Mortgage rates

[Concrete Helmet]

I can see farm equipment - such as a $100k purchase. I'm curious what people do who buy $100k RV's or $250k+ boats (hell, $100k boats).

Hell boats go 120 months if over 10K is financed, 144mn at 20k, and 180mn over 25k.....if anyone here is ever looking for a decent job after retirement and the economy is back on it's feet(and you don't mind working on the weekends sometimes) then I highly recommend selling boats.....I made between 60k-80k from 2003-2006 and I'm a terrible salesman. Some of the higher producers that worked for the same company made as much as 100k-120k. Several of them were retired and bored.

Show a dumb redneck a payment at 180mn on a sparkly new Bass Boat or Offshore rig and he'll be buried in debt and depreciation for many more years come... Just hope he doesn't come back in and want to trade it in in the next 10 years

 

[BMF]

Hell boats go 120 months if over 10K is financed, 144mn at 20k, and 180mn over 25k.....if anyone here is ever looking for a decent job after retirement and the economy is back on it's feet(and you don't mind working on the weekends sometimes) then I highly recommend selling boats.....I made between 60k-80k from 2003-2006 and I'm a terrible salesman. Some of the higher producers that worked for the same company made as much as 100k-120k. Several of them were retired and bored.

Show a dumb redneck a payment at 180mn on a sparkly new Bass Boat or Offshore rig and he'll be buried in debt and depreciation for many more years come... Just hope he doesn't come back in and want to trade it in in the next 10 years

I see these dudes (like blue collar types) all the time in $250k-$500k (or more) boats and wonder what TF this guy does for a living. I always hear people say, "well, maybe he's a GC or owns some sort of construction industry business (like concrete, roofing, painting, A/C, etc)". I say, 'there aren't THAT many dudes who own that sort of business and make THAT kind of money". It's like housing - people always say, "It's people from the NE or the west coast - they sell their houses there and move here and their money goes a lot farther." Okay - but it's happening in Jacksonville, Tampa, St. Pete, Ft. Myers, Miami, Sarasota, Ft. Lauderdale, Orlando, and every other community if Florida, NC, SC (and all across America). There aren't THAT many yankees or west coast transplants. Where TF are people getting the money? I make a pretty dang good living - especially now that I'm retired and collecting two pensions - have zero debt (except for a $224k mortgage) and I can't afford a $1.5 mil home on the water (and that's a sh*tty canal home that needs reno here in the St. Pete area). I don't get it. I'm sure I could stretch my income and make it work, but I'm too cheap (or frugal - or just 'smart' with my money) to get myself into that kind of debt.

 

[Concrete Helmet]

I see these dudes (like blue collar types) all the time in $250k-$500k (or more) boats and wonder what TF this guy does for a living. I always hear people say, "well, maybe he's a GC or owns some sort of construction industry business (like concrete, roofing, painting, A/C, etc)". I say, 'there aren't THAT many dudes who own that sort of business and make THAT kind of money". It's like housing - people always say, "It's people from the NE or the west coast - they sell their houses there and move here and their money goes a lot farther." Okay - but it's happening in Jacksonville, Tampa, St. Pete, Ft. Myers, Miami, Sarasota, Ft. Lauderdale, Orlando, and every other community if Florida, NC, SC (and all across America). There aren't THAT many yankees or west coast transplants. Where TF are people getting the money? I make a pretty dang good living - especially now that I'm retired and collecting two pensions - have zero debt (except for a $224k mortgage) and I can't afford a $1.5 mil home on the water (and that's a sh*tty canal home that needs reno here in the St. Pete area). I don't get it. I'm sure I could stretch my income and make it work, but I'm too cheap (or frugal - or just 'smart' with my money) to get myself into that kind of debt.

People always bite off more than they can chew when times are good.....a lot of those 100k plus boats and beach homes end up back at the bank when times aren't so good....we haven't gotten there in a while, or atleast yet.
At this stage in my life if I can't pay for it in cash I won't own it especially with cash yielding 5.5%. That's not to say I wouldn't borrow to do reno on a house but I will never go above 40% equity(owed) at this point and will have that much or more stewing in some high yield TBills, short term CD or hY savings account to counter the interest I'm paying....you just never know when sh!t could hit the fan.

