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

[Cole Trickle]

Dang. Literally boarding a flight to Vegas now. Still like that? Staying at the Luxor for 2 days and haven’t been to Vegas since 2019

I was there a couple months back and it seemed business as usual.(mgm and partied at the cosmo)

Granted the clientele at the Luxor might be a little less sophisticated when compared to some other properties on the strip.

 

[Badchoices03]

Dang. Literally boarding a flight to Vegas now. Still like that? Staying at the Luxor for 2 days and haven’t been to Vegas since 2019

Good luck!

 

[Cdog]

Im just going to wait for everyone to get a 40% raise. Then its off to the races again

I think all 3 of those are going to meet in the middle.

Wage growth, real estate adjusting to rates & eventually rates decreasing.

We're currently in a "who stole my cheese" state of shock.

 

[TCHB]

Stay at the Wynn

 

[havasujeeper]

If this place drops 50% I am buying https://www.zillow.com/homedetails/7010-W-Oceanfront-Newport-Beach-CA-92663/25133180_zpid/

That is a sweet house with a great location!

 

[TCHB]

That is a sweet house with a great location!

Yes always wanted a home on the beach. We were just there this week end.

 

[MSum661]

U.S. Aggregate Bond ETF right at the 2008 Lehman crash level. Well see if this time "it's different"

 

[pronstar]

When Black Friday comes, everything is on sale so people save up their money.

When stocks or RE go on sale, people freak the hell out.

We know it’s coming.
Keep your powder dry.
It will soon be time for people to get rich.


I’ll be in Vegas this week.
JBL Fest and the Toyota Dealer Meeting.

JBL Fest is gonna be huge…Our brand ambassadors (Doja Cat, Bebe Rexha, Martin Garrix and The Kid LAROI) will all be performing

If anyone is in Vegas this week, hit me up. I might be able to get you tickets to a concert

 

[Havasu blue label]

do you remember Kirk James sad deal Toyota guy

 

[grumpy88]

When Black Friday comes, everything is on sale so people save up their money.

When stocks or RE go on sale, people freak the hell out.

We know it’s coming.
Keep your powder dry.
It will soon be time for people to get rich.


I’ll be in Vegas this week.
JBL Fest and the Toyota Dealer Meeting.

JBL Fest is gonna be huge…Our brand ambassadors (Doja Cat, Bebe Rexha, Martin Garrix and The Kid LAROI) will all be performing

If anyone is in Vegas this week, hit me up. I might be able to get you tickets to a concert

I don't know one of those bands . I must be getting old

 

[RiverDave]

I don't know one of those bands . I must be getting old

Lol I was thinking the doja deal was a crypto currency’s. ??

 

[Singleton]

I saw something today that made 100% sense from @Paul65k
Marry the house, date the interest rates. If you like a house, buy it and refinance when rates are better.

 

[RiverDave]

So I asked a simple question back on page 48..

Is it time to buy / sell / sell and build?

I didn’t get an answer.. so I will ask for myself.

I have my house - 4 bedroom - 3 1/2 bath - RV - Pool / Spa - Lake view built in 2010.. I bought for 310 I can get realistically 850’ish pretty handily.

I have a Lot in the foothills that I just paid cash for for 415. I’m not sure what it would actually sell for but I’d guess low to mid 500’s right now. Stacy thinks closer to 600.

Do I sell my house and build up there to keep up with the Jones’? Do I sell the lot and ride out whatever comes next?

Do we sell it all and live in a rental and fill the bath tubs with cash and swim Around like Scrooge mcduck? Even though that paper is getting less and less valuable by the day?

What say the magic crystal ball?

 

[LargeOrangeFont]

So I asked a simple question back on page 48..

Is it time to buy / sell / sell and build?

I didn’t get an answer.. so I will ask for myself.

I have my house - 4 bedroom - 3 1/2 bath - RV - Pool / Spa - Lake view built in 2010.. I bought for 310 I can get realistically 850’ish pretty handily.

I have a Lot in the foothills that I just paid cash for for 415. I’m not sure what it would actually sell for but I’d guess low to mid 500’s right now. Stacy thinks closer to 600.

Do I sell my house and build up there to keep up with the Jones’? Do I sell the lot and ride out whatever comes next?

Do we sell it all and live in a rental and fill the bath tubs with cash and swim Around like Scrooge mcduck? Even though that paper is getting less and less valuable by the day?

What say the magic crystal ball?

Don’t do anything to your house. It’s all a sliding scale.

If your house is $1m today and the house you want is $2m and the crash comes, your house will be worth $500k and the house you want will be worth $1m.

