to make people NOT want to sell to control inflation. So they don't. Most are locked in at low interest rates outside of the last 18 months, but with qualified and solid underwriting. I can piss in a 360º circle in my backyard and get a $50k+ a year job. Coastal cities are going to drag it down as the exodus continues. Move from the $1M condo to the rural/suburban home on 1/2 acre for $500k. Median ...
Interestingly, markets experiencing the most drawdown in investors activity are the cheaper markets where people likely moved to after the pandemic due to work from home.
1769
AD
2023 Feb 21, 12:54am
AD
2023 Feb 21, 12:54am
Wookie says
Yeah, Phoenix and Las Vegas are going to crash hard like they did in 2008-2013 (est.). Some of the run up in prices were work from home refugees leaving California and buying in Phoenix, Boise, etc..
Been reading the major tech companies are requiring their workers to return to the office, at least 3 days a week.
,
Interestingly, markets experiencing the most drawdown in investors activity are the cheaper markets w
Yeah, Phoenix and Las Vegas are going to crash hard like they did in 2008-2013 (est.). Some of the run up in prices were work from home refugees leaving California and buying in Phoenix, Boise, etc..
Been reading the major tech companies are requiring their workers to return to the office, at least 3 days a week.
,
1770
AD
2023 Feb 21, 10:13pm
AD
2023 Feb 21, 10:13pm
Wolf Street website is reporting a 13.2% drop from peak in median home sales price of $408,000.
Its now at $360,000.
Late 2019 the price level was around $290,000.
Figure about 20% inflation since late 2019, and the total real gain of housing is no more than 3%.
Its now at $360,000.
Late 2019 the price level was around $290,000.
Figure about 20% inflation since late 2019, and the total real gain of housing is no more than 3%.
1772
Eman
2023 Feb 22, 4:30am
Eman
2023 Feb 22, 4:30am
As I mentioned, the mortgage rates right after the pandemic really distorted real estate prices up to spring 2022. Let’s see how this will unwind itself in the coming years.
1774
rocketjoe79
2023 Feb 22, 10:05am
rocketjoe79
2023 Feb 22, 10:05am
Many large companies are mandating a return to the workplace. But, there have been tens of thousands of layoffs. Hard to figure out what this is doing to the housing market, except driving up big city rental prices.
1775
Blue
2023 Feb 22, 10:20am
rocketjoe79 says
Or is that employees are mandating themselves to return!
Many large companies are mandating a return to the workplace. But, there have been tens of thousands of layoffs. Hard to figure out what this is doing to the housing market, except driving up big city rental prices.
Or is that employees are mandating themselves to return!
1776
Eman
2023 Feb 22, 10:54am
Eman
2023 Feb 22, 10:54am
rocketjoe79 says
Yes, we have been hitting record after record on rent prices. Just have to remove ourselves from the equation and let the property management company do their job. We’re too emotional and don’t push rents like them.
Many large companies are mandating a return to the workplace. But, there have been tens of thousands of layoffs. Hard to figure out what this is doing to the housing market, except driving up big city rental prices.
Yes, we have been hitting record after record on rent prices. Just have to remove ourselves from the equation and let the property management company do their job. We’re too emotional and don’t push rents like them.
1778
WookieMan
2023 Feb 23, 3:31am
WookieMan
2023 Feb 23, 3:31am
ad says
It's too easy to get a license and you then represent people with what will be the largest purchase of their lifetime most likely. Depending on state rules/laws, you can also just start a brokerage without a license and sign on a bunch of agents. Tell one of them to take one for the team and you're essentially a real estate broker without a license. All legal. You just have to hire a managing broker.
Most people fail the brokers exam 1-2 times before getting their license. That should scare you bigly because it's not difficult at all. The average broker is a high school graduate. That's fine if you're painting my house, but not my biggest purchase.
