For the Real Estate Drop in sales and price Naysayers HOLD ONTO YOUR HATS

[JDKRXW]

When I had a business in Cali a few decades ago the owner was a client of mine for a short period. That place is amazing.

The list of owners since 1938 is probably pretty impressive.
I'm also thinking that place's appreciation made few of them more than they made in their real jobs.

 

[Boatymcboatface]

https://www.cnn.com/2024/05/30/business/zero-down-mortgages-making-a-comeback/index.html

Everything’s fine. Now we just need stated income loans to come back.

 

[LuauLounge]

They are coming right after the student loan forgiveness.

 

[yuppie]

Are we still holding onto our hats?

Let's review: Prices have not dropped. Rates have remained between the 6's and 7's. Sales have slowed, but prices are flat.

Did I get that right?

 

[zhandfull]

Are we still holding onto our hats?

Let's review: Prices have not dropped. Rates have remained between the 6's and 7's. Sales have slowed, but prices are flat.

Did I get that right?

Missed the transition from a seller to buyers market.

 

[baja-chris]

I just sold a home in Gilbert. Listed it higher than realtor suggested. 3 offers, one at, one above ask. Sold in 4 days. Closed in 30 with no inspection and no appraisal. Done deal.
$200k more than I paid a bit less than 3 years ago.
I could of gotten more.

 

[NicPaus]

Thanks to this thread I have worked like crazy for 2 years expecting it to tank. But work just keeps getting busier. Buying a second house currently and talking with my Realtor for a hour yesterday. I don't expect our local housing market to shit the bed anytime soon. Missed a lot of river trips. But I did save up a couple hundred large by working so much. Did 2 stretches of 100+ days in a row. And can currently top that if I choose to. But I am getting burned out and need some Boat therapy.

I have 3 jobs going for young couples in there 30s. They all have plenty of funds. And still spending on there houses even with 6500-7500 mortgage payments.

Going to bid a job tonight in Beverly hills. And have plenty of local jobs lined up waiting.

I actually bought a few new work hats to hold on to as I wore the others out.

 

[River Dirt 2]

Market is just shit. Run for your lives!

Former San Marino estate of CIA chief John McCone sets sales record at $30M

The June 5 deal breaks the city’s previous record set by the former USC president’s mansion in 2021 by $5 million.

www.pasadenastarnews.com

 

[River Dirt 2]

Only 33% over asking..

 

[Havasu blue label]

Plenty of money in this area

 

[River Dirt 2]

Yup

 

[DC-88]

Thanks to this thread I have worked like crazy for 2 years expecting it to tank. But work just keeps getting busier. Buying a second house currently and talking with my Realtor for a hour yesterday. I don't expect our local housing market to shit the bed anytime soon. Missed a lot of river trips. But I did save up a couple hundred large by working so much. Did 2 stretches of 100+ days in a row. And can currently top that if I choose to. But I am getting burned out and need some Boat therapy.

I have 3 jobs going for young couples in there 30s. They all have plenty of funds. And still spending on there houses even with 6500-7500 mortgage payments.

Going to bid a job tonight in Beverly hills. And have plenty of local jobs lined up waiting.

I actually bought a few new work hats to hold on to as I wore the others out.

I thought the interest rate hike would tank it too, and as a result have ended up with a couple real PITA clients I contracted with for new build customs that normally would've been weeded out . Other than that just laughing really, and pissed at myself for quitting spec houses at that point. Jumping back in next month in the BHC though, ftw due to being damn near priced out of my own town without extreme risk now as it pertains to specs .

 

[PaPaG]

Thanks to this thread I have worked like crazy for 2 years expecting it to tank. But work just keeps getting busier. Buying a second house currently and talking with my Realtor for a hour yesterday. I don't expect our local housing market to shit the bed anytime soon. Missed a lot of river trips. But I did save up a couple hundred large by working so much. Did 2 stretches of 100+ days in a row. And can currently top that if I choose to. But I am getting burned out and need some Boat therapy.

I have 3 jobs going for young couples in there 30s. They all have plenty of funds. And still spending on there houses even with 6500-7500 mortgage payments.

Going to bid a job tonight in Beverly hills. And have plenty of local jobs lined up waiting.

I actually bought a few new work hats to hold on to as I wore the others out.

Looks like this thread helped you make tons of extra money to invest, you are welcome

 

[NicPaus]

Looks like this thread helped you make tons of extra money to invest, you are welcome

Hahaha. Not sure money is worth all the trips I missed. Money can't buy time. Have a funeral to go to tomorrow during lunch. 54 years old. Life is short. It's nice to have extra money but I always question myself if it's worth it. Seems like work is endless when I get in this groove.

