For the Real Estate Drop in sales and price Naysayers HOLD ONTO YOUR HATS

[monkeyswrench]

Sometimes life deals us some different circumstances that we never saw as being a threat or challenge. I haven't worked full time in 10 years. Properties and cars are paid off, plenty of food and things just rolling along. I watched my parents work until they passed...not due to debt, due to untimely deaths. Same with my mother in law.

Now, 10 years have passed, and some drastic changes have taken place. Now I have to look towards a future beyond my time...and it's scary as fuk. Now I'm looking at hitting it harder than ever. Different motivations. Not the toys or the good life...I have them, not new or shiny, but the life isn't bad...but for preparing for the unknown future.
I'll work until I physically cannot. I'm fine with that.

 

[Go-Fly]

Sometimes life deals us some different circumstances that we never saw as being a threat or challenge. I haven't worked full time in 10 years. Properties and cars are paid off, plenty of food and things just rolling along. I watched my parents work until they passed...not due to debt, due to untimely deaths. Same with my mother in law.

Now, 10 years have passed, and some drastic changes have taken place. Now I have to look towards a future beyond my time...and it's scary as fuk. Now I'm looking at hitting it harder than ever. Different motivations. Not the toys or the good life...I have them, not new or shiny, but the life isn't bad...but for preparing for the unknown future.
I'll work until I physically cannot. I'm fine with that.

The Dr's in the past have told my wife three times, that I wasn't leaving the hospital through the front door and to go home and make arraignments. Last year my urine turned to gel and my kidneys stopped working. All while my truck was broke down, 900 miles from home and I sat in a camp site.. Yet here I am. I live for today and plan for tomorrow. You and I are not that different.

 

[OldSchoolBoats]

I definitely fall into the category of spending too much money and not saving enough to retire early.

That said, I have no regrets whatsoever as we traveled extensively with the kids (when they were young), had 100s of boating and desert trips and, in general, really enjoyed ourselves. Can’t even count the number of times we’ve been to HawaII, New York, Florida, the Caribbean, etc. (cumulatively) on family trips. The memories are priceless.

Up shot is I now have to wait a couple of years until I‘m 65 to retire. In the mean time, I really like what I do for work (it’s both challenging and rewarding) so I am not bumming it.

You never know when your time is up and each day is a blessing. I like to think we have made the best of it.

Agree 100%!! Tomorrow isn't guaranteed so make memories while you can. Depriving kids of a good life, filled with experiences, just to save some dollars isn't the way I want to live.

 

[Cdog]

U.S. existing home sales plunge; tight inventory keeps prices rising

U.S. existing home sales tumbled for a record ninth straight month in October as the 30-year fixed mortgage rate hit a 20-year high and prices remained elevated, pushing homeownership out of the reach of many Americans. Despite the broad decline in sales reported by the National Association of...

finance.yahoo.com

Orange County appears to be fairly strong with this project starting at 2,420,000 and demand exceeding available lots?

View attachment 1173460

Saffron

Available homes at Saffron in Orange County. https://www.sheahomes.com/new-homes/california/orange-county/yorba-linda/saffron/

www.sheahomes.com

I think their marketing department screwed up naming that sub division. Don't they know all the middle eastern people in OC live in Turtle Rock? LOL!

 

[monkeyswrench]

The Dr's in the past have told my wife three times, that I wasn't leaving the hospital through the front door and to go home and make arraignments. Last year my urine turned to gel and my kidneys stopped working. All while my truck was broke down, 900 miles from home and I sat in a camp site.. Yet here I am. I live for today and plan for tomorrow. You and I are not that different.

I'm glad you're still here!

Your avatar is one that I've always liked, and your posts are always worth reading. There are some that post to bloviate, some that post to educate and some here to learn. (There can also be some good natured trash talking intertwined with most as well.) I don't have much of value to add to this thread, but learning as it goes. I'm 45. God willing, I'll be able to make up for some lost time and put some lessons in motion.

 

[CarolynandBob]

You have to be willing to move and change. Sleeping in your car drives that home. Good for you on the early retirement. I kicked out at 55 because my wife told me to. A good friend of mine will never be able to retire. He makes big money and somehow spends all of it by the end of the year. He saw what I did. I showed him how to invest. He chose not to invest in his retirement. So here we both are, in our 60's and he wishes he'd done it different. Wishes, it was a choice. For every 100 of hims, there's one person that wants to invest in real estate and the market. That's why it works the way it does people.

