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WSJ: We are NEVER selling these homes lol (link)
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Date: May 10th, 2023 2:57 PM Author: Insane wonderful nursing home lettuce Many Americans who want to move are trapped in their homes—locked in by low interest rates they can’t afford to give up.
These “golden handcuffs” are keeping the supply of homes for sale unusually low and making the market more competitive and pricey than some forecasters expected.
The reluctance of homeowners to sell differentiates the current housing market from past downturns and could keep home prices from falling significantly on a national basis, economists say. This could dull the Federal Reserve’s efforts to slow inflation by cooling the economy.
Emily and Isaac Naatz of Cottage Grove, Minn, a suburb of St. Paul, had a baby last year and want a bigger place. They have lived for more than four years in their two-bedroom townhouse, and they now want a three- or four-bedroom house with a yard and space for a home office. “You get four people in here…and it feels like a large crowd,” Mr. Naatz said.
YOUR MONEY BRIEFING The Wall Street Journals Your Money Matters Buying a Home? Here’s What to Do Before Starting Your Search
SUBSCRIBE Add to Queue Explore Audio Center But they locked in a 30-year fixed mortgage rate of 3.4% in 2021—and don’t want to give that up to take on a new mortgage with a rate about 3 percentage points higher, especially when home prices in their area haven’t come down much.
The type of home they would want to buy would cost them about $1,100 a month more than they currently pay, Mr. Naatz said. “I don’t feel comfortable paying what I still think is an inflated price for a home, and on top of it paying twice the interest rate,” he said.
As of March 31, nearly two-thirds of primary mortgages had an interest rate below 4%, according to mortgage-data firm Black Knight. About 73% of primary mortgages have fixed rates for 30 years, Black Knight data show. The average rate for a new 30-year fixed mortgage was 6.39% in the week ended May 4, according to Freddie Mac.
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About two-thirds of primary mortgages—most of which are 30-year fixed-rate loans—have an interest rate below 4%. Active primary mortgages by interest rate
8 million
6
4
Less
than 2%
7% or
greater
2
0
2.5%
3.5%
4.5%
5.5%
6.5%
4.0%
5.0%
2.0%
3.0%
6.0%
Note: As of March 31
Source: Black Knight The mortgage-rate factor is leaving some people in houses that aren’t a good fit, whether it’s a growing family without enough bedrooms or aging homeowners with too much space, or dissuading people from relocating for jobs or other opportunities. Some people that wanted to sell in 2022 or 2023 shelved their plans.
As current homeowners stay put, “the movement up the ladder is sort of grinding to a halt,” said Sam Khater, chief economist at Freddie Mac. “It’s getting much harder for first-time home buyers to jump into the market because of the lack of supply.”
Half the listings In April, there were about half as many homes for sale as in April 2019, though there were more listings than in April 2022, when they were near record lows, according to Realtor.com.
The number of homes newly listed on the market in April fell about 21% from a year earlier, an indication that sellers are holding back even during the normally busy spring home-buying season.
2018 '19 '20 '21 '22 '23 -75 -50 -25 0 25 50 75 % Activelistings New listings The constrained inventory is a key reason why home prices haven’t fallen much, even though higher mortgage rates have pushed many buyers to the sidelines.
The median existing-home sale price in March slid 0.9% from a year earlier, according to the National Association of Realtors. Existing-home sales, meanwhile, fell 22% in March from a year earlier.
It’s a “unique market condition,” said Lawrence Yun, NAR’s chief economist. “Sales are down and even prices are down in some areas, yet from a buyer’s perspective it’s hard to get that home, because they are competing with other buyers.”
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Frenzied bidding wars are still common in parts of the country, especially for moderately priced homes that appeal to first-time home buyers. In Clifton, N.J., a New York City suburb, a two-family house that listed for $449,000 in early April received 120 offers in six days, said Mahmoud Ijbara, the real-estate agent who listed it. The house is under contract for about $150,000 over the asking price, he said.
“The low inventory is what’s driving the prices up,” he said. “A lot of buyers are really panicking right now.”
A healthy housing market has between four and six months of supply at current sales rates, economists say. The existing-home market, which makes up most of the housing market, hit a record low 1.6 months’ supply in January 2022 and stood at 2.6 months’ supply in March of this year, according to NAR. The smaller new-home market is more amply supplied, at a seasonally adjusted 7.6 months in March, according to the Commerce Department.
