/biz/ - Business & Finance

>housing prices
>going down

Half of Earth's population will be eradicated by the xenovirus and housing prices still won't down. Ayys are going to buy them up.

Looks like I get to buy a home now

I hope every faggot overleveraged boomer goes bankrupt

>>18445927

The cost to terraform the planet, to match their atmosphere, is to high. They won't be buying until after 2045. At that point, they will hack the global AI, and automate their teraformation with our own machines.

>>18445863
i hope it's the crash hard in Toronto.

fucking chinks and shitskins making it cost $1 million to buy a shack in Toronto.

>>18446061
you need at least 20% down and 750+ credit score

I started looking for my first home a few months ago. I found one I was considering putting an offer in for. Would it be advisable to wait a few months or is it dumb trying to time the market

>>18446170
Credit score is 820, will accumulate enough cash by the time I want to buy, I'm saving $1600/mo after taxes

>>18446189
Wait until the eviction freeze/mortgage forebearances end, people are going to need to pay several months up front or default right then and there.

>>18446170
If median prices drop by 40%, then Anon will only need 37K for his down payment. I'm sure with all the link he owns, he can afford it.

Whats the best source to follow housing prices?

>>18445863
makes sense. banned gooks from entering the country. home prices begin to fall due to no gook fraud money.

fuck globalism
fuck communism

>>18446308
I just use zillow and redfin for the most part.

Here is a good place to find some data.

https://www.zillow.com/research/data/

There are other methods that real estate agents use, but the data on redfin and zillow is free.

Here is some data on interest rates:
https://ycharts.com/indicators/30_year_mortgage_rate

>>18445863
I think the free market might be killed deliberately. Instead of a nice crash with good prices we might see centralized measures such as
- nationalization (maybe not called that, maybe only temporary on paper) of all real estate
- people who live somewhere, get to keep living there indefinitely for free
- former property owners/landlords might get free gibs

Likewise, with the economy I expect to see something like
- UBI
- nationalizations/indefinite bailouts of systemic businesses
- a shift to a centrally planned Green Deal economy

A lot of it will look like socialism, and it may not be called exactly that, but it seems more likely for the governments and their globalist owners to take control instead of letting Greater Depression maximum turmoil play out without control.

>>18446245
and should anon believe the market can continue to crash at least 20% or hopefully even further?

boomer btfo zoomer once again!

>>18446473
All of those solutions revolve around MMT and hyperinflation. Which will be worse than the Great Depression. The Great Depression will look like child's play compared to this.

And fucking somehow SQQQ is still falling hard. Nothing makes sense.

>>18446650
Honestly at this point I'm rooting for it. These daft cunts at the fed keep throwing freshly printed money at the problem; cheap repo loans, buying trash assets and throwing it on the balance sheet, fed fund rates at 0%, reserve requirements at 0. They inflate the dollar like it's hot air and increase the disparity between the hyperrich and the rest of us. The only thing that is going to stop them is hyperinflation and at this point fuck it, I'm all for it. I was never a have, just a have not with a beaten up old pony in this race.

When you take a look at the amount of money being thrown at the feet of the rich, UBI makes a whole lot more sense. It's the only way to print all this money and maintain the "middle class," if you can even call them that at the this point. I think a better term is "less impoverished poor"

>>18445863

I love seeing all the bagholders on Facebook real estate pages I follow still trying to flip houses, and the bigger suckers still buying them. Trying to sell shit properties for last year's prices because it's a "prime location" in Houston.

>>18446519

Real estate crashed 60% in the last Great Depression, and it looks like this one will be worse. Depending on the location and how big the bubble is in the area and how badly someone needs the cash it's not impossible.

>>18446170
FHA loans are 3.5% down but you get fucked hard on PMI.

>Got a better credit card late last year and closed my old credit card without thinking

Two of my credit scores are now now just below 720 and 740. Fuck me, how can I fix this. I want to get a house in the next year or two if prices go down.

>>18446519
It depends on the specific location and market. Many regions were overvalued before the economy shut down. Now that these regions have limited economic activity, they will be even more overvalued.
20-25%: Idaho, Nevada
15-20%: North Dakota
10-15%: Arizona, Texas, Utah
5%-10%: Colorado, Florida, Kansas, Nebraska, Oregon, Rhode Island, South Dakota, Tennessee, Washington, Wisconsin, and Wyoming.

i hope they drop so i can buy a home

>>18446110
It will not crash in Canada. We will sit out this global recession too by lightening up on our foreign real estate investment taxes. Then our government will personally take over mortgages via a proxy in the Bank of Canada. This will allow it to keep mortgage rates low and rebuild Canada in the same way that it did after oil busted. This will keep domestic speculation alive so that foreigners can generously inject cash into our wasteland of an economy.

