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

[Riverryder]

Magic deck! Saw one with a roll bar and a CC like bimini this weekend.. Looked neat and functional.

that is member here. his sn is joe something thought it was havajoe or something but guess not.

 

[WTR&PWR]

Ok mr water and power can you pay your bills with no overtime they will be cutting back overtime soon retirement pay is based on pay not overtime. Three of my neighbors lost there homes last time around

I mentioned nothing about overtime or retirement. I am thoroughly confused by your question but I would assume anyone with financial stability in mind doesn’t plan for overtime as part of there monthly overhead minimum and certainly factors in their retirement circumstances once they are close to that point.

 

[Havasu blue label]

Stocks in general Oct housing my call Havasu homes 45 percent within 6 months Texas Vegas and the condos and water front homes in Florida over 1 million will take a hit

 

[Paradox]

the boomer and elderly populations. They're exploding as compared to millenials who need to carry the majority of the economic load for the next or so 20 years - problem is, they're (boomers and elderly) are basically mooches. They're not overall 'contributors' (buying new houses/cars/diapers etc) and they are going to exhaust any social safety nets currently in place VERY soon.

Mooches you say? I’m a boomer if not quite elderly. For almost 35 years I and my employer (through my blood sweat and tears) were forced to contribute the maximum amount legally possible to my social security account. 45 years of contributions in total. It represents hundreds of thousands of dollars and into the 7 figures if a small interest percentage was added to it and compounded annually. I view these as my dollars which rightly belong to me. I’m not looking for a hand out but I better see the maximum available distribution when it comes time. If they don’t have my money, they better come up with it.

My guess is there are millions of folks that feel the same way.

 

[Havasu blue label]

Yes sir

 

[cxr]

Mooches you say? I’m a boomer if not quite elderly. For almost 35 years I and my employer (through my blood sweat and tears) were forced to contribute the maximum amount legally possible to my social security account. 45 years of contributions in total. It represents hundreds of thousands of dollars and into the 7 figures if a small interest percentage was added to it and compounded annually. I view these as my dollars which rightly belong to me. I’m not looking for a hand out but I better see the maximum available distribution when it comes time. If they don’t have my money, they better come up with it.

My guess is there are millions of folks that feel the same way.

i understand your feeling... but you need to understand the way SS is setup your money is GONE. it was spent as you contributed to the people that were retired at the time. SHITTY situation but thats the reality. I feel for this next generation my 17YO daughter just told me why the eff is her group gonna be responsible for our irresponsible spending and this 30 trillion in debt. Im guessing there is going to be some type of revolution in the next 20 years

 

[Paradox]

i understand your feeling... but you need to understand the way SS is setup your money is GONE. it was spent as you contributed to the people that were retired at the time. SHITTY situation but thats the reality. I feel for this next generation my 17YO daughter just told me why the eff is her group gonna be responsible for our irresponsible spending and this 30 trillion in debt. Im guessing there is going to be some type of revolution in the next 20 years

I know it’s gone and it makes no difference. It’s the underlying government promise to pay that matters. From my perspective, there isn’t much difference between this and other promises to pay such as government bonds.

I also understand the nature of the impact on the next generation. I have kids and grandkids as well. That doesn’t negate the fact that there is an obligation here. You can’t just screw over a bunch of senior citizens who worked their whole lives paying into a system they were counting on. A fix needs to happen sooner rather than later…

 

[JDKRXW]

Mooches you say? I’m a boomer if not quite elderly. For almost 35 years I and my employer (through my blood sweat and tears) were forced to contribute the maximum amount legally possible to my social security account. 45 years of contributions in total. It represents hundreds of thousands of dollars and into the 7 figures if a small interest percentage was added to it and compounded annually. I view these as my dollars which rightly belong to me. I’m not looking for a hand out but I better see the maximum available distribution when it comes time. If they don’t have my money, they better come up with it.

My guess is there are millions of folks that feel the same way.

