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(NPR)   Sales of expensive homes soar, even though you haven't been able to sell yours   (npr.org) divider line
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516 clicks; posted to Business » on 22 Oct 2020 at 10:09 PM (5 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



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TWX [TotalFark]
2020-10-22 7:09:10 PM  
That's because this is a "K-shaped" recovery.  Those with means are weathering this or even benefiting, the rest of the population is struggling more than ever.
 
2020-10-22 10:39:08 PM  
Anyone selling their piss-stained refrigerator box? I'm tired of renting mine.
 
2020-10-22 10:40:00 PM  
Eh, I live in a middle class area and this year has been good to me.

Fark user imageView Full Size


/Theoretically, at least
//Redfin might want me to sell with them, but their estimate was closest to the appraisal three years ago.
///hope the county tax offices aren't looking at Redfin
 
2020-10-22 10:52:24 PM  
I decided to build a home, my first at age 50, and took out most of my savings from the market to do that, because I'll be farked if I'm going to lose my shirt in this market and never get to be a homeowner.  It's had its ups and downs but I'm glad I did it, at least I have a place now I can't be evicted from.... Assuming I keep my wife happy!
 
2020-10-22 11:14:54 PM  
If you can't sell your home right now, you're doing it wrong.
 
2020-10-22 11:27:00 PM  

dylanthomas: If you can't sell your home right now, you're doing it wrong.


Yeah.  Money is certainly cheap as hell.
 
2020-10-23 12:04:30 AM  
I'm thinking about selling mine for $450k in Jenks and moving out the of the HOA to a meets and bound legal description new home a couple miles north of me in Jenks for $580k.  That's in the part of Jenks that has the brand new Elementary school.

My current loan is 4.85% interest and I can get 2.25% now. So my payment will be within A couple hundred dollars.  My house was built in 2006, so stuff is bound to start breaking and needing repairs.  I'm factoring that in to the idea of moving as well. New homes HVAC system is less likely to break than my 14 year old system.

Totally agree with K shaped recovery.  I'm doing so well and almost everyone I'm related to are barely making it.  I'm confident I'll be able to do just as well if not better under Biden.  I doubt the senator from Delaware is going to be cracking down on the mortgage industry anytime soon.
 
2020-10-23 12:08:38 AM  
Its because rich people need to keep working to make more money. Rich people, not trust fund babies, don't sit on their ass, they work to make it.
 
2020-10-23 12:22:47 AM  

ImmutableTenderloin: Its because rich people need to keep working to make more money.


As opposed to not rich people ?
 
2020-10-23 12:26:45 AM  
Fark user imageView Full Size
 
2020-10-23 12:29:07 AM  

dylanthomas: If you can't sell your home right now, you're doing it wrong.


More people than ever are now jobless, at risk of becoming jobless, or may even die of old age before their 40+ year mortgage payment plan concludes...
...and are not ready to begin a new one now.
 
2020-10-23 12:30:30 AM  
This is occurring more or less worldwide.

One poster above identified cheap money / low interest rates as a major cause. Another person described how refinancing makes it all work out.

Do your thought experiments people. It might be that all this money sloshing around gets added to a bunch more money that will be dumped into the mix as this pandemic wraps up. It has all got to go somewhere and it aint going to bonds. But dont stop there. Sloshing is sloshing, so once the real estate bubble gets really big, it will pop. Way before that, homelessness will get to be a huge problem. What then?

It is going to be a wild ride, and it will be a lot of fun until someone gets hurt.
 
2020-10-23 1:05:41 AM  
I regularly get letters from brokers pestering me to sell. Quite a few in the past were outfits wanting to hand me a check and consummate the sale with no escrow, no inspection, no nothing. I'm not seeing those any more.
 
2020-10-23 2:26:37 AM  
My daughter is an agent and can't find inventory. Everyone is moving out of congested areas to here but people here aren't selling.

farking me once again since I'm finally looking at buying for the first time in my life.
 
2020-10-23 4:18:33 AM  
During times of plague the very rich always move to better housing even further away from population centers.

