/biz/ - Business & Finance

sorry snowflake millennial, they're only going up from here

>>18895975
You're fucking insane if you think prices are going up boomer. You must have missed the part where the economy crashed and is going to cause another 2008.

>>18895942
prices didn't even drop in 08-09 where I live. They kept going up, just slightly less fast

USA 2020:
>country continued to be ruled by boomer president
>boomer gov keeps funnelling wealth to their corporations
>corporations are all invested in Chinese supply-chains
>millennial Chinese keep getting richer, buying up more real-estate in major US cities
>boomer generation dies off and leaves nothing to the citizens/children of the country they sold-out and bankrupted
Based boomers just decimating the USA

the people who lost their jobs are renters and lending is a lot tighter now. i think you'll see a depression in housing through the summer but probably not 30%. my moms basement will cost the same, zero.

I swear boomers just love to fuck with millennials.

3% drop is nothing!

>>18896088

the economy didn't even crash, the markets have been pumping furiously for almost 2 months and apparently nobody cares about unemployment. boomer boxes are still going to be out of our reach

If you’re white and don’t own a house already after having it so easy for so long then it’s super sad

>>18896134
This basically. There's no crash coming, as the Chinks will keep buying everything up. Say hello to your new Masters gwailou.

The government will destroy the dollar before they let home prices fall.

>>18896403
>i'm borrowing a house from a bank that means I own it

>>18896379
>>18896351
>>18896125
I’m pre approved in Portland Oregon ready to take advantage of the drop.

to all those who doubt falling prices: zillow owns houses as a company and they sell them on their sote. they don’t want prices to fall before they unload their own inventory. just recently they’ve started to forecast 2% in the next year, which means they are now slowly rolling out the bad news that prices are in fact dropping.

pic related: this house comes on the market this morning at a price $64,000 leas than what Zillow estimated it to be worth in february. i know the zillow estimates are mostly useless, but in Portland it’s not uncommon to start a bidding war over these craftsmans and now they’re sitting on thr market before being price cut after 2 weeks.

it’s starting.

>>18896088
>economy crashed
the s&p500 is over 2800 dude, basically a year setback right now is all.

>>18895942
Wouldnt it only drop for faggots renting out their homes? Only landlords will get fucked by this r-right guys

>>18896478
neat that's in the app?

>>18896478
Good. Glad the boomers and speculators are getting punched in the teeth. Thanks for bringing data into it.

>>18895942
Sadly a housing crash is a lose-lose scenario regardless. Yeah, the sticker price is lower, but in that scenario, the banks also tighten their belts and give out very strict loans with high down payments and large interest rates. So yeah, the house price is down, but the bank won't give most people a home loan anymore, so you're still priced out anyway. And that's on top of the fact that banks do supply fuckery like only drip-feeding their foreclosure properties onto the market a little at a time in order to keep the supply artificially low so they can sell for higher than they'd be able to otherwise.

>>18896134
yeah they really fucked us over. china will be more powerful than the US ever was in 20 years and we literally handed the key to them.

>>18896467
still better than paying rent every month for years and not getting any benefit from it. those are the only two options at the moment i believe, unless you're a NEET, in which case, good luck with that.

>>18896630
no benefit from renting except for the benefit of getting to live there, not deal with any maintenance or upkeep, a bunch of amenities, and flexibility to get up and move anytime

>>18896478
>it’s starting.
In PA you can't even buy or sell a house because it is non-essential.

>>18896545
Wont be able to drip feed when there are so many houses

>>18896687
Not him, but landlords don't fix anything ever.
And who the fuck moves that often?
I've always rented atleast 3 years or longer.

>>18896545

If you have a large amount of money saved and a high credit score it's not lose-lose, you can get the loan and because others can't your price is lower

>>18896134
>>18896407
I like how you think the Chinese "middle" class aka Chinese boomers are not going to face an economic crisis of their own with their own debt and stupidity

>>18895942
>housing prices will hit rock bottom any time now
>Says the Coping poor fag every year since 2008.

