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i say swears online posted:it's called "companies making way more money than they know what to do with", and some of that trickles down into insane wages. the people that own the software companies still make $20m/year so this seems insignificant but it's killing life for everyone else in the city. i can barely buy groceries now Nobody making that money is moving to dead coal mine country PA lol. absolutely none of them It's investor money trickling down from other markets
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Jul 30, 2023 05:19
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Pittsburgh Fentanyl Cloud posted:Nobody making that money is moving to dead coal mine country PA lol. absolutely none of them that's not how markets work. some of those loser idiots are, in fact, moving home to have their feifdoms. custom home builders are booked solid and that wouldn't be happening if 100% of the market were institutional buyers
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Jul 30, 2023 05:36
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Pittsburgh Fentanyl Cloud posted:I have an extremely loving hard time believing that the successful Manhattan full stack developer making $250K is moving to Ashland, PA to a house they paid $45K for and nowhere but Walmart to spend their money is causing all the problems. Yeah, most Bay Area tech lords I know personally haven’t moved to true bumfuck nowhere. At most, one or two I know moved to unsexy cities like Saint Louis, but I think they had family ties. There’s one weirdo who wanted to raise cattle on the side in rural Texas but he was high enough up the chain that the company bent over backwards to make his dream come true.
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Jul 30, 2023 05:38
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nobody i know has actually lived in the bay area; it's more like bumfuck -> austin -> austin suburb -> 150 acre kentucky horse ranch
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Jul 30, 2023 05:41
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Many folks are using services to make cash offers. For example, Flyhomes. They basically write a 90 day term loan with a balloon payment due at 90 days. You buy the house with this loan. Then you have 90 days to refinance this ultra short loan with a mortgage. They also have a service called guaranteed offer where they will write a guarantee in the offer where they will buy the home if their buyer's financing falls through. This is how the not-well-off make cash offers (or offers that have the same level of risk as cash offers). Woodsy Owl has issued a correction as of 06:27 on Jul 30, 2023 |
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Jul 30, 2023 06:24
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Woodsy Owl posted:Many folks are using services to make cash offers. For example, Flyhomes. They basically write a 90 day term loan with a balloon payment due at 90 days. You buy the house with this loan. Then you have 90 days to refinance this ultra short loan with a mortgage. wow, how much extra will that cost me?
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Jul 30, 2023 06:37
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just google cash-offer financing and you'll be owning your home in no time!
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Jul 30, 2023 07:42
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i say swears online posted:that's not how markets work. some of those loser idiots are, in fact, moving home to have their feifdoms. custom home builders are booked solid and that wouldn't be happening if 100% of the market were institutional buyers why not also I still don’t understand the argument here. there’s vanishingly few wealthy people period. there’s a confluence of a bunch of things that are resulting in crazy house prices at scale (edited this in) but none of them are "there’s an insane amount of $300k webdev jobs!!" Gunshow Poophole has issued a correction as of 14:45 on Jul 30, 2023 |
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Jul 30, 2023 14:41
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https://twitter.com/Mr_Derivatives/status/1685674703728660480?s=20
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Jul 31, 2023 01:12
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but then you live in Texas
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Jul 31, 2023 01:58
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Imagine the climate control costs on that piece of poo poo Texas McMansion. Not to mention the property taxes will be higher unless I manage to fool the taxman into thinking I have a ranch in my backyard. I’d be happier than a pig in poo poo if I could lock in a property in SF.
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Jul 31, 2023 02:09
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On Terra Firma posted:In my experience a lot of people think they're being beat by cash offers when in reality they are being beaten because other people are waiving appraisal contingencies by offering up front to cover the difference between the appraised value and the purchase price if the appraisal comes up short. I'd say like 9/10 times people tell me they got beat by a "cash" offer I've gone in to check what the terms of the close were and it's a conventional loan that bid way over asking. If that's what comes up then what I just described is what is going on. How does one "check what the terms of the close were"?
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Jul 31, 2023 02:09
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it's on the blockchain
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Jul 31, 2023 02:12
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Boot and Rally posted:How does one "check what the terms of the close were"? I'm licensed so I can just pop into the MLS and check.
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Jul 31, 2023 03:39
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e: Gadzooks, the response was right above my post!!!
