The housing market apocalypse has started. How will idiots who just bought cope when their homes will be worth 30% less soon?
The housing market apocalypse has started. How will idiots who just bought cope when their homes will be worth 30% less soon?
I can't fricking wait. There are multiple cases on my street of tard millennials doing things like paying $960K for a house that last sold 4 years ago for $615K.
And tard boomers have been listing houses that should be $700K tops for like $950K and have already had to drop the price multiple times, still haven't sold. The tides have definitely turned, and it's only going to get better as we draw further into our Biden recession and shit.
But hey at least they "locked in" their 3% rate :^)
Those idiots are about to get burned.
In a few more months all the buyers who are still holding onto those locked in 4-5 rates will be no more and thing will really drop quickly.
How much did your rent go up this year? Don't further to tip your landlord
Rents are also falling as we speak, every single day. They are tied into the housing market if you didn't know.
Need some hard data.
if you want to watch it live
just go pick an apartment complex with places to rent, and watch the price come down every few days
Doubt. The apartment I paid $2100/month at in 2021 has the same floor plan starting at $2800/month right now.
i have not heard a single thing about rent falling. i don't think that's how it works
Rents going up chump
T. Landlord
Retail Randys like you will get flushed so fricking hard when real estate drops. The big players are unloading, and you will hold ze bags
dotr soon, leaf
price drop in 2 more weeks!
Leafs don't have fixed interest rates, in fact most of the world doesn't.
That's not how it works. Rent may stabilize but it never goes down.
>My rental property may be empty but it's worth 3k a month!
Hahahahahahahahahahahahahahahaha
lol no.
House price may fall but that’s because interest rates are going up. The monthly payment is staying the same. Rent is not going down you moron.
It literally didn't.
BUT the ~~*owner*~~ did try to extremely israelily scam us into buying the house in an npc fear rush. It went like this:
>submit lease renewal to property management company in early March (lease term is May to May)
>ESL foreigner frick property manager comes back in late March saying "the owner wants to sell house and wants to know if you interested"
>we take this as the owner intending NOT to renew the lease but rather just sell the house
>we say OK, sure, we like the house, let's talk
>we get the house inspected as a matter of course for this stuff
>~~*owner*~~ chimps out, "OY VEY IM NOT EVEN SURE IT WAS LEGAL FOR YOU TO GET MY HOUSE INSPECTED. IN TODAY'S HOT MARKET THIS IS A BARGAINING POINT, YOU HAD NO RIGHT. WE SHOULD ONLY TALK THROUGH REALTORS NOW"
>~~*owner*~~ gets her friend small-time literal who """realtor""" to come over and give the fricking hammiest show I've ever seen fawning and gushing over this mediocre mid-1980s house that hasn't had any renovations or anything and is worth at best like 700K (we live in a globohomosexual area sadly) with inflated prices
>eventually get a "Yeah, so we were gonna list it for 870K but our special price for you is 850K :^*~~"
>tell them to frick off. Overpriced for one, and everything has been pretty shady and pressured about this in general for two
>we're in a panic looking for a new place to live on such short notice
>get suspicious about this whole situation, so bypass ESL property manager and call her department manager, call various directors, call the CEO of the company, straight up visit their physical office (everyone was hard to get hold of) etc. until eventually getting an email from the director of leasing
>the fricking lease renewal was signed AND ratified in March and there was never any danger of the lease being not renewed
>haven't heard shit since about the ~~*owner*~~ wanting to sell the house to us or anyone
Anyone have the GIF where he goes Saiyan?
Jokes on you. I live with my mom.
I moved in fall of 2020 and my landlord hasn't increased the rent.
We have folks who haven't had a rent increase in 4 years. We went up basically $50 on everybody but rent really goes up when you move out.
I'm happy for you to stay there a bit below market rate and not lose the money repairing and sitting empty with god knows who is going to walk through the door.
I think that will end with increased corporate ownership.
>I can't fricking wait. There are multiple cases on my street of tard millennials doing things like paying $960K for a house that last sold 4 years ago for $615K.
$960k at 2.5% is the same monthly payment as $615k at 6%. Except they're not going to drop that much. Everyone who bought in 2020-2021 has won. Sorry if you're priced out bro
>Sorry if you're priced out bro
If there's one thing I've learned from PrepHole it's that whenever someone says you're "priced out", a crash is coming.
lmao that really is the winning strategy
>always do the opposite of whatever PrepHole says
According to biz from 2021, bitcoin is supposed to have been $100,000 at the start of this year. And they still keep thinking the line will just keep going up.
Massive cope. Can’t refi the principal chief.
>Except they're not going to drop that much.
top kek you're fricked
>Being $300k underwater doesn't matter because, it just doesn't okay
Why?
Because you're paying almost a million dollars for an asset that's only worth $600k. The monthly payment doesn't matter. I'll happily sell you nothing for the same monthly payment as you have now since it's the same thing either way.
>But hey at least they "locked in" their 3% rate
Why are you quoting "locked in?"
Most of the issues withe 2008 down turn was from idiots that took variable rate loans.
Almost all loans are fixed rate now
Where are my underwater sisters at!?
>Almost all loans are fixed rate now
That'll matter a lot with a 12% unemployment rate and you can't sell your house to move where there's any jobs without having to pay 200k out of pocket on your underwater loan.
