/biz/ - Business & Finance

>>20836354
You're not the boss of me now

The boomers are protecting that from happening at all costs

>>20836354
with the lowest ever mortgage rates and unlimited money printing? how about no

>>20836354
It's already starting to. Imagine what will happen when they pull the gibs.

>>20836354
I hope so, want to make payments on my new house with Suter staking gains

I would like to buy a starter home at a reasonable price, thanks.

If tens of millions of Americans are out of work for 6+ months, then yeah it gets a little difficult to pay your rent/mortgage.

>>20836582
Why hasn't anything happened yet then?

>>20836582
They will farther delay home payments.

>>20836354
maybe 20% cheaper

>>20836354
Yes

>>20836560
Not going to happen kido, I know what I got. Just get a good manufacturing job as I did.

>>20836898
What kind of manufacturing job?

>>20837080
you see here son, Everything that you own needs to be manufacturing. Someone needs to make it. That is how you can make money to afford a just like mine. That is what I did.

Maybe in urban environments, but out here in the rural areas, I am in the process of paying 15% above last years market value, because now that more people are afforded the opportunity to work from home on a full time basis, rural home prices are rocketing. There is a very low supply, and a large demand. I'm happy though, I have my 20 acres of heaven.

>>20836898
YOU GOT RESPIRATORY PROBLEMS

>>20837080
>>20837080
you see here son, Everything that you own needs to be manufacturing. Someone needs to make it. That is how you can make money to afford a house, just like mine. That is what I did.

>>20836470
/thread

>>20836683
Endless credit

>>20837232
So inflation is coming....

Toronto, Vancouver and Montreal housing market are booming. It’s endless, the government will do anything to keep the bubble up since that’s where most of Canada’s wealth is tied up. My mom wants to buy at the top...

>>20837080
Just go down to the Ford plant and tell em you wanna work

>>20837274
understatement

>>20836560
Honestly, it feels they will continue to allow prices to inflate out of reach of new home buyers. This reduces the buyers to corporations and foreign entities who accumulate more and more properties to rent. It becomes a country of dependent renters.

>>20836560
Per usual, you missed out the main criteria
>ON THE LOCATION PEOPLE ALREADY LIVE

it's like going to a sport event, and asking from people already there wathcing to sell you their seat, and then being baffled why their prices are so high compared to the initial price they paid

>>20837379
Did you tell her that she is a dumn ass?

>>20837807
Hey boomer. Please stop calling people “son”. It’s disrespectful and nobody here is your son. It’s rude in real life too.

>>20837807
I told her don’t buy and wait for the crash. She’s on the fence.

>>20836354
>RICE and BEEENZ

>>20837804
To continue your analogy.
Soon the people who bought tickets cannot afford the loan they took out on their ticket.

How many boomers have their houses paid off. About 2 in 3 homeowners do not have their houses paid off. I don't know what percentage of boomers; It is safe to say about 50% of them are still paying for their home. I know my parents are. But you are correct about areas that already occupied.

>>20838006
Son, we have a lot to talk about when it comes to talking with your elders.

"Dave: hey it's the dave ramsey show!
Guy: hey, uh, how you doin, dave?
Dave: better than I deserve, what can I do for you?
Guy: uh well I have a bunch of credit card debt and a bad job.
Dave: wow youre an idiot! spend less and pay your minimums and get a second job.
Guy: okay wow thanks dave I never thought of that!
Dave: rice and beans!"

no
-Sent from my SM-J700F using Tapatalk

>>20838171
he is right...

priced in dollars? i doubt it. some overpriced markets, like cities, will see reversions to the norm, but i don't consider that a crash.

price in gold? yes, home prices will fall substantially, at least 50%

>>20838171

how did you get audio playback on 4chan working??

>>20838171
this is good advice, thank you based Dave

>>20838194
absolute unit

>>20836683
Paperwork has been completed, but residential evictions begin in September. Commercial evictions are active, but they generally leave of their own accord.

>>20837804
It costs $300k just to build a new house, and that's not including the cost of land you have to buy, so even building a house somewhere out in the middle of nowhere is still out of reach for most people.

>>20838326
I want to get on a boat and find another continent to kill the natives and settle on. Who is with me?

>>20838393
go ask the nice folks at the reservation

>>20838326
>It costs $300k just to build a new house
dont be silly

>>20836560
what is with all the pol invasion shit this past 24 hours? Can you guys take your rabid antisemitism back to your containment board please?

>>20838447
>https://www.newhomesource.com/learn/cost-to-build-house-per-square-foot/
>The 2019 Construction Cost survey by the National Association of Home Builders (NAHB) found that the average cost per square foot to build a single-family home came out to around $114. In this survey, construction cost totaled $296,652 for an average 2,594 sq. ft. home.

Housing in good areas is going to get more expensive. They are assets and assets tend to go up when inflation hits

Not a chance. COVID-19 was letting SARS-1 into the wild, calling it novel, and letting it run so that the inevitable collapse could be blamed on it instead of the elite class. Now, instead of a general collapse, germs & crime will be used as an umbrella to impose transaction limits on physical cash, prevent mattress stuffing, and allow deep & negative interest rates. These deep negative interest rates will further inflate the asset bubble and protect the landlord class from the financial attack and insulate the boomers from the pain and suffering of the younger masses.

