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Forum » Resident Nostradamus predicting housing crash in March is right
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Thread: Resident Nostradamus predicting housing crash in March is right

post 1658059653 03-16-2022, 04:48 PM
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#31
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Originally Posted By Paul
Wife is a Realtor, all year..and last her clients have had to outbid 20-70k over asking, it's insane. I don't see it dropping anytime soon, in fact, I think it's going to get much worse. They literally want people to own nothing. Thought of selling off one of our properties because the market is so high..but the way things are going, might not ever get a chance to buy an additional home again.
Prices are dropping on Zillow ****ing lol.

Realtors on tiktok are doing everything but selling homes.
post 1658059843 03-16-2022, 04:52 PM
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#32
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Originally Posted By GeezersPalace⏩
Prices are dropping on Zillow ****ing lol.

Realtors on tiktok are doing everything but selling homes.
Wife has had 11 transactions since last year..and she does it as a part time gig. ..not one of them were made at listing price lol...

keep trying though, maybe one day you'll post something intelligent...
post 1658061603 03-16-2022, 05:35 PM
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#33
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Originally Posted By lockdev⏩
It's this, with a combination of boomers not selling their old house when moving, and instead choosing to rent it.

Why is a boomer going to sell a house and just sit on cash when there is 8% inflation and a bear market in the stock market?

With home prices continuing to go up, it makes financial sense to just sit on it.

I feel bad for houseless brahs and rentcels. srs.
boomers will just sell it to China srs. Selling out their future generations for $$$. God I hate boomers
post 1658061723 03-16-2022, 05:37 PM
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#34
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I’m at the point now where I’m looking at areas I never would have considered moving before. Not that it’s a perfect solution but I’m assuming I’d have less competition in say Des Moines than Charlotte.
post 1658067153 03-16-2022, 07:24 PM
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#35
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Originally Posted By binlogic⏩
I've been working on my house, renovations and upgrades, knowing FULL WELL that the only way my kids will get a house someday is through inheritance. Ded fkn srs.
Good luck with that. If certain people have their way they’ll be taxed out of being able to own it and will have to sell to afford the taxes.

Make sure you add them to the ownership before it’s too late.
post 1658067553 03-16-2022, 07:30 PM
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#36
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Originally Posted By Paul
Wife is a Realtor, all year..and last her clients have had to outbid 20-70k over asking, it's insane. I don't see it dropping anytime soon, in fact, I think it's going to get much worse. They literally want people to own nothing. Thought of selling off one of our properties because the market is so high..but the way things are going, might not ever get a chance to buy an additional home again.
Wrong

post 1658067833 03-16-2022, 07:36 PM
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#37
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Originally Posted By bsmit107⏩
acre lots, house all upwards of 2500 sq ft, avg price is probably $230k-$250k....but they can easily charge $2k/month rent. Lesser houses in not as good of areas around this town are going for $2k/month, so they might even be able to get more.
24k income minus property taxes, income taxes, repairs, insurance, a cut if you have a property manager.... you're probably clearing 12-15k after everything.

If I were an old boomer, I'd rather have the cash and no headache of a rental property for 15 plus years to match what you could sell your house for currently.
post 1658068073 03-16-2022, 07:40 PM
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#38
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Originally Posted By SaltyDog920⏩
24k income minus property taxes, income taxes, repairs, insurance, a cut if you have a property manager.... you're probably clearing 12-15k after everything.

If I were an old boomer,I'd rather have the cash and no headache of a rental property for 15 plus years to match what you could sell your house for currently.
Holding cash?

U wot m8
post 1658068083 03-16-2022, 07:41 PM
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#39
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lol 1m for a decent house here,

glad i bought a triplex last year and break even with rent and even then i over paid
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post 1658068303 03-16-2022, 07:44 PM
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#40
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Originally Posted By GeezersPalace⏩
Prices are dropping on Zillow ****ing lol.

Realtors on tiktok are doing everything but selling homes.
Yeah, prices are only dropping because people are listing their houses insanely high, idiotic prices. A house on the gulf coast I looked at today was sold in 2019 for 375k. It was listed a month ago for 1.1mm lol.i saw the price was cut 225k recently to a listing price of around 875k.

That's the only time you'll see a price drop.
post 1658068363 03-16-2022, 07:45 PM
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#41
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Originally Posted By Hutrapper⏩
A friend is selling his house north of Toronto.
Asking 800k
So far the bids are 220,000 over asking.



We sold my opas house after he passed here, 300 kilometers north of Toronto. Bought 10 years ago for 250k, listed for 600k, sold for 799k.



Buddy listed his drive to cottage here in town.

Listed at 1.5mil, on the market for 4 hrs, sold for 80k over, plus he gets to use it 3 weeks a year for 6 years.



The fed has said they are expecting something like 7 interest rate hikes this year. I think that may cool it somewhat, but not kill it.
7 hikes @ 25 basis points will be approximately 2% increase. I doubt they will exceed 2%. Probably do 1.25-1.5% max, and let it settle.

People also need to realize that all interest rate hikes will affect all other debts also - LOC, HELOC, Student Loan, Car Loan, etc.

This first hike already slowed down the market (and the return to work). I see maybe 2 more hikes max this year, but that may be pushing it.
Originally Posted By SaltyDog920⏩
Yeah, prices are only dropping because people are listing their houses insanely high, idiotic prices. A house on the gulf coast I looked at today was sold in 2019 for 375k. It was listed a month ago for 1.1mm lol.i saw the price was cut 225k recently to a listing price of around 875k.

That's the only time you'll see a price drop.
This is also happening. With the interest rate hikes and other uncertainties, sellers are getting aggressive with the increased prices to make a profit.
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post 1658068403 03-16-2022, 07:45 PM
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#42
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just lol at no one hedging for inflation

property is a great inflation hedge. and also a defence against homelessness, which i hope to never experience ever (only slept outside once due to choice) and i'm sure no one wants to experience such a thing especially in this cucked generation
post 1658068523 03-16-2022, 07:49 PM
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#43
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Originally Posted By r32gojirra⏩
Holding cash?

U wot m8
Not holding the cash but having the cash to invest and live off the historic 8-10% long term gains rather than having it tied up in a rental.
post 1658068743 03-16-2022, 07:53 PM
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#44
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Originally Posted By SaltyDog920⏩
Not holding the cash but having the cash to invest and live off the historic 8-10% long term gains rather than having it tied up in a rental.
You realise that:

a) so far unrealised capital gains are untaxed and
b) generally speaking banks will provide leverage of at least 4:1 on a residential property purchase thereby multiplying the headline increase in capital value; and
c) retirees generally tend to value low risk over high return?
post 1658069143 03-16-2022, 08:03 PM
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#45
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Time to start an OF ****s
marketing for life
post 1658070353 03-16-2022, 08:32 PM
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#46
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Originally Posted By Sunken⏩
Curious if anyone has recently bought land and built their own. Seems way better then buying now.
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