Ornery and Hornery has issued a correction as of 05:48 on Jul 31, 2023 |
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Jul 31, 2023 05:35
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On Terra Firma posted:I'm licensed so I can just pop into the MLS and check. are you actually a realtor as your profession or did you become licensed so that you could peer into the hidden knowledge?
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Jul 31, 2023 05:49
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Pittsburgh Fentanyl Cloud posted:Austin is a bubble market, I don't think tech guys making "only" 160K are the ones loving up where my brother lives. There's something else going on. Their viewpoint is limited even within the context of Austin's software development market. I know two people who live and work in Austin as devs who are barely brushing six-figures, and as far as I know they're nowhere near the poorest people in their circles. Anyone who looks at any job market and thinks "literally everyone here is making high six-figures" is wildly out of touch.
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Jul 31, 2023 07:28
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Ornery and Hornery posted:are you actually a realtor as your profession or did you become licensed so that you could peer into the hidden knowledge? Yep I'm an agent unfortunately. That's why I'm trying to throw out disclaimers like "In X market" and not trying to paint the whole world with broad strokes.
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Jul 31, 2023 12:25
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i say swears online posted:... the realtor said they could afford this is my favorite real estate (also loan guy!) tactic, pulling an insanely high number out of the air and saying it's the "maximum you can afford." ah yes if i pay 60% of my income on a mortgage, it's totally feasible if i never use any utilities or buy clothing, so i'll just leave the window open and computer touch in my underroos as i make money to pay taxes.
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Jul 31, 2023 12:47
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when you understand supply and demand.
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Jul 31, 2023 20:24
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ArmZ posted:when you understand supply and demand. yeah I supply five people and they demand 1 bedroom each PLUS two spare shitters for emergencies.
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Jul 31, 2023 20:33
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i say swears online posted:also a large % (5-10%?) of our generation is a full-stack working for amazon for $300,000/year and paid off their piddly $550k pad in the bay area before moving to austin and buying the largest house the realtor said they could afford 5-10% of any generation isn't working FAANG type jobs. It's not a trivial number but $300k puts you firmly in the top 5% of household income period and that's accounting for two income households and also all age groups so also includes every other type of high income job across every industry.
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Jul 31, 2023 20:37
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Just save your money. Just save $400,000 or more, do that and you can own a townhome. It's so simple. Just live like you earn ~$40k a year combined while working two ~$80-120k jobs in one household, without children, for ~6-8 years. I'm tired of the whining. Live in a ~300 sq foot shack, or preferably in your parent's second condo. It's really easy, just do that. Drive a Honda Civic for ten years and keep it running by maintaining it yourselves, and no other cars. Don't go out, don't dine out, don't enjoy your twenties. There, I solved this thread's problems! This was free advice.
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Jul 31, 2023 20:39
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A Bad King posted:Just save your money. Yeah! "Pay" yourself a minimum wage and throw the rest at Wall Street. Guaranteed returns!
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Jul 31, 2023 20:48
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anonumos posted:Yeah! "Pay" yourself a minimum wage and throw the rest at Wall Street. Guaranteed returns! Exactly! God, this is so simple to be a complex undertaking that anybody can do it; it requires a social media LLC with five to twelve video blogs each day explaining how to do it. I should create a consultancy LLC to sell this business model.
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Jul 31, 2023 20:55
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Wells Fargo allegedly getting out of the mortgage business Apparently the industry thinks we are transitioning away from a society of homeowners to a society of renters This new brought to you by a tik tok so grain of salt but idk it’s Monday and I’m tired
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Jul 31, 2023 21:08
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out of the origination business I guess. I think smaller banks will still do it
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Jul 31, 2023 21:09
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Went ahead and checked. Frisco is an exurb of Dallas.
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Jul 31, 2023 22:33
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euphronius posted:out of the origination business I guess. can't have mortgages if all housing is already owned by banks and rented out
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Jul 31, 2023 22:35
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I'm closing at the end of the month for a 3bed 2bath ranch that's too expensive but only by a little, mostly passed inspection, got a credit at closing to cover the repair. it sucks rear end and I'm losing money but also I'm very lucky lmao
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Jul 31, 2023 23:56
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an actual dog posted:I'm closing at the end of the month for a 3bed 2bath ranch that's too expensive but only by a little, mostly passed inspection, got a credit at closing to cover the repair. it sucks rear end and I'm losing money but also I'm very lucky lmao even luckier when they adjust the taxes based on a higher value, insurance rates also increase because higher value and higher chance of hell weather, and your escrow increases by several hundred a month! 
