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Just wait for the next inevitable housing crisis.
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Oct 20, 2015 23:28
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Here in Denver, I purchased my home in July of last year with 5% down (conventional, no less, thanks to good credit) and I feel if I had waited even a month longer I wouldn't have been able to afford it. Not to mention that by the time my realtor set up a showing, most houses were under contract with cash offers 5-10% above list. It's nuts.
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Oct 20, 2015 23:29
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Housing isn't an investment though. At best it's a very cheap method of living, and that's only after you sell the house to make up for the six figures you paid/got a loan for.
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Oct 20, 2015 23:29
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Interest rates are also still stupefyingly low so people with good credit can get one hell of a mortgage.computer parts posted:Housing isn't an investment though. At best it's a very cheap method of living, and that's only after you sell the house to make up for the six figures you paid/got a loan for. A house is an investment. It may not be a good investment but it's absolutely an investment.
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Oct 20, 2015 23:29
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Why don't millennials just have their parents help them with the down payment? Or cover the 20% down entirely to avoid mortgage insurance? They could also borrow small business starter money from their parents.
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Oct 20, 2015 23:31
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^^ - boomerquestions.txtcomputer parts posted:Housing isn't an investment though. At best it's a very cheap method of living, and that's only after you sell the house to make up for the six figures you paid/got a loan for. It's an investment if you're renting to people who won't ever even be able to afford the initial down payment to own a home due to bad credit or low incomes, which is exactly what's happening
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Oct 20, 2015 23:31
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Clock Kid is moving to Qatar. Good going, conservatives! You sure revealed the truth about this dastardly terrorist in training! by basically terrorizing him and his family into it
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Oct 20, 2015 23:32
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Fried Chicken posted:So the House is trying to pass a bill that bars the Senate from filibustering.  McConnell will pass that when pigs poo poo purestrain gold.
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Oct 20, 2015 23:33
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a shameful boehner posted:
So, not for young people like the post I should've quoted.
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Oct 20, 2015 23:33
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ComradeCosmobot posted:Clock Kid is moving to Qatar. Good going, conservatives! You sure revealed the truth about this dastardly terrorist in training! by basically terrorizing him and his family into it Seriously that's kinda sad, good luck to the family and hopefully Qatar stays stable and doesn't end up having issues in the future like Syria/Iraq/Yemen(/Turkey/Somalia/Afghanistan). fade5 fucked around with this message at 23:41 on Oct 20, 2015 |
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Oct 20, 2015 23:38
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a shameful boehner posted:Here in Denver, I purchased my home in July of last year with 5% down (conventional, no less, thanks to good credit) and I feel if I had waited even a month longer I wouldn't have been able to afford it. I'm in Denver too. After years of rent increases (and we're still doing really good in comparison to the rest of the area) I finally talked my wife into looking at buying a home. Problem is now everything in the area basically starts at 400k and goes from there. It's absolutely insane and I just don't understand who the gently caress is buying up everything, how they're able to afford it and why the gently caress anyone would give this much a poo poo about loving Denver. So now it's either buy while interest rates are exceptional and probably buy higher than I really think it's worth or wait for the inevitable collapse when neither of us may be in a position to want to buy anymore.
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Oct 20, 2015 23:39
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Isn't his dad some Sudanese politician? That's the bit that always struck me as odd.
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Oct 20, 2015 23:40
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Its important for everyone to remember that the economy is good and fine and everyone keep spending money. Also pay for healthcare. Also rent for life. Also Republicans are the fiscally responsible party because they don't want to tax you but make literally millions of Americans unsure if they're getting paid next week. Also Al.. Zalgo
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Oct 20, 2015 23:41
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evilweasel posted:
computer parts posted:So, not for young people like the post I should've quoted. I think it completely depends on what the young person's priorities are. For a lot of young people, mobility is an important priority and it should be. For some, those that already started a family, locking into a stable investment in a good school district can be a priority and that's where home ownership can become important. It's not the best investment in the world but, historically, it's low risk. But, if that opportunity isn't even available any more then young people are worse off than if they had that option; it's an option that is increasingly only available to the wealthy few.