 

[RiverDave]

Don’t do anything to your house. It’s all a sliding scale.

If your house is $1m today and the house you want is $2m and the crash comes, your house will be worth $500k and the house you want will be worth $1m.

So just buy Bitcoin then? Lol

That wasn’t an answer was my point.

How about I rent my house, go get a cheap rental, take a giant heloc and start construction?

 

[Havasu blue label]

If you can get 5 plus for a lot in the foothills take it and buy a rental cash

 

[Singleton]

So I asked a simple question back on page 48..

Is it time to buy / sell / sell and build?

I didn’t get an answer.. so I will ask for myself.

I have my house - 4 bedroom - 3 1/2 bath - RV - Pool / Spa - Lake view built in 2010.. I bought for 310 I can get realistically 850’ish pretty handily.

I have a Lot in the foothills that I just paid cash for for 415. I’m not sure what it would actually sell for but I’d guess low to mid 500’s right now. Stacy thinks closer to 600.

Do I sell my house and build up there to keep up with the Jones’? Do I sell the lot and ride out whatever comes next?

Do we sell it all and live in a rental and fill the bath tubs with cash and swim Around like Scrooge mcduck? Even though that paper is getting less and less valuable by the day?

What say the magic crystal ball?

What does the wife want. That drives a ton IMO. Happy wife says sell current house and get 850. Take proceeds and build dream house in foothills (most likely will need additional money). While house is being built, rent a house.

The financial guy will say sell the lot, use that money to pay off all debt and be ready to jump on something in the next 2 years. Property will not tank, but I would expect a 10-15% decrease over the next 18 months.

 

[Havasu blue label]

Put it in a trust

 

[Heylam]

I saw something today that made 100% sense from @Paul65k
Marry the house, date the interest rates. If you like a house, buy it and refinance when rates are better.

I miss Paul, super guy for sure.

 

[pronstar]

I don't know one of those bands . I must be getting old

Me neither but the young ‘uns seem to like them

 

[RiverDave]

I miss Paul, super guy for sure.

Certainly had some Clever sayings.. I miss Paul as well. He didn’t take me going my own direction well. I didn’t take providing 100% of the biz for 50% of the money well. Lol.

No hard feelings it’s just biz.

 

[RiverDave]

What does the wife want. That drives a ton IMO. Happy wife says sell current house and get 850. Take proceeds and build dream house in foothills (most likely will need additional money). While house is being built, rent a house.

The financial guy will say sell the lot, use that money to pay off all debt and be ready to jump on something in the next 2 years. Property will not tank, but I would expect a 10-15% decrease over the next 18 months.

Stacys wants the big house.

 

[Sportin' Wood]

So I asked a simple question back on page 48..

Is it time to buy / sell / sell and build?

I didn’t get an answer.. so I will ask for myself.

I have my house - 4 bedroom - 3 1/2 bath - RV - Pool / Spa - Lake view built in 2010.. I bought for 310 I can get realistically 850’ish pretty handily.

I have a Lot in the foothills that I just paid cash for for 415. I’m not sure what it would actually sell for but I’d guess low to mid 500’s right now. Stacy thinks closer to 600.

Do I sell my house and build up there to keep up with the Jones’? Do I sell the lot and ride out whatever comes next?

Do we sell it all and live in a rental and fill the bath tubs with cash and swim Around like Scrooge mcduck? Even though that paper is getting less and less valuable by the day?

What say the magic crystal ball?

Not sure, no one is; we all choose a path and hope for the best.

 

[Singleton]

Stacys wants the big house.

Then you already know the answer

 

[Bpracing1127]

Don't know, depends on if we keep selling off or if it bounces. Your guess is as good as mine.

Here is what I have today -

$600K PP
20% Down
$480K LA
740 FICO
Conventional 30 YR

7.375% with no points, no lender fees

Eff me.

 

[OldSchoolBoats]

So I asked a simple question back on page 48..

Is it time to buy / sell / sell and build?

I didn’t get an answer.. so I will ask for myself.

I have my house - 4 bedroom - 3 1/2 bath - RV - Pool / Spa - Lake view built in 2010.. I bought for 310 I can get realistically 850’ish pretty handily.

I have a Lot in the foothills that I just paid cash for for 415. I’m not sure what it would actually sell for but I’d guess low to mid 500’s right now. Stacy thinks closer to 600.

Do I sell my house and build up there to keep up with the Jones’? Do I sell the lot and ride out whatever comes next?

Do we sell it all and live in a rental and fill the bath tubs with cash and swim Around like Scrooge mcduck? Even though that paper is getting less and less valuable by the day?

