07-04-2022, 05:55 AM | #71 | |
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Singapore is the only example I know of with a mostly benevolent (I'm not sure it is an autocracy but I think I know what you mean) totalitarian government.
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07-04-2022, 09:22 AM | #72 | |
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Home pricing is more volatile and is based on more than inflation but very few persons I know buy a home thinking it will make them rich.
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07-04-2022, 09:51 AM | #73 | |
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However. This is not the housing climate of many past generations. It can't be. That started after WWII, and wage disparity plus easy loans seems to have reshaped some markets to be unachievable for most. So far I've only lost money on housing, if you look at net. Neighboring homes having been foreclosed had offers at half or less our asking price when we sold in 2015. We eventually sold a few thousand less than we paid in 2002 but the place had a new roof and HVAC and upgraded appliances... Current place has already needed a roof and both HVAC. Speculatively, it'd net a profit if we sold, but less than inflation, so a loss on paper.give it some time and the cost of major maintenance balances out. But... Sell and do what? Rent?... Second or third homes then? I doubt generations have had that luxury in most families. Sure, some have. Honestly though it's wage disparity at the heart of current crazy housing markets. People only get rich by stepping on others and this is no exception.
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07-04-2022, 10:25 AM | #74 | |
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07-04-2022, 11:17 AM | #75 |
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he's talking about accounting for maintenance costs as well.
which ought to always be done, but most don't. when i sold my ranger, everyone i talked to patted me on the back for making $500. told me i did things right. i bought it for $5k, and sold at $5500. but i put $4500 in maintenance into it. no one questioned what i did to make it better, everyone just looked at the raw sales figure without all the life and maintenance costs behind them because it told a much more positive story than reality.
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07-04-2022, 11:23 AM | #76 | |
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The issues learned from Singapore isn't to restructure government or to have the government start grabbing up private land however they want to build whatever they want for "the good of the people". We could start with the concept that owning should be an available option in the market. If we ask ourselves why are affordable homes not available in our market, and if we ask ourselves if we are fine with the market moving further and further away from home ownership to home renting, as it moves further into the hands of the few, then we can examine the pressures in the market leading to this disparity and determine if we are on a trajectory that is sustainable, beneficial, strengthens or weakens our economy, strengthens or weakens the stability of our society, etc. When we do that, I predict we will decide that we would be better off if people across most of the economic spectrum had an option to buy, even if it means those at the top had less opportunity to build wealth as landlords. I think one place to start is to zone housing with more diversity, so that multifamily structures like duplex, condominiums and apartments are in the same neighborhoods as single family homes. We could also build with small shops and retail in R1 neighborhoods.
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07-04-2022, 11:24 AM | #77 |
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Over the years I've netted some profit on real estate transactions. I've also lost money. These are for my primary residence. I'd never try to use real estate as an investment tool, expecting meaningful gains on a regular basis. I consider owning a home as being better than the alternative of renting. After paying for principal, interest, taxes, insurance, utilities and maintenance at least I have substantial equity in my house. If I had rented something comparable all these years I'd just have a stack of rent receipts.
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07-04-2022, 11:47 AM | #78 | |
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Again, being rich, being wealthy and gaining wealth are three different, but overlapping concepts. Also, generations have probably been talking about this for some time, but few are focusing on solutions. Even the guy in this video who talks about the changes in the housing market across generations has a typical economist answer that the supply and demand of the market will naturally fix things in time, and he could be right. I'm not saying the end is coming shortly or in the next generation because this isn't to fear monger. I'm just pointing out that it isn't sustainable, and we are predictable moving closer and closer to the mathematical limitations of how far we can push this inequality between wage growth and housing growth before something has got to give. I can't predict the future or know what economic pressures will affect the market in another five or ten years, but I think this is worth a conversation and closer scrutiny at this time. We tend to be more reactive than proactive, and that can have devastating consequences for the market like it did with the last recession.
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07-04-2022, 11:59 AM | #79 | |
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https://www.ft86club.com/forums/show...5&postcount=19 https://www.ft86club.com/forums/show...2&postcount=36
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07-04-2022, 12:45 PM | #80 |
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If base understanding on amortization and investing were taught at a high school level average folks would be in a better position to make these type of choices. Even with the knowledge a large amount wouldn’t I believe. I would say 10% of people I know my age even save money at all let alone make an attempt to invest in their future.
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07-04-2022, 01:02 PM | #81 | |
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07-04-2022, 01:18 PM | #82 | |
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Current estimate if I sold does include upkeep, as I keep track of effective monthly cost in order to compare against renting (since I don't plan to go home free) we've only been here 8 years so definitely upside down. I also include property taxes in this calculation. Once we pay off the house it helps. And paying aggressively is better than investing in funds lately so we've been doing that.
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07-04-2022, 01:32 PM | #83 | |
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07-04-2022, 02:19 PM | #84 | |
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On my block are apartments, 3-flats, and single-family residences for rent (also a few lower levels rented out I believe); To buy are condos (6 in a building I think) and single family. Price range is <400k to ~1.4mil last I looked. There is a 3-flat currently under renovation and going on the market soon - not sure if it'll be buy or rent (though often owners live in one of the available floors). And a mix of the common 25'x125' lots with a handful at 35'x125 and some full double lots. Alleys are amazing too, I have to say. Still have a good few older trees, though those are slowly being taken out (ash trees get hit by the ash borer, many others were ignored when water/sewer mains were put in and are now causing issues...) and houses aren't right up against the walk (which is a huge bonus for me; I feel trapped by the places that go right up to the edge... not to mention places without big old trees) Walk a few blocks and there is a lovely street of shops and restaurants - on the one side they even ban chains. Lots of local business - not always successful. Grocery, pharma all within easy walking distance. Even my doctor is a 3 block walk. Multiple bus options, and <1mi to three different rail transit options. Income likely varies quite widely as well. I'm not a city person, but I rather like it here.
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