 

[Wedgy]

Market is just shit. Run for your lives!

Former San Marino estate of CIA chief John McCone sets sales record at $30M

The June 5 deal breaks the city’s previous record set by the former USC president’s mansion in 2021 by $5 million.

www.pasadenastarnews.com

Softened locally here. Split level on my street dropped 20K down to $169K.

137 Detroit Ave, Levelland, TX 79336 | MLS #202300257 | Zillow

This 2243 square feet Single Family home has 3 bedrooms and 2 bathrooms. It is located at 137 Detroit Ave, Levelland, TX.

www.zillow.com

Of course this town just got hit with a not a tornado, so San Marino looks a lot like Paradise.
House above front windows blown out. My roof is toast. Truck is hammered.

Could've been worse.

Lol. I used to deliver the Pasadena Star News. Sunday's were a double bagger. Marengo Ave. Schwinn!

Pace yourself Nic. Godspeed

 

[Cdog]

Some areas are still finding their peaks. House up the street from me sold in 2 days for 2.2m.

Others overpriced from the get go sit. I think what we’re seeing is selling greed being told no and the buyers are sitting still until they see perceived value.

At the end of the day the reach for the stars pricing strategy won’t work for everyone.

 

[HTMike]

To add to this thread, I am in middle of nowhere Indiana and home prices are ratcheting higher and higher and selling almost instantly.

For instance, 3 bed 1 bath home down the street with foundation issues. 1400 sqft. , normally a 130k house. Listed for 399 and sold in 3 hours last week.

 

[PaPaG]

Hahaha. Not sure money is worth all the trips I missed. Money can't buy time. Have a funeral to go to tomorrow during lunch. 54 years old. Life is short. It's nice to have extra money but I always question myself if it's worth it. Seems like work is endless when I get in this groove.

Totally agree, money is really not everything, life is short, just a few weeks ago we had a 55 year old buddy pass for no reason out of the blue, never drugs, no drinking, no smoking worked hard and ate average healthy no fads etc... we were blown away when he passed, opened up my eyes even more about our lifespan. The thing with money is that it is like a trade off, work your ass off lose so much time with family, vacations, trips, time off, the outcome is we spend more of our lives working and missing life but if done right during that time we know our future should be set with $, and if lucky enough to retire at any point in life there is no worries about what we want to spend our hard earned money on and enjoying our earned time taking any vacation, buying any hot rod or toy, doing mostly what we want. Now if we drop dead early it was all a waste of hard work lol lol.

 

[hallett21]

To add to this thread, I am in middle of nowhere Indiana and home prices are ratcheting higher and higher and selling almost instantly.

For instance, 3 bed 1 bath home down the street with foundation issues. 1400 sqft. , normally a 130k house. Listed for 399 and sold in 3 hours last week.

Has your stance changed over the last year? I know you were leaning in on a correction a while back.

 

[regor]

Totally agree, money is really not everything, life is short, just a few weeks ago we had a 55 year old buddy pass for no reason out of the blue, never drugs, no drinking, no smoking worked hard and ate average healthy no fads etc... we were blown away when he passed, opened up my eyes even more about our lifespan. The thing with money is that it is like a trade off, work your ass off lose so much time with family, vacations, trips, time off, the outcome is we spend more of our lives working and missing life but if done right during that time we know our future should be set with $, and if lucky enough to retire at any point in life there is no worries about what we want to spend our hard earned money on and enjoying our earned time taking any vacation, buying any hot rod or toy, doing mostly what we want. Now if we drop dead early it was all a waste of hard work lol lol.

Agree with that all except for that last sentence. Adding to generational wealth is a good thing and without that, I would not have had the ability to borrow money from my parents to get a head start on life, nor the ability to allow my wife to stay home with the kids and do the most important job in life, be a mother to them. Knowing they are taken care of regardless of what happens to me, makes me sleep well at night.

The only downfall is hopefully you don’t have a scumbag in the family that comes along and spends it all.

 

[Flatsix66]

 

[Orange Juice]

The only downfall is hopefully you don’t have a scumbag in the family that comes along and spends it all.

How are you going to explain to your son that there’s not enough generational money in the family for every one to own a new Eliminator Boat

 

[regor]

How are you going to explain to your son that there’s not enough generational money in the family for every one to own a new Eliminator Boat

They want a Skater and so do I...............

 

[Orange Juice]

They want a Skater and so do I...............

They work nice for the guys in Detroit

You moving back east?

 

[regor]

They work nice for the guys in Detroit

You moving back east?

F marks the possible spot.

