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re: Buy a house rite now or wait a bit longer?
Posted on 7/28/21 at 8:21 am to Billy Mays
Posted on 7/28/21 at 8:21 am to Billy Mays
quote:
There's surely a lot of people that moved to big cities for work, can do their job remotely now, and are moving back home to affordable areas be near their parents and other family.
NYC is really suffering hard through all this.
Louis Rossman on youtube (normally a right to repair guy, but lives in NYC and runs a Apple repair shop there) has done a great job documenting all the change going on there the last few years and especially in the last year. People are just fed up paying stupid high rent prices and there's so much vacancy now everywhere in NYC, commercial and residential. That market is going to probably crash hard in itself.
This post was edited on 7/28/21 at 8:22 am
1
Posted on 7/28/21 at 8:44 am to Capt ST
quote:
I agree, real estate markets never crash.
In 2010, my wife and I found a beautiful house in a gated community in FL on sale for $100,000. It had cost $450,000 to build and was only a couple of years old.
A landlord I know in NYC is renting apartments for 50% of what they were prior to covid. Lots of young people moving in, but lots of empty commercial space.
This post was edited on 7/28/21 at 8:47 am
Posted on 7/28/21 at 8:56 am to Auburn1968
quote:
landlord I know in NYC is renting apartments for 50% of what they were prior to covid
lmao this can't be serious?
the demand for nyc apartments is causing viewings of lines of people to be blocks long down the road. this is all over the city btw. I just was there and I'll be going back next week
here's a video of what I'm talking about
LINK /
This post was edited on 7/28/21 at 9:10 am
Posted on 7/28/21 at 8:57 am to thunderbird1100
quote:
there's so much vacancy now everywhere in NYC, commercial and residential.
not true. people are starting to pile back especially since they finally let up on covid restrictions
This post was edited on 7/28/21 at 9:05 am
Posted on 7/28/21 at 8:58 am to tigersint
We sold last month and are waiting until the 1st of the year. Partly because of the market and waiting to see if we will move for work.
A housing correction wouldn't anger me in the least.
A housing correction wouldn't anger me in the least.
Posted on 7/28/21 at 9:12 am to GREENHEAD22
I had purchased a lot a couple years back with the intention of building last year. Now it feels like I need a PHD in order to time the market right when I have to consider our current home sales price, mortgage rates, construction materials, appraisal values, etc.
I'm ready to get out of my current home so I'm just thinking about biting the bullet if I can get a halfway decent construction bid. Appraisals seem to have caught up at least and hopefully I can sell my house higher than I had initially anticipated.
I'm ready to get out of my current home so I'm just thinking about biting the bullet if I can get a halfway decent construction bid. Appraisals seem to have caught up at least and hopefully I can sell my house higher than I had initially anticipated.
Posted on 7/28/21 at 9:14 am to rocket31
quote:
not true. people are starting to pile back especially since they finally let up on covid restrictions
Residential isnt nearly as bad, people hunkered down, but the commerical is awful right now. Again go check out Louis Rossman's channel, it's really bad.
He does a 40 minute bike commute to work and shows all the crazy vacancies on the way, he has never seen it this bad.
This post was edited on 7/28/21 at 9:18 am
Posted on 7/28/21 at 9:42 am to V Bainbridge
quote:
a huge amount of foreclosures could be hitting market end of this year.
How exactly is there going to be a huge amount of foreclosure?
Posted on 7/28/21 at 5:16 pm to tigersint
Nobody picks the top or the bottom...just poor dumb luck.
Posted on 7/28/21 at 6:24 pm to tigersint
Overpaying for a quality house in the spot you want aint so bad.
FOMOing into the first money pit shitbox you win highest bid on is what you want to avoid.
If the quality house in the spot you want isn't there right now, I'd wait, even if it meant risking paying higher future prices.
FOMOing into the first money pit shitbox you win highest bid on is what you want to avoid.
If the quality house in the spot you want isn't there right now, I'd wait, even if it meant risking paying higher future prices.
Posted on 7/28/21 at 7:18 pm to SDVTiger
there's not going to be and I have no idea how that meme became popular
50 yr mortgages will prob be the norm soon
50 yr mortgages will prob be the norm soon
This post was edited on 7/28/21 at 7:19 pm
Posted on 7/28/21 at 7:21 pm to rocket31
quote:
there's not going to be and I have no idea how that meme became popular
Its crazy. If you got foreclosed on with the equity position then you are a fool
quote:
50 yr mortgages will prob be the norm soon
Banks will love these
Posted on 7/28/21 at 7:24 pm to SDVTiger
quote:
50 yr mortgages will prob be the norm soon
So a $1,000,000 mortgage is going to be $3,000 a month. Nice!
Posted on 7/28/21 at 7:28 pm to Paul Allen
I'm guessing many of our homes will be valued at over a million dollars in the next ten years.
Posted on 7/28/21 at 7:30 pm to rocket31
Good point
Posted on 7/28/21 at 11:22 pm to kengel2
quote:
Do you have a house now that you are selling as well?
No. Renting/living with mother. Laid off of oil field but have found a very stable job now and can afford a house in the 230K range with the 28% rule and a 20% downpayment. The only problem is that would normally buy a very nice house, while rite now something that price seems to buy something that costed around $180K just earlier this year. Of course i would like to save money and buy a 180K house but you cant get much rite now. Ready to buy whenever but want to make a wise choice and my mother is ok with me waiting for the right opportunity and not rushing into anything. That 2.8 interest rate is tempting tho.
Posted on 8/6/21 at 10:33 am to tigersint
The rapid price appreciation may slow, but I don't believe a correction is likely. The fundamentals are strong. We can speculate on rate hikes, but how much will a 25 - 100 bps increase in rates in 2023 really affect housing prices benchmarked to today (especially if inflation continues at 5%+ until then)? The shortage of housing inventory is real, and even if raw material costs continue to decline the U.S. will need to build ~30% more houses annually than the long term average to close the gap in a decade (unlikely, especially with an increasingly stringent permitting process). Additionally, the 10 most populous ages in the U.S. according to the 2020 census are 25-35, prime home buying age.
Posted on 8/6/21 at 10:51 am to Piece
Let me know if you need information about construction lending- It is a strong product in this market
Posted on 8/6/21 at 12:41 pm to rocket31
quote:
the demand for nyc apartments is causing viewings of lines of people to be blocks long down the road. this is all over the city btw. I just was there and I'll be going back next week
I wonder if this is for people who haven't been paying rent at previous residence and are looking for an out once they have to pay.
No way any sane people would want to move back to NYC.
Posted on 8/6/21 at 12:43 pm to tigersint
quote:
What is the boards consensus? Not in a major hurry to buy but don't want inflation to take off. Wait a bit longer or try to pull the trigger with a mortgage rate around 2.8%?
I'd wait another year to see what foreclosures hit the market.
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