Hi Robin. Lucky me I'm not currently looking for a home to purchase or a place to rent. I still visit the real estate web sites on a weekly basis to see the prices and homes for sale currently on the market. The real estate prices are off the charts! In some places I look. A quarter to one acre of empty land sells for 50K plus. I'm rarely seeing home sales for under $200K these days! Most of the homes selling for under $200K that I've looked at on real estate web sites recently are in need of expensive renovations. Also, most of the under $200K homes for sale I've looked at this month are less than 1,000 sq. ft. Used single-wide and double-wide mobile homes, 15-30 years old, sitting on less than 1 acre of land are selling for $100K to $300K+ depending on the locations. The homeowner interest rate is still in the 6%+ range! Most rentals in my area are in the $1,200+ monthly range. Even single-wide mobile homes rent from $300-$400 a week.
The home I currently live in would cost me $1,200-$1,400+ a month if I were purchasing it today. All a result of inflated real estate prices and off the charts interest rates. I remember when interest rates on major credit cards (master card/visa) were at a 15% APR. The only cards that were charging 25-28% were the department store cards. Tires, auto parts and auto repairs too cost more than they did 5 years ago. It recently costed me over $300 for a windshield wiper motor replacement; and over $400 to replace an alternator, over $1,500 to replace the water pump and the left brake caliper. Don't even think about buying a new automobile. Even most used ones with over 50K miles are selling for over $25K. I think everyone realizes that inflation is biting us all in the butt. Food and gas prices are sucking lots of money out of people's pockets too. I would hate to get sick.
George Gammon is awesome! It’s impossible to tell the future. I like crypto like you do. My plan has always been to be in a position to earn a living with my specialized skillset and live modestly relative to my income.
you never know who has a hidden agenda giving you advice...even their own self delusion can make them liars and blind to truth. I too have been looking for RE crash for more than 5 yrs and a stock mkt crash for the same...I figured the stock mkt would give trump a couple of months AND THEN tumble. Went to a RE economic forecast last week and the A&M RE economist Mark Dotzer showed a graph of corporate profits as high as they've ever been....he said 'you will never have a recession with corp profits this high'. What I took away for RE is 2 yrs sideways and THEN inflation raises it's ugly head again. Low end houses will continue to inch upward b/c that is all ppl can afford...over $1 million homes will be softer....he thinks rates will never go below 6 again...the new normal is 6-7%....paid of my last mortgage in 2005 and it was 7% so that is normal to me. All this said....I will not be surprised to see a crash at any time in everything. But will be cautious. The economist I quote has been wrong before....I don't even know if his numbers for corp profits are real or made up under biden?
Hi Robin. Lucky me I'm not currently looking for a home to purchase or a place to rent. I still visit the real estate web sites on a weekly basis to see the prices and homes for sale currently on the market. The real estate prices are off the charts! In some places I look. A quarter to one acre of empty land sells for 50K plus. I'm rarely seeing home sales for under $200K these days! Most of the homes selling for under $200K that I've looked at on real estate web sites recently are in need of expensive renovations. Also, most of the under $200K homes for sale I've looked at this month are less than 1,000 sq. ft. Used single-wide and double-wide mobile homes, 15-30 years old, sitting on less than 1 acre of land are selling for $100K to $300K+ depending on the locations. The homeowner interest rate is still in the 6%+ range! Most rentals in my area are in the $1,200+ monthly range. Even single-wide mobile homes rent from $300-$400 a week.
The home I currently live in would cost me $1,200-$1,400+ a month if I were purchasing it today. All a result of inflated real estate prices and off the charts interest rates. I remember when interest rates on major credit cards (master card/visa) were at a 15% APR. The only cards that were charging 25-28% were the department store cards. Tires, auto parts and auto repairs too cost more than they did 5 years ago. It recently costed me over $300 for a windshield wiper motor replacement; and over $400 to replace an alternator, over $1,500 to replace the water pump and the left brake caliper. Don't even think about buying a new automobile. Even most used ones with over 50K miles are selling for over $25K. I think everyone realizes that inflation is biting us all in the butt. Food and gas prices are sucking lots of money out of people's pockets too. I would hate to get sick.
George Gammon is awesome! It’s impossible to tell the future. I like crypto like you do. My plan has always been to be in a position to earn a living with my specialized skillset and live modestly relative to my income.
I always enjoy your commentary Robyn!
you never know who has a hidden agenda giving you advice...even their own self delusion can make them liars and blind to truth. I too have been looking for RE crash for more than 5 yrs and a stock mkt crash for the same...I figured the stock mkt would give trump a couple of months AND THEN tumble. Went to a RE economic forecast last week and the A&M RE economist Mark Dotzer showed a graph of corporate profits as high as they've ever been....he said 'you will never have a recession with corp profits this high'. What I took away for RE is 2 yrs sideways and THEN inflation raises it's ugly head again. Low end houses will continue to inch upward b/c that is all ppl can afford...over $1 million homes will be softer....he thinks rates will never go below 6 again...the new normal is 6-7%....paid of my last mortgage in 2005 and it was 7% so that is normal to me. All this said....I will not be surprised to see a crash at any time in everything. But will be cautious. The economist I quote has been wrong before....I don't even know if his numbers for corp profits are real or made up under biden?