 

[BMF]

People always bite off more than they can chew when times are good.....a lot of those 100k plus boats and beach homes end up back at the bank when times aren't so good....we haven't gotten there in a while, or atleast yet.
At this stage in my life if I can't pay for it in cash I won't own it especially with cash yielding 5.5%. That's not to say I wouldn't borrow to do reno on a house but I will never go above 40% equity(owed) at this point and will have that much or more stewing in some high yield TBills, short term CD or hY savings account to counter the interest I'm paying....you just never know when sh!t could hit the fan.

With mortgage rates hitting 8% and the stock market in the tank, plus the 24 election, Ukraine, and Israel I'm guessing the perverbial sh*t hitting the fan is happening real soon.

 

[FireFoley]

10-year Treasury yield breaks above 4.9% for the first time since 2007​

 

[Concrete Helmet]

Looks like Gold amongst other things are starting to sniff out a topping of the dollar(rates)....better get them LT's before they're gone...gonna be YUGE upside trade starting very soon

MSN

 

[Concrete Helmet]

MSN

 

[FireFoley]

MSN

If you are interested in a home, it is a new one or nothing.

With homeowners unwilling to sell homes for fear of having to buy at 8% mortgage rates, there’s a severe lack of existing homes on the market. Existing-home sales are looking to be on track to be on the slowest pace since 2008, Redfin said in a recent report.

 

[Concrete Helmet]

MSN

 

[BMF]

Home prices hit another record high in August

The S&P CoreLogic Case-Shiller National Home Price Index increased 0.9% in August month over month and 2.6% annually on a seasonally adjusted basis.

finance.yahoo.com

 

[FireFoley]

Home prices hit another record high in August

The S&P CoreLogic Case-Shiller National Home Price Index increased 0.9% in August month over month and 2.6% annually on a seasonally adjusted basis.

finance.yahoo.com

With so few transactions this trend will continue.

 

[FireFoley]

Kind of an interesting article. Knew it was going on but not at this rate. Guess have to compete with new home concessions.

1 in 3 Sellers Granting Buyer Concessions

 

[Altitude Gator]

Kind of an interesting article. Knew it was going on but not at this rate. Guess have to compete with new home concessions.

1 in 3 Sellers Granting Buyer Concessions

That's about the rate we are seeing. And the concessions are increasing as a percentage of purchase price.

The other thing we are seeing a HUGE upswing in are VA and FHA assumptions. Folks selling with these loans that are at 2-4% are able to avoid the concessions due to the savings to the buyer over the long term.

 

[BMF]

A builder bought a little 800sf sh*tty house on my street several months ago for $410k and tore it down - so, I figure "okay, he's going to build a new construction house on that lot"....several months later they start building and it's TWO houses on the same lot. These houses are completely out of place, Gulfport is a quaint coastal town - these homes are very modern, more of a Miami or downtown Sarasota feel (imo). Anyhow, they're nearing completion and I was curious what they'd go for - because most of the houses around them are small, older 1950's homes (there are a few newer homes built about 10+ years ago that go for around $700k). Because he split the lots and maxed out the size of the house, there's no room for a pool. He just listed them.....he wants $1.99 million! lol I can't wait to see him get less than $900K!

https://www.realtor.com/realestateandhomes-detail/5722-Tangerine-Ave-S_Gulfport_FL_33707_M95993-43059?from=srp-list-card

 

[BMF]

This one also went up, one block from me - they want $999k, but it has a garage apartment (new build also):

https://www.realtor.com/realestateandhomes-detail/5510-19th-Ave-S_Gulfport_FL_33707_M63133-84160?from=srp-list-card

 

[FireFoley]

Well to be fair @BMF, at least they are nice sized houses for that price. Yes way overpriced but still seeing people pay up for not having to do work, hence the new homes are the only thing selling. When I was reading your initial post and building 2 homes on one lot, I was guessing they were going to be 2 cottages.

 

[Altitude Gator]

Free market gonna free market. Sucks to be the ones that ignore it.

 

[Concrete Helmet]

Free market gonna free market. Sucks to be the ones that ignore it.

There's an old saying that goes like this.....don't wait to buy real estate.....buy real estate and wait....Biggest regret of my life was not having bigger balls and buying more investment property

 

[FireFoley]

There's an old saying that goes like this.....don't wait to buy real estate.....buy real estate and wait....Biggest regret of my life was not having bigger balls and buying more investment property

Most men say it was getting attached to a ball and chain

 

[Concrete Helmet]

Most men say it was getting attached to a ball and chain

In my case it depends on which ball and chain....