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median income in Los Angeles is the same as Shanghai (purchasing power is lower in LA lol) and I'm sure LA has 2 million dollar apartments too so I guess I'm out of touch
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May 5, 2022 22:56
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Nothus posted:What's with the bias against older homes in Japan? Is it a construction industry subsidy? Older construction is guaranteed to be terrible because it was assumed that it would be destroyed by earthquake, fire, or tsunami.
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May 5, 2022 23:12
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my mortgage originator “I am beginning to see a lot more reasonable offers being accepted at or below listing price. “
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May 5, 2022 23:43
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housing will never crash and your worth as a person will only ever increase as a home owner
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May 5, 2022 23:46
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ate poo poo on live tv posted:If you have to buy a house when interest rates are high or climbing, then ARMs can make sense with the idea that you would refinance to a fixed rate when interest rates lower. ARMs will typically have a lower initial interest rate then a fixed rate at the time and that allows you to put more money toward the principal potentially saving a ton of money in the long run. Doubly so if you do a 15year ARM, then refinance after like 3 years. ...what happens if the value of your house goes down between the time you buy a house with an ARM, and the time you want to refinance... I know, I know! Its housing! House prices only go up! This was just a hypothetical...
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May 6, 2022 00:00
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lol, i suspect most buyers using ARM aren't forward thinking types that are forecasting interest rate changes
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May 6, 2022 00:30
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Bar Ran Dun posted:my mortgage originator brace for impact
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May 6, 2022 01:02
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shrike82 posted:lol, i suspect most buyers using ARM aren't forward thinking types that are forecasting interest rate changes and the ones pitching them aren't going to explain the complications that thoroughly if it means a faster close
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May 6, 2022 01:21
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bi crimes posted:yeah but I bought a year ago and there’s a year long gap until homestead kicks in so I’m thoroughly owned This is from the second page and haven’t caught up yet, so sorry if this was discussed to death. We are in the same position (not Austin though). The letter from the county tax office said they assessed the the value of our property on January 1, 2022 and their assessment was literally 55% higher than what Even in this market the house ain’t worth that much. And we barely got into this house. If I stayed a teacher we literally never would have been able to live in a house. (Rural school districts have cheaper homes but also pay much, much less. And there really isn’t any viable commute at this point that would let you commute in from a cheap area unless you want a 2 hour commute.)
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May 6, 2022 01:35
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Antonymous posted:median income in Los Angeles is the same as Shanghai (purchasing power is lower in LA lol) and I'm sure LA has 2 million dollar apartments too so I guess I'm out of touch tbf, los angeles sucks rear end
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May 6, 2022 01:39
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Bar Ran Dun posted:my mortgage originator lol if true
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May 6, 2022 01:43
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Maybe Austin will be cleared out and less congested after they all flee the collapsing city
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May 6, 2022 03:57
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 half a mil to buy an old people only apartment in a 15 unit building right next to a road that never doesn’t have cars driving on it and serves as one of the main roads into Estes Park
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May 6, 2022 04:36
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i am harry posted:
lol epic I saw that and my first thought was "Wow 460k for 2100 square feet within walking distance of a lake, not bad"
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May 6, 2022 04:59
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within frogger distance of a lake
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May 6, 2022 05:04
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Maybe the cost of fines and citations for painting your own crosswalk there are smaller than the amount extra you'd have to pay for a place with better lake access
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May 6, 2022 06:56
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don’t forget the scenic storm water run off ditch
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May 6, 2022 12:17
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euphronius posted:don’t forget the scenic storm water run off ditch riverside, sometimes
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May 6, 2022 13:39
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https://twitter.com/alan_mustache/status/1522373681141489665
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May 6, 2022 17:52
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Fozzy The Bear posted:...what happens if the value of your house goes down between the time you buy a house with an ARM, and the time you want to refinance... Yea that sucks, but even with a fixed rate mortgage if the value tanks, you are just SoL. With an ARM, if the value tanks AND inflation drops, then maybe you won't be paying as much in interest.
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May 6, 2022 18:12
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Anyone else notice there's been a uptick in those creepy af Roommate Wanted ads? Like "60 year old white male seeking a 30 year old single Asian female roommate for 400$ rent"
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May 6, 2022 18:19
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I'm guessing "AC available" and "electric heating" means you bring you own window ac unit and electric space heater.
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May 6, 2022 18:26
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the window AC unit is visible op
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May 6, 2022 18:27
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NeonPunk posted:Anyone else notice there's been a uptick in those creepy af Roommate Wanted ads? Like "60 year old white male seeking a 30 year old single Asian female roommate for 400$ rent" Nah, I stopped reading craigslist when the personals closed.
