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Old 05-08-2022, 01:02 PM
 
Location: Sandy Eggo's North County
10,302 posts, read 6,832,149 times
Reputation: 16863

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Quote:
Originally Posted by snpdragr View Post
It's incredible that things are getting worse for buyers even with all the rate hikes
Give the process some time. This is a huge elephant that 6 people are trying to stop, and turn the other way. First they gotta slow the stampede down, then stop it, then convince it to begin to move the other way. All this momentum takes time to change course.

On the "bright" side, vacation homes have fizzled fairly quickly. As soon as the IR jumped, the "want" market stalled. The "need" market has weakened, but still has demand.

This is just the first step in stopping that pachyderm.

I just checked my primary place, and "Z" still hasn't made a correction to their vaulted "estimate."
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Old 05-08-2022, 04:58 PM
 
Location: San Diego
50,269 posts, read 47,023,439 times
Reputation: 34060
Quote:
Originally Posted by NORTY FLATZ View Post
Give the process some time. This is a huge elephant that 6 people are trying to stop, and turn the other way. First they gotta slow the stampede down, then stop it, then convince it to begin to move the other way. All this momentum takes time to change course.

On the "bright" side, vacation homes have fizzled fairly quickly. As soon as the IR jumped, the "want" market stalled. The "need" market has weakened, but still has demand.

This is just the first step in stopping that pachyderm.

I just checked my primary place, and "Z" still hasn't made a correction to their vaulted "estimate."
Might be getting a cabin in Big Bear after all
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Old 05-08-2022, 07:53 PM
 
Location: San Diego, CA
3,416 posts, read 2,455,833 times
Reputation: 6166
Quote:
Originally Posted by Racer46 View Post
No family to inherit?
Yeah, but why shouldn’t we use it? We also have a second house in the mountains, and will probably have more properties by the time I buy that final farm? You can only reverse mortgage your primary residence.

Besides that, inheriting a reversed mortgage property can still be beneficial in a high cost/fast appreciating area. An old employee got one from his grandpa in Spring Valley a few years back. I forget the specifics, but I did hook him up with my lender friend. I believe with the debt it was still 25% or more under market. I lost track of him, but looked up the property a couple of years back and saw he sold it for $150K more than he took out. And it looked like he didn’t do squat to fixing it up. And to think he didn’t want it at the time?
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Old 05-09-2022, 11:00 AM
 
1,766 posts, read 1,223,252 times
Reputation: 2904
You guys don't get it. There won't be NOTHING left for you to CASH OUT. All PHONY paper gains and "equity" will evaporate and disappear. Easy come - easy go. It was a BIG, FAT and UGLY BUBBLE. You won't see artificially low interest rates in your life time again and those overinflated housing prices.

No more easy money and feeling rich just by owning mortgage debt. Housing prices and rents will DEFLATE everywhere. Stock market has already experienced effect of higher rates, housing market is next.

Good luck!
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Old 05-09-2022, 11:04 AM
 
Location: Formerly Pleasanton Ca, now in Marietta Ga
10,347 posts, read 8,564,711 times
Reputation: 16689
Quote:
Originally Posted by C2BP View Post
You guys don't get it. There won't be NOTHING left for you to CASH OUT. All PHONY paper gains and "equity" will evaporate and disappear. Easy come - easy go. It was a BIG, FAT and UGLY BUBBLE. You won't see artificially low interest rates in your life time again and those overinflated housing prices.

No more easy money and feeling rich just by owning mortgage debt. Housing prices and rents will DEFLATE everywhere. Stock market has already experienced effect of higher rates, housing market is next.

Good luck!
Yup, everyone is wrong and you are right. Lol at you
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Old 05-09-2022, 01:48 PM
 
Location: South Park, San Diego
6,109 posts, read 10,893,390 times
Reputation: 12476
And a million will only get you so much in many neighborhoods.

https://www.trulia.com/p/ca/san-dieg...ld%7Cpdp_share
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Old 05-09-2022, 06:39 PM
 
12,766 posts, read 18,373,212 times
Reputation: 8773
I’ve been looking in SD for a while now … we’ll make an eventual move & we’re used to high COL areas (metro NY / LI) but I cannot believe the homes I am seeing … literally 2 bedrooms, 1000 sq feet, middle of the desert, needs work … asking over a million!! Thats insane to me. My house in NY is twice the size of that, all updated, on the water … nowhere near 1 million. Is this going to change? With the way things are now, I don’t think we could justify a move out there at the moment (we make $270k combined, we CAN afford it, we just cant justify it bc even tho LI is also crazy expensive, its nowhere near SD prices!!!)

I predict will be out there within the next four years
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Old 05-09-2022, 07:44 PM
 
Location: Sandy Eggo's North County
10,302 posts, read 6,832,149 times
Reputation: 16863
Quote:
Originally Posted by 1AngryTaxPayer View Post
Might be getting a cabin in Big Bear after all
Could I interest you in a Lake House there? (I'm NOT kidding, here.)
A friend of mine is putting his lake house on the market sometime this month. It's on the North shore closer to the dam. Has a dock and a coupla boats...PM me if you want his #.
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Old 05-09-2022, 08:25 PM
 
6,893 posts, read 8,933,303 times
Reputation: 3511
Quote:
Originally Posted by NORTY FLATZ View Post
Could I interest you in a Lake House there? (I'm NOT kidding, here.)
A friend of mine is putting his lake house on the market sometime this month. It's on the North shore closer to the dam. Has a dock and a coupla boats...PM me if you want his #.
I've seen once lake house with dock become landlocked with dry dock due to drought and receding lake water levels
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Old 05-09-2022, 11:02 PM
 
9,525 posts, read 30,473,115 times
Reputation: 6435
Mammoth still grossly overpriced with 600k 700f 1br, houses are totally out of the picture even in Bishop.
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