If you are going to sell SELL VERY SOON....

[LargeOrangeFont]

I will just buy something cheap (relative) to run that I can’t get hurt on.

So we will see you in a Magic deck! Saw one with a roll bar and a CC like bimini this weekend.. Looked neat and functional.

 

[RiverDave]

Free advice, he needs to figure it out quickly. About ten years ago, Angie and I had to do this. It was extremely hard on our marriage. I would never do this again. The cost of travel goes from weekends to once a month (or less). Maintaining two households was expensive. The emotional toll of not having your partner is like a wound that does not heal and starts to get infected.

If he likes the job and the wife, sell the Idaho property and go back. Take the hit now. It could be bigger later. Or find a job in Idaho.

I would move my entire family into an apartment before I split from the wife and kids for work..

 

[RiverDave]

So we will see you in a Magic deck! Saw one with a roll bar and a CC like bimini this weekend.. Looked neat and functional.

We will see.. I dunno I haven’t told Stacy I’m gonna sell it yet. Lol. Let’s see which decision yields the least pain and the most profit. She might kick me out when she finds out what I want to do..

Then I can’t sell the motorhome because I might be living in it.

 

[BHC Vic]

Free advice, he needs to figure it out quickly. About ten years ago, Angie and I had to do this. It was extremely hard on our marriage. I would never do this again. The cost of travel goes from weekends to once a month (or less). Maintaining two households was expensive. The emotional toll of not having your partner is like a wound that does not heal and starts to get infected.

If he likes the job and the wife, sell the Idaho property and go back. Take the hit now. It could be bigger later. Or find a job in Idaho.

I agree. I did the working away from home for a while. It put a lot of unnecessary stress on our marriage. I wouldn’t do it again. He basically bought the Idaho house sight unseen. Paid top dollar. He probably won’t get what he paid and then of course all the fees and closing costs. It’s even more shitty because the move was all him and his wife basically called this.

 

[Sportin' Wood]

I agree. I did the working away from home for a while. It put a lot of unnecessary stress on our marriage. I wouldn’t do it again. He basically bought the Idaho house sight unseen. Paid top dollar. He probably won’t get what he paid and then of course all the fees and closing costs. It’s even more shitty because the move was all him and his wife basically called this.

If it's in Boise, he better get out of it. That place could be the epicenter of the downturn. If it's in CDA, he should be able to get out of it, still tons of demand up there. For now.

 

[angiebaby]

I would move my entire family into an apartment before I split from the wife and kids for work..

That's a great rule to live by. He was offered the position in Reno and it was certainly a tough decision to make. We had been trying to figure out how to get out of SoCal for years. So the Reno job was an opportunity to do that. But we had a ranch to sell in the middle of the city, so it took 18 months to sell. Four parcels, two 115-year-old adobe houses, two barns. It wasn't a property we could leave vacant. Our son and I spent most of the summer up there, Spring Break, and Christmas Break, of course. It worked out okay in the end, but it was sure tough at the time. Especially when I broke my leg skiing and then had to take care of the ranch with a broken leg. I couldn't have done it without my man-child.

 

[MSum661]

Anyone remember the "5 Stages of Grief" some property experts & firms started posting in 2009 after the market finally rolled over the top?
Some had the forethought, based on a "variety" of insane data at that time, to get out... obviously most didn't.
I was one of the fortunate, sold a home I built in 2006.
I had places to go and things to do, to me a house can always be replaced.

The 1st Stage always starts out as "Denial". Could be a coincidence but I see a little of that going on back and forth again....lol

One example:

Foreclosures and the Five Stages of Grief

Back in 1969 just a couple of years after I was born, a woman named Elisabeth Kübler-Ross wrote a book called On Death and Dying in which she described fiv

www.propertyradar.com

1. Denial
2. Anger
3. Bargaining
4. Depression
5. Acceptance

 

[RogerThat99]

Same thing at norco rv. Just mentioned it to the wife. Haven’t seen the lot look like that in a while.

There is a huge RV dealership on a 40 acre lot in the Central Valley. They normally have 2,000 units on the lot. It has been empty with maybe 30 RV's since Covid started. I noticed last week, the lot looks pretty full again. Just in time for rural slowdown.

 

[USCFAN]

1. Denial
2. Anger
3. Bargaining
4. Depression
5. Acceptance

I swear I once read somewhere those were the 5 stages of divorce.

 

[Hammer]

I will just buy something cheap (relative) to run that I can’t get hurt on. I love my boat but financially everytime I think of what it costs and what it is worth it gives me chest pains.. lol

Went from a 55,000 dollar Schiada and a 50k Hallett to a 200+k toon that is worth about a quarter now..