My wife kind of made me retire as well. Once the financial advisor told us we could it was over in her eyes. I am glad she did. I was the big saver between the 2 of us. She made sure we enjoyed life along the way as well. We travel a lot and took the kid to a ton of places, just would do it on a budget.

I have 2 friends that refuse to save for retirement. They say that is what social security is for. I have explained how hard it would be to have a good life on SS, but they don't listen.

 

[LuauLounge]

Retirement isn’t for everyone. My father hated his career, but it was a means to an end. He retired at 50, in 1972. He kept quite busy, but wasn’t challenged.
I decided early on that I was going to follow a different path, if I reach a point I’m not enjoying what I’m doing, I’ll go do something else. I’ve been in a position to retire for some time, but have no real desire. My wife and I are planning to turn over our business to our employees in the coming months and we’ll start looking looking at what we want to do when we grow up. We are both in our 70’s.

 

[badgas]

Waaay worse than that methinks

View attachment 1172910

Nothing new here.

78% of Amercicans live pay check to paycheck.

 

[Go-Fly]

Nothing new here.

78% of Amercicans live pay check to paycheck.

That makes me ask the question, who bought all these over priced houses. My expertise is in commercial property and I've made a few dollars at it. We are kind of looking for a new home for us and picking up some good deals to hold papers on for the next ten years. People bought their homes two years ago for almost three times its value and now are up side down on it and they want me to buy them out of trouble, NO. With inflation that is going to be with us through 2023, in what I'm seeing in my area, this over spent money dam is going to break soon. Its got some big leaks in it now.

 

[monkeyswrench]

The saying goes "It's only worth what someone will pay for it." The home prices seem incredibly inflated in some areas, but appear to be somewhat inflated across the board.

Many pages back, and possibly repeated multiple times, it was said the home prices and finance don't make too much of a difference. If people can pay, they obviously will...which has driven the price. What was mentioned previously though, is that when layoffs start, that will cause a large effect. We've heard of layoffs in the news, and threats of it even from one of our own. (Don't care about the Twitter dorks...time to find a real job)

As layoffs occur, spending slows, and debt goes up. People will used credit to survive, and some with no intent to pay back. I don't know how bad it will get, or how fast it will get there. I agree, it's "not like the last time". I don't know if it will be better or worse, but the effects, I feel, will be the same.

 

[Sportin' Wood]

Retirement isn’t for everyone. My father hated his career, but it was a means to an end. He retired at 50, in 1972. He kept quite busy, but wasn’t challenged.
I decided early on that I was going to follow a different path, if I reach a point I’m not enjoying what I’m doing, I’ll go do something else. I’ve been in a position to retire for some time, but have no real desire. My wife and I are planning to turn over our business to our employees in the coming months and we’ll start looking looking at what we want to do when we grow up. We are both in our 70’s.

I have no intention of retiring. I don't think my wife is pleased with my decision. I don't live for the weekends like most people; I get bored. I always have to be doing something. I can't sit still.

I will be one of those old guys that does stupid shit and dies on the side of a trail. Extra points if the grandkids can tell stories about how Grandpa lost a fight with a bear.

 

[bonesfab]

What's this retirement people speak of?? I would be bored off my ass. I am trying to set myself up so in theory I could retire in about ten years. Then what?? I will always have something to play with. Now with the new house with the garage in the backyard, I can still do side work for good customers when I "Retire". Plus if shit gets real bad now or in the future I can shut my shop down and downsize to the house.

 

[badgas]

That makes me ask the question, who bought all these over priced houses. My expertise is in commercial property and I've made a few dollars at it. We are kind of looking for a new home for us and picking up some good deals to hold papers on for the next ten years. People bought their homes two years ago for almost three times its value and now are up side down on it and they want me to buy them out of trouble, NO. With inflation that is going to be with us through 2023, in what I'm seeing in my area, this over spent money dam is going to break soon. Its got some big leaks in it now.

If they bought 2 years ago I doubt they are upside down.

What is your area ?

 

[OldSchoolBoats]

That makes me ask the question, who bought all these over priced houses. My expertise is in commercial property and I've made a few dollars at it. We are kind of looking for a new home for us and picking up some good deals to hold papers on for the next ten years. People bought their homes two years ago for almost three times its value and now are up side down on it and they want me to buy them out of trouble, NO. With inflation that is going to be with us through 2023, in what I'm seeing in my area, this over spent money dam is going to break soon. Its got some big leaks in it now.

