So when’s the housing bubble bursting?

[Helico-pterFunk]

Yup same here. Good strategy

Thanks. Yeah - really need to be careful and play your cards right. Be able to maintain a lifestyle in retirement that isn't a big drop-off. If I remember correctly, my dad retired at 59, and mom around 62. Dad said for him the stress of the job just wasn't worth it ... plus the difference in his pension plan if he waited a handful more years wasn't too big or drastic. He's frugal by nature. 75.

Mom's a big spender though and has travelled the world. She has bounced around and moved a number of times in the past 20 years. Houses, apartments, condos. 71.

Their lifestyles are very different.

 

[Dota]

Interesting. Doesn’t seem possible.

They trying hit that Tic-Tok / Instagram influencer lick.

 

[havelcok]

Yeah I see a lot of these young kids are really embracing this concept....Trying to retire in their mid to late 30's....

I have enough for lean fire
where i can pay off the house and go work for starbucks for the insurance
but i am aiming for fat(ish) fire
i am determined to give my baby the best this life has to offer.

 

[Dota]

I keep an excel spreadsheet of my monthly bills and expenses. It has been helpful in keeping track of my credit card balances and payments.

So I pay all my bills as soon as they cut. I rather know what I have left over versus waiting to pay bills towards the end of the due date.

Man, I did the excel spreadsheet for years and it's so helpful to visually see where all your money is going each month. I only updated it when I got a raise. I tried to show the strategy to a family member who spends money like it's no tomorrow. Their question to me was what happens if the monthly balance is negative? I told them that means either cut your expenses or get another damn job.

 

[4 Dimensional]

Man, I did the excel spreadsheet for years and it's so helpful to visually see where all your money is going each month. I only updated it when I got a raise. I tried to show the strategy to a family member who spends money like it's no tomorrow. Their question to me was what happens if the monthly balance is negative? I told them that means either cut your expenses or get another damn job.

Exactly. At no point should a person have more money going out than they do coming in each month. And that is the problem for some people. They don’t want to face that reality about themselves.

I have so many different calculations on my spreadsheet. I have mine set up for when I enter in my paycheck amount my bill money is automatically deducted so it shows me what I have left.

 

[DC_Dude]

 

[moblack]

Housing is gone make them independent women start calling dudes they called lame asap.

 

[havelcok]

 

[Helico-pterFunk]

Exactly. At no point should a person have more money going out than they do coming in each month. And that is the problem for some people. They don’t want to face that reality about themselves.

I have so many different calculations on my spreadsheet. I have mine set up for when I enter in my paycheck amount my bill money is automatically deducted so it shows me what I have left.

Agreed. It's all about making sound choices that are directly impactful in the present, and long-term. When you know your numbers are out of whack ... you have to make a change.

The following woman hosted a few TV series I found really helpful a number of years back. I caught a number of the first 2 shows, and a little bit of the 3rd. See the YOUTUBE links for plenty of the full episodes. She'd come in and break down / disect peoples' finances and through tough love would get them back on track. It was informative to watch as a 20-something as there were plenty of do's & don'ts shown through the spreadsheets and such. She would flat out say to people - "What the hell are you doing? You're setting yourself up for major financial ruin ... and you only have yourself to blame."

A number of people would be testy & dismissive ... and she'd look them in the eye and be like - "Well, do you want my help or not?"

I sent her a note on Twitter about 10 years ago thanking her for the assorted TV shows. Said I found them very informative as a young person ...




Gail Vaz-Oxlade (born June 18, 1959, in Jamaica) is a Jamaican-Canadian financial writer and television personality who lives in Brighton, Ontario, Canada. Vaz-Oxlade hosts the Canadian television series Til Debt Do Us Part, Princess and, most recently, Money Moron. Vaz-Oxlade is also a regular columnist for Yahoo! Canada Finance. Previously, she was a regular feature writer for The Globe and Mail, Chatelaine magazine, IE: Money and MoneySense.ca, among others.[1][3] Gail most recently ventured into the divorce realm by offering financially based divorce services through Common Sense Divorce.

https://www.youtube.com/results?search_query=Til+Debt+do+us+part

https://www.youtube.com/results?search_query=Money+Moron

https://www.youtube.com/results?search_query=Prince%24%24+TV+show

https://www.youtube.com/results?search_query=Gail+Vaz+Oxlade

 

[woodchuck]

 

[moblack]

Inflation sucks…at the same time people are people high student loan debt , expensive car notes, expensive cell phone bills, brunch every weekend , folks still traveling , ordering like crazy from Amazon ….folks haven’t made cuts too anything yet to combat it.

 

[cashwhisperer]

 

[bgbtylvr]

I’ve owned everywhere I lived but Vegas. You always buy when you can. People rent but have car notes when they should combine that amount and own a home and drive a decent, basic car. I’ve sold each home I owned from 50k minimum. My place now is worth 100k over what I bought it for in ‘15. Rent in my building is more than my mortgage. I get renting as a kid, but after about age 25 you should have owned some shit. The bubble is gonna pop in the next 18 months and those rates and prices will come down; then there will be too many houses on the market. Same shit each decade. Moral is have cash ready. Stop buying bullshit and delaying. There will be a ton of foreclosure and short sales early 2024. Be ready! I’m trying to get a penthouse in my building or one near me so I ain’t buying shit til then.

