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Re: Home purchase Tarbe #16304887 08/02/21
Joined: Nov 2002 Posts: 33,791 Likes: 11 Either Texas or Idaho E EdM Campfire 'Bwana
EdM Campfire 'Bwana E Joined: Nov 2002 Posts: 33,791 Likes: 11 Either Texas or Idaho	Originally Posted by Tarbe My house in far NW Houston hits the MLS late this week. Looking forward to moving north! Kingwood? Conduct is the best proof of character.

GB1

Re: Home purchase jimjr #16304920 08/02/21
Joined: Feb 2003 Posts: 10,414 Likes: 6 WA rain forest Clarkm Campfire Outfitter
Clarkm Campfire Outfitter Joined: Feb 2003 Posts: 10,414 Likes: 6 WA rain forest	When I was 17 in 1969, I had a 17 year old girl friend who worked in real estate office. She got me a job sweeping the parking lot for an hour every Friday for $5. I was getting too much money for the work. The place was flush with money. The real estate agents had a $100k club. Anyone who sold $100k in houses in one month got to go out and get drunk with them. The Seattle real estate was in a boom in 1969. The Seattle real estate was in a boom in 1979. The Seattle real estate was in a boom in 1989. The Seattle real estate was in a boom in 2000. The Seattle real estate has ramped up at 9%/year between 2010 and 2021, due to Amazon. What happens in the boom year is rising prices while sales volume is high. What happens between boom years is flat prices while sales volume is low. These are called "sticky prices". Sticky prices are because no one want to sell for less than they paid. For a typical young American home buyer, he puts 20% down [ with help from Daddy down payment] on a home that appreciates at 6%. He will be making 30%/ year on his down payment from appreciation, while his house payments tax deductible....and he gets to live there. So I would advise any young American person to buy a home as soon as possible. For a typical young Seattle couple, you had better both be writing code to have a $400k down payment. There is nothing noble in being superior to your fellow man; true nobility is being superior to your former self. -Ernest Hemingway The man who makes no mistakes does not usually make anything.-- Edward John Phelps

Re: Home purchase jimjr #16304976 08/02/21
Joined: Sep 2017 Posts: 4,381 WI./FL. Windfall Campfire Tracker
Windfall Campfire Tracker Joined: Sep 2017 Posts: 4,381 WI./FL.	The Midwest wages can’t compare to the west or east coast, but our cost of living isn’t off the scale either in comparison. The people that make out big time are like a plant manager that the company moved in from California and he had a hard time finding a place equivalent locally where he wouldn’t get hit with capital gains taxes. Selling doesn’t always end well for the high rollers. Brett had the place on the end of the cul-de-sac that he listed for 1.4M. It has sold twice since we’ve lived here the first time for $650,000. and a couple years later for $605,000. There are a lot of locals who can get a loan for 2-3K, but darned few at double that. My other auto is a .45 The bitterness of poor quality is remembered long after the sweetness of low price has faded from memory

Re: Home purchase Snowwolfe #16304985 08/02/21
Joined: Jun 2020 Posts: 10,840 USA B BobBrown Campfire Outfitter
BobBrown Campfire Outfitter B Joined: Jun 2020 Posts: 10,840 USA	Originally Posted by Snowwolfe We have an entire generation of buyers who only know low interest rates. For the most part these rates have been low since 2008. For the last 13 years consumers are used to low rate home loans as well as 0 - 4% auto loans for good credit scores. Pulling the plug on these low rates will create a serious recession and Uncle Sam knows it. I'm not sure what is fueling the upswing in property prices. I just talked to our new neighbor who bought some acreage next to ours. He paid 5 times what we did per acre in 2014, He was ecstatic to get the property and told me he could already flip it for a huge profit. And the kicker is he only lives a few miles away and isnt someone moving from a high priced state into ours. He plans to build a new "forever" house and expects it to be completed within 6 months. Time will tell, A lot of people are flush with cash and either dont trust the markets or are unhappy with low rates of returns from a bank and are buying assets. They are not making any more land. Supply and Demand FUGK CCP It’s time to WAKE UP GOD BLESS THE USA WWG1WGA THERE ARE NO COINCIDENCES

Re: Home purchase EdM #16305063 08/02/21
Joined: Nov 2015 Posts: 1,786 Romance, MO Tarbe Campfire Regular
Tarbe Campfire Regular Joined: Nov 2015 Posts: 1,786 Romance, MO	Originally Posted by EdM Originally Posted by Tarbe My house in far NW Houston hits the MLS late this week. Looking forward to moving north! Kingwood? Kingwood is NE. I am in Cypress area. USMC 0351 We know the price of everything and the value of nothing.