Canadians will never be able to afford livable homes.

Real Estate Appraiser here if you want to ask a question. I may answer.

>>18448028
What’s your prospect on vacation driven real estate along the eastern seaboard.

>>18447577
It's a blessing. The bottom isn't in for another year or two.
You know about credit utilization? You want to be using like 1/3rd of your credit line every month I think

>>18448028
What kind of credit should I have before looking for a house? I'm >>18447577 for reference.

Also, what kind of maintenance costs do you expect from buying a place made in the first quarter of the last century?

>>18447577

loll'D

you dont need credit score if you can use gold bars as collateral idiot.

how it work in the rest of the world is you inherit said gold from you family. you go to the bank and tell them to keep the gold in their vault in exchange for a good interest rate on a loan for a house. you pay the loan back during your life, you get your gold back and guive it to your childrens who do the same.

>>18448055
Dont worry about vacation driven real estate in the east. Just eat some fresh lobster from the Atlantic Ocean..........

>>18448065
Have or get a good credit score. Maintenance costs depend on the EFFECTIVE AGE of the home.

>>18448065
I live a very frugal life. I put everything on my credit card to build credit and I only even hit 20% of my max when I'm buying furniture.

Well, I suppose I do have a year or two. I can probably also get added as an authorized user on my dad's account and boost my score that way.

Be patient anons, when housing prices come down you can jump on a good deal..........

Patience, patience, patience!

>>18448088
I was hoping otherwise. I want to buy. My thoughts are that the price depends on if the states governor cancels summer.

>>18445927
>Illegals are going to buy them up
True

>>18446473
Good. Tired of the faux-(((freedumb))).

>>18446473
Good. We are slaves anyway might as well enjoy UBI and NEET life. The government can pay for my tendies

>when you bought a house last may
Woooo

>>18448302
kek

>>18448302
I literally did too. It's okay though because I bought a shitty cheap house with a decent amount of land. If the price craters it won't really effect me at all. I'll probably have this shitty house paid off in five years. Less if we go full hyperinflation.

>>18446473
In one word, communism

>>18445863
Finally a break for the two most financially shit on generations, gen z and millennials

My refinance already went through so I'm at 2.5%-15yr and I don't plan on selling for 25+ years. If values go down will they lower my property taxes (kek)?

>>18449930
Yeah it's usually a percentage of your property value

>>18446110
you realize that's just going to make it even easier for them to buy houses in Toronto right

>>18445863
What if your parents own a house. Just convince them to sell now or what?

>not seasonally adjusted
Put it in the fucking garbage.

>>18450422
If it was seasonally adjusted, it would be worse. Prices should be going up right now, not down. This is prime home buying season.

>>18445863
Some of California will be hurting but Not all of it.
Some neighborhoods will become more expensive.
Beverly Hills, Westwood, West L.A, Hancock park, won’t be effected at all. These areas are $900 per square foot never cheaper.

>>18446738
Do you even know what you're shorting with SQQQ?

fuck off lazy millennial. The government will never allow a housing crash again. When I retire in 5 years from now you will buy my house worth 400k now for 600k. Get over yourself.

>>18445863
Good. Housing in general shouldn't have gotten anywhere near as expensive as it is. All it's doing is going down to the prices that it always should have been.

>>18450934
the good areas will dip a little, but there's legions of asians/indians waiting on the sidelines with 20% down to swipe up anything that dips. I'm looking to grab a cabin in the mountains instead

>>18445863
U WOT M8?

>>18445927
based and deagelpilled

>>18448244
With what money?

>>18451074

>>18445863
Has anybody had to cut back on tipping their landlord? I used to go with a 20% tip, but have had to cut back to 5% and I feel kind of bad...

>>18451147
1/3 of all renters are not tipping their landlords. In fact, they arnt paying their rent at all.

>>18451114
I'm sure the next round of Trumpbux will include a "Dreamer" clause that gives every non-white 100k to combat racism.

>>18451247
You think you are joking, but they are literally doing this in california.

https://www.nationalreview.com/news/california-governor-planning-aid-for-illegal-immigrants-amid-coronavirus/

>>18450973
Hey we gotta good thing going here quit teaching the new kids

>>18451334

No one is buying, but no one is selling either. You have to be desperate to sell during a crisis, so it's not surprising people listing will drop their price somewhat especially if they have a shitty house

Nicer homes still get snatched up in days. Meanwhile millennials everywhere still want a house more than anything and don't seem to understand supply and demand, that suddenly prices will just drop by half with millions of them wanting into the market, I don't think so

>>18451441
There are a lot of overleveraged home owners out there.
>There are more than nine million second homes in the U.S. that may or may not be financially viable given the depth of the current recession.
>About eight million landlords who own between one and 10 properties accounting for half the nation’s rental properties. Financial duress will come swiftly for those carrying multiple mortgages.

https://www.google.com/amp/s/www.bloomberg.com/amp/opinion/articles/2020-04-10/coronavirus-fallout-u-s-housing-prices-will-tumble

I'm only seeing 15K-20K price cuts on Zillow for 800K houses - which is around 2%-3% down. That's nothing. Let them burn until we start seeing 40% price cuts in houses.