 

[evantwheeler]

F marks the possible spot.


View attachment 1387037

A for Alaska!?! WTF. I would have thought Alaska is no place for pussies.

 

[Orange Juice]

A for Alaska!?! WTF. I would have thought Alaska is no place for pussies.

A is for “Introverts”.

 

[regor]

https://twitter.com/i/web/status/1800968703678320885

All day, everyday!!

 

[attitude]

https://twitter.com/i/web/status/1800968703678320885

All day, everyday!!

It wouldn’t surprise me, I was just laid off yesterday along with 10% of my companies workforce.

 

[HTMike]

Has your stance changed over the last year? I know you were leaning in on a correction a while back.

Yeah, I over paid for another house in January, a couple doors down from my current house.

 

[c_land]

It wouldn’t surprise me, I was just laid off yesterday along with 10% of my companies workforce.

Damn. Sorry to hear that.

Are you going to use it as an opportunity to get out of CA?

 

[attitude]

Damn. Sorry to hear that.

Are you going to use it as an opportunity to get out of CA?

That’s the million dollar question. I have a few feelers out in SoCal, if those don’t pan out I will apply to jobs in both SoCal and AZ. I’d love southern Utah but the job market there scares me and my industry (telecommunications) seems to be stronger in AZ than CA at the moment.

 

[shintoooo]

I remember I never thought I would be able to buy a house when I was 23, but you know what? I saw all the people around me that I knew were retar… that were doing it so it motivated me. That was in 2006, at the height of the last real estate run. I bought a house for $650K and it dropped to $300K in two years.

It hurt but I didn’t let it wear me down. Made my payments through the recession and still came out on top when I sold it in 2017.

What I’m trying to say is, trying to time your life is crazy talk. Live in the moment. Live for your family. You need a house? You want a house? Go out there and make it happen and don’t pay attention to what anyone else is doing. You’re not them and they’re not you.

You want it? You need it? Go make it happen. This is the country where you can make it happen. Change you career or stay in your career. At the end of the day, you’re the only person stopping yourself from getting what you want.

No one gives a shit about you. Take everyone’s advice with a grain of salt, even this one. Just know that it’s up to you to go get it.

That’s all

 

[HNL2LHC]

You are so right @shintoooo Just make it happen. Buy into the market where you can. If you have to move rent it and rent somewhere else. You will gain equity and benefit. Just don’t walk away. Figure a way to make it happen. Then you have others like my neighbor of 29 years. Walked away in foreclosure. What an idiot!!!!

 

[DMF]

I remember I never thought I would be able to buy a house when I was 23, but you know what? I saw all the people around me that I knew were retar… that were doing it so it motivated me. That was in 2006, at the height of the last real estate run. I bought a house for $650K and it dropped to $300K in two years.

It hurt but I didn’t let it wear me down. Made my payments through the recession and still came out on top when I sold it in 2017.

What I’m trying to say is, trying to time your life is crazy talk. Live in the moment. Live for your family. You need a house? You want a house? Go out there and make it happen and don’t pay attention to what anyone else is doing. You’re not them and they’re not you.

You want it? You need it? Go make it happen. This is the country where you can make it happen. Change you career or stay in your career. At the end of the day, you’re the only person stopping yourself from getting what you want.

No one gives a shit about you. Take everyone’s advice with a grain of salt, even this one. Just know that it’s up to you to go get it.

That’s all

Well said!!

 

[BHC Vic]

That’s the million dollar question. I have a few feelers out in SoCal, if those don’t pan out I will apply to jobs in both SoCal and AZ. I’d love southern Utah but the job market there scares me and my industry (telecommunications) seems to be stronger in AZ than CA at the moment.

Sorry to hear about the lay off. That’s kind of what’s always been in the back of my mind. I have a lot of friends that left ca because they work remote. They didn’t down grade they actually upgraded homes. What happens if they get laid off though? They don’t really have a job market where they went. At that point how do you afford to come back to ca? A lot went to Utah and Idaho. Im hearing there’s a lot of work coming up for us. I hope it’s true. I need about 10 more good years to get to my comfort zone.

 

[Havasu Rehab]

I remember I never thought I would be able to buy a house when I was 23, but you know what? I saw all the people around me that I knew were retar… that were doing it so it motivated me. That was in 2006, at the height of the last real estate run. I bought a house for $650K and it dropped to $300K in two years.

It hurt but I didn’t let it wear me down. Made my payments through the recession and still came out on top when I sold it in 2017.

What I’m trying to say is, trying to time your life is crazy talk. Live in the moment. Live for your family. You need a house? You want a house? Go out there and make it happen and don’t pay attention to what anyone else is doing. You’re not them and they’re not you.