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May 6, 2022 18:27
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https://mobile.twitter.com/BeQueerDoCrime/status/1522645340024942592
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May 6, 2022 20:15
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ate poo poo on live tv posted:Yea that sucks, but even with a fixed rate mortgage if the value tanks, you are just SoL. With an ARM, if the value tanks AND inflation drops, then maybe you won't be paying as much in interest. How are you poo poo outta luck with a fixed rate mortgage if the value tanks? You live in the place and that alone has inherent value. Back when poo poo fell apart in 2008, the smart money shows were telling people who were underwater on their mortgages to just leave their keys and abandon their homes, because "it made no sense to pay more for something than it's worth." By 2011-2012, those homes had mostly regained their value and then some, and the people / organizations that came out ahead were the ones who bought those abandoned homes out of foreclosure.
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May 6, 2022 20:18
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this is easily solvable through zoning!!
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May 6, 2022 20:32
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thats a steal
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May 6, 2022 20:33
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Lastgirl posted:thats a steal yeah, it's not even anchored to the foundation
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May 6, 2022 20:37
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ate poo poo on live tv posted:Yea that sucks, but even with a fixed rate mortgage if the value tanks, you are just SoL. With an ARM, if the value tanks AND inflation drops, then maybe you won't be paying as much in interest. ARM home mortgages are currently 2.5% or higher, the rate is going to go up, no question. If the value of your house goes down, you will not be able to refinance unless you are able to pay the difference out of pocket and you are stuck with a higher monthly payment. If you have a 30-year, your monthly payment isn't going to change. ARM loans adjust the rate to current rates or your initial rate +5%(max) after the first few years. For the lazy with a 20% down payment: $500k mortgage with 2.5% is about $1,500/month before tax, insurance, etc. $500k mortgage with 6.0% is about $2,400/month before tax, insurance, etc. The most likely outcome for those who currently have an ARM loan: $500k mortgage with 7.5% is about $2,800/month before tax, insurance, etc. NEVER buy a house with an ARM hoping the rate will go down in the future. Fozzy The Bear has issued a correction as of 20:48 on May 6, 2022 |
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May 6, 2022 20:41
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Pittsburgh Fentanyl Cloud posted:How are you poo poo outta luck with a fixed rate mortgage if the value tanks? You live in the place and that alone has inherent value. i bought in 2011 and house prices were still pretty low. I don't know if it includes foreclosed properties but prices reached a nadir around early 2012 I think. and yeah if you have a fixed and the value tanks, well you just keep living there, but there are probably other areas with declining home values that you could move to if you want to sell anyway
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May 6, 2022 20:44
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euphronius posted:this is easily solvable through zoning!! Barcelona full on banned short term rentals in the heart of the city, they’re the only place I’ve heard of that actually did it though
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May 6, 2022 21:11
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I’m watching Love it or list it and the Canada house prices are starting to make sense !! oh no !!
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May 7, 2022 01:17
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Pittsburgh Fentanyl Cloud posted:How are you poo poo outta luck with a fixed rate mortgage if the value tanks? You live in the place and that alone has inherent value. I mean sure, but if you have a ARM, you can't refinance it to a fixed rate so you may end up paying like 60%+ in interest payments over the life of the loan. But yes, you would still be able to live in the house, the only purpose for a house anyway. In 2008 the people who needed to walk away were the idiots who bought interest only mortages and then "owned" like 5 houses for the intended purpose of selling them all for like 50-200% more then the initial mortgage was for. Of course those people were the ones who enabled the bubble to begin with so gently caress them.
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May 7, 2022 01:21
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euphronius posted:the window AC unit is visible op as is the sink that can’t fit a single dish
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May 7, 2022 01:46
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euphronius posted:
unless that story is just "NO" in 72 point font it is a terrible story
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May 7, 2022 05:29
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i say swears online posted:yeah, it's not even anchored to the foundation 
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May 7, 2022 16:31
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https://twitter.com/IzzzyzzzArt/status/1522442776171876352?s=20&t=FHau4ph18cqxmmhYErP6aA
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May 7, 2022 16:31
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some people say housing is a human right others say it is an opportunity for passive income
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May 8, 2022 07:18
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| # ? May 24, 2024 00:57 |
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ate poo poo on live tv posted:I mean sure, but if you have a ARM, you can't refinance it to a fixed rate so you may end up paying like 60%+ in interest payments over the life of the loan. But yes, you would still be able to live in the house, the only purpose for a house anyway. In 2008 the people who needed to walk away were the idiots who bought interest only mortages and then "owned" like 5 houses for the intended purpose of selling them all for like 50-200% more then the initial mortgage was for. Of course those people were the ones who enabled the bubble to begin with so gently caress them. The people who enabled the bubble were the financial institutions op
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May 8, 2022 08:51
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