Just a FYI, boomers never sell at a loss.
Every
They will hold on to houses until prices get better

>>18896809

>until prices get better

they already have the chance to sell at the peak of a massive bubble that's been pumping over a decade with no correction. they will not be selling at a loss but at a huge profit. what kind of better price are they even waiting for

>>18896782
you need to stop living in the slums then. When I put in a service request here shit's fixed same day or next day at latest.

>>18896088
DELUSIONAL
all so called assets will drop like rocks

>>18896809
I think prices are gonna go down because of over extended airbnb people not because boomers selling. Travel is going way down, there is gonna be a big bump in supply. I am only predicting like a 10% drop though, maybe even a little less.

>>18896899
actually when I did live in an actual slum the landlords there were quite responsive to maintenance requests. probably because they liked having someone who always paid their rent on time for a change.

>>18896809
boomers don’t have to sell at a loss for me to get a great fucking deal. my dad bought his houses in the 80s, so he can cut the current price by 50% and still make money. tenant laws are getting fucking crazy and boomers have zero patience for anything they view as socialism and i know boomers who are selling their revenue properties for this exact reason. plus, 1/3rd of air bnb super hosts own 25+ properties = boomers can be over leveraged too.

>>18896864
You don't understand the mindset of a boomer. When that anon says "at a loss" it should be interpreted through a boomer mindset. ie, "I won't sell lower than the imaginary arbitrary value I've assigned to my house".
In other words, it doesn't matter if selling that boomer box would still be a 4x ROI. If they're only getting 1.2 mil and they think it should be 2.0, they won't budge. They'll take it to their grave, after which their children or the state will liquidate it for cheap

>>18896787
That's okay if you're already Mr Pennybags, but for most people that means they're still fucked anyway

>>18896902
hasn't happened so far. Fact is everyone needs a place to live, so demand isn't going to drop. might see a slight decline in housing prices but higher rents as landlords try to recoup losses. I think this corona-nonsense will eventually blow over and by next year everyone will have forgotten about it. We'll go back to normal but it'll be a new normal. This isn't going to go on long enough to have a major effect on housing prices.

>>18896936
>Commie tards not understanding inflation

>>18896351
>according to Zillow
Fucking LOL. Never trust realtors, and especially not the megacorps whose express interest is to keep the housing bubble going. They were saying similar shit in 2006/07, even after the subprime mortgage debacle. Countless articles/video evidence out there.

Last time the housing market was just the pin that pricked the overall debt bubble and caused a recession. However nobody learned any lessons because of bailouts and moral hazard, the bubbles are substantially bigger. This time only the pin is different, and housing is just one of the dominoes to fall rather than the initiator.

Wait until 2022 to invest in residential real estate

>>18896864
You don't get it
Boomers would rather die than sell low.

>>18896899
I lived in the nicest area in Tacoma WA.
I was literally 2 houses down from point defiance. Beautiful area and people. All white of course. But the land lord would not fix anything for any reason. We had a 3ft hole in the ceiling from rain damage and it was only fixed after we moved out.

>>18896479
>the market is the economy

>>18897001
also, two big banks are no longer accepting new HELOC applications. so now if homeowners have equity but need cash they will have to sell.

>>18897001
>Wait until 2022 to invest in residential real estate
I'm buying this spring/summer.
But I'm not buying an "investment property," I just need a place to live.

>>18897466
ditto. but i could wait until fall. i hope prices dip by september

>>18895942
I'm waiting for REITs to go down so that I can gobble them up.

>>18895942
I'm cool with that. As long as my Kleros bags hit 40-50 cents I can literally sell half for a house then in my area.

I'm looking for houses in my area. Prices aren't dropping, 4 out of 12 houses I saved 1-2 months ago are sold.

