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Pittsburgh Fentanyl Cloud posted:The hypothesizing I've seen (don't recall if I found it on these forums or elsewhere) is that there are a lot of people who would normally be adding supply to the market by moving up to a new home who are stuck where they are due to lack of equity + higher interest rates. So inventory is in the shitter and prices aren't moving as a result. It's a complicated set of gears and all it takes is a matchstick stuck between one set of cogs to break the entire machine. That is definitely my assumption. The rates alone feel like a reason for everything to lock up, because even the dumbest people alive can see that adding $1k/mo to your mortgage payment for an equivalent or nearly equivalent home is a really bad idea. "Buy now refi later" works on people who need a house right now, but that argument is going to be pretty useless for people who can just stay where they are and wait for the lower rates before buying.
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May 12, 2023 17:53
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the cash buyers haven't totally dried up either, who are immune to fed rates. still tons of people out there sitting on tech money
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May 12, 2023 17:55
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i say swears online posted:prices coming down!!! price cuts 😍 
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May 12, 2023 18:01
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err posted:price cuts 😍 it lists one bathroom, and that bathroom is conveniently located in the attic
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May 12, 2023 18:11
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aqua teen rear end house
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May 12, 2023 18:12
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free buckets tho
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May 12, 2023 18:13
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spacemang_spliff posted:it lists one bathroom, and that bathroom is conveniently located in the attic hell yeah my fixer upper looks just like this $$$
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May 12, 2023 18:47
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Pittsburgh Fentanyl Cloud posted:The hypothesizing I've seen (don't recall if I found it on these forums or elsewhere) is that there are a lot of people who would normally be adding supply to the market by moving up to a new home who are stuck where they are due to lack of equity + higher interest rates. So inventory is in the shitter and prices aren't moving as a result. It's a complicated set of gears and all it takes is a matchstick stuck between one set of cogs to break the entire machine. yeah the only way prices crater is if there's a downward spiral in the job market. the thing is if you sell your house you will need to *go somewhere* and if there's nowhere to even downgrade to in prices to escape your (relatively cheap) mortgage you're going to see everyone bunker down. without rent cratering first you're going to see either a massive homeless population or massive household combining.
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May 12, 2023 18:56
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basically if landlords win the holdout war or there's no great recession level of firings, we will probably see house prices go down, but these houses are mostly going to be from someone passing away or combining a household or necessitating a move to another state.
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May 12, 2023 18:58
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think ill just settle for a fight club house
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May 12, 2023 19:59
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love all these main stream rubes talking about how prices are dropping and now things are affordable so gently caress you millennials quit complaining!!! …Except a 1% drop in price after a bajillion% increase in prices for four years doesn’t mean poo poo. Especially when interest rates are so high!!!
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May 12, 2023 20:10
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https://allinoneloan.com/    Seems... precarious
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May 15, 2023 21:29
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Paradoxish posted:free buckets tho any room is a bathroom if you put a bucket in it
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May 15, 2023 21:36
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The Oldest Man posted:https://allinoneloan.com/ wow that’s a hell of a thing.
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May 15, 2023 21:52
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The Oldest Man posted:https://allinoneloan.com/ explaint his to me a dumb dumb this is basically a checking account but you use your home equity?
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May 15, 2023 22:01
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spacemang_spliff posted:explaint his to me a dumb dumb I clicked on the link to try and figure that out but they intentionally are very vague about it. My assumption is that you get a line of credit equal to whatever equity you have in your house and as you pay off the mortgage and (if you're lucky) have appreciation then your HELOC limit will increase over time but they do not state that or really state anything which would make it clear what exactly this product is.
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May 15, 2023 22:06
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Thoguh posted:I clicked on the link to try and figure that out but they intentionally are very vague about it. My assumption is that you get a line of credit equal to whatever equity you have in your house and as you pay off the mortgage and (if you're lucky) have appreciation then your HELOC limit will increase over time but they do not state that or really state anything which would make it clear what exactly this product is. No, it's the opposite. You get a giant revolving line of credit that starts with a massive balance instead of a mortgage. Then that limit decreases over time as does a traditional HELOC (after ten years you go into a regular HELOC repayment period).
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May 15, 2023 22:16
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i say swears online posted:https://www.zillow.com/homedetails/901-Garison-Rd-Buda-TX-78610/28584106_zpid/ the street view car had to ford that river like it was the oregon trail
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May 15, 2023 22:19
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so...the hope is you get used to that huge line of credit and... ?? default? ask for another loan? idgi
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May 15, 2023 22:23
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JAY ZERO SUM GAME posted:so...the hope is you get used to that huge line of credit and... ?? default? ask for another loan? idgi I think the hope is that they get to charge you interest on your balance and you give them a bunch of actual cash that you would otherwise have in like a high yield checking which they can then reloan out to other people for even higher rates than what you're avoiding on your HELOC by sweeping it into your principal balance; it's like double dipping on their end The ending up in the gutter part is just an industrial byproduct
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May 15, 2023 22:32
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Started googling to see when these started coming back, looks like 2021 is when they started popping up again also lolled at this  lionel hutz rear end marketing copy jesus
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May 15, 2023 22:54
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spacemang_spliff posted:explaint his to me a dumb dumb It seems like having "idle money" is the key for this to be beneficial in any way. Also the interest rate in the Simulator is like 8.75%.
