With all due respect... do you have a learning disability? I can't even believe this especially given the state of the homes I'm seeing on the market. Did you at least walk through it?
Real estate thread
- Thread starter Roosh
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With all due respect... do you have a learning disability? I can't even believe this especially given the state of the homes I'm seeing on the market. Did you at least walk through it?
Thanks for the concern. While not an official inspection I walked through it with professional contractors and felt good enough about it to pull the trigger. No problems with the house.
Home “inspections” are a racket.
I just avoided buying a home due to the inspection. Inspector found a series of leaks in the roof, issues with the flashings, gutters, to the extent that the roof would need to be replaced. Estimated 18k roof replacement. He also found a number of other issues, which I could have used to negotiate the price of the house down (was being sold as-is so no repairs would be done). Best $600 I ever spent. (Cc @EndlessGravity )
| Median Household Income | Home Cost | Home Cost/Income Factor | |
| 1970 | $9,870* | $23,000** | 2.33x |
| 2021 | ~$68,400 (2020)**** | $287,000*** | 4.2x |
Using the above data, we can calculate that purchasing a home in real terms today is roughly 80% more expensive than in 1970 - but that doesn't even factor in the tax burden and the lack of opportunities there are for people starting families today. I am looking for a house right now but I'm thinking it may be best to wait for the market to return to more sane levels. From what I have been able to find, the lowest price you can find a habitable move in ready home in a rural area suitable for a new family - the people society should be helping - is around 190k, 200k if you want enough land to sustain yourselves, which is still much more than the 1970 median real home cost. I mention that because some people may justifiably question the zillow 2021 home price I quoted.
*https://www.census.gov/library/publications/1971/demo/p60-78.html
**http://www.mybudget360.com/40-years...-values-in-gold-ounces-real-estate-expensive/
***https://www.zillow.com/home-values/ (287k as of June 2021)
****https://dqydj.com/average-median-top-household-income-percentiles/
This is because interest rates are at rock bottom. There is no point in keeping cash in the bank when you won't get a decent return. It's better to invest your money in tangible assets like property. This is why property prices are so expensive in the West.
In an ideal word interest rates would be allowed rise, but the central banks / governments don't want this to happen. For example, If interest rates rose then people on variable mortgages (majority in Europe) would be in big trouble financially. People are already having trouble making ends meet as wages have been stagnating for decades.
Heated housing market shows signs of cooling down
www.reviewjournal.com
Heated housing market shows signs of cooling down
U.S. homebuilders’ sales fell to its slowest pace in a year last month, and resales dropped for the fourth consecutive month. And it’s no different in Southern Nevada.
www.reviewjournal.com
The commuter traffic in my area has almost returned to pre-pandemic levels, so it may be that people are starting to pull back from their quest to find a great teleworking home in the outer suburbs.Heated housing market shows signs of cooling down
Heated housing market shows signs of cooling down
U.S. homebuilders’ sales fell to its slowest pace in a year last month, and resales dropped for the fourth consecutive month. And it’s no different in Southern Nevada.
In the same vein, the company I work for just mandated that all remote workers are suppose to return to their standard work site starting tomorrow.
Curious to see how many companies (who just recently announced a return to office) reverse course and go back to remote working this Fall when the Delta virus arrives.
Robert High Hawk
Pelican
Just like with Lumber, prices will go down a little, but still be higher than before the pandemic. And then also urban prices will go up again as well. Just my off the cuff prediction. I don't see any housing crash when the gov is still giving insane amounts of free money to big companies to buy up all the houses around America.
Frenzied U.S. Residential Market May Be Passed Its Peak
www.realtor.com
Frenzied U.S. Residential Market May Be Passed Its Peak
Although asking prices for U.S. homes continue to rise, there are signs that the red-hot housing market has passed its peak, according to Realtor.com.
www.realtor.com
If the Biden Administration succeeds in federalizing the suburbs, housing prices will eventually fall as crime rises and school ratings drop.
Tucker Carlson: Abolishing the suburbs is major part of Biden administration's infrastructure plan
Tucker Carlson examines the Biden administration's plan to centralize power for Democrats by eliminating the suburbs.
