Forum
»
Redditor's house has dropped 600k in value in less than a year (mortgage cells GTFO)
01-27-2023, 01:49 PM
-
#91
The market is correcting itself. Non-retards know this would happen. It worked out for some and not for most. My house still doubled in value. In 2 years, I will sell and move to buy another house or rent it out and still buy another house. Either way, I'm in a good place.
**Texas Crew**
**Ultra MAGA Crew**
**Pure Blood Crew**
**Dallas Cowboys Fan Crew**
01-27-2023, 02:11 PM
-
#92
- Jms89
- Oh, i like that
-
- Jms89
- Oh, i like that
- Join Date: May 2012
- Location: United States
- Age: 37
- Posts: 13,070
- Rep Power: 42129
-
-
Yea well, when you buy at the top of a bull market you're going to have a bad bad time. Your mortgage rate doesn't mean CHIT which was the huge problem... brb
OMG i gotta get a place before these rates SKYROCKET
no dummy, you wait for rates to skyrocket, the market to plunge, then you go in and get houses that WERE selling for 950k for half off or better... Do the math on a house worth 940K on a 30 year mortgage at 3% versus a house that is now 400k on a 7% rate....
People are so fuking stupid. You should have to take an IQ test to buy assets... this is why there is such a thing as "accredited" investments that you can ONLY buy if you have a high net worth....keeps the normies out. Cash is king in a down market... scoop up a few houses that go in half because the uneducated middle class idiots can't afford them anymore, put money down on all of them, finance the rest, and rent them back to said dummies for more than their mortgage used to be. Just fuking LMAO at rentcels.
OMG i gotta get a place before these rates SKYROCKET
no dummy, you wait for rates to skyrocket, the market to plunge, then you go in and get houses that WERE selling for 950k for half off or better... Do the math on a house worth 940K on a 30 year mortgage at 3% versus a house that is now 400k on a 7% rate....
People are so fuking stupid. You should have to take an IQ test to buy assets... this is why there is such a thing as "accredited" investments that you can ONLY buy if you have a high net worth....keeps the normies out. Cash is king in a down market... scoop up a few houses that go in half because the uneducated middle class idiots can't afford them anymore, put money down on all of them, finance the rest, and rent them back to said dummies for more than their mortgage used to be. Just fuking LMAO at rentcels.
This fool's running a Honda 2000
O|||||||O Misc Jeep Crew O|||||||O
30 Year Old Boomer Crew
Just lol at officels *Tradie Crew*
Grumpy Old Married Guy Crew
01-27-2023, 02:11 PM
-
#93
- amerikansjc
- Registered User
-
- amerikansjc
- Registered User
- Join Date: Dec 2011
- Age: 37
- Posts: 2,773
- Rep Power: 10923
-
-
I bought a place a few months ago in Europe... got it for around 200k cheaper than comps because it had document issues up the a$$ and took 6 months to close on.... interestingly enough prices keep going up because apparently ton of Ukrainian tech industry peeps relocated here along with their busissness... honestly don't really give a fuark if it does drop, I'm never selling it just added it to my real estate holdings I'll be giving to my kids. That being said before we bought this I gave an offer for full asking on a place in siesta key Florida with cash... it ended up selling for 500k over asking, would hate to be those people and really dodged a bullet. I have friends that have been trying to sell their house for 3 months now below zestimate and he told me they've had 2 people look at it and no offers.
01-27-2023, 02:19 PM
-
#94
- GerbilFarmer
- Platinum Account
-
- GerbilFarmer
- Platinum Account
- Join Date: Apr 2011
- Age: 34
- Posts: 8,853
- Rep Power: 33743
-
-
I bought a house in 2022, but don’t plan on ever moving and we can afford it now or if we even made less…
People who thought houses would continue up like they were are dumb. Prices won’t stay down forever, but they WILL go down. Over time the prices will creep back up like they always do.
At the end of the day I’d hate to be a rentcels… oof landlord wants your payment next week. He wants to get some Pepsi and a hooker with your money while the cockroaches keep you warm in your apartment lmao….
People who thought houses would continue up like they were are dumb. Prices won’t stay down forever, but they WILL go down. Over time the prices will creep back up like they always do.
At the end of the day I’d hate to be a rentcels… oof landlord wants your payment next week. He wants to get some Pepsi and a hooker with your money while the cockroaches keep you warm in your apartment lmao….
