Whats happening with the housing market? almost every house in my neighborhood is for sale. whats going on...

No one makes the 100k plus annual income or has the 20% downpayment to buy these million dollar cucksheds.

The fact that it has gotten this bad, I don't care if people get burnt and get GREEK'D into eating out of dumpsters because they used their homes are a retirement plan but cant cashout fast enough

t. Toronto

>Canada
>relevant
Nah eh

They're selling the top.

This. The economy is about to implode. Those still bagholding crypto might accidentally save themselves when desperate people buy up crypto in droves as the fiat currency depreciates rapidly.

Biz. Yall are dumb as hell.. plz keep speculating on shitcoins and leave the real market to do its things.

If anything im more worried about the bonds market. Just cashed 25,000$ of series EE bonds that went from 100/75$ at purchase to 210/185$ with 4% interest.

When people start cashing enmass those then id worry

>FOMO sell $400k house for $600k that you put $50k down on
>roll $250k into $1MM house, feeling good about life
>bubble pops
>house now worth $750k
>All equity wiped out

Everyone acts like they know somethings going to dump, but demand is still strong, that's when you know its about to go parabolic. Its when everything its going to go up forever is when the dump usually happens.

The next crash will not be like previous, deflationary crashes, the FED has pretty much permanently increased the money supply since 2008 and there is no way they can avoid it if the economy crashes again. So no, you won't see houses drop, you'll just get run away inflation that outpaces their appreciation and most other access.

Actually, I think real estate, precious metals, and crypto are actually good hedges right now because people will be trying to get out of cash fast into anything that is supply constrained to maintain wealth.

Thanks Boomers for ruining the housing market and the economy.

Don't worry. Millennials will get into the political system and remove everything that the boomers have established. Everything that the boomers have done is just bullshit.

shit, we just got a house with 79 acres in east texas for 600k. Did we fuck up?

79 acres? I would have myself a McMansion, solar farm, my own personal water park, cattle ranch and orchards. So many things could be done with that.

>10 years later house worth 5 million

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Yeah, there is a buyer and seller for every deal. Unless you are selling your house and downsizing or going back to renting you are not selling the top. More sales just indicate more volume, not whether its buying or selling pressure. Most of those home owners selling are upgrading to more expensive houses, so they aren't selling the top buy investing more.

Either out into the country or into an apartment where you wait for the bubble to pop again so you can scoop up a cheap house for massive profit.

>that feel when 25 year old zoomer
>want to buy house
>only make 45k
>going to take multiple years to save 20%
>house prices are appreciating at a disgusting rate
>never going to make it

Only way to cut my living expenses is to get a roommate (no parents to live with rent free) and no where else cheaper to rent

What do

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And a lot of these dipshits are spending 50% of their take home on their mortgage.

marry a girl with the same goals as you

lad I make more than double you and have a roommate suck it up
>marry a girl with the same goals as you
this, glad to see another user who hasnt fallen for the "never marry" meme and realizes that teaming up with another person is one of the most powerful things you can do

this is the best solution but the odds of me actually finding a lady I want to marry are slim to none

>that feel when you can’t commit to a relationship because so many women whore around it’s not worth the risk

Probably gonna regret it in the future but it is what it is.

I’d rather die alone than be with some low iq tatted up fatty

>It will go up forever house are stable assests

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Housing prises are too insane in my country right now. Fuck buying atm to be honest.

Also I don’t think you guys understand the beast you unleashed with bobo

He will single handed oy cause the next global financial meltdown screencap this

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>that boomer who has to take every opportunity he can to brag about his finances when he there is a significant chance the cost of living where he is located is 2-4x the cost of living where I live

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ok mr boomer its time for bed for you :)

Came with a 4/3 log "cabin" and an well into the aquifer already installed. I'm planning on making it into a cattle ranch, with some fruit trees as well, and using the proceeds to buy oil royalties and other mineral rights.
The generational manor will take some time though.

>that boomer who would larp if you asked location and age and deny being in an expensive metro and or Australian

Massive housing crash coming! Interest rates rising is a sign of recession!