How do you know they are upside down?? Do you know how much they put down?? No, you don't.......a lot of people sold and moved up, using proceeds for sizable down payments. They have small mortgages at sub 3% rates and that is A LOT of them. Nobody is wanting you to buy them out of trouble......lol

I mean what is it with some of you guys?? Do you literally drive around on your high horse and look at everyone else like they are a failure and you are so much smarter than them?? I mean it is seriously laughable the assumptions that go on in here.

 

[monkeyswrench]

Many people also took the proceeds, upgraded massively, and kept the same payments. Yes, the interest rates are low, but the outgoing flow is still the same. This is fine and dandy, so long as the incoming flow maintains the same, or higher. It can be a gamble.

Before one comes at someone with statements of the high horse, they must realize they're shouting from an ivory tower. None of the players in this thread are stupid people. Differences of strategy and outlooks are how many of you made money. Sometimes it's nice to be the beginner looking in. I don't have any predetermined thoughts on the subjects at hand, so my mind is open to facets some are closed to.

 

[Go-Fly]

If they bought 2 years ago I doubt they are upside down.

What is your area ?

I've had one or more houses in Oregon since 1980 . All have been on the west side of the mountains. We are now looking on the east side. There was a large group of people that migrated here and paid cash for their homes and over paid at that. Now they are leaving and the houses that we are looking at are vacant. Most have had a very large home office. That leads me to believe it was a work at home set up. There are pockets of homes in the valley that are holding their price and some that are not. The east side has been dropping at a more steady rate. Again there are places that will never drop in price, even as we go into a recession. We have an offer on a primary resident that is half what they paid for it in 2020. We are the highest offer so far. People that threw around stupid money are going to get hurt. Those that stayed and make it pay, will be ok until someone gets laid off.

 

[Havasu blue label]

How do you know they are upside down?? Do you know how much they put down?? No, you don't.......a lot of people sold and moved up, using proceeds for sizable down payments. They have small mortgages at sub 3% rates and that is A LOT of them. Nobody is wanting you to buy them out of trouble......lol

I mean what is it with some of you guys?? Do you literally drive around on your high horse and look at everyone else like they are a failure and you are so much smarter than them?? I mean it is seriously laughable the assumptions that go on in here.

So you are saying if the is bought at a 1 you 50 down you owe 50 this year coming the house is worth 75 I consider that up side down it’s called a bad investment

 

[Go-Fly]

How do you know they are upside down?? Do you know how much they put down?? No, you don't.......a lot of people sold and moved up, using proceeds for sizable down payments. They have small mortgages at sub 3% rates and that is A LOT of them. Nobody is wanting you to buy them out of trouble......lol

I mean what is it with some of you guys?? Do you literally drive around on your high horse and look at everyone else like they are a failure and you are so much smarter than them?? I mean it is seriously laughable the assumptions that go on in here.

I understand what you are saying and I can speak only for myself. Been at this for 40 years and yes I do know what the full financial standing on the properties I'm looking at. That's why I make money on real estate. Some is public record and other you just ask. People tell you all kind of things if you just ask. Like it or not, there is a shit storm head our way because we all over spent. Everyone here knows that at one point in time the bill comes due.

 

[OldSchoolBoats]

So you are saying if the is bought at a 1 you 50 down you owe 50 this year coming the house is worth 75 I consider that up side down it’s called a bad investment

Oh yeah because the majority of people buy houses to turn around and sell them a year later. Geezus.

 

[LargeOrangeFont]

So you are saying if the is bought at a 1 you 50 down you owe 50 this year coming the house is worth 75 I consider that up side down it’s called a bad investment

So any stock you bought that ever went down is a bad investment…

Noted.

 

[Havasu blue label]

So any stock you bought that ever went down is a bad investment…

Noted.

Stock and real estate really dude good morning

 

[rivermobster]

I understand what you are saying and I can speak only for myself. Been at this for 40 years and yes I do know what the full financial standing on the properties I'm looking at. That's why I make money on real estate. Some is public record and other you just ask. People tell you all kind of things if you just ask. Like it or not, there is a shit storm head our way because we all over spent. Everyone here knows that at one point in time the bill comes due.

Define "we all".

I'm happily retired on a fixed income Way less than I made working, but just went on a trip to Barbados. I'm doing just fine with no worries and not a penny of CC debt.

Have I over spent a couple three or four times in my life? Probably, but I fixed it as quick as I could.

Sounds like you're doing pretty well yourself! And I'm sure there are a few more inmates on this site that have a bit of financial savvy also.

So easy with that "we all" thing Y'all!

