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OfflinemndfreezeMDiscordReddit
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Registered: 04/22/02
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Where my real estate homies at
    #27148434 - 01/14/21 07:09 PM (3 years, 13 days ago)

Started looking to buy a house.  Prices are nuts.  Tons of houses listed in foreclosure or coming up for pending auction but obviously are not available due to the covid mandates and upcoming presidency change.

Anyone here work in real estate that can give me an honest answer on if we are due a housing crash soon?  I make good money and can't afford shiiieetttttttt right now.


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quote]Urb said:
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OfflineEnkidu
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Registered: 07/09/16
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Re: Where my real estate homies at [Re: mndfreeze]
    #27148509 - 01/14/21 07:40 PM (3 years, 13 days ago)

Ibe been watching for a while now.

Doesnt seem like a good time to buy at all to me.

Idk about where youre at, but prices are up and anything decent is gone in a week.

Literally houses off the market in a week from being bought so quickly.

As far as buying goes, i cant see it getting worse than right now. I can see it getting better to buy in the future.

Covid has a lot of uncertainty. Noone knows what will happen when covid is over and people on forebearance have to pay and people can get evicted.

Unemployment is high.

Isnt known how many homeowners actually cant pay or just arent because they can qualify not to atm.

Either way i think waiting will give better options. Again, not sure if its different where youre at.

Unless you get completely ready and put in an offer soon as a house is on the market. Even then youre probably paying a surcharge compared to if you wait.

Good luck


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OfflinegeokillsA
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Re: Where my real estate homies at [Re: mndfreeze] * 1
    #27149223 - 01/15/21 07:04 AM (3 years, 13 days ago)

Real estate homie checkin' in, although I don't actively buy or sell, I do own & independently manage a handful of properties.  On that note, I venture you'll be hard pressed to find anyone who could reliably predict a housing crash, whether or not they are a real estate professional.  Valuations are high in real estate, thanks to low interest rates in conjunction with limited supply (indeed valuations are generally high across all risk assets).  This dynamic has been exacerbated a bit by the pandemic, which has increased demand for larger living spaces in less dense communities, while possibly further limiting supply and slowing construction of new properties.

The later issue should normalize, but so long as interest rates remain low and governments are content with the status quo of easy money policy, in turn furthering the wealth divide by channeling free cash into risk assets which invariably spills over into the real estate market, I wouldn't foresee an outright crash anytime soon.  Then again, it is exceedingly rare that anyone really foresees such events.

So with that, if you can find something you can afford and are happy living in.  Go for it!  If you'll be there for 10 years or more, it is exceedingly unlikely the property won't have appreciated over that time period, and it's your home for cryin' out loud... regardless of its resale value, you get to live in it!


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Invisiblebadchad
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Registered: 03/02/05
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Re: Where my real estate homies at [Re: mndfreeze] * 1
    #27149298 - 01/15/21 08:07 AM (3 years, 13 days ago)

You might consider whether you're looking at buying a house as an "investment," or as buying a "home."

I agree with geo in that the real estate market is like many others:  it's impossible to predict.  In my opinion, the overall market is somewhat stabilized because of the interplay with home inventory and interest.  Right now, interest rates are super low to encourage people to borrow.  As such, prices are up.  If the market increases, the situation will reverse.

Last year, wifey and I bought our "forever home."  I wasn't too concerned with the market since we planned to stay.  I'd think about your situation.  IMO, playing the real estate game to make money is different than looking for a place to live.


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...the whole experience is (and is as) a profound piece of knowledge.  It is an indellible experience; it is forever known.  I have known myself in a way I doubt I would have ever occurred except as it did.

Smith, P.  Bull. Menninger Clinic (1959) 23:20-27; p. 27.

...most subjects find the experience valuable, some find it frightening, and many say that is it uniquely lovely.

Osmond, H.  Annals, NY Acad Science (1957) 66:418-434; p.436


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OfflineCyans
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Registered: 02/17/12
Posts: 92
Loc: Pacific North West
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Re: Where my real estate homies at [Re: badchad]
    #27149596 - 01/15/21 11:30 AM (3 years, 13 days ago)

I agree..we have bought several modest properties since 2010 and they have only increased in value, one dang near doubling in just a decade. I used to always think a better time to buy a home was right around the corner, so far having that attitude is just going to make you wait longer when theres just enough evidence to argue the opposite of waiting. Also its hard to put a price on the pride and effort you take and put into in your own home. I suggest getting something now as I am even considering getting a larger more expensive home for the family since 350k isnt even going to seem like that much in 5 more years with all these stimulus payments.  It is nice living in a cheaper house for low property taxes and homeowners insurance... also i would run with a 30 year loan instead of a 15 even though i never would have advocated that 5 years ago.


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reporting and trading from the PNW.


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OfflineEnkidu
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Registered: 07/09/16
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Re: Where my real estate homies at [Re: Cyans]
    #27150413 - 01/15/21 07:48 PM (3 years, 12 days ago)

Maybe its different when you dont have a very limited budget such as myself.

Right now you have less options and get less bang for your buck.

If i bought a house now id pay more for something not as nice as what i could get for the same price maybe 6 months ago.

And out here anything nice gets an offer so quick youd probably end up in a bidding war

I guess it depends on you and your situation. I rather wait than to settle for something less attractive with a higher price tag

But if you have money maybe thats not a factor.

Here i cant even hardly afford the POS house that cost the same as a nice house sold for 6 months or a year ago

But maybe the market isnt the same everywhere.

I was checking houses everyday for months and started to get a decent idea on things


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Within You , Without You


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OfflineCHeifM4sterDiezL
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Registered: 07/28/10
Posts: 22,532
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Re: Where my real estate homies at [Re: Enkidu]
    #27151000 - 01/16/21 07:19 AM (3 years, 12 days ago)

First of all real estate is a big boy game and you better have your pants and boots on. I dont get why I see all the time people who think its so easy and think these people just kick back and count money all day. Its mostly headache after headache and nobody is gonna teach you the tricks. Its absolutely not advisable on a shoestring unless your handy with the slum. Even then your likely to just get wiped out eventually. Remember the low income means its a nightmare and you deal with low income people who most of the time are gonna fuck your shit up bad. If your waiting 10 years for a good time to get into it maybe think 2 or three times about it. That said if you can avoid or defuse the landmines and roll with the punches real estate is always a great investment. While we have seen the market get expensive very quickly and seemingly flip a switch from buyer to seller I agree with geo here its hard to say the prices aren't justified at the moment. We just need this pandemic to be over so construction can really kick off again and housing will balance a bit and typically thats when we see the economy start really cooking idk :shrug:


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InvisibleLophosaurus
suruasohpol
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Registered: 08/09/07
Posts: 8,744
Loc: CA Flag
Re: Where my real estate homies at [Re: CHeifM4sterDiezL]
    #27151249 - 01/16/21 10:57 AM (3 years, 12 days ago)

There is only so much land and also limited resources to build housing. Housing will go up and down over time, but over the long term it will almost definitely increase in value, especially in the cities and suburbs, not including Detroit.

If you can't afford something nice then buy a piece of shit with potential and fix it up to meet that potential. That is how to get the most bang for your buck.


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