The New “What did you do with your Z today” (with off topic replies) XXXX

vtec to vvel · 12-14-2022, 10:19 AM

Quote:

Originally Posted by eastwest2300

you'd be crazy to buy anything right now with those rates.. fvck that sh1t.

I know I've mentioned that it's a bad time to take on additional debt and I was referring to taking on additional credit card debt, taking out unsecured loans, etc. Even with higher rates, people will still go into debt, whether due to not understanding the effects of it or out of necessity.

With a home, IMO, the reasons why it's better to buy now:

1. With higher rates, you have way less competition now with limited qualified buyers available, meaning you are not going to pay above the appraised value and sellers are starting to drop price. When rates were near 2%-3% range, I had buyers paying up to $200K above the appraised value of the home (this is something they had to pay out of pocket since lenders will not loan more on a property than what the appraisal value comes back as). Keep in mind that the housing shortage is not going away anytime soon - there has been a significant underbuilding of new homes since the housing market crash while households have significantly grown since.

2. If you buy when rates are high, fortunately, you are not stuck with that rate. Refinance when rates drop.

At the end of the day, pick your poison. It comes down to your personal financial situation:

A. Get a super low rate if you are lucky enough to get your offer selected during fierce competition and pay a significant amount of money out of pocket over asking/appraised value
OR
B. Get a higher rate with less competition and drastically reduce the chances of paying out of pocket over the asking/appraised value, and then refinance to a lower rate when rates drop.

Unfortunately, the media tends to focus on the bad and a very small piece of the pie, rather than the entire picture. For example, the media has been so focused on low interest rates for homes and potential buyers are scared of 7% range rates, when they have no problem moving forward with a credit card/unsecured loan with a rate nearly 30% lol.

vtec to vvel · 12-14-2022, 10:24 AM

Oh yeah, and keep in mind that the interest you pay on your mortgage is tax deductible lol unlike your credit cards

eastwest2300 · 12-14-2022, 05:54 PM

Quote:

Originally Posted by vtec to vvel

I know I've mentioned that it's a bad time to take on additional debt and I was referring to taking on additional credit card debt, taking out unsecured loans, etc. Even with higher rates, people will still go into debt, whether due to not understanding the effects of it or out of necessity.

With a home, IMO, the reasons why it's better to buy now:

1. With higher rates, you have way less competition now with limited qualified buyers available, meaning you are not going to pay above the appraised value and sellers are starting to drop price. When rates were near 2%-3% range, I had buyers paying up to $200K above the appraised value of the home (this is something they had to pay out of pocket since lenders will not loan more on a property than what the appraisal value comes back as). Keep in mind that the housing shortage is not going away anytime soon - there has been a significant underbuilding of new homes since the housing market crash while households have significantly grown since.

2. If you buy when rates are high, fortunately, you are not stuck with that rate. Refinance when rates drop.

At the end of the day, pick your poison. It comes down to your personal financial situation:

A. Get a super low rate if you are lucky enough to get your offer selected during fierce competition and pay a significant amount of money out of pocket over asking/appraised value
OR
B. Get a higher rate with less competition and drastically reduce the chances of paying out of pocket over the asking/appraised value, and then refinance to a lower rate when rates drop.

Unfortunately, the media tends to focus on the bad and a very small piece of the pie, rather than the entire picture. For example, the media has been so focused on low interest rates for homes and potential buyers are scared of 7% range rates, when they have no problem moving forward with a credit card/unsecured loan with a rate nearly 30% lol.

You bring very valid points my friend.

vtec to vvel · 12-14-2022, 06:09 PM

Feds decided to raise rates AGAIN today by 50 basis points, while "acknowledging that inflation is easing". Fed. Chair Jerome Powell said last month "there is still a chance the economy can avoid a recession, but the odds are slim".

Does he not realize that HE (as the Fed. Chair) has the ability to heavily influence whether the US goes into a recession or not? It's a balancing act and if inflation is easing, then don't continue to raise rates

This is the same dude that said, “We now understand better how little we understand about inflation” in 06/2022

vtec to vvel · 12-14-2022, 06:11 PM

Quote:

Originally Posted by eastwest2300

You bring very valid points my friend.

What happened to your bmw avatar picture?

eastwest2300 · 12-14-2022, 06:31 PM

Quote:

Originally Posted by vtec to vvel

What happened to your bmw avatar picture?

eastwest2300 · 12-14-2022, 06:32 PM

its a fast f'n BMW.. lets not leave that out..

vtec to vvel · 12-14-2022, 07:53 PM

Quote:

Originally Posted by eastwest2300

its a fast f'n BMW.. lets not leave that out..

Why did bmw decide to release a manual tranny starting 2023 models?

God-Speed · 12-15-2022, 05:26 AM

Good Thursday Morning All. Cold start to the day at 36* with a high of 66* and 0% chance of rain.

