Still think TITNC3: Return of the Iceberg was peak

Yeah, and if inflation runs rampant debt in real estate isn't a bad thing from what I've read and understood.

Although, when GME moons none of this will matter, and I'll finally start eating lunch again. (I've been doing a single scoop protein shake for lunch for a month for about 3 weeks now so I don't have to spend money on lunch) I'm THAT frugal now haha

 

Maybe you should wait on the house thing lol

 

I bought my house in 2005. Right at about the peak of the market. Paid $266k. At the lowest it was around $98k deep into the mortgage crisis. It took until just a couple years ago for it to break even.

So yes, in the long term real estate will go up. But there can be a long time in the short term where you're holding on to what's essentially a worthless investment.

Now, I used that time to get the house nearly paid off, and I wasn't in any significant financial trouble, so it was worth it for me to hold on to it, but for a few years it was really ugly. We had probably 70% turnover in my neighborhood in just a couple years.

 

i'm in the same boat...but SF Bay Area...ground zero for ludicrous house prices...
we got beat out on a pretty big fixer by like 150k ... people are literally just tacking on an extra 60-100k to cinch the deal so to speak..

i'm also debating whether to wait it out a little longer to see what the rent/mortgage moratorium is gonna do.

 

I'm not worried about the rate, but more so the scarcity of houses and the cost of materials increasing coupled with inflation driving houses even higher up in price. In my area, the houses just keep going up and up and up in value. a house we really like had a bidding war which increased the price $50k and it was already over priced lol

 

People around here are paying crazy over some asking prices to pick them up. It's been pretty crazy here. If i knew anything like that was going to happen i would've bought when i first moved into this area instead of renting and have sold right now. Would've made a very quick $50K in a couple years.

 

Tell me about it. Lumber right now is absolutely insane. Hold up a wood truck and become a millionaire

 

My wife and I both agreed a long time ago (we've been looking for a house since October of last year) that we refuse to get into a bidding war in this market.

The houses are already over priced anyways!

 

We got lucky on our first house and timed it the opposite way. Rent got too expensive where we liked to be, houses were already high, so we moved two neighborhoods over (2 miles or so) to an up and coming. Bought in 2013 for $280k, did basically nothing to it except maintain and some sweat equity in the backyard and landscaping, sold in 2019 for $480k in a single weekend, $50k over asking. A lot of factors on RE values, other areas in the city weren't moving like that. Looked the other day and Zillow values it at $550k now.

 

That's how ya wanna do it!

 

Yes and no...As long as you have a fixed rate mortgage...
Variable rate can kill you if the market flops but your rate goes up and you can't afford the payments...

 

in California, there's a lack of housing...generational issue from the lack of building for the last 2 decades or so
between a bunch of millennials (i'm one, barely), lack of supply, low rates, potential inflation...all signals point to house prices going way up

 

Cheers to you NRGU, Cheers to you!

https://media.giphy.com/media/l0ExgfAdB2Z9V35hS/source.mp4

 

Like @Chrisf06 we also got really lucky with our house. I'm near Providence though.

• House went on the market, had a buyer. Buyer lost it at financing, might have been a Hubbard clause can't remember. Either way, it got relisted - so down a few K because of that
• Seller's realtor was a family friend. Good guy, knew what he was doing. Horrible at taking pictures.
• We only went by because it was an open house, when my mother in law was in town, and it was near another house we identified as a potential.

We walked in and hot DAMN. The back yard - 1/3 acre 10 minutes outside of Providence, in a quiet area? You can NOT find that. We got lucky time and time again on the purchase of it. We moved in/closed on....August 28th? Lease was up for Sep 1 so we had to be out the apartment, squeezed it in under the gun.

Location, size of house, size of lot, fencing, neighbors, everything - nailed it. In Fall 2017, so prices were a bit high-ish, but we got a good one. Listed at 245 after it was 255 on the first sale, got it at 237 with NOTHING needing to be done to it, other than paint the kitchen. Otherwise, nothing was wrong it's awesome.

Re-fi in Jan 2021, ditched PMI and lowered our rate. We'll be in the green on re-fi costs by September. Value is closer to 310 now. Debating selling it and moving into a rental and banking the balance until we move to Austin, but the human factor - we love the house and the size and location etc etc so no desire to really deal with that shenanigans and be unhappy in a bad location or be happy for a few years. I'll take it.

When we move we might consider handing it over to a property management company to rent it out. Even if we break even, if we end up not liking Austin and wanting to move home, there's no way we'd find THIS good of a setup again. I just need to get the lawn green again






Oil is helping me claw some way back up from the deep reds $VET $XOM, I have a contingent sale on XOM to go around 70 w/ a stop loss, I think if we see some activity into the summer we might see that breech 70! here's hoping!


Dropped 50 out of BTC and into LINK today, now I'm in 4 - BTC LTC ETH LINK

 

My Fidelity Roth Account:
"The ""style"" of the stock holdings in this account differs significantly from that of a benchmark that follows the U.S. stock market".




Aka- WTH are you doing

 

Just dumb luck, and a good convincing realtor. Come to think of it, market was still competitive when we bought it, we were outbid on 4-5 others that all came down to "final and best offer by 5 pm", and when we looked at this one my wife made it clear we weren't going to lose again, I think we offered $15k over asking? Worked out, so she's a genius.

 

My shares at $83.40 like this

 

We moved in April last year, right at the beginning of the pandemic. It was already crazy in our area. Sold my house in a day in February and moved in with the in laws until we found our house. Every house we looked at had multiple offers within a day and always came down to a bidding war, which we had no interest in being a part of. The house we bought wasn’t even on the market when we found it, just stumbled on it in a neighborhood we were in looking at a different house. We made an offer slightly over asking and wrote a sappy letter to appeal to the sellers. They accepted it within 24hrs. We’ve been holding off on some renovations since due to the price of materials. One day we will get it all done...


Or GME will moon and money will no longer matter

 

Woooweee, that's nice.