Yup, mooches ... and don't feel too bad - I'm one of them too. The problem is, when social security was set up ... few people lived very far into their 70's, and thats what it was set up for. Now it seems like huge numbers are reaching their 90's. Most people now are receiving far, far, more than they put in.

 

[Paradox]

Yup, mooches ... and don't feel too bad - I'm one of them too. The problem is, when social security was set up ... few people lived very far into their 70's, and thats what it was set up for. Now it seems like huge news are reaching their 90's. Most people now are receiving far, far, more than they put in.

Understood as well however, I’m not one of them. If I retire at 65 and make it to 95, had the government made just 3 percent with the money that was contributed into my account, they would still be significantly ahead.

As to their ineptitude in managing the program (not recognizing mortality rates, not rebase lining annually and in general, not staying on top of one of the most important programs in the country), I just don’t see why that should be my problem.

In my world there is a saying.”Failure to plan on your part does not constitute an emergency on mine.”

 

[Paradox]

Once again, I digress. Back to the subject at hand. The house went live yesterday. The Realtor put together a pretty good video. Hoping it will sell “very soon”.

 

[Go-Fly]

One of the factor that is going to drive housing cost down is the dynamics of the American family is changing. People were told that they were nonessential. Story after story was told about families eating beans and hotdogs because their employer was closed and they had to stay home. The guy across the street was home but had a government job. He had full pay, played with the kids, remodeled two bathrooms and went on boat trips to the lake. The feds and states had their hands out for more taxes and the feds just printed more money to pay their bills. So what you say, it was a pandemic, go back to work and get you life back together. Every business you see has a help wanted sign out. I saw one the other day that was painted on the side of a semi trailer that you could see from the freeway. Why? Where did all those employees go. Yes some retired at a larger number, true but non of them worked at McDonald's and people retire all the time. I think the change is the lose of the double income family. People have run the numbers and all they were doing was making other people rich. US marketing is that you have to have bigger and more then your neighbor. You're going to see a reset starting at the bottom and work it's way up. The recession is going to confirm that. You're also going to see the people that dont provide a service or make a product lose their jobs or make what they are worth. Workers are moving to what benefits them. You're seeing the signs of change all around you.

 

[monkeyswrench]

One of the factor that is going to drive housing cost down is the dynamics of the American family is changing. People were told that they were nonessential. Story after story was told about families eating beans and hotdogs because their employer was closed and they had to stay home. The guy across the street was home but had a government job. He had full pay, played with the kids, remodeled two bathrooms and went on boat trips to the lake. The feds and states had their hands out for more taxes and the feds just printed more money to pay their bills. So what you say, it was a pandemic, go back to work and get you life back together. Every business you see has a help wanted sign out. I saw one the other day that was painted on the side of a semi trailer that you could see from the freeway. Why? Where did all those employees go. Yes some retired at a larger number, true but non of them worked at McDonald's and people retire all the time. I think the change is the lose of the double income family. People have run the numbers and all they were doing was making other people rich. US marketing is that you have to have bigger and more then your neighbor. You're going to see a reset starting at the bottom and work it's way up. The recession is going to confirm that. You're also going to see the people that dont provide a service or make a product lose their jobs or make what they are worth. Workers are moving to what benefits them. You're seeing the signs of change all around you.

I wonder what this did to the thought process of the American people? Some were given full pay, and less work. Some were able to maintain full pay, and work from home. Others were told they weren't needed at all. That, mixed in with some shady PPP money, and things were basically set to kill the "lower class". The middle class seemed to continue with changes, but not always a decrease. Many had their best years oddly enough. The notable exceptions would include those that owned business closed. Some of them were pushed into the "lower" category. With the stock market gains, I'd think the "upper class" probably did very well.

 

[Go-Fly]

I wonder what this did to the thought process of the American people? Some were given full pay, and less work. Some were able to maintain full pay, and work from home. Others were told they weren't needed at all. That, mixed in with some shady PPP money, and things were basically set to kill the "lower class". The middle class seemed to continue with changes, but not always a decrease. Many had their best years oddly enough. The notable exceptions would include those that owned business closed. Some of them were pushed into the "lower" category. With the stock market gains, I'd think the "upper class" probably did very well.