You want it? You need it? Go make it happen. This is the country where you can make it happen. Change you career or stay in your career. At the end of the day, you’re the only person stopping yourself from getting what you want.

No one gives a shit about you. Take everyone’s advice with a grain of salt, even this one. Just know that it’s up to you to go get it.

That’s all

Very well said….

 

[pkrrvr619]

It wouldn’t surprise me, I was just laid off yesterday along with 10% of my companies workforce.

Crown Castle?

 

[Albert]

When I was 25 how to realtor show me a house and I was renting an apartment at the time my wife at the time went into the master bedroom to look around we stayed in the kitchen. He looked at me and he said look there’s gonna be other offers on this house either you man up or you don’t want it grow pair of balls, he said it just like that. this was back in 1998 if he didn’t say those words, I would’ve never put the offer in .

 

[attitude]

Crown Castle?

Yes Sir

 

[pkrrvr619]

Yes Sir

I'm sorry to hear that. It certainly is grim in the wireless telecom world.... I feel ya

 

[BHC Vic]

When I was 25 how to realtor show me a house and I was renting an apartment at the time my wife at the time went into the master bedroom to look around we stayed in the kitchen. He looked at me and he said look there’s gonna be other offers on this house either you man up or you don’t want it grow pair of balls, he said it just like that. this was back in 1998 if he didn’t say those words, I would’ve never put the offer in .

Paul65k gave a similar pep talk when we were buying the lake house. So thankful for the advice that man gave because we wouldn’t be able to do it today

 

[Wedgy]

Don't know enough to help out. Fortune favors the bold. Good to be first let go sometimes.

In construction in Tile, you kept your eye on wood going up, timing it out, hit the trailer, finding out who the subcontractor for Tile was. Also met a lot of different Supers, Builders that way too. Never hurts to meet people who can help. Work it Baby!!

When I was 19, my Realtor said we were laughed at in the loan committee. Don't piss off the Tilesetter. LOL. Closed out the accounts the same day. Oceanside Federal for the win. 1977. Doubled in 2 years. Bought 2 in NorCal.

 

[bentprops]

Are we still holding onto our hats?

Let's review: Prices have not dropped. Rates have remained between the 6's and 7's. Sales have slowed, but prices are flat.

Did I get that right?

nope. if prices are flat (they are not) inflation is running 10% house prices are than falling by 10%,
How can people be under water in the mortage if prices are not falling? Prices falling is what puts them under water.
Zillow for 18 months has said new all time high yet the price quoted in the artical goes down each time.
Median house price is bassed on sales. if only million+ homes are saleing it only looks like prices are increasing.
Are prices higher than 2019, yes,
The prices wont really break until the media tells you they have broke. Than the sheep will be in a panic.

 

[attitude]

I'm sorry to hear that. It certainly is grim in the wireless telecom world.... I feel ya

I appreciate it, there definitely seems to be more opportunity in AZ right now. Maybe this is just life’s way of giving me a kick in the ass to move out of CA, we’ll see what happens.

 

[Doc]

nope. if prices are flat (they are not) inflation is running 10% house prices are than falling by 10%,
How can people be under water in the mortage if prices are not falling? Prices falling is what puts them under water.
Zillow for 18 months has said new all time high yet the price quoted in the artical goes down each time.
Median house price is bassed on sales. if only million+ homes are saleing it only looks like prices are increasing.
Are prices higher than 2019, yes,
The prices wont really break until the media tells you they have broke. Than the sheep will be in a panic.

View attachment 1387485

While true another thing to look at is how many people took Heloc's druing Covid to buy toys or renovate at higher interest rates? People might not be under water but at the same time probably a good chunk of people that don't have the equity they did 5 years ago.

 

[bentprops]

While true another thing to look at is how many people took Heloc's druing Covid to buy toys or renovate at higher interest rates? People might not be under water but at the same time probably a good chunk of people that don't have the equity they did 5 years ago.

wasn't helocs but forced modifications with 3 years of forbearance put to the rear.

 

[bentprops]

Home prices always track incomes. When ever they pull away like they did in early 2000's and again now they will revert to the mean.
In 2006 was a bubble but pices are even higher now but this is not a bubble?
This time around we have the everthing bubble.
It will all be hidden when the usa gets nuked on oct 9th 2024.

 

[traquer]

Not sure of RE, but seeing some boat prices starting to be priced halfway reasonably.

 

[BHC Vic]

I want to redo the kitchen and backyard soooo bad. Want my RV too. Saving money now because we aren’t messing with the mortgage. Sucks trying to be responsible.