 

[CarolynandBob]

For those of you that say they could never retire. That they would get to bored. I was of that same mindset. When we decided to retired we knew we would need a plan. Our plan was to travel and see our country. I have told that story here before. I kind of thought when we were done with that I would probably get bored and find some time of job.

Well we found a great resort to spend winters. The place has about 125 activities a week. If you are bored it is your own fault. We have a full wood shop, stained glass shop, lapidary, music groups, concert hall etc…. I am heavily involved in volleyball and play 2-4 hours everyday except Sunday. I play at least an hour of pickleball a day. We have 3 scheduled potlucks each week, one that we host. I play poker one night a week. We have live music on Wednesday and Saturday. I do the audio, video and light for the concert hall. I do an open mic night at the pool bar on Monday. I don’t play but handle the audio. My wife is just as busy as I am.

We are so busy that when we were looking for a summer home we wanted a slower paced environment, just to rest. We found a Great Lake house that is very rural. A little slow for me but getting a little busier the more people we get to know.

My point is if you like being busy now you will be busy in retirement. We only live once so do what you enjoy. If that is working fine, but don’t keep working just because you think you will be bored.

The only thing to make sure of, is that your spouse is on the same page as far as how busy you want to be. If my wife wasn’t as busy as me then it probably wouldn’t work.

 

[regor]

A Shocking 37% Of Real Estate Agents Couldn't Afford October Office Rent ​

And here comes the thinning of the herd.

MON NOV 21, AT 4:20 PM

 

[Gonefishin5555]

A Shocking 37% Of Real Estate Agents Couldn't Afford October Office Rent​

And here comes the thinning of the herd.

MON NOV 21, AT 4:20 PM

by office rent i assume you mean their car payment? They all work out of their cars don't they?

 

[DUNEFLYER]

From Taylor Morrison this afternoon.
We are being asked by almost all of our builders for price reductions or project goes out for rebid.
Fun times again..

 

[c_land]

From Taylor Morrison this afternoon.
We are being asked by almost all of our builders for price reductions or project goes out for rebid.
Fun times again..
View attachment 1174282

Which trade is your company @DUNEFLYER

 

[Havasu blue label]

by office rent i assume you mean their car payment? They all work out of their cars don't they?

They pay office rent desk and phone

 

[Go-Fly]

Define "we all".

I'm happily retired on a fixed income Way less than I made working, but just went on a trip to Barbados. I'm doing just fine with no worries and not a penny of CC debt.

Have I over spent a couple three or four times in my life? Probably, but I fixed it as quick as I could.

Sounds like you're doing pretty well yourself! And I'm sure there are a few more inmates on this site that have a bit of financial savvy also.

So easy with that "we all" thing Y'all!

We all : a term of endearment used mainly by friends on River Dave's Place when other people fuck up and we feel sorry for them.

 

[rivermobster]

We all : a term of endearment used mainly by friends on River Dave's Place when other people fuck up and "we"feel sorry for them.

Define "we"

 

[DUNEFLYER]

Which trade is your company @DUNEFLYER

I don’t wanna say

 

[Go-Fly]

Define "we"

My new pro-noun.

 

[77charger]

From Taylor Morrison this afternoon.
We are being asked by almost all of our builders for price reductions or project goes out for rebid.
Fun times again..
View attachment 1174282

Thats the "we dont want to lose profit but we want you to give up some money so we dont have to"letter.

 

[angiebaby]

From Taylor Morrison this afternoon.
We are being asked by almost all of our builders for price reductions or project goes out for rebid.
Fun times again..
View attachment 1174282

I’ve think I’ve seen this movie before

 

[Orange Juice]

From Taylor Morrison this afternoon.
We are being asked by almost all of our builders for price reductions or project goes out for rebid.
Fun times again..
View attachment 1174282

Even in bad times, it’s all about location location location!

Where is “that” location today? And what’s selling?

 

[Orange Juice]

We are fucked View attachment 1128837

Edit: I wonder if they will be able to find $15-25 an hour jobs…….

One day you’re a loan officer making $90k a year plus bonus, 5 years later, you’re a debt collector manager, making $90k plus bonus.

 

[COCA COLA COWBOY]

I am amazed by the deals that buyers are getting right now. Just heard of a listing in Temecula area that was listed at approximately $660k, the seller accepted $600k and provided a 4% credit for closing costs....buying the rate down.

Spoke to my lender yesterday and heard about one of his agents seller her condo in San Diego for about $50k less and then buying a home in Murrieta for approximately $45k less than listing price.

Spoke to some other escrow officers and they are consistently seeing $100k off of list price.

For all you guys that believe we hit bottom, sellers are accepting low offers right now.

