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@vagixxer a good source too.
Home Buying & Real Estate Thread
- Thread in 'General' Thread starter Started by TYE_The Time Traveler,
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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.
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Agreed. As the saying goes, "history 1st rhymes, then repeats." We've had a almost 10 yr parabolic move up w/o any healthy corrections. I believe it was you or another NTer that said a home in their area doubled in price in just 3yrs. That sort of move doesn't happen too often..like a once in decade kind of move. Cliche but I'd rather buy when blood & tears run down streets.
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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?
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Perhaps it's my fear of history repeating but it's feeling very toppy here. Better money to be made in stocks.
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antidope
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Found a place that has everything I want in a house but my commute to work will double to 90 minutes. Still gonna go look at it but that's something to think about. It's all train and I used to DRIVE two hours to work when I lived in Georgia so this is much easier on me.
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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 like
stork
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.
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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 like
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.
Agreed. Great info.
I'm more concerned with high earning employment #s in the near future to afford these homes. I'm in SF now and already there are layoffs for high earners.
My old house is now worth around $2.9-3.1M
Shoulda bought it back.If you're married w/ kids or have a 10+ yr time horizon w/ a solid job then it kinda doesn't matter when you buy. A home is to be lived in, not as an investment tool. Better returns in stocks..even bitcoin.
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you made a million dollars! Why are you still working? I'd retire.
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In SF (LA, NYC too), that's barely an entry point. "Only in NYC (SF too) you make a million and still are poor"
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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.
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.
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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%.
But im no expert, thats just what i think, could be wrong
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Exactly. Although houses are indeed investments, they are also an asset you use for your own consumption unless you're using it for strictly for renting out. A house is something that you'll live in, a tool to secure an ideal location for kids, and a place of sanctuary. For the most part, they shouldn't be used as a way to make quick cash. If you can be patient, they will eventually go up in price in the long run like a good stock. As long as you're smart about your mortgage payment, you're guaranteed to make all your money back and more with just a little bit of luck.
solewoman
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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.
solewoman
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smh
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solewoman
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smh
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I didn’t know you’re a realtor.
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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
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
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^ im ready to fight now after watching that video. People being robbed in broad daylight in the bay.
solewoman
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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.
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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.
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Thats only in SF tho, id rather commute 30 mins and buy a 6,000 sqft home.
solewoman
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https://www.attomdata.com/news/mark...prices/q2-2018-u-s-home-affordability-report/
He's a famous bear who turned bullish in '12 (like Tepper buy everything, free money)..now he's bearish again.
He's a famous bear who turned bullish in '12 (like Tepper buy everything, free money)..now he's bearish again.
