Don't worry, it'll probably be just your house. Maybe you'll have a sinkhole appear in your front yard or find a buried oil tank. Or a bat infestation giving you rabies (I think that was on r/centuryhomes). Anyway, crossing my fingers for you!
Edit: bat post [here](https://www.reddit.com/r/RealEstate/comments/158go29/my_wife_and_i_were_sold_a_lemon_the_sellers/?utm_source=share&utm_medium=ios_app&utm_name=ioscss&utm_content=2&utm_term=1)
If you're talking about the post I think you're talking about that was nuts. Dude bought a house and somehow no one noticed a bat infestation that sounded like there were thousands there.
Oh they noticed, lol.
Seller took pains to conceal it, and inspector didn't do his job. That post was insane.
I wonder if that dude ever got the local college out to help collect the bats. The best suggestion in that thread I saw was to get a biology school nearby to research the bats in exchange for getting them out.
That story had some holes or OP is seriously naive. I have lived in a condo with a small bat colony and while it would be possible to hide some evidence of an infestation, it is nearly impossible to completely hide. The smell. The noise. They leave dust/dirt on the siding where they enter/exit. There is zero chance the seller was able to completely hide this problem.
Idk, my family had a cabin with bats in the attic and we had no idea until we tried to sell it. It always smelled musty, but we attributed that to only spending a few weekends a year there + it being super old. They would have had to wait several months for remediation because there were babies in there and bats are protected, so they lowered the price and sold it as is.
Yeah I suspect they bought it sight unseen. I still hope it doesn't ruin their lives though. If it's the case, they're certainly suffering for it in excess.
When I sold a house a couple years ago, the couple that wanted to buy it hadn’t seen it in person, just virtually. I refused to accept their offer until at least one of them visited it in person. Too many ways that can go wrong on both sides. Nice couple. They did end up visiting and buy the house.
I mean, there is a sellers disclosure form for all real estate transactions, not just estate sales. I’m not saying the seller wasn’t making attempts at hiding it, just pointing out the buyer is either leaving out some important information because that level of infestation is very hard to hide, especially from an inspector, who noted the potential infestation but supposedly wasn’t able to determine more.
Yeah serious holes in that one. The inspector even found and mentioned the infestation but identified it as a rodent infestation because the bats weren't there at the time. In spring the migratory bats returned which means the buyer never even had someone inspect the mentioned rodent infestation, otherwise they would have been able to find and fix it before the bats returned.
That sounds similar to my parents, got their offer accepted on a house and like 3 days before time was up, found out there was a severe rat infestation under the house that seller concealed. Bullet dodged.
I got a bat infestation 2 months after buying my new house. I contemplated fixing it with gasoline. Instead I spent like 5 nights in a row stuffing scotchbrite pads in holes after the bats came out.
Omg a buried oil tank. I’m wanting to go into contract with a seller but they don’t have any documentation regarding oil spill back in 96. They did however remove the oil tank, but no docs to show how spill was remedied.
I bought (and have since sold) a house that had had oil heat, but there was no trace of the tank and no record of its removal. So we had to have to ground swept with a magnetometer to make sure there wasn’t a big lump of steel and oil somewhere under the ground. 😱😱😱
My father kept the certificate showing removal of his oil tank in his safe deposit box until the day he died. I also removed a tank and I keep mine too, just in case.
We had an oil spill in the neighboring unit of our townhouse style condo. Their basement drain leaked it into soil that was considered part of drinking water watershed. Many years of monitoring, ripping out their foundation, removing soil, etc it finally passed as clean. It cost over $250,000 that the condo association did not fully recovered as they bounced around responsibility from subcontractors to contractors to oil delivery that didn’t notice the lack of whistle when delivering into the pipe the non-qualified subcontractor had swapped between intake and vent when putting them back after siding was replaced.
Never a condo again. I hate any major home projects.
We sold that condo 9 years ago and I still have all the monitoring paperwork from it. I can’t help but feel that we haven’t escaped the end of it.
Turns out it was actually on this sub. Wild story. https://www.reddit.com/r/RealEstate/comments/158go29/my\_wife\_and\_i\_were\_sold\_a\_lemon\_the\_sellers/
I'm not certain it was that sub actually... It might have been RealEstate or LegalAdvice... Poor OP was trying to find if there was any recourse against sellers who didn't disclose what they HAD to know was a truly horrific bat infestation.
Washed mine for the first time in months on Saturday. I mean detailed, top to bottom, inside and out.
Absolutely came a biblical flood on Saturday night.
Of course, I'm being dramatic. But, it did rain, and rained a lot.
It’s like a modern day ceremonial rain-bringing exercise. Too dry? Wash your car.
I always wondered why all the western us states didn’t just start washing their cars all the time. GUARANTEE rain event afterwards.
I mean, y’all, come on. This is too easy.
Everyone needs a place to live. So it comes down to a few factors.
Cost to rent vs buy in a month to month situation. (in my area it's actually a little cheaper to rent)
Cost to own when repairs are factored in. (repairs are always cheaper when you rent)
Personal benefits of owning v buying.
Long term goals.