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May 15, 2023 22:56
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Turns out having tons of spare cash can save you money on interest, huh who woulda thought such a thing were possible Also give me your money and I'll lend it back to you at 8.75% all day
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May 15, 2023 22:57
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It seems like a trap to me. They give you a big loan up front and hope you overextend yourself and then they get the house
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May 16, 2023 01:38
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Ice Phisherman posted:any room is a bathroom
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May 16, 2023 01:49
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Nothus posted:It seems like a trap to me. They give you a big loan up front and hope you overextend yourself and then they get the house All banks
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May 16, 2023 02:37
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theres an unfinished fixer upper in a borderline bad neighborhood that got bought in April 23 for $230k and is now listed for $399,999 l. no improvements were made, not even grey vinyl plank flooring. i hope that flipper gets run over by an electric hummer
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May 16, 2023 19:39
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Ammanas posted:theres an unfinished fixer upper in a borderline bad neighborhood that got bought in April 23 for $230k and is now listed for $399,999 l. no improvements were made, not even grey vinyl plank flooring. i hope that flipper gets run over by an electric hummer That’s not flipping, that’s just plain old speculation.
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May 17, 2023 02:17
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The Oldest Man posted:Started googling to see when these started coming back, looks like 2021 is when they started popping up again wow that last bullet point sounds very cryptolike
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May 17, 2023 04:12
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Zantie posted:Ah, finally something local under $100K OMG it has a pending offer
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May 17, 2023 23:36
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we got a new manager in my group and during his introduction he said he recently bought ten rental units and he's eager to "fill them with tenants". like he's not a flipper or someone with a nascent real estate interest. he just wants the passive income. fuckin gross all around.
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May 17, 2023 23:44
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Pay twelve million to live in someone's first custom Quake 2 level: https://www.zillow.com/homedetails/5156-Benji-Ave-Joshua-Tree-CA-92252/137800600_zpid/  quote:This one-of-a-kind compound offers off-the-grid minimalist luxury living in the heart of the high desert. A pristine three-acre parcel of desert land near Joshua Tree National Park comes fully developed for a stunning, sustainable home custom-designed by Unincorporated Associates, a New York and Los Angeles-based firm helmed by a fashion designer and an architect. Designed in harmony with its natural surroundings to inspire creativity and peace of mind, this private compound is UA's first fully immersive residential design concept. The 3200-square-foot partially subterranean concrete residence appears to emerge from the desert floor against the backdrop of a stunning mountain range, bringing a gentle sense of order to the vast landscape. The sculptural compound, enclosed in a courtyard and powered by state-of-the-art solar technology, includes a three-story main residence, two-bedroom guest house, mineral water swimming and reflecting pools, and three-car garage with EV charging stations. The main residence features spectacular views, wet bar, media room, and expansive main bedroom suite with dressing area, water closets, and a soaking chamber. The compound's custom furniture, cabinetry, high-end appliances, lighting, and integrated audio-visual system are part of UA's lifestyle concept that also includes (at an additional expense) a customized apparel collection and a fully customized vintage Land Rover with an eco-friendly engine. This unique and compelling compound is sure to take its place as a masterwork alongside other significant high desert architecture. Joshua Tree Zillow listing are something else.
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May 18, 2023 00:55
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lol three acres
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May 18, 2023 00:57
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lol that owns i don't think they understand what "off the grid" means though. i think of people living with nothing to connect them with civiliation. no modern conveniences whatsoever
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May 18, 2023 01:42
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I've seen jokes about reverse mortgages being a scam for like 20 years now without ever knowing what one is. if anyone feels like explaining what that is and why it's a scam I'd appreciate it
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May 18, 2023 01:46
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indigi posted:I've seen jokes about reverse mortgages being a scam for like 20 years now without ever knowing what one is. if anyone feels like explaining what that is and why it's a scam I'd appreciate it you live in a house that you own. a bank gives you $200,000, or monthly payments. after x years your house is now the bank's house think of it more like the way mortage is used when playing monopoly
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May 18, 2023 01:48
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is it $200,000 flat or is that just an example is X 30 years?
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May 18, 2023 01:49
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just an example. banks will be flexible with you on # years, usually with an actuary involved. i.e., a 60-year-old getting a reverse mortgage for spending money while they continue to live in the house until death. some places will, instead of # years, pay monthly until the person dies. works dece for the people living in the house but if they die the day after signing the bank gets a free house and then the kiddos get big mad
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May 18, 2023 01:54
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i say swears online posted:you live in a house that you own. a bank gives you $200,000, or monthly payments. after x years your house is now the bank's house seems like it might make sense if you are old and have no dependents
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May 18, 2023 02:15
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it really does, as long as you have a 'til death clause instead of a hard number of years. would suck to be homeless at 90 except in that case the bank has an incentive to kill you so probably keep a shotgun around
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May 18, 2023 02:20
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