Pronouns: Bro/Brah
/\^/\^Misc Colorado Crew^/\^/\
01-27-2023, 02:19 PM
-
#95
- NitrogenWidget
- Join Date: Dec 2010
- Location: United States
- Posts: 43,261
- Subscribers: 1
- Rep Power: 349299
-
-
Originally Posted By Zere0wn⏩
no the idiot's are the people who overpaid for a house in 2022.One second you're saying "still better than renting", next you're saying "he's trapped"
Confirmed idiot
Confirmed idiot
and only those idiots.
01-27-2023, 02:21 PM
-
#96
- NitrogenWidget
- Join Date: Dec 2010
- Location: United States
- Posts: 43,261
- Subscribers: 1
- Rep Power: 349299
-
-
Originally Posted By zknarc⏩
in NY debt is split at divorce time.This is fuking gold.
Wife ready to up sticks due to "stress of ownership" when this tech-cel was likey put up most of the money and is dealing with all of the house issues.
LMAOOOO
Wife ready to up sticks due to "stress of ownership" when this tech-cel was likey put up most of the money and is dealing with all of the house issues.
LMAOOOO
which sucks for the dumb kents who think it's a good idea to run up their husbands credit cards before dropping the news they are bailing.
01-27-2023, 02:24 PM
-
#97
- Guyfawkes1010
- Remember the 5th of Nov
-
- Guyfawkes1010
- Remember the 5th of Nov
- Join Date: Aug 2022
- Posts: 4,630
- Rep Power: 11544
-
-
Originally Posted By Zere0wn⏩
You werent smart enough to get a 2.75% interest rate like me though.They bought a house on FOMO, without inspecting, that they didn't even like, without any experience with houses, during an unprecedented spike in real estate costs. Any moron can see renting would have been better, without even considering the financials of the situation.
Signed, 3.25% 30-year mortgage home owner.
Some of us are smart enough to see in some situations buying is better and in other situations renting is better.
Signed, 3.25% 30-year mortgage home owner.
Some of us are smart enough to see in some situations buying is better and in other situations renting is better.
01-27-2023, 02:25 PM
-
#98
01-27-2023, 02:30 PM
-
#99
01-27-2023, 02:44 PM
-
#100
- WoofieNugget
- Join Date: Jun 2010
- Age: 51
- Posts: 24,118
- Rep Power: 109783
-
-
Originally Posted By Anachron⏩
People were overpaying massively for houses since 2020 and a ton of people got variable rate mortgages before that because they saved 1/2 a percent. Those are the people who have already hit their threshold amounts.5 year terms are not going to be up next year though, so no idea where you are coming from now.
01-28-2023, 07:54 AM
-
#101
- FlexLex
- Registered User
-
- FlexLex
- Registered User
- Join Date: Apr 2010
- Location: New Jersey, United States
- Age: 35
- Posts: 12,399
- Rep Power: 38867
-
-
Originally Posted By Jms89⏩
Disagree firmly.Yea well, when you buy at the top of a bull market you're going to have a bad bad time. Your mortgage rate doesn't mean CHIT which was the huge problem... brb
OMG i gotta get a place before these rates SKYROCKET
no dummy, you wait for rates to skyrocket, the market to plunge, then you go in and get houses that WERE selling for 950k for half off or better... Do the math on a house worth 940K on a 30 year mortgage at 3% versus a house that is now 400k on a 7% rate....
People are so fuking stupid. You should have to take an IQ test to buy assets... this is why there is such a thing as "accredited" investments that you can ONLY buy if you have a high net worth....keeps the normies out. Cash is king in a down market... scoop up a few houses that go in half because the uneducated middle class idiots can't afford them anymore, put money down on all of them, finance the rest, and rent them back to said dummies for more than their mortgage used to be. Just fuking LMAO at rentcels.
OMG i gotta get a place before these rates SKYROCKET
no dummy, you wait for rates to skyrocket, the market to plunge, then you go in and get houses that WERE selling for 950k for half off or better... Do the math on a house worth 940K on a 30 year mortgage at 3% versus a house that is now 400k on a 7% rate....
People are so fuking stupid. You should have to take an IQ test to buy assets... this is why there is such a thing as "accredited" investments that you can ONLY buy if you have a high net worth....keeps the normies out. Cash is king in a down market... scoop up a few houses that go in half because the uneducated middle class idiots can't afford them anymore, put money down on all of them, finance the rest, and rent them back to said dummies for more than their mortgage used to be. Just fuking LMAO at rentcels.