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Oct 20, 2015 23:43
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RevKrule posted:I'm in Denver too. After years of rent increases (and we're still doing really good in comparison to the rest of the area) I finally talked my wife into looking at buying a home. Problem is now everything in the area basically starts at 400k and goes from there. It's absolutely insane and I just don't understand who the gently caress is buying up everything, how they're able to afford it and why the gently caress anyone would give this much a poo poo about loving Denver. This was me. I rented a 1BR apartment in 2009 for $761/mo. In 2013, my rent had increased to $1150 for the exact same apartment with no renovation. I paid it, then they wanted to increase it to $1400 in 2014. My mortgage on my house is $1468, which is three times the size of my apartment, I have a backyard for my dog, and I don't share walls anymore. I feel incredibly lucky. People give a poo poo about Denver because of three big factors: a) California is dying/in perpetual drought (but uhhhh so is Denver sooooo) b) Legal weed c) Big tech industry along the front range (Boulder, Denver, Google moving here, etc.) Not to mention a ton of banks and private equity investors have noticed this trend - population in Denver has spiked significantly in the last two years - and are buying up the few properties available and are either sitting on them or renting them. It sucks. Go read the Denver thread in RSF. "No homes, die on Colfax" ex post facho fucked around with this message at 23:48 on Oct 20, 2015 |
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Oct 20, 2015 23:44
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radical meme posted:I think it completely depends on what the young person's priorities are. For a lot of young people, mobility is an important priority and it should be. For some, those that already started a family, locking into a stable investment in a good school district can be a priority and that's where home ownership can become important. It's not the best investment in the world but, historically, it's low risk. But, if that opportunity isn't even available any more then young people are worse off than if they had that option; it's an option that is increasingly only available to the wealthy few. It's crazy how much the perceived quality of the school is built into the price of the house. My town is virtually segregated. The line of the "white" side of town and the not - white is drawn by the school board. Houses right across the street from each other can vary in price by 50-100k based on which school they're allowed to send their kids to.
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Oct 20, 2015 23:49
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radical meme posted:I think it completely depends on what the young person's priorities are. For a lot of young people, mobility is an important priority and it should be. For some, those that already started a family, locking into a stable investment in a good school district can be a priority and that's where home ownership can become important. It's not the best investment in the world but, historically, it's low risk. But, if that opportunity isn't even available any more then young people are worse off than if they had that option; it's an option that is increasingly only available to the wealthy few. That's my reasoning for thinking the idea of a starter home is dumb. You buy a home as a long term investment for cheaper housing because you're planting roots. It's not a hump n dump investment. I just hope the Boise area stays low-key enough for me to buy when the girl and I get married in a few years. Stay out unless you'll vote straight ticket -D.
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Oct 20, 2015 23:50
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Gravel Gravy posted:Just wait for the next inevitable housing crisis. Oh, you mean like the last housing crisis where institutional investors paid cash for everything and everyone else needed perfect credit and full down payments? Yeah, the next housing crisis is definitely gonna be a great opportunity for anyone who can't buy now.
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Oct 20, 2015 23:51
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DemeaninDemon posted:
Something like a quarter of the region's economy was based in housing (at least when I left) so I'm going to guess there's probably an oversupply at the moment.
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Oct 20, 2015 23:52
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idiotsavant posted:Oh, you mean like the last housing crisis where institutional investors paid cash for everything and everyone else needed perfect credit and full down payments? Yeah, the next housing crisis is definitely gonna be a great opportunity for anyone who can't buy now. Unless they just decide to rent out those homes in perpetuity instead of unloading them like they normally do when the market rebounds, yeah.
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Oct 20, 2015 23:59
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The housing market is what it is today because of the gutting of subsidized housing. If we had more subsidized housing you'd see more families taking the smart move and not investing their life savings into a home that really does nothing for them in the long run. Like seriously, housing is hosed. REAL ESTATE is a good investment or buying to rent is a good investment. Buying your own home especially in places like Chicago is not. Remember when you buy your home in a area that has high property taxes add that on over 20 years on what your going to be paying. For example, 200,000 dollar home purchased in South Chicago 1500 to 2200 a year in property taxes Next year assessment goes up 240K 2400 in taxes Basically add 50 to 100 thousand dollars to your home when you purchase it because that's what you'd pay over a 30 to 40 year span of time. Etc... Basically, buying a home in a high property tax area is a terrible idea unless you are buying a Duplex or something like that where you can rent and live.
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Oct 21, 2015 00:00
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I would love to contribute to housing chat but I bought mine in Los Angeles, where median housing prices elsewhere will get you a collapsing single-story sandwiched between a crack den and the high-tension lines.
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Oct 21, 2015 00:13
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At least here in Orlando, rents are getting ridiculous. It makes way more sense here to buy now.
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Oct 21, 2015 00:24
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Hah. I bought my house for like $100k, and now after 8 years and a number of improvements it is worth about 85k. Gotcha!