The shortage of supply in the housing market has been a growing issue for years. Following the subprime-mortgage crisis, many builders went out of business and others sharply cut back on spending and new construction.
Mr. Naatz worked while his daughter played nearby; and the family together. They want to sell and move to a bigger home but don't want to give up their current low-rate mortgage. TIM GRUBER FOR THE WALL STREET JOURNAL (3) The problem worsened starting in 2020, when record-low mortgage rates and a pandemic-driven increase in remote work prompted buyers to rush into the market and snap up primary homes, vacation homes and investment properties. Home builders ramped up construction but struggled to meet demand due to volatile material costs, labor shortages and supply-chain issues.
That sales boom, along with a huge wave of homeowners who refinanced their mortgages, locked in millions of homeowners to low-rate, long-term loans. Among people planning to sell their homes and buy new ones in the next 12 months, about 56% plan to wait for rates to decline, according to a Realtor.com survey conducted in February. News Corp, parent of The Wall Street Journal, operates Realtor.com.
2018 '19 '20 '21 '22 '23 0 1 2 3 4 5 6 7 million June 2018 5.45 million The Fed has been working to slow inflation. It raised its benchmark federal-funds rate last week for the 10th time since the start of 2022 but signaled it might be done raising rates for now.
Housing is one of the most rate-sensitive economic sectors, and the housing-market slowdown since early 2022 has been one of the main ways that the Fed’s actions have directly affected consumers.
Even some people who can accept higher mortgage rates are staying put because they are struggling to find something to buy. Julie and Aidan Booth expected to live in their three-bedroom home in East Rutherford, N.J., for about five years when they bought it in late 2019. Since then, they’ve had a second child and both switched to fully remote and hybrid working schedules, prompting them to want more space sooner than they expected.
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The family started house hunting at the start of the year. They would be able to afford a higher mortgage rate, Mrs. Booth said, but they are stymied by the lack of supply.
“The last three weeks, there has been nothing new in our town” that met their criteria, she said. “There’s just no inventory.”
Opening for builders The housing scarcity is good news for home builders, who struggled to find customers for much of 2022 with mortgage rates rising but reported stronger-than-expected demand in the first quarter. Newly built homes made up about one-third of total single-family homes for sale in March, up from a historical norm of 10% to 20%.
“If somebody does want a home at [either higher or lower price points], new construction is where they can find it right now,” said Jessica Hansen, vice president of investor relations and communications at D.R. Horton, the biggest home builder by volume, in an April earnings call.
The current market could also be a boon to remodeling companies. Rachael and Aaron Wyley, who have owned their Sacramento, Calif., house for almost 10 years, have considered moving to another house with space for Mrs. Wyley’s mother. But prices were either too high or mortgage rates too steep. Instead, they are saving up to remodel to add an in-law unit.
“We would break down the math of it and look at what we would put down, on top of how much we would get from the house selling,” Mr. Wyley said. “We’d have enough to make the monthly payments but not much else.”
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There will always be homeowners who have to move due to life events like death, divorce or job relocations, and others who don’t view current mortgage rates as an obstacle. Many retirees and remote workers opt to move to cheaper housing markets, where lower prices can offset the effect of higher rates. About 38% of owner-occupied housing units have no mortgage, according to Census Bureau data. And about 27% of March existing-home sales were purchased in cash, according to NAR.
Many homeowners who have lived in their houses for years have also built up equity they can use toward down payments on their next homes, reducing the size of their loans. U.S. homeowners had $270,000 more equity on average in the fourth quarter of 2022 than they did at the start of the pandemic, according to CoreLogic.
How long the mortgage rate lock-in effect will last is hard for economists to say. Mortgage rates have never climbed as quickly as they did in 2022.
As the gap widens between homeowners’ existing mortgage rates and the prevailing rate, moving slows down, according to a March working paper by Julia Fonseca at University of Illinois at Urbana-Champaign and Lu Liu at the University of Pennsylvania’s Wharton School. The paper also found homeowners with low locked-in mortgage rates are less likely to relocate for higher-paying jobs.
Ryan and Megan Carrillo wanted to upgrade to a nicer house in Phoenix. They decided to stay put for about five more years because a new mortgage would have a much higher rate. ASH PONDERS FOR THE WALL STREET JOURNAL (3) Ryan and Megan Carrillo bought their first home in Phoenix in 2020 for $320,000, locking in a 2.75% fixed mortgage rate for 30 years.