>that boomer who is going to die alone and he knows it but he deludes himself in the meantime

Here in Austin, TX there are entire streets of modest urban houses for sale all in excess of $400,000. Property taxes are killing the little guy and everyone is either selling out or scalping renters like myself. As soon as the properties get bought, they get developed into massive condos/apartments with skyhigh rents as well. The city council is full of out of touch liberals with a multi-billion dollar credit card and an axe to grind with the most stable and productive residents. Meanwhile, thousands of Californians move here weekly escaping their Bay Area nightmares, there is a homelessness crisis, and average folks are getting priced out.

I won't be able to make it here much longer as a renter, and I definitely won't be a homeowner, probably not even in one of the nearby suburbs either.

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i dont give a shit if the price falls half in SF gay area. Literal ATH at the most expensive shithole on this planet. I was thinking of buying property in mexico but they elected a socialist and reconsidering my choices. Maybe russia somewhere in Siberia while the west is fudding them 24/7.

do you have to pay taxes if you sell a house with a profit?

Tyler...go tell your sister Nevaeh that dinner is ready

that is interesting point because it's exactly how things work, housing creates 'phantom wealth' as people have to live somewhere. options are sell house, move to rent and inveset in stock market, needless to say less than 5% of households are willing to do something like this. another option is moving to rural areas etc. which offer different job options or no jobs. stock market wealth is much better than housing wealth

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>that Australian who is going to get divorce raped

Bought a house earlier this year. Low interest rates and low downpayment means a great investment for any house that is located near a major metro area.

The affordability in my area is so great that people are coming from larger metro areas to buy houses here for straight up cash.

Salaries are starting to rise and we're in the generation where both parents are working, thus affording higher priced homes.

all Jow Forums does is hope for crypto to go up again. Houses are selling and being bought quickly by investors/families. Not every person out there is a single "software engineer" or IT guy like majority of Jow Forums.

Realtor and mortgage broker fag here. AMA. Market overheated. Crash incoming. This is the top. Don’t buy shit in 2018. That’s my opinion. I’m in Los Angeles. This kid of growth is obscene and there’s not much room for buyers to continue to be able to afford.

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>Unmarried individuals can exclude up to $250,000 in profit from the sale of their main home. You can exclude $500,000 if you're married.

-thebalance.com/sale-of-your-home-3193496

it seems like summer 2007 desu. lots of half finished new construction going up. lots of for sale signs popping up on existing houses. malls packed. does anyone have any insight on underwriting standards currently? IMO that's where big crashes are made, when underwriting standards drop. in 05, 06, 07 there was a huge amount of fraud as a result of low underwriting standards. I know this all changed for a while, but has it gotten bad again in that way?

If an investment property you can use a 1031 exchange to buy a new property with the profits and not have to pay tax

It's an investment only if you buy it at the market bottom. Since you bough at the market top, it's a liability. Enjoy watching the "value" drop from here.

kek. they just built 2 new "luxury condo" buildings near me and i moved into my condo in 2015. it took them a year and a half to build but no one has moved in yet. make of that what you will. im actually thinking of selling soon. NYNJ fag here

i also bought at the time because i knew rates were gonna be raised but the fed just started doing it over the last year

Standards are loosening. Seeing almost all buyers buying with between 3.5-10% down max. New subprime programs popping up every day. Latest program I heard about is where you can buy a house if you have 3 years rent history and the mortgage payment is equally to or less than your rent. Things are starting to get weird. Down payment assistance let’s people get loans with the state picking up the down payment. Shits gone go all fucked up soon.

Oh it's just the gully, that's all, it's just... just nerves.

Were you (or anyone in your office too, I guess) around for 2007/2008?

careful mate, (((luxury))) apartments and condos are usually the last ones to reach the top of the housing bubble, and are usually the first ones to be affected by the imminent crash. In my hometown in SF bay area, there are at least a dozen of them they just finished building and they all charge $3000+ monthly rent of a one bedroom apartment.

when rates rise, the impact is that monthly payments on new houses being sold with mortgages (most house sales) are higher. since the market in most places has been consisting of people having to max out what is possible to afford to get what they need (housing a large % of income/means) I worry that as rates rise new buyers simply won't be able to afford the current prices. then new construction will have to drop prices to be able to sell as it comes online. then all the people who bought at low rates and high prices will still have low rate payments maybe for 30 years, but it will be off of their purchase price from the low rate days. if rates ever start to rise substantially the payments at these price levels will be too high. the new tax bill's handling of the mortgage interest deduction is another factor. I still think underwriting needs to be compromised for a real catastrophe to happen though.