Headset can correct me, but I think most commercial pilots need 500+ hours of flight. I'm not saying flying is easy, but with modern avionics is not as difficult a task as most would think. I think ground school freaks people out the most and they bail. I have two friends that recently bailed on it and they were getting hours in the air which ain't cheap. I feel like real estate should be similar.
Real estate is a racket within the industry. Between the MLS and other fees it came out to close to $3k a year. Considering the industry average for most major brokerages is 70/30, you'd have to sell 2 house, factor in vehicle, time, gas, phone, etc. to break even unless you're in a high price market. It's why I dumped my license. And yes you're an IC so you can write it off, but it doesn't make sense unless you're selling $4M in real estate. That would net you about $60-70k/yr. Easy in a place like CA, but that income doesn't keep up with the cost of living out there. Success is $20M plus in sales. 95% of agents won't get there.
The weird thing is we have Airbnb, VRBO and other vacation rental services. I've never personally dealt with a person at the property to get in. They trust I'm not going to steal anything. Yet with RE you need a buyer agent with you to get it. Like working a lockbox is a fucking challenge?? And what is stopping agents from stealing shit as well? The system needs change for sure. Typing this out my business gears are turning.
It's too easy to get a license and you then represent people with what will be the largest purchase of their lifetime most likely. Depending on state rules/laws, you can also just start a brokerage without a license and sign on a bunch of agents. Tell one of them to take one for the team and you're essentially a real estate broker without a license. All legal. You just have to hire a managing broker.
Most people fail the brokers exam 1-2 times before getting their license. That should scare you bigly because it's not difficult at all. The average broker is a high school graduate. That's fine if you're painting my house, but not my biggest purchase.
Headset can correct me, but I think most commercial pilots need 500+ hours of flight. I'm not saying flying is easy, but with modern avionics is not as difficult a task as most would think. I think ground school freaks people out the most and they bail. I have two friends that recently bailed on it and they were getting hours in the air which ain't cheap. I feel like real estate should be similar.
Real estate is a racket within the industry. Between the MLS and other fees it came out to close to $3k a year. Considering the industry average for most major brokerages is 70/30, you'd have to sell 2 house, factor in vehicle, time, gas, phone, etc. to break even unless you're in a high price market. It's why I dumped my license. And yes you're an IC so you can write it off, but it doesn't make sense unless you're selling $4M in real estate. That would net you about $60-70k/yr. Easy in a place like CA, but that income doesn't keep up with the cost of living out there. Success is $20M plus in sales. 95% of agents won't get there.
The weird thing is we have Airbnb, VRBO and other vacation rental services. I've never personally dealt with a person at the property to get in. They trust I'm not going to steal anything. Yet with RE you need a buyer agent with you to get it. Like working a lockbox is a fucking challenge?? And what is stopping agents from stealing shit as well? The system needs change for sure. Typing this out my business gears are turning.
1779
GNL
2023 Feb 23, 5:47am
GNL
2023 Feb 23, 5:47am
WookieMan says
Big time people have and are working on changing the way real estate is sold. Any success yet? The NAR has the secret sauce, good luck with your turning gears.
The system needs change for sure. Typing this out my business gears are turning.
Big time people have and are working on changing the way real estate is sold. Any success yet? The NAR has the secret sauce, good luck with your turning gears.
1780
WookieMan
2023 Feb 23, 10:18am
WookieMan
2023 Feb 23, 10:18am
GNL says
I don't think there will be much luck. I have ideas, but sinking time into them against probably a top 5 lobby is likely impossible. My dad tried as an attorney. It was actually a logical idea, but he didn't have the skill set in business to make it work. I don't want to say too much as I'd like to stay private here. The nut of it was basically to cut out the realtor completely, because as an attorney realtors are the most fucking annoying humans to deal with. They also get paid more than the attorney.