>>20836898
Mortgage forebearance and eviction moratoriums, and both will likely be extended into 2021 with the new stimulus bill.

Might be some randos, airbnb slumlords, etc who fall through the safety net and foreclose this fall, but honestly, probably not that many. Corpos and banks are receiving brrrrrt from daddy jerome and would love to park it all in longterm low interest debt so they can ride out hyperinflation in style. So if you ever even see a dip, you'll be competing with private equity firms and JPM for that starter home.

>>20838517
Tell that to a couple that whats to start a family. The housing market is helping to destroy the family.

>>20838589
Having banks buy homes should be illegal when they can ask the FED for all the money in the world.

would dave be ok with me spending all my emergency fund in PNK to make it?

thinking about calling to his show one of these days

>>20838471
>2600sqft home
Da fuq, are they housing quiverfull families with 10 kids? 800sqft is fine for a single or couple, 1600sqft is good for up to three kids.

Don't post the price to build a mcmansion like it's representative of what most people need, want, or are looking for.

>>20838574
>These deep negative interest rates will further inflate the asset bubble and protect the landlord class from the financial attack and insulate the boomers from the pain and suffering of the younger masses.

Basically this. They are going to buy off people from getting violent by direct cash stimulus. That serves 2 purposes of 1) placating people and 2) helping to further inflate asset prices.

>>20838471
if you're economically below average, you should build a below-average-priced house.

This argument would be a waste of time cause we look at the same statistic (or any other "average american spent X dollars on education/healthcare/cars/housing/credit/etc), and draw different conclusions
- you see it as proof that things are too expensive
- i see it as a proof that it's way too easy to convince average American to throw their money away

>>20838156
There won't be a crash. If there is a crash, she will not have cash on hand to buy shit because it means the Canadian real estate ponzi has fallen and taken our GDP and credit rating with it.

Our government will do stupid shit like take on more debt and take on 10-20% of people's mortgages before they let things deflate.

>>20838697
He didn't say it was a good thing or a bad thing, just stated a fact. Whether it's by design or just a consequence of general greed doesn't change that it's true either. If would be a good thing for housing prices to come down reasonably, but only if your goal is to boost homeownership by residents. Nobody with their fingers in the pot are financially incentivized to make that happen. Quite the opposite really.

>>20836683
Housing market lags for months behind everything else because it takes months to buy, sell, and move.

>>20838745
>if you're economically below average, you should build a below-average-priced house.
The average person makes $50k/year and that's nowhere near enough to afford the average house in America. If you're single you're pretty much relegated to living in a shitty tiny apartment for the rest of your life.

>>20838822
I was not disagreeing with you or the other anon. I hate the idea of banks buying directly buying houses. And seeing homeownership put out of the reach of more and more people because of the FED, Big Banks, and other institutions.

>>20838959
It really is a middle class squeeze going on. They've just realized that doing it generationally means they can enlist the support of older people with wealth as well. In this way it's not class warfare as much as it is generational warfare.

>>20838171
go get a job that pays at least 2.5x what you make.

What's the name of that old man again?

>>20836354
I just got an offer for a 2% VA loan refinance LMAO this shit is insane.

>>20839354
El Boomer

>>20838156
>>20838800
You do realize once this war gets into full swing that Chinese are gonna be rejected all over the west? That's what's gonna kill Canada's market. The US is gonna be killed by downsizing boomers who have to either take a loss on their home or die in an empty 5 bedroom mcmansion. This shit is too predictable just be patient.

>>20836354
I hope it does in 6 months so I can buy a house with my meager 7k FUND investment

>>20839574
https://www.youtube.com/watch?v=EMUOh1YdKQI

>>20839655
I remember people saying the same thing pre-2007. When prices did fall in the recession, all the young people who should have been starting families had to stay mobile to stay in work, and didn't make enough to buy a place.

>>20836354
Europoor here, housing market will crash here in 2026. At that time, link will be easily 1000, eth 10000 and btc 1000000

>>20839904
2007 was even more visible. The lack of personal humility is what caused it
>low interest?! BETTER GO ASS BACKWARD INTO DEBT AND FINANCE 10 WASHING MACHINES
Did we get screwed? Abso-fucking-lutely. But, it was still a shopping spree for anyone with savings and finances in order. Anyone who moved to a city that's not a meme e.g. Salt Lake City, Sioux Falls, etc during that time got low as fuck cost housing as well as rode the wave to rising salaries. People just can't fucking save and then will throw a fit because they insist on moving to LA, NY, or whatever.

>>20838745
Can I buy wooded land and have a tent? And take showers at planet fitness?

>>20840161
good luck
https://www.cfact.org/2020/06/13/the-great-american-outdoors-act-is-a-federal-land-grab-slush-fund/

>>20839673
If you are a first time home buyer with decent credit I can get you into a house for 7k now. Send me an email: mortgageanon@protonmail.com

>>20840054

i've saved 250k since moving to NY in 2016 it's not hard if you don't live like a retard

>>20840477
How much do you make larper

>>20836560
Just work two jobs and save money. Not that hard. Three jobs if you have to.

