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| Technically Adaptive |
I'm not so sure that you can compare history right now. Massive credit card debt. | |||
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Member |
If I had to decide between paying my mortgage or credit cards, I'd go with the mortgage. They won't foreclose if you're making payments and there's not much credit card companies can do to you. Either way, your credit is getting trashed, but you have to live somewhere. Freewill Firearms 07 FFL, Class 2 SOT | |||
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| Member |
I can confirm that the prices in Vegas passed full blown nuts about 2019. We moved there in 2009 at the peak of their bust. We then sold in 2020 to move East for elder care responsibilities. When we sold in 2020 it was for almost 100% more than we had paid. (we had remodeled fairly extensively, but still) We considered returning to Vegas in 2024. Prices had continued to increase. Some ballpark numbers to illistrate. 2009 $270,000 2019 $515,000 2024 $625,000 All for the same house in the same neiborhood. I know it increased since 2024 but don't have solid numbers for youl | |||
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| Do No Harm, Do Know Harm |
It’s insane. I’m sitting at a 2.5% interest rate. I’d be absolutely insane to sell. 2 bedroom apartments in my area are more than my mortgage for a 3,000 sq foot house. Incredulous. I’ll retire in 9 years and get TF out of this city. But no clue where I’ll go. Dreading getting out of that interest rate. Knowing what one is talking about is widely admired but not strictly required here. Although sometimes distracting, there is often a certain entertainment value to this easy standard. -JALLEN "All I need is a WAR ON DRUGS reference and I got myself a police thread BINGO." -jljones | |||
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| Member |
Housing market around me is certainly not cooling. We get reassessed every 10 years and just got the new one. 85% increase in value over 2017 and that's actually about 6% lower than comp sales over the same period. Thankful that, by law, millage rates must be adjusted so taxing authorities remain income neutral. My property tax went down 5.5% after the last reassessment. We'll see what it does after this one. ____________ Pace | |||
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Member |
Hopefully with the equity you won't need financing at all by then. No car is as much fun to drive, as any motorcycle is to ride. | |||
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| No More Mr. Nice Guy |
With all the population influx in this state, values keep going up. Just a quick reminder to those who may have taxable capital gains on your home, >$250k if you're single, >$500k if married. If you sell in the calendar year you (or your spouse) turns 63, or any year after that, you may trigger IRMAA penalties on your Medicare. That is an additional $4100 to $9900 per person for one year. So, worst case for a couple is nearly a $20k penalty. So if you are planning on selling near retirement, it may make sense to sell prior to the calendar year the oldest of you turns 63. | |||
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At Jacob's Well |
The problem with the real estate cycle is that you are usually a buyer and a seller at the same time. During a boom, your inflated profits from selling are eaten up by the inflated cost of buying. The only way to really profit is through investment holdings. A snapshot for SW Missouri, prices are holding pretty steady down here. We bought our house for $350k in 2019. By 2022 it was estimated at $520k. Today it is estimated at $530k. 2019 - 2022: 49% growth (16% per year) 2022 - 2026: 2% growth (0.5% per year) J Rak Chazak Amats | |||
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| Just because you can, doesn't mean you should |
This is a big problem that is unique to this recent slowing market. Many people have those artificially low interest rates from the Covid era and have a hard time moving, across country or town. Even moving into a home that's the same price as the one they're leaving means a large increase in their interest rate and payment. That leads to having to become a landlord for the old property while a renter in the new location. Not a healthy situation. ___________________________ Avoid buying ChiCom/CCP products whenever possible. | |||
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Objectively Reasonable |
Wife and I were talking about that just this weekend. The only "way out" is to buy in a different market, and to be in the first/early wave to do it. Like chongosuerte, we're sitting on the lowest interest rate of our lifetime (before or future) and there is no scenario where a move that involves a NEW mortgage will make much sense. It's "pay cash from the proceeds of the old house or bust." | |||
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Fighting the good fight |
Yep. With my 2% mortgage, they're going to be carting me out of this house in a body bag before I ever leave willingly. | |||
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| Member |
One of the reasons the market is so high is the government is keeping the supply low. Between mandated building requirements and longer and longer permit processes the cost of building is getting higher and higher. This is why it cost so much to build. Money is relatively expensive when the permit process takes a long time. Add a lot of other stuff, massive amounts of insulation, high efficient everything, environmental impact studies, all building stops if the box turtle wanders across your property. Huge fees to connect to water and sewer, and the list just goes on and on. | |||
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| If you see me running try to keep up  |
There are people who seem to think the housing market is in trouble. I really have no idea and it does not bother me either way. I have been in my house for 28 years and its value has almost quadrupled. That would be nice if I could sell it and pay for another house in full with the proceeds but those are also high (mot higher than mine). The only way I could do well is to move to a cheaper area of the country. Even through hurricanes and tropical storms my home value has never gone down over the last 28 years. If the housing market did crash it would help me to lower my property taxes for a year or two. | |||
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| Member |
[QUOTE]Originally posted by jaaron11: The problem with the real estate cycle is that you are usually a buyer and a seller at the same time. This is exactly right. When you are looking to relocate in the same market it's going to be a lateral move except for other extenuating factors such as home size, acreage etc... That's why there are a lot of people on the sidelines right now. They are locked into low interest rate loans and even a lateral move is painful because they can't replace that low interest rate loan. So, even if they are downsizing it maty cost them more. | |||
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