All you really need is someone to review legal documents, get a loan and that's basically it. Then 6 other (making that up) industries trying to get a piece of the pie. I could understand a single woman getting an inspection, but inspectors are useless humans. Marketing is marketing, you need it which I think you do professionally, but why couldn't an attorney just refer your services instead of an agent? They have real estate paralegals that manage showings and marketing and contracts. I did all that and accounting for 15 years. Took care of corperate filings. Fucking car registration. Ipass (tolls). My bosses weekly parking ticket. The list goes on.
Beside actually selling, which I occasionally did, I ran everything except making cold calls and talking to people because I'm a dick. Actually I'm nice if I want to interact or the other person genuinely wants to interact with me. A lot of buyers and sellers expect you to wipe their ass after they shit. I ain't doing that. Hence why I just managed the background stuff that kept the business going.
Big time people have and are working on changing the way real estate is sold. Any success yet? The NAR has the secret sauce, good luck with your turning gears.
I don't think there will be much luck. I have ideas, but sinking time into them against probably a top 5 lobby is likely impossible. My dad tried as an attorney. It was actually a logical idea, but he didn't have the skill set in business to make it work. I don't want to say too much as I'd like to stay private here. The nut of it was basically to cut out the realtor completely, because as an attorney realtors are the most fucking annoying humans to deal with. They also get paid more than the attorney.
All you really need is someone to review legal documents, get a loan and that's basically it. Then 6 other (making that up) industries trying to get a piece of the pie. I could understand a single woman getting an inspection, but inspectors are useless humans. Marketing is marketing, you need it which I think you do professionally, but why couldn't an attorney just refer your services instead of an agent? They have real estate paralegals that manage showings and marketing and contracts. I did all that and accounting for 15 years. Took care of corperate filings. Fucking car registration. Ipass (tolls). My bosses weekly parking ticket. The list goes on.
Beside actually selling, which I occasionally did, I ran everything except making cold calls and talking to people because I'm a dick. Actually I'm nice if I want to interact or the other person genuinely wants to interact with me. A lot of buyers and sellers expect you to wipe their ass after they shit. I ain't doing that. Hence why I just managed the background stuff that kept the business going.
1781
HeadSet
2023 Feb 23, 2:34pm
HeadSet
2023 Feb 23, 2:34pm
WookieMan says
Way back when I was flying, it took 250 hours flight time, a flight test, and a written test to get a civilian commercial pilot license. Air Force pilot training graduates had about 200 hours of small jet (T-37 and T-38) but were able to get a civilian commercial license if they wanted by passing a flight test in a civilian pane with a civilian flight instructor. However, "commercial" does not mean left seat airline qualified. That would be an Airline Transport Pilot (ATP) which required a minimum of 1500 hours. Then you need a type rating on top of that (Boeing 737, etc).
Headset can correct me, but I think most commercial pilots need 500+ hours of flight.
Way back when I was flying, it took 250 hours flight time, a flight test, and a written test to get a civilian commercial pilot license. Air Force pilot training graduates had about 200 hours of small jet (T-37 and T-38) but were able to get a civilian commercial license if they wanted by passing a flight test in a civilian pane with a civilian flight instructor. However, "commercial" does not mean left seat airline qualified. That would be an Airline Transport Pilot (ATP) which required a minimum of 1500 hours. Then you need a type rating on top of that (Boeing 737, etc).
1782
WookieMan
2023 Feb 23, 4:35pm
WookieMan
2023 Feb 23, 4:35pm
HeadSet says
Ok so 250 hours to get paid shit. With a RE brokers it's 60-90 hours and that's not ACTUAL time of learning. You then get to sell a $1m home and make ~$25k on one transaction. A pilot would work all year to get that much with 250 hours. I get you cannot crash a house and kill people, but substantially more people get burned by shitty real estate brokers than pilots.
