typical normie-tier article that half-explains things, but ignores a lot of other things. they talk about real estate as investment but neglect the value as primary residence and domicile.
55% of Millennials surveyed said they wanted to invest in real estate.
Aka millennials would like to purchase primary residence and not rent.
(Yes yes 30 yr loan + HOA fees + taxes is not 'ownership', but renting is even less ownership.)
Boomers pay $100-200k for their residence(s) back in 70s-90s.
Low interest rates of 00s, boomers pick up 2nd 3rd property,
Inflation, Blackrock getting cash directly from gov., 'invest' in properties to drive up prices.
Boomers take out reverse mortgage from schlomo to collect on their fake inflated real-estate 'gainz' to buy cruises, boats, motorcycles, whatever else toys.
Low inventory since no one wants to sell w/ slightly higher rates, which aren't even that high when comparing to rates from 1970s-early 00s.
Eventually boomers die, banks take back the houses since schlomo now owns it from the reverse mortgage.
Banks then give houses to migrants or rents to millennials
If it makes you feel any better, we are selling the house that we just bought last fall - the one I painstakingly attempted to justify - done with "real" estate (aka permanent taxes and fees) for the moment, going back to op ex lifestyle.
Yeah exactly, as long as it's done responsibly. What we did was not responsible, because we were going to downsize and then we ended up buying something almost as expensive but with a higher interest rate and the same amount of financing we had before. So it was pretty stupid. And yeah I hope you're right that we do have a second chance to get out. We didn't buy it at the top or anything like that, because we bought in the third quarter, but hopefully we don't have to take a big haircut.
I think you're right. The only thing that concerns me is the time on the market is pretty long because of what they are mentioning (and what you're mentioning - people staying in 3% loans) in this video (12 minutes in so far), and some construction projects that seemed like they were on hold indefinitely around here have all just picked up full steam, bulldozers and everything, makes me think they were about to go full steam into home production before end of summer and then we are going to see a huge pile of inventory come on the market right as it's crashing, I hope we can sell quick enough. I wish we would have listed it in June, but we weren't really there, emotionally, yet. Moving across the country and selling/buying, it's like a midlife crisis level of chaos in our lives in the past year, but getting back to op ex while the market is in flux will feel good, especially because we will have the extra money in the bank, which acts as a nice cushion and possibly a future home if the price is really tank.
That's interesting, that's one of the top reasons why I think the real estate market is going to collapse as well. I didn't really think about it being related to the Covid money or any of that stuff, but I know that the number of Airbnb rentals has skyrocketed, and the number of people in that shit has gone way up, and now that we are experiencing a downturn and people are spending less, everybody who owns five or six Airbnb rentals is going to have to sell one or two of them to keep afloat, and that's going to tank the market.
Thanks for the link. I'm gonna listen to it this afternoon.
It wasnt terrible before airbnbs and covid bullshit. I also think its a smart thing to do, if your adding value to the property. But that requires having skills, or the ability to learn them.
When I was in college my friends parents made money this way, they had part time jobs but their main income was buying and flipping properties. They ended up buying one near the college so my friend could have cheap board and they rented out rooms to other kids going to the college. Was a win win.
I even got a discount because I helped with finishing rooms and painting. The house was fucking 3 floors high so I wasn't going up top to help with the roof which had something like 5 layers of shingles on it. Wouldnt have took much more to bring it down. There is a reason you dont see many 6'3 300 lb guys on roofs.
Anyway, in this case they added value to the house, made their money when the kid left and provided cheap housing for a few students.
However, these people who buy property's, only to turn around and list them for a even higher price a week later.
Or these fucking airbnb scum, who think they are business genius's for taking advantage of a loophole and have no qualms whats so fucking ever about putting people or even entire familys out on the streets.
The statement of claim, filed on behalf of Allison Rasquinha in Ontario Superior Court of Justice on June 22, says Michele Nicole Carter and Jose Cornejo Kelly registered Rasquinha's studio condo on Adelaide Street West with the city for short-term rental without authorization and rented it out dozens of times on Airbnb in violation of the condo corporation's rules.
These people can rot in hell, airbnb blows my mind. If they want to run like a hotel, they should pay for a license, inspection, and insurance, Just like every other hotel. Fucking crazy they get away with this shit.
