/biz/ - Business & Finance

[Anonymous No.51555314]

>jpow talking shit about the housing market

[Anonymous No.51555390]

I almost fell for the FOMO and bought a house last month. Now I'm just gonna buy land, save, and pay cash for a new build. Nothing fancy, but I'll have my home and no debt and most importantly won't have paid hundreds of thousands in interest to the banks.

[Anonymous No.51555744]

>>51555314

lol lmfao.

[Anonymous No.51555763]

>>51555390
CRASH CRASH CRASH!

[Anonymous No.51555827]

>>51555314
how could anyone want to BUY right now lol, literally the worst time in history

[Anonymous No.51555902]

>>51555827
I have just made an offer on a house but 22% underasking cuz why the fuck not?

If they say no? Then cool I'll wait for the dark winter. But I sure as shit need to sell my house to roll profits into new home. I.e 120k down payment. I like my payments low you niggers

[Anonymous No.51555946]

>>51555902
22% is not low enough, think 30 or 40% and make him get you seller financing/vtb

[Anonymous No.51555966]

>>51555827
buddy is being moved to another city at a higher cost of living because his wife hated her job and refused to take a job at a lower salary

[Anonymous No.51555990]

>>51555966
kek what a cuck (for living in the city, any city)

[Anonymous No.51556000]

>>51555966
there's this thing called rent

[Anonymous No.51556007]

>>51555827
>how could anyone want to BUY right now lol, literally the worst time in history
good time to buy if you can get a good deal

[Anonymous No.51556037]

>>51555314
kek glad i bought in 2018 and even that was slightly overpriced

[Anonymous No.51556337]

>>51555946

True honestly, they guy is gonna decline cuz people are still on the 2021 euphoric high prices still.

I should probably try 30% minimum, house i current 525k but just a literal year ago market value was 345k. Yeah I live in a desirable area but none can fucking afford these prices at these 6 to 7% mortgage rates.


My parents just sold their house on the tale end and made 500k profit, they are saving it for retirement and buying back in this upcoming spring.

[Anonymous No.51557022]

>>51555902
I'd still only buy if the seller carried it at <2%, 22% off or not.

[Anonymous No.51557042]

>>51555314
someone had to, no your shack on the outskirts of town was not worth 400k

[Anonymous No.51557814]

>>51557042
Blows my mind that even in the middle of nowhere everybody is trying to sell their houses for mid-200ks. No, your fucking mobile home that you got for 500 dollars in 1974 has not appreciated 500000% in value just because you put it on a couple of cinder blocks and call it a foundation.

[Anonymous No.51558068]

NOOOOOOOO NOT MY ZESTIMATE

[Anonymous No.51558223]

>>51556337
>My parents just sold their house on the tale end and made 500k profit, they are saving it for retirement and buying back in this upcoming spring.
If the are buying with cash they will do well. But if they are pulling a loan out to buy. They are fucked. who knows how high rates will go.

[Anonymous No.51558291]

>>51558223
Rates will not get too much higher before they cause a credit crisis and have to back off, but i expect 5-8% for a while.

[Anonymous No.51558316]

>>51558223
>who knows how high rates will go
If the rates go much higher than 8% we'll have bigger problems to worry about than mortgages.

[Anonymous No.51558410]

>>51558316
I kinda what rates to go higher than 8%. There are people I won't mine hunting down in the made max world +8% rates would create.

[Anonymous No.51558441]

JPow sounded half conflicted about that. He knows that housing has inflated but he isn't even putting the idea of selling MBS on the table? Maybe I read him wrong but it sounds like Housing is freaking him out a bit.

[Anonymous No.51558720]

>>51558441
>sounds like Housing is freaking him out a bit
They have been talking about housing and rent.
On a side note with the number of repo cars on the rise. How is that going to affect rent. Are renters going to stop paying just like they stopped paying down their 2023 f350 super duty diesel 4x4?

[Anonymous No.51559774]

>>51558720
My own retard thinking has led me to believe that people will shed literally anything they need to in order to meet rent of any kind, whether a mortgage or an apartment.
People not paying isn't an option which is why I think that's what's freaking JPow out. Too much of banking uses it as collateral, not to mention the monumental amou of MBS the Fed is holding. If they screw up housing they won't be able to bail it out again, so it's possible they think killing jobs will create a "softer" downturn.

[Anonymous No.51559840]

>>51555390
If you'll have money to buy cash this is fine. If you're waiting on a mortgage though you're actually worse off with low home costs but high interest rates.