Planes don't have basements that can flood and you can lie about it. You can't cover a defect on a plane with annual inspections. Yet people just trust high school drop outs with the biggest purchase of their life. I was one and wouldn't trust one. Realtor, not high school drop out. History major with poly sci minor. Attorney path. Looked miserable so bailed into real estate. Good/bad decision. Made good money, wife's career took off and I realized people are not for me and there's too many in RE.
WookieMan says
Headset can correct me, but I think most commercial pilots need 500+ hours of flight.
Way back when I was flying, it took 250 hours flight time, a flight test, and a written test to get a civilian commercial pilot license. Air Force pilot training graduates had about 200 hours of small jet (T-37 and T-38) but were able to get a civilian commercial license if they wanted by passing a flight test in a civilian pane with a civilian flight instructor. However, "commercial" does not mean left seat airline qualified. That would be an Airline Transport Pilot (ATP) which required a minimum of 1500 hours. Then you need a type rating on top of that (Boeing 737, etc).
Ok so 250 hours to get paid shit. With a RE brokers it's 60-90 hours and that's not ACTUAL time of learning. You then get to sell a $1m home and make ~$25k on one transaction. A pilot would work all year to get that much with 250 hours. I get you cannot crash a house and kill people, but substantially more people get burned by shitty real estate brokers than pilots.
Planes don't have basements that can flood and you can lie about it. You can't cover a defect on a plane with annual inspections. Yet people just trust high school drop outs with the biggest purchase of their life. I was one and wouldn't trust one. Realtor, not high school drop out. History major with poly sci minor. Attorney path. Looked miserable so bailed into real estate. Good/bad decision. Made good money, wife's career took off and I realized people are not for me and there's too many in RE.
1786
AD
2023 Feb 26, 10:49pm
AD
2023 Feb 26, 10:49pm
As far as GNL's post above (post number 1933), the rich don't get mortgages for homes. They buy with cash such as from stock sale.
So price drops of that percentage are due to poor economy and stock market.
Just like fine art and jewelry sales much be down. Rolex watches should relatively be discount now.
How are yacht sales doing compared to high end luxury housing ?
.
So price drops of that percentage are due to poor economy and stock market.
Just like fine art and jewelry sales much be down. Rolex watches should relatively be discount now.
How are yacht sales doing compared to high end luxury housing ?
.
1787
WookieMan
2023 Feb 27, 12:12am
WookieMan
2023 Feb 27, 12:12am
ad says
This comment makes sense. I just think the urban areas are going to take a beating and that's what we're going to see. We only told friends and family we were going to build a house. We had and have 5+ people willing to buy our house at generally whatever price we want within reason and no brokers.
Everyone has a different reality. Our current house was one of the best investments we made and was super frugal. I actually think building right now HERE, is a smart decision. Builders are desperate for work. Demand has dropped and so have prices HERE. Sorry for the all caps, but some here think the country is CA so I want to be clear this is IL.
Not all areas are over priced and run like shit. And that's saying a lot as an Illinoisan.
As far as GNL's post above (post number 1933), the rich don't get mortgages for homes. They buy with cash such as from stock sale.
So price drops of that percentage are due to poor economy and stock market.
Just like fine art and jewelry sales much be down. Rolex watches should relatively be discount now.
How are yacht sales doing compared to high end luxury housing ?
This comment makes sense. I just think the urban areas are going to take a beating and that's what we're going to see. We only told friends and family we were going to build a house. We had and have 5+ people willing to buy our house at generally whatever price we want within reason and no brokers.
Everyone has a different reality. Our current house was one of the best investments we made and was super frugal. I actually think building right now HERE, is a smart decision. Builders are desperate for work. Demand has dropped and so have prices HERE. Sorry for the all caps, but some here think the country is CA so I want to be clear this is IL.
Not all areas are over priced and run like shit. And that's saying a lot as an Illinoisan.
1788
zzyzzx
2023 Feb 27, 8:25am
zzyzzx
2023 Feb 27, 8:25am
https://www.reddit.com/r/RealEstate/comments/11cycta/when_youre_stuck/
What do you do when you hate the house you bought, the things you hate about it you can’t change (constant traffic noise), and you can’t afford to sell?