I live in a Democratic-controlled county, and they're already talking about how they want to increase the number of federally-subsidized town houses and apartments in the county and spread them throughout all the neighborhoods, especially the areas with schools with high academic ratings.
But prices anywhere a reasonable person who values their life would consider to live would go up (safe rural areas and elite metropolis neighborhoods). Time to flood Appalachia with more opioids and immigrants I guess.If the Biden Administration succeeds in federalizing the suburbs, housing prices will eventually fall as crime rises and school ratings drop.
Tucker Carlson: Abolishing the suburbs is major part of Biden administration's infrastructure plan
Tucker Carlson examines the Biden administration's plan to centralize power for Democrats by eliminating the suburbs.www.foxnews.com
I live in a Democratic-controlled county, and they're already talking about how they want to increase the number of federally-subsidized town houses and apartments in the county and spread them throughout all the neighborhoods, especially the areas with schools with high academic ratings.
Before I speak to a tax attorney I thought I would tap into the cabinet of advisors that make up RVF...
My mom is 81, the taxes on her house do not go up thanks to a "senior freeze" and the house is held in trust. Her property taxes are half of what the new buyers on the street are paying. Without the "senior freeze" her taxes would probably be $25,000+. When she passes away will the taxes be adjusted up or does the fact that the house is held in trust have any effect?
I may have to move into the house in the next few years to help out and when she passes I would like to be able to keep the home in the family for my daughters or one of my nieces or nephew. Can anyone offer any general advice before I contact the tax attorney$$$ and estate planner$$$?
CP
My mom is 81, the taxes on her house do not go up thanks to a "senior freeze" and the house is held in trust. Her property taxes are half of what the new buyers on the street are paying. Without the "senior freeze" her taxes would probably be $25,000+. When she passes away will the taxes be adjusted up or does the fact that the house is held in trust have any effect?
I may have to move into the house in the next few years to help out and when she passes I would like to be able to keep the home in the family for my daughters or one of my nieces or nephew. Can anyone offer any general advice before I contact the tax attorney$$$ and estate planner$$$?
CP
Looks like you would need to tell us a little more about what kind of trust it is:
Capital Gains Tax on a House Sold From a Trust | The Motley Fool
Figuring your tax liability is more complicated when you don't own a home in your own name.
www.fool.com
It depends on the state law, as trusts and property taxation are regulated on the state level.
Also you didn't explain what is "senior freeze", is it age-based tax exemption for seniors or is it a tax increase freeze based on continuous ownership of primary residence. Age-based exemption isn't going to transfer by all chances except for surviving spouse (in the trust or not, the state aren't fools and they equate a trust to a person if they need to). Continuous ownership exemption can sometimes transfer, in some states such as California/Prop 13. State law question... You can call the county tax office, actually, to get started (or township, depending on the state).
Right now it's pretty normal to waive inspections to get competitive edge, as it's a multiple offer situation more often than not. If someone understands a bit about houses and doesn't mind going into attic and crawlspace to take a look, it's all good. Unless it's some kind of complicated case where there're foundation cracks, etc, some obvious issues that require further investigation. Some inspectors are total junk and I've seen one not go into attic and miss mold and claim there's no access to the attic, while it was right there in plain view, another one walked right by black mold like if it's not there claimed couldn't see it. Having a contractor to take informal look is good.
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Frenzied U.S. Residential Market May Be Passed Its Peak
Frenzied U.S. Residential Market May Be Passed Its Peak
Although asking prices for U.S. homes continue to rise, there are signs that the red-hot housing market has passed its peak, according to Realtor.com.
They seem to waive the carrot of slowing down market and increasing inventory for some time this year.
And then there're hope-crushing articles like this:
Get used to the housing crunch — it will be with us for years — but there will be surprising benefits
Urban and rural areas will be remade, and a renovation boom will help the economy and jobs market.
www.marketwatch.com
Yes, Real Estate Prices Are Soaring, and No, It’s Not a Bubble
Bloomberg - Are you a robot?
www.bloomberg.com
There had been some articles in the last few days mentioning potential "crash". Probably BlackRock spreading the rumors/trying to put a damper on prices before they buy everything out (joking, but never know)