Real Estate Crash thread

[Skidog]

Honestly could not read it all, such a cluster fuck, just like telling tenants, "you don't have to pay your rent". Cool Uncle Sam, then you send me the check. I am sure the servicers feel the same way. Stoopid politicians.

Rents coming

https://www.forbes.com/sites/jimwang...-of-americans/

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[liv2ski]

Rents coming

https://www.forbes.com/sites/jimwang...-of-americans/

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Holy SHIT!!!! As a guy that has been applaud by this countries deficit since I started paying my own bills, what is happening now will end up destroying the country unless long term rates are 0% forever. All these politicians are out of their minds.

[Toadman]

Holy SHIT!!!! As a guy that has been applaud by this countries deficit since I started paying my own bills, what is happening now will end up destroying the country unless long term rates are 0% forever. All these politicians are out of their minds.

So going PolyAss on this one, but Trump cult followers gotta be outraged at this socialism and will be protesting with their guns in the WH, right?

[Shredhead]

Just wondering who’s going to pay for it?

If you make more staying home, who’s going to work?

[iceman]

I read that the property is sealed. I’d offer one suggestion that’s selling homes here sight unseen in some cases. Especially a month ago when no enter orders were active. It’s Matterport virtual home shoots - cameras make for a 3D presentation tool. Maybe you’re aware. It seems if several of the interested parties were open to writing offers after this visual. Then you could let one person in who is trained to take precautions and reach every party, including others ongoing. I’m cringing a little, as an agent, about not bridging a deal together considering days on market etc. Unless of course you now see inherent value you took for granted and want to stay. Otherwise follow the hunch and dump it before shit perhaps declines and interest wains for years.

Nah we're still looking to get rid of it. Wife and daughter freaking out about people coming in has been an issue though, no doubt. There is a Matterport thing now, it's pretty cool actually. Not sure if people are using it or not, haven't heard one way or the other. As of Memorial day weekend the house is gonna be empty for a while and we're gonna be letting people in, that's only like 10 days, hope fully our moment will not have passed by then.

[shroom]

the people who flocked to cities did so because they had to make money. geographically disperse payroll rather than letting corps drive hyper competition and this thread would be a lot less interesting.

most of america needs an extra 2k month to afford current COL and ever retire. it would be much easier to approach through the lending industry, buyer restrictions, etc. but what would we do if things didn’t go up exponentially and actually tracked our ability to pay an asset off?

i dream about a world where my kids (i’m 30, don’t have any) are paying 3MM for a shitbox outside seattle just so i can buy a boat and lake house off the equity ahead of them. if i’m nice, maybe i’ll rent them a few nights in the lake house to help offset my third mortgage i’ve heloc’d twice.

[dunfree]

The Applebees in my town closed. That was just before the pandemic hit. Maybe an early indicator? More likely there were just better options for food. And the location sucked.

labor, lack of affordable there of, closed multiple fastcas restaurants near me over the past couple years. Really low unemployment does that. I suspect that part of the calculus has slightly changedin the past couple months.

if people are moving out of Manhattan- why not move to flyover shitholes? Or Boise, Spokane, wherever the fuck else?

[AdironRider]

Holy SHIT!!!! As a guy that has been applaud by this countries deficit since I started paying my own bills, what is happening now will end up destroying the country unless long term rates are 0% forever. All these politicians are out of their minds.

There is no way this passes. A family of 4 doesn’t need 96k a year in handouts. I’ve noticed a lot of journos are carrying water for this idea but when I actually read the things it seems to just be a handful of ultra left politicians pushing a dream and nothing more.

2k a month to 91 percent of the country is 300 plus billion per month, 3.6 trillion a year, and that’s before you take into account payments for kids. Impossible to finance.

[Skidog]

Just wondering who’s going to pay for it?

If you make more staying home, who’s going to work?

Our kids and their kids.