I’m not a baller.. I’m not sure I have any biz running a quarter million dollar toon.

I'm just giving you a hard time. I'd never rent out my 300. Although I hear you on the financial chest pains. I took a big jump this year too. Just not at your level.

 

[riverroyal]

Was selling house this summer. Nope
New home interest rate just fucked that plan. Staying put.
Backed out today.

 

[RiverDave]

I'm just giving you a hard time. I'd never rent out my 300. Although I hear you on the financial chest pains. I took a big jump this year too. Just not at your level.

I was thinking about trying to find a 300 with a side door or something.

 

[2Driver]

The 1st Stage always starts out as "Denial". Could be a coincidence but I see a little of that going on back and forth again....lol

 

[Hammer]

I was thinking about trying to find a 300 with a side door or something.

That blue one for 50k was a deal when it was for sale. Add a side door and cut in an open bow you would have been in it maybe 75 ish? But it wasn’t perfect. It needed the RD touch.

 

[Go-Fly]

I am thinking about selling everything but the house, and seriously reducing everything..

Sell the dually, sell the motorhome, sell the boat etc.. I can get all the money for them right now. Six months from now that 1/4 million dollar boat might be worth 125. . Same with everything else

I just sold everything but the jet. You know me.

 

[LargeOrangeFont]

Still can’t make a decision on the commuter car!

This is still haunting my thoughts..

And these

Maybe I can pick up a leveraged person’s orange car

 

[gqchris]

Still can’t make a decision on the commuter car!

This is still haunting my thoughts..

View attachment 1110057

And these
View attachment 1110058

Maybe I can pick up a leveraged person’s orange car

Sir, please stop fucking around and just pull the trigger!

 

[Havasu blue label]

You sure could sold high bought very low you baller

 

[Bowtiepower00]

Same shit, different decade. My wife and I ate ramen noodles when our house was upside down and doubled down to make ends meet. Half of our friends lived rent free and tried loan mods and eventually lost their houses but didn’t learn any lessons and weren’t really penalized for being financially irresponsible.

We will never take a dime out of our equity, others use it as free cash.

The market might be different but the morons paying the bills are the same.

Buckle up. I can’t wait. Pretty much every adult had a wake up call 15 years ago, yet nobody learned their lesson.

My 10 year old son is sitting here next to me watching a segment on the news about this same subject. Even he gets it.

My only hope, this time around, is those that were stupid actually have repercussions for their actions. Last time they didn’t.

Govt has been kicking the can down the road since 08, at some point they won’t be able to keep kicking it.

 

[badgas]

Same shit, different decade. My wife and I ate ramen noodles when our house was upside down and doubled down to make ends meet. Half of our friends lived rent free and tried loan mods and eventually lost their houses but didn’t learn any lessons and weren’t really penalized for being financially irresponsible.

We will never take a dime out of our equity, others use it as free cash.

The market might be different but the morons paying the bills are the same.

Buckle up. I can’t wait. Pretty much every adult had a wake up call 15 years ago, yet nobody learned their lesson.

Bingo !

 

[gqchris]

Still can’t make a decision on the commuter car!

This is still haunting my thoughts..

View attachment 1110057

And these
View attachment 1110058

Maybe I can pick up a leveraged person’s orange car

In case you need more persuasion!

 

[HTMike]

Same shit, different decade. My wife and I ate ramen noodles when our house was upside down and doubled down to make ends meet. Half of our friends lived rent free and tried loan mods and eventually lost their houses but didn’t learn any lessons and weren’t really penalized for being financially irresponsible.

We will never take a dime out of our equity, others use it as free cash.

Good for you guys. I despise the fake ass payment ballers.

 

[Bowtiepower00]

Good for you guys. I despise the fake ass payment ballers.

Believe me, I love to cash in on some of this equity and buy a nice 255 Howard. Lol. Guess I’ll keep dreaming.

 

[badgas]

Of course they are being slashed.. I don't think anyone by 2FF is arguing that prices are gonna go up another 20% this year.

As for prices being slashed, It is really hard to tell what a real comp is these days. If someone sees houses going $50K per month so they say " hey i'm gonna list mine for $150K over the last sale and see if anyone bites " nobody bites so they drop it down by $75K and it sells.