Last year, after Mr. Carrillo got a higher-paying job, they wanted to upgrade to a nicer house in the $600,000 to $700,000 price range. When they started looking in January 2022, they planned to pay about $3,000 a month for a new house, but they backed out of the market after their expected payments ballooned to more than $4,000 by September.
The Carrillos now plan to stay in their house for about five more years and then turn it into a rental property when they move out of state.
“I’d love to keep it forever and not sell it,” Mr. Carrillo said. His ultralow mortgage rate, he added, is “too good to give up.”
Write to Nicole Friedman at nicole.friedman@wsj.com |
Date: May 10th, 2023 3:02 PM Author: Twinkling Scourge Upon The Earth Why not just rent out their home$ for ca$h flow and buy new home with gainz? (http://www.autoadmit.com/thread.php?thread_id=5338132&forum_id=2#46294838) |
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Date: May 10th, 2023 3:03 PM Author: odious ticket booth niggers probably (http://www.autoadmit.com/thread.php?thread_id=5338132&forum_id=2#46294848) |
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Date: May 10th, 2023 3:04 PM Author: Ebony Hairless Factory Reset Button Cruise Ship Probably not enough of a market for large SFH rentals for everyone to do this. (http://www.autoadmit.com/thread.php?thread_id=5338132&forum_id=2#46294855) |
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Date: May 10th, 2023 3:05 PM Author: Insane wonderful nursing home lettuce will do this soon but it's hard to save up for a downpayment if you're upgrading homes (http://www.autoadmit.com/thread.php?thread_id=5338132&forum_id=2#46294862) |
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Date: May 10th, 2023 3:16 PM Author: Twinkling Scourge Upon The Earth Because your mortgage payment is too high? That’s why I didn’t go ape shit on my first house (http://www.autoadmit.com/thread.php?thread_id=5338132&forum_id=2#46294901) |
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Date: May 10th, 2023 3:57 PM Author: Insane wonderful nursing home lettuce current mortgage, tax, insurance is roughly 4k
estimated rent for this place is $6-7k, so roughly 1500-2500 cash flow once you account for maintenance and misc stuff
but the problem is anything we'd want to upgrade to is 2.5-3m easily so saving the down payment for that to have a reasonable monthly is a challenge |
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Date: May 10th, 2023 3:58 PM Author: Twinkling Scourge Upon The Earth yeah I hear you, and if you wait for rates to drop then prices are going to surge on the event they do because everyone else is waiting for the same thing. (http://www.autoadmit.com/thread.php?thread_id=5338132&forum_id=2#46295117) |
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Date: May 10th, 2023 4:00 PM Author: Insane wonderful nursing home lettuce cr (http://www.autoadmit.com/thread.php?thread_id=5338132&forum_id=2#46295121) |
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Date: May 10th, 2023 4:06 PM Author: cerebral gay set why not just find a renter who will pay on time, be there for years, and not complain about anything? it's a real mystery |
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Date: May 10th, 2023 4:07 PM Author: pearl stubborn shrine gunner (http://www.autoadmit.com/thread.php?thread_id=5338132&forum_id=2#46295152) |
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Date: May 10th, 2023 4:07 PM Author: Twinkling Scourge Upon The Earth I thought a lot of owners were making a killing on STRs and Airbnb and shit like that. (http://www.autoadmit.com/thread.php?thread_id=5338132&forum_id=2#46295155) |
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Date: May 10th, 2023 4:09 PM Author: pearl stubborn shrine gunner (http://www.autoadmit.com/thread.php?thread_id=5338132&forum_id=2#46295166) |
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Date: May 10th, 2023 4:10 PM Author: cerebral gay set just hire a management company to take a sizable cut and rent out for you or do it yourself. easy. |
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Date: May 10th, 2023 4:11 PM Author: pearl stubborn shrine gunner If the tenant smashes all your fixtures and pours concrete down the pipes, who takes the loss? It's you, not the "management" company. Renting out a single house is completely unviable because of nightmare tenants, it can only feasibly be done by massive conglomerates who have enough units they can hedge against the risk of the nightmare tenants, so you should buy shares in a REIT instead. (http://www.autoadmit.com/thread.php?thread_id=5338132&forum_id=2#46295176) |
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Date: May 10th, 2023 4:13 PM Author: cerebral gay set agree, except it's viable if you still live near it and have a sahw who is capable of helping. even then, not necessarily a good idea (http://www.autoadmit.com/thread.php?thread_id=5338132&forum_id=2#46295188) |
