Real Estate Crash thread

[TBS]

If I ever meet you motherfucker, do a 180 and run. I will pound your jaw on the closest curb. He was a finer person than most here, and would help me fuck you up if he could. For fun.

Quoting for posterity

[4matic]

East Coast quido Benny:

a man, especially an Italian American, regarded as vain, aggressively masculine, and socially unsophisticated

[J. Barron DeJong]

Abnormal the last two years also doesn’t mean normal. Stocks gave back a bunch why shouldn’t houses? Still go up in what time frame? Months? Years? Once psychology shifts and people sense prices dropping they’ll pull back. Just like 2019 pre-pandemic which was soft.

https://twitter.com/markzandi/status...mkDz1AhCnB9VOQ

[rideit]

Way to represent, Idaho Falls!
I wonder how many boat/sidexside/RV/moto/horse sales have happened there with the false notion that the suckers will forever be ‘house rich’.

[J. Barron DeJong]

https://twitter.com/markzandi/status...mkDz1AhCnB9VOQ

https://twitter.com/markzandi/status..._lBbydAiYhLNbA

[Toadman]

More gloom

The real estate buying frenzy is over

"The buyers just stopped buying," said Shauna Pendleton, an agent with Redfin in Boise, Idaho, until recently one of the hottest markets in the country. "Californication," as she called it, drove an influx of buyers from the West coast, flush with cash courtesy of the also formerly booming stock market.

Some listings now sit for weeks without even a showing, she said; like this 4-bedroom priced at $899,000; 42 days without a look-see.


https://www.axios.com/2022/05/25/the...frenzy-is-over

Former co-worker of mine who left in February for Texas delayed in getting his house on the market in Central Oregon. He put it on the market just two weeks ago, and has had zero showings. I'm sure he now regrets not listing it ASAP. Not sure he would have gotten the asking price. Probably will need to drop the price to entice buyers. Seeing lots of price drops. The comps from the previous 12 months no longer apply.

[Danno]

I was wondering why Boulder wasn't in the top 20, guess it's just top 40.

With apologies to all the home owners, I am hoping for a significant backslide.

[4matic]

Albany, Or.? Lol.. Wah Chang still there?

[Tor-tour]

I'm not doing the math on the rest but 2.65 was an awesome rate if you hit that sweet spot.

We got lucky last October and locked in at 1.9 for 15 Years. Refinanced from a 30year at 3.475. Knocked something like 8 years off our payoff and now the principle payment per month is triple the interest cost, where before the interest was 1.5 times the principle.

[phatty]

Lot of TGR hotspots on that first list. I would love for pricing to drop some here in Seattle area if only to get some variety of people vs. everyone working for Amazon/MS.

[skiballs]

Colorado Springs at #2, seeing a lot more for sale signs and open houses here, like others have noticed in their cities. I planned on not buying here for a couple years. I’m thinking next February will be a good time. I’m expecting a 25% decline by then.


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[CarlMega]

We got lucky last October and locked in at 1.9 for 15 Years. Refinanced from a 30year at 3.475. Knocked something like 8 years off our payoff and now the principle payment per month is triple the interest cost, where before the interest was 1.5 times the principle.

That's excellent. During the low-rates, I was also trying to see if I could do a 15/yr like that. I def missed a dip sub 2. Great job.

[Ted Striker]

How is Bend not on that list? It's pretty much Desert Bellingham.

Is it because most people live outside of city limits?

[doebedoe]

Weird time to be right in the middle of the next home search in one of those listed cities. On the whole, I think it works out OK for us if my assumption that the 7-900k range gets more price reduction than the 500k range. Scary nonetheless.

[4matic]

Can tell the ones near me that need to sell. Big price reductions.

[phatty]

We got lucky last October and locked in at 1.9 for 15 Years. Refinanced from a 30year at 3.475. Knocked something like 8 years off our payoff and now the principle payment per month is triple the interest cost, where before the interest was 1.5 times the principle.

I got lucky too. Had my buddy who was a broker watching for me and got me a 15yr at 1.875%. Had 24yrs left on my 30yr at ~4% and will be done with this one in ~10yrs making the same payment I was making on my 30yr (we always paid extra principle). We've lived here 15yrs and have no plans to move even after the kids are gone.

[Core Shot]

Was this thread deleted and resurrected?

RIP Mr Profane.

[Core Shot]

Well, I'm not allowed to delete this post, but, I can say, go fuck yourselves, everybody!

Heh. I guess so.

Relax Benny. It’s the interwebs. Who gives a fuck.

[Whiteroom_Guardian]

Surprised Bozangeles not on that list unless we're too small to match the criteria?

[Supermoon]

Albany, Or.? Lol.. Wah Chang still there?

This was my first thought too. Didn’t realize ANYBODY wanted to move there, let alone enough to create a bubble.

[sirbumpsalot]

I got lucky too. Had my buddy who was a broker watching for me and got me a 15yr at 1.875%. Had 24yrs left on my 30yr at ~4% and will be done with this one in ~10yrs making the same payment I was making on my 30yr (we always paid extra principle). We've lived here 15yrs and have no plans to move even after the kids are gone.

I don't know....if I had 1.875% I'd NEVER pay it off early. I have 2.5% and don't plan on it. Put the money into other investments paying more.

[Shredhead]

Weird time to be right in the middle of the next home search in one of those listed cities. Scary nonetheless.

Might want to sell now and rent for a little bit.

[J. Barron DeJong]

I don't know....if I had 1.875% I'd NEVER pay it off early. I have 2.5% and don't plan on it. Put the money into other investments paying more.

Right. I refinanced a 30 year @2.75%. Extra money is going into retirement cause those investments are bound to return more than 2.75% over the long run. (If they don’t, I’m fucked for retirement.)

[Toadman]

How is Bend not on that list? It's pretty much Desert Bellingham.

Is it because most people live outside of city limits?

My guess is that it's the opposite. Most people live w/i city limits and there's so much building going on that the amount of supply kept prices from going ape shit Boise crazy high. But just a guess.

[liv2ski]

I got lucky too. Had my buddy who was a broker watching for me and got me a 15yr at 1.875%. Had 24yrs left on my 30yr at ~4% and will be done with this one in ~10yrs making the same payment I was making on my 30yr (we always paid extra principle). We've lived here 15yrs and have no plans to move even after the kids are gone.

Good for you. Honestly the smartest thing a person can do, pay the house off asap.