What say the magic crystal ball?

Stay in current house, sell the lot. Invest in something else.

 

[Cole Trickle]

So I asked a simple question back on page 48..

Is it time to buy / sell / sell and build?

I didn’t get an answer.. so I will ask for myself.

I have my house - 4 bedroom - 3 1/2 bath - RV - Pool / Spa - Lake view built in 2010.. I bought for 310 I can get realistically 850’ish pretty handily.

I have a Lot in the foothills that I just paid cash for for 415. I’m not sure what it would actually sell for but I’d guess low to mid 500’s right now. Stacy thinks closer to 600.

Do I sell my house and build up there to keep up with the Jones’? Do I sell the lot and ride out whatever comes next?

Do we sell it all and live in a rental and fill the bath tubs with cash and swim Around like Scrooge mcduck? Even though that paper is getting less and less valuable by the day?

What say the magic crystal ball?

It would make me extremely nervous to start a big build right now.

Ask William and everyone else how the build process is out there right now and the high cost/lack of materials.

I can tell you from my recent experience it’s a pita. I think like William we got in at about the right time sold high and signed a contract before the world went completely mad.

Land is now 100k more and the cost to build and timeline is worse.

If I built today and it was done today the cost would be the same as if I bought the same house where as I moved in with 200k in equity.

The market is dropping nobody is making moves here shortly with 7+% interest. You will never get hurt in the current house but I could see a 2 + million dollar house becoming a 1.2 million dollar house in the next couple years not to mention the anguish and frustrations dealing with a build.

 

[Cole Trickle]

Stay in current house, sell the lot. Invest in something else.

I agree sounds like the lot wasn’t purchased at rock bottom prices and I have heard some people in the foothills have decided not to build on there lots?

Why not remodel the current house and bank money and wait to buy low.

 

[brgrcru]

Stacys wants the big house.

Sell the lot and pay off current house
If it’s not paid for.

I know, I know . Most financial guys , say It’s the wrong move, but being debt free . Is total freedom .

 

[LargeOrangeFont]

So just buy Bitcoin then? Lol

That wasn’t an answer was my point.

How about I rent my house, go get a cheap rental, take a giant heloc and start construction?

I can tell you the one thing I would not do right now, and that is build a custom home. Everything else is on the table

 

[pronstar]

IMHO the smart move, is to do nothing for now.
Nothing, that is, besides getting out of the market becuase I’m not a day trader.

Way too many things the market needs to work out/correct, both globally and in the US.

 

[TCHB]

I saw something today that made 100% sense from @Paul65k
Marry the house, date the interest rates. If you like a house, buy it and refinance when rates are better.

Sounds like a sales pitch.

 

[Fulldeck]

So I asked a simple question back on page 48..

Is it time to buy / sell / sell and build?

I didn’t get an answer.. so I will ask for myself.

I have my house - 4 bedroom - 3 1/2 bath - RV - Pool / Spa - Lake view built in 2010.. I bought for 310 I can get realistically 850’ish pretty handily.

I have a Lot in the foothills that I just paid cash for for 415. I’m not sure what it would actually sell for but I’d guess low to mid 500’s right now. Stacy thinks closer to 600.

Do I sell my house and build up there to keep up with the Jones’? Do I sell the lot and ride out whatever comes next?

Do we sell it all and live in a rental and fill the bath tubs with cash and swim Around like Scrooge mcduck? Even though that paper is getting less and less valuable by the day?

What say the magic crystal ball?

Here’s my take on it , not knowing what you owe on current house , if house is paid for a
Or close to it , I would build .i would get plans drawn , don’t know how long that takes to get done , how long for permits to get after plans . I would line up the builder now and get in the que , start with lumber pricing now and follow those monthly, to see where there going. I don’t know cost per sq ft to build there is ,definitely a factor ,but not the ultimate concern.when u say big house you want to build ,3 or 4 or 5000 sq ft including garage?you already have a gain on the lot that is paid for , if it goes down 25% your still even on the lot. Next , if you build you get what you want, and you will probably stay 10r more years ? It’s only a plus in my eyes ! And I live Vancouver, BC , real estate here is out of control with crazy increases and now some correction, I would build here again in a heartbeat if I could convince my wife , 4 houses in 12 years she says no more , just my 2 cents.

 

[530RL]

So I asked a simple question back on page 48..

Is it time to buy / sell / sell and build?

I didn’t get an answer.. so I will ask for myself.

I have my house - 4 bedroom - 3 1/2 bath - RV - Pool / Spa - Lake view built in 2010.. I bought for 310 I can get realistically 850’ish pretty handily.

