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Old 11-19-2022, 05:16 PM
 
21,884 posts, read 12,943,092 times
Reputation: 36895

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So, again, sorry but... This sounds like your wife is running the show while you're afraid of displeasing her because you'll never hear the end of it. Is she in agreement with selling when your two years are up or not? It seems to me she doesn't have much skin in this game. How much time does she spend in warm hotel rooms socializing with people in the city while you freeze alone in a trailer working forever and not retiring in order to pay for a lake house she lives in part-time for bragging rights?

Last edited by otterhere; 11-19-2022 at 05:41 PM..
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Old 11-19-2022, 06:32 PM
 
Location: PNW
7,492 posts, read 3,223,452 times
Reputation: 10648
Quote:
Originally Posted by lpranger467 View Post
When we left Philly (or should I say sold our house) rates were below 3.5 for a 30 year. Based on the lot cost, build price we figured new payment would be 3300-3600 range and we could do that with my new job and live life on my pension. The lake itself gave me a sense of confidence as that lakefront properties flip fast and there are very very few vacant lots left. Well obviously rates doubled so now with the taxes we will likely be 45-4700 which to me is mind numbing.

My new job gives me some socialization but most of my workmates are much younger with small kids. On the other hand my established friends from out of state keep texting invites to this ski trip, or this mountain bike trip and I'm constantly having to bow out.

Even with the high interest rates there is a part of me that still doesnt want to bail out too quickly, while I hate living for my house I see that most houses on the lake our size were going for 1.4-1.5 a year ago and now are closer to 1.2. I figure if I bail to quickly to downsize I'm hurting our longterm finances.

Both my wife and I are very blue collar raised by blue collar parents who didnt have a pot to **** in. I do think some of the desire to stay on the lake (mainly for my wife) comes from a somewhat feeling of accomplishment for being able to get a lot here in the first place.

I'm still 70-80% in favor of dumping at 2 year mark, just dont want to have to hear it from the mrs if this place spikes in value over the next few years after we sell.

Sorry' also we have been in the camper since Christmas day last year when I first moved up here. We knew we couldnt break ground until April or May and we figured we would be into the house by September based on timeframe I usually took to build houses (as a side job) when we lived downstate. Well its 22 degree out and here I sit in the camper still, the house should be ok for "temporary" occupancy in about 3 weeks, that will help my spirits quite a bit as that the camper is very difficult to keep warm

The problem is we are not going back to business as usual. The conditions that existed before are not coming back. It's very high risk to wait for prices to come back.
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Old 11-19-2022, 06:36 PM
 
Location: PNW
7,492 posts, read 3,223,452 times
Reputation: 10648
Quote:
Originally Posted by lpranger467 View Post
So that is the route I wanted to go (small house, cheaper lake), the story of my life of course is bad timing and when we were looking the two cheaper houses (on less popular lakes) sold to higher bidders. We were on a timeframe as that we were under contract and at the time we never imagined rates would double (not sure anyone did). Rates had stayed pretty steady for years and naturally right before we could convert to a secure mortgage with a set rate things skyrocketed.

Now do I risk losing money by selling too quickly, or baiil out while the gettings somewhat good thats the main crux of my issues.

Sidenote, I'm sitting here watching youtube videos on tini house living and damn I wish my wife would have been onboard for that

You will make money selling quickly. The longer you hold on you risk losing money. Real estate has not quite got the memo about the coming recession yet. The next couple of years will be dicey. If you cannot afford to hang on 5-10 years then getting out as quickly as possible while being about to clear, $400k versus the $250k profit on your last house is still making money (not losing money).
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Old 11-19-2022, 06:39 PM
 
Location: NYC & Media PA
840 posts, read 692,356 times
Reputation: 796
Well I suppose your not totally wrong. Previously I took offense to the "her running the show" comments as though I'm a doormat of some sort which certainly I am not; I'm a man who doesnt want to disappoint his wife though, and or look like I cant work through a bad situation.

I've pointed out to her in several recent 'discussions" that she gets to socialize at work while I'm basically stuck in the trailer. In fairness though she is working a ton of OT to pay for light fixtures, appliances etc- so its not all fun and games for her. Her OT rate is much higher than mine so its more advantageous for to work more. But at the same time she isnt exposed to the trailer/cold etc.