 

[beerrun]

LOL I have a grand daughter that beat you to it. She's 15 and bought her first house yesterday into a land trust. I signed the papers.

How????

 

[Havasu blue label]

Gifted money every year maybe

 

[brgrcru]

My retirement plan

 

[NicPaus]

I am amazed by the deals that buyers are getting right now. Just heard of a listing in Temecula area that was listed at approximately $660k, the seller accepted $600k and provided a 4% credit for closing costs....buying the rate down.

Spoke to my lender yesterday and heard about one of his agents seller her condo in San Diego for about $50k less and then buying a home in Murrieta for approximately $45k less than listing price.

Spoke to some other escrow officers and they are consistently seeing $100k off of list price.

For all you guys that believe we hit bottom, sellers are accepting low offers right now.

What was Temecula 4 years ago? 300k?

I am meeting my Realtor at 9 to give a estimate on a house in escrow in Gardena. Will report back the price and size. My Brother is still looking for a second house in the area. Nothing under 700k has popped up. Looking for a 3 2 with yard for dogs.

 

[hallett21]

This is the first one in our neighborhood that took a big “haircut”. But looking at the square footage asking over 800k is nuts to me.

Also in 09 it sold in the mid 3’s so still not a bad 12-13 year return.

https://www.redfin.com/CA/Woodland-Hills/5344-Don-Pio-Dr-91364/home/4185279

 

[OldSchoolBoats]

From Taylor Morrison this afternoon.
We are being asked by almost all of our builders for price reductions or project goes out for rebid.
Fun times again..
View attachment 1174282

One day you’re a loan officer making $90k a year plus bonus, 5 years later, you’re a debt collector manager, making $90k plus bonus.

$90k a year?? That's funny.

 

[scottchbrite]

What was Temecula 4 years ago? 300k?

I am meeting my Realtor at 9 to give a estimate on a house in escrow in Gardena. Will report back the price and size. My Brother is still looking for a second house in the area. Nothing under 700k has popped up. Looking for a 3 2 with yard for dogs.

I sold my 2300sqft Lake Elsinore (Canyon Hills) house in 2018 for 415k, so Temecula/Murrieta was probably a little higher I saw the house sold again in march for 641k.

 

[Go-Fly]

How????

She found a house on her own that was in a good neighborhood, owner occupied, behind on taxes and on the market for more then 45 days. There was a death in the family according to public records. We put in a low ball offer and they took it. She had a down payment from her other grandfathers trust and I loaned her the rest at 6.5%. Now it can be rented for the next 7 years through a management company. She plans to do 9 more and sell them after she gets out of college to pay off her loans. It would be way cheaper just to pay for her college on the front end but, this is better. The wife says she has me wrapped around her little finger from the knuckle all the way to the tip, tied in a knot and the ends dragging behind her like dreadlocks.

 

[OldSchoolBoats]

What was Temecula 4 years ago? 300k?

I am meeting my Realtor at 9 to give a estimate on a house in escrow in Gardena. Will report back the price and size. My Brother is still looking for a second house in the area. Nothing under 700k has popped up. Looking for a 3 2 with yard for dogs.

Bought my 1st house in French Valley for $315k in 2013, houses in Temecula were in the $400's at that time for similar square footage and year built. Sold that house in 2016 for $100k profit and bought my current house (also in French Valley) for $395k with $6k seller credit. Now you can't touch anything in French Valley for under $500k and Temecula is easily in the $650k - $1million +

The supply is super thin right now and only getting worse. The houses with significant price reductions were just not priced right to begin with so people aren't really getting a "deal".......

 

[CLdrinker]

$90k a year?? That's funny.

I’m a broke dick utility employee and I thought that was hilariously low as well.

 

[Go-Fly]

One day you’re a loan officer making $$$$ a year plus bonus, 5 years later, you’re a debt collector manager, making $$$$ plus bonus.

Fixed it for you. I thought it was funny because it was true.

 

[NicPaus]

Waiting on the realtor.

This house is $835K 1400 sq ft in Gardena. Needs a sewer and has foundation issues. It's a flip. Looks nice in pics but I haven't walked it yet.

Both houses across the street are for sale. $750K and $769K. Not the best part of Gardena but not the worst.

 

[gqchris]

One day you’re a loan officer making $90k a year plus bonus, 5 years later, you’re a debt collector manager, making $90k plus bonus.

My buddy was making 40k a month. He is now unemployed and doing side jobs building Ikea furniture on that FixMe app. Fucking Brutal. They did strictly mortgage refi.