All in all I think everyone came out of the pandemic in one piece. Some had more money then others and that is what you would expect, yes. Had lunch with a heating contractor I know, the other day. He said he could do three times the work if he had the people. He cant get all his past employees to come back to work. Hell, he cant even get new ones to show up. His bookkeeper for 15 years is staying home with the kids and isn't coming back. You may think this is short term but, I dont think so. Add in kids coming into the work force that have a warped idea of what a job should be and you got a lot of people standing around waiting for someone else to get it done.

 

[Todd Mohr]

Mooches you say? I’m a boomer if not quite elderly. For almost 35 years I and my employer (through my blood sweat and tears) were forced to contribute the maximum amount legally possible to my social security account. 45 years of contributions in total. It represents hundreds of thousands of dollars and into the 7 figures if a small interest percentage was added to it and compounded annually. I view these as my dollars which rightly belong to me. I’m not looking for a hand out but I better see the maximum available distribution when it comes time. If they don’t have my money, they better come up with it.

My guess is there are millions of folks that feel the same way.

I'm in the same boat, maxed it out for the last 30 years, they better have my money when the time comes. I'll start drawing at 66, I'm 60 this year and plan on working until
I'm 65-66. I would take it at 62 if it was not taxable, you cannot make up the dollars from 62-66.5, but I believe the taxes change that. Open to advice though.

 

[foxfam312]

I think we all agree 2008 vs 2022 are apples and oranges. So why do so many of you think that what would’ve worked out great in 2008 will work out great in 2022?

If it was that simple to sell it all now put a bunch of cash away and buy twice as much for your money in a couple years then isnt everyone else doing the same thing?

I like to hear all the different opinions but I don’t see anyone factoring in how inflation will offset most of this. Housing will soften but when you have 10% inflation and houses stay the same price, they have technically gone down in price.

The difference is this time as interest rates go up properties will stay stable and banks will make their money every time interest rates tick up. They are not setting themselves up to foreclose on houses again.

Here’s the question if you believe in selling everything now because the stock market and housing market are going to crash- where are you going to park your money While inflation soars? Every month you sit on cash it loses value with hyperinflation. The easy answer is gold and silver but that’s a whole other thread.

Rant over.

WTR&PWR, start that thread about Gold and silver, I know myself would like to hear from the board members about precious metals, I feel a lot of the board members here probably know a thing or to about gold and silver.

 

[monkeyswrench]

Add in kids coming into the work force that have a warped idea of what a job should be and you got a lot of people standing around waiting for someone else to get it done.

I used to think it was just the new kids entering the work force. Not really the case. One of the shops I "mercenary" at has a young kid, 18. He's part time, going to school, and working nights in his parents restaurant. He's willing to get down and dirty, and do some heavy lifting. The owners son is 31 I believe, and a very good mechanic. He won't do anything "on the ground", and avoids the heavy stuff like the plague. Pretty much, his lack of motivation is what gets me paid. I'm 45, and pretty much beat up, but I can still get stuff done. If I can, I will. I couldn't see, as a business, farming out stuff you are capable of and have time to do. And no, I'm not "cheap" labor of stuff there...
I think some "kids" are softer than others. I don't really know what forms them one way or the other. I really hope I did right by my kids, and they aren't the spectators others are.

 

[Go-Fly]

I used to think it was just the new kids entering the work force. Not really the case. One of the shops I "mercenary" at has a young kid, 18. He's part time, going to school, and working nights in his parents restaurant. He's willing to get down and dirty, and do some heavy lifting. The owners son is 31 I believe, and a very good mechanic. He won't do anything "on the ground", and avoids the heavy stuff like the plague. Pretty much, his lack of motivation is what gets me paid. I'm 45, and pretty much beat up, but I can still get stuff done. If I can, I will. I couldn't see, as a business, farming out stuff you are capable of and have time to do. And no, I'm not "cheap" labor of stuff there...
I think some "kids" are softer than others. I don't really know what forms them one way or the other. I really hope I did right by my kids, and they aren't the spectators others are.