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[Skidog]

There is no way this passes. A family of 4 doesn’t need 96k a year in handouts. I’ve noticed a lot of journos are carrying water for this idea but when I actually read the things it seems to just be a handful of ultra left politicians pushing a dream and nothing more.

2k a month to 91 percent of the country is 300 plus billion per month, 3.6 trillion a year, and that’s before you take into account payments for kids. Impossible to finance.

Yeah I suspect another round of stimulus, but not anything like the plan I posted. Maybe half that.

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[ThreeRidges]

Just wondering who’s going to pay for it?

If you make more staying home, who’s going to work?

This is actually a real problem. I have a few friends with small business whose employees departed for equal or slightly less pay from state and federally juiced unemployment benefits and think they can just renter the workforce on the other side.


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[4matic]

There is no way this passes. ultra left politicians. Impossible to finance.

The 2017 tax cuts added almost 3 trillion to the deficit. Impossible to finance with very little to show for it.

[PowderHorse]

I put a townhouse under contract on Friday, via a virtual showing, for my out of state buyer. She's employed and has to move here for work so she knows the area and trusts me but it's a little weird. She's not even going to fly out for inspection (nor can I attend in person).

Normal deadlines, lender is solid and we'll close electronically on June 12th (knock wood).

Stats in Boulder are ugly compared to last year but property is still selling for close to asking.

Shameless plug, I have 36-142 acres for sale up near Nederland if anyone wants to build their family compound!

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[glademaster]

the people who flocked to cities did so because they had to make money. geographically disperse payroll rather than letting corps drive hyper competition and this thread would be a lot less interesting.

most of america needs an extra 2k month to afford current COL and ever retire. it would be much easier to approach through the lending industry, buyer restrictions, etc. but what would we do if things didn’t go up exponentially and actually tracked our ability to pay an asset off?

i dream about a world where my kids (i’m 30, don’t have any) are paying 3MM for a shitbox outside seattle just so i can buy a boat and lake house off the equity ahead of them. if i’m nice, maybe i’ll rent them a few nights in the lake house to help offset my third mortgage i’ve heloc’d twice.

We share the same dream.

[fastfred]

^^^ this is the new standard in real estate I think delt with a few clients over the past year and currently who buy 1 million dollar plus properties on the internet, close then show up a couple months later to see what they bought most of them say it's smaller than they thought, my guess is cause they are coming from 4 thousand plus sq ft homes to a condo or townhome that is barely 2000 sq ft

the people I'm dealing with just need somewhere to park some cash and ski in ski out property is a winner
it's crazy to me
the doom in gloom with some people right now is sad, the reality is the people with money still have money and alot of it has been inherited or was easy tech money that they made
funny money I call it

[AdironRider]

The 2017 tax cuts added almost 3 trillion to the deficit. Impossible to finance with very little to show for it.

Get out of here with your AOC math, tax receipts were at all time highs prior to Corona. Just like with Amazon, no one got a 3 trillion handout like they actually would with this 2k a month per person plan.

[schuss]

Get out of here with your AOC math, tax receipts were at all time highs prior to Corona. Just like with Amazon, no one got a 3 trillion handout like they actually would with this 2k a month per person plan.

Yes they did.
https://www.crfb.org/blogs/tax-cut-a...n-through-2029

[AdironRider]

You can’t separate that when you make more money than you ever have, as the government did last year, you can’t say a tax cut cost us anything. We had record revenue. You know what drives the deficit? Spending, and who controls those purse strings?

Even so, people still bought that debt, which is purely a showing of confidence in the American economy. How confident are you in the American economy when a family of 5 gets 120k a year to sit around and do nothing?

Never going to pass despite your fever dream for a communist utopia. I hate arguments like you and 4matics, because it implies your income is actually the governments, and they just let you keep some of it.

[Danno]

.

Shameless plug, I have 36-142 acres for sale up near Nederland if anyone wants to build their family compound!