 

[BrownTurd]

The problem is that the value of your home is heavily determined by the houses around you. What is going to happens is that so many people overpaid for home just to see the equity disappear overnight

 

[Helico-pterFunk]

BoC warns mortgage payments could be up to 45% higher for some borrowers by 2025

High household debt and elevated housing prices have become bigger vulnerabilities in the past year, but the economy can still handle the rising interest rates needed to tame inflation, Bank of Canada governor Tiff Macklem said Thursday.

www.ctvnews.ca

Higher interest rates and mortgages: What do they help and hinder?

With the Bank of Canada expected to keep raising its policy interest rate through 2023, experts expect the gap between fixed and variable mortgage rates to shrink. If you're in the market for a mortgage, here's some advice on what to consider when deciding which type to opt for.

www.ctvnews.ca

Canadian real estate market: Major cities top list of worst spots to buy

They're the hottest real estate markets in the country, but Vancouver and Toronto are also ranked the worst places in Canada when it comes to making a purchase.

bc.ctvnews.ca

Bank of Canada sounds alarm on economic risk of high household debt amid soaring inflation

With interest rates set to keep rising, the Bank of Canada is sounding the alarm on the risk record high house prices and an increasing number of households with high mortgage debt could have on the Canadian economy.

www.ctvnews.ca

Vancouver rentals: Parked travel trailer without plumbing offered for $650/month

A travel trailer without plumbing parked in the driveway of an East Vancouver home is being offered for $650 a month, in the latest eyebrow-raising Craigslist ad to emerge from the city's increasingly unaffordable rental market.

bc.ctvnews.ca

 

[DC_Dude]

 

[blackbull1970]

Homeless Man Builds A Two Story Condo On SkidRow, Los Angeles, CA.

 

[moblack]

I saw that mans video. What caught my attention was the Sister Artist. She is fine as frog hair.

 

[850credit]

Buy the smallest house in the best neighborhood you can afford.

It will appreciate due to the neighborhood. You can then scale up later and roll over the capital gains tax if you are buying a more expensive property.

And try for a basement or in law suite that you can rent out to offset expenses.

 

[kdogg3270]

BoC warns mortgage payments could be up to 45% higher for some borrowers by 2025

High household debt and elevated housing prices have become bigger vulnerabilities in the past year, but the economy can still handle the rising interest rates needed to tame inflation, Bank of Canada governor Tiff Macklem said Thursday.

www.ctvnews.ca

Higher interest rates and mortgages: What do they help and hinder?

With the Bank of Canada expected to keep raising its policy interest rate through 2023, experts expect the gap between fixed and variable mortgage rates to shrink. If you're in the market for a mortgage, here's some advice on what to consider when deciding which type to opt for.

www.ctvnews.ca

Canadian real estate market: Major cities top list of worst spots to buy

They're the hottest real estate markets in the country, but Vancouver and Toronto are also ranked the worst places in Canada when it comes to making a purchase.

bc.ctvnews.ca

Bank of Canada sounds alarm on economic risk of high household debt amid soaring inflation

With interest rates set to keep rising, the Bank of Canada is sounding the alarm on the risk record high house prices and an increasing number of households with high mortgage debt could have on the Canadian economy.

www.ctvnews.ca

Vancouver rentals: Parked travel trailer without plumbing offered for $650/month

A travel trailer without plumbing parked in the driveway of an East Vancouver home is being offered for $650 a month, in the latest eyebrow-raising Craigslist ad to emerge from the city's increasingly unaffordable rental market.

bc.ctvnews.ca

is this (vancouver) where you live H-Funk?

 

[Helico-pterFunk]

is this (vancouver) where you live H-Funk?

Yes - I feel bad for people looking to get into the market presently. At this point - it just ain't worth it. Glad to have got in back in 2009, and even then I was hesitating and unsure IF it was a "good deal".

As the thread title ponders - "So when's the housing bubble burst?"

 

[Helico-pterFunk]

And try for a basement or in law suite that you can rent out to offset expenses.

Agreed. My brother bought an older place in a small town ... that rental income is helpful in that it essentially pays your whole mortgage, and he was essentially renting rundown places with friends for years prior to that.

And IF you have responsible friends you can trust ... they may want to rent from you.

 

[Tito_Jackson]

Yes - I feel bad for people looking to get into the market presently. At this point - it just ain't worth it. Glad to have got in back in 2009, and even then I was hesitating and unsure IF it was a "good deal".

As the thread title ponders - "So when's the housing bubble burst?"

Yep. Interest rates are insane.

The messed up thing is that rental costs are increasing at a faster rate than mortgages.

I really wish people would have bought those "hood" homes when I was strongly suggesting they should.

