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?Probably the same thing they’ve done this whole time?
Gay code?
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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?Probably the same thing they’ve done this whole time?
Gay code?
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....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.
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.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.
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.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.
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.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.
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.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.
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."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.
I have a rental. Small little cottage. Walking distance to beach.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 refuse to touch HELOCs. Just doesn’t seem like a good idea to take out a huge amount of equity to remodel.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.
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.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.
Absolute idiocy. If you can't pay off your credit card every month, then you have no business even considering a HELOC.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.
Likely cash only?Anybody ever buy a property that was in foreclosure? One came up tht could be of interest to us (in need of major repair). Caveats?
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.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.
How do I get a HELOC?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.How do I get a HELOC?