A lot are on hiring freezes. Cutting costs and expenses.
Mortgage Rates north of 7%
- Thread starter Tezz500
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Add those to the equation as well and we are in the very beginning of a recession for sure.
Which is interesting considering there are still places that are in need of people. Local fast food places still dont have enough staff or even USPS.
Then again, Newsom signed a law to possibly bump min wage to $22 for fast food employee's. Good ol California......
Then again, Newsom signed a law to possibly bump min wage to $22 for fast food employee's. Good ol California......
COVID is the sole reason prices are what they are. If the Rona didn’t happen then real estate or anything for that matter would not have jumped 20%
Well the home value pendulum will swing back too. All the cash out refi folks will end up underwater if values drop 25-35%
I agree, if someone went into this with the minimum down payment and maxed out their ability to make the payments they are going to be in serious trouble. Shades of ‘08 coming up for those folks. Real Estate, like the stock market has ebbs and flows, it’s all about timing and not over extending yourself. Boom can turn to bust in a heartbeat
Man 2008 was a brutal year for me. I was in the car business selling cars, making good money, multiple car payments, lots of toys paid for by credit cards, an adjustable rate mortgage....really enjoying my 20's. Then out of no where Car industry crashed, my income went down 80%, went backwards on $30k in credit cards, 2 out of 3 cars went backwards, and almost lost the house if it wasent for family steeping in to help.
Luckily I learned my lesson early and have spent the last 24 years getting my act together....telling myself I'll never go through that again. I'm financially ready for pretty much anythinng that may happen.
kiosks and Robot burger flippers in the near future.
There are already Kiosks in some McDonald's but people don't like using them.
Older folks know how to navigate on Facebook and TikTok but apparently can't order their food correctly even if it has pictures lol
The trends definitely have me a bit nervous over here - Recently closed in July with a 4.75% rate, before any real downward shift in pricing. Demand is still high in this area, but you may get 2-4 quick offers slightly over asking instead of 10-20 offers at $75-100k over asking last year. Lower quality homes are sitting for a bit.
I own a small condo as well but with a wedding coming in 2023 and getting further into my early 30s, it was time to get a nice place with the lady (plus more garage space).
If the shit hits the fan and prices drop significantly, it will suck but you can't sit there and sulk about it. Just going to keep leaning into life, becoming indispensable at work and learning new skills. Being under water on a home can definitely hold you back, but it doesn't mean you have to miss out on other opportunities along the way.
(Wish me luck, lol)
I own a small condo as well but with a wedding coming in 2023 and getting further into my early 30s, it was time to get a nice place with the lady (plus more garage space).
If the shit hits the fan and prices drop significantly, it will suck but you can't sit there and sulk about it. Just going to keep leaning into life, becoming indispensable at work and learning new skills. Being under water on a home can definitely hold you back, but it doesn't mean you have to miss out on other opportunities along the way.
(Wish me luck, lol)
Well if you’re fine now payment wise, it’s no sweat.
I owned two homes in SoCal in 08’. Was upside down 40% or so on both.
Rode it out and sold them both in 2019. Sold them for less than I paid in 04’ and 05’ and neither have gotten back there yet.
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Yep, we’re good with the payment and avoided stretching our budget too far.
I’m not really in-tune with the market in SoCal but that seems shocking that they never recovered to ‘08 levels. Hopefully you enjoyed those homes over the years !
This keeps my pippin’ (Landlord) hand strong. Higher rates = stronger rental marketHow high we gonna get boys? Double digits in the future?
Yes, Mortgage Rates Are Now Over 7%, But It's Complicated
A Mortgage News Daily Article has been shared with you.www.mortgagenewsdaily.com
This is true. I walked out of a McD's because I didn't feel like learning how to use the self-ordering machine.
Those are just annoying. It took me 5 minutes to place my order at What-A-Burger the other day, when it would have been 30 seconds if a person was working the counter.
We are too. State Government is pretty much recession proof.
I think its generational.
I would 10000% Take a Kiosk over dealing with some Idiot behind the counter.
"I said no onions."
If I **** it up on the Kiosk, its on ME. And im good with that. I prefer having the responsibility.
I certainly would take that over paying some dipshit 22/hr who cant take a proper fast food order.
True. Let me ask: do you do self-check at the grocery store?
Every chance I get. I am 1000000x more efficient and a superior bagger. I see no reason to let those subhumans handle my Groceries.
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