[sdrealtor]

[quote=deadzone][quote=an][quote=deadzone]Lower prices in general (housing, etc) will benefit the vast majority of people. The few remaining folks on piggington are all real estate investors of some degree so of course you are going to argue against the societal benefits of lower home prices. It is pointless to debate this with you people.[/quote]
Wrong, given this data: https://www.10news.com/news/local-news/report-shows-it-costs-more-to-rent-in-san-diego-than-in-los-angeles-042622?fbclid=IwAR1b1DAdNKwkEJH0Y7P1toQJ97Ndcnc_pS7pQeFNA18BUN_gYt9Qfk8_Pbg, I 10000000% welcome lower prices. I can make even more profit by buying even more houses and renting out at an even higher rent. Why would I object to more profit and more $? That doesn’t make any sense.

Also, the last time we saw a housing crash, it was the rich and investors who benefited the most. If you were trying to buy a house during the bottom of the last cycle, you would know.[/quote]

That’s funny because whenever I post about evidence pointing the coming crash, you and sdr and FLU get angry. Yet you (and SDR) then claim you welcome lower prices. You guys are either liars, or you have bi-polar disorder.[/quote]

We are neither as we dont care. Whatever happens we are positioned to benefit and ride out any potential storms. That is what smart, thoughtful people do. Permabear says what?

[sdrealtor]

[quote=deadzone][quote=an][quote=deadzone]Who said I’m looking to buy a house?
I just want to see asset prices return to their organic, free market, not Fed induced bubble prices. That will be better for society in general. Perhaps there will be some pain along the way but so be it.[/quote]
I’m confused, if you are not looking to buy, then why do you wish pain on people? That’s pretty evil. I thought at least the evilness stems from personal gain (ability and opportunity to finally buy a house). However, if it’s not for personal gain, then it’s just pure evil to enjoying seeing pain and cheerleading for the pain.[/quote]

Why do you believe rooting for lower housing prices is wishing pain on others? Do you not believe lower, more affordable housing is a good thing for society? I only wish pain on greedy investors and others who engaged in risky, leveraged behavior, the ones responsible for this current asset bubble. Clearly you are one of those investors so your definition of “pain on others” is quite biased.[/quote]

Yet another pathetic lie! I am neither a greedy investor nor engaged in risky behavior and I actively discoiuraged risky behavior but you wished pain on me. Where is the love?

[sdrealtor]

[quote=sdrealtor]Just an FYI I came upon an interesting data point. Last year inventory here was in double digits from the beginning of May until Mid November and single digits the rest of the year. If inventory relief is gonna happen its gonna start real soon[/quote]

And just like that….

Day of golf yesterday but ran the data and things are progressing as predicted.

New listings 7 (5) – one of the higher counts the last couple months as expected post tax season and May around the corner

New Pendings of 7 (8) – steady as she goes

Closed sales at 8 (7) –

Inventory at 11 with median of 997K. Last year it was 3 with median of 765K.

The demand has definitely slowed but there is still plenty of demand for the slow, steady trickle of supply. Inventory should build slowly into the 20’s and 30’s unless we start getting 20+ new listings a week for a few months. Then we would rise a bit higher.

Lets see what happens next but for now its still the steady, consistent market its been for quite a while. Only time will tell

[sdrealtor]

I think you may be misunderstanding what mooning means. It means going to the moon as in rising rapidly which is what your example showed.

[sdrealtor]

He would only benefit enjoying others pain. There is no gain for him just pain for others he hopes suffer because he envies their success. Such a sad place to be

[sdrealtor]

You work in public sector of course you don’t know people that lost jobs. I know tons that did outside of the real estate world. But there you go again rooting for a crash that will only inflict pain and give you no gain

And you will get NO joy from me. I’ve got a nearly paid off $2m+ home that has zero impact on my life if it goes to $5m or $500k. Nothing changes in my life. Over 80% of my savings are managed professionally and conservatively at Merrill Lynch and outside of some dividends and required minimum distributions I don’t touch any of it and have no plans or need to ever do so. Financially I’m pretty bullet proof. If things go down my dividends reinvest at lower prices so it actually benefits me. Someday my heirs will care but I’m not going anywhere so they can enjoy me while I’m here! You’re just a sad jealous loser with no path to winning

[sdrealtor]

This is just some one who is envious of others. Some one who has failed and wishes bad things on others. This is not a good person nor is this a greedy person with self interest. This is just a pathetic jealous loser

[sdrealtor]

That’s the best part! Will be just like Robin Hood we don’t have to make money. We just have to have some cool Memes and talk about crypto baby

[sdrealtor]

All that and more! No layoffs ever! DZ join us and you can work from home also! We’ll all be unicorns!

[sdrealtor]

And a mobile app! I’ll be a tech unicorn in no time!

[sdrealtor]

Hey AN and Coronita, can you build me a website? Then I’ll be a tech company. You two can wfh for me indefinitely!

[sdrealtor]

[quote=gzz]SDR, are many flippers buying 10+ homes a year for cash? Probably a few, especially in cheap markets, but the ones I know use loans and don’t do that many.

I feel that flippers are becoming more prominent now partly because so few people are selling that flips are a bigger share of inventory, and also linger a tad longer by pricing at the high end. Maybe also because I am looking in greater Clairemont which has so many nice homes that need updating.[/quote]

There are a bunch of large flipper groups doing hundreds a year in SoCal. Typically backed by funds collected from investors. There are Mid size groups using cash they started with and have grown over the years. There are small time flippers who use cash or hard money.

10+ is a low threshold for flippers of any size beyond mom and pop

Then there are the ibuyers. Redfin, Open door etc are still active. Zillow was but they grossly mismanaged things. They bought hundreds of homes here

[sdrealtor]

And even if you have $50K in itemized deductions you were getting the first 25.9K anyway so the incremental benefit is only about $24K write off not the whole $50K which gzz should know already

With my mortgage as small as it is and lacking any significant medical bills I could itemize Im close to the point of not itemzing anymore. Then again with a small mortgage thats a high class problem

SALT = state and local taxes

[sdrealtor]

With the increase in the standard deduction and salt limits tax benefits aren’t what they once were. It’s $25,900 now for married joint so you don’t accrue benefits until you pass that and only on what’s in excess of that

[sdrealtor]

[quote=sdrealtor]Haven’t checked yet but my guess is went to pro flippers who can turn that place around for $50k or less. I’d guess we see it back on market late May or early June for $1.075m and goes with multiple offers[/quote]

OK just checked. Buyer was rep’d by agent who lives in MM and has contractor husband. Pretty sure they are the buyers. They did 2 nice flips last year. Id expect this to be their next one

[Author]

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