Colorado B.S. Thread

My 2 cents on Housing stuff. Until the pace of families relocating to Colorado/ Denver starts to stop, we are a long way from any "Housing Bubble Peak". Listening to you reminds me of people trying to time the stock market- very, very few ever have been able to do this and hardly ever more then just plain luck.

Everyone needs housing, but like everyone has suggested, Don't listen to what a bank says you can afford. Figure it out with some macro to micro budgeting and don't forget you need to pay taxes (which will increase pretty much every year), insurance and Utilities on said house (Newer houses use 2x6 by code so tremendously lower heating and cooling bills).

So again, be smart. Find out what you can actual afford via some budget method. And don't concern yourself if the value actually falls, it only hurts if you must sell it immediately.

Another thought, Find area of Denver zoned for Accessory Dwellings also known as a ADU (Berkeley area is one). Build ADU over Garage, move into ADU and rent out house, Given current home rent in Berkeley you can easily live for free behind your house unless you get too carried away with build expenses.

Edit: Now I am off to check out some Boulder County houses, this should be painful.

 

Rent the ADU and pay half on the mortgage sounds nicer.

 

Half on mortgage < truck parts.....

Hmmmmmm

 

My house keeps going up and it makes me want to stay here longer. I really do not want to be in the suburbs next time, Todd Creek (West of Brighton) is the type of area I'd like to live in.

 

Hmm... need to learn more about this ADU

 

oh hay

 

God I hope so because I am losing my shit right now trying to find a new place to live. My stress level is so high even the things I like to do to relax aren't enjoyable. Rent prices being 'what the market will bear'... well the market is bearing way too much, because if you step back and look at it things are ridiculous and very much in favor of packing as many as you can into a house and people are paying it because you kind of have to. The bigger problem, at least up here (I don't know about down there) are fucking investors. If the price comes down at all, they snap things up and turn around and rent it out for the same exorbitant amounts. First guy I talked to had property in WI, owned/lived in Greeley, and was moving to FTC to rent/buy (in addition to another he had) a place from a friend who also had multiple properties in town. The guys I met with last night, their landlord owns five houses in town he rents out. Heck, my current next door neighbor kept their original house when they bought next to us a couple of years ago and continued to rent it out. The something in the mid to upper 40's percent of houses in town are rentals and not owner occupied. I blame a lot of that on being a college town.

Same here - I'm apparently incredibly conservative when it comes to money management. Too much, in fact, because everyone I know is taking more risk yet still doing better than I am. It really sucks when you do everything 'right' and still end up behind. I guess I'm not doing it right, and should have been doing more investments. I don't want all the extras or the big place - my desires are pretty simple, but all these people living on credit just pull the market up so high you can't compete and stay reasonable, like @iRideMTB said/did.

Yeah, you timed it right for sure. My roommates bought in 2011, a shortsale at $210-218. They appraised this year at $365. My problem was I was in an industry that got hit with the crash, and I still haven't recovered (I might make it this year to being where I was when I was laid off in 2008). If I hadn't been laid off... I'd own right now, I'm sure of it. I missed the window, and now I'm waiting for the next one and trying to be ready.

 

Funny we are on this topic since I had to do some analysis on appraisals and real estate market for Fannie Mae. This appraisal was done 5yrs ago under the neighborhood section Property values, Demand/ Supply/ Marketing time were all stable. I reviewed 50+ other appraisals in the last 24mons and they are all the opposite ( Showing increasing and shortage) in real estate inventory. Borrowers are outbidding the asking price to get into a home with a letter to the seller why they are the right candidate for the homes. I see both sides to the story if you are renting vs owning. However, cost of living is not increasing with the inflation of the housing market. That means, if you are renting right now, its going to he harder to get into a home in the future as requirements for down payments are always changing. The only attractive loan in the market right now is a VA loan (for veterans)

 

I think that's the first post I have ever seen that did not involve some sort of fuckery from you and I still hardly understood it lol

 

once in a while my good side comes out

 

Haha

 

Someone must've been typing for @2016spicytaco

 

Its a valid point though. Everyone has made them, sad thing is there is just no telling when or how big the change in price will happen. Investors and owners are making money hand over fist off people and don't want it to stop anytime soon.

 

Don't make me post your number at the strip club! There goes my fuckery.....

 

It's alright, my ex-wife probably already did that at the one she worked at

 

What tires do you all use for your heavy Colorado winters?

 

Good enough to putt around the Rockies

 

Duratrac's for life!

 

Here we go... You just opened up a can of worms.

Most people will tell your duratracs, KO2s, or ST MAXX if you're looking for an AT tire.