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Date: May 10th, 2023 4:15 PM Author: pearl stubborn shrine gunner But there's nothing she can do. They move in, they announce they're not paying rent, it takes a year to evict them, they destroy the house in the interim. The laws favor tenants so much that a predatory tenant is in a completely dominant checkmate position and the property is gone. There's nothing a landlord can do. (http://www.autoadmit.com/thread.php?thread_id=5338132&forum_id=2#46295198) |
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Date: May 10th, 2023 4:25 PM Author: Ebony Hairless Factory Reset Button Cruise Ship This depends on the state. (http://www.autoadmit.com/thread.php?thread_id=5338132&forum_id=2#46295253) |
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Date: May 11th, 2023 4:01 PM Author: Emerald Theatre Link to state that allows summary execution of deadbeat tenants? (http://www.autoadmit.com/thread.php?thread_id=5338132&forum_id=2#46300105) |
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Date: May 10th, 2023 4:13 PM Author: Twinkling Scourge Upon The Earth You can screen for tenants though right? Not just credit reports but actually meet them to make sure they aren’t filthy prole scumbags (http://www.autoadmit.com/thread.php?thread_id=5338132&forum_id=2#46295189) |
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Date: May 10th, 2023 4:14 PM Author: pearl stubborn shrine gunner If you have psychic powers and can 100% screen for this, you can. However, if you have 100% accurate psychic powers, then there's far more profitable things you could do with this than screen for tenants. (http://www.autoadmit.com/thread.php?thread_id=5338132&forum_id=2#46295194) |
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Date: May 11th, 2023 4:08 PM Author: Emerald Theatre loool (http://www.autoadmit.com/thread.php?thread_id=5338132&forum_id=2#46300162) |
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Date: May 10th, 2023 4:15 PM Author: thirsty lavender half-breed church building Yeah we just pick the most conservative person without kids. (http://www.autoadmit.com/thread.php?thread_id=5338132&forum_id=2#46295197) |
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Date: May 10th, 2023 4:14 PM Author: Insane wonderful nursing home lettuce eh the horror stories are overblown. just don't be a retard. ask for 6 months rent up front to screen out proles and deadbeats. (http://www.autoadmit.com/thread.php?thread_id=5338132&forum_id=2#46295193) |
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Date: May 10th, 2023 4:16 PM Author: pearl stubborn shrine gunner Good luck. If you guess wrong, that six months rent is all you're ever getting as you spend a year evicting them and they destroy your house. (http://www.autoadmit.com/thread.php?thread_id=5338132&forum_id=2#46295206) |
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Date: May 10th, 2023 4:21 PM Author: Insane wonderful nursing home lettuce brother i think people are still afraid of the consequences of getting bogged down in the legal system and ruining their credit. the type of asshole you're describing is still (thankfully) a rare specimen (http://www.autoadmit.com/thread.php?thread_id=5338132&forum_id=2#46295232) |
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Date: May 11th, 2023 4:46 PM Author: laughsome marketing idea This really is just a slumlord problem. If you're renting a nice place in a nice neighbourhood you will be fine. (http://www.autoadmit.com/thread.php?thread_id=5338132&forum_id=2#46300463) |
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Date: May 11th, 2023 4:08 PM Author: Emerald Theatre loool @ me EVER giving a landlord 6 months worth of rent upfront. (http://www.autoadmit.com/thread.php?thread_id=5338132&forum_id=2#46300170) |
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Date: May 10th, 2023 4:10 PM Author: stirring flesh patrolman address Wife and I looked into doing this with our place in SD. We figured we could rent it out for about 9k/month. Taxes + insurance = 2k/month. Upkeep/maintenance another 1k/month. 6k a month before taxes nets about 4k. Didn't seem worth the hassle for 48k/year, especially considering we'd now be paying interested on a mortgage because we wouldn't be able to roll over selling price to new home. (http://www.autoadmit.com/thread.php?thread_id=5338132&forum_id=2#46295167) |
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Date: May 10th, 2023 4:12 PM Author: Twinkling Scourge Upon The Earth 48k a year seems like a pretty good supplementary income to me (http://www.autoadmit.com/thread.php?thread_id=5338132&forum_id=2#46295182) |
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Date: May 10th, 2023 4:29 PM Author: stirring flesh patrolman address It's not an income when it's all going towards a mortgage that's twice as large as it would have been if you had sold old house and used the proceeds as down payment on new house. (http://www.autoadmit.com/thread.php?thread_id=5338132&forum_id=2#46295269) |
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Date: May 10th, 2023 4:37 PM Author: pea-brained codepig Who tf is renting a house for $9k a month? (http://www.autoadmit.com/thread.php?thread_id=5338132&forum_id=2#46295297) |