Yep. It wont be as bad as 2008 probably but many people are still going to get fricked
You don't get it.
The variable rate loans royally fricked people up. Since their mortgages now cost like $600 more a months then they got fired.
If you didn't borrow too much for your house, then you can get by working shitty jobs to pay your fixed rate mortgage.
Hi. I heard you're unaware that lenders were qualifying people for loans where the mortgage was 60% of their take home and with a 5% down payment.
Great interest rates tho!
There is a lot of money in variable rate loans but most are jumbo loans. Smaller investors & maybe folks in very HCOL areas are the ones who'll have a problem. Not the average homeowner.
>Paseo Blvd.
Yikes, no thanks.
All of Texas is a giant shit hole.
>I'm an actual realtor and rental investor.
So you're a financial moron that passed an online test? Cool.
At least I'm not using fricking zillow to verify housing trends.
I can see half the state on my mls and know exactly whats selling and for how much. In my podunk little area, shit that was for sale for 18k is still selling at 87k.
>Places are still selling at over value
I know. And they're selling multiple times. Why can't they close escrow!?
Things are still safe and effective right!?
Nope, closed and recorded.
I'm sorry your zillow doesn't keep better records from what they steal from us braindead realtors.
Keep hope alive, bro.
If only reality matched your cope.
What's this graph mean? Is it bad?
That people were overpricing their shit.
This graph doesnt say by how much or any relation to even tax value.
Overpriced and non-updated shit isnt getting snatched up as fast because less people are able to get mortgages.
Homes are still being purchased by investors before they sit on the market very long.
Show me a days on market or % above tax value if you want it to mean something. Heck, even how much of a price decrease could work.
>Confirmed illiterate
Not really surprising for a realtor
See
Aka OP.
What a beautiful self-own though. Your friends and family called you dumb for being a realtor. They were wrong. You're actually a moron.
Confirmed homosexual who still doesn't understand overpriced homes dropping their price is meaningless and that this is not a housing "Armageddon".
I've said prices aren't going anywhere and your "own" says "returning to normal".
Not in Canada, they're probably going to blow up the way we did in 2008.
>Most of the issues withe 2008 down turn was from idiots that took variable rate loans.
Wrong you idiot. The problem was that government was offering guarantees to banks who would approve loans for high risk people. Aka Black folk and Mexicans. And then they were picachu face when Black folk and Mexicans couldn’t pay the shit and government had to bail out banks as part of the deal. Banks were left with free homes that they let sit until the artificial low supply caused the next uptick in house prices.
Wrong. It had to do with how they were bundling high rated mortgages with low rated mortgages which had higher default rates and sold the cash flow bundles as if they were all A+ credit. It’s been a long time since 2008, it would benefit you to learn what happened
All the cash buyers you heard about mostly got that cash by buying it with margin using other assets as collateral
>image
Read Ross Douthat's "Age of Decadence." Technological and cultural innovation has stalled so nobody knows where to put their money. Lots of capital piled up looking for a place to go makes fertile ground for even the most obvious con artists. It's more than an economic problem, it's a civilizational problem.
That's what happens when you stop investing in technology. People that made money think civilization has made "enough" technological progress.
Then 10 years on, they are caught with their pants down because they have nothing new in the pipeline. Many such cases in various industries. It happened to AMD. It happened to Intel. Not all companies recover from a lack of research investments.
You absolutely can never stop investing in technology research... even when you're riding high in your, temporarily, latest and greatest thing.
The best companies always push to make the best products.
This confirms it, Reminiscences of a Stock Operator is the best investment book of all time. It is as relevant today as it was during its first print.
>that screencap
How is this any better? Now you got 100 million people with their finger on the BUY NOW button which means houses will be even MORE UNAVAILBLE Than before
This is what's got me nervous. I'm ready to "settle down" but I'm not sure I have the down payment or the income to outbid all the DINK's, investment firms, rent goblins, and just generally more successful people to get a place I'll really want
Only 5% of Americans can actually afford this real estate market. Everyone else was borrowing free money. Just wait.
Hold cash, be safe in bonds, or risk it commodities. But wait.
> hold cash while inflation skyrockets.
You are one moronic Hispanic you really are.
Cash is getting burned the least compared to stocks Bitcoin reits and everything else right now.
It's bleeding slower than everything else.
Better to take a 10% loss than a >20% loss.
>Hold cash, be safe in bonds, or risk it commodities. But wait.
Are you an actual moron or just incapable of reading an entire sentence before replying?
All three options are fricking stupid and only a shit for brains mutt like you would not know it.
For instance, if inflation is 10%, and a bond is like 2.3% interest, then you are losing money Black person.
Holding cash when inflation is peaking is fricking stupid.
Holding commodities is not 'waiting' in the sense the assets can be liquidated.. your 2 weeks until I can afford to be an adult meme will never coom.
>Holding cash when inflation is peaking is fricking stupid.
Unless the israelites usher in an era of deflation (hint like they've done every time the control central banks after inflation currency), most people don't have cash to pay for things and then asset prices plummet.
How much 'money' just disappeared and ceased to be in existence during 2007-2008?
>Da Joos will make the magic money disappear.
Grow up child
Hello israelite.
Nice argument and great answer to my question.
Good to see that you are living up to your peoples predictable intellectual capacity.
Those are your only options. Or you're looking at a 20% loss + inflation.