I was looking at house down the street in Havasu that is a flip. The house was sold two months ago for $430K someone did a lipstick flip and maybe put $50-$60K into it , maybe ! My family flips homes in So Cal and they could put $50K into what this house has. It just listed for $726K and now has " price slash " down to $700K

That does not count as a price decrease it was just listed too high to begin with. The buyers can look at the records and see that $300K in value was not added to home in the last 8 weeks. I know another on that was sold in 2020 for $520K

 

[jet496]

I see house prices that have tripled in as little as 6 years which I can guarantee you is a problem. Most houses have tripled in the last 10 to 20 years.

I know this isn't the same as the financial loan crisis 15 years ago but the bottom has to fall out. Something is going to happen. There's been way too much inflation (a hell of a lot more than they say), too much money flying around with too many people not wanting to work anymore.

 

[badgas]

I SEE DEBT PEOPLE

 

[monkeyswrench]

This seems like a good thread to ask a question of the banker/finance folk. Over the past week, 3 of the wife's coworkers have come to work, asking her if she knows of any rentals. In all three cases, the owners of the home notified them that they were selling the houses. (why these "professionals" don't own houses I don't know) My question for the money folks, why would they choose to sell now? The market was on fire here, but has slowed way down. Could they somehow be tied to ARMs or something? All three of the homes in question are very modest 2 or 3bdr, nothing on the higher end. Just trying to get an idea of what's going on or coming up.

 

[RiverDave]

This seems like a good thread to ask a question of the banker/finance folk. Over the past week, 3 of the wife's coworkers have come to work, asking her if she knows of any rentals. In all three cases, the owners of the home notified them that they were selling the houses. (why these "professionals" don't own houses I don't know) My question for the money folks, why would they choose to sell now? The market was on fire here, but has slowed way down. Could they somehow be tied to ARMs or something? All three of the homes in question are very modest 2 or 3bdr, nothing on the higher end. Just trying to get an idea of what's going on or coming up.

People think we are at the peak.. time to bounce.

 

[badgas]

This seems like a good thread to ask a question of the banker/finance folk. Over the past week, 3 of the wife's coworkers have come to work, asking her if she knows of any rentals. In all three cases, the owners of the home notified them that they were selling the houses. (why these "professionals" don't own houses I don't know) My question for the money folks, why would they choose to sell now? The market was on fire here, but has slowed way down. Could they somehow be tied to ARMs or something? All three of the homes in question are very modest 2 or 3bdr, nothing on the higher end. Just trying to get an idea of what's going on or coming up.

Where are you located where things have " slowed way down "

People sell rentals for many reasons.

Maybe they are doing a 1031 exchange into another rental before sleepy Joe does away with them. Maybe they are leaving California and don't want to be long distance landlords. Perhaps they watch a lot of fear porn I mean news media and they hear the sky is falling so they are cashing in. This one makes no sense because if they are a seasoned investor they need to put the money somewhere. They are not going to leave it in cash with inflation and if they are fear porn junkies they won't buy the stock market.

IMO You have people that wanted to get into the real estate game. They used some equity and also took advantage low rates and they see that the place has popped and now they want to take down a profit. They are just not in it for the long haul. I have neighbor in his 70's that owns 8 houses. He get's it he has never sold a home and never will, He is swimming in cash. Those guys are not gonna sell houses to buy bitcoin they are just gonna pass them on to thier kids.

 

[RiverDave]

Where are you located where things have " slowed way down "

People sell rentals for many reasons.

Maybe they are doing a 1031 exchange into another rental before sleepy Joe does away with them. Maybe they are leaving California and don't want to be long distance landlords. Perhaps they watch a lot of fear porn I mean news media and they hear the sky is falling so they are cashing in. This one makes no sense because if they are a seasoned investor they need to put the money somewhere. They are not going to leave it in cash with inflation and if they are fear porn junkies they won't buy the stock market.

IMO You have people that wanted to get into the real estate game. They used some equity and also took advantage low rates and they see that the place has popped and now they want to take down a profit. They are just not in it for the long haul. I have neighbor in his 70's that owns 8 houses. He get's it he has never sold a home and never will, He is swimming in cash. Those guys are not gonna sell houses to buy bitcoin they are just gonna pass them on to thier kids.

In havasu.. cheap houses are selling, million plus are selling.. the typical investor money 400-800 has slowed waaayy down.

 

[Bowtiepower00]

It’s time to sell for sure. Only so many people can say the sky is falling before it actually does, even if it doesn’t need to.

 

[RiverDave]

I just sold everything but the jet. You know me.

Can’t sell the jet.. how would ya come visit?

Gotta show ya the new shop

 

[badgas]

In havasu.. cheap houses are selling, million plus are selling.. the typical investor money 400-800 has slowed waaayy down.