ESTA'TE, noun (Latin status) - "fixedness; a fixed condition"
a) perceivable reality implies ones moving condition, others suggest fixedness as the inversion thereof.
b) consenting to suggested represents the temptation (ones obsession) to want to hold onto it; while ignoring the need to let go of perceivable.
c) obsession implies possession, yet progression within motion prevents possession, hence living within the process of dying...a struggle of sustenance.
d) estate in regard to shelter...the few suggest DOMICIL, noun - "place of permanent residence" to distract from temporary (choice) within ongoing dominance (balance) aka from being within the momentum of motion.
In other words....motion implies permanence; everything within represents transience.
typical normie-tier article that half-explains things, but ignores a lot of other things. they talk about real estate as investment but neglect the value as primary residence and domicile.
Aka millennials would like to purchase primary residence and not rent. (Yes yes 30 yr loan + HOA fees + taxes is not 'ownership', but renting is even less ownership.)
Good synopsis on boomer pyramid scheme.
Give them a comfy life while they build the walls of the prison.
I bought country acres with cash & am slowly building a house myself. Screw this HGTV house flip nonsense.
If it makes you feel any better, we are selling the house that we just bought last fall - the one I painstakingly attempted to justify - done with "real" estate (aka permanent taxes and fees) for the moment, going back to op ex lifestyle.
Yeah exactly, as long as it's done responsibly. What we did was not responsible, because we were going to downsize and then we ended up buying something almost as expensive but with a higher interest rate and the same amount of financing we had before. So it was pretty stupid. And yeah I hope you're right that we do have a second chance to get out. We didn't buy it at the top or anything like that, because we bought in the third quarter, but hopefully we don't have to take a big haircut.
I think you're right. The only thing that concerns me is the time on the market is pretty long because of what they are mentioning (and what you're mentioning - people staying in 3% loans) in this video (12 minutes in so far), and some construction projects that seemed like they were on hold indefinitely around here have all just picked up full steam, bulldozers and everything, makes me think they were about to go full steam into home production before end of summer and then we are going to see a huge pile of inventory come on the market right as it's crashing, I hope we can sell quick enough. I wish we would have listed it in June, but we weren't really there, emotionally, yet. Moving across the country and selling/buying, it's like a midlife crisis level of chaos in our lives in the past year, but getting back to op ex while the market is in flux will feel good, especially because we will have the extra money in the bank, which acts as a nice cushion and possibly a future home if the price is really tank.
That's interesting, that's one of the top reasons why I think the real estate market is going to collapse as well. I didn't really think about it being related to the Covid money or any of that stuff, but I know that the number of Airbnb rentals has skyrocketed, and the number of people in that shit has gone way up, and now that we are experiencing a downturn and people are spending less, everybody who owns five or six Airbnb rentals is going to have to sell one or two of them to keep afloat, and that's going to tank the market.
Thanks for the link. I'm gonna listen to it this afternoon.
It wasnt terrible before airbnbs and covid bullshit. I also think its a smart thing to do, if your adding value to the property. But that requires having skills, or the ability to learn them.
When I was in college my friends parents made money this way, they had part time jobs but their main income was buying and flipping properties. They ended up buying one near the college so my friend could have cheap board and they rented out rooms to other kids going to the college. Was a win win.
I even got a discount because I helped with finishing rooms and painting. The house was fucking 3 floors high so I wasn't going up top to help with the roof which had something like 5 layers of shingles on it. Wouldnt have took much more to bring it down. There is a reason you dont see many 6'3 300 lb guys on roofs.
Anyway, in this case they added value to the house, made their money when the kid left and provided cheap housing for a few students.
However, these people who buy property's, only to turn around and list them for a even higher price a week later.
Or these fucking airbnb scum, who think they are business genius's for taking advantage of a loophole and have no qualms whats so fucking ever about putting people or even entire familys out on the streets.
https://www.cbc.ca/news/canada/toronto/landlord-lawsuit-airbnb-city-tenants-toronto-1.6900162
These people can rot in hell, airbnb blows my mind. If they want to run like a hotel, they should pay for a license, inspection, and insurance, Just like every other hotel. Fucking crazy they get away with this shit.
a) perceivable reality implies ones moving condition, others suggest fixedness as the inversion thereof.
b) consenting to suggested represents the temptation (ones obsession) to want to hold onto it; while ignoring the need to let go of perceivable.
c) obsession implies possession, yet progression within motion prevents possession, hence living within the process of dying...a struggle of sustenance.
d) estate in regard to shelter...the few suggest DOMICIL, noun - "place of permanent residence" to distract from temporary (choice) within ongoing dominance (balance) aka from being within the momentum of motion.
In other words....motion implies permanence; everything within represents transience.
...while no other life form does that.