I'm not sure what planet you're from, but there are no safe investments in 2022 where you make a positive return over inflation.
Pretty much only housing, and you could have had to have bought it a year or more ago. Everything else is fricked. Cash and ibonds are the best thing right now. People are stupid as frick to leave their money in SPY thinking it's gonna last through inflation
During a normal year real estate returns 4%. 2021 was the black swan event with 40% return, even beating tech by 6%. Real estate is a terribly bad investment right now.
*would have bought it more than a year ago
NVM. Yes. You're right.
It'll take a few years to unfrick the free money craze on pricing.
Some of this is right, but some of this is wrong, like his weird obsession with EV's, which is a going trope around here with morons.
EVs will win, because of one single feature:
They accelerate way better at the traffic lights.
>should be 700k
Even that is WAY overvalued. There's no reason a house should be more than 200k
I'm keking at every doubting Michael Burry. People were saying he's called all these downturns and none have happened, but he was in all long positions until very recently where he's now started shorting. It's over. He's the gigautist of all the autists.
Burry is always early.
If you waited a year then made the same moves he did, you'd make an absolute killing
In fairness, Burry made the bet based on loan default rates.The reason he was so early was because of fraud in credit rating agencies.
Right, Burry's mistake is being too optimistic about the ethical behavior of the finance industry. They will lie, cheat and steal long enough to bankrupt the people who bet against them early.
So what? They will still be able to afford the home and have a super low interest rate.
>So what? They will still be able to afford the home and have a super low interest rate.
I don't get what he is sneering about. Sounds like the laugh was on him for not buying.
Like you pointed out, so long as they are locked in, who cares? The money supply is going to inflate which means they pay off the house in inflated dollars instead.
I'm thinking Mr. Renter is 2nd guessing his decisions and a little judgmental as a result.
Too funny. A renter is complaining about people taking the risk to own.
You should be very careful. You could find yourself living in the banks home and they want you gone asap. Better perk up to why guy was trying to sell, or does laughing at neighbors take up too much of your time?
You have to take into consideration the interst expense during ownership. That's why house prices surge with low rates
When you get an ultra low interest rate on your mortgage you will pay more upfront because over the course of your loan you will pay less. It also has a dramatic effect on the monthly payment
So if those people are not intending to sell soon, they will be fine, if they had to rebuy now, the upfront might be cheaper but the interest rate has surged from 2.3% to 6% over the last year of so had the fed rolls back it's QE
You buy when property itself is cheapest due to sky high rates, then refinance the debt at the low rate.
This is the way.
Only morons getting fleeced by used car salesmen focus on monthly payments -- you'll notice car dealers ALWAYS try to make the discussion about the monthly. Any financial patrician knows its about the total principal of the loan.
Even if rates were 0%, a 1 million dollar loan is still a 1 million dollar loan. And plenty of idiots went out and got them, getting hoodwinked into thinking it was the right thing to do because rates were low.
Federal reserve is commited to rape hikes until employees no longer have wage bargaining power through unemployment. They are going to rape hike then take them back to zero when the EU debt bubble pops next year
>Rape hikes
Kek. Unfortunately, this is exactly right. They don’t care about anything but the protection of elites. “Inflation” merely means the underclass managed to get some of that printed money used to prop up the elites.
>quoting star wars unironically
That heckin' '''''wise''''' saying is meaningless, lame and gay.
Also, your post is completely wrong. The rich are getting richer because they understand a billion dollar loan at 1% is literally free money if the assets they buy with it can return 1.1% a year.
Britanon's are killing it in this thread. No idea why so many people still don't understand how debt works
The super rich get richer because they are the house. The laws are passed for their benefit, and they (or their financial advisers) get price-sensitive information before it is released. Oh, and also the can move the market in their favour if need be.
>green line will go up FOREVER goy, why would it not?
I fricking hate you israelites with a firey passion
Rentcucks will always pay a premium over mortgage rates.
>Even if rates were 0%, a 1 million dollar loan is still a 1 million dollar loan
This is why you'll never be rich, right here
Yet, he'll still blame the Black folk and the israelites, as is tradition.
>Even if rates were 0%, a 1 million dollar loan is still a 1 million dollar loan
Lmao this moron monkey Black person
That isn't how it works at all moron.
When a home is sold for a larger price the profits go to the home owner not to some lender. The lenders are not going around telling people to sell their homes for higher prices so that they can earn more interest profits from their loans.
Only buy. Never rent. These israelites are trying to use housing as a cash cow.
I can always afford my mortgage payment. My house's value could drop by 75% and I wouldn't care.
It's always cheaper than renting.
Good. No respect for residential real estate investments.
Resorts are fine.
I'm coping pretty fine since my mortgage won't go to with inflation but your rent will
Depends on the market. Not every market is an Austin or Pheonix. But houses longer on the market can definitely lead to better negotiations and more favorable outcomes for the buyer. That's what I'm hoping for.
It'll happen. Rates will get to and eventually exceed 6%, we're headed into a literal recession with no reversal in sight thanks to the build back better shit, gas isn't going to stop rising, power and food will become much harder to afford, etc.
Meanwhile boomers will still list at 2021 prices then panic sell at a huge cope reduction after houses sit for 12+ months
>~ a fifth of the US
>Area
What even is this? Even in Virginia Fairfax isn't Northern Neck isn't Lynchburg, there are massive differences between these places.