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Aug 1, 2023 00:02
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I know I’ll squat in an abandoned office building. they’re everywhere.
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Aug 1, 2023 00:32
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I'm under contract now, too. It's 1100sqft on a .75 acre lot that someone carved up and built 3 houses on in 2022 (completed this year). I originally offered 220k with 10k in seller concessions, but knocked it down to 5k back because the seller wouldn't take less than 215. Honestly it's not bad for someone in my position: newly divorced, highly compensated computer censored, it's not edgy anymore, ahem, automated software tester. I have to settle an hour west of my office in Charlotte, NC, because my kids' mother had no other options. But my company is very generous about remote work (the owner was terrified of COVID) and my boss is letting me WFH every other week, all week, matching my custody time. I'm fortunate beyond words. My personal borrowing limit has definitely changed since 2020 (naturally, I was pre-approved for an utterly stratospheric amount back then). We bought our since-sold marital asset after selling our "starter home". The new mortgage was a stretch I shouldn't have made, but it was the ZIP economy, baby! We could have managed the payments. However, I really, I really miss the house we bought on the other side of the city in 2015...mostly for the loan. It was only $900! With an FHA loan at 6%, I might be paying anywhere from $1500 to $1900 for a 3br "bungalow" in a remote mining town. But it'll be all mine. As if anyone cares. I just wanted to upload my anecdote about the crazy state of housing near me and where we on 2020 and 2015. Field report: DON'T DEBT OPEN INSIDE It's just like the used car market. All the new cars sold during cash for clunkers have passed through a few times now. Everything newer (ie. nicer) is commanding new car prices and actual new cars are over MSRP. The loans are a mortgage payment unto themselves. Similarly, any house that is remotely presentable is expensive as hell and gets snapped up, a fair distance away from town centers. The only things that linger on the market are fixer-uppers and massive new subdivisions, or houses in niche locations, like mine. I don't know who can afford to borrow 500k at 6%. I really don't understand who can afford 500k right now at all. I don't understand how anyone can spend $5000/mo on a house AND a new car. But that's what everyone is saying: the premium consumer remains strong. Maybe I'm a premium consumer, too. Maybe I'm just more catious. Maybe I'm a moron. I don't know. But poo poo's crazy out there. It's nuts. It's preposterous. I'm 40 and I've never seen anything like this. Record profits to you all, and to all record profits. May it trickle down, as we trickle down to others. Piss party. anonumos has issued a correction as of 01:58 on Aug 1, 2023 |
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Aug 1, 2023 01:51
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Ornery and Hornery posted:Wells Fargo allegedly getting out of the mortgage business wells doesn’t do car loans either as of at least 2019 but I don’t think Americans are going to stop owning cars
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Aug 1, 2023 03:39
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Wells fargo isn't getting out of Mortgages because of people not owning houses. They are getting out of mortgages because the 2018 banking deregulation bill which passed with bipartisan support lifted a lot of the restrictions on reporting and risk for smaller institutions. So your average rocket mortgage type of place can do a lot of shady stuff, but wells fargo because of its size is still subjected to them.
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Aug 1, 2023 06:43
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think theyre just leaving the mortgage biz cuz its harder to illegally open mortgages on customers accounts without permission or knowledge. multiple times.
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Aug 1, 2023 12:43
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anonumos posted:
No working person really can, the banks originating these loans are telling people they can refinance when***** rates go down and they don't really care because they sell the loan immediately anyway. My bank wanted to give me nearly $700K and my loan officer pushed me to 'invest in my retirement' by buying a more expensive house. They sold my loan to another servicer the second it closed. They didn't care if I could keep paying.
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Aug 1, 2023 14:09
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Pittsburgh Fentanyl Cloud posted:No working person really can, the banks originating these loans are telling people they can refinance when***** rates go down and they don't really care because they sell the loan immediately anyway. my fav part is that theoretically if sufficient numbers of people overleverage themselves with houses they can't really afford it'll force a correction to meet that burden in the general economy, basically continued inflation/loss of dollar value
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Aug 1, 2023 15:26
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https://twitter.com/BusinessInsider/status/1686517403998437376?s=20
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Aug 2, 2023 02:31
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good, gently caress realtors
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Aug 2, 2023 02:35
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