Home buying thread

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Intrinsic

Intrinsic

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Yeah my Dad is 67 this year and they were selling everything to downsize and move in to a retirement community. Think last I checked their house was valued at $750 or so and they figured that place their retirement would just let them ride it out in a full service retirement home playing shuffle board and eating soft food with the other geriatricians.
 
Palum

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Intrinsic said:
Yeah my Dad is 67 this year and they were selling everything to downsize and move in to a retirement community. Think last I checked their house was valued at $750 or so and they figured that place their retirement would just let them ride it out in a full service retirement home playing shuffle board and eating soft food with the other geriatricians.
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Do they organize 40 man raids in WoW Classic at any of these places yet? Shuffleboard just ain't my jam.
 
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C

Creslin

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The math on downsizing just doesn’t work unless you move to a much lower cost of living state. The cost differential in the loans just destroys so much of the benefit of downsizing.

I do believe boomer deaths and estate liquidations will provide a good amount of relief in the next 15 years. Not enough to drive prices down but we could plateau for awhile while wages catch up.
 
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Palum

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Creslin said:
The math on downsizing just doesn’t work unless you move to a much lower cost of living state. The cost differential in the loans just destroys so much of the benefit of downsizing.

I do believe boomer deaths and estate liquidations will provide a good amount of relief in the next 15 years. Not enough to drive prices down but we could plateau for awhile while wages catch up.
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Yea, downsizing is a pre 2004 financial concept for most people unless they actually need to go in a home and can't maintain anything about a place and it's just hemorrhaging money.
 
C

Captain Suave

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Palum said:
unless they actually need to go in a home
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Given the horrid state of elder care facilities this is a fantastically unappealing option, IMO. It certainly won't obviously save you money if you're moving somewhere you'd actually want to live (costs can be above 100k/yr for a private room with nursing). When my in-laws age out of the ability to live alone we'll probably roll half their home equity into putting an addition on our house so they can live with us.
 
Palum

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Captain Suave said:
Given the horrid state of elder care facilities this is a fantastically unappealing option, IMO. It certainly won't obviously save you money if you're moving somewhere you'd actually want to live (costs can be above 100k/yr for a private room with nursing). When my in-laws age out of the ability to live alone we'll probably roll half their home equity into putting an addition on our house so they can live with us.
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Yea I mean at some point you need nursing, most of those places are terrible until you have no choice.
 
Cad

Cad

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Palum said:
Yea I mean at some point you need nursing, most of those places are terrible until you have no choice.
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The north Dallas old people have been going here:

www.ventanabybuckner.com

Ventana By Buckner

Discover luxury senior living in Dallas, Texas at Ventana by Buckner. Explore our upscale services and amenities, personalized health care, and vibrant campus.
www.ventanabybuckner.com www.ventanabybuckner.com

I had a CEO of a local real estate company client that ended up there and we went to visit him once to get signatures... shit dude it was fucking nice. Granted I think it costs an arm and a leg.
 
Gravel

Gravel

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Creslin said:
The math on downsizing just doesn’t work unless you move to a much lower cost of living state. The cost differential in the loans just destroys so much of the benefit of downsizing.

I do believe boomer deaths and estate liquidations will provide a good amount of relief in the next 15 years. Not enough to drive prices down but we could plateau for awhile while wages catch up.
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My only thought on that would be boomers who bought a house for like $100k, had it paid off or close to it, and now it's worth $500k-1m+. So you use the equity to buy a smaller place in cash and not need a loan, and use the remainder to live off or something.

But I can't imagine that's a very significant percentage of people. Like at best 15-20%. And not all of them are looking to downsize (you've also got to consider that would include the rich and super rich who have multiple houses). Not nearly enough to write a retarded article about how that's going to shift the entire market.
 
Cad

Cad

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Gravel said:
My only thought on that would be boomers who bought a house for like $100k, had it paid off or close to it, and now it's worth $500k-1m+. So you use the equity to buy a smaller place in cash and not need a loan, and use the remainder to live off or something.