This was meant for:
i have like 80k in cash and am planning to move to somewhere in nc/sc/wv/va/ky/tn area. how hard is it to buy a house with cash? i see some fixer uppers for like 30-40k around there.
Not hard
Do the math on what house you would need to buy at a 6% rate vs a 2% rate many people got at the low point in 2021. My $550k house (back in 2021) at 2% would have the same monthly payment as a $340k house at 6%. Assuming you could find a $340k house now, god only knows what that would look like.
Housing is not very price elastic. Its got a couple months delay. Commercial real estate is already tanking and housing will follow.
>Commercial real estate is already tanking
You must be Democrat if you already forgot about the pandemic.
>monthlypaymentlet
NGMI
>monthly cost not total cost
oof
If you're making minimum payments on your house you're a poorgay.
I'm fixed at 2.25% interest.
Given current inflation, why should I attempt to pay back faster?
>paying more money when interest rate is lower than inflation
I could pay my house off right now but I’m not moronic
>interest rate is 1/4th inflation rate
You're the poorgay here
Why in the world would someone pay off a low interest rate loan faster? You need to learn some shit about finance before you comment anon. It isn't just herp derp I do what feels morally good. Look at it this way because you probably don't like banks either. If you pay back $300,000 to pay off your 2.5% loan, the bank will take that $300,000 and turn around and now loan it out at 4.5% This isn't even considering the opportunity cost of you paying $300,000 which was costing you 2.5% per year but could have been earning you 10% per year in the stock market.
Sheds in California go for over half a million these days.
Real estate is local. You have to look at it street by street. Looking at aggregate data is meaningless unless you are a israeli economics professor.
>when their homes will be worth 30% less soon?
I plan to live in my house for a decade at the very least
will most likely rent it out after I get bored
By continuing to live in my home which I purchased to raise my kids in, not as an investment strategy. You disgusting fricking yid
Trips of truth. If you weren't selling soon anyway, then a dip in home value just means you catch a break on property taxes
Hahaha Jesus. This cope. A big fricking asterisk is required.
>*If you can keep your job or afford your mortgage for the next 10 years where you can break even and not sell at a loss
Yes the lender wants their money back even if you sell at a loss
Have you learned fricking nothing from the last 14 years?
Many states have gone away from mill rates. In my state local government levies are set independently from the tax base and the property assessment just determines what proportion of the levy each property pays. So if your assessed value goes down 10% but the average property in the county went down 15%, and the county and school district kept their budgets the same year over year (lol), you’d end up paying roughly 5% more in taxes.
Asset prices going down to adjust for interest rates is NOT a crash. The asset price will have to go down even further than just an adjustment for interest rates to be a real crash. Sure nominally an asset price drop from $400,000 to $300,000 could constitute a crash, but with mortgage rates around 6% that is not a crash as the monthly payment would remain fairly similar.
I know half the board won't understand this, but here goes: this will be nothing like 2008 because everyone now has a low fixed interest rate. 2008 didn't happen solely because of infalted values, that was simply one part of the equation. People making 15K a year were getting loans at 100% of the property value and a teaser rate of 2% or whatever with the idea being "Whatever, the value will increase 20% before the new rate kicks in and then you just refinance, now you have all this equity, life is great." But the morons didn't realize nothing goes in one direction forever, and then nobody could get out of their toxic loans that suddenly jumped to 17%.
The only part of this that exists currently is the inflated values. Yes, you may have paid 700K for a house that shouldn't have gone for even 550. Hell, I sold a house I bought for 350 in 2017 for 592 in Jan of last year. But it doesn't matter because the suckers who bought it from me have a 2.75% fixed rate and their P&I payment will never increase. Yeah, they're stuck there, but who cares if it's your forever house?
For every seller there must be a buyer.
No. I'm moving on to my boat, I'm done with this israelite bullshit.
Black person be livin' on a sunfish
bagholder cope
What if ~25% of all mortgages have a HELOC tied to them and interest rates shoot over 10% while gas and food continue to climb?
Fall behind the HELOC and the house gets foreclosed on, even with a fixed primary mortgage.
HELOCS have become a big problem, but they're not needed to frick the real estate market that normalized 5% down and mortgage payments that are 60% of your take home.
Our 10% AT LEAST unemployment rate in 2023 will do enough.
HELOCS will make the price cuts deeper for sure.
This. If you think housing will keep going down, you’re an idiot. House will keep going up long term. Only people getting fricked are first time home buyers that bought within last couple years. But even they will make out if they are planning on not selling for many moons.
Imagine thinking the crash will be anywhere near 30%, your cash in the bank is worth 10% less due to inflation for a start. You would have to bank on millions of people being repossessed in order to have the 'supply' needed to drive down demand (the main issue which was ramping up prices), most people who have bought are locked in and won't willingly sell for a loss. Also markets are far more regulated than they were in 2008 re. Affordability checks so the chances of a seismic crash happening are slim. Most estimates predict a cooling off / 5% - 10% drop off at worst.
This Britanon gets it. It's crazy how many people here love to talk about 2008, yet have no idea how and why it happened
>Recessions don't lead to unemployment
>I'm special, I'll never be unemployed
>Sure I live paycheck to paycheck, but I can pay my mortgage
>Sure I work remotely from bumfrick nowhere to afford a home, but I'm not worried about remote work drying up during a recession
This and many other great cope hits can be yours for 3 easy payments of $3.99.
newbie
>2 more weeks?
