I've been thinking about this. I really need a house and looking. The prices are very stupid. But I'm paying astronomical unforgiving rent that just went up + storage. If and when there's a correction, am I just forever fucked yet again? And the thousands of others that bought? These past 4 years came at a very bad time for me.
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Trump & Q have assured us we're going to love how it ends. I believe.
And I empathize. Prayers up for you, fren. WWG1WGA.
My brother recently got his first home. Their biggest issue in the year it took him & his wife to find a home was losing the bid due to cash buyers. People are offering 10-20k more than what the sellers were asking for and they were already putting 5k above asking price. Good luck, it is not easy.
This has been an ongoing issue for 3+ years— cash buyers turn properties into immediate rentals destroying neighborhoods and lowering values— all the while making it very difficult for real buyers to purchase properties
Cash buyers a.k.a. illegals, a.k.a. green card holders, a.k.a. new naturalized citizens........at least in NEPA.
Use an FHA loan. Prices will go up fast when rates come down. An FHA loan allows a Streamline Refinance to lower your interest rate without having to go back through the qualification process. If the property value increases, you will most likely refinance into a Conventional Mortage and drop the Mortgage Insurance Premium. I spent a decade in lending and my mother was a Real Estate Broker for 45 years. My first home had a 9.75% rate on a 15-year mortgage in the 80's and my parents had an 18% interest rate in the 70's under Carter as president.
It must be galling to contrast your circumstances with Illegal aliens currently being housed rent free all over America. Before the correction:
Buy silver.
Buy gold.
Buy shares in silver mining companies.
Buy shares in gold mining companies.
Redacted said to buy AGMR (Silver Mountain Mining Company) but I've been watching their progress and havnt been convinced to buy. What company are you invested in?
Same. Me, my sister, and my grandma all need to move and nobody can afford the ridiculous prices. it's a crazy time when a 3 bed 2 bath house on a postage stamp in a million dollars right out of construction
i swear it's more about profits than inflation when it comes to this
"You will own nothing and you will like it." - Klaus Schwab
He prices are coming down. If you have a good down payment you can get a great deal. I would personally offer MUCH less until somebody accepts. There are people that bought years ago and don’t owe a lot. Also there are homes with an assumable loan at low interest but may not negotiate the price at all.
The election will change things hopefully for the better. If I couldn’t get a GREAT deal I would wait.
We need to find an economic system that's not modern capitalism OR socialism. Both have serious problems and inefficiencies that make life difficult in the long run.
"Modern" capitalism = crony capitalism, sometimes called neo-feudalism, which is basically feudalism by forts of money instead of force of arms. Real capitalism will work well, with honest peyote in charge.
I agree with you. What we call capitalism seems to be an illusion. You'll never have a free market while the government effectively controls the interest rates and money supply.
Ditto what the others are saying. Modern capitalism is socialism light as the cabal manipulates everything way from the values things would truly have under a free market system. Just look at the price of gold and silver, or the evidence that we've seen posted here that many stock prices are entirely artificial like 1776 or such happening somewhere on a stock market for July 4, I think it was.