>>18896088
Just a reminder that Q2 earnings will trip debt covenants like fucking crazy. You will literally witness an economic restructuring taking place, and it will be at a time when these businesses are most vulnerable.

>>18898132
Also let's not forget election uncertainty.

If I have an 800 credit score but not too much cash on hand for a down payment would I be able to get a mortgage in a real estate crash scenario?

>>18895942
NO drop in Seattle metro area. Rock solid, with 2-3 offers on each house listing (Realtorfag here).

>>18897001
>Wait until 2022 to invest in residential real estate
How do you quantify 2022? The inversion of yield curve happened almost a year ago. Isn't that enough to make it late 2020?

>t. hopeful entitled millenial saving up for around late 2020 and wanting to move out

>>18896490
Landlordfag here. When times are good, raise the rents. When times are bad, refi and buy more rentals.

>>18898337
There's no guarantee housing will even decline significantly or even at all this year. The majority of people being laid off are not even homeowners. The boomers are fine for now, they'll continue to suck the later generations dry until they can't anymore. They won't be compelled to sell any time soon. Meanwhile the megacorps that own most residential real estate will just do what they did last time: Control and limit the supply by holding on to the houses for longer, even refraining from foreclosures, to keep the bubble going as long as possible.

Imagine being the smart guy back in 2006 and calling the housing "crash" beforehand. Was the best time to buy back in late 2006? 2007? 2008? No, it was six fucking years later in 2012. So, sorry to burst anyone's bubble but you are not going to be able to sweep up dirt cheap residential real estate for a long time, in my opinion.

Now commercial real estate is another story.

>>18896088
Literally not true.

>>18896134
A nation that abandons God will be punished

>>18895942
This is based and 100% truthpilled
Fuck property speculator parasites

>>18898552
>that graph
Doesn't this look like the top then when seeing 2016 though? 2008 was different because there wasn't anything in more recent times that happened like it (and nothing like it re: overly-connected economy and junk in CDOs and MBSs).

Then there's how much faster/volatile the market seems to move nowadays. With more homeowners weary of the last crash, and MSM not actively laughing off doomers like then (probably the opposite actually), and an election year of pissed off libtards moving to Canada, won't that play into the speed of it coming sooner?

>>18898670
Well sure I think it could come sooner this time, that's why I suggested 2022 and not 2026

>>18898063
Don't give up. You're learning your market. Keep 2 things pure and growing:
1. your credit score
2. your down payment

With those, you'll eventually get into a good spot to jump in.
Still can't catch up? Get a partner. Just be sure it's a real one (honest, has the $, etc.) not just your drunk brother in law.

>>18898786
paul, i only drank on the weekends!

>>18896134
I would like to point out that most Chinese property investors are over leveraged and 100% rely on tenants paying their rent. We could see 2011 prices again I can't wait.

>Pool cleaner who was talked to some very panicked chinks lately

>>18898721
pandemic crashes on different. a recent study showed that housing dropped only until the year after a vaccine was created.

https://www.stlouisfed.org/~/media/files/pdfs/community-development/research-reports/pandemic_flu_report.pdf

>>18898275
Depends on your income and some other factors
You can talk to a mortgage officer at a bank (or multiple mortgage officers at different banks) and ask them those kinds of questions, and you should!
They can give you advice for what you can do to get in the best position to get a mortgage.

>>18898275
yes with that credit you only need 3% down on a conventional loan. you DO need closing costs which in my state can run 10-15k, but you can have the seller pay those, including the first year of property tax, and roll all that into your loan, BUT in that case you’d need to find a house ~20k under your budget.

>>18896088
As a millennial, you underestimate the power of the boomer. The boomer has no pity or remorse. He only fears only the loss of his superficial stucco material wealth or the consequences of his poor financial investments. He also controls the politics and economy of this nation. We will all burn in a continent wide inferno before the boomer loses.

>>18895942
Nah senpai the sauna will catch fire and I’ll sell you the empty lot after insurance comes if you want it that bad.