>2 more WEEKS?
>2 MMOORREEE WEEEEKKKKKSS????
Exactly. I lived through the 1980s price crash and it was nothing like 2008 either. It lasted far longer and went much deeper.
>Imagine thinking the crash will be anywhere near 30%
Canada is already down that much.
I guess he bought in the last few years and is trying to convince himself he isn't fricked. The reality is that if you bought a decent property as a home and not an investment, and can afford the repayments, you'll ride the crash.
The answer to how low can it go is always 0.
Reminder that at the height of Japan's late 20th century asset bubble, the few square acres around the imperial palace in Tokyo were valued greater than the entirety of California.
Of course, but in reality you have to live somewhere so it comes down to monthly mortgage repayment (plus other costs) v rent. Even if my equity is zero, if I'm paying less than I would in rent, I'm ahead. Plus a landlord can't tell me to frick off.
I fricking wish
We'll see. The US and UK markets are very different. In quite a lot of US states, if your equity goes underwater, you can just hand the keys back to the bank and walk away from the debt. You can't do that in the UK. My experience is also that Americans are much less emotionally attached to their homes than Bongs, and if they want to sell, will price to sell. Bongs can't get it out of their head that their house is intrinsically worth what it was at the top of the market, and can't accept the fact that it's worth less.
In practice this leads to a crash in property sales rather than prices. Owners sit on overpriced properties and prospective buyers won't pay inflated prices. It takes a while for the forced sales to start the ball rolling, which is when the slow motion price crash starts.
>You would have to bank on millions of people being repossessed in order to have the 'supply' needed to drive down demand (the main issue which was ramping up prices), most people who have bought are locked in and won't willingly sell for a loss
see
I will celebrate because I plan on dying here and building materials will have to follow the housing market and I need a shit ton of lumber and steel.
>Tfw homeowner with no mortgage. >mfw I see some shit about housing prices
The reason no one replied to you is because you’re pathetic and gay
~~*They*~~ know if they don't lower prices. ~~*They*~~ will have a revolution.
>How will idiots who just bought cope when their homes will be worth 30% less soon?
Who cares are you some kind of boomer israelite that treats house as an investment and not a necessity to start a family?
Many families bought a house for WFH now they are called back to the office and then laid off a year later.
This is a cope thread.
Homes are still selling way above where they were valued a few months ago.
Mortgages are tougher to get so sellers can't keep overpricing their turds they never updated.
Properly-priced and updated home are still going quick.
Prices will not fall unless we see massive unemployment and people are forced to sell.
>He doesn't know how to sort by oldest listings
>He thinks the "Zestimate" is still accurate
The recession hasn't even hit unemployment rates yet and we're seeing 10% price cuts anywhere and everywhere you look.
Give it a year or 2 for a bottom.
I'm an actual realtor and rental investor.
I'm telling ya, these prices aren't tanking. Shit is setting for a few days longer but, prices are still crazy high.
I dont have a crystal ball but, prices are right along the growth curve from 2008. We've finally just recovered from the housing crash is all.
Kek. Don't tell me, now is the best time to buy property.
Depends on what's going to happen with interest rates. The fed seems intent to keep driving them up so you need to do the math and decide if an increase of 2% on your rate is more than the potential devaluation on the property.
2% seriously adds up over 30 years so might be a good idea unless you think its overpriced by more than 30%.
I'd hold and wait unless I had to move which is what I'm doing in my new property that increased 25% in a year and a half.
"im a realtor" you mean the biggest scam on the face of the planet? i go train for a weekend and pass a test any moron can pass then I get 6% for selling your home when im really doing jack shit. realtors since they're so brilliant should be billed like a lawyer, 100 a hour and let's see if that adds up to your commission, it won't.
Dont be so butthurt. I did an 8 week course, took state testing, worked 3 years as a provisional and completed an additional 120 hours to be where I am plus, yearly training.
What did you do for your wage job?
I trained for 4 years in a full time job and did approximately 3000 hours of study to pass 12 exams to gain a professional qualification. I also have to do annual CPD.
You try to say I spent a whole weekend and thats it? You counting college or on-the-job training with all them hours?
Hate realtors if you want but it isnt easy to be one and 10x harder to remain one.
Not counting on the job. As I said, I was working a full time job, and doing >15 hrs study per week on top of that.
How hard is it to tell somebody a room with a bath in it is a bathroom?
So 4 years of college.
Good for you my dude.
It's a lot more than that but, hate if you want. You'll be the guy who sells his own place for 20% below market trying to save that 6%. I love finding them.
No, I already did a 4 year college degree before studying for my professional qualification. And no I won't be that guy. I bought my house as a home, not an investment. It's conservatively worth 700% more than I paid for it and IDGAF because I'm not planning to sell, ever. The mortgage was paid off long ago. I'm the guy who repaid his mortgage as quickly as possible (in 7 years to be precise) by living frugally and paying off as much as I could every month.
You should have gotten a 2% mortgage and invested in just about anything the last 5 years instead.
But, good on you. I'm a MMM fan myself and skipped the mortgage this time, too. My friends get kinda irked my whole month's nut is under $900.
Why would I want to borrow against my home to speculate on investments that could fall below the outstanding loan balance? Why would I want to give a bank power over me?