[Anonymous No.51559857]

>>51559840
lol no you aren't, you can refinance but you can never re-buy

[Anonymous No.51559972]

>>51559857
>Buy a home at 300k at 2% interest rate
>Payments $1122 a month
>Wait for a "crash" and buy the same home for 250k at 6%
>Monthly payments $1395
At current rates you'd need the price to drop all the way to 201k but the average drop in 2008 was about 18%.
So the best your looking at is going from 300k to 246k. And that's if the rates don't go higher.
Spoilers: they will

[Anonymous No.51560006]

>>51559857
And if you think rates are ever coming down again you're wrong. The historic average is 8%. We've got 2 more points to raise before we're back to normal. You just got used to free money post 2008.

[Anonymous No.51560104]

>>51558291
Credit crisis doesn't matter if inflation is the alternative. Until we return to 2% annual inflation free money is over.

[Anonymous No.51560141]

>>51560104
>Credit crisis doesn't matter

Yes it does you imbecile

[Anonymous No.51560160]

>>51560141
Ok, unlimited free credit but you couldn't possibly borrow enough money to do anything because inflation didn't go down.
Are you actually retarded?

[Anonymous No.51560269]

>>51555314
>trad stacy even existing
>trad stacy caring about a zestimate and not trad stacy career and big city rent

anon I...

[Anonymous No.51560284]

Oh no! Housing prices are as low as... *checks chart* last year! You realize in a year it will be back to where it was a few months ago and in 2 years they will be at all time highs again, right rentoids?

[Anonymous No.51560307]

>>51559972
>Monthly payments 1395 at 6%
>wait a few years
>refinance at 2%
>profit

[Anonymous No.51560346]

Gc coin?

[Anonymous No.51560352]

>>51560307
>Wait a year
>Rates are at 8%
>Inflation is still 5%
>Jpow announces a 100pt increase
>Rates now 10%
You're really fucking braindead if you think we're ever going back to 2% mortgages or anything close to it.

[Anonymous No.51560382]

>>51560352
Yes but home prices won't be double in two years.

[Anonymous No.51560421]

>>51560382
At 10% that 300k house would need to drop over 50% in value to have the same monthly payment as it would have at 2%. Are rent cucks really this retarded? You're only smart if you've got cash ready to go to buy without a mortgage. Otherwise you're getting fucked by the mortgage rates and raising rents.

[Anonymous No.51560428]

>>51560284
Bold of you to assume prices will go back up in the near term (<5 years) when we have the highest inflation in 40 years.

[Anonymous No.51560504]

>>51560352
see, the trick is to not be in debt.
>mfw in debt

[Anonymous No.51560531]

>>51560428
>Population increases
>Inflation too high to build new homes
>Existing homes are your only option
>Sellers realize the demand is still high despite high rates because people need to live somewhere
You're kind of fucked if you didn't get a house cheap with low rates. You're either looking at a cheaper home with insanely high interest rates that make your payments higher or sitting in rent getting a 10% cost increase every year. No winning moves other than buying pure cash.

[Anonymous No.51560537]

>>51560504
Correct. Short term debt is a death sentence for the borrower. Guess who the largest short term debtor is in the world?

[Anonymous No.51560564]

>>51560537
who?

[Anonymous No.51560566]

>>51560531
> You're kind of fucked if you didn't get a house cheap with low rates.
You're also fucked if your house depreciates by 30% because you bought at the top and can never sell without a six-figure loss. Who knew that cheap debt artificially drives prices up?

[Anonymous No.51560600]

>>51560566
But in 10 years everything will be fine

[Anonymous No.51560605]

>>51560566
>Selling your home
Why the fuck would I sell my home? It's where I live. Are you some dumb boomer that buys homes with the intention of flipping it a few years later? I don't give a single fuck what my home is worth to the (((bank))). As long as it's a place I can live in that I know will never go up in costs it's doing the job.
Things a rent cuck will never understand.

[Anonymous No.51560678]

>>51555827
Not as bad as it was earlier this year. Or anytime over the past two years, WHEN EVERYONE WAS BUYING. I’m a scumbag worthless realtor, and for the past two years I’ve told every first time home buyer to wait, I’m calling them all now and telling them to get ready, we bout to get a deal. My buddy needed a place (family, write offs, couldn’t wait any longer), locked him down a place 50k under asking, seller paid closing costs. 250k lower than it would have sold for at the peak. SoCal.

[Anonymous No.51560704]

>>51559972
It’s already down 20% in my socal area. It’s just getting started, price are gonna crash hard. ITS CALLED AFFORDABILITY.

[Anonymous No.51560712]

>>51560564
>The United States is currently the world's largest debtor nation with a net negative international investment position of around $14 trillion.

