Pi Day Morning

RobBase (c) said:
Solid. The Shepards pie is the whip.

Ive actually had all those. All good. Monterey Jack chicken is really good. The pork cabbage one is the least exciting of prob all I’ve had but it’s not bad.
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Yeah the Pork cabbage one sounds a little weird to me but I will give it a shot.
 
dbldwn711 said:
yup. Once you get accustomed to the ride of truck there’s no going back. A lot of my friends still drive them even though their use of them has changed.

FWIW, I’ve got one buddy in real estate out here in Vegas. This market has been ridiculous but within the last couple of weeks he’s seeing a slow down. He’s not sure what it is but it’s noticeable. Also, on Saturday I was talking to a guy out here who has used car lot. He only deals in higher end used cars (Mercedes, BMW, etc). I asked him how business was (knowing that market is hot) and he said “dead!” I was surprised and said “really”? He said “yeah… price of everyday stuff like gas is going up and people are scared to spend money.”

fed is supposed to raise rates pretty soon here. I think it’s gonna slow down.
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Yeah I keep waiting for them to raise the rates and see if it stops the price hikes. I'm no expert in this, so I'm mostly just talking out my ass. But I feel like once the rates do go up, the home prices won't go down nearly as fast as they went up. I doubt the home prices ever go down back to what they were 2-3 years ago. And if they do, how long will it take? Unless a bubble pops, is it going to take 5+ years for prices to go back down to "normal"? So now I'm stuck in this shitty place where I want a house but don't want to overspend on something that's going to lose its value over the next few years. Especially since it most likely wouldn't be a long term home. Now I've started looking around at what its like around here to rent a home. Expensive, but atleast I wouldn't be buying something that is possibly losing value.
 
Fish said:
Check your posts from nov 5 2021 where you asked the same question, had it answered, and then discussed it...
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Meh. I'll take your word for it. Don't feel like looking that far back
 
@Fish I was thinking of wrong poster then... Thanks for refresher...
 
RobBase (c) said:
Solid. The Shepards pie is the whip.

Ive actually had all those. All good. Monterey Jack chicken is really good. The pork cabbage one is the least exciting of prob all I’ve had but it’s not bad.
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"the whip"?
 
redseat said:
Oh goodie.... I can trade in my 2017 Rogue for a 2022 Rogue for a low low price of $38K. What a steal!
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we talking golf clubs here?
 
RubinRock said:
Yeah I keep waiting for them to raise the rates and see if it stops the price hikes. I'm no expert in this, so I'm mostly just talking out my ass. But I feel like once the rates do go up, the home prices won't go down nearly as fast as they went up. I doubt the home prices ever go down back to what they were 2-3 years ago. And if they do, how long will it take? Unless a bubble pops, is it going to take 5+ years for prices to go back down to "normal"? So now I'm stuck in this shitty place where I want a house but don't want to overspend on something that's going to lose its value over the next few years. Especially since it most likely wouldn't be a long term home. Now I've started looking around at what its like around here to rent a home. Expensive, but atleast I wouldn't be buying something that is possibly losing value.
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yeah, that’s a difficult spot to be in. If it was long term I’d say go ahead and buy and don’t worry about price but you said you only wanna be there a few years. The catch is if you rent and prices continue to go up then you weren’t in the market and missed it.

FWIW, I don’t think this is a “bubble” in the sense as it was before. Back then people were buying multiple homes with no money down and no verifiable credit. That “demand” drove prices up. This time is different. People are putting a lot of money down and in order to get a loan the standards are stricter. Therefore, I don’t see massive defaults coming. Not sure about the market where you live but that’s the market out here in Vegas.
 
Little update on the “booty patrol” car I saw this weekend. I shared those pics with a friend of mine and he found the guy online…

1647281587039.jpeg
 
redseat said:
Yeah the Pork cabbage one sounds a little weird to me but I will give it a shot.
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I had it on a Friday night. Wasn’t Friday night dinner material imo. Maybe throw it in some tortillas w some cheese.
 
dbldwn711 said:
yup. Once you get accustomed to the ride of truck there’s no going back. A lot of my friends still drive them even though their use of them has changed.

FWIW, I’ve got one buddy in real estate out here in Vegas. This market has been ridiculous but within the last couple of weeks he’s seeing a slow down. He’s not sure what it is but it’s noticeable. Also, on Saturday I was talking to a guy out here who has used car lot. He only deals in higher end used cars (Mercedes, BMW, etc). I asked him how business was (knowing that market is hot) and he said “dead!” I was surprised and said “really”? He said “yeah… price of everyday stuff like gas is going up and people are scared to spend money.”

fed is supposed to raise rates pretty soon here. I think it’s gonna slow down.
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I had actually just noticed this with vehicles, was on the way back from Scheels and drove by 2 car lots and pointed out to the wife that they actually had vehicles there (sparse but not bare/empty like they had been)

Last i read about the housing market here (1-2 weeks ago) there was something like 20% of the houses normally available and i know personally from just the VA loan rates that interest rates have at least doubled since October. We closed on our house beginning of october, and since then (just checked) the value of our house has gone up a very conservative 70k ( more practically 80-85)

This market is weird for sure.
 
dbldwn711 said:
yeah, that’s a difficult spot to be in. If it was long term I’d say go ahead and buy and don’t worry about price but you said you only wanna be there a few years. The catch is if you rent and prices continue to go up then you weren’t in the market and missed it.

