Where is there anything comparable to the East Village/Skid Row Jr? Not to mention Hancock St or Sports Arena next to Big Lots in Midway?
Gay code?
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***Official Real Estate Thread***
- Thread starter One-Off
- Start date
Well it’s likely going to play out like most gentrification. The places that got money will get the resources and the skid row will be pushed to the lower income urban decay areas.
But you make a good point how will they handle it? Cause you’re right. Latinos won’t go about it same way.
But you make a good point how will they handle it? Cause you’re right. Latinos won’t go about it same way.
Just read an interesting post on Reddit and real estate. Made a good point.
Not many people are going to want to sell their house that they own and likely have at a very low interest rate to go move somewhere and buy at a 6 percent interest rate.
That is not going to help inventory at all in a short supply market.
Not many people are going to want to sell their house that they own and likely have at a very low interest rate to go move somewhere and buy at a 6 percent interest rate.
That is not going to help inventory at all in a short supply market.
On the other hand, for qualified buyers, the rising interest rates will reduce the pool of buyers. The frenetic bidding wars could end. In the upcoming recession (yeah, I think that is going to happen), the pool of buyers will further reduce.- unemployment, ARM foreclosures....
For those like me that would like to buy but would need to sell, the ups and downs in the market are double edge sword- whatever helps buying hurts selling and vice versa, so any change can be seen as a no win or net zero situation.
Yup. Not going to sell if I have to buy something overpriced at the top of the market with higher property taxes and interest rate, assuming I can even find something.
What is going to help is when those with a low rate who are over-mortgaged can't pay their monthly because they, or their spouse, or the both of them are unemployed and food costs are going up.
‘Apocalyptic’ food prices will be disastrous for world’s poor, says Bank governor
Bank of England’s Andrew Bailey blames UK’s highest inflation rate for three decades on Russia-Ukraine war and Covid
www.theguardian.com
The only way it could work in anyones favor is if they have a home in a HCOL and sell it pay cash where they go.
Even then IMO you'd be buying at the top and better be ready to hold on to it for a few years as prices will likely dip in 23/24.
Holding on to it for a few years is a good rule of thumb in any case. The advice we got from our realtor when we bought our first condo was, "Don't buy anything you don't want to live in."
I have a rental. Small little cottage. Walking distance to beach.
I rent it for 800 over my mortgage. Interest is at 2.6. Why would I ever sell? Makes no sense to ever have too.
I also thknk of it as a hedge against disaster. I live in a much more expensive house and if I ever lost my job or things went south I could sell it and it’d pay off my cottage. So if worst ever comes to worst I’ll have a paid off cottage so my family be ok.
obv don’t want that to happen but I live by the same rule cause never know- you might end up living there
I think HELOC will be the demise for many who got equity rich on paper - it’s like winning the lottery.
if the flood of foreclosures hits, it’s not going to be newly purchased homes - it’s going to be folks who continuously tapped into the equity of their SFH to support their glam lifestyles, new floors and Instagram ready kitchens and living rooms and had nothing left to leverage when their equity shrinks instead of grows.
if the flood of foreclosures hits, it’s not going to be newly purchased homes - it’s going to be folks who continuously tapped into the equity of their SFH to support their glam lifestyles, new floors and Instagram ready kitchens and living rooms and had nothing left to leverage when their equity shrinks instead of grows.
I refuse to touch HELOCs. Just doesn’t seem like a good idea to take out a huge amount of equity to remodel.
Some people tell me the whackiest things. That the windows “needed” to be changed along with the floors and cabinets and that’s why they spent 100k from a HELOC. When asked if the place was unlivable or anything the answer is of course no it was perfectly fine.
I’ve done a lot of upgrades on my places but slowly and never went into debt for them.
A HELOC can be smart for an investment property that generates cash flow and appreciation. That way you are putting your equity to work and getting something in return.
Not so much for aesthetic changes to your own place that doesn't generate a return, unless it's a relatively small amount (~<$20K-ish max).
what wild is, according to my buddy who does appraisals, HELOCs he’s involved with are almost always folks living extravagantly looking to live even more so bc it’s the life they’ve become accustomed to and wages cannot sustain it alone.
Apparently once accustomed to credit card debt sustaining lifestyle, they extend that behavior into other available lines of credit.
he has no doubt the refi game will continue as people seek more cash to sustain their picture perfect coastal socal lifestyles.
Apparently once accustomed to credit card debt sustaining lifestyle, they extend that behavior into other available lines of credit.
he has no doubt the refi game will continue as people seek more cash to sustain their picture perfect coastal socal lifestyles.
Absolute idiocy. If you can't pay off your credit card every month, then you have no business even considering a HELOC.
I should add that if you really need a modest amount to do a remodel, there are plenty of options for unsecured financing at reasonable rates where you don't have to get your property involved. Many contractors, kitchen/bath showrooms etc offer them.
Likely cash only?
I mean if you get an inspection and hire engineers and contractors to take a look before. Shouldn't be an issue.
HELOC is like a credit card, use it wisely, not to fund a lifestyle you can't afford. I have a HELOC that gives me access to $250K if I need it, but costs me nothing if I don't use it. Like my credit card it gets paid off ASAP. It has worked out well for me.
HELOC? Decades ago, I notarized about 100 of them in the Scripps Ranch area. Most were for $500K. Then there was a massive wildfire, and almost all the houses burnt down.