My first boss told me I was never going to be worth shit. 20 years later he came to me for a private loan. The only thing that has changed is, I knew I was going to get my hands dirty. Kids today have way different expectations. I'm seeing a work force that is saying, I'll do exactly what you tell me to do, no more but less. 10% of the work force does 90% of the work. The 10% has stopped doing it or is headed that direction. You all know what I'm talking about.

 

[JDKRXW]

My first boss told me I was never going to be worth shit. 20 years later he came to me for a private loan.

We all want to know if you lent him what he was asking for.

 

[530RL]

We all want to know if you lent him what he was asking for.

We all want to know what the rate was.

 

[Go-Fly]

We all want to know if you lent him what he was asking for.

Yes I did, 2% over prime and 150% personal collateral. 20 year note.

 

[c_land]

5.55% avg for a 30 year mortgage today. Treasuries are breaking out above, or closing in on, 3% across the board.

 

[EmpirE231]

Lots of new home listings in socal area today!

 

[attitude]

Lots of new home listings in socal area today!

The number of homes in my search criteria on Zillow almost double from Friday to today lol.

 

[monkeyswrench]

Number of homes increasing is a good thing in some ways, isn't it? They say the pricing is high due to the lack of inventory...
But...
I doubt that many people read this thread, and decided they should sell. What prompted this push? Were that many on the fence about selling, or are a lot of people in an adjustable?

Seeing and understanding what is going on is pretty important. I'm sure some others here don't know the "why's", so I figured I'd ask.

 

[77charger]

Number of homes increasing is a good thing in some ways, isn't it? They say the pricing is high due to the lack of inventory...
But...
I doubt that many people read this thread, and decided they should sell. What prompted this push? Were that many on the fence about selling, or are a lot of people in an adjustable?

Seeing and understanding what is going on is pretty important. I'm sure some others here don't know the "why's", so I figured I'd ask.

Probably trying to get that top dollar before it dips.

 

[Flying_Lavey]

Probably trying to get that top dollar before it dips.

Thats what Im thinking. They were contemplating it and now are trying to time it well. I think ol' @Fenderbender might have nailed it himself.

 

[jailbird141]

I am not trying to "stir the pot" or get anyone worked up but I have a genuine question ... All the people saying they paid into Social Security for the last 30 years and the government better have my money when I want to collect, what if they don't? What can you do? Or what do you plan to do? Again, genuine question, what happens then?

 

[rivrrts429]

I am not trying to "stir the pot" or get anyone worked up but I have a genuine question ... All the people saying they paid into Social Security for the last 30 years and the government better have my money when I want to collect, what if they don't? What can you do? Or what do you plan to do? Again, genuine question, what happens then?

It’ll make the BLM riots look like child’s play except a bunch of 60+ year olds lol

On a serious note you don’t truly know what a man is capable of until you fuck with his money and ability to survive. People are capable of some wild shit.

I’m early forties now and luckily took note early in life that SS wouldn’t be available by the time I was old enough to take advantage of it so I’ve been investing for 20+ years heavily into my future. If it is still there in the next 25 years, great, but I’ll be fine if it isn’t.

 

[77charger]

I am not trying to "stir the pot" or get anyone worked up but I have a genuine question ... All the people saying they paid into Social Security for the last 30 years and the government better have my money when I want to collect, what if they don't? What can you do? Or what do you plan to do? Again, genuine question, what happens then?

Welfare. It never runs out.

 

[Bowtiepower00]

When SS runs out I’ll drag my RV down to the beach and enjoy retirement, appears to be plenty of free parking. Lol

 

[EmpirE231]

Number of homes increasing is a good thing in some ways, isn't it? They say the pricing is high due to the lack of inventory...
But...
I doubt that many people read this thread, and decided they should sell. What prompted this push? Were that many on the fence about selling, or are a lot of people in an adjustable?

Seeing and understanding what is going on is pretty important. I'm sure some others here don't know the "why's", so I figured I'd ask.

mortgage rates are climbing fast... which will eventually impact sales prices. Right now I think people are quickly going to market to get out on top... instead of waiting to list over the next few months.

