Costs (NO POLITICS)

[DaubsNU1]

This market is causing people to do crazy things, like cash offers without inspections. Friends of ours had to move to Kansas due to job relocation. Found a great property, 10 acres in the country, older home, out-building, owner lost her husband...92 years old...wanted to sell fast. 

 

They made offer and got the house...

 

After closing storm blew through...they noticed water...and started looking real hard. Found bunch of water issues, lots of mold. 

 

Thankfully for my friends, the previous owner had what she thought was an inspection, and sent their way before closing...turns out it was an estimate to fix all the water / mold issues. I'm sure there is more to the story...we just got bits and pieces while talking at a graduation party. 

 

They have contacted an attorney.

 

Stay careful out there people!

[flyfisher]

We live in a decent neighborhood and bought 5 years ago and paid right at asking at 279k, no closing costs out of my pocket.  It is a pretty popular neighborhood and houses don't last very long on the market unless they are way overpriced.  

 

In the past say 6 months about 5 families have sold and each one has been close to 400k and all were over asking price.  Now that the artificially low interest rates are creeping out of our life, things should get back to normal.  I remember as a kid the car commercials and they were advertising for 9.9% interest rates like you see 0% now.

[12poundbass]

2 hours ago, jbsoonerfan said:

Did you do this through your local bank or do you have a link to more info. I haven't officially filled out an application with this company yet, just given them some basic info.

We went through a mortgage broker. It’s a FHA deal I believe. 

[12poundbass]

1 hour ago, flyfisher said:

We live in a decent neighborhood and bought 5 years ago and paid right at asking at 279k, no closing costs out of my pocket.  It is a pretty popular neighborhood and houses don't last very long on the market unless they are way overpriced.  

 

In the past say 6 months about 5 families have sold and each one has been close to 400k and all were over asking price.  Now that the artificially low interest rates are creeping out of our life, things should get back to normal.  I remember as a kid the car commercials and they were advertising for 9.9% interest rates like you see 0% now.

5%+ is the going rate on auto loans now

[soflabasser]

What is happening now is no surprise to anyone with common sense. This is what happens when a Pandemic is not taken seriously, along with many other factors for over 2.5 years now. Get used to high gas prices, inflation, and other stuff. Those with trucks, SUV's, boats and other gas guzzling things will get hit the hardest. Best piece of advice I can give is learn how to adapt to the new normal, since you will not see gas under $2.20 anytime soon. Maybe one day we can all look back and see this whole mess in the past, and not let things like this repeat itself, but I doubt it since History repeats itself, and the masses will believe anything they are made to believe by those with devious goals. Mark Twain said 'It’s easier to fool people than to convince them that they have been fooled'', his words are 100% correct. Let's see what happens in the next 10 years.

[BASS302]

14 hours ago, TnRiver46 said:

I’ll be driving around this evening delivering food for some extra cash.

I hope the "food" isn't the stuff you posted in the "Any Interest In Trapping" forum.  ?

[Woody B]

To anyone who hasn't received a pay increase I'd recommend changing jobs.  Wages and salaries are up quite a bit around here.   If you run a small business you have my sympathy.  (that's all I'll say so I can keep politics out of it).   I work for the devil (huge corporation) but we got a fairly large pay increase last year.  

14 hours ago, soflabasser said:

This is what happens when a Pandemic is not taken seriously

 

The root of the problem has to do with the pandemic, but not because it wasn't taken seriously.

[MN Fisher]

8 minutes ago, Woody B said:

To anyone who hasn't received a pay increase I'd recommend changing jobs.  Wages and salaries are up quite a bit around here.   If you run a small business you have my sympathy.  (that's all I'll say so I can keep politics out of it).   I work for the devil (huge corporation) but we got a fairly large pay increase last year.  

I'm on SS - and that hasn't kept up with inflation for years.

2021 average inflation: 7.1%

My end-of-year COLA: 5.9%

[DitchPanda]

14 minutes ago, Woody B said:

To anyone who hasn't received a pay increase I'd recommend changing jobs.  Wages and salaries are up quite a bit around here.   If you run a small business you have my sympathy.  (that's all I'll say so I can keep politics out of it).   I work for the devil (huge corporation) but we got a fairly large pay increase last year.  