The other part of this situation is, even when interest rates do settle, home costs will have increased even more.

So, do you pay more now or later??

 

[Dr. Truth]

Yes - I feel bad for people looking to get into the market presently. At this point - it just ain't worth it. Glad to have got in back in 2009, and even then I was hesitating and unsure IF it was a "good deal".

As the thread title ponders - "So when's the housing bubble burst?"

It’s not bursting it will just slow down

 

[Helico-pterFunk]

It’s not bursting it will just slow down

Agreed. The unpredictability of it all is a complete headache.


When to buy in? When to sell? How much of your money to tie up in property?

 

[Dr. Truth]

Agreed. The unpredictability of it all is a complete headache.


When to buy in? When to sell? How much of your money to tie up in property?

The fucked up part is housing is so expensive that whole don’t put over 50% of your income towards a house is impossible for 99% of people.

 

[Helico-pterFunk]

Yep. Interest rates are insane.

The messed up thing is that rental costs are increasing at a faster rate than mortgages.

I really wish people would have bought those "hood" homes when I was strongly suggesting they should.

The other part of this situation is, even when interest rates do settle, home costs will have increased even more.

So, do you pay more now or later??

Agreed. When I was buying in 2009 they'd ask you what you thought of the place as soon as you walked in the door. "Don't worry - just put $5000 down - MONEY IS CHEAP"

Money is cheap? Get the fuck outta here. Buying property is the biggest purchase people will ever make. The amount of brainstorming you have to do to make the numbers work for you. Planning for the years ahead in paying off the place, etc. Weighing renting versus owning, etc.

We'd love to sell RIGHT NOW and make a great profit ... but the appeal of the real estate search at present = no thanks. Not at these prices.

 

[Helico-pterFunk]

The fucked up part is housing is so expensive that whole don’t put over 50% of your income towards a house is impossible for 99% of people.

I hear you on that. Take a look at some of these numbers, Truth.


Burnaby is the neighboring city of Vancouver ... grew up there until my early-20s ...

Here is how much the average apartment costs to rent in Vancouver in May 2022

Vancouver one-bedroom units have increased a whopping 18.12 per cent in price year-over-year.

www.vancouverisawesome.com

 

[moblack]

It’s not bursting it will just slow down

Been trying to tell people that. Idiots think they about to buy a 300k hour for like 90k smh.

 

[Dr. Truth]

I hear you on that. Take a look at some of these numbers, Truth.


Burnaby is the neighboring city of Vancouver ... grew up there until my early-20s ...

Here is how much the average apartment costs to rent in Vancouver in May 2022

Vancouver one-bedroom units have increased a whopping 18.12 per cent in price year-over-year.

www.vancouverisawesome.com

I honestly thought Vancouver was more expensive than that but those numbers are still crazy. I just saw a report that Manhattan median rent is $5000 and Brooklyn is $3200. Shit is a joke

 

[Helico-pterFunk]

I honestly thought Vancouver was more expensive than that but those numbers are still crazy. I just saw a report that Manhattan median rent is $5000 and Brooklyn is $3200. Shit is a joke

Daaaaaaaaaamn.

 

[Dr. Truth]

Daaaaaaaaaamn.

“The average rental price in Manhattan was just under $5,000 in May.

The median rental price in Brooklyn also increased to $3,250 in May, an 18 percent rise from the previous year.”

Median Rent in Manhattan Reaches a New High (Published 2022)

The median rent in Manhattan was $4,000 in May, a record attributed to people returning to New York City and high mortgage rates.

www.nytimes.com

 

[Helico-pterFunk]

“The average rental price in Manhattan was just under $5,000 in May.

The median rental price in Brooklyn also increased to $3,250 in May, an 18 percent rise from the previous year.”

Median Rent in Manhattan Reaches a New High (Published 2022)

The median rent in Manhattan was $4,000 in May, a record attributed to people returning to New York City and high mortgage rates.

www.nytimes.com

It's just too much. Like you were saying - the whole don't tie up 50% or more of your income in a house (or rent) ... just isn't possible / plausible for many. People are already cutting it too close with the rest of their finances.

 

[cashwhisperer]

Why would you NEED to stay in a zone where the median is $5000? How would a tenant benefit from that? When we have internet?

 

[KunningLinguist]

I’ve owned everywhere I lived but Vegas. You always buy when you can. People rent but have car notes when they should combine that amount and own a home and drive a decent, basic car. I’ve sold each home I owned from 50k minimum. My place now is worth 100k over what I bought it for in ‘15. Rent in my building is more than my mortgage. I get renting as a kid, but after about age 25 you should have owned some shit. The bubble is gonna pop in the next 18 months and those rates and prices will come down; then there will be too many houses on the market. Same shit each decade. Moral is have cash ready. Stop buying bullshit and delaying. There will be a ton of foreclosure and short sales early 2024. Be ready! I’m trying to get a penthouse in my building or one near me so I ain’t buying shit til then.

this is my plan....im looking to get into the market....im saving and getting ready for the collapse....i want to get a few rental properties