 

[RiverDave]

My first boss told me I was never going to be worth shit. 20 years later he came to me for a private loan. The only thing that has changed is, I knew I was going to get my hands dirty. Kids today have way different expectations. I'm seeing a work force that is saying, I'll do exactly what you tell me to do, no more but less. 10% of the work force does 90% of the work. The 10% has stopped doing it or is headed that direction. You all know what I'm talking about.

One of the reasons all of my kids will learn manual machining. There are so many life lessons that are self taught with machining.. being lazy and trying to cut a corner? You get to start over.. lol. Parts are either done or they aren’t.. too many to list but I think you of all people get it.

 

[Cole Trickle]

mortgage rates are climbing fast... which will eventually impact sales prices. Right now I think people are quickly going to market to get out on top... instead of waiting to list over the next few months.

There are tons of people across this nation that signed for a house 12+ months ago and as they get close to completion/close they will no longer qualify as rates have doubled and the monthly has gone up several hundred dollars.

Builders are probably stoked as values have increased over that time frame and i imagine they are going to be keeping a ton of fees.

Shoot I'm about to get boned on my house. I can still qualify but my rate lock at 3.8 will expire 6/9 and I'm not sure the builder will finish in time. Honestly i don't think they care one bit that my mortgage is going to go up $400 a month. If they miss my date it will cost me 150k extra in interest over the term and it really irritates me.

 

[530RL]

I am not trying to "stir the pot" or get anyone worked up but I have a genuine question ... All the people saying they paid into Social Security for the last 30 years and the government better have my money when I want to collect, what if they don't? What can you do? Or what do you plan to do? Again, genuine question, what happens then?

I suspect those who have been responsible and saved to the point where SS is not a necessity, will have their net worth and other retirement income means tested and as a result their SS benefits will be reduced or eliminated.

 

[Go-Fly]

I am not trying to "stir the pot" or get anyone worked up but I have a genuine question ... All the people saying they paid into Social Security for the last 30 years and the government better have my money when I want to collect, what if they don't? What can you do? Or what do you plan to do? Again, genuine question, what happens then?

In order to pay back the $30t in debt we have, SSI will have to go away. In my life, I will see it end in my income level. This thread is a story of the ant and the grasshopper that was read to you in grade school. I cant give you the exact number of people that are prepared for retirement but, I think it's like 20%. The rest will work till they die. The ones that fall through the cracks will have to be taking care of in some way. What happens in the end is all that money that people paid in, goes away. The end.

 

[Todd Mohr]

I am not trying to "stir the pot" or get anyone worked up but I have a genuine question ... All the people saying they paid into Social Security for the last 30 years and the government better have my money when I want to collect, what if they don't? What can you do? Or what do you plan to do? Again, genuine question, what happens then?

Walk away with my tail between my legs, like you say, what can you do?

 

[EmpirE231]

There are tons of people across this nation that signed for a house 12+ months ago and as they get close to completion/close they will no longer qualify as rates have doubled and the monthly has gone up several hundred dollars.

Builders are probably stoked as values have increased over that time frame and i imagine they are going to be keeping a ton of fees.

Shoot I'm about to get boned on my house. I can still qualify but my rate lock at 3.8 will expire 6/9 and I'm not sure the builder will finish in time. Honestly i don't think they care one bit that my mortgage is going to go up $400 a month. If they miss my date it will cost me 150k extra in interest over the term and it really irritates me.

That sucks man! is there no sort of work around to fund it sooner? at 90% completion? throw in some old basic appliances and misc items to get the loan funded?

or can you pay any extra fees to extend the rate lock? The $400 extra, going to only more interest expense would definitely suck

 

[Cole Trickle]

That sucks man! is there no sort of work around to fund it sooner? at 90% completion? throw in some old basic appliances and misc items to get the loan funded?

or can you pay any extra fees to extend the rate lock? The $400 extra, going to only more interest expense would definitely suck

Can't do anything until the Certificate of occupancy is complete. They won't do that with a half baked house.