That sounds awesome, sign me up! Now I need to find the money.

[MultiVerse]

You can’t separate that when you make more money than you ever have, as the government did last year, you can’t say a tax cut cost us anything. We had record revenue. You know what drives the deficit? Spending, and who controls those purse strings?

The real answer depends on whether the tax cuts led to faster growth. In order for them to pay for themselves the administration said there would need to be 3% annual growth for the next ten years. Instead what happened is we saw trillion dollar deficits in an economy expanding by only about 2.2%. So even though spending increased the increase in revenue, which increases during a boom anyway, wasn't enough to cover the shortfall created by the cuts.

In other words, if economic growth is good but not good enough during near-record-low unemployment then the supply side argument doesn't work. The answer is stimulating the economy during a boom through spending and tax cuts both contributed about equally, in real vs nominal dollars, to the pre-COVID trillion dollar deficits supported by both Congress and the Trump administration.

[wooley12]

Get out of here with your AOC math, tax receipts were at all time highs prior to Corona. Just like with Amazon, no one got a 3 trillion handout like they actually would with this 2k a month per person plan.

"Tax revenue has fallen in nominal dollars when comparing tax year to tax year and has fallen in real dollars and as a share of GDP under any scenario. Focusing specifically on revenues raised under the new tax code, revenue has declined by between 3.5 and 8 percent."

Please use your trump math to explain how a slight increase in total collections is winning.

[dunfree]

You can’t separate that when you make more money than you ever have, as the government did last year, you can’t say a tax cut cost us anything. We had record revenue. You know what drives the deficit? Spending, and who controls those purse strings?

Even so, people still bought that debt, which is purely a showing of confidence in the American economy. How confident are you in the American economy when a family of 5 gets 120k a year to sit around and do nothing?

Never going to pass despite your fever dream for a communist utopia. I hate arguments like you and 4matics, because it implies your income is actually the governments, and they just let you keep some of it.

yeah, it really sucks when you are confronted with the reality that 90% of the country does nothing and only has value as consumers

The notion that paying people to go to work to do “nothing” aka PPP is fine, but paying people to stay home and doing nothing isn’t, seems to suggest the major objection is business owners/management not getting a cut.

[4matic]

Why pay tax at all? Just issue more debt from treasury and have the fed buy any not bid.

[4matic]

Never going to pass despite your fever dream for a communist utopia. I hate arguments like you and 4matics, because it implies your income is actually the governments, and they just let you keep some of it.

A temporary guaranteed income is a good source of stimulus. Buying private bonds that had “pandemic” listed as a risk factor in the issue is outrageous by conservative capitalist standards.

[MarcusBrody]

I put a townhouse under contract on Friday, via a virtual showing, for my out of state buyer. She's employed and has to move here for work so she knows the area and trusts me but it's a little weird. She's not even going to fly out for inspection (nor can I attend in person).

Normal deadlines, lender is solid and we'll close electronically on June 12th (knock wood).

Stats in Boulder are ugly compared to last year but property is still selling for close to asking.

Shameless plug, I have 36-142 acres for sale up near Nederland if anyone wants to build their family compound!

Sent from my Pixel 3a using Tapatalk

That's basically us right now. Got a job in a new area right before everything started to fall apart. I'd been there a couple of times and had a pretty good idea of where I wanted to live. Had the pandemic not hit, I would have flown out with my wife to look at other alternative neighborhoods, but when it did, we just waited for something that fit our requirements to pop up in the first choice area and jumped when it did. The 3d camera tour was great. Our agent went and answered questions, opened and closed things, measured stuff, etc.. The other option was renting for a year, but we're exactly in the price band that has been pretty resilient, so to be better off renting, we'd have had to seen a 6-10% drop in prices as well as interest rates staying low. That's possible, but we were willing to risk it to just get settled.

Appraisal is tomorrow and that's the final real hurdle, so if that goes well we'll just be cruising toward a June 5 closing.