>>18451725
Its only been a month. If they don't open up the economy soon, its going to crash.
>As many as 30% of Americans with home loans – about 15 million households – could stop paying if the U.S. economy remains closed through the summer or beyond, according to an estimate by Mark Zandi, chief economist for Moody’s Analytics.

https://www.google.com/amp/s/www.bloombergquint.com/amp/onweb/home-lenders-brace-for-up-to-15-million-u-s-mortgage-defaults

>>18446189
Buying now
>if you qualify for govt programs you can probably get a mortgage really good, like 5% or less down and fixed at 3-4% for 30 years
>but it's almost a certainty your house will lose value over the next few years

Waiting
>will be cheaper (Who knows by how much though)
>but may cost you a lot more in terms of a mortgage, think 10-20% down with a 5% rate on the low end, probably not fixed

>>18451441
banks are tightening up loans
millenials have no savings. even if they're all clamoring to buy, they dont have anything to buy with lol

>>18451876
I'm the guy you responded to. The value of the house in the relatively short term doesn't matter much because I dont plan to move up for at least 10 or 15 years and I assume theres no way to know what it will be worth around that time. The question seems to be will I save money overall by waiting a few months and if so, will it be enough to justify taking the risk of waiting when rates are so good right now and also becausei really like this house and dont want to lose my chance.

Some people here seem to think prices will drop very dramatically but is there any reason to believe that is likely?

>>18451074
Moon when?

>>18445863
Sacramento county here
I’ve been wanting to buy a nice house on 5000-600 sq foot property in a town for awhile now
They’re about $200k-$250k where I live
Old world architecture too :3
If the market were to crash how low would the prices go?

>>18445863
>housing prices were already up 20% in the first quarter of 2020 before coronachan struck

WHAT THE FUCK HOW DO BOOMERS EXPECT US TO AFFORD HOUSES WHEN THEY APPRECIATE FASTER IN ONE QUARTER THAN MOST PEOPLES' SALARIES DO IN A DECADE

Anything less than an 80% crash in housing prices will leave these cardboard boomer boxes still massively overvalued. Fuck this rigged shitshow.

>>18452161
If boomers die then they’ll lose their houses & go to hell

>>18451146
retard take
last crash yellow over blue was 130/40=3.25
now it's 160/100=1.6
Shit is only half as unaffordable as it was in 2008, once the ratios approach 2006/7 levels again that's when the market will crash again, and that's gonna be a while.
Not saying there is not gonna be a dip year because of corona, but it's not gonna be anything like 2008.

>>18448060
You want to be using like 1/3rd of your credit line every month I think
Bullshit, I always pay my ccs off before statement time but forgot two months ago and ended up with $1300 captured on statement for a credit line with $5000 limit. My credit score took a 60 point shit the next month, 800 to 740. Mind you I still paid that whole sum off before any payment was due. Now this month after another statement with $0 on it, my score went back up 30 points.

The hilarious part is where the system talks about what's impacting my score, it still says it was negatively impacted by not having enough installment loan information on file. So evidently I get shafted if I use credit and shafted if I don't.

hey guys, how do i profit from this on its way down. I know that i could obviously buy a house at lower prices and sell when it goes up but how do i profit from real estate going down?

>>18445863
only retards think housing prices will be allowed to go down. They are going to hyperinflate the dollar before that happens. Nothing gets politicians voted out than falling real estate. Somehow nobody cares about their take-home pay having 30% less buying power.

>>18452210
>The hilarious part is where the system talks about what's impacting my score, it still says it was negatively impacted by not having enough installment loan information on file. So evidently I get shafted if I use credit and shafted if I don't.
Credit cards are not installment loans. Auto loans, home loans, etc that are paid in...INSTALLMENTS are installment loans. You should wait until your 19 before posting here again.

>>18452115

try running a mortgage calculator on the home at it's current price with current rates and then with a 20% dip in price but 1.5% increase in interest. it may not make much of a difference, especially if you like the house and plan to be there for a while. also think about whether that neighborhood is full of people who are likely to default or not.

i just signed a contract on a house this week and this is some of what i was looking at to make my decision. in my case it's a small neighborhood in brooklyn full of old rich people, most of whom will just pull their listings before ever letting millennials win.