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General Politics Discussion (X) [ARCHIVED] • Page 117

Discussion in 'Politics Forum' started by Melody Bot, Sep 10, 2022.

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  1. Mort Michaels

    Father, Son, and House of Gucci

    I’m paralyzed in fear of the possibility of an economic downturn, and having just lost my job. What if everywhere just stops hiring?
     
  2. clucky

    Prestigious Supporter

    There are certainly people for whom it'll probably work out. idk, I'd do the math on what rents are like and how you expect the market to improve. We're quite possibly near the peak of a housing bubble. And at current mortgage rates vs what you could make from bonds... to me buying at this point would only make sense if I expect the cost of housing to still go up a bunch over the next 10-20 years.
     
  3. buttsfamtbh

    Trusted

    That $150K house will most probably go back down to it's price 3 years ago of $75K. If you can manage I would probably hold off on buying
     
  4. TheGuyfkaFringeofLunacy

    Trusted Supporter

    So in this equation it depends on a ton of factors but the biggest one to me is the house value itself. Do you live in an area that housing value is going up no matter what, do you live in one that it has gone down a bit but are worried it will come roaring back when interest rates lower, or do you live in one of the few places that housing value is going down and will take longer to come back then other peak areas? (There is some other areas where housing value has not tracked with the rest of the country but those are very limited it seems)

    I think if the answer is yes to any of the first two and you can absorb the increase in interest rates and its impact on your monthly payment, then I would say purchase now as you are married to the house value but dating the interest rate. If you are in a place where housing value is stagnating and potentially going down then holding off is probably a good option there but just pay attention to mortgage rates and house value in the area you want to move to try and time that as best as possible.

    I think the biggest point in this long winded response is that you are married to your housing cost but not to the interest rate as you can re-finance when the time comes. You might even be able to do like a 30 year mortgage now with higher rates but when they do eventually come down you might be able to re-fi for a 15 year mortgage but keep the same payment and thus have your house paid off sooner.
     
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  6. TheGuyfkaFringeofLunacy

    Trusted Supporter

    Completely depends on your market. There are quite a few areas that I don't think this will be taking place and I am not talking about the usual areas that people think of like the Bay Area. I think you are going to see quite a segmentation on market areas and what the housing values do in those areas.
     
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  7. buttsfamtbh

    Trusted

    yeah i dunno what any of it means, i just want to buy a decent-priced house on some land away from people. i dunno what the market is there, but i can find a few houses on zillow on like 5 acres for $150k which seems fair but I'm sure the price will drop eventually.
     
  8. TheGuyfkaFringeofLunacy

    Trusted Supporter

    So to put it plainly, I do not think you are going to see uniformity in housing values increasing/decreasing like we have seen previously. You are going to have some areas continue to rise, some slow their increase, and then others go down.
     
    bigmike, clucky and buttsfamtbh like this.
  9. buttsfamtbh

    Trusted

    about what i figured. thanks for laying it out for me. i'll continue to hold off for another year or so and see where we're at.
     
  10. clucky

    Prestigious Supporter

    The thing is "housing value going up no matter what" doesn't necessarily hold just cause it has for the last few years. And you don't just need the housing value to go up, you also want it to outpace other investment opportunities.
     
  11. TheGuyfkaFringeofLunacy

    Trusted Supporter

    I don't think its going to hold either. I think its going be really segmented and the uniformity that we have really seen these years is going away. It just depends on what type of market you are looking to purchase in. The city (Ann Arbor for the Michigan folks in the thread) next to mine is one of those that will continue to go up no matter what because of where it is and what town it is. The city I live in the housing value has started to plateau a bit and you are seeing Zillow listings dropping their asking prices but as soon as we see interest rates start to come down that is going to change here. Even then though it depends on what area of my town you are looking at. So its getting really segmented even inside of cities themselves.
     
    bigmike likes this.
  12. MysteryKnight

    Prestigious Prestigious

    I’m still living with my parents but I’ve really been wanting to get my own place. I just don’t know when makes the most sense, certainly doesn’t seem like now but how long can I wait?

