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Forum » Redditor's house has dropped 600k in value in less than a year (mortgage cells GTFO)
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Thread: Redditor's house has dropped 600k in value in less than a year (mortgage cells GTFO)

post 1675944833 01-27-2023, 10:27 AM
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#61
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Originally Posted By saltypits⏩
Meh. That's life. But his payment will be stable for the next 25 years or whatever. Still better than renting.
No, in this specific situation renting is far better, and it's not close.

I own and think it's often a great investment, in this situation it's terrible.
My ALT is elevated. 75.
post 1675944953 01-27-2023, 10:28 AM
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#62
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Originally Posted By Zere0wn⏩
No, in this specific situation renting is far and away better, and it's not close.
This is what poor dumb people say.
post 1675945003 01-27-2023, 10:30 AM
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#63
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Originally Posted By saltypits⏩
This is what poor dumb people say.
I hope you're trolling and aren't actually this stupid.

I own and think it's often a great investment, in this situation it's terrible.
My ALT is elevated. 75.
post 1675945073 01-27-2023, 10:31 AM
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#64
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Originally Posted By Zere0wn⏩
I hope you're trolling and aren't actually this stupid.

I own and think it's often a great investment, in this situation it's terrible.
He's trapped. What shall he do?
post 1675945233 01-27-2023, 10:33 AM
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#65
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Originally Posted By TheParish⏩
Redditor
Owns a house

Pick one
Maybe house is a Reddit term for basement?
*MFC*
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post 1675945483 01-27-2023, 10:36 AM
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#66
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Originally Posted By saltypits⏩
He's trapped. What shall he do?
One second you're saying "still better than renting", next you're saying "he's trapped"

Confirmed idiot
My ALT is elevated. 75.
post 1675945623 01-27-2023, 10:39 AM
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#67
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Originally Posted By Anachron⏩
Wow, it's almost like real estate is based on location.
False. Its location, location, location.
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post 1675945673 01-27-2023, 10:39 AM
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This is fuking gold.
My wife is already angsty to leave, and is threatening to move back home across the country to her parents since the stress of ownership has been too much.
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
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post 1675946003 01-27-2023, 10:42 AM
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Would need to see interest rate to see how bad a deal he is in.

$1.4M @ 3% vs. $800K @ 7% is only $600 difference a month. And if you can afford an $800K house, then $600 is nothing.
post 1675946103 01-27-2023, 10:45 AM
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Post deleted by user
post 1675946353 01-27-2023, 10:48 AM
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#71
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Originally Posted By Zere0wn⏩
One second you're saying "still better than renting", next you're saying "he's trapped"

Confirmed idiot
The only way you know that "rEnTiNg'S bEtTeR" is due to hindsight.

Do you have a time machine?

Do you suggest he sell? Do you know how loans work?
post 1675947173 01-27-2023, 10:57 AM
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#72
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Originally Posted By akmerle⏩
Would need to see interest rate to see how bad a deal he is in.

$1.4M @ 3% vs. $800K @ 7% is only $600 difference a month. And if you can afford an $800K house, then $600 is nothing.
He's stuck with the $1.4M mortgage and the house probably won't be worth that much again in the next dozen years. While their mortgages will be lower, millions more will be in the same predicament in the next 2 years. Bankruptcy lawyers are going to have a booming business for the rest of the 2020s. 2022 buyers, just LOOL.
Yeah Buddyyy! Light weight! Light weight baby!!!!
post 1675948313 01-27-2023, 11:12 AM
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#73
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Originally Posted By akmerle⏩
Would need to see interest rate to see how bad a deal he is in.

$1.4M @ 3% vs. $800K @ 7% is only $600 difference a month. And if you can afford an $800K house, then $600 is nothing.
depends, alot of these people overleverage themselves to the point they can't weather even the slightest of increases.
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post 1675948683 01-27-2023, 11:16 AM
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#74
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First thing the dude needs to do is get rid of his bitch wife for wanting to jump ship. That will be one less headache for him and open up the house a bit more for himself. Then just continue working and be smart with money to pay it off.
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post 1675948743 01-27-2023, 11:17 AM
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#75
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Houses around me (Philly) continue to sell pretty well. The comps on mine actually keep pushing higher. 300k when I bought and comping at 325K now. Even after this "crash"

Barely anything on the market at a given time, usually gone in 1-2 weeks. Imagining it is location specific and for regular people houses not as influenced
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post 1675948823 01-27-2023, 11:18 AM
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#76
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Then why is my home still worth $250,000 more than I paid for it


Still waiting for the "crash"
*Tolerance is the lube that slides the dildo of dysfunction into the ass of civilized society*

*We didn't deserve snailsrus*

As always: not medical advice but medical opinion crew
post 1675949103 01-27-2023, 11:20 AM
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#77
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Originally Posted By kengriffeyjr24⏩
in 2022 that was the only way to win a bidding war in areas like seattle suburbs (ded srs).
The way to win is to not play the game...