Time to Rock guys. So hope you all have a good one today.

Stay Safe, Stay Positive and Keep Moving Forward.

PS: Just 10 shopping days left until Christmas.

eastwest2300 · 12-15-2022, 06:31 AM

Quote:

Originally Posted by vtec to vvel

Why did bmw decide to release a manual tranny starting 2023 models?

Supra buyers had spoken.. and it just made sense. The transmission had already been produced in the Z4, and people wanted it. I wish I would have got mine in manual but I had already bought my Supra. Too late now.

danegrey · 12-15-2022, 07:51 AM

Thursday, last work day this week for me
Rain is gone too..
have some fun..
10 days to Xmas ( I don't shop for Xmas anymore )

vtec to vvel · 12-15-2022, 08:55 AM

Happy Friday's Eve!

eastwest2300 · 12-15-2022, 10:31 AM

BoneZ · 12-15-2022, 06:23 PM

Quote:

Originally Posted by eastwest2300

Hello

eastwest2300 · 12-15-2022, 08:29 PM

kin folk, kin folk

12-14-2022, 10:24 AM	#8327 (permalink)
vtec to vvel A True Z Fanatic Join Date: Feb 2015 Location: 813 Posts: 3,903 Drives: 13 Z Rep Power: 499553	Oh yeah, and keep in mind that the interest you pay on your mortgage is tax deductible lol unlike your credit cards FL 4Motion, eastwest2300 and danegrey like this. __________________ Don't like what I post? Too bad. I really don't give a sh!t

12-14-2022, 06:09 PM	#8329 (permalink)
vtec to vvel A True Z Fanatic Join Date: Feb 2015 Location: 813 Posts: 3,903 Drives: 13 Z Rep Power: 499553	Feds decided to raise rates AGAIN today by 50 basis points, while "acknowledging that inflation is easing". Fed. Chair Jerome Powell said last month "there is still a chance the economy can avoid a recession, but the odds are slim". Does he not realize that HE (as the Fed. Chair) has the ability to heavily influence whether the US goes into a recession or not? It's a balancing act and if inflation is easing, then don't continue to raise rates This is the same dude that said, “We now understand better how little we understand about inflation” in 06/2022 FL 4Motion, JARblue, danegrey and 2 others like this. __________________ Don't like what I post? Too bad. I really don't give a sh!t

12-14-2022, 06:32 PM	#8332 (permalink)
eastwest2300 A True Z Fanatic Join Date: May 2010 Location: South FL Posts: 90,817 Drives: '16QX70/'21 Supra3.0 Rep Power: 2684549	its a fast f'n BMW.. lets not leave that out.. FL 4Motion likes this. __________________ Infiniti QX70 & Toyota Supra 3.0 Premium

12-15-2022, 05:26 AM	#8334 (permalink)
God-Speed A True Z Fanatic Join Date: Sep 2010 Location: Austin, Tx. Posts: 4,352 Drives: Prototype Rep Power: 2684376	Good Thursday Morning All. Cold start to the day at 36* with a high of 66* and 0% chance of rain. Time to Rock guys. So hope you all have a good one today. Stay Safe, Stay Positive and Keep Moving Forward. PS: Just 10 shopping days left until Christmas. JARblue, sx moneypit, vtec to vvel and 2 others like this.

12-15-2022, 07:51 AM	#8336 (permalink)
danegrey A True Z Fanatic Join Date: Oct 2011 Location: Knoxville Age: 71 Posts: 3,081 Drives: 12 370Z BK Cherry M6 Rep Power: 558939	Thursday, last work day this week for me Rain is gone too.. have some fun.. 10 days to Xmas ( I don't shop for Xmas anymore ) JARblue, sx moneypit, vtec to vvel and 2 others like this. __________________ Lots of Changes the Z needs to be driven and driven hard for the car lives for it

12-15-2022, 08:55 AM	#8337 (permalink)
vtec to vvel A True Z Fanatic Join Date: Feb 2015 Location: 813 Posts: 3,903 Drives: 13 Z Rep Power: 499553	Happy Friday's Eve! God-Speed, JARblue, sx moneypit and 2 others like this. __________________ Don't like what I post? Too bad. I really don't give a sh!t

12-15-2022, 10:31 AM	#8338 (permalink)
eastwest2300 A True Z Fanatic Join Date: May 2010 Location: South FL Posts: 90,817 Drives: '16QX70/'21 Supra3.0 Rep Power: 2684549	__________________ Infiniti QX70 & Toyota Supra 3.0 Premium

12-15-2022, 08:29 PM	#8340 (permalink)
eastwest2300 A True Z Fanatic Join Date: May 2010 Location: South FL Posts: 90,817 Drives: '16QX70/'21 Supra3.0 Rep Power: 2684549	kin folk, kin folk __________________ Infiniti QX70 & Toyota Supra 3.0 Premium

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