But I can't imagine that's a very significant percentage of people. Like at best 15-20%. And not all of them are looking to downsize (you've also got to consider that would include the rich and super rich who have multiple houses). Not nearly enough to write a retarded article about how that's going to shift the entire market.
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With the way home prices and rents are going, selling your house to downsize is probably stupid. When you are ready to move out take a mortgage back on it, invest the 80% equity in the market again where it should be (okay when interest rates go down... ), rent the house out and enjoy the rent gains + market value appreciation while you do whatever you want. Rent an apartment if you want. Travel the world. Rent a house in Tuscany and learn Italian. Whatever the fuck. Why would you tie yourself down to another house in retirement? I assume when you're talking "boomers" you mean retired people.
 
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Haus

Haus

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So I had my Sunday morning giggle today...

Get an email from my mortgage company. They do a quarterly review thing where they show you your estimated home value and then pitch various refi options and other stuff in there. You can tell it's automated because there's stuff in it which nobody who was thinking about talking me into a refi would put in.

For instance, it gives me options for refinancing with a current loan (at current rates) and extending to a new 15 or 30 year note. Only problem is both of those options would cost me MORE in interest on the loan while only shaving off maybe $150 a month from my home payment.

Then it tries to talk me into "use your equity put down 30% on a new home loan on a house worth (insert 3x my current home value)! Your new mortgage payment would only be around (insert 4.5x current mortgage payment)! Start shopping TODAY!" Sure this will lock you in as a debt slave to "those who are noticed" for the rest of your life, but you'll have a KICK ASS HOUSE!

SMH
 
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Fucker

Fucker

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Haus said:
So I had my Sunday morning giggle today...

Get an email from my mortgage company. They do a quarterly review thing where they show you your estimated home value and then pitch various refi options and other stuff in there. You can tell it's automated because there's stuff in it which nobody who was thinking about talking me into a refi would put in.

For instance, it gives me options for refinancing with a current loan (at current rates) and extending to a new 15 or 30 year note. Only problem is both of those options would cost me MORE in interest on the loan while only shaving off maybe $150 a month from my home payment.

Then it tries to talk me into "use your equity put down 30% on a new home loan on a house worth (insert 3x my current home value)! Your new mortgage payment would only be around (insert 4.5x current mortgage payment)! Start shopping TODAY!" Sure this will lock you in as a debt slave to "those who are noticed" for the rest of your life, but you'll have a KICK ASS HOUSE!

SMH
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The mortgage business has dried up in a lot of places, and they are trying to talk people into debt consolidation schemes. For many, the only remaining line of credit they can get is on their house. Out of the oven, into the fire type of scenario.
 
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Sanrith Descartes

Sanrith Descartes

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Haus said:
So I had my Sunday morning giggle today...

Get an email from my mortgage company. They do a quarterly review thing where they show you your estimated home value and then pitch various refi options and other stuff in there. You can tell it's automated because there's stuff in it which nobody who was thinking about talking me into a refi would put in.

For instance, it gives me options for refinancing with a current loan (at current rates) and extending to a new 15 or 30 year note. Only problem is both of those options would cost me MORE in interest on the loan while only shaving off maybe $150 a month from my home payment.

Then it tries to talk me into "use your equity put down 30% on a new home loan on a house worth (insert 3x my current home value)! Your new mortgage payment would only be around (insert 4.5x current mortgage payment)! Start shopping TODAY!" Sure this will lock you in as a debt slave to "those who are noticed" for the rest of your life, but you'll have a KICK ASS HOUSE!

SMH
Click to expand...
They always sell you "payments" because Americans are financially illiterate.
 
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Palum

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Sanrith Descartes said:
They always sell you "payments" because Americans are financially illiterate.
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But seriously, we can't talk about price at this dealership. We need to talk about payments, how much per month would you feel comfortable with right now?
 
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