We bought it because we owned a 2 bedroom apartment and have 2 kids. I wanted to move before my older daughter started kindergarten so we felt we were in a time crunch even though the market was not ideal for buyers. Basically we needed a house, looked at and made offers on many, and this is the one we got. It checked enough of the boxes but the busyness of the road was something I failed to prioritize or fully realize.
What do you do when you hate the house you bought, the things you hate about it you can’t change (constant traffic noise), and you can’t afford to sell?
We bought it because we owned a 2 bedroom apartment and have 2 kids. I wanted to move before my older daughter started kindergarten so we felt we were in a time crunch even though the market was not ideal for buyers. Basically we needed a house, looked at and made offers on many, and this is the one we got. It checked enough of the boxes but the busyness of the road was something I failed to prioritize or fully realize.
1790
zzyzzx
2023 Feb 27, 10:00am
zzyzzx
2023 Feb 27, 10:00am
https://www.reddit.com/r/REBubble/comments/11d11fg/yikes/
Honestly it's not too early to start lowballing people. I'm considering sending a 60% of list offer on a large commercial property. The fact is rising taxes and interest rates don't justify anything near the asking price. If they don't want to be reasonable then I'll simply wait until things get worse and the offer will not be improving when they come back to me later.
Honestly it's not too early to start lowballing people. I'm considering sending a 60% of list offer on a large commercial property. The fact is rising taxes and interest rates don't justify anything near the asking price. If they don't want to be reasonable then I'll simply wait until things get worse and the offer will not be improving when they come back to me later.
1791
zzyzzx
2023 Feb 27, 12:02pm
zzyzzx
2023 Feb 27, 12:02pm
https://finance.yahoo.com/news/landlords-face-crisis-mortgage-costs-171034546.html
Landlords face crisis as mortgage costs surge higher than rents
Landlords face crisis as mortgage costs surge higher than rents
1792
HeadSet
2023 Feb 27, 12:37pm
HeadSet
2023 Feb 27, 12:37pm
zzyzzx says
This is more the case in Britain where all mortgages are variable rate.
Landlords face crisis as mortgage costs surge higher than rents
This is more the case in Britain where all mortgages are variable rate.
1793
GNL
2023 Feb 27, 1:02pm
GNL
2023 Feb 27, 1:02pm
GNL says
Obviously you don't understand how to invest in RE. Cash flow doesn't matter. No, you invest for future equity but first make sure interest rates are rising.
LMAO
Obviously you don't understand how to invest in RE. Cash flow doesn't matter. No, you invest for future equity but first make sure interest rates are rising.
1794
Eman
2023 Feb 27, 5:19pm
Eman
2023 Feb 27, 5:19pm
zzyzzx says
Buyer’s remorse. It’s that simple. No one forced them to buy the house.
https://www.reddit.com/r/RealEstate/comments/11cycta/when_youre_stuck/
What do you do when you hate the house you bought, the things you hate about it you can’t change (constant traffic noise), and you can’t afford to sell?
We bought it because we owned a 2 bedroom apartment and have 2 kids. I wanted to move before my older daughter started kindergarten so we felt we were in a time crunch even though the market was not ideal for buyers. Basically we needed a house, looked at and made offers on many, and this is the one we got. It checked enough of the boxes but the busyness of the road was something I failed to prioritize or fully realize.
Buyer’s remorse. It’s that simple. No one forced them to buy the house.
1796
GNL
2023 Feb 27, 5:22pm
GNL
2023 Feb 27, 5:22pm
cisTits says
Just in case.../sarc
GNL says
Obviously you don't understand how to invest in RE. Cash flow doesn't matter. No, you invest for future equity but first make sure interest rates are rising.
Only amateurs do that.
Just in case.../sarc
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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.