Interesting Covid Side Effect

mysticsvt

southernmustangandford
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Hell we just refinanced and cashed out 90K to do some upgrades and my payment only went up 100 bucks....dropped a full in the process %. Wife's going to make three house payments a year to catch us up to where we were. I'll still pay the $2100 a month mortgage of course.
 

SHOdown220

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I’d wait man.

Don’t be “house poor”.

While owning real estate is a building block to financial success, overpaying def is not.

I got bit in the 2008 bust. Both places I bought in 2004/2005 were down 50% at one point. Did quite well selling them in 2019 and 2020 but still, this stuff follows a cycle usually.

This is different than the 2008 bust but I’m holding for now and sitting on cash.


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we really need something larger. Currently in a 2bd/1ba rental and have our 2nd kid on the way. I really like the place we are at, the landlord hasn’t raised rent in 10 years (my grandmother is at one of his other places past 12 years), super cool dude not a company.

when we applied for a mortgage we asked for and approved for an amount well within our budget (20% of take home pay). I have 90 days that our current approval is good for so I’ll be looking in that time frame. After that we just gonna have to utilize our space best we can. I don’t want to be the guy drastically over paying for a home.
 

CobraBob

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Remember reading that people from NY were buying sight unseen around the state to work from.
Yep, and a ton of them have bought homes in CT. I see so many NY license plates in and around Cheshire that sometimes I feel like I'm in New York.
 

7upstang

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Remember reading that people from NY were buying sight unseen around the state to work from.

Just had a customer buy one sight unseen. 1.1 million in Naples. He asked he how it looked when I went in to do work before he flew down. It's getting out of hand.

After talking to realtors in our area, seems like a decent amount our cashing out 401k accounts to pay cash.
 

quad

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I don't how people afford this shit. Especially factoring in taxes and maintenance. My wife and I both make good money and we couldn't dream of a 2nd home without over leveraging ourselves.
Dog Money. People are buying houses with Dog Money. ;)
 

VegasMichael

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I bought sight unseen in Naples but the real estate agent was a family friend. Had the property inspected and didn’t actually walk into the property until the walk through the day before closing. Would never do that again and do not recommend it. We got lucky. Not my second home either.
I got confused here, dog.
 

quad

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Just had a customer buy one sight unseen. 1.1 million in Naples. He asked he how it looked when I went in to do work before he flew down. It's getting out of hand.

After talking to realtors in our area, seems like a decent amount our cashing out 401k accounts to pay cash.
Sounds to me like people are trying to find hedges against inflation. Bill Gates has been buying up farmland everywhere.
 

thomas91169

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I wouldn't buy anything right now. Buy the dip...and it's coming.

We keep waiting for it. Right now we just feasibly cannot see buying houses for their price, the intrinsic value just isnt there, and thats even looking elsewhere. Some of these houses in like AZ or TX are simply not $400k by
Dog Money. People are buying houses with Dog Money. ;)

Dog money!
 

MG0h3

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California just experienced their first population decrease so those of you in AZ are probably putting up with that mass exodus and will unfortunately have a California of your own here soon.

Coworker just transferred back to the Tucson area but is shopping somewhere closer to Phoenix.

They are doing that stuff where they “release” a new phase every week. It’s a lottery where you put your name in. Price goes up 10k a week for the same lot/house.

Causes a frenzy.

No thanks. Exactly how it was in CA in 2004-2006.


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2011 gtcs

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I've given up in AZ for awhile, we've gotten out bidded on 10 or more houses and that's with us going 15k or more over asking. It's an absolute shit show in AZ and I don't want to be house poor. I hope everyone that just moved here is ready for 5 months of hell, I'm praying we have the hottest summer every recorded.
 

MG0h3

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I've given up in AZ for awhile, we've gotten out bidded on 10 or more houses and that's with us going 15k or more over asking. It's an absolute shit show in AZ and I don't want to be house poor. I hope everyone that just moved here is ready for 5 months of hell, I'm praying we have the hottest summer every recorded.

Haha. Ya the heat is oppressive. I used to live just outside of Yuma. It’s brutal.

Just bide your time.


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DriftwoodSVT

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If you don't bid at least $100k over asking, waive the inspection and option period, sellers will toss our your offer here.

There's a house down my street similar in size and lot (3100 sq ft on 5 acres but 20 years old, no pool) for $1.4 million now.
 
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Blk04L

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I don't see the bubble bursting yet.

Besides, I'm convinced congress will pass trillion dollar bills to(try to) prevent any type of collapse this time.
 

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