Real Estate Crash thread

[Toadman]

Truth.


I'm the only person I know that had plans to build and was like, maybe this isn't the right time? Well and you Austin. Stick to your guns, the housing market might have legs but the materials prices don't. Trees grow literally every day.

I think it will be next spring before lumber price increases slow down. True, the trees will be a foot taller by then, but will a growing tree in the forest get cut down if there's no logger to cut it down? And once the tree finally is felled, who is going to haul it to the mill? And once it gets to the mill, who is going to mill it? And so on and so on....

Luckily the loggers and mills I deal with aren't upgrading equipment and just buying new parts because they can't get new equipment. Same with the farmers. Pretty soon they won't be able to get parts. It will be back to felling trees by hand and getting out the horses.

[liv2ski]

^do you like your own posts on facebook too?

No Faceplant for me.

[fastfred]

Funny comments fer sure my job sucks cock I hate it but the money is nice I guess
Waiting or putting projects on hold is good but then what 2007 2001 they were all busts it was funny in2009 some people started back in on spec homes we thought they were crazy but bam they finished sold instantly as shit turned around w great profit margins
And fuck the planning dept I be giving the mayor a call next week I like be the nicest piece of shit out there then you catch them and call em out on it blindsided people hate being made into fools

[sirbumpsalot]

^do you like your own posts on facebook too?

Post of the month....and its only the 7th!

[RootSkier]

Sounds like I’m not the only one sitting on a pile of cash waiting for housing or construction markets to moderate. What’s the play for the next 6-18 months for that cash? (I think Rootskier asked this question awhile back as well.)

I'm all in on Dogecoin.

For real though...I am still trying to figure this out. I have way too much cash sitting in a .05% credit union savings account but I just can't risk the remodel $$$ in the market. I think the best advice was a "high-interest" savings account which will return like .5% at best, as far as I can tell.

[skiballs]

It will be back to felling trees by hand and getting out the horses.

I’m all for this.


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[Toadman]

High lumber prices leads to high toilet paper prices. Screw DOGE, by Charmin!

https://www.cnn.com/2021/05/07/busin...per/index.html

Toilet paper prices increased 15.6% during the 52 weeks ending May 1 compared to the year prior, according to the latest numbers from NielsenIQ, which tracks point of sale data from retailers.
Kimberly Clark (KMB), the maker of Scott toilet paper, plans to increase prices to retailers on Scott and its other brands by mid-to-high single-digit percentages next month. The increases "are necessary to help offset significant commodity cost inflation," Kimberly-Clark said.
"Selling prices of tissue products are influenced, in part, by the market price for pulp," the company said in its latest securities' filing.

[old_newguy]

I'm all in on Dogecoin.

For real though...I am still trying to figure this out. I have way too much cash sitting in a .05% credit union savings account but I just can't risk the remodel $$$ in the market. I think the best advice was a "high-interest" savings account which will return like .5% at best, as far as I can tell.

Already doing that but if inflation is 2.6%.....

[liv2ski]

Post of the month....and its only the 7th!

Speaking of whiny cunts

[Skidog]

Brother in law is booked to build urban outfitters all over usa through 2022

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[BFD]

kanab utah
https://www.zillow.com/homedetails/4...75772197_zpid/
my friend bought 10 acres for $60000 there two years ago. The lot bordered 89 and you could hear the traffic on the rumble strips. Lot next to his just sold for $200,000.
here is a deal in Fredonia
https://www.zillow.com/homedetails/1...0925776_zpid/?
maybe you can still find something in Colorado City

[4matic]

Inventory in my target areas is increasing and the Redfin trend has ticked a couple points lower. It’s good news that California population declined for the first time ever. Hopefully evictions, forebearance, and landlord seller supply will work in my favor soon.