>>20836396
Just follow my baby steps financial guidance program you ungrateful Zoomer shithead and you'll be rich by the time you turn 80 years old. Also pay my service fee every month otherwise youll never be rich you financially incompetent fool.

>>20838887

>this is what poorfags actually believe

Buying an average house was probably the easiest thing I’ve ever done and I did it while making 40k a year.

>>20842314
debt-cuck

>>20836354
it had better.

>>20840477
> it's not hard if you don't live like a retard
I mean you kind of answered it there
>leasing cars
>credit debt
>upscale apartments
The list goes on. There's so many stupid things people do and the biggest evidence of that is the fact the Dave Ramsey exists.

>>20842393
I mean, having been both, it feels better to be a debt-cuck than a rent-cuck. The way I see it, I'm either paying my mortgage or I'm paying for someone else's mortgage. I'd like it to be going towards my own equity rather than someone else's balance sheet. That doesn't mean bite off more than you can chew, but debt is a means to an end. home ownership is a worthy end to leverage debt towards.

>>20842434

>>20842947
I think "paying my mortgage or...paying for someone else's mortgage" is too much of a simplification. There's the opportunity cost of not investing in the market (which maybe you could have if you were renting instead). There's also property tax and HOA costs which in some areas end up being as much as rent. It never made sense to me to make the generalization that owning is strictly better than renting.

>>20844087

Reading East of Eden right now. Crazy how Cali used to be this totally unclaimed land where Americans could head on west and get 1,000 acres for free, just 120 years ago. If your great-great-grandad had gone ahead and done that you could be a multi-millionaire easy.

>>20844087

>>20836560
Get a $125k on an FHA with 3.5% down that's like what, $4.5k? add in another thousand for random shit. Do you really not have 5-6k? If not, buying a six figure piece of property is probably not in your best interest

wish it werent so but shadow inventory is real.
prices wont drop by much

>>20844630
848k for 2 fucking bedrooms

>>20836683
Did you miss when the federal government literally made evictions illegal? Ended last week.

>>20844630
250k isn't bad price for Portland, considering at least half of that is the land. House should probably be demolished though.

>>20836354
>houses are extremely unaffordable
>young people are poor and many don't have jobs
>boomers about to start dying off en masse
How the fuck wouldn't it crash?

>>20845126
Short retirement communities and cable TV

>>20844431
It depends on your perspective. If you want to move around a bunch and enjoy living care-free, renting is brilliant. I'm a landlord, I don't make money on people who move out after only two years. The 1-2 months it takes me to find a new tenant and whatever I have to do to make the appartment presentable again usually eats up 2-3 years of profits. So yes, if you want to be a scumbag tenant, find the nicest freshly refurbished appartment, run it down for 2 years and move on. You easily get more value out of renting that way.

But if you want to settle down things change. Across 30 years it's cheaper to handle maintenance yourself (also more work, but still), especially since wear is largely in your hands. If you're careful with your property you'll easily get a better deal owning. The *big* thing is generational wealth though. If you think about having kids and passing on your wealth, RE is *the* tool to use. Given current prices amortization might be up somewhere in the 30+ years range, so maybe you yourself don't actually have all that much. But for your kids it'll be a *massive* difference if you hand down a 500k propety or blew the same amount on rent.

>>20845126
Oh it's definitely going to crash, but it will probably be a slow grinding crash that lasts 10 years. I expect the democrats will massively loosen immigration laws and push $0 down mortgage policies to help prop up home prices.

No. Someone will always buy real estate. It cannot crash in the long run. Not until the earth starts losing population in like 400 years.

>>20845256
Yeah but they have to afford it first. The banks can't just keep handing out money like it's candy they will collapse like 2008

>>20845126
Boomers are resillient and this Swine flu 2.0 isn't killing as many boomers as the media is reporting. Also you have Gen X'ers who are just as bad

>>20838710
good luck explaining a subjective oracle (pnk) or an objective oracle (link) to a boomer

>>20845256
>Someone will always buy real estate

Yep foreigners like the Chinese are doing exactly that at exorbitant prices and Boomers are doing reverse mortages. You and anybody in this thread do not understand how Boomers fucked this entire generation

>>20844810
>downtown in one of the most expensive real estate markets in America

OOOH NO WHY IS IT ALL SO EXPENSIVE

:( :( :(

you guys are literally doomer idiots just buy something fucking reasonable

>>20845468
Post age

>>20845468
>just buy something fucking reasonable

Yes just buy something that will cost you twice as much to fix it and pay it's taxes, fines, etc. or better yet buy something in rural fucking nowhere. I fucking hate Boomers like you so much holy shit it's unreal

>>20845468
Europoor here, but we are facing the same issues.
Fact is, housing prices are inflated atm, and the more "reasonable" something you buy is, the higher the chance you will have a deadbeat tenant renting it

>$312k
>2200 sq ft.
>15 minutes from an inland sea

Imagine cucking yourself and living anywhere but the midwest / great lakes states.

>>20837274
Inflation is here nigga