Posted on 02/21/2022 6:09:44 AM PST by Mr. Mojo
Makes you wonder why Bill Gates is buying up all the US farmland. China as well.
When I bought my AZ home 7 years ago, they said for long term rental, it was probably 2200/month.
Its now close to 4k.
Sure glad I bought!
Generally speaking, nothing I disagree with there. Especially that last line. It’s why I moved to rural central Kentucky from Seattle when I did. All this real estate stuff mostly bypasses us. Prices go up - and down - but not by much.
You and I thought the same.
I’m a landlord in CA. I used to not raise the rent for years on end if the tenants were good. Now I bump it up at least a little bit every year due to new CA laws that prohibit big bumps up. Unintended consequences. (Like usual.)
Unfortunately, that is correct. There is going to be a certain percentage of people who will never own their own home.
Blackstone bought whole subdivisions in AZ, CA, FL & NV during the Great Recession. They then built houses in them just to rent out. They knew that many of those people who were foreclosed would HAVE to RENT for at least the next seven years.
We are becoming more like Japan in our cost of housing prices in comparison to income.
I’m told in our NC city houses are being purchased sight unseen within minutes of hitting the market. Buyers are from out of state, wanting to move away from bluer states.
Sometimes offering more than the list price.
I know of others who are convinced the current political and cultural conditions in the US are in dangerous territory ... so strongly aligned with the French Revolution . . . that Bastille Day is not out of the question.
Not a fun place to live. very damp and cold in winter, unless you plan on living it a very warm area year round, then you will be paying fees to park your vehicle which you will continually hope does not bread down, leaving you are the mercy of some random mechanic who may or may not be honest, may or may not actually fix anything, while you spend money to stay in a motel with your fingers and toes crossed that all your belongings will be there when you get it back.
Millions more illegal invaders who need someplace to live will help solve this crisis! /s
You did well!
There’s a time to buy, a time to sell.
One of the advantages of real estate is that the right time is not so hard to spot. The difficulty — you usually can’t do it with a single phone call to the broker.
But we’re all in it — gotta live somewhere!
Yepp. Read about a 1 BR, 1 BA condo at NC coast, 725 ft2 and not even beachfront, about 1/4 mile away. ... sold $300K. Its previous sale - one year ago at $175K. Owner put zero into the unit. ZERO. Its prior value was 140 - 175 for a period of 10 years. In addition, nearly 1/3 (!) of the RE residential housing sales in Charlotte are by institutional investors ... driving up prices and rents as things aren’t on the market long enough.
Like a gambler who keeps winning at the table, he never sees lady luck leaving the table. The RE market will adjust, and it may be very significant. Some of the pricing though is b/c of the real inflation going on. There is a big lumber shortage b/c of Canada too. In the meantime, the 81 million ballots for Xiden don’t see a problem.
Don’t forget to stock up on water!
Thanks for the dose of RV reality.
You will only get around 40% of the mill value of the tree (what the mill pays the logger for the tree type/length/market rate/load) - the rest goes to the logger. 32 acres clear cut may net only 10k or so depending on the above factors.
Yeah not having the “will power” to save for a down payment is one of the silliest things I’ve ever read. :)
____________________________________________________________
As a landlord I can assure you that the statement is true. My renters could pay less per month on a mortgage if they would just buy, but they can’t do without a huge cable bill. they can’t do without their $4.00 Starbucks every morning. Many have more than one very late model car and a huge big screen TV etc.
Many of them have a good understanding of the above but say that credit and rent allows them a nicer lifestyle while they are young and can enjoy it. They don’t want to worry about replacing a hot water heater or furnace. I don’t share their philosophy but, I find it stupid, but they make decisions for themselves and I get to make my own decisions.
It is hard to save $30k when you spend $120 a month for cable and $2000 to $3000 a month for car payments, at least for most people. If you got rid of credit card dept, car payments and cable you could save a nice down payment quickly but many refuse to do without the things their parents had while they lived with them.
I am reluctant to owe anybody money but I realize I’m in the minority. I like my way and they like theirs. The reality is those renters are buying a house, it’s just that they are buying it for someone else.
Yes, I know those things. With all this taken into consideration, I still don’t like houses and I don’t like staying in one place, especially these days. There’s no way I could ever buy a house unless someone were to drop a surprise windfall of money on me. And renting ALWAYS sucks.
Thanks for the dose of RV reality.
—
Service With a Smile, Citizen. (had a video game long ago that was always saying that)
unless someone were to drop a surprise windfall of money on me
—
that’s why they made the lotteries ...
Properties within a 5 minute walk to the beach are being bought for their seasonal rental potential. That condo can probably be rented WEEKLY from Memorial Day through Labor Day for enough to pay the mortgage, taxes and insurance for the year.
Close proximity ocean front property(within walking distance) has gone nuts on the east coast ever since covid. Many people who normally went on a airplane to vacation somewhere, instead drove because of the hassle.
Also, many people in NYC and other big cities left the office and were working remotely. These wealthy people drove up the ocean properties from ME to FL. The question is are they going to return to their offices in NYC and other big cities or will they continue to work remotely forever?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.