    I’ve had people tell me I should buy a condo as opposed to renting an apartment, which yeah I guess if the mortgage ends up less than or similar to what I’d pay in rent, yeah makes sense? But then there is the down payment I have to do and all that. I’ve been working over a year now at my job and have a decent amount saved up now, and obviously living with my parents has helped me be able to save a lot but I don’t wanna deplete my bank account

    My parents treat me great but having to commute an hour to work and also working from home a few days a week, both of those give me reason to want to move out. I mean I’m 24 so it would be nice to live on my own regardless. Unfortunately the area I live in which is quite on the expensive side so the smartest thing would probably be to just keep living at home for now

    I have no idea what I’m doing or what to do the only time I’ve lived elsewhere was when I was away at college lol
     
  13. TheGuyfkaFringeofLunacy

    Trusted Supporter

    Yeah if you don't want a whole ass house, I would look at a Condo or Townhome. Just be mindful of what your HOA fees are going to be and make sure you do a bit of due diligence on the HOA itself and if its solvent and its finances. I will probably be doing something similar if I end up buying a place as a single person.
     
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  15. David87

    Prestigious Prestigious

     
  16. David87

    Prestigious Prestigious

    If youre young and single it doesn’t make any sense to buy right now IMO unless you definitely have the money. But interest rates are sky high and prices haven’t dropped enough to match. Once the prices drop back down on places it might be worth it, because you can always refinance in the future if/when interest rates drop again. At that age you can rent a place by yourself or with some friends though
     
  17. buttsfamtbh

    Trusted

    me and the missus thought about getting a condo just so we wouldn't have to deal with lawn upkeep, trash removal, and a lot of HOA's cover your water and sanitation. but the more we talked about it, the more we thought it best to find a house we can grow into over time. if it's just you, i would say a condo or a townhome is a good idea. you can build some equity in it and sell it at some point, then move into something bigger if you've moved into that stage of life.
     
    MysteryKnight likes this.
  18. iCarly Rae Jepsen

    run away with me Platinum

    I genuinely don't think I'll ever need a house, I'm pretty minimalist and don't want to deal with things inevitably going wrong,but being beholden to landlords is also bad
     
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  19. brothemighty

    Trusted

     
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  20. David87

    Prestigious Prestigious

     
  21. bigmike

    Trusted Prestigious

    The only reason I want a house is because I’m tired of dealing with landlords. But also my brother came home this summer and his water heater leaked and flooded his basement so i also don’t want to deal with that.

    I just want to go home to a place I can smoke a joint in and have some cats.
     
  22. TheGuyfkaFringeofLunacy

    Trusted Supporter

    My brother and co-worker both bought houses in the last probably four years. Both were flips and both them had to or are having to replace the roofs on those houses. Both costing between 15k-20k...yeah owning a house sounds great lol.
     
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  24. iCarly Rae Jepsen

    run away with me Platinum


    [​IMG]
     
    xapplexpiex, Orla, bigmike and 3 others like this.
  25. dylan

    Better Luck Next Time Supporter

    there is 0 chance houses go back to their prices 3 years ago, especially in places like SF, Denver, Seattle, etc. Our only hope in buying a house is a reduction in interest rates, we're not holding out hope for any pricing adjustments in the next few years.
     
  26. koryoreo

    Trusted Supporter

    I’m definitely thinking about moving somewhere cheaper in the next few years. Portland has just got crazy expensive over the last decade that you have to be house poor to be able to buy anything. Now that I work remote and have doubled my annual income since 2020 I think about moving somewhere cheap in the midwest to make my money go further.

    It’s crazy that 100K a year doesn’t even go that far anymore. I’d need my partner to make equal what I do to even entertain buying. All while rent goes up $150-$200 every year at my apartments which is insane. I’m not getting any added value for that increase. They even found a way to nickel and dime even more since they charge $25 a month for parking now. That should be included in my rent and not be an extra charge.
     
    JoshIsMediocre likes this.
  27. imthegrimace

    the poster formally known as thesheriff Supporter

    We bought a house in June because we basically needed to. I wish we could have waited another year or 2 but oh well.
     
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  28. David87

    Prestigious Prestigious

     
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