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Date: May 10th, 2023 4:46 PM Author: Aromatic hateful senate Working 30s/40s professionals with kids in California who don’t have $1.2M for a down payment. There are a lot of them. (http://www.autoadmit.com/thread.php?thread_id=5338132&forum_id=2#46295349) |
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Date: May 10th, 2023 4:29 PM Author: Adulterous opaque brunch selfie this only makes sense when you buy the home with this in mind from the get go
and also proves that living where you own is stupid |
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Date: May 10th, 2023 4:42 PM Author: Twinkling Scourge Upon The Earth you have to start somewhere man. I can "live where I own" while i gain equity and then upgrade down the line. my house is in a high-income area that attracts tourists and leaf peepers so it would make a good STR should I want to move out one day. (http://www.autoadmit.com/thread.php?thread_id=5338132&forum_id=2#46295316) |
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Date: May 11th, 2023 4:41 PM Author: pale pit circlehead In Los Angeles, you can rent a single family home for approximately 40% of what it would cost if you bought with a <3% mortgage in 2021 (http://www.autoadmit.com/thread.php?thread_id=5338132&forum_id=2#46300426) |
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Date: May 10th, 2023 3:08 PM Author: House-broken adventurous chapel coffee pot mario lmao (http://www.autoadmit.com/thread.php?thread_id=5338132&forum_id=2#46294866) |
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Date: May 10th, 2023 4:08 PM Author: pearl stubborn shrine gunner Why don't they just buy the new house in cash, thus avoiding higher interest rates and keep the old place as a rental? Use the rent to pay off the mortgage. Seems obvious. (http://www.autoadmit.com/thread.php?thread_id=5338132&forum_id=2#46295156) |
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Date: May 10th, 2023 4:09 PM Author: Insane wonderful nursing home lettuce just do buy a 2.5m property all cash (http://www.autoadmit.com/thread.php?thread_id=5338132&forum_id=2#46295163) |
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Date: May 10th, 2023 4:10 PM Author: pearl stubborn shrine gunner Yeah, most XO poasters make that every month pre-tax. So figure like 2 months of after tax income. (http://www.autoadmit.com/thread.php?thread_id=5338132&forum_id=2#46295170) |
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Date: May 10th, 2023 4:10 PM Author: Godawful Stock Car Parlor i dont understand how any adult could even buy a sfh that they would eventually end up selling. starter homes never applied to millennials. (http://www.autoadmit.com/thread.php?thread_id=5338132&forum_id=2#46295173) |
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Date: May 10th, 2023 4:12 PM Author: Insane wonderful nursing home lettuce my boomer FIL practically begged us to buy a 2 br condo instead when we were buying our house in 2018. thank fucking god i didn't do that. (http://www.autoadmit.com/thread.php?thread_id=5338132&forum_id=2#46295181) |
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Date: May 10th, 2023 4:15 PM Author: Godawful Stock Car Parlor my boomer dad told my sister to do it on her own with her husband and she bought a shitty unlivable house in a super expensive area "with great public schools"then he had to buy her a real house like three years later and she sold her shitbox and kept the inflation profit after forking over x% to the realtor and movers and renovaters lol. (http://www.autoadmit.com/thread.php?thread_id=5338132&forum_id=2#46295199) |
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Date: May 10th, 2023 4:20 PM Author: Insane wonderful nursing home lettuce must be nice to have a dad that can buy her a house (http://www.autoadmit.com/thread.php?thread_id=5338132&forum_id=2#46295228) |
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Date: May 10th, 2023 4:21 PM Author: Godawful Stock Car Parlor hes a good dood. i dont ask him to do shit like that. she does. (http://www.autoadmit.com/thread.php?thread_id=5338132&forum_id=2#46295235) |
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Date: May 10th, 2023 4:16 PM Author: Aphrodisiac flatulent market dog poop How did they not? I've lived in several "starter homes" each of which appreciated tremendously in value before I sold them. Now I live in the nice big house that I have zero interest in ever selling. (http://www.autoadmit.com/thread.php?thread_id=5338132&forum_id=2#46295204) |
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Date: May 10th, 2023 4:17 PM Author: Twinkling Scourge Upon The Earth Cr. What’s wrong with a starter home. (http://www.autoadmit.com/thread.php?thread_id=5338132&forum_id=2#46295216) |
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Date: May 10th, 2023 4:20 PM Author: Insane wonderful nursing home lettuce no such thing anymore when people are buying first homes at 38 (http://www.autoadmit.com/thread.php?thread_id=5338132&forum_id=2#46295226) |