They told me for sure it would be done 5/15. I didn't trust them so i actually locked on the 25th and i can extend it 15 days with daily points. That puts me at june 9th.

it's gonna be close. Cabinets have screwed me big time delay after delay and counter tops can't be templated without them in place.

i''m still going to push to the last day and if i can close before clean up/touch ups i would still be good with that. I don't care about the move in date at this point i just need it funded.

 

[Hammer]

There are tons of people across this nation that signed for a house 12+ months ago and as they get close to completion/close they will no longer qualify as rates have doubled and the monthly has gone up several hundred dollars.

Builders are probably stoked as values have increased over that time frame and i imagine they are going to be keeping a ton of fees.

Shoot I'm about to get boned on my house. I can still qualify but my rate lock at 3.8 will expire 6/9 and I'm not sure the builder will finish in time. Honestly i don't think they care one bit that my mortgage is going to go up $400 a month. If they miss my date it will cost me 150k extra in interest over the term and it really irritates me.

Does that 150K make you regret the move? Or is the life change worth the hit? I did my research and I was set to move right behind you, however, we would not have been able to take the financial hit if things got more expensive, compounded by my wifes 60% pay cut and still live life how we want. I chose not to gamble and stay put. I bought a bigger boat instead. .

 

[Go-Fly]

Number of homes increasing is a good thing in some ways, isn't it? They say the pricing is high due to the lack of inventory...
But...
I doubt that many people read this thread, and decided they should sell. What prompted this push? Were that many on the fence about selling, or are a lot of people in an adjustable?

Seeing and understanding what is going on is pretty important. I'm sure some others here don't know the "why's", so I figured I'd ask.

My take. There are still hot spots around the national and they will last for the next year or so without change. The rest are seeing time on the market increasing and prices dropping. This makes it look like more houses are being put on the market but, it's the same amount. Just a bigger overlap. Put 10 houses on a week and they go off in 5 day, you see ten at a time. If they stay on for 30 days you see 40 at a time. There is a small increase of people rushing for the highest price but, if they didn't know what was going on by now, why do they care? A builder friend of mine is getting cancelation for what he thought was going to be a build out of 2 years. We are having dinner tonight because he is over extended and needs to come up with a plan. I may buy some dirt tonight. Let the fun begin.

 

[TCHB]

I am not trying to "stir the pot" or get anyone worked up but I have a genuine question ... All the people saying they paid into Social Security for the last 30 years and the government better have my money when I want to collect, what if they don't? What can you do? Or what do you plan to do? Again, genuine question, what happens then?

I heard the same story in 1980. SS only you would starve.

 

[JDKRXW]

I am not trying to "stir the pot" or get anyone worked up but I have a genuine question ... All the people saying they paid into Social Security for the last 30 years and the government better have my money when I want to collect, what if they don't? What can you do? Or what do you plan to do? Again, genuine question, what happens then?

What will happen;
They'll reduce payments AND increase the starting eligibility age so collectors physically won't live long enough to collect very much,

 

[Hammer]

Mooches you say? I’m a boomer if not quite elderly. For almost 35 years I and my employer (through my blood sweat and tears) were forced to contribute the maximum amount legally possible to my social security account. 45 years of contributions in total. It represents hundreds of thousands of dollars and into the 7 figures if a small interest percentage was added to it and compounded annually. I view these as my dollars which rightly belong to me. I’m not looking for a hand out but I better see the maximum available distribution when it comes time. If they don’t have my money, they better come up with it.

My guess is there are millions of folks that feel the same way.

I am not trying to "stir the pot" or get anyone worked up but I have a genuine question ... All the people saying they paid into Social Security for the last 30 years and the government better have my money when I want to collect, what if they don't? What can you do? Or what do you plan to do? Again, genuine question, what happens then?

Walk away with my tail between my legs, like you say, what can you do?