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Oct 21, 2015 00:26
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https://twitter.com/RepHuizenga/status/656615456426565632 Looks like Paul
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Oct 21, 2015 00:40
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Raskolnikov38 posted:https://twitter.com/RepHuizenga/status/656615456426565632 what does that even mean. We have white smoke is that some kind of racist thing
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Oct 21, 2015 00:41
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Rygar201 posted:Because it is currently the law, and Congress has yet to repeal it. I haven't looked into it, but it was probably some chicanery show law passed to look like they were serious budget makers to their rube constituents or something. evilweasel posted:Once upon a time it sounded good, probably as a sweetener to get some guys to vote for a budget that ran a deficit as a promise that they'd balance it in the future. But it simply makes no sense for Congress to pass a bill limiting the amount it can spend because the next spending bill overrides that. If you wanted a "real" debt limit it would need to be constitutionalized and force Congress to budget within it. As it exists now it's just a way for Congress to gently caress up. Actually, originally the thing was that Congress would have to authorize each individual bond issuance. They eventually realized that was a giant pain, so they developed the debt limit as a way to say "OK Treasury, you can authorize the individual bonds yourself, up to amount X". Then they realized that was a pain in the rear end, so they implemented the Gephardt Rule which raised the debt limit automatically with each budget vote. The Republicans abolished the Gephardt Rule in 1995 to make deficit spending politically more difficult. Mitt Romney posted:In the 2011 debt ceiling crisis, Obama's poll numbers went down more than anyone else or any party. Pennsylvania is blaming their Democratic governor for the state GOP's hostage taking. The 2013 Shutdown had 0 negative effect on the 2014 midterms, it actually might have motivated the GOP base more to vote. The GOP definitely took a hit from the 2013 shutdown. I saw some of the polling, it was pretty brutal. Unfortunately, the 2013 shutdown was simultaneous with the longer-lasting Obamacare rollout clusterfuck, which more than wiped away the GOP's shutdown losses. Epic High Five posted:Will Paul Ryan as speaker realistically change anything, since it's obvious now that the Suicide Caucus isn't going to support him hardly at all? It might provide a sort of reset in that he might be able to appease the Caucus once or twice, but there's only so long he can hold them off. The fundamental problem is that the Suicide Caucus thinks "make Obama sign off on repealing everything he's done in office and implement the entire Republican agenda" is an actual thing that can happen if they just stare him down hard enough. So long as they believe that, there's no way to avoid this fight without a major wave election either way - any sort of negotiation beyond "we'll give you two weeks of functional government if you sic the Air Force on Planned Parenthood" will be seen as weakness, because in their minds they think they're holding all the cards. They honestly believe that Obama's gonna cave because he's completely overvaluing their debt limit hostage, who they can shoot without any real repercussions anyhow. Hollismason posted:what does that even mean. We have white smoke is that some kind of racist thing White smoke rising from the chimney of the Sistine Chapel signals the election of a Pope.
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Oct 21, 2015 00:41
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Hollismason posted:what does that even mean. We have white smoke is that some kind of racist thing They release white smoke when a new pope is elected.
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Oct 21, 2015 00:42
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Curious what Ryan's "five conditions" are. Jake Sherman at Politico says he wants the whole caucus behind him, so that's presumably one?
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Oct 21, 2015 00:43
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Congratulations to your new speaker Paul Ryan. Costa is also reporting he has given in to his fate.
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Oct 21, 2015 00:44
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Raskolnikov38 posted:They release white smoke when a new pope is elected. It also signifies Paul Ryan's political aspirations beyond Congress going up in smoke.
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Oct 21, 2015 00:45
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lol he's gonna have gray hair coming in before he turns 50
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Oct 21, 2015 00:47
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Uh oh, word of unrest in the meeting. Apparently Ryan won't announce anything this is just "the start of a conversation." Good god, how long could this 'conversation' take?
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Oct 21, 2015 00:48
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pathetic little tramp posted:Uh oh, word of unrest in the meeting. Apparently Ryan won't announce anything this is just "the start of a conversation." Good god, how long could this 'conversation' take? Until someone else volunteers to eat a bullet.
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Oct 21, 2015 00:49
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I mean, there's no way that Ryan can have any power whatsoever, right? He's going to be one of the weakest Speakers in history. The HFC can bring him down at any time & everyone pretty much knows it. I don't know that there's any oath of fealty he can demand that would counterbalance that.
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Oct 21, 2015 00:49
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evilweasel posted:Interest rates are also still stupefyingly low so people with good credit can get one hell of a mortgage. What I want to know is what happens to housing prices when interest rates go up? The only reason people can afford to bid things up to where they are now is to mortgage themselves to hell and back which they can only do thanks to the low rates.
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Oct 21, 2015 00:51
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Paul Ryan's children are gonna grow up without a father lol
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Oct 21, 2015 00:53
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It' hilarious that he's having to say " Please don't beat me up guys".
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Oct 21, 2015 00:53
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Shifty Pony posted:What I want to know is what happens to housing prices when interest rates go up? The only reason people can afford to bid things up to where they are now is to mortgage themselves to hell and back which they can only do thanks to the low rates. Expect Serious People to be deeply concerned as to why these dang millenials won't stop being lazy and deficit spend themselves into walstreet prosperity very soon.
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Oct 21, 2015 00:55
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By even negotiating terms he shows how little power he has . The person negotiating for power is usually the one with out it. The Caucus knows this and it's just going to bolster their resolve really.
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Oct 21, 2015 00:57
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