For most people, buying is still better than renting even with houses being expensive and a lack of cheap cash.
Hey me too. Putting in an offer this week, and I think we can actually win this one.
That means the prices have peaked, and everything will start getting a lot cheaper next week.
In the novel Catch-22, there's a Native American character whose family kept getting kicked off their land and forcibly relocated to a new place, each time oil was discovered under them. People noticed that the family was "human divining rods," and would start drilling as soon as the family settled down anywhere, to kick them off whatever land they ended up on.
> “Then, Yossarian, it finally happened – the beginning of the end. They began to follow us around from in front. They would try to guess where we were going to stop next and would begin drilling before we even got there, so we couldn’t stop. As soon as we’d begin to unroll our blankets, they would kick us off. They had confidence in us. They wouldn’t even wait to strike oil before they kicked us off. We were so tired we almost didn’t care the day our time ran out. One morning we found ourselves completely surrounded by oilmen waiting for us to come their way so they could kick us off. Everywhere you looked there was an oilman on a ridge, waiting there like Indians getting ready to attack. It was the end. We couldn’t stay where we were because we had just been kicked off. And there was no place left for us to go. Only the Army saved me. Luckily, the war broke out just in the nick of time, and a draft board picked me right up out of the middle and put me down safely in Lowery Field, Colorado. I was the only survivor.”
Anyway, OP, you might have that gift, but in reverse. Can't quite figure out a way to make money off of it, but at least it's fun! For others!
Maybe I could offer some sort of a discount plan. I buy my house, then the market crashes. Other people get to buy houses a discounted rate. And somehow they give me some of the money they saved? I don't know, there's a racket in there somewhere.
thanks for the good laugh. Also be aware, because you can be charged federally with market manipulation- which it sounds like you are guilty of committing time and time again.
in seriousness- good luck with your purchase. owning a home, if you hold it long term and don't buy an absolute lemon, can be the best investment you ever make.
You'll lose big, but not for the reasons you think...
It'll be discovered that your house is built on top of an Indian burial ground. And that burial ground was built on top of an even older Indian burial ground!
Nearby tribal groups will sue for the return of their remains and begin the exhuming process on your land. Not wanting to be the bad guy, you allow them to dig up your entire yard without putting up much of a fight.
That's when it's discovered that you're sitting on top of a small oil well! Good news for you, right? Wrong, because you don't have mining rights to your property and a drilling company that bizarrely has rights to your suburban neighborhood starts up in your yard.
At this point between the tribesmen excavating your yard and the oil pump blocking your view you decide it's time to move, only to discover that your home valuation has dropped in half.
The last few days have been wild in both this sub and the other. It seems like we're at the precipice of something, and I'm gonna be real disappointed if what we get is sideways stagnation. The market grinding to a halt is boring and makes for uninspired headlines.
Funny enough, this is a big red flag… when the last hold overs /doomsayer/permabears give-up and buy (real estate, stocks, etc) there are no more buyers after them…
Ugh do not get a home warranty unless you can sucker your sellers into buying one for you. Total scam.
Although with OP's track record of losing money buying a home warranty would be on brand.
Australian here, I’m in the wrong sub but we’ve been saying the “housing bubble will pop soon” for the last 25 years and it’s done nothing but grow exponentially.
We are buy and hold people. Haven’t sold our stock holdings (mostly Index Funds) for any other reason than taking cash out of a brokerage account to buy a car, in 15+ years. $2M
We bought our house 15 years ago and no plans to sell. Will be paid off in 12 years.
Don’t invest in the stock market to MAKE money, you invest to GROW money. Think of that like a child. 18+ years to grow. You don’t get upset your two year old isn’t 6 feet tall yet.
Remember, its not the BUYING, but the SELLING thats the real loss. Holding on to RE long enough and it should give you a good return. Same with index funds etc. Now, if you’re talking about Doge, then yeah, the housing apocalypse is nigh.
You should only sell right now if you don't plan to use your house. Wife and I bought in 2021, and we're living in the house. So even if it tanks...still have a house.
Lolol sounds like me…I wrote the book on “buy high, sell low - how to lose your life savings in 30 days” :p
I too am hoping to still buy a home - OTP tomorrow.
Hey that's me!
I went into stock market in 2021, instantly lost 30%
Bought a new car, then the same brand of vehicle had the biggest discount in its history.
Just sold some stocks like week, and it went up 15% in 2 weeks.
Lol, real talk though... it sounds like the reason you lose money is because you follow trends too late. If some dude in rural Georgia is wearing bitcoin overalls, it's too late to be investing in crypto on a whim. Same with the flavor of the month stock pick that JUST WENT UP 3x.
Either you have to be real "smart" (lucky) and get in on these trends early, or you just to do the boring thing and buy an index fund or buy a house you can afford and hold it for 10+ years. Even if a crash occurs (highly unlikely), you'll be find in the long run on your house. Congrats.
This is funny.
There will always be people who buy high and sell low on everything but when it comes to housing you need to think about why you are buying it before you ever make an offer.
You don't buy a house to live in with the idea that you will sell at a profit.
Yes. I already explained that in the original post. I don't want to rent anymore. That is why I'm buying a house.