>>18898822
You should see if they're interested in seller-financing. Sometimes Asians are super thrifty and think "I don't need no stinking realtor" and have no idea of the value/promise of the place.

You offer to come in and save them and do very nice.

>>18895942
We will see World War 3 before we ever see affordable housing again.

>>18896478
>2% drop
prices differ more than 2% just in negotiation. Hell, your closing costs will be more than 2%.

this is a meaningless number and I think it's amusing you're waiting for it.

>>18895942
If prices do drop it will be because of foreclosures and distressed sales, not because prices in general went down.

which is good news for a first-home buyer except foreclosure auctions often require cash in hand. So unless you're sitting on half a million dollars cash (no mortgage) you're not going to benefit. The sorts of people that have that kind of cash sitting around usually own a home already.

>>18899182
If I did happen to have a lot of cash, any tips for auctions?

>>18899060
THIS!
The prices may fluctuate 2-3% season to season. In the meantime the general trend is at LEAST 3% annual appreciation.
In markets like mine (Seattle) more like 9-14%.

The lesson is: don't wait. Either you'll hit the timing or you won't but like Kiyosaki says: you're buying the cash flow, the app is just icing on the cake you won't see until you sell/refi.

>>18896088
It will if Chang and the Saudis buy up the cheapies and artificially inflate the prices
So much for Trump's "America First"

>>18896545
780 credit score and 100k cash reporting in. Suck T. Nuts boomer scum

>>18899060
a two percent drop means some houses are up 10% and others are down 15%.
it means people aren’t starting bidding wars.
it means you can ask the seller for shit like closing costs and have a chance to negotiate.
it means you don’t have to make several offers on houses that you’ve never seen just to have a chance to get one.
it means your realtor will actually take the time to help you find a house you actually want to live in.

>>18898968
They paid 3x what its worth thinking "its ok I can get this much for rent with a little left over" which drove 100k homes to 300-400k. I am looking for deals like in 2011 when banks were selling them for what was owed or just trying to make a little money back.

>>18899200
i assume you own a home? cope.

>>18896403
If you think whites have literally ever "had it easy" you're a tranny. Niggers living in the U.S. at all is them having it easy. Whites had to fight Indian Wars for apes to be able live in fucking L.A.

>>18899194
Find a broker in your area that specializes on those. Many of them have free classes on how auctions are done. The catch is, they're hoping you use them to buy (they've kinda earned it, ya?)

Many of them also team up with hard money lenders because auctions require cash/equiv. Careful: my state has 4% orig. fee and 12% annual.

Also, many auctions are by front photo only. SOmetimes there's interior pics, sometimes not. Sometimes there's a keybox and you can go see, sometimes not (sometimes you buy it then have to go and evict the previous owners!).

It's not a game for kids, but you can make serious $ at it. Join a local REIA (RE investment assoc). and learn cheaper/faster than 'gurus' that want to charge you thousands for the same info.

>>18896588
>we
You mean they. Just like our foreskins they never gave us a choice.

>>18899202
In a free society, anyone can own the RE. The houses/buildings aren't going anywhere and it results in $$$ being dumped back into OUR economy, not theres.

Welcome to the other side of the looking glass, Alice. How's that red pill taste?

>>18899205
no, it just means foreclosures are up.

>>18899194
>any tips for auctions?
probably best to be familiar with what it costs to repair/renovate. Other than that just know your market and research similar sales. Or hire inspectors/contractors/appraisers to do the legwork for you.

>>18895942
Won't happen. Also, who's selling? I own 4 places, no debt! 3 rented out, 1 I use myself. No reason or need to sell low, even if what you predict should happen.
Are there really 99% seething poorfags on /biz/?

is 740 a good credit score for being 22 anons

i was going to buy a house this year in the 130k range

>>18899204
Go educate yourself and get ready to buy something. You're exactly where you need to be. Don't hate/envy other generations, focus on yourself. This is YOUR turn.

