A lot of black people move from large cities to what you said above to take advantage of the government assistance..
America's Looming Housing Crisis
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- americanway well damn
A lot of black people move from large cities to what you said above to take advantage of the government assistance..
They are in some medium sized cities. But even those are gonna go to lower middle class millenials who can't afford to buy at this current time.
You do not pay taxes on stocks
You pay capital gains, of course, but thats only when you sell or you dont reinvest your dividends. In any case, those pale in comparison to property taxes.
capital gains is a tax my dude lol
RareHunter
All Star
I’m not speaking of the trap of 30 year mortgages tho. Keep in my we are in a new age, so I suppose there won’t be any freedom or sovereign nations going forward.
The Fed can’t prevent housing from crashing. That myth is going to crush people. Rising inflation will restrain the Fed's willingness to stimulate without signs of deflation.
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Understood. But you were trying to draw some parallel between stocks and housing taxes and they are not even remotely close.
Capital gains is something that you only pay once, IF you realize a gain.
Property taxes are something you are paying regardless, ANNUALLY. Does not matter if your mortgage is all the way underwater.
While corporate buyers are playing a role, the biggest factor is rising demand from regular buyers and supply artificially constrained by COVID forbearance. Individuals still account for vast majority of residential home sales. Supply is coming as many builders were waiting for input costs (eg lumber) to decline (lumber prices have fallen 70% from Spring peak) and demand could evaporate overnight with a stock market correction (layoffs, decreasing net worths).
Ozymandeas
Veteran
I was golfing last month and we got paired up with this white guy.
Says that he looked at a house up in CT on a Wednesday during his lunch break. Says that his broker called him that night and told him he had to make an offer (25% over ask) by midnight or that he would definitely lose the house. He paid 27% offer ask, waived inspection, and his offer was accepted. His wife never even saw the house. And he spent the round of golf bragging how he 'Beat out 20 other offers'.
Unfortunately this is the current mindset for many- 'diligence be damned!'.
And to the people saying don't wait for the crash- I work in investments, and 'panic buying' is much worse than 'panic selling'. While we may not see the crash that we experienced in '08 (once in a lifetime crash), we will definitely see a correction as we always do. So we may not see a ton of foreclosures, but a large amount of these recent buyers are going to end up 'under water' and sort of stuck. So those starter homes are going to end up being forever homes.
Even if prices don't drop precipitously , there will definitely be a point time when owners i.) Aren't competing against 20 offers, and ii.) Aren't waiving inspections. These two components alone drive a large portion of ROI.
There’s always a crash. We would’ve had one in 2020 had the Fed and the Treasury not pumped massive amounts of money into the markets. It’s interesting people see what happened in China just now with Evergrande but are too delirious to realize the same exact thing is happening here just a few years behind schedule.
So if there is a market crash, do people not think think there will be bidding war on houses? Once that happens, those who couldn't afford this time will def try once the crash happens. The renting vs buying a home will alway be a debate. A majority of those saying they rather rent for life probably don't have a family (wife/husband & kid(s)) that they live with. Once you settle down and have kids, your views on some things start to change. You'll end up wanting space for your kids to grow and have some of their own space while still being in your view.
In the end, we are all paying to live someplace. Some will be able to profit from it and some won't.
jaydolf spitler
Superstar
Bought 2 homes in the last 3 years 
TheKongoEmpire
A Wilsonian Garveyite
Maybe I'm being short-sighted but this is where I work during the HVAC season from March to Sept and semi-living overseas. I'm not gonna kill myself to find a place to live in this country.
Encourage some homeless folk to setup shop...
shyt happened here in Seattle up in Lake city neighborhood ..property values plummeted after a tent city formed at the library.
That's exactly what's going down.
Sold my home that I've been renting out for the last 16 years to an investor. Was about to sell to Zillow after the investor tried to lowball me (after the first offer I let her know that shyt wasn't our first rodeo and we rented out places in the past and sold.
. Her 2nd offer was 20k more). Told her I was gonna take Zillow's offer which was 25k higher than her 2nd offer and she calls me back in an hour with 10k more than Zillow. 
Got an extra 55k more than her initial offer.
But yeah, the game is about to be fukked up, but shyt will end up adjusting.