You need a mass of stupid people in the market in order for you to make money.
Economics is a curved test--- the worse other people do, the more opportunity there is for you to do better.
Phila crew
Healthcare Crew
01-28-2023, 08:00 AM
-
#102
01-28-2023, 08:50 AM
-
#103
- WoofieNugget
- Join Date: Jun 2010
- Age: 51
- Posts: 24,118
- Rep Power: 109783
-
-
Originally Posted By TryingMen⏩
There's a simple formula called the 5% rule that tells you if it's worth it to buy versus renting financially. It hasn't been worth buying versus renting in my city since about 2018.Not even gonna lie I'd rather be a rentcel than pay for what some of these sh*tty houses are asking for these days
LMAO at $800k for a 1500 sq ft sh*t hole.. let alone 1.4 mil? WTF? These people deserve it.
LMAO at $800k for a 1500 sq ft sh*t hole.. let alone 1.4 mil? WTF? These people deserve it.
I'm about to move into a massive house that if purchased at current rates the carrying costs would be more than double what I'm paying in rent.
01-28-2023, 08:58 AM
-
#104
01-28-2023, 09:00 AM
-
#105
- keyboardworkout
- ChatGPT4.5 Bot
-
- keyboardworkout
- ChatGPT4.5 Bot
- Join Date: Jul 2009
- Posts: 36,953
- Rep Power: 416934
-
-
I sold my paid off house in 2021 for more than twice what I paid for it and became a rentcell. I'll buy again late this year or early next year.
Just lol at buying in 2021 or 2022.
Just lol at buying in 2021 or 2022.
▪█─────█▪ Equipment Crew #53 ▪█─────█▪
^^^^^^^ 6' 6" and Over Crew ^^^^^^^
------------- No Vax Crew ----------------
01-28-2023, 09:03 AM
-
#106
- gycraig
- Registered User
-
- gycraig
- Registered User
- Join Date: Nov 2008
- Age: 35
- Posts: 1,096
- Rep Power: 1679
-
-
Originally Posted By WoofieNugget⏩
At current interest rates such a small percentage of my mortgage is paying off the property vs interest that I may as well be renting it.There's a simple formula called the 5% rule that tells you if it's worth it to buy versus renting financially. It hasn't been worth buying versus renting in my city since about 2018.
I'm about to move into a massive house that if purchased at current rates the carrying costs would be more than double what I'm paying in rent.
I'm about to move into a massive house that if purchased at current rates the carrying costs would be more than double what I'm paying in rent.
01-28-2023, 10:02 AM
-
#107
People confuse intelligence with financial success.
Most rich people got rich taking risks that a highly intelligent person would’ve probably never taken.
Ironically, some of the smartest people in society are tradies, these people need to problem solve all day long, that is sign of true intelligence.
Most rich people got rich taking risks that a highly intelligent person would’ve probably never taken.
Ironically, some of the smartest people in society are tradies, these people need to problem solve all day long, that is sign of true intelligence.
300 Forever
01-28-2023, 10:12 AM
-
#108
01-28-2023, 10:50 AM
-
#109
- Destor
- Registered User
-
- Destor
- Registered User
- Join Date: Apr 2012
- Location: Alberta, Canada
- Age: 41
- Posts: 43,481
- Rep Power: 254906
-
-
Originally Posted By WoofieNugget⏩
I think you're slightly exaggerating the risks here and downplaying the risks south of the border.Real estate agents are one step above used car salesmen, but for some reason people seem to think they are legit and won't rip people off for a buck. That agent made about 20k more on that sale than he should have so he DGAF.
There's a lot of people in this boat all over North America. At least in the US you have people who locked in for 20 years at a low rate, up here mortgage renewals are all coming due and some people are looking down a barrel at $1000 a month more in payments or giving up paying anything but interest entirely. So you're renting from a bank but still have to pay property taxes and maintenance. Great deal.
There's a lot of people in this boat all over North America. At least in the US you have people who locked in for 20 years at a low rate, up here mortgage renewals are all coming due and some people are looking down a barrel at $1000 a month more in payments or giving up paying anything but interest entirely. So you're renting from a bank but still have to pay property taxes and maintenance. Great deal.
-Anyone who is renewing now was stress-tested against higher rates and given a mortgage significantly below what their borrowing capacity would have been.
-There are other options when renewing, like increasing the amortization period to offset higher rates. When rates come down, you can rejig things again.