Do you think part of that is that people are trying to get too much ? I see houses sitting there in the high 600's low 700's that should be in the 500's

I have neighbor trying to find a nice 3/2 with a pool and 3 car does not need RV garage. The ones he likes keep picked off in the mid 700's before he can get to town to see them. Maybe he needs an agent that has something in the pocket ?

He's not working with the RDP team.

 

[Your ad here]

This seems like a good thread to ask a question of the banker/finance folk. Over the past week, 3 of the wife's coworkers have come to work, asking her if she knows of any rentals. In all three cases, the owners of the home notified them that they were selling the houses. (why these "professionals" don't own houses I don't know) My question for the money folks, why would they choose to sell now? The market was on fire here, but has slowed way down. Could they somehow be tied to ARMs or something? All three of the homes in question are very modest 2 or 3bdr, nothing on the higher end. Just trying to get an idea of what's going on or coming up.

I'm gonna guess interest rates.

 

[RiverDave]

Do you think part of that is that people are trying to get too much ? I see houses sitting there in the high 600's low 700's that should be in the 500's

I have neighbor trying to find a nice 3/2 with a pool and 3 car does not need RV garage. The ones he likes keep picked off in the mid 700's before he can get to town to see them. Maybe he needs an agent that has something in the pocket ?

He's not working with the RDP team.

We have 12 agents.. we always have a decent selection of pocket listings. Have his agent call Stacy maybe she has something, I honestly couldn’t say.. the agents just use me for the videos and than kick me to the curb when the meter runs out.. I am like a 10 dollar hooker.

I’m not an agent, but yes everyone is reaching for the moon.

 

[Bowtiepower00]

I would move my entire family into an apartment before I split from the wife and kids for work..

Been there done that, if everyone is on the same page and it’s for the betterment of the family, it’s not that bad. Even my son knew what was up and he helped to contribute by being on his best behavior. Gotta get that money by any means necessary. I would do it again in a heartbeat.

 

[monkeyswrench]

Where are you located where things have " slowed way down "

People sell rentals for many reasons.

Maybe they are doing a 1031 exchange into another rental before sleepy Joe does away with them. Maybe they are leaving California and don't want to be long distance landlords. Perhaps they watch a lot of fear porn I mean news media and they hear the sky is falling so they are cashing in. This one makes no sense because if they are a seasoned investor they need to put the money somewhere. They are not going to leave it in cash with inflation and if they are fear porn junkies they won't buy the stock market.

IMO You have people that wanted to get into the real estate game. They used some equity and also took advantage low rates and they see that the place has popped and now they want to take down a profit. They are just not in it for the long haul. I have neighbor in his 70's that owns 8 houses. He get's it he has never sold a home and never will, He is swimming in cash. Those guys are not gonna sell houses to buy bitcoin they are just gonna pass them on to thier kids.

I'm in Prescott Valley...the redheaded stepbrother to Prescott. By slowed down, the bottom half of the market maybe? That would be the 600 and under crowd. The starter type homes, like the rentals I'm referring to, were sub 100 around 2013...those same houses were going for around 300k a few months ago. Signs went up, sold. Now, those signs are staying up quite a bit longer.

The 600-800 market is a mixed bag. Semi-custom/nice tract seems to be rolling, still building a lot of them. The high end customs are still being built, but very few on my side of town.

For comparison though, the 600-800k homes would probably compare to 1m+ homes in the east San Gabriel Valley.

I think the wheels will fall off here before it does there. People are driving prices here with Cali money. When they start to pull back, it'll get ugly.

 

[CarolynandBob]

Any one have the info on HELOC's. I am assuming that a lot of those buying toys are using HELOC's. Just like the mid 2000's. Interest rates go up and so does the heloc payment. Have to sell the toys to pay off the heloc. Can't get enough to pay the heloc or can't sell the toy. Now foreclosure.

It is what happened back then along with the subprime mess. Problem is people didn't learn. Never ever touch the equity period.

 

[LargeOrangeFont]

As for prices being slashed, It is really hard to tell what a real comp is these days. If someone sees houses going $50K per month so they say " hey i'm gonna list mine for $150K over the last sale and see if anyone bites " nobody bites so they drop it down by $75K and it sells.

I was looking at house down the street in Havasu that is a flip. The house was sold two months ago for $430K someone did a lipstick flip and maybe put $50-$60K into it , maybe ! My family flips homes in So Cal and they could put $50K into what this house has. It just listed for $726K and now has " price slash " down to $700K

That does not count as a price decrease it was just listed too high to begin with. The buyers can look at the records and raker pricezsee that $300K in value was not added to home in the last 8 weeks. I know another on that was sold in 2020 for $520K

Agreed, well said. Asking price isn’t market price.

