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@vagixxer a good source too.
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People on CNBC dont know either.. im just askin for gueses. But watchin what happened in the past we can predicte what will happen in the future. People do the same mistakes over and overIf any of us knew, we'd be on CNBC
Consensus is around top of 8th inning. "They're" waiting to crash Emerging Markets as the 1st domino. Kinda like the Asian Flu in 97.
People on CNBC dont know either.. im just askin for gueses. But watchin what happened in the past we can predicte what will happen in the future. People do the same mistakes over and over
What you guys have to say about that graphic? Are we close to see the bubble burst?
I am skeptical that we are actually in an asset bubble. the people buying $900K homes are not putting down 3% FHA or doing the 105% financing gimmick. They are putting down a big deposit with appropriate income to afford the $4K/mo mortgage.
@ekrev98 , as someone who regularly sells homes for over $800K, does this corroborate?
I'm gonna date myself but back in 2004, I bought a home in Calabasas for $1.2M. I sold it for $2.6M in 2007. That house in 2009 sold at foreclosure at $1.1M. Perhaps it's my fear of history repeating but it's feeling very toppy here. Better money to be made in stocks.
I mean, you definitely won there by selling at the absolute peak. The person that foreclosed on it got caught with the bag and dumped it at the bottom. What is worth now?
Inflation alone from 2007 to 2017 would have had $1m increase to $1.2m. https://westegg.com/inflation/infl.cgi
I think the market is definitely going up pretty quickly which has me cautious, but I think there are other factors in play likestork mentioned. Lenders aren't giving $600k mortgages to people working at McDonald's, they aren't letting people do cash out refi's / HELOCs at 100% equity value, etc.
When you factor in inflation, I don't think the housing market is still even at what it was in 2007 - over a decade later.
you made a million dollars! Why are you still working? I'd retire.
In every bubble people say.."this time is different". I am sure that are people that dont have a problem at buying million dollar houses with no effort. But a lot of people will strugle if the economy change. Banks say that only make loans if you put a 20% deposit.. but theres banks that make loans for those 20%.I am skeptical that we are actually in an asset bubble. the people buying $900K homes are not putting down 3% FHA or doing the 105% financing gimmick. They are putting down a big deposit with appropriate income to afford the $4K/mo mortgage.
@ekrev98 , as someone who regularly sells homes for over $800K, does this corroborate?
My parents bought a brand new home in 2005 and saw it lose around $200k in value within the next few of years. For them it didn't really matter. They liked the home and its amenities, it was in a good neighborhood (my younger siblings were still in school), and they could afford it. I'm sure they wished they could've purchased a few years later to make a comeup, but that wasn't the end all, be all to them. The home is worth more than what they paid for it today due to the reasons they purchased it.
That pretty much the train of though I have. I'll purchase it an area thats good for my commute in a decent neighborhood with nice amenities, pretty much what everyone is looking for. That will always recoup any losses seen in the housing market.
I think you need a really good Realtor in MD...My housing search has been up in the air also. When you have kids that changes everything. I currently live in pg county (one of the most affluent black neighborhoods) and the school system is TERRIBLE. So trying to find a home in a county that gives my husband and I a decent commute to work + good school system + .5 acre at least of land is an anomaly.
I think you need a really good Realtor in MD...
(Me)
I think you need a really good Realtor in MD...
(Me)
No worries.Sorry we have one. I am just picky and I am refusing to settle. We had to fire our previous realtor because i didnt appreciate his ballparking and him trying to put us in anything.
this is what 2.6 million buys you now in the SF bay area:
https://www.cbsnews.com/news/home-price-insanity-2-6-million-for-900-square-feet/
@shibadekobe I agree with you, buy when blood and tears on the street. I'm not buying into realtors pushing to buy now. I mean aint it their job to sell homes so they can get their cut. Why in the world would they ever say any time isn't the right time to buy OR sell. I also agree with your sentiments that, if you have a secure job with long outlook that you or your spouse aint gonna get laid off, and you can afford the monthly and will actually LIVE in the home, then who cares. But to many, people always looking at investment and how much they gonna make. If I had that mind set, hell, people are buying homes IMO that cost way more than they should around the bay area right now--if there is any correction or bubble popping, these people going to be sad af when they see the home they bought for $600-700K is now $500K, and they had put 20%+ down on it, which now would be down the drain. It will be hard to walk with that much already put in. At least back in the day, anyone can get approved for a mortgage with little to no income verification and 0 down lol. When ish hit the fan, it was easy to walk away other than messing up your credit for a bit. When a city with one of the highest rates of violent crimes, a city that has a confirmed active earthquake fault, and a city that smells like a toilet, all cost as much as they do, the bubble is going to pop soon right? lol
No worries.
Yeah that's real wack. He's putting him getting paid as priority over your families well being.
There are some real selfish agents out there.