*sips*

I was not. My boss was. He was making six figures a month the so he’s hoping for NINJA and other retard programs to come back. NINJA = no income. No job. No assets. As banks get greedier for yield and buyers they’ll start offering this shit again.

Millennials literally cannot afford a house
If you thought 2008 was bad, wait till you see just how bad the student loan bubble fucks up the economy

It won’t though. It will just make everything a rental or create new retarded loan programs so they can buy. Housing construction/sales create too many jobs compared to debt service on student loans.

>Down payment assistance let’s people get loans with the state picking up the down payment.
yikes. thanks for the insight

most of the buying is offshore chinamoney looking to hide in the states , so that paradigm isn't so true any more

It's not at the top yet. I'll let you know by next year if I decide to sell. If it were to be held for 10+ years with the current interest rate it'll be a great investment, because I can rent out for an easy 2.5k a month once i buy my second house. Hell, I'm renting right now for $2k a month and my money is going into the house and not renting away somewhere else. A 1bed1ba apartment is higher than the amount I pay my share for. The rate is going to be close to 6% by the end of next year. Anything with less than 5% is a good time to buy a home.

Once the mortgage is paid off after ~5 years it's pure profit from that point on.

Every state has a variation of this. They allow a buyer to put down 0.5% with the state picking up the rest and putting a lien for The down payment agains the property. Guess what happens when the market starts lose steam

I’m in CA this is the website for the CA version: calhfa.ca.gov

there is an alternate ending though which is that the whole thing could get extended for an unknown amount of time by foreign and domestic investment money buying/building multifamily properties as rental income investments. that's what has been happening it seems to me, at least part of it. the end result would be something like international feudalism

Standards are loosening, but they're still tighter than 2004. People just have more cash on hand. There is constant governmental funded programs for people buying homes worth less than $450k.

Right now we are around the 04' stage.

is this what the NWO want to happen? Fiefdoms for those that can buy in early enough.

The kids who wasted money with their student loan debt aren't the ones the house market is for anyways.

If you're saying the idea of millennials can't afford a house it's because investors are realizing this and are buying to rent out their properties for life. It's a great time for long-tern investors.

Yes still tighter than back in the day but It’s only a matter of time before the shit that fucked the economy comes back. Real estate and mortgage is without a doubt the lowest IQ profession there is. It’s like a competition to see who can be the biggest retard.

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I think it’s a product of the everything bubble. I bought 5 houses in 2009-2011. The worst performing one has 4xd in value. That’s insane. My current home should be worth half what I paid for it in a rational market. I don’t know if/when we get back to a sensible market. I think a major correction is coming. Buying now is like getting into crypto at the end of December.

biz is embarrassingly misinformed when its when not talking about internet pokemon coins

What are the signs, in your opinion, that will signal a good buying climate again?

Do you think the correction is going to manifest in the same way it did a decade ago or do you think that it'll be more of a gradual retracing to more sane valuations? I understand that all the financial incentives that are predicated upon an ever-increasing market and that attract conditions that make for lots of low-quality loans make you think the system is going to implode but just curious about what you personally will be looking for.

How many of the houses you bought in 09-11 have you sold, to date? I imagine you'd want to be selling it all if the housing market's condition is akin to crypto's in December. Which makes me wonder... how long can you hold onto the profits from a sale to do one of those 1031 xfers you mentioned ? Can you sell now, then (assuming crash happens sometime this year) wait a year or so until the prices reinvest and then get a sweet deal with all your pre-crash profits?

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Spend like 90k on a big mining operation and never work again.

You have 45 days to identify a property for the xfer and 180 days to complete the new purchase.

It's not phantom wealth at all, to gain massive wealth you need only to buy more than 1 house.

>What are the signs, in your opinion, that will signal a good buying climate again?
Starting to see them as homes used to hit the market on Friday and would be in escrow on Monday. I think we’re going to start seeing longer listings and price reductions. Already starting to see this but not as much would be alarming for sellers.