-Rates in Canada with this system are generally lower than rates in the US. My one mortgage is locked in at 1.89% until 2026. The house that I bought last year was locked in at 3.89% until 2027.
The BoC knew what was coming, hence the stress-testing to mitigate risks.
That said, the high-flying areas in BC and Ontario need to come down hugely before they'd be even remotely reasonable. People should come to Alberta where real estate is comparatively affordable, incomes are high, and taxes are low.
01-28-2023, 11:24 AM
-
#110
- Destor
- Registered User
-
- Destor
- Registered User
- Join Date: Apr 2012
- Location: Alberta, Canada
- Age: 41
- Posts: 43,481
- Rep Power: 254906
-
-
Originally Posted By MiscMathematician⏩
You don't have to negotiate at the end of a fixed rate term here, you can always just stick with your current lender and take whatever rate they offer for renewal.when you say locked in it's a farce. you effectively have ARMs like in the US and the additional irritation of having to renegotiate.
And no, there are also variable-rate mortgages in Canada and there are a few key differences between them and fixed-rate mortgages (typically locked in for 5 years).
01-28-2023, 11:31 AM
-
#111
- TulsiAdmirer
- Banned
-
- TulsiAdmirer
- Banned
- Join Date: Jan 2023
- Posts: 266
- Rep Power: 0
-
-
You can calculate whether renting or buying is worth it via geometric series. But you cannot anticipate how the interest rates or house prices will change over time. It is a difficult thing to quantify and relies on some estimates. There is no clearcut answer that renting or buying is better. It depends on the situation, your estimates about the market and rates, and your own expected returns on other investments.
01-28-2023, 11:35 AM
-
#112
- Destor
- Registered User
-
- Destor
- Registered User
- Join Date: Apr 2012
- Location: Alberta, Canada
- Age: 41
- Posts: 43,481
- Rep Power: 254906
-
-
Originally Posted By MiscMathematician⏩
Yup generally the rates are locked in for five years at a time, and they can go either up or down at renewal. I built a house in 2015, original rate was like 2.79% or something, renewed in 2021 at 1.89%.in either case, the rate of your mortgage is adjusted
You can lock rates in for 25 years in the US, but your rates are also typically higher. I have a couple friends who are sitting on 1.49% here.
01-28-2023, 11:44 AM
-
#113
- Destor
- Registered User
-
- Destor
- Registered User
- Join Date: Apr 2012
- Location: Alberta, Canada
- Age: 41
- Posts: 43,481
- Rep Power: 254906
-
-
Originally Posted By MiscMathematician⏩
Nah you just get a new ratedo Canadians pay closing costs on renewals?
When the renewal is approaching, you receive a letter from your current lender with an offered renewal rate and it auto-renews (IIRC) if you don't respond. But you can shop around, change lenders, look for better rates, there are no fees associated with it.
01-28-2023, 11:51 AM
-
#114
- Destor
- Registered User
-
- Destor
- Registered User
- Join Date: Apr 2012
- Location: Alberta, Canada
- Age: 41
- Posts: 43,481
- Rep Power: 254906
-
-
Originally Posted By Anachron⏩
Yeah no clue what those terms are, I've renewed once so far and changed lenders in doing itDude, you really need to brush up on how it works.
And I would look at what the auto-renewal terms are - you don't want it to auto renew, ever.
And I would look at what the auto-renewal terms are - you don't want it to auto renew, ever.
just trying to give a rough idea of how it works
01-28-2023, 12:06 PM
-
#115
I'm a rent-cel but my question is this-if he could afford a mortgage on a million bucks before, why is it suddenly a problem when the house takes a dump in value? When/if I get a house it's gonna be something I can afford. $300k one day, $150k the next it shouldn't matter. If there's a question of whether you're gonna move on 5 years just fukking rent LMAO.
-Virtue is its own reward
-Survived misc outage 2022 crew
-My old username (Johnez) did not survive outage :-(
01-28-2023, 12:09 PM
-
#116
01-28-2023, 12:38 PM
-
#117
- GreatReset1
- Biden's America 🤡
-
- GreatReset1
- Biden's America 🤡
- Join Date: Apr 2021
- Posts: 897
- Rep Power: 14335
-
-
I am so happy this is happening to him.
He deserves this 100%.
Biden's America.
He deserves this 100%.
Biden's America.
Bookmarks
-
- Digg
-
- del.icio.us
-
- StumbleUpon
-
-
Posting Permissions
- You may not post new threads
- You may not post replies
- You may not post attachments
- You may not edit your posts