I have a Lot in the foothills that I just paid cash for for 415. I’m not sure what it would actually sell for but I’d guess low to mid 500’s right now. Stacy thinks closer to 600.

Do I sell my house and build up there to keep up with the Jones’? Do I sell the lot and ride out whatever comes next?

Do we sell it all and live in a rental and fill the bath tubs with cash and swim Around like Scrooge mcduck? Even though that paper is getting less and less valuable by the day?

What say the magic crystal ball?

We are not here for a long time but for a good time.

Quit thinking about your house as an investment. It is a place to enjoy every day. How can anyone put a price on that?

If you can responsibly continue to earn and save while at the same time build what you want you should do it. Don’t do it for the jones’ but do it because you and your wife want to. Or if you don’t want it and find no personal value in it, don’t do it.

You can’t take it with you and if you teach your kids right, they will make their own. Focusing mainly on bigger numbers on a piece of paper has little value. Enjoying life responsibly and accomplishing that which you want has value to you. Ignore the rest.

 

[hallett21]

O

So I asked a simple question back on page 48..

Is it time to buy / sell / sell and build?

I didn’t get an answer.. so I will ask for myself.

I have my house - 4 bedroom - 3 1/2 bath - RV - Pool / Spa - Lake view built in 2010.. I bought for 310 I can get realistically 850’ish pretty handily.

I have a Lot in the foothills that I just paid cash for for 415. I’m not sure what it would actually sell for but I’d guess low to mid 500’s right now. Stacy thinks closer to 600.

Do I sell my house and build up there to keep up with the Jones’? Do I sell the lot and ride out whatever comes next?

Do we sell it all and live in a rental and fill the bath tubs with cash and swim Around like Scrooge mcduck? Even though that paper is getting less and less valuable by the day?

What say the magic crystal ball?

I gotta assume your guys house cost next to nothing to own. I’d either stay put and expand your real estate portfolio (rentals etc) or rent your current home at a cash positive and build the home you guys want.

Selling makes no sense unless you are headed towards an investment that’s going to generate cash flow immediately.

 

[COCA COLA COWBOY]

So I asked a simple question back on page 48..

Is it time to buy / sell / sell and build?

I didn’t get an answer.. so I will ask for myself.

I have my house - 4 bedroom - 3 1/2 bath - RV - Pool / Spa - Lake view built in 2010.. I bought for 310 I can get realistically 850’ish pretty handily.

I have a Lot in the foothills that I just paid cash for for 415. I’m not sure what it would actually sell for but I’d guess low to mid 500’s right now. Stacy thinks closer to 600.

Do I sell my house and build up there to keep up with the Jones’? Do I sell the lot and ride out whatever comes next?

Do we sell it all and live in a rental and fill the bath tubs with cash and swim Around like Scrooge mcduck? Even though that paper is getting less and less valuable by the day?

What say the magic crystal ball?

Keep the house, sell the lot.

Vacant land sinks like the titanic. You will have lots of options to buy land later.

 

[Englewood]

So I asked a simple question back on page 48..

Is it time to buy / sell / sell and build?

I didn’t get an answer.. so I will ask for myself.

I have my house - 4 bedroom - 3 1/2 bath - RV - Pool / Spa - Lake view built in 2010.. I bought for 310 I can get realistically 850’ish pretty handily.

I have a Lot in the foothills that I just paid cash for for 415. I’m not sure what it would actually sell for but I’d guess low to mid 500’s right now. Stacy thinks closer to 600.

Do I sell my house and build up there to keep up with the Jones’? Do I sell the lot and ride out whatever comes next?

Do we sell it all and live in a rental and fill the bath tubs with cash and swim Around like Scrooge mcduck? Even though that paper is getting less and less valuable by the day?

What say the magic crystal ball?

If Stacy can stay where you are for another 3-5yrs max, I think you will be very happy you did.

Sell that foothills lot asap. Just remember, everyone is keeping up with the Jones’, but the Jones’ are broke!

You sit on that lot cash and you will have the opportunity of a lifetime in a couple years.
L

 

[PaPaG]

Are you familiar with how interest rates work?

Yes I sure am, are you?

 

[Runs2rch]

If Stacy can stay where you are for another 3-5yrs max, I think you will be very happy you did.

Sell that foothills lot asap. Just remember, everyone is keeping up with the Jones’, but the Jones’ are broke!

You sit on that lot cash and you will have the opportunity of a lifetime in a couple years.
L

Could be dead in a couple years.

 

[LargeOrangeFont]

Could be dead in a couple years.