IC B2

Re: Home purchase kingfisher #16305377 08/02/21
Joined: Aug 2012 Posts: 5,506 Likes: 2 Boarmaster123 Campfire Tracker
Boarmaster123 Campfire Tracker Joined: Aug 2012 Posts: 5,506 Likes: 2	Originally Posted by kingfisher My wife has finally conceded to move to Northern MI where I am from. She has had an open invitation to take a position at her sister station. She never considered it until our first grandchildren are now up there. Her area would put her smack in the middle of them. Problem is just like what is said previously. Houses are way over priced. When homes up there are selling for more than what they are in my area, things are out of wack. I told the wife lets just sell, put our stuff in storage and rent. Things are going to burst and home prices will plummet. If we can wait it out I think they will soon be reasonable. Biden will make sure of that! I got a few friends who are feeling the pull of those grandchildren. Some that swore they would never move back North. Life can be rough on us dreamers.

Re: Home purchase TrueGrit #16305397 08/02/21
Joined: Aug 2012 Posts: 5,506 Likes: 2 Boarmaster123 Campfire Tracker
Boarmaster123 Campfire Tracker Joined: Aug 2012 Posts: 5,506 Likes: 2	Originally Posted by TrueGrit Originally Posted by Boarmaster123 The market has always cycled here in Southwest Florida. I have been here since 86 in commercial real estate and I have been through 3 full cycles and we are near the top of my forth. Near the top of every cycle I heard experts say this time was different and there will be no correction. Every cycle was different and the correction occurred for different reasons, at slightly different time spans and to different degrees. But there was always a cycle. One thing they all had in common was that money to buy got harder to borrow. Once the banks tighten up the market stalls , inventory increases and prices correct. Older cash buyers with paid off or tons of equity in homes or properties depend on younger buyers with less equity to be able to borrow to buy. People that can move are selling in high priced areas and moving to areas that they can get a nice home for less. A lady I date is in residential real estate. At her New Years eve party I met a gentleman who recently sold his smallish ranch style house in a so so location in California for $2.2 mil. He bought a $2.1 mil beautiful house here on the water in an upscale area that is three times the size of the Cali house. He latched on to me as he quickly identified me as a fellow conservative. I cant speak to what happens in other areas. Most folks can't afford to pay the $62,000 in yearly taxes and insurance on his new to him house. Add in maintenance, power and water he probably pays north of $100,000 yearly for the privilege of living on the water in Florida. I don't know how people can afford to pay the taxes and mortgage on new property purchases in Florida. Most of these kind of people I know and some who are my clients have large passive incomes. Many have incomes in the millions per year on various investments. What is out of reach for most is peanuts for them. I have one client who owns a warehousing project that throws off a little over $200k a month in net rents. And that is only one of his properties. No mortgages. Life can be rough on us dreamers.

Re: Home purchase EdM #16305415 08/02/21
Joined: Aug 2012 Posts: 5,506 Likes: 2 Boarmaster123 Campfire Tracker
Boarmaster123 Campfire Tracker Joined: Aug 2012 Posts: 5,506 Likes: 2	Originally Posted by EdM Originally Posted by Dillonbuck Originally Posted by JakeBlues Originally Posted by ribka Ive been thinking the same. We're in for some interesting times and yet most Americans seem oblivious and keep buying more toys, more vacations, new vehicles, houses they can afford. People have a paradigm that long term property just goes up in price, well, because it has for the better part of our entire lives. A certain amount of modest property inflation should be expected, but what we've seen is the combined effect of that modest inflation coupled with the down trend in rates since the 70s. Most people alive today have not experienced the impact of a longer term up trend in rates and it's impact on property prices. We may be seeing the perfect storm of factors that could cause that trend reversal to happen. The driving factor for increasing property values is banking. Used to be people were(wisely) opposed to debt. The standard was on weeks salary for a mortgage. At a time when you took home a higher percentage of your wage. And 15 years was a long mortgage. Today, people have the "gotta have it now's". They only care about keeping debt close to income. Mortgages are 30 years. Mix all that with stupid low interest, and the low interest allows them to... borrow more. It all combines to push up prices. Now the $100k home is $150k. Over 30 years they will be pushing a half mill on the thing, especially if they are typically stupid. And they are buying the same house as a couple years ago. Funny how things have/haven't changed. People that bought homes in the 70's paid 10% interest. OMG! But for 10 or 15 years. Today it's only a few percent. But figure mortgage insurance due to a small down, And a 30 year loan, maybe some other stupid thrown in... Both ended up paying back 3 times what they borrowed. I laugh like hell at these discussions. Everyone forgets financing cost. Buy a house, pay back 2-3x what was borrowed. Sell house for 2 1/2x purchase price. Brag on the money they made. Ugh, no! You broke even. Maybe lost. Figure taxes, repairs, improvements.... You probably lived there much cheaper than renting, considering sale price. But you didn't make a whole lot. Flipping, rentals, other investing are different. Hopefully! Some pay the 3% to make 15% elsewhere. This right here. Life can be rough on us dreamers.