Funny, I hated Philly and bitched about how nasty the folks were, and now I miss that enviroment, nasty folks and all.

She has agreed that as we get close to 2 year mark we will see where were at, but I keep telling her that it wont get any better...at best we will have a 4 grand payment so we can look at a pretty lake. Hell I could take a lot of cruises for 4 grand a month

Maybe you were right Otter, maybe this belongs in Relationship blog lol

Quote:
Originally Posted by otterhere View Post
So, again, sorry but... This sounds like your wife is running the show while you're afraid of displeasing her because you'll never hear the end of it. Is she in agreement with selling when your two years are up or not? It seems to me she doesn't have much skin in this game. How much time does she spend in warm hotel rooms socializing with people in the city while you freeze alone in a trailer working forever and not retiring in order to pay for a lake house she lives in part-time for bragging rights?

Last edited by lpranger467; 11-19-2022 at 06:57 PM..
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Old 11-19-2022, 06:41 PM
 
Location: PNW
7,492 posts, read 3,223,452 times
Reputation: 10648
Quote:
Originally Posted by otterhere View Post
So, again, sorry but... This sounds like your wife is running the show while you're afraid of displeasing her because you'll never hear the end of it. Is she in agreement with selling when your two years are up or not? It seems to me she doesn't have much skin in this game. How much time does she spend in warm hotel rooms socializing with people in the city while you freeze alone in a trailer working forever and not retiring in order to pay for a lake house she lives in part-time for bragging rights?

He said he's afraid she'll be right about making money on the lake house over the long run. So, he's battling with his own ego. If she's right they'll be okay; but, things can go south on this in the next couple of years and they won't have the money to make a different decision. Right now they can get out quickly and go make a different decision.

IMHO she's been wrong since they purchased land for $650,000 (which is more than any house they would ever need).
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Old 11-19-2022, 06:50 PM
 
21,884 posts, read 12,943,092 times
Reputation: 36895
It doesn't sound like they're going to "get out quickly." She's not at all motivated to.
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Old 11-19-2022, 07:09 PM
 
Location: PNW
7,492 posts, read 3,223,452 times
Reputation: 10648
They should have the house on the market next Spring. Period.
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Old 11-19-2022, 07:17 PM
 
Location: NYC & Media PA
840 posts, read 692,356 times
Reputation: 796
Maybe its the bourbon speaking (that increasingly has been used to make the cold nights more tolerable) but at this point I tend to agree, even if we dont make as much,,,heck what a cruddy situation we've gotten ourselves into...Thanks for letting me vent all

As a footnote, not sure we will even be completed enough to sell by then. weve had about 30 inches of snow over last 2 days which has grinded all subs to a halt.

Quote:
Originally Posted by Wile E. Coyote View Post
They should have the house on the market next Spring. Period.
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Old 11-19-2022, 07:21 PM
 
Location: PNW
7,492 posts, read 3,223,452 times
Reputation: 10648
Quote:
Originally Posted by lpranger467 View Post
Maybe its the bourbon speaking (that increasingly has been used to make the cold nights more tolerable) but at this point I tend to agree, even if we dont make as much,,,heck what a cruddy situation we've gotten ourselves into...Thanks for letting me vent all

As a footnote, not sure we will even be completed enough to sell by then. weve had about 30 inches of snow over last 2 days which has grinded all subs to a halt.
My own experience with Subs is they are ready to talk Jan 15 and out at the house all Feb/Mar because those are slow months. Good luck getting anyone from now til Jan 15th.
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Old 11-19-2022, 07:33 PM
 
Location: PNW
7,492 posts, read 3,223,452 times
Reputation: 10648
Ivy Zelman is the foremost real estate expert (sifting through all the data and relationships with all the big developers, etc., etc.).

You can Search her name on YouTube. But, here's one of her latest interviews. She is conservatively estimating a 9% drop over the next two years...


https://www.youtube.com/watch?v=2lA_bQHbKXw


https://www.youtube.com/watch?v=ueN8CNvvqLM
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