General Discussion

Johnny2X2X

(20,122 posts)

28. Very smart

Thu Jun 16, 2022, 01:48 PM

Jun 2022

We were already in a home back then, but man, have many friends who saw the conditions like you did and absolutely made a killing. Couple we know bought a 1750 square foo house after the bubble popped for $65K here in Grand Rapids, MI. The did some remodeling, nothing major, made double payments for 10 years and owed practically nothing on it last year when they sold for $320K. They are debt free, save for their new mortgage which they got at under 3% interest because they put $200K down on it.

At the very least, you're going to have a paid for house when you retire that maybe you can sell and move to a more affordable area debt free. Good job and good planning.

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Home prices are going to start falling, and it's going to be a major shitshow for the country [View all] Hugh_Lebowski Jun 2022 OP

According to news reports I've been following it's corporate investors who are in2herbs Jun 2022 #1

If you bought a house for 300,000 and its now worth 200,000 former9thward Jun 2022 #19

You only feel the effects of being underwater only if you go to sell. Otherwise you won't in2herbs Jun 2022 #40

+1 2naSalit Jun 2022 #31

That seems possible. MineralMan Jun 2022 #2

Recently Retired Nictuku Jun 2022 #34

I'm really interested in the Reverse Mortgage thing as well. Like you, I have no kids to leave.... Tarheel_Dem Jun 2022 #36

I have some friends who are very happy with their decision Nictuku Jun 2022 #37

One more thing... Nictuku Jun 2022 #38

The only way I plan to leave my home is if I can no longer climb stairs. After I read your post, Tarheel_Dem Jun 2022 #45

That makes me happy to hear this! Nictuku Jun 2022 #47

Things to look out for Nictuku Jun 2022 #48

I'll definitely keep good records. And I'll also definitely insist on paying my own taxes & ..... Tarheel_Dem Jun 2022 #49

Please do really serious research before you get conned into a reverse mortgage. BSdetect Jun 2022 #61

One important point for you to consider with a RM, Totally Tunsie Jun 2022 #50

In the high property and income tax states JustAnotherGen Jun 2022 #3

the only thing that will drop around here is the rate of escalation. maxsolomon Jun 2022 #4

This message was self-deleted by its author Mosby Jun 2022 #17

Already Timewas Jun 2022 #5

Is that a bad thing? Polybius Jun 2022 #6

I didn't mean to imply it's a bad thing for every person in every situation Hugh_Lebowski Jun 2022 #9

When I first started house-hunting, interest rates were over 17%... getagrip_already Jun 2022 #7

Okay, but were home prices/values on a generally downward trend? Hugh_Lebowski Jun 2022 #11

early 80's, you can look it up..... getagrip_already Jun 2022 #20

I agree, we bought in 1989 and the interest rates were HIGH - almost 11%. seaglass Jun 2022 #42

Let me guess - 1980? Retrograde Jun 2022 #18

It's happened before CanonRay Jun 2022 #8

We were much Tickle Jun 2022 #54

Your prediction is borne out by what looks like a huge bubble in the homeowners equity chart andym Jun 2022 #10

People kept buying houses even when rates were 10-12%. FloridaBlues Jun 2022 #12

I have the same reply to you as I did in post #11 above (nt) Hugh_Lebowski Jun 2022 #13

But that was back when you could deduct all of your interest. lindysalsagal Jun 2022 #53

My current house value is crazy inflated. Tommy Carcetti Jun 2022 #14

Same here ... Zestimate is about 130% higher than what I paid 7 years ago Hugh_Lebowski Jun 2022 #15

Us too, just about same %. Baked Potato Jun 2022 #32

The Zestimate on my home is 3x what we paid in 2000 ReluctanceTango Jun 2022 #39

Ours is too. nt Roisin Ni Fiachra Jun 2022 #59

In the 2008 housing crash many homes did lose significant value. mn9driver Jun 2022 #16

If it's a massive, practically overnight crash, those would be different conditions than what I'm Hugh_Lebowski Jun 2022 #21

that had a lot to do with liars loans and the crooked lending industry..... getagrip_already Jun 2022 #23

I hope to live everything but maybe my last hours of my life in my home. pwb Jun 2022 #22

values won't fall Johnny2X2X Jun 2022 #24

Yes, well ... simply put, most people aren't as smart as you :) (nt) Hugh_Lebowski Jun 2022 #30

AVG mortgage rates are at 5% where I'm at, values will NO DOUBT fall because the number of people uponit7771 Jun 2022 #35

Wealthy cash investors may be wary of the falling knife effect, when prices decrease andym Jun 2022 #25

We bought our current house the summer of 2012 crud Jun 2022 #26

Very smart Johnny2X2X Jun 2022 #28

The housing market is not driving the inflation Buckeyeblue Jun 2022 #27

It lowers demand Johnny2X2X Jun 2022 #29

Low supply of gas? No lines here. No stations closed like in the 70's. Captain Zero Jun 2022 #58

The only fly in this theory is that inventories are still at historic lows... JCMach1 Jun 2022 #33

If buyers are selling in droves, won't there be droves buying? onenote Jun 2022 #41

Exactly!!! Demovictory9 Jun 2022 #44

My theory here is institutional investors would be buying and trying to get people to lease their Hugh_Lebowski Jun 2022 #46

This message was self-deleted by its author WarGamer Jun 2022 #43

Yes, of course. And once again it's location location location. librechik Jun 2022 #51

This is mostly a completely foreign language to me DFW Jun 2022 #52

Prices aren't falling here in the Triangle area of NC any time soon. mnhtnbb Jun 2022 #55

What goes up must come down Mr. Ected Jun 2022 #56

Around here house rentals had disappeared and homes flew off the market Captain Zero Jun 2022 #57

Am I the only person in America who bought a house because I wanted to live in a house? NutmegYankee Jun 2022 #60

No. Raftergirl Jun 2022 #62