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Date: May 10th, 2023 4:25 PM Author: Aphrodisiac flatulent market dog poop The only people doing that are the ones that insist on a nice house straight away. XOers laugh at me buying a house near the entrance of the Holland Tunnel but I sold that shithole for over double what I paid for it a few years after moving in (to a guy in biglaw, no less). Meanwhile, these guys that scoff at shit like starter homes were paying rent instead. "I can't afford a home!" You probably could, you just don't want to buy the home you can afford. If you bought wisely you would make a boatload of money instead of paying rent and end up in a 7 figure house like I did. This one also massively appreciated already too. (http://www.autoadmit.com/thread.php?thread_id=5338132&forum_id=2#46295254) |
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Date: May 10th, 2023 4:17 PM Author: Godawful Stock Car Parlor you couldve just rented over the same period then bought a house lol. (http://www.autoadmit.com/thread.php?thread_id=5338132&forum_id=2#46295219) |
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Date: May 10th, 2023 4:27 PM Author: Aphrodisiac flatulent market dog poop See above. Absolutely - and then I'd have much less money. That attitude is why American Millennials can't afford a home. (http://www.autoadmit.com/thread.php?thread_id=5338132&forum_id=2#46295259) |
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Date: May 11th, 2023 4:49 PM Author: costumed saffron theater stage nah ding man. i had a starter and a second home that ended up not being permanent.
i came out ahead on the whole thing. appreciating markets matter. |
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Date: May 10th, 2023 4:22 PM Author: Pontificating Resort The American housing market has to be one of the most fucking twisted markets in the history of the world.
Decades of perverse and twisted federal, state, and local policies.
Boomers.
Double income shitlennials.
COVID. |
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Date: May 10th, 2023 4:24 PM Author: Insane wonderful nursing home lettuce now they've made it so that if you have good credit you can subsidize shit credit proles with some bs fees that are not immaterial (http://www.autoadmit.com/thread.php?thread_id=5338132&forum_id=2#46295247) |
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Date: May 10th, 2023 4:25 PM Author: Pontificating Resort lol I want to get the fuck out of this shit country (http://www.autoadmit.com/thread.php?thread_id=5338132&forum_id=2#46295252) |
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Date: May 10th, 2023 4:24 PM Author: Godawful Stock Car Parlor yeah its absurd and still one of the most underrated problems with america today. if you didnt buy years ago you are FURRRKED. (http://www.autoadmit.com/thread.php?thread_id=5338132&forum_id=2#46295251) |
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Date: May 10th, 2023 4:28 PM Author: Aphrodisiac flatulent market dog poop Idk why people here think this is unique to the US. Most Euros haven't been able to afford to buy homes in decades. The Japanese have like 50+ year mortgages and still have trouble buying anything. (http://www.autoadmit.com/thread.php?thread_id=5338132&forum_id=2#46295264) |
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Date: May 10th, 2023 4:37 PM Author: Aromatic hateful senate Very expensive to buy vs. rent (and relative to real income) in China and TW, too. They all pack like rats into shitty, dingy city housing. (http://www.autoadmit.com/thread.php?thread_id=5338132&forum_id=2#46295298) |
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Date: May 10th, 2023 4:41 PM Author: Aphrodisiac flatulent market dog poop Correct. The US was an outlier in that we made it very realistic for most people to own nice homes. That's part of what made US QOL so great compared to much of the world. (http://www.autoadmit.com/thread.php?thread_id=5338132&forum_id=2#46295311) |
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Date: May 10th, 2023 4:30 PM Author: Adulterous opaque brunch selfie Reminder that living where you own is incredibly stupid
a house that you live in is a liability and not an asset |
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Date: May 10th, 2023 4:38 PM Author: pea-brained codepig Thanks Rich Dad (http://www.autoadmit.com/thread.php?thread_id=5338132&forum_id=2#46295303) |
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Date: May 10th, 2023 4:45 PM Author: Adulterous opaque brunch selfie the current environment proves that this is correct
housecucks are stuck where they are for another decade lmao |
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Date: May 10th, 2023 4:47 PM Author: pea-brained codepig (Guy who missed out on sub-3% mortgage rates) (http://www.autoadmit.com/thread.php?thread_id=5338132&forum_id=2#46295354) |
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Date: May 10th, 2023 5:13 PM Author: Aphrodisiac flatulent market dog poop LMAO, so let's game this out.
