Housing Prices..hmm

xten

Veteran Member
Sep 24, 2014
4,752
Pittsburgh, Pa.
Around here, everyone with kids in school are looking for a good or better school district when buying a home. The market always slows up this time of year. We'll see this year.
 

bfmgoalie

Veteran Member
Jun 14, 2008
3,211
Gansevoort, New York
Started my first job on July 3, 1973. Made $2.00/hour. Take home? $61.09. After a couple weeks, I wanted to buy a motorcycle. That's when my financial "school" education kicked in.

Found one for $400. I only had $100. Of my weekly take home, I had to pay Mom $10 room and board. I didn't care - I had bucks! I spotted this bike and told Dad....oh, that's who I worked for - metallurgical engineering firm. He told me he'd take me to check it out. I thought I was dreaming or it was a miracle.

We went and looked. I wanted it sooooo bad but I only had $100. He told me he'd loan me the money. We loaded the bike in a company van and off we went. While in the van, he told me I would have to pay him back $50/week and still pay Mom $10 R&B. Wasn't really listening. Didn't care, I had my bike.

The following day, I asked if he could take me to get my insurance and registration. He said sure but did ask a question. How you going to pay for them? I told him I thought he'd loan me the money....Nope, ain't going to happen. I didn't understand...... I was only a teen.

After the loan payment and R&B, my left over was $8.72 for the entire summer. Couldn't drive the bike; couldn't even buy gas. The bike did get waxed a lot though!!

My Dad did educate me on financial planning. Did it work? Absolutely! He thought me the correct way to handle the financial future. Thanks Dad!
 

Gary S

Administrator
Lifetime Gold Member
Apr 14, 1999
24,514
Bismarck, North Dakota
It appears that house prices are already moving down here. There are two very similar houses in my neighborhood here that sold. One was sold a year ago and it went for around $240k (yes, houses here are still priced sensibly unlike most of the country). The one next door to it sold last month. It sold for $200k. That is enough of a price correction so the final payment at higher interest rates comes out about the same.
If buyers have any sense, this will happen all across the country.

Back in 1970, the Dad of a friend of mine told us, "What this country needs is a good recession." He was right then, and the country needs the same thing today. It is happening, so we can expect that to help the economy in the long run.
 

La.Z8

Veteran Member
Lifetime Gold Member
Jan 6, 2003
1,003
N.W. Louisiana
🍿😝o_O So this could go over well. what was going on in 1970 and today, [ recession], isn`t quite the same. First point that statement implies that the lower income folks can suffer tremendously with the inability to purchase goods and that`s a good thing! Sorry I disagree as throughout history recession isn`t a good thing. Perhaps a slowdown of the market isn`t bad, but that remains to be seen. This recession has cost me at least $$70K in market value of my investments. As a person on a fixed income myself and my wife and I each have an elderly parent on fixed retirement $$$ is very hard to pay for those goods, [ food, fuel, housing ], when the income is stagnant vs the outgoing $$$.
 

76z28

Veteran Member
Jun 29, 2009
2,586
bakersfield
🍿😝o_O So this could go over well. what was going on in 1970 and today, [ recession], isn`t quite the same. First point that statement implies that the lower income folks can suffer tremendously with the inability to purchase goods and that`s a good thing! Sorry I disagree as throughout history recession isn`t a good thing. Perhaps a slowdown of the market isn`t bad, but that remains to be seen. This recession has cost me at least $$70K in market value of my investments. As a person on a fixed income myself and my wife and I each have an elderly parent on fixed retirement $$$ is very hard to pay for those goods, [ food, fuel, housing ], when the income is stagnant vs the outgoing $$$.
A recession isn't a good thing, but it is a natural thing that happens within the economy. You can't ALWAYS be continuously growing. It's a cycle. The goal is to time it correctly for that cycle.
 

Gary S

Administrator
Lifetime Gold Member
Apr 14, 1999
24,514
Bismarck, North Dakota
Ask yourself which is worse. Is a recession worse than out of control inflation? A recession puts the brakes on inflation and gets things back in line. I'm hoping the recession lasts long enough to get that job done so we can afford to buy things again.
 

La.Z8

Veteran Member
Lifetime Gold Member
Jan 6, 2003
1,003
N.W. Louisiana
Nah.....I almost bit and made a comment. I`ll just sit back and watch the correction while people in the lowest income brackets continue to add to the Gov free for all and increase taxes to pay for the freebee`s ! Sorry, I disagree. But back to the original post....housing prices are way up. In the area where I reside there is some new home construction as the devil Amazon is about to open up a large distribution center nearby.
 

Da-bigguy

Veteran Member
Lifetime Gold Member
Jan 19, 2010
6,053
Cypress, TX
The house I sold in Houston 7 years ago is now according to the tax rolls worth more than double what I sold it for. My current house that we had built 7 years ago now has a 'market' value according to several websites that is up over 65% from what we paid for it. Not that I'm planning on selling anytime soon but I am happy with the fact I have a 30 year fixed mortgage with no penalties for prepaying if I chose to do so.
 




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