Because 2% mortgages were ridiculously low & basically free money to invest with. You do you, though. You obviously have problems with more than realtors. I bought 3 rental properties when I had my small one & they're now worth triple while still clearing $2600 a month income.
>And for my next trick I'll make a $2600 profit with no tenants!
They've already paid off the property & started at only $1600 so I have some wiggle room. Haha
>Paid off the property
Not bad. Good for you.
Too bad about the morons with Airbnb's that they purchased in 2021.
When they sold my father's house, the 'appraisal' was massacred by the top gun realtor they (the estate company) brought in to sell it. He got substantially more than the asking price and the deal closed with the buyer without a problem.
>dropping 10%
>after being 40-50% higher than a normal market value
/misc/ knows a lot, but housing and markets are not among those things
>Recession hasn't even started
>10%+ price cuts everywhere
Yeah it'll be fine.
Maybe blackrock will risk a bunch of pissed off people with underwater ETFs and 401ks shooting up their offices and they'll snap up real estate at an eye watering loss, like all of the cope posts say.
Just bought a house in a smaller town for 280k. Still had a low-ish pre-mortgage rate locked in so it was basically buy now or hope that prices crash in a reasonable time to make the higher interest worth it. The problem is that smaller towns don't really suffer the surges in real estate for both increases and decreases in prices like the cities do. I expect prices in areas similar to mine to drop a bit in price but nothing crazy. I need a house, I can't do the degenerate apartment cuck life anymore.
>280k
Southern Alberta?
Alberta but not the south
That's good land, they filmed Unforgiven out there.
Hey. Copesisters. Is this bad?
>‘This recession will be the most severe yet’: Peter Schiff called the 2008 financial crash and now says the next downturn will be even worse.
Who's this Peter Schiff chud?
Dumb screenshot didn't post.
>experts
>An estimated 25% of home listings cut their asking prices
>This cardboard box in a 95% black neighborhood is for sale right now for the low, low price of $500 000, down from $510 000!
I know a guy who just bought an apartment and worse yet, his interest rate is variable
OP is a homosexual.
Only stupids bought houses during the last 2 years.
I bought my house in 2011 for $240k less than the stupid dude I bought it from paid in 2008.
It's now worth 3 times what I paid for it.
Only stupids buy at high points in the cycle, and everything is a cycle, stupids.
Bought my house in nice Italian NY neighborhood at a steal for 560,000$ when it was estimated around 630,000$. It's now sitting at 780,000$. Worse case scenario I break even.
just wait till July 13 when the inflation report for June comes out. stock market will crash a good 5-10 % again.
I bought 60k below asking during this "frenzy" in an area that will be a popular tourist destination in 5-10 years. Already have equity built up and a stupid load interest rate thanks to my VA loan.
you will still lose. 3d printed concrete homes will be the norm in 10 years and your shitty frame house will lose at least 50% its value or destroyed in the coming civil war..
>civil war
It's a 40-acre estate with a working sustainable farm. If the country gets worse then I don't sell and I live off my land while the city gays starve.
>Concrete homes will be the norm
Probably. Fortunately, my property has a huge section of bay frontage and is perfect for a yuppie from Manhatten to swoop in and make a summer home.
Either way I feel like I'll be fine.
you will get raided in the a civil war on a farm. good luck.
That's what guns are for silly.
You can't be on the defense from multiple fronts forever. Farms don't fare well, too much ground to protect. Take either the Marauder or Community Settlement pill.
>south african farm murders
Definitely hard when it's one family vs 40 Black folk armed with guns and machetes.
I have enough weapons and ammo to take over and protect a small village, the only problem is I don't have enough people I trust to arm with. During Civil unrest gangs and armed communities survive.
What's the problem? I've been told BlackRock and other corporations have been buying up homes, they're the only ones who will lose money.
Wake me up when the price of a decent single detached house in a metropolitan city is only 300k.
>Canada
You may be an outlier.
>experts
So things will be okay?
Thank God. I was getting worried about all this GDP contraction.
Lol quit dreaming leaf. You will leave in buttfrick nowhere and pay over 800k and you will like it
another once-a-life crisis :/
kinda weird that they decided to start it right after the pandemic during a fricking war going on but at least the economy will clean itself of all that printed monopoly money
Can any Underwatersisters help me understand this graph? It's good right?
Something tells me that the town won't reassess @ the lower value...
They legitimately aren't prepared for it. No one is. Many Americans are in denial about what is coming. Mass unemployment is going to cause everything to crash.
Just be prepared to buy the dip if you have a secure job because many Americans will be going for bread lines.
This guy gets it.
Tech was driving the dow and s&p500 for all of recorded history. And now we have a looming chip shortage. On top of mooning commodities and high interest rates to unfrick inflation.
2008 will look tame by comparison.
>He doesn't know Biden is just going to freeze foreclosures nationwide like they did with evictions in 2020
Then the homeless population will outnumber vacant dwellings.
They'd pair it with an eviction moratorium as well.
The funny thing is, while your tenants aren't paying, you still owe on your mortgage and taxes. And the tenant still owes on the missed rent.
I guess everyone could just declare bankruptcy and everyone loses everything though.
It's a pretty dumb idea, so maybe it'll happen.
Foreclosure freeze will frick the israelites, so not going to happen.
>their homes
Whose homes?
Wasn't blackrock buying everything to rent it out?