You're renting some shithole that is seeing rents rise and indeed all rents are rising.
You own a different shithole but not one you want to live in and are renting out.
Buying now sucks because of interest rates and low inventory.
Meanwhile, I live in an awesome house with a locked in with low interest rate.
Explain to the class why "the current environment proves" your approach correct. |
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Date: May 10th, 2023 4:48 PM Author: Aphrodisiac flatulent market dog poop You have so many stupid takes but this one always makes me chuckle. (http://www.autoadmit.com/thread.php?thread_id=5338132&forum_id=2#46295357) |
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Date: May 10th, 2023 4:49 PM Author: Twinkling Scourge Upon The Earth I get what he's saying but people ultimately need a place to live and renTTTing sucks especially if you have shared walls and shit like that. (http://www.autoadmit.com/thread.php?thread_id=5338132&forum_id=2#46295365) |
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Date: May 10th, 2023 4:52 PM Author: Aphrodisiac flatulent market dog poop There are transaction costs in all of this. If you live in what you own then your financial benefit is always realized (you never pay rent). If you rent it out then you deal with tenant issues and are still on the hook for things like repairs. If you rent then you deal with the issues that come with that, including raised rents requiring moving (which also costs money) and so on. There are also homestead tax benefits for living where you own.
Regardless, I'm lolling at this guy thinking he's found "one weird trick!" with RE. |
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Date: May 10th, 2023 5:02 PM Author: pea-brained codepig That's why he's a Rich Dad and you're a Poor Dad (http://www.autoadmit.com/thread.php?thread_id=5338132&forum_id=2#46295433) |
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Date: May 10th, 2023 5:04 PM Author: Aphrodisiac flatulent market dog poop Except that it is exactly the opposite. (http://www.autoadmit.com/thread.php?thread_id=5338132&forum_id=2#46295445) |
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Date: May 11th, 2023 4:53 PM Author: Histrionic Flirting Sound Barrier Dysfunction (http://www.autoadmit.com/thread.php?thread_id=5338132&forum_id=2#46300524) |
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Date: May 10th, 2023 5:10 PM Author: racy cuck gas station yeah thanks Mexican (http://www.autoadmit.com/thread.php?thread_id=5338132&forum_id=2#46295474) |
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Date: May 10th, 2023 8:39 PM Author: Boyish Onyx Stag Film Sneaky Criminal Enjoy your rental rates continuing to j ump 20% per year. (http://www.autoadmit.com/thread.php?thread_id=5338132&forum_id=2#46296456) |
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Date: May 10th, 2023 8:48 PM Author: Sick honey-headed theater that's why he abandoned his house in Ukraine (http://www.autoadmit.com/thread.php?thread_id=5338132&forum_id=2#46296508) |
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Date: May 10th, 2023 10:45 PM Author: hyperactive plaza Suddenly his position makes perfect sense. (http://www.autoadmit.com/thread.php?thread_id=5338132&forum_id=2#46297039) |
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Date: May 10th, 2023 10:45 PM Author: hyperactive plaza LOL at non-homeowners. Many of you people legit missed your chance. (http://www.autoadmit.com/thread.php?thread_id=5338132&forum_id=2#46297042) |
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Date: May 11th, 2023 4:53 PM Author: curious blue kitchen digit ratio You're right. That's one reason the future no longer has much value to me. I'm fucked no matter what.
Sacrifice the present and still get nothing or milk what's available now and get nothing. |
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Date: May 11th, 2023 8:23 PM Author: pale pit circlehead sounds like a great long term plan and totally sustainable for future generations to have no ownership in their communities (http://www.autoadmit.com/thread.php?thread_id=5338132&forum_id=2#46301421) |