FWIW, I don’t think this is a “bubble” in the sense as it was before. Back then people were buying multiple homes with no money down and no verifiable credit. That “demand” drove prices up. This time is different. People are putting a lot of money down and in order to get a loan the standards are stricter. Therefore, I don’t see massive defaults coming. Not sure about the market where you live but that’s the market out here in Vegas.
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The market is crazy here as well. Lotta people putting down offers without touring. We saw a cheap place yesterday morning on Zillow. Was as close to perfect as possible for what we are looking for right now. Was only up less than 12 hours at the time. Called to schedule a tour and apparently the buyer already had a offer and was planning on having the deal done within the next 24 hours. And I've heard lots of similar stories from people here.

And no, I don't think its a bubble either like the last time. But its crazy the prices of some of these homes here We live in fucking South Carolina. When I see a lot of these prices, I just think theres no way the majority of these people are putting anywhere closer to 20% down. I know the standards for loans are stricter, but theres no way the average family or individual is able to put down that much. I know I truly can't right now. Thankfully, I'm making decent money now and the broad is graduating in May. So we'll have that second income shortly.
 
RobBase (c) said:
Means it’s good food.
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30 Rock Fellow Kids GIF by PeacockTV
 
dbldwn711 said:
yeah, that’s a difficult spot to be in. If it was long term I’d say go ahead and buy and don’t worry about price but you said you only wanna be there a few years. The catch is if you rent and prices continue to go up then you weren’t in the market and missed it.

FWIW, I don’t think this is a “bubble” in the sense as it was before. Back then people were buying multiple homes with no money down and no verifiable credit. That “demand” drove prices up. This time is different. People are putting a lot of money down and in order to get a loan the standards are stricter. Therefore, I don’t see massive defaults coming. Not sure about the market where you live but that’s the market out here in Vegas.
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Ya short story is all the loan types (subprime, no doc, option ARMS etc etc) that caused that mess no longer exist.

So unless the government forces banks to write subprime loans under the threat of penalty again, there won’t be a tidal wave of foreclosures.

Home prices are simply very high right now compared to a few years ago, but they’re settling in. Rates did go up over 5% so you’re not seeing a lot of people qualifying right now. New home buyers are notoriously unprepared going into anyways. Higher rates affect debt to income ratios etc…
 
RubinRock said:
The market is crazy here as well. Lotta people putting down offers without touring. We saw a cheap place yesterday morning on Zillow. Was as close to perfect as possible for what we are looking for right now. Was only up less than 12 hours at the time. Called to schedule a tour and apparently the buyer already had a offer and was planning on having the deal done within the next 24 hours.
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This is why you need a good realtor right now. If you can’t be on top of stuff 24/7 then you need someone who can. They know what is being listed and when. 5 steps ahead of you.

I hate to tell you this but I’ve gotten into homes that weren’t listed yet. You gotta have an inside person.
 
RubinRock said:
The market is crazy here as well. Lotta people putting down offers without touring. We saw a cheap place yesterday morning on Zillow. Was as close to perfect as possible for what we are looking for right now. Was only up less than 12 hours at the time. Called to schedule a tour and apparently the buyer already had a offer and was planning on having the deal done within the next 24 hours. And I've heard lots of similar stories from people here.

And no, I don't think its a bubble either like the last time. But its crazy the prices of some of these homes here We live in fucking South Carolina. When I see a lot of these prices, I just think theres no way the majority of these people are putting anywhere closer to 20% down. I know the standards for loans are stricter, but theres no way the average family or individual is able to put down that much. I know I truly can't right now. Thankfully, I'm making decent money now and the broad is graduating in May. So we'll have that second income shortly.
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as I see it, (and I’m certainly no expert either) the X factor this time around is the fact that large institutional buyers are the ones buying up these homes. Those are the offers who aren’t “viewing” the homes. These guys don’t wanna sit on these homes. I’m not sure how many of them want to be landlords (although I’ve heard rumors some are doing that). either so renting them isn’t a great option either. If the housing market gets going to the negative side it could go quickly if these institutional buyers wanna get out quickly and sell. They won’t be foreclosures but there will be inventory to buy

I’d watch that sector to see what happens.
 
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RobBase (c) said:
This is why you need a good realtor right now. If you can’t be on top of stuff 24/7 then you need someone who can. They know what is being listed and when. 5 steps ahead of you.

I hate to tell you this but I’ve gotten into homes that weren’t listed yet. You gotta have an inside person.
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this is absolutely true. Unfortunately, these days can’t just be house hunting on Zillow. Hell, Zillow was one of those institutional buyers I was talking about.
 
RobBase (c) said:
I had it on a Friday night. Wasn’t Friday night dinner material imo. Maybe throw it in some tortillas w some cheese.
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Live and you learn
 
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