 

The root of the problem has to do with the pandemic, but not because it wasn't taken seriously.

I agree with this...I know its easier said than done to switch jobs and money isn't everything but the reality is you still have to make a living. My management team pushed corporate to allow us to create a position for me to move to the management team as a way to get my wage up so I had incentive to stay. I got "promoted" twice but in reality my job responsibilities didn't change much but my salary was increased about 12k over the past 18 months. I'm grateful that I work for some guys that try to reward their good employees and recognize the financial situation we are all in.

[TnRiver46]

59 minutes ago, Woody B said:

To anyone who hasn't received a pay increase I'd recommend changing jobs.  Wages and salaries are up quite a bit around here.   If you run a small business you have my sympathy.  (that's all I'll say so I can keep politics out of it).   I work for the devil (huge corporation) but we got a fairly large pay increase last year.  

 

The root of the problem has to do with the pandemic, but not because it wasn't taken seriously.

If only there were companies hiring skunk trappers 

[Bird]

17 hours ago, DanielG said:

Live long enough and you cycle through this dozens of times. This one is different but then again many of them were different too but in other ways. Up, down.  Seen it over and over.

^ this is accurate.

Wife and I had an arm loan in mid 90's and watched it climb to 14 %.

In less than a year we were refinancing at 5 % fixed........ride the Waves.

This one does feel different though.

 

[gim]

23 minutes ago, Bird said:

This one does feel different though.

Why does this one feel different?  I'm not really old enough to have a good comparison.  I didn't own a house in 2008 during the last economic collapse either. 

 

Maybe its because we had a global pandemic.  Certainly that is a factor that was not there during the previous economic downturns.

[Bird]

56 minutes ago, gimruis said:

Why does this one feel different?  I'm not really old enough to have a good comparison.  I didn't own a house in 2008 during the last economic collapse either. 

 

Maybe its because we had a global pandemic.  Certainly that is a factor that was not there during the previous economic downturns.

I've not seen price hikes across the board like we're seeing presently.

[DanielG]

3 hours ago, gimruis said:

Why does this one feel different?  I'm not really old enough to have a good comparison.  I didn't own a house in 2008 during the last economic collapse either. 

 

Maybe its because we had a global pandemic.  Certainly that is a factor that was not there during the previous economic downturns.

With most other inflation/recessions everything goes down, market, jobs, wages. And prices of course go down as no one has money to buy anything. This one has wages and jobs up. Kinda new. Different circumstances with this one, pandemic and war. I think without the war we would have continued to see a recovery. The last recession was unusual too. I'd never seen one caused by a housing crash. Usually they follow a pattern. Good employment, wages rise a bit, high interest rates leading to manufacturing slowdowns then loss of jobs and the economy spirals down as no one buys anything. Can't get or afford credit. During a recession cash is king. Stuff gets cheap and if you've got cash savings you can do well, if not like most people  you don't.

In the early 80's inflation reached 14%. Those with cash bought CD's at the bank with a 10% interest return. I was younger but relatives made a killing over a couple of years. That recession was pretty much bad for everyone. The 2008 recession was bad for a certain sector of the population. This one will affect a lot like the 80's one did.

[schplurg]

8 hours ago, gimruis said:

Why does this one feel different?  I'm not really old enough to have a good comparison.  I didn't own a house in 2008 during the last economic collapse either. 

 

Maybe its because we had a global pandemic.  Certainly that is a factor that was not there during the previous economic downturns.

 

There are a whole lot of things going on right now, all at once. War (Putin) causing the oil issues, supply line problems across many industries due to Covid, Covid itself, plus uncertainty of many things in our country. I have never lived in more uncertain times.

 

Someone mentioned returning $2.50 gas. LOL never heard of it. I pay $6.09 right now.

 

This forum is not the place for me to get into it any further, rules don't allow it here (which I like) so I don't see any point in trying, or returning to this thread.

[Glenn]

Seems like a logical stopping point before things take a turn.

 

And scene.....