 

[4Waters]

This seems like a good thread to ask a question of the banker/finance folk. Over the past week, 3 of the wife's coworkers have come to work, asking her if she knows of any rentals. In all three cases, the owners of the home notified them that they were selling the houses. (why these "professionals" don't own houses I don't know) My question for the money folks, why would they choose to sell now? The market was on fire here, but has slowed way down. Could they somehow be tied to ARMs or something? All three of the homes in question are very modest 2 or 3bdr, nothing on the higher end. Just trying to get an idea of what's going on or coming up.

My dad's financial advisor expects a significant slow down by the end of the year.

 

[LargeOrangeFont]

Sir, please stop fucking around and just pull the trigger!

This is probably the way to go when the Z06 arrives and narrow body vettes do their depreciation thing…

 

[Your ad here]

Any one have the info on HELOC's. I am assuming that a lot of those buying toys are using HELOC's. Just like the mid 2000's. Interest rates go up and so does the heloc payment. Have to sell the toys to pay off the heloc. Can't get enough to pay the heloc or can't sell the toy. Now foreclosure.

It is what happened back then along with the subprime mess. Problem is people didn't learn. Never ever touch the equity period.

Remember to a lot of people made money if they had money invested in the stock market. Only reason I bought my boat is because in less than a year my account grew in value equal to what I paid for my boat.

 

[Cdog]

FL gulf coast property is taking a beating right now. Everything my realtor is sending me is being slashed in price up to 100k from ask and still sitting. The VRBO properties will be the first to tank along with the RV's and boats. The real estate rocket is out of fuel. I cant wait for Black Rock and other hedge funds to start dumping all their inventory, considering they bought up to 50% of inventory in a lot of markets. Nobody want to talk about that though.

Finally someone hit on the dark horse here. Black rock unloading is the big “what if” that would send things into a death spiral.

The vaca rental is a mixed bag and likely regional.

Sad part is it’s likely real estate will be “to big to fail” for some but not others. Organizations like black rock are partially to blame for the lack of inventory. A problem created by government.

 

[Wmc]

Shit I'll sell. 2.6 brand new

 

[Done-it-again]

Finally someone hit on the dark horse here. Black rock unloading is the big “what if” that would send things into a death spiral.

The vaca rental is a mixed bag and likely regional.

Sad part is it’s likely real estate will be “to big to fail” for some but not others. Organizations like black rock are partially to blame for the lack of inventory. A problem created by government.

Why would black rocks sell? Rents are through the roof so the return is still high.

It will only change when people start to lose their job. So far it’s only a very small % that are losing their job on mortgage side.

 

[Cdog]

This seems like a good thread to ask a question of the banker/finance folk. Over the past week, 3 of the wife's coworkers have come to work, asking her if she knows of any rentals. In all three cases, the owners of the home notified them that they were selling the houses. (why these "professionals" don't own houses I don't know) My question for the money folks, why would they choose to sell now? The market was on fire here, but has slowed way down. Could they somehow be tied to ARMs or something? All three of the homes in question are very modest 2 or 3bdr, nothing on the higher end. Just trying to get an idea of what's going on or coming up.

Prices in Prescott are bat shit loony. Nothing in the local economy can support the prices I see up there. I predict a big correction there. Buckle up!!

 

[hallett21]

I believe in both real estate sales and with mortgage brokers, 90% of the business is done by the top 5%.

There will always be layoffs for those that only have a job when the market is white hot.

 

[c_land]

Case shiller house price index shows 19.8% year over year increase for February 21-22.

Shelter is 33% of CPI. Inflation readings are going to stay elevated and the fed is going to tighten into a slow down using lagging data.

https://twitter.com/i/web/status/1518939661955211264

 

[Cdog]

Why would black rocks sell? Rents are through the roof so the return is still high.

It will only change when people start to lose their job. So far it’s only a very small % that are losing their job on mortgage side.

I agree. That’s why I said “if”. But if investors liquidate because futures look bleak. A sell off in the stock could trigger having to liquidate inventory. just an idea out of left field.

They will probably catch heat when the postmortem of this whole run up is on the down turn and politicians try to find someone to blame. Even though the politicians created it.

 

[Wheeler]

Shit I'll sell. 2.6 brand new
View attachment 1110126
View attachment 1110117 View attachment 1110118 View attachment 1110119 View attachment 1110120 View attachment 1110121 View attachment 1110122 View attachment 1110123 View attachment 1110124 View attachment 1110125

Is the cleaning Lady / Sammich maker included in sale?