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Oh so lease was up forcing you to look around then? (Think I missed that part of the story)
I'm calling it.
- Thread starter Peter Gozintite
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Nah, I surely missed mentioning it. Lease was up end of May. Finally returned our calls early in May that owner wanted to sell and they weren’t offering a new lease. While it was good they offered an extra month (through June) that ended up barely being enough time.
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Damn that blows wasn't selling cuz he had a long time tenant then wanted to sell once you refused to bend over. SMH people are retarded. He didn't need to be greedy it's not like his mortgage payment went up. What a douchebag
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no, they told orlando they were selling and he had to find another place. after searching for a while and finding a place, owner in the meantime probably didn't get the offer they wanted, at which time they called orlando saying they weren't selling, and so on.
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We established that. What kept us from a V recovery was inaccessible capital.
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Ahh gotcha
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And bailing out the banks, and putting many of those responsible for the problem, in charge of "fixing it". Here we are again. Like I said. It hit me first last time, its happening again.
The free money handouts during covid is being accounted for. There is many other trickle effects from that, like supply chains, and name whatever you want. "People can work from home now and can live where ever they want, blah blah blah" of whats going on.
Im telling you, what I feel in my fucking bones, as a person whose only income is from home buyers(whether btand spanking ass new, or older home) am seeing less, and less, and less activity on a consistent basis. Its not just because Im a huge cunt either.
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It’s already rectifying itself. Home prices were high and sold like hot cakes because rates were low. The feds raised rates to slow down the economy. Now home prices are dropping 20k-50k everywhere. And there tons are homes available doing this. Everybody has equity. Eventually it will all balance itself out.
No reason to fear a crash because all the different loan types (no doc and stated income/option ARMs etc) no longer exist and the government (Dems) aren’t pushing banks to write subprime loans to under qualified borrowers under the threat of fines and penalties if they refuse.
It’s gonna be fine.
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Speaking of northern NY, we saw people from the NY/NJ area make investments in this area the last couple of years driving up the cost of single family homes. I guess there hasn't been many good places to put money so people with extra cash started buying up places in this area. For the last two years sellers were getting whatever they asked and more at times and nothing stayed on the market long.
Now we are seeing homes sit around longer. We expect that trend to continue now that interest rates are going up and the economy should resume more normal activity. There are still a lot of business in the area that are boarded up from Covid.
But, single family housing should drop some. Fewer people will qualify for loans and those that do will be paying more for a mortgage.
The rental market is doing great. NY State protecting lazy people who work the system ... now those protections are running out, landlords are fed up and have jacked up rents in a very big way.
As of yet, there hasn't been too many developers building large complexes, so there is a decent market for the 3 and 4 multi-family units.
Still...The numbers you guys are talking...this area isn't going to see a large reduction in housing prices because they were never that high to begin with.
Now we are seeing homes sit around longer. We expect that trend to continue now that interest rates are going up and the economy should resume more normal activity. There are still a lot of business in the area that are boarded up from Covid.
But, single family housing should drop some. Fewer people will qualify for loans and those that do will be paying more for a mortgage.
The rental market is doing great. NY State protecting lazy people who work the system ... now those protections are running out, landlords are fed up and have jacked up rents in a very big way.
As of yet, there hasn't been too many developers building large complexes, so there is a decent market for the 3 and 4 multi-family units.
Still...The numbers you guys are talking...this area isn't going to see a large reduction in housing prices because they were never that high to begin with.
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I Googled It and saw the average 30 year mortgage rate at 6.85% and a seven year arm at 6.194%.
My first mortgage 26 years ago had a rate of 7.625% and I thought I had done fantastic. I’m sitting on 2.99% rate right now and feel like 6.85% is outrageous.
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Are you sure of that?
We don't want to underestimate the effect of you being a huge cunt.
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Ya I’m sure you’re way more tuned in.
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Wait, you're serious? I thought you were trolling.
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Peter I believe you but what is causing this is supply chain. If we had gas prices would come down. If we had chips more cars would be built and sold. If we had inventories the stores would be full and people would be buying because we are at record unemployment.
Several weeks ago the retail sector had very bad results which killed the stock market. Those results were bad because the retailers are getting the goods they can get not necessarily what they want.
COVID is a part of it because it has caused shortages, Russia is part of it for driving gas up. The results is supply is way down, demand is way so that drives prices and inflation.
Mortgage rates are up because the Fed is raising rates to drive down stocks and increase returns for bonds to fight inflation. The rates are high enough now they are going to stop the red hot housing market and that is a massive employment sector so if things don’t turn unemployment will go up.
It’s going to be tough to fix.
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That's not taking into account rates going up, cost of living is way up and people haven't burned through their savings yet. These are entirely different situations. But, I don't think the housing market drops as far as it did before. I do believe it's going to get punished once everything else catches up to us.
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All these years later most people apparently still have no idea why the housing market crashed before.
For another housing crash, you need a tidal wave of bankruptcies across America. Right now everyone has equity. And a lot of those people are sitting at 2 something on fixed loans.
Home prices increased due to high demand thanks to a great economy. Now the economy is slow, so rates are higher, with asking prices coming down. You won’t see bidding wars anymore or people paying way over price. Values will settle. Rates will come back down. Homes will begin selling again. It’s already happening.
This is well said…and I feel like it still only skims the surface of what we are facing. Working in the supply chain I’m seeing this clearly. Supply is a root of many evils here.
I would add to it that while unemployment improved some there are still gaps in retail and foodservice that are impacting service, and I think sales too.
Mrs had to stop at Kohls the other day for some returns. Being a red blooded American woman she also wanted to grab some things. 6pm on a weeknight and one cashier. That’s it. Took forever to check out.
There is still major headcount challenges in these sectors. It’s a shit job to begin with, now do it with limited supply coming in and pissed customers. No one wants to do the job.
If we could wave a wand over supply issues companies will need to hire to get that back up. Will they have reasonable access to capital to do it at that point?