I don’t think we’re going to see a situation where all credit freezes more so I think the problem will be that people have no skin in the game will walk away and then banks will firesale the abandoned properties. All of these programs come with either private or government backed mortgage insurance. Because of this we’ll see an AIG type situation or Ginnie Mae getting rekt to the point of another government bailout.

Of the homes I purchased I only have 1 left. It’s at a 20% cap and I own it free and clear so I’ll never get rid of it.

1031 exchanges require that you identify and enter escrow on the new property either within 90 or 180 days of the sale of the property. Not 100% on that now. I think it’s 90 days. On mobile hope I answered all your questions

Correct thanks.

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>purposely pricing out young people so you can leach off of them

Baby boomer nigger tier. Can't wait for Chinks to be banned from ownership and your money vanishes.

Chinese investors still coming into the market.

Source: waifu is chinese. Waifu friends are governmental billionaires.

>Now the rest of the country and the US gets to experience what happened in Vancouver
Welcome to my personal hell for the past 10 years, now none of YOU will afford houses either!

Thanks for answering all my questions and hope you continue to do well (:

Interesting, thanks!

austin is a shit city full of shit people, glad I don't live in that shithole anymore, wasted i don't know how many hours of my life sitting in their stupid fucking traffic

>I think we’re going to start seeing longer listings and price reductions. Already starting to see this but not as much would be alarming for sellers.

One market where this seems to be happening is down in the Florida Keys. I've been looking at houses there as I'd like to own a cottage down there one day. It's common to see price reductions of 10% - 25%, and listings staying there for months and months.

$319k for this shit - flkeysliving.com/realestate/property/residential/581009/

This sounds like a 200IQ post.

What happens to the stock market?

Lots of homes are purposely trying to sell for a huge profit. Realistically the price reduction is what the market rate is for your area.

Lots of homes are doing that in my area where they are asking for $50k+ then the market average, but then they get an offer for $35k lower, which then profits them with another $15k. This is a normal real estate strategy.

If the house has been there for months then it's simply priced way too high and is clearly placed there to help raise the price of the other houses in comparison or the owner is not a bright person.

Yes. Gotta fund their retirement somehow.
What, you thought you were inheriting that property? Top kek

foreclosures won't be a problem next round, all the kinks were worked out last crisis

t. mortgage bank analyst

toronto is almost worse than san fran you retarded nu/pol/ faggot, gas yourself

This very much. You need very stable income or credit in order to get a mortgage.

I'm curious what the next crisis problem will be about? Possibly going back to the days of interest rates hitting 12%

foreclosures wont be a problem because who the hell is taking out a mortage now anyway? millinials sure as shit arent. the boomers homes are all paid for.

Toronto is pure international investment. No local person will be able to ever afford a home there. It's an outlier to majority of the nation.

it will probably be a combination of all debt markets folding in on each other. housing, student loans, auto, cards. no 1 bubble will be allowed to burst on its own but together they could wipe out the middle class.

How would one protect themselves from this?

People are selling the top

It’s a strong sellers market but it won’t last forever.

pay off your debt and follow the age old saying

buy when the crash happens, even when it's your own blood

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Unfortunately I have very little capital as it is, although that may change soon.

I guess I just have to try to raise that.

getting out of debt is more important so focus on that first especially with debt that couldn't easily be liquidated or would put you underwater like housing/auto. no bernie didn't win so there will be no debt forgiveness, just harsh reality. fortunately it will take years to pop and years to recover so as long you have a plan you will be just fine and have a leg up on everybody else. if you want to see massive profit in the future you'll need to be ready to buy, then sell at the top of the next cycle.

Debt forgiveness will be the biggest joke. This could lead to a potential economic crash. It won't happen during Trump's timeline, but maybe the next one. Could be set for another good 2 years before any economic disaster.

we'll never have to worry about it happening. worst case scenario lenders will be forced by politicians to put people on forbearance or income based payment plans but the debt will never go away. there won't be any sudden crashes or bubble pops anymore either, everyone learned from the mistakes in 2008. the next great recessions will be long, drawn out, and painful from all directions. like an iron maiden on the middle class. it'll be hard to time and only the strong will profit while most will "survive" although with a lot less blood inside of them.