[Dantheman]

kanab utah
https://www.zillow.com/homedetails/4...75772197_zpid/
my friend bought 10 acres for $60000 there two years ago. The lot bordered 89 and you could hear the traffic on the rumble strips. Lot next to his just sold for $200,000.
here is a deal in Fredonia
https://www.zillow.com/homedetails/1...0925776_zpid/?
maybe you can still find something in Colorado City

W. T. F?

[Ted Striker]

'don't tell anybody, but her husband preferred Clark Gable too'

95 days = kiss of death

"unique" "potential" and "interesting" are all code for crap.

lol at "has a document that says that there might be oil in the area"

[muted reborn]

kanab utah
https://www.zillow.com/homedetails/4...75772197_zpid/
my friend bought 10 acres for $60000 there two years ago. The lot bordered 89 and you could hear the traffic on the rumble strips. Lot next to his just sold for $200,000.
here is a deal in Fredonia
https://www.zillow.com/homedetails/1...0925776_zpid/?
maybe you can still find something in Colorado City

'don't tell anybody, but her husband preferred Clark Gable too'

95 days = kiss of death

"unique" "potential" and "interesting" are all code for crap.

lol at "has a document that says that there might be oil in the area"

This is all bullshit hopeful listings and not a sign of the times. I drove by both areas last month, it's not a new hot spot. Sure I'm looking forward to exploring more of that area and can't wait to go back but i have no dreams of moving near there.

[montanaskier]

Off the topic question:

Can I get a new appraisal for my house then use the higher price to get rid of PMI? House was purchased for 650k, owe about 540k, would probably appraise for 1mill now. I’d love to get that PMI money in my bank every month if possible.


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[Danno]

Off the topic question:

Can I get a new appraisal for my house then use the higher price to get rid of PMI? House was purchased for 650k, owe about 540k, would probably appraise for 1mill now. I’d love to get that PMI money in my bank every month if possible.


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Yes. But you should talk to your lender/servicer about the process and what they require. Don't just get a random appraiser out.

[AdironRider]

Your specific mortgage co will have a list of approved appraisers. Pre-covid, the approved appraisers were all the good ol boy dickbags that "want to stem the appreciation wave of our community" and would lowball your shit, but now the market is gangbusters and they don't really have a leg to stand on so you shouldn't have to much trouble, assuming you didn't get this mortgage within the last year or so.

Point being, don't just get an appraisal, you'll need to check with your specific mortgage co and see what they need.

[old_newguy]

Also, since it hasn’t been mentioned, this is typically spelled out in your mortgage documents, so you should review those before just trusting what the person on the other end of the phone tells you.

[XXX-er]

As much as this can suck personally, this is the sign of an equitable and successful negotiation.
FWIW, I am in the natural resource extraction/wildland management sector and regularly sit at the table between granola munchers and cold-blooded capitalists, with a healthy side component of NIMBYism.
I prefer to recreate alone.

thro in the FN/ unceded lands/ tsilcotin decision and you either got a real headache or lots of workload forever depending on your POV

[Falcon3]

Off the topic question:

Can I get a new appraisal for my house then use the higher price to get rid of PMI?

Some mortgages have a required amount of PMI time. When I was looking at low down payment mortgages most of them required 24mo of PMI even if it went over 80% Loan to value the day after sale.

[Name Redacted]

Off the topic question:

Can I get a new appraisal for my house then use the higher price to get rid of PMI? House was purchased for 650k, owe about 540k, would probably appraise for 1mill now. I’d love to get that PMI money in my bank every month if possible.


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Damn dude, how old is your mortgage? You probably need to just refi and you’ll lose the PMI in the process as well as get a lower payment, and lower rate. Chances are you won’t need an appraisal either. Unless I’m missing something and you don’t want to refi for some reason.

[liv2ski]

Also, since it hasn’t been mentioned, this is typically spelled out in your mortgage documents, so you should review those before just trusting what the person on the other end of the phone tells you.

The above is correct. Look for something like the below that spelled out the rules on your loan.

[Danno]

The above is correct. Look for something like the below that spelled out the rules on your loan.

If that is the contract and I am reading it correctly, PMI can't be canceled even if an appraisal comes in hundreds of thousands higher?

[liv2ski]

Nope, #4 refers to the appraisal being done. Granted, the wording sucks.