/ Serfs out front should have told you.
// Also a historical reality, when the very rich begin moving back into the population centers after the plague, things get really dicey, cutty, stabby, and generally really bad. Something about having extreme wealth and flaunting it around people who have been holding society together under death and duress, makes people quick to go all choppy.
 
2020-10-23 5:59:09 AM  

Ganon D. Mire: dylanthomas: If you can't sell your home right now, you're doing it wrong.

More people than ever are now jobless, at risk of becoming jobless, or may even die of old age before their 40+ year mortgage payment plan concludes...
...and are not ready to begin a new one now.


Why not? Whether you owe 40 years or 5, if you lose the house, you lose it. Dust yourself off and keep going.
 
2020-10-23 8:21:26 AM  

edmo: ImmutableTenderloin: Its because rich people need to keep working to make more money.

As opposed to not rich people ?


If your poor your not working hard enough. Duh.
 
2020-10-23 10:39:23 AM  

ImmutableTenderloin: edmo: ImmutableTenderloin: Its because rich people need to keep working to make more money.

As opposed to not rich people ?

If your poor your not working hard enough. Duh.


I really hope that your double homonym substitution error was deliberately ironic.
 
TWX [TotalFark]
2020-10-23 11:34:34 AM  

Ganon D. Mire: dylanthomas: If you can't sell your home right now, you're doing it wrong.

More people than ever are now jobless, at risk of becoming jobless, or may even die of old age before their 40+ year mortgage payment plan concludes...
...and are not ready to begin a new one now.


If your mortgage is for 40+ years because that's the only way that you can make the payments, then you really can't afford to live there.

We paid-off a 30 year mortgage in a little under eight years.  When we were in the market in 2010/2011, we budgeted based on what I as the lower income in the household could have realistically qualified for by myself as a max, because having both lived through recessions we knew that it would be possible that one or the other of us would find ourselves unemployed.  We had also saved up to put 20% down, so we didn't have the extra expense of mortgage insurance.  Since we both remained employed for the duration we didn't end up having to drop to one income, so we were able to pay off the house quickly, as we'd both been paying extra towards-principal from the outset and having saved for a lump-sum to pay off at the end.

I am aware that most people may not have these options to the extent that we enjoyed them, but that doesn't mean that all of these options are denied most families.  A family might need to consider what kind of loan the married couple could qualify for, and dial-back that amount by 50%, so the monthy payment would still be more than what one of them would have qualified for entirely on their own, but not such a burden that medium-term unemployment would mean losing the house.  Sure, this might mean a smaller house, or a house in less desirable an area, or some combination of the two, but a house that one doesn't lose is worth more than a house that one ends up foreclosed-upon.

A family might not easily be able to get 20% down, but if they work on paying down principal each year then they will reach a point where equity in the house means an ability to refinance and get that mortgage-insurance money off their backs.  Mortgage insurance can be a couple hundred bucks a month, I know I can find better uses for $2400 per year than guaranteeing that the bank has insurance covering just them in a hypothetical default by me as a borrower.  Plus figuring out the 20% thing should be used as something of a gauge for determining when one can afford to buy anyway as moving and setting up in a new house is itself fairly expensive.
 
2020-10-23 12:40:11 PM  

Izunbacol: Eh, I live in a middle class area and this year has been good to me.

[Fark user image image 425x512]

/Theoretically, at least
//Redfin might want me to sell with them, but their estimate was closest to the appraisal three years ago.
///hope the county tax offices aren't looking at Redfin


My town is gouging me with property tax increases.  Thanks to MA prop 2 1/2 my average home sees something like 8% increases every year, while McMansions and old mansions see increases much less than that.  I would prefer it if my home value declined since I don't plan to sell anytime soon.
 
2020-10-23 1:20:07 PM  
My sister in Stafford, Va. (America's shiathole county) put her house on the market for $399,000. Got two offers the next day and sold it for $425,000. The whole DC region is immune to market factors because the Beltway Insiders will always make sure they get paid first.
 
2020-10-23 2:00:43 PM  

dylanthomas: If you can't sell your home right now, you're doing it wrong.


