Mortgage rates back to 7%

[The Devil's Advocate]

Its funny that Nick Gerli is the guy who tweeted this is - One of the top 3 guys on Youtube that got rich talking about how the housing market is going to crash since late 2020, and were still waiting.

If his gullible subscribers bought a home back in 2021 when rates were 3% for $275k-$350k instead of listening to him, most would be paying $1850 or less for a whole house and not a 2 bedroom apartment. But now the median home price is over $400k, interest rates have doubled, and Americans Pandemic savings have dried out.

Maybe we can default on this debt and it'll crash this year brehs

 

[jaydawg08]

Kinda glad in a weird way to see this happening all over and not just myself and small community.

Me and the Mrs each make REALLY good $$.. but we don't have the excess cash saved for an appraisal gap to separate ourselves in the market and want to live below our means cause we also have a newborn and daycare costs are literally 1200+ a month.

I feel like I missed the boat with the pandemic interest rates and it pisses me off. Plus with the baby coming along it basically made all those "nah we can just wait it out till the interest rates go down" not as appealing anymore.

Would jump all over a 4-5% if it ever happened again. Sucks about the bidding war scenario but I learned my lesson and not waiting again.

 

[Astroslik]

Kinda glad in a weird way to see this happening all over and not just myself and small community.

Me and the Mrs each make REALLY good $$.. but we don't have the excess cash saved for an appraisal gap to separate ourselves in the market and want to live below our means cause we also have a newborn and daycare costs are literally 1200+ a month.

I feel like I missed the boat with the pandemic interest rates and it pisses me off. Plus with the baby coming along it basically made all those "nah we can just wait it out till the interest rates go down" not as appealing anymore.

Would jump all over a 4-5% if it ever happened again. Sucks about the bidding war scenario but I learned my lesson and not waiting again.

You probably wouldve paid more for the home with the low pandemic rate

 

[BlaccSunrise]

Can't relate.

Still living with mom, house mortgage is fully paid, and I'm inheriting the home

 

[BlaccSunrise]

And invest in some noise canceling headphones — preferably the Sony joints.

Money well spent.

 

[Michael's Black Son]

Money well spent.

Yup. I wish the blue WH joints were available on launch day last year but I like the headphones either way. Not much you can improve on them unless ANC tech takes a major leap and truly blocks sound/impact noise — maybe one day. I wish the white colorway had back fabric where it touches your ear inside the cup

And these are on sale right now.

Touch controls are solid, USB-C charges fast, the 8 microphones are clutch and the app shyts on anything on the market. Apple better copy whatever Sony is doing if they stand a chance because $550 for some shyt you can’t manually turn off ain’t it.

 

[The Devil's Advocate]

Can't relate.

Still living with mom, house mortgage is fully paid, and I'm inheriting the home

I really be stressed about when I'll be able to buy.. But it's only because I choose to ignore the fact I'll inherit crazy money and property if I make it that long. But fukk that route. I want to see my parents come over MY house

 

[Afro]

I pay $1950 in rent for a 2br.

fukk this shyt, I wanna house.

 

[Contrefaire]

$4k for a 1 bedroom rent at this spot in Culver City

ARQ Apartments

Soaring 31 stories into the sky, ARQ is a landmark development of stunning new luxury residences in one of Los Angeles' most dynamic emerging neighborhoods.

arqatcumulus.com

Last I check it was clearing $3k for a studio. Nearly every time I drive by this thing I just think of all the out-of-towners really penny pinching to live at a studio there.

Culver City, Westchester and now Inglewood are really pushing the limits as far as what the market will bear. Years ago when the Silicon Beach bubble was still going strong and they were building those apartments off the 405 at the Howard Hughes Center I looked up a studio and that shyt was going for $3700. That was 5+ years ago and I see shyt hasn't changed however those tech jobs are dwindling fast. It's getting spooky.

 

[Contrefaire]

some of these stories

check out nevada. one of the only states with no income tax and nonexistent property tax, plus it's purple/blue. the tax on my condo is 45 a month

As a lifelong California resident this is a constant thought. When I decided to buy instead of renting I actually heavily considered it, especially when I was seeing modernish homes with pools and golf course views in the mid $200Ks. The only drawback was jobs. In my field California just pays more to a point where even with the lower cost of living factored in, it still wasn't a good move financially.

 

[BlackBall]

I pay $1950 in rent for a 2br.

fukk this shyt, I wanna house.

I’m paying $2,780 sold my house 2 years ago after divorce. Made a killing on the sale though

 

[Contrefaire]

It’s crazy how I’ll watch a PBS documentary on the gilded age of the late 1800s and we are still having the exact same economic issues that they had way back then.

We really don’t learn shyt.

Nah we "the people" learned. It's just that the wealthy ruling class also learned and had the means to force the rest of us to suffer the consequences of their actions.

 

[jadillac]

Yea, living in Ca, I never paid any attention to these online “my man better pay for everything” wars. Ain’t no way you plan on having a man if you waiting for one that can pay 100% of the bills here dolo, you gonna be fighting for a very small segment while the girls going 50/50 are getting married.

That ain't what Beyonce amd SZA said.

Lol

 

[jadillac]

I'm more curious if/when a recession hits, will that help the housing market come back down to earth a little bit?

 

[beenz]

Lot of shyt said but china's grown the way they've grown bc they are a dictatorship breh.

fukk china. you can't even own land there. the gov't owns all the land. their style of home ownership over there is all ass backwards. I would NEVER want to live there and try to acquire real estate.