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

Rusty

Depends on who you read. We either live on a class 7 death world or a class 12 death world. We are not the apex predator. Just about everything here is designed to kill us.

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"The Difficult Anytime, The Impossible By Appointment Only"
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MZ DAIZY

Montana judge sides with youth activists in landmark climate change case.

The ruling in the first-of-its-kind trial in the US that establishes a government duty to protect citizens from climate change.

https://www.foxbusiness.com/politics...te-change-case

Somebody needs to tell the climate cult that pollution doesn’t stay over the two dirtiest country’s in the world: India and China.

Let me know when these clowns start suing their governments. This country is f’ed. I’ve never seen a bunch of kids that know so much about so little.

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eastwest2300

kin folk

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Infiniti QX70 & Toyota Supra 3.0 Premium

vtec to vvel

Man-made definition for the way Mother Nature runs things. Mother Nature may run the show, but through a natural process. There was NOTHING natural about COVID19.

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MZ DAIZY

Tucker Carlson has a 1 1/2 hour interview with RFK Jr. on Twitter. He blows the lid off of Fauci and the whole Covid fiasco.

Basically, Fauci found a loophole in the law and moved all his bioweapon labs over seas. Fascinating stuff.

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Rusty

We are alien/hybrids.

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"The Difficult Anytime, The Impossible By Appointment Only"
http://www.the370z.com/members-370z-...o-journal.html

Rusty

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"The Difficult Anytime, The Impossible By Appointment Only"
http://www.the370z.com/members-370z-...o-journal.html

vtec to vvel

https://www.cnn.com/2023/08/14/homes...ion/index.html


Home Depot’s slowing sales suggest Americans feel lousy about housing"

"Unsurprisingly, people continue to attribute the challenging housing conditions to high home prices and unfavorable mortgage rates"

Once again, media relaying bad advice. Mortgage rates are currently in the 7% to 8% range, and these rates are "unfavorable"? Remember the rates in the 70s/80s/90s, when rates were commonly in the double digits? And BTW, incomes have significantly gone up since the 70s/80s/90s. In other words, we are making more money now and with lower rates compared to previous decades, and yet, these rates are "unfavorable"?

The rate is the rate, and this can always be re-financed when rates drop. The biggest issue potential buyers should worry about is the supply, or lack thereof. Even if a lender can offer a 0% rate, if the buyer does not have a home to lock this on, the rate doesn't benefit anyone.

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DaveZ03

My .02 is I think extrapolation bias is playing into this on both fronts. Media is reporting, using recent data and comparing that to data from the last 2-3 years, where rates plummeted to all time lows, driving the market to be red hot. Optically, this seems to be driving their narrative. Potential buyers are also still in a "wait and see" mindset, hoping that when rates drop they will be in the aforementioned range. Unfortunately for both, rates will never hit that low again, based off of current data models, and this approach to the housing market should be adjusted accordingly. Meaning, to your point, rates are in better ranges than in previous decades with current income levels on the rise.
On a side note, I also think these headlines are on purpose, to engage interaction in order to up that ad revenue on their webpages. My .02 though, not stating fact, just opinion.

vtec to vvel

The reason the Feds dropped the rates so low is to prevent from the economy crashing from COVID19 (i.e. quantitative easing). The low rates isn’t what made the market red hot, but rather the severe shortage of supply (stemming back from the housing crash in the late 2000’s), paired with global supply chain issues. Potential buyers shouldn't be so focused on rates alone, but rather getting a fair rate AND being able to find a home to get under contract in a short-supply environment.

The “wait and see” mentality is what separates the poor, rich, and wealthy (yes, there is a distinct difference between being rich and being wealthy). Real estate is one of the quickest ways to build wealth, and if someone has the means AND ability to buy, they should buy regardless of where rates are. There may be better times to buy, but there is no wrong time to buy real estate.

For example, Person A buys while rates are higher, but doesn’t have to deal with bidding wars, doesn’t have to offer anything over asking price, has the sellers even offer seller credits to offset certain costs (such as closing costs, discount points, repairs, etc.), isn’t expected to waive any contingencies built to protect the buyer, and has the ability to refinance to a lower rate when they drop.

Person B “waits and sees” until rates drop, which takes some time. And if rates did drop, they are having to offer over asking price just to even get their offer noticed (and still likely to get rejected to another higher offer), no chance of negotiating seller credits, is expected to waive certain/maybe all contingencies, and putting in 50+ offers and hoping 1 will get accepted.

I’ve done the math for plenty of clients, and 95% of the time, Person A will have spent way less money overall and not go through an emotional roller coaster (I've had grown-@$$ men cry in person because of the stress of putting in multiple offers and all getting rejected). Person A will also have built significant equity (i.e. wealth) compared to Person B who as only paid 100% interest and someone else’s mortgage by renting.

If people need to wait until rates drop to qualify, then they are not true qualified home buyers. Also, when rates dropped, this yielded to bidding/pricing wars, so someone that only qualified based on low rates would have been outpriced/outbidden anyway (this is where equity and wealth comes into play).

If we have another global pandemic, rates could absolutely drop down low again, though hopefully they know not to keep it as low and as long if that happened.

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danegrey

morning all
up and moving and going slow
all is good

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eastwest2300

just finished up with a brutal workout outside before the sun cranks up the heat... feeling good brother.

have a good day!

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vtec to vvel

https://www.cnn.com/2023/08/15/busin...ngs/index.html

"Home Depot sales sink, but Warren Buffett is betting big on housing"

As per my previous post, mentalities is what can separate the poor, rich, and wealthy.

EFF YOU Warren Buffett for raising my car insurance rates, but you sure do know what most people don't when it comes to real estate.

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Rusty

Man........is this forum sloooow......

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浪人 - 殺し屋
"The Difficult Anytime, The Impossible By Appointment Only"
http://www.the370z.com/members-370z-...o-journal.html

Rusty

Enjoy your reps Death Worlders.

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浪人 - 殺し屋
"The Difficult Anytime, The Impossible By Appointment Only"
http://www.the370z.com/members-370z-...o-journal.html