>>18899287
should be fine. Not great, but with enough down it'll do I think.

I might be wrong though, I think I just read that some lenders upped the score requirement because of corona fears.

>>18899262
>The houses/buildings aren't going anywhere
Yeah, they're houses, that's kind of the point dipshit.
How is purposefully keeping houses empty benefiting anyone but them so they can sell the properties at a markup?

>>18899287
720 is the min i believe, wait for prices to drop.

>>18899215
Then you look for foreclosures (every place, every time, has some).
Or you go to auctions (see above).
Or you shop in areas that have low prices (midwest, south, rustbelt).

>>18898935
this

>>18899227
I own 13. One I live in and the others I rent out.

>>18899315
They're being stupid. They should at least rent them out.
Any of you boys heard of Blackstone? Huge RE hedge fund in the late 2k's bought up hundreds of houses and rented them out, waiting for the tide to come back in.

>>18899287
>>18899308
to add to that, a conventional mortgage has a requirement in the 700's

an FHA loan has a minimum of 500. And with a score over 580 you can qualify with 3.5% down.

FHA loans have some weird requirements though. afaik you can't rent the house out, you have to keep it well maintained, and you usually have to have mortgage insurance for something like 11 years.

it's not a terrible deal though for a home you plan to live in. I have an FHA loan.

>>18899315
Why should my property benefit anyone but me?

>>18896125
Lmao believe what you want.

t. Child of parents who got their house in a nice neighborhood for sub 100k.

Wowee wish there were nice homes for 100k nowadays. Would likely buy 1 at that point as I could afford a large downpayment.

>>18899424
THis. Plus, after a year or two, just move out and rent it behind you. Or refi into a different loan (IF... the rates/costs are better).

House hacking is using a cheap low DP loan to get into a duplex, fourplex, etc. and renting out the other units (the gov. let's you go as high as 4plex).

>>18899262
Lmao how bluepilled can you be?
>chinese buy many homes
>rent it, at a premium, to residents and citizens who actually need it
>chang sits in china collecting usd

>>18899436
There are two schools of thought:
1. Keep the property pristine and sell for profit later. In high apprec. markets (Vancouver, Victoria BC, Seattle, Bay area) you can do that, but you have carrying costs.

2. Rent it out. The monthly cash flow is good, plus it covers holding costs, plus someone's there maintaining/keeping watch on your asset. (I prefer this method)

>>18899397
read >>18899496
Chinks only look for profit for themselves, even if the world were completely white the nationality difference alone would mean the investor would be apathetic to the needs of American countrymen.

>>18899515
I know that, as I do it myself. My question was in regards to the general idea some fags seem to express, that I should be concerned with the benefit of others.

>>18899496
Unless you want to pass laws forbidding it. Your choice.
Remember though, the locals are hired to sell/finance/maintain it, plus the tax you and the contractors pay, plus more bidders = better apprec.

I can see both sides of the argument. For example, Mexico allows foreigners to buy waterfront, but only 49%. The 51% has to be owned by a local.

>>18899548
That's a personal decision. Either take a profit hit but only rent out to who it will help (careful you don't get fined/sued doing that since the chinks would squeel to the gov).

Or, make max profit, kick ass, but then turn around and fund Habitat for Humanity or some med research or something.

>>18896088
I hope they go down. I've got enough money saved up for a 15% downpayment, but I'm waiting to see what housing prices do over the next few months

>>18899602
the problem I saw in 08-09 is even if you could afford a loan (many people couldn't) the banks simply weren't lending.

the housing crash caused a credit crunch which made the crash worse. It's a tough spot to be, banks simply weren't giving loans to the average person.

>>18899602
Wait till end of summer in a hot market, or end of years if you live in a slow market.
My advice: DON'T wait a whole year or more. By then the cheap rates will start to fade, the braver souls will already have been out sniffing out the bargains. etc

>>18895942
>drop 30% by July
They'll still be up by a significant margin.