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.
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.