At least this way the kids can go to college

 

[Flatsix66]

So I asked a simple question back on page 48..

Is it time to buy / sell / sell and build?

I didn’t get an answer.. so I will ask for myself.

I have my house - 4 bedroom - 3 1/2 bath - RV - Pool / Spa - Lake view built in 2010.. I bought for 310 I can get realistically 850’ish pretty handily.

I have a Lot in the foothills that I just paid cash for for 415. I’m not sure what it would actually sell for but I’d guess low to mid 500’s right now. Stacy thinks closer to 600.

Do I sell my house and build up there to keep up with the Jones’? Do I sell the lot and ride out whatever comes next?

Do we sell it all and live in a rental and fill the bath tubs with cash and swim Around like Scrooge mcduck? Even though that paper is getting less and less valuable by the day?

What say the magic crystal ball?

If you build in the Foothills what would it cost to build? When complete what do you think that property would sell for, would it sell for more/less than what you put into it? We are almost in the same position in Prescott, not sure it's the right time to build but when will it be?

 

[bentprops]

What does the wife want. That drives a ton IMO. Happy wife says sell current house and get 850. Take proceeds and build dream house in foothills (most likely will need additional money). While house is being built, rent a house.

The financial guy will say sell the lot, use that money to pay off all debt and be ready to jump on something in the next 2 years. Property will not tank, but I would expect a 10-15% decrease over the next 18 months.

Havasu is already down that much.

 

[bentprops]

Stacys wants the big house.

In the future you will want to get rid of it and down size.
Buy cash flow!

 

[c_land]

No mention of case shiller in here this morning?

+14% YOY for the 3 months ended July.

https://twitter.com/i/web/status/1574746220731531265

 

[Singleton]

In the future you will want to get ride of it and down size.
Buy cash flow!

This is so accurate.
My oldest is out of the house, middle kid took a LOA from college and has until Sept 2023 to go back or move out (rent starts 01.01.2023). Youngest graduates HS in 2030. Wife and I are already planning on what is next. We both want something smaller and don‘t want to deal with upkeep. I hate HOA’s, but see one in my future.

 

[Cdog]

This is so accurate.
My oldest is out of the house, middle kid took a LOA from college and has until Sept 2023 to go back or move out (rent starts 01.01.2023). Youngest graduates HS in 2030. Wife and I are already planning on what is next. We both want something smaller and don‘t want to deal with upkeep. I hate HOA’s, but see one in my future.

It's crazy how fast this happens. Mine are 12 & 15. We spent years working to get where we're at and now look at it like a nest egg to cash out of to spread over 2 different homes as we look into retirement. So much money is wasted on the up keep on things people dont even use. Maybe its just a generational thing but I see real estate as a transitional asset.

Next place will be in Florida on a canal to the ocean with more garage than living space.

 

[BHC Vic]

“If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.”

“I sincerely believe that banking establishments are more dangerous than standing armies, and that the principle of spending money to be paid by posterity under the name of funding is but swindling futurity on a large scale.” –Thomas Jefferson to John Taylor, 1816.

 

[Singleton]

It's crazy how fast this happens. Mine are 12 & 15. We spent years working to get where we're at and now look at it like a nest egg to cash out of to spread over 2 different homes as we look into retirement. So much money is wasted on the up keep on things people dont even use. Maybe its just a generational thing but I see real estate as a transitional asset.

Next place will be in Florida on a canal to the ocean with more garage than living space.

We are looking at condos and townhomes within 20 minutes of a ski resort (plus a climate controlled RV garage within a short drive). Then a domicile residence for tax purposes in a state that is TBD, while we travel in the RV.

 

[Cdog]

We are looking at condos and townhomes within 20 minutes of a ski resort (plus a climate controlled RV garage within a short drive). Then a domicile residence for tax purposes in a state that is TBD, while we travel in the RV.

Florida/no state tax & southern Colorado/Durango for 4 months a yr when it’s nasty in Florida. Rv back & fourth.

I won’t live anywhere there’s state tax & personal property tax. Bastards jus waste it all anyways

 

[COCA COLA COWBOY]

This is so accurate.
My oldest is out of the house, middle kid took a LOA from college and has until Sept 2023 to go back or move out (rent starts 01.01.2023). Youngest graduates HS in 2030. Wife and I are already planning on what is next. We both want something smaller and don‘t want to deal with upkeep. I hate HOA’s, but see one in my future.

Condo in Carlsbad, huge home on a lake in Tenn. or Texas. Claim 51% residency in Texas, save on taxes.

You're be surprised how many well known names in business here in San Diego are residents of other states now.