In order to pay back the $30t in debt we have, SSI will have to go away. In my life, I will see it end in my income level. This thread is a story of the ant and the grasshopper that was read to you in grade school. I cant give you the exact number of people that are prepared for retirement but, I think it's like 20%. The rest will work till they die. The ones that fall through the cracks will have to be taking care of in some way. What happens in the end is all that money that people paid in, goes away. The end.

IMO......... The government will continue to print money to pay their/our debts, SS included. The 30T will just go up. Printing more money is easier than fixing the problem and actually budgeting our government spending. Eventually they will ask Elon Musk for a loan.

 

[Done-it-again]

95% of the ones listed around me are pending, and half of them were listed a few weeks back..... some are still available but they have been listed for 100 days, so who knows the reason.

 

[Done-it-again]

There are tons of people across this nation that signed for a house 12+ months ago and as they get close to completion/close they will no longer qualify as rates have doubled and the monthly has gone up several hundred dollars.

Builders are probably stoked as values have increased over that time frame and i imagine they are going to be keeping a ton of fees.

Shoot I'm about to get boned on my house. I can still qualify but my rate lock at 3.8 will expire 6/9 and I'm not sure the builder will finish in time. Honestly i don't think they care one bit that my mortgage is going to go up $400 a month. If they miss my date it will cost me 150k extra in interest over the term and it really irritates me.

Builders will help buyers by buying the rate down...... Covering your points to get you in... They cant afford NOT to get you in the house at this point.

 

[Done-it-again]

I am not trying to "stir the pot" or get anyone worked up but I have a genuine question ... All the people saying they paid into Social Security for the last 30 years and the government better have my money when I want to collect, what if they don't? What can you do? Or what do you plan to do? Again, genuine question, what happens then?

I thought the generations behind pay for the generation ahead....

So Boomers paying for the Silent Gen
Gen X paying for the Boomers
Millennials paying for Gen X (people here are screwed, including myself)

 

[Flying_Lavey]

There are tons of people across this nation that signed for a house 12+ months ago and as they get close to completion/close they will no longer qualify as rates have doubled and the monthly has gone up several hundred dollars.

Builders are probably stoked as values have increased over that time frame and i imagine they are going to be keeping a ton of fees.

Shoot I'm about to get boned on my house. I can still qualify but my rate lock at 3.8 will expire 6/9 and I'm not sure the builder will finish in time. Honestly i don't think they care one bit that my mortgage is going to go up $400 a month. If they miss my date it will cost me 150k extra in interest over the term and it really irritates me.

I have never understood why there aren't Liquidated Damages clauses in residential build contracts. There are in commercial why not residential? This is a PRIME reason why there should be. Its the only way to really hold a contractor's feet to the fire.

 

[Go-Fly]

95% of the ones listed around me are pending, and half of them were listed a few weeks back..... some are still available but they have been listed for 100 days, so who knows the reason.

Some houses are just stupid over priced.

 

[Cole Trickle]

Does that 150K make you regret the move? Or is the life change worth the hit? I did my research and I was set to move right behind you, however, we would not have been able to take the financial hit if things got more expensive, compounded by my wifes 60% pay cut and still live life how we want. I chose not to gamble and stay put. I bought a bigger boat instead. .

No regrets what so ever..... Were not taking pay cuts with the move and both have solid long term careers.

Maybe the market crashes and rates plummet again in a couple years and we can refi if we don't hit our dates. The new house even at the higher rate would be the same payment we were making in CA.

Builders will help buyers by buying the rate down...... Covering your points to get you in... They cant afford NOT to get you in the house at this point.

Negative for us......Custom built house in a custom built housing tract were not dealing with a slap it together big neighborhood tract house.

I will be 800k into the house with pool and the house would probably sell in a day for 900k plus based on comps.

 

[Cole Trickle]

I have never understood why there aren't Liquidated Damages clauses in residential build contracts. There are in commercial why not residential? This is a PRIME reason why there should be. Its the only way to really hold a contractor's feet to the fire.

It hasn't been all the builders fault....Building a house in general right now is terrible idea ask @Wmc.

Supply chain issues

trusses took a while

Our builder and superintendent both died in a car crash so that added a bit.