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Thread: 2021 eff yeah

  1. #101
    High Plains Luddite George's Avatar
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    See also gentrification.

    Best wishes to RWA in what sounds like a really sh!tty situation.

  2. #102
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    Quote Originally Posted by George View Post
    See also gentrification.

    Best wishes to RWA in what sounds like a really sh!tty situation.
    Sigh.

    I'm trying to move out of my sisters house and buy my own. The north Texas market is hot. As in a house (in a new development) I was looking at less than 6 months ago has gone up 20% in that time.

  3. #103
    Junior Potato
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    House prices in Australia are growing faster right now than they have in the last 30 years.

    The owners of my unit want out because they’re old and the husband has had medical problems. I think they just want to cash out and enjoy retirement.

    Good time for them to sell, bad time for people like me with the rental situation, and a single income that more than likely wouldn’t be able to get credit to buy a place.

    I could team up with my brothers (who live together) and invest but one of them is a perpetually unemployed deadshit and we’d be carrying his arse yet again.

  4. #104
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    Just don't put his name on the title and you guys could choose to let him stay as long as he's on good behavior... or you could kick him out if he's too much trouble.

    Just pool your resources and buy a place eventually...

    Don't know about australia, but for sure it's not a good time to buy a house in the US because inventory is so low and material costs are so high now for newly constructed homes... I'm using bloated equity of my current home to buy another home with bloated price so it matters little to me as long as my future payments are manageable... Low interest rates helped.

    If you could really afford it, just go for it. Who knows how long this 'bubble' will last. Could last a while. Don't be too apprehensive about the 'bubble'. Those who bought at the previous peak back in 2008 have long reemerged above water now!

    If you can't afford it now, just keep on saving for a down payment and wait for the right opportunity to jump in when the bubble bursts... or whenever it becomes affordable to you.

    Point is, you better not be paying rent for the rest of your life!
    Last edited by Crazed_Insanity; April 13th, 2021 at 02:07 PM.

  5. #105
    Hope it works out well for you, RWA! I remember moving into my first apartment with 2 buddies of mine, then a year later the landlord sold to double his investment (yep, that happened) and I had to move again. The same thing happened to my sister in the same month, my buddies decided to move to a different state, so my sister and I decided we would pool our resources and get started on a place where no one could kick us out.

    Somehow I bought into a neighborhood that is practically immune to housing price inflation. Which means I'm kinda stuck here now as everywhere else doubled or tripled in price (even other neighborhoods in town that are only slightly nicer than mine). My place is okay actually, just the garage is way too small. Been ready to upgrade that for many years, but can't unless I move to a crappy unsafe neighborhood.

    If I could have bought just 2 years earlier, I would have paid less than half of what I did. But actually I probably would have been able to afford a nice 3 or 4 car garage then. In my 20s. Fuck.

    Ah well, just another real estate rant.

  6. #106
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    Yeah, learn your lessons so next time you’ll make wiser decisions!

    You could still be renting and helping your landlords pay their mortgages and constantly having to worry about renovictions!

    There will always be people making more money than me, driving better cars than me, living in a bigger house than me, their home worth or stock portfolio rose way faster than mine..., we can use them for lesson learning, but try not to let those things get to us and make us feel bad about ourselves. I try to be content with what I have. Of course once you’ve learned your lessons, seek opportunities to apply what you’ve learned and move forward!

    I think life is kinda like doing racing or doing timed laps. Yeah, it’s be nice to kick other peoples ass and be on pole, but it’s also rewarding to see yourself shaving off time as you learn your lessons after every lap...

    You obviously are the type who knows how to get ahead Cuda!

  7. #107
    Crime Fighter Cam's Avatar
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    Thankfully, our neighbourhood is finally on the upswing after being stagnant for at least a decade. We just refinanced to get a better interest rate and changed to a 15 year mortgage instead of 30. Yes, we are paying a bit more every month, but we'll pay less in the long run.

  8. #108
    Junior Potato
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    The unit next door to us is for sale, and has been for months now.

    *scratches chin*

    No promises yet, but watch this space. The first exploratory discussions are being made which may lead to this discussion moving to the "The "Looking to become a homeowner" Thread" thread.

  9. #109
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    After buying our 2nd home in Seattle area, I think I'm beginning to understand the nature of the real estate bubble..., at least for the US.

    After looking at some data, during the initial pandemic, thanks to low interest rates and work from home trend, 1st time home buyers actually shot up a bit, but due to supplies being low, prices quickly to climbed. As prices climb, then the market quickly got the attentions of the 'investors' want in on this piece of action. These buyers are not like the old 2008 subprime bad credit folks. They mostly do have good credits, could even be hedge fund managers. So "fundamentals" appear to be in very good shape on paper. However, do these investment buyers all buying these expensive home with cash? Perhaps some, but certainly not all.

    During our seattle home buying experience, we've discovered that they now have ways of making you look like a cash buyer. They'll buy the house for you in cash 1st and then charge you a bit of fees to convert that back to a regular loan after the escrow. If your loan falls thru, they'll probably just relist the property again and make another round of money selling the house... But anyway, this is probably not the cause of bubble. Just that I believe there are probably bunch of 'fake' cash buyers.

    I believe the cause of bubble is the unlimited supplies of cheap US dollars. In reality, banks should not have unlimited supplies of money to lend to people at such low interest rates... even to people with great credits. Money should be like any other resources... able to run out eventually, right? As money is near depletion, perhaps banks could jack up the rates making it more expensive to take out loans..., but of course in our world of money, US government is making sure that we have unlimited supply of cheap money.

    Investors typically borrow money to buy homes and then expect renters to pay for it... so as long as banks have access to cheap US dollars, your real estate market will likely inflate out of control similarly...

    I think this is the main reason for the ridiculous housing prices, at least for the US?

    Now as one of the 'investors' now, as long as I can keep my job(to pay my primary) and find renters to help pay for my mortgage(of my 2nd home), I should be fine and this 'bubble' will never burst for me. Well, even if the real estate market does go down, I'd still be okay because rent isn't likely to go down unless shit really hits the fan... considering this pandemic isn't shitty enough to hit the fan, it's kinda hard to imagine what scenarios would be shitty enough?

    Anyway, the moral of the story is that if you're planning on saving up money to buy a place, buy as soon as you've saved enough money to get one. Don't wait until the market to go down because it likely never will... of course you'd be lucky to happen to buy at a dip post 2008, but even if you bought at the peak before 2008, you'd still be fine over the longterm. Housing, unlike money supply, is limited in its resources. It'd be nice to own one asap, even a small one.

    I think the cheap unlimited dollar is probably also another reason why stock market is doing so well during a pandemic. Surely there are a lot of speculators borrowing money to invest in the market right now...

    As the poor struggling to buy food with their puny stimulus checks, the rich is getting richer with real estate and stock market... this widening gap between the rich and poor is just going to get worse. Rather than counting on election of Bernie Sanders, we probably need to make wiser financial decisions so that we won't end up getting the short end of the sticks...

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