Blackrock was buying everything because real estate was doubling the gains compared to other sectors
So they aren't holding on to the houses? They are actually selling?
Investors are still buying & will hold at least a year to avoid capital gains tax. Getting it rented and showing income potential is also a way for them to increase their sales price or borrow more money to buy more homes.
Wallstreet apparently doesn't have a huge percentage yet but, with mortgage rates going up, the investor class is going to be the ones doing a lot of the bidding.
>So they aren't holding on to the houses? They are actually selling?
Haha they better be or I'm non ironically shooting up their office.
They're investment managers, not property managers. I didn't give them 300k so they could hold onto section 8 property.
~6% higher returns in 2021 than tech. It was fricking impressive.
40% returns in real estate vs. 34% in tech. Normally it's around 4% return in real estate.
Now tech is down 20% and we're still waiting to see what real estate prices in at.
See, that's why I have no respect for RE investments, losers want to disrupt society to make 40%
Pathetic
Clarification. Returns in tech are -20% in 2022
>goyim rush to buy houses at record low interest rates where the only direction left is up
>no no it will be negative even though that has never happened in our history just trust me they will go even more insane
>interest rates snap back up on goyim with the pretext of inflation
>asking prices are arrogant and stay for a few months, then stop shedding as people cannot even levermax themselves with 5% downpayments at those prices
>housing slowly then quickly collapses as a niche product in a market of singles
Can we have a translation into English?
Just got a house that would have been $450k easy last year for $360k. While it could certainly go lower (and I predict it will), there are already deals out there. In the meantime, I got a discount on my dream house.
>But muh interest rate!
These simpletons have no concept of you not dying in that house or that interest rates will eventually go down (after enough people die).
bloomberg has the most outrageous WEF inspired headlines. They are all in with depopulating the west and ushering in CCP domination.
>after enough people die
They’ll just import Black folk and give them free housing on our dime, in fact they’re already doing this.
>market is "crashing" from 100% over 2 years to 90% over 2 years
Wake me up when we hit 2016 levels
Aren't we already in a recession? I know israelites keep trying to redefine terms but we fit the classical definition of recession
lol no a stock market crash and inflation. unemployment is still at 3% needs to go to at least 10%
Your housing apocalypse will be nothing compared to the one in Australia and New Zealand, the most overpriced residential real-estate on the planet.
How the frick did that happen?
You have space ad nauseam,
and your buildings are made of beer cans,
Koala droppings and Sri Lankan sheet iron.
That can't be expensive.
I mean, at least we invited the better half of Africa,
it is forbidden to build a house almost everywhere in Germany,
and our Romanian craftsmen get taxed at 85% to
build some greenwashing BS out of foil, fail and foam.
The “space” we have is mostly desert and the only inhabitable areas are on a 50km coastal strip where there’s enough rain to make it habitable and on the east coast there’s a mountain range which constrains any expansion of suburban areas, which is one of the reasons why house prices are so expensive.
Oh. And solar-powered underground Bunkers
are out of fashion on your island, I guess?
>be me
>CA gay
>Bay Area gay
>live in ghetto bc cheap
>sometime around 2015 the apartment next to me gets bought out
>went from black landlord that lived there to random white guy that shows up every few months
>even spotted him taking a "new units I bought in up and coming area" photo
>tried to get the blacks that live in the apartment to stop hanging out outside kek
>renovated building and some white techie gentrifiers moved in
>ffw today, techie gentrifiers left and apartment is all black tenants again
>mostly young ones this time so lots of drama
>has had about two crazy dopefieds that yell things from windows
>many repairs because others in the neighborhood get annoyed with them
You KNOW he's seething. A lot of the renovated buildings in this neighborhood have for sale signs now. To think the even the silicon valley menace couldn't gentrify this shithole is hilarious
A wonderful system that works. In my country, if you can't pay the mortgage, the banks keep the house. You with the mortgage that you have to continue paying and in 10 years the banks will sell the house when the market has recovered. In the United States, the market adjusts and prices fall until they become irresistible.
I can’t wait for it to all collapse. I saw a house pop up on Zillow two weeks ago. Nice looking, lots of personality, not ugly, and in a good area (read: no Black folk, spics, or other browns). Sold for 160k in 2018 and is now listed in 2022 for 320k. I saw they cut the price by $7k, so roughly 2%. Hope they’re ready to cut more lmao. Fricking scumbags. There is a soulless vinyl village McMansion subdivision that my house backs up to, houses in the 500k+ range in 2016 when it was being built. It wasn’t fully completed until 2020. Anyways, I saw a house in there that cycled through 3 owners in roughly 2 years. Built in mid 2019 for $600k then sold in summer 2020 for 850k, sold again in summer 2021 for $1,2M, then sold (I think this is the last time it’ll get sold because the buyers are bag holders now lmao) for $1,5M this past spring before the rate hikes. $600k to $1,5M in 2,5 years or so. There’s going to be a lot of people underwater on their mortgages who will be forced to sell at huge losses. Their loss is my gain :*~~*~~)
Not a crash, just a correction it will be back to these levels in a few years at most.
>Not a crash, just a correction it will be back to these levels in a few years at most.
Hahahahaha
I honestly understand why they want to depopulate the NPCs. You people are ridiculous.
UK will always find a way to keep prices going up. Heard about 50 year mortgages that you kids can finish for you.