Patience and wait. I had to pay higher than I wished but still got my home 30k under asking in 2021.
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post 1675949293 01-27-2023, 11:24 AM
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#78
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Originally Posted By sooby⏩
depends, alot of these people overleverage themselves to the point they can't weather even the slightest of increases.
It sounds like $1.4m was also the purchase price and not the mortgage amount, the person says their mortgage is over $1m

Not sure about the rules in the US, but a property over $1m here requires a minimum 20% down payment. So these people probably already have about $300k equity in the place and a mortgage somewhere around $1-1.1m


Also not sure what the person on Reddit is talking about with the "I'll be paying this for a decade longer than if I waited", a loan of any value amortized over 25-30 years takes the same amount of time to pay down as any other value amortized over 25-30 years.
post 1675949573 01-27-2023, 11:27 AM
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#79
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Originally Posted By frankdtank20⏩
Mortgage to income ratios hit record highs in mid 2022. Regression to the mean always happens. The question is what that looks like.Few people would have predicted the 10% national drop in prices in the second half of 2022, so predictions about 2023 by major banks are all over the place. Bank of America says two more years of declines, Goldman says just a few more months. It's wild how many people think once in a lifetime mortgage rates from the pandemic are coming back. Without another lab leak it's not happening.
It was very easy to see it coming. All you have to do is watch the Fed.

I don't care what the public press releases from these banks say, they all talk their book. Their buy side understands what the real game is. Housing has been a nationalized market for 15 years and the Fed is the prime mover of it.
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post 1675952803 01-27-2023, 12:08 PM
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Originally Posted By sloppyjoe1⏩
First thing the dude needs to do is get rid of his bitch wife for wanting to jump ship. That will be one less headache for him and open up the house a bit more for himself. Then just continue working and be smart with money to pay it off.
This, a relationship means you get stuck in and work hard when things get difficult, not up sticks to your parents because beta bucks as a kept women isn't 10/10. The sad fact is that he'll get divorce raped if he leaves.
If you can't handle me when I'm incel, you don't deserve me when I'm chad
post 1675953223 01-27-2023, 12:14 PM
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The more I read it, the more it seems to clearly be erotic fiction

ChatGPT probably wrote it
post 1675953743 01-27-2023, 12:20 PM
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#82
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Originally Posted By TBO1313⏩
He paid 1.4 million for a 1500 sq ft house. Who could possibly have seen that coming lol
Yeah, almost 1k/sq foot...

Jeezus - He should be able to personally sue his real estate broke for malfeasance.

How much did this guy put down? If it's not a lot, I would tell him to walk away.
post 1675954443 01-27-2023, 12:28 PM
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#83
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Originally Posted By ChewYourFood⏩
Yeah, almost 1k/sq foot...

Jeezus - He should be able to personally sue his real estate broke for malfeasance.

How much did this guy put down? If it's not a lot, I would tell him to walk away.
It's like $1400/sqr foot in good parts of SF bro
post 1675955053 01-27-2023, 12:37 PM
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#84
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Originally Posted By uselessposmods⏩
It's like $1400/sqr foot in good parts of SF bro
This aint the good part of San Fran....
post 1675955933 01-27-2023, 12:48 PM
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#85
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Originally Posted By FA*******⏩
It was very easy to see it coming. All you have to do is watch the Fed.

I don't care what the public press releases from these banks say, they all talk their book. Their buy side understands what the real game is. Housing has been a nationalized market for 15 years and the Fed is the prime mover of it.
A $1.5 million house with a drop of 10% is still $1.35million. So still expensive.

Is this an apocalypse?
post 1675957983 01-27-2023, 01:20 PM
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Originally Posted By ChewYourFood⏩
Yeah, almost 1k/sq foot...

Jeezus - He should be able to personally sue his real estate broke for malfeasance.

How much did this guy put down? If it's not a lot, I would tell him to walk away.
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.
post 1675958423 01-27-2023, 01:25 PM
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Originally Posted By saltypits⏩
The only way you know that "rEnTiNg'S bEtTeR" is due to hindsight.

Do you have a time machine?

Do you suggest he sell? Do you know how loans work?
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.
My ALT is elevated. 75.
post 1675958763 01-27-2023, 01:29 PM
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#88
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I usually blame the idiots that sign on the line because Im all about personal responsibility...

...BUT the scum bag realtors hold a LOT of the blame. Just about all of them were screaming that the market would never go down and these high prices were the new benchmark. They loved to spout off how many people wanted homes and the inventory was low so the prices would never go down...

Just six months after Biden inflation/rate changes have absolutely decimated the homebuying landscape. Anyone that believed that believed their lies is responsible but the realtors, that have lived through the house market cycles, should be popped in the mouth. They absolutely knew what they were doing...
post 1675959113 01-27-2023, 01:32 PM
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Originally Posted By Anachron⏩
Just LOL @ beavercels, and especially beavercels who got mortgages locked in for only one year, srs.
Probably one of the only times I'd agree with you. Stupid thing is some of these people could have locked in for ten years at 4% but they chose to take 5 years at 2% instead because all they wanted was the low, low payment. Until it comes due.
post 1675959193 01-27-2023, 01:33 PM
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good cause ill just buy them up cheap
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