Re: Home purchase Boarmaster123 #16305419 08/02/21
Joined: Jul 2021 Posts: 774 R Ray_Herbert Campfire Regular
Ray_Herbert Campfire Regular R Joined: Jul 2021 Posts: 774	Originally Posted by Boarmaster123 Originally Posted by kingfisher My wife has finally conceded to move to Northern MI where I am from. She has had an open invitation to take a position at her sister station. She never considered it until our first grandchildren are now up there. Her area would put her smack in the middle of them. Problem is just like what is said previously. Houses are way over priced. When homes up there are selling for more than what they are in my area, things are out of wack. I told the wife lets just sell, put our stuff in storage and rent. Things are going to burst and home prices will plummet. If we can wait it out I think they will soon be reasonable. Biden will make sure of that! I got a few friends who are feeling the pull of those grandchildren. Some that swore they would never move back North. He's moving from southern Michigan to northern Michigan. That's like moving from the the liberal side of town to the slightly less liberal side of town.

Re: Home purchase Ray_Herbert #16305457 08/02/21
Joined: Jun 2020 Posts: 10,840 USA B BobBrown Campfire Outfitter
BobBrown Campfire Outfitter B Joined: Jun 2020 Posts: 10,840 USA	Originally Posted by Ray_Herbert Originally Posted by Boarmaster123 Originally Posted by kingfisher My wife has finally conceded to move to Northern MI where I am from. She has had an open invitation to take a position at her sister station. She never considered it until our first grandchildren are now up there. Her area would put her smack in the middle of them. Problem is just like what is said previously. Houses are way over priced. When homes up there are selling for more than what they are in my area, things are out of wack. I told the wife lets just sell, put our stuff in storage and rent. Things are going to burst and home prices will plummet. If we can wait it out I think they will soon be reasonable. Biden will make sure of that! I got a few friends who are feeling the pull of those grandchildren. Some that swore they would never move back North. He's moving from southern Michigan to northern Michigan. That's like moving from the the liberal side of town to the slightly less liberal side of town. Thanks for explaining, Mr Sherbert. FUGK CCP It’s time to WAKE UP GOD BLESS THE USA WWG1WGA THERE ARE NO COINCIDENCES

IC B3

Re: Home purchase BobBrown #16309706 08/03/21
Joined: Jul 2021 Posts: 774 R Ray_Herbert Campfire Regular
Ray_Herbert Campfire Regular R Joined: Jul 2021 Posts: 774	Originally Posted by BobBrown Originally Posted by Ray_Herbert Originally Posted by Boarmaster123 Originally Posted by kingfisher My wife has finally conceded to move to Northern MI where I am from. She has had an open invitation to take a position at her sister station. She never considered it until our first grandchildren are now up there. Her area would put her smack in the middle of them. Problem is just like what is said previously. Houses are way over priced. When homes up there are selling for more than what they are in my area, things are out of wack. I told the wife lets just sell, put our stuff in storage and rent. Things are going to burst and home prices will plummet. If we can wait it out I think they will soon be reasonable. Biden will make sure of that! I got a few friends who are feeling the pull of those grandchildren. Some that swore they would never move back North. He's moving from southern Michigan to northern Michigan. That's like moving from the the liberal side of town to the slightly less liberal side of town. Thanks for explaining, Mr Sherbert. Still smoking pot and living with your grandmother?

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