[Anonymous No.51560724]

>>51560704
>Living in California
No thanks

[Anonymous No.51560750]

>>51560712
>its over
yet
>it has only just begun

[Anonymous No.51560760]

>>51560704
You must be in Corona or Riverside. Nobody wants those shitty properties surrounded by meth dealers

[Anonymous No.51560801]

>>51560760
Central San Diego.

[Anonymous No.51560811]

>>51560801
So Mexican meth dealers?

[Anonymous No.51560843]

>>51560811
>t. Bought last year
Kek cope faggot

[Anonymous No.51560853]

>>51555314
i rate this thread 8/10 for OP and 2/10 for replies

[Anonymous No.51560861]

you retards cant stop it from happening, its gonna happen. All retail is fleeing, and you dumb baggies keep buying in

[Anonymous No.51560882]

>>51560861
>and you dumb baggies keep buying in
THAT IS THEIR PURPOSE
THEY ARE PREDESTINED FOR BAGGY, THERE IS NO ESCAPE FROM UNTHINKING ACTION

[Anonymous No.51560884]

Love these threads. Always the same bickering like old women.

[Anonymous No.51560904]

>>51560352
If rates continue to rise housing prices continue to fall. Your argument seems circular. If your scenario of decade long 8% mortgages comes to pass it will also mean a decade of housing declines, in which case you may as well just wait anyway.
>>51560884
That's how you know we're getting a big move soon. There hasn't been this much fear in a very long time, people are getting emotional.

[Anonymous No.51560945]

>>51560352
If rates are 10% in the future, then it would be better to get a 6% mortgage while it lasts, genius.

[Anonymous No.51560991]

>>51555314
>But muh fixed rate mortgage
>Average household credit card debt is around $8000 now
>Average car loan payment is $700
Yeah, average renters and home owners are going to have a ball.

[Anonymous No.51561002]

>>51555314
>Russia starts invading Ukraine
>starts searching for houses in amazing locations so that i can buy the land from dead Ukraine expecting the invasion would take max 4 days
>been almost a year and russians are now losing
>china will invade Taiwan
>search for properties that will probably be destroyed when war starts again

[Anonymous No.51561051]

kind of crazy that 95%+ of the usa is on credit

these interest rises do not affect us as much the cash bros

credit is the reason why someone with 100k+ a year salary can become broke

[Anonymous No.51561474]

>>51555314
is it weird that I keep getting JPOW and JLAW mixed up in my head? At first I thought "why would jennifer lawrence have any sway about housing"?

[Anonymous No.51562017]

>>51558441
they litterally cant sell the mbs. they only bought the ones with high default chance so anyone who buys them is basically garunteed to lose money.

[Anonymous No.51562044]

>>51561474
Your beef curtains will look like JLaws when JPow is done with you

[Anonymous No.51562124]

>>51555902
>>51556337
That’s a pretty accurate observation. The average real estate holder has seen nothing but non stop unprecedented gains for the last what, 10 years? Good luck breaking that conditioning.

[Anonymous No.51562136]

jpow, such a catchy character name for our scripted reality. that's good writing

[Anonymous No.51562158]

>>51558291
8% isn’t even a big deal. It only seems like a big deal because of how inflated prices are... because interest rates we’re so low for so long

[Anonymous No.51562224]

>>51559972
>>51560006
>prices only go up
>rates only go up
lol why are house niggers so retarded?

[Anonymous No.51562361]

>>51555314
we will NOT sell MBS.pic related is future standard house for american

[Anonymous No.51562480]

>>51562124
>Good luck breaking that conditioning.
Well these people are usually your text book example of what the wealth effect dose. They all think they're fanatical geniuses by simply holding a house without understanding forces at play or even the math. They're the same people that measure their value in nominal terms vs real. They're the people that look at the monthly payment and not what they actually end up paying after 30 years.

[Anonymous No.51562627]

>>51559840
>> tell me you're a brainlet without telling me you're a brainlet.

[Anonymous No.51562763]

>>51558441
home owner vote more than normy. you do NOT want to piss them off. Never selling MBS ! pic related is housing for future generation

[Anonymous No.51562789]

>>51560531
do like pic related

[Anonymous No.51562792]

Prices will plummet


T. Guy who bought after the last crash

[Anonymous No.51563235]

>>51555314
living on a lonely hill far away from everyone is still a good life plan, it's because of these things that one ends up selling something illegal or investing in memecoins like vinu

[Anonymous No.51563476]

>>51560307
>>51560352
>parents bragging in at their locked in 2% rate.

[Anonymous No.51563495]

Housing speculators get the rope

[Anonymous No.51563512]