The problem is that there is an absolute frick-ton of millennials who have been living the apartment life longer than they wanted to and are waiting to jump as soon as it falls at all. I think we're going to see a decent drop but I don't see it collapsing.
standing by with cash to console them
>standing by with cash
I would just say be ready sooner than later. Much of the current situation is already priced in. The bounce off the bottom could happen extremely fast after this correction.
hopefully speculators get fricked the hardest.
>house prices appreciate 200% in 5 years
>"drastic price decrease of up to 30% plagues housing market!!!"
Damn, y'all are fricking moronic.
i’m building a tiny home on 20 acres regardless of what the housing market does.
At least I’ll get the land for cheap if the crash hurries.
This is honestly what I would be looking to do if I was younger.
Hasn’t started yet, still flipping homes I fixed up for a premium. Low inventory on the market means I keep on winning.
Where are you finding new inventory?
Even the Good Ole Boys are getting their asses handed to them by the Chinks on foreclosure bidding.
Connections who I give kickbacks to for referrals on severely distressed homes. I’ll buy shit that was half burned down in a fire, my contractor partner can rebuild anything. The more fricked up the home, the more interested I am in buying it SO LONG AS it’s in a white community. I don’t do citygay Black person property work.
I bought a 70 year old house 9 years ago and my summer project is re-siding it by myself. Something the zoomers on this board could NEVER comprehend
I just replaced my sprinkler system today, valves and all that. I’m probably ten times handier than you, I don’t flaunt it which makes me think you’re some boomer
redfin.com/news/housing-market-update-price-drops-hit-new-record/
why are you gays in denial about price drops?
Please housing market collapse the frick already. Those are fricking rookie numbers, YOU NEED TO BUMP THOSE NUMBERS UP! I want to see 50% value drop!
strategic default
>tfw bought before the price explosion and prob don't have to worry about insolvency
Feels good.
Nonsense. The borders are wide open. The Third World will keep prices inflated and you will buy Black folk houses with your tax dollars.
I've paid off 1/5th of my mortgage (125k to 100k) this year so far
Interest is down to like 200 bucks a month and then it's straight principal
I believe congratulations are in order bros, soon there will be no loan
Good for you anon. This is exactly what I did. Feels good to write that last check.
Congrats Anon but, having some cash to put into the market is a good idea when it's down. You don't have to put your whole wad in at once to hedge against that.
It's more likely to earn you a better return than paying off a 3% mortgage.
Time in the market beats timing the market so even a little money in now is better than a bunch of money in later.
Keep hustling... you're doing good.
I stopped trying to explain this to normies, about 3 months ago. What's the point? I just make the usual small-talk about home ownership and say "congrats". If you can afford to blow your cash, without any kind of research, I guess you're doing OK.
bubble popping for mutt boys lmao
You laugh but our cardboard houses are so powerful that they can destroy the economies of places no one here can find on a map.
>implying it won't affect euromutts
I love how much you Black personmutts keep forgetting that you are tied to us
>implying it won't affect euromutts
>I love how much you Black personmutts keep forgetting that you are tied to us
When we get the toots, they get the explosive shids.
Can't wait for the EU to collapse due to them being forced to rise interest rates.
Assets cannot be liquidated at a inflation premium rate quickly*
everyone who bought at the top will get a bailout no exceptions
A bit bummed I didn't wait longer. But happier that I know my brothers can afford their own homes.
With live births going down 10-20% during Q1 2022, or 9 months after the worldwide climate change & all the heart attacks happening these past months - I am sure housing demand is going to come down. + Housing is held by boomers and old people that are going to die
Hey israelite bros how can I profit
Wishful thinking.
Shit is about to explode as people will try and park their money anywhere that it is not burned away.
This is just a lame trick (and there will be a LOT more) at trying to get people to sell at cheap prices. Whales and deep corporate pockets are involved here.
The ones who don't buy real soon will miss hte boat. The ones that sell will never get back onboard again.
Hang on to what you have and acquire what you think you can.
Home prices are getting ready to sky-rocket. Sorry to all the burdened student loan holders; you're going to have a hard time getting loans in the upcoming inflated economy for a house. You're a high risk now.
It'll just be a correction back to normal pre-pandemic prices, then continue going back up as we'll undoubtedly continue raising the U.S. debt ceiling and printing more money to avoid a default. Meanwhile anyone with a fixed interest rate mortgage is just having their debt slowly wiped out due to inflation.
Even if we hit a several year recession and prices manage to steadily fall despite Fed printing money, just fricking hold and enjoy your lower property taxes. If you have to move for work, just rent the place out. Then scoop up another shitbox for cheapies, refinance when rates come back down. gg ez.
Buy the rumor, sell the news
>"dog-legging bullet"
>"mission accomplished"
>"too big to fail"
>"safe and effective"
>"normal conditions"
seems you've got the years swapped, but otherwise the charts appear similar.
85% retracement incoming?
Yup last of their steps
Remember anons the values of things is decided by society, for as much as they would like to control those values they do not and never have. All they can do is try to convince you your wrong and they are right
>how will people cope with their property taxes going down and house prices going down before they go up
That's like saying how will traders cope with a market dip. Fricking zoomer homosexual.
>normal
just how $5 gas is
>normal
25% is probably just going back to the level of 2021
Theres nothing left to buy. All the houses the market desired have been purchased
god damn it, just about to put my condo up for sale. more because i hate living there than to turn an insane profit