Despite my trolling on here about mortgagecells, I am willing to entertain buying a home if the price is right and I can get a deal.

Went to an open house in westchester county ny. Top area with highly rated school district. Home is listed for 950k. Interestingly enough it was sold for 800k in 2018 (so not that big of an increase...like 4% IRR or something).

I got there at the end of the open house, and there were FOUR people signed in.......FOUR. This home has also be listed nearly 3 weeks (and counting).

When I was looking at homes last year there would be a line of people out the door to get in. One home I couldn't even park because there were at least 30-40 cars parked on the street outside the home. Insanity.

Again, this is a top area, top schools, very good commute to NYC. Photos of the home were decent and kitchen was newly renovated in last year. It's asking a price thats only 4% IRR from its purchase price in 2018.

On my way out selling agent told me to "Hurry up, because we have an accepted offer ready to go. There's still time to get you offer in, but you need to ACT FAST!" Ok pal, totally believe you.

Market has turned hard and its getting worse every day (ded fkn srs). If you own a home and DO NOT want to live in it for at least the next 10 years, I'd be selling it ASAP before it gets even worse.

Bad for people looking to flip properties.
Good for people who invest in property.

stick to baseball, hoss

what part of my post do you disagree with?

that the market is turning?
https://www.latimes.com/california/s...-are-declining
https://theticker.org/8776/business/...ecutive-month/

that you should be prepared to stay in a home at least 10 years (until cycle turns), otherwise you WILL be selling at a potential loss?

lots of people buy homes with the expectation they can sell in a few years (buying a small home with a growing family, buying in a bad school district and hoping to sell before kids start school etc). I think these people need to get out asap otherwise they will be stuck a decade plus.

Are you the real Ken Griffey Jr.?

actually agree with this. i'm a bag holder from 2008 so alot of this rings true.

I could die in this house Ken, it's got everything I need, and it would sell for over 50% more than I paid for it 7 years ago. I'm also 3+ years into a refinanced 15 year mortgage at 2.65%.

You think I should sell, and take out a 7% mortgage on a 30 year to live somewhere else?

Why would you sell? Just buy the dip

Sample size 1

part in bold is likely not true anymore

but if you love the home and never want to move (and have a good job), then you are fine.

all the realtors I work with tell me its really bad out there.

mortgage officers are getting laid off en masse. its not just me seeing this.

Ususally the interest rate adjustments are not so severe (3.5 to 7) in such a short period of time, the speed lately is no bueno!

We all know the market had to burst..... with crazy bidding wars, overpaying for mediocre properties, and short list periods.

It was artificial and unsustainable.

No, most people dont buy homes with the expectation that they would sell in a few years.

Rentcel attending open houses pretending he’s in a position to buy

Lmao

You can’t make this stuff up

I wonder if this end-of-the-month fantasy is common among rentcucks

Would not surprise me at all if this was correct. But it's a good thing, there's way too many of both of these professions, especially since both of them are actually unnecessary anymore. Anyone who pays 5% to somebody to sell their house is an idiot.

Lol'd

On top of that shows a bank account worth a third of the home hes looking at, also stating hes going to pay cash for said home. So why are you looking at homes that are more than you have?? Waste of time.

Happy to pay rent when buying would cost me over twice as much per month for the same place. My rent has gone up 4% in four years.

I make 37.5k a month. you think I cant buy a 950k home if i wanted. just lol!

Since you're so obsessed with people from Canada you should know that it's almost impossible to evict anyone here.

baseball pensions PAY THAT????

You CEO'in? $10k A day?

i never said i was ready to buy all cash RIGHT NOW. in a fews years yes.

im more than happy to get into a mortgage right now at a price i like. otherwise, happy to keep renting, saving, and be an all cash buyer later.

Lmao at your knowledge. Leases don't even end here technically, once the initial term is over it goes month to month for as long as you want. Currently our landlord tenant board is backed up about 8-10 months, so even if your landlord wanted to evict you they can't until they get a hearing.

Educate yourself sometime instead of sitting in your basement posting about beavercels and rentcels.

See, this is where you fuked up, should have gone with a more reasonable number.

Feel free to show me proof of the laws up here since you're so knowledgeable sitting in your parents' basement.

Hey look, asked to provide proof for your chit talking and can't. You might want to stop talking out of your ass once in a while.

Ive said this before, I make 225k base and about 100% cash bonus (total comp of 450k).

Its not pure 37.5k cash flow but end of year spread out its 37.5k a month.

Im up for a raise end of year to 275k base and 275k bonus.

and no im not 10k a day ceoin because ny rapes me on taxes and salads are like 30 dollars here for lunch (after tax). Id rather earn 200k in idaho.

Sounds iffey there Ken

this keeps up I'll buy my first investment property