This.

Subby has no farking clue what they are talking about.

This is literally the perfect time to unload a problematic property because someone will buy it. For asking. Or more.
 
2020-10-23 2:02:55 PM  

Ganon D. Mire: dylanthomas: If you can't sell your home right now, you're doing it wrong.

More people than ever are now jobless, at risk of becoming jobless, or may even die of old age before their 40+ year mortgage payment plan concludes...
...and are not ready to begin a new one now.


Nobody has a mortgage that is over 40 years in length.

Hell, 40 year mortgages are virtually nonexistent. 30 years is the max for all practical purposes.
 
2020-10-23 2:23:12 PM  

gar1013: Ganon D. Mire: dylanthomas: If you can't sell your home right now, you're doing it wrong.

More people than ever are now jobless, at risk of becoming jobless, or may even die of old age before their 40+ year mortgage payment plan concludes...
...and are not ready to begin a new one now.

Nobody has a mortgage that is over 40 years in length.

Hell, 40 year mortgages are virtually nonexistent. 30 years is the max for all practical purposes.


TWX is one of those old accounts that suddenly popped up from the grave commenting again. Lots of that around here lately.
 
TWX [TotalFark]
2020-10-23 2:41:13 PM  

Red Shirt Blues: gar1013: Ganon D. Mire: dylanthomas: If you can't sell your home right now, you're doing it wrong.

More people than ever are now jobless, at risk of becoming jobless, or may even die of old age before their 40+ year mortgage payment plan concludes...
...and are not ready to begin a new one now.

Nobody has a mortgage that is over 40 years in length.

Hell, 40 year mortgages are virtually nonexistent. 30 years is the max for all practical purposes.

TWX is one of those old accounts that suddenly popped up from the grave commenting again. Lots of that around here lately.


Not really.  But you already knew that and just felt like lying didn't you?
 
2020-10-23 2:52:37 PM  
The Hartford CT region is the third hottest market in the U.S. right now. l live in Hartford county. l can't believe anyone would want to come here!!! It's unbelievable.
 
2020-10-23 3:02:52 PM  

gar1013: dylanthomas: If you can't sell your home right now, you're doing it wrong.

This.

Subby has no farking clue what they are talking about.

This is literally the perfect time to unload a problematic property because someone will buy it. For asking. Or more.


IN the spring my sister and I came to realization that my Dad has to move.  He cant take care of his house anymore and it is really to much for him.   He is really REALLY stubborn, and is house has been on the market with no offers since June.   He will not listen to anyone and has the house priced at the same price as houses in his area that are move in ready.   His house needs about $100k in repairs to be competitive  in his area.

So you are not taking into account  the stubborn 80 y/o white guy who thinks his property is "fine".   I got him to sign a durable power of attorney a month or so ago, and we are having discussions within the family of pulling the trigger and taking over the house sale.

He lives in Boulder, Co.  That area seems to also be immune to price declines.   The plan to cash out, and get him a condo that is maintenance provided.   He should be in a Senior Apartment, but as her him "that's for old people".
 
2020-10-23 6:01:10 PM  

thespindrifter: ImmutableTenderloin: edmo: ImmutableTenderloin: Its because rich people need to keep working to make more money.

As opposed to not rich people ?

If your poor your not working hard enough. Duh.

I really hope that your double homonym substitution error was deliberately ironic.


I'm so lazy I'll use words with less characters as long as they sound what I'm trying to type.

It's a gift.
 
2020-10-23 10:10:56 PM  
Red Shirt Blues:
TWX is one of those old accounts that suddenly popped up from the grave commenting again. Lots of that around here lately.

That will be my old account if I ever remember my login... let alone my password.  I had an account in '01 or '02, back when I was in college, but drifted away.  I couldn't remember when I came back and made a new one in 2006?  2007? 

gar1013:

Nobody has a mortgage that is over 40 years in length.

Hell, 40 year mortgages are virtually nonexistent. 30 years is the max for all practical purposes.


Well, when people do cash-out refis and extend their payments, it drags on longer.
 
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