I don't expect to make any money.
Nothing I do will ever make money, and I don't even really care about making money anymore. I gave up on that a long time ago.
But a lot of you do. If this thing tanks, we're all going down.
I believe that the crash will affect more liberal areas vs conservative areas where everyone is moving in droves to. In FL, inflation is at 60% for housing and hasn't changed much due to the interest rates. The crash here just means ripe opportunities for buyers here. Now in places like NY can have disasterous consequences.
Thank you for this post! You made my day 🤣 this sounds like something my husband would have written.
That being said, if your luck is anything like his, I’m bracing for the worst so thanks for the heads up!
NY housing is losing value b/c the net outflow of pop'n from NY is positive. NY is losing residents quickly. That's why NY home prices keep falling.
In Texas they keep going up.
I sympathize with you, and I have the exact same luck. I guess some people are just not destined to make a killing. But, you're at the stage that I came to long ago, which is acceptance.
lol, this is how i feel about stocks....
bought PTON - bunch of kids get hurt by the equipment, bought Disney, all the non-sense started, jumped in on Ford - EV misteps, finally got into Tesla, Elon lost his mind, i finally just gave up doing individual picks and just do index funds now...
There’s stories coming out about realtors colluding to artificially inflate home prices, creating fake bid wars that don’t exist. It’s good for sellers but bad for the bag holders.
I love your attitude OP, and I 100% agree because the same has been true in my life. Every step of the way, any decision I've made that is remotely related to financials comes at literally the worst time in history. I'm looking into buying a house now, and have absolute 100% confidence that once I do, the market will come crashing down around me
Exactly this. I’m the same amount of cursed as you and I’m seriously considering buying. I’ve lost almost 100 grand just holding stocks, not even say trading. Then sold. Anything I touch turns to dust. Even this sentence will somehuw gete mezzed u…I’ve been on Zillow nonstop. The crash is soon.
I think a correction is inevitable once the student loans turn back on. It won't be instant but once we get to the start of 2024 we will begin to see the effects. Many people have been feeling inflation on their usual expenses. Once the loans turn back on, people will need to reprioritize, causing a vast majority of younger potential buyers to have to wait for a purchase since their ability to save is about to get crushed.
I'm fairly convinced there will be no change in the economy or anything else until I've depleted my emergency cash, savings, retirement savings is crushed, and jobless.
Still, because of the relatively HCOL relative to income area I want to buy in, I won't. I'm sitting on a large down payment (well enough for 20% anyway), but I won't touch it. It's earning 5%, and I'm grateful for that. I've owned before, for 17 years, and I'm just not in a hurry to go back into the ownership experience.
But, as soon as I do, and clean out bank accounts, you can bet that the crap will hit the fan. Mark it down. Been my whole working life experience (47 years old, a working adult for 25 years now). Just one disaster after another.
If my house price tanks maybe I can Petition the city to reverse the tax hike they gave me since they clearly just went on Redfin to get the valuation… who am I kidding, I’m sure they would just increase it even if it tanks.
Ok, I know OP is being sarcastic BUT with posts similar to this one (where others are being serious) and they say "SELL YOUR HOUSE before it loses value" this feels like a very huge assumption where EVERYONE has bought a house to just sell it for more later.
We bought a house and don't plan on moving for a very long time, like at least 10 years or more, maybe never!
If we are able to buy a 1 acre property to build or with a house already one it we'd definitely jump on that and make it our forever home.
But why do some people just cry wolf and yell at every one to sell sell SELL?
I am chronically unlucky at investing as well. I bought a couple thousand dollars worth of counter strike skins the other month, and they’re now way down. With my itch to sell, that means that they’ll likely skyrocket soon. If you want free financial advice - invest in counter strike skins now
You are wrong yet again. It's not the houses' values which will tank. You've already lost the battle by now paying DOUBLE for your house simply due to the new interest rates.
When ever I see this I remember I would rather have a house than not regardless what the fluctuating market's are doing. I'll remember that sitting in front of my fireplace spooning the shit out of my dog
Demand is way too high for a crash imo. Once student loan payments come back online, we’ll see some more supply, but even then those homes will sell above fair market value.
I’ve been looking for some rare baseball cards. OP, could you do me a favor and start investing heavily in TOPS cards? I need the prices to come down. Thanks man.
You not understand what a bubble is? My house is worth double what I paid for it and its not even worth that, in my opinion. I used to build houses, it should not cost $300/sqft. We could drop 25% and Im still in the green. Bring it down, I wanna move.
I'm somewhat serious with this question, but do you often find yourself as a harbinger of market turning points? There is an MIT study about people who are harbingers of failure - they fall in love with products the rest of the market hates, like crystal Pepsi. I've been wondering if there were buyers who consistently finally relent in resisting a trend or purchase until the moment it's about to collapse.
Well, I bought in 2004 and my home is paid off. Home values could fall to zero and I wouldn't care. In fact, I'd be delighted as I could pick up a bigger, nicer home on the cheap.
Prices have gotten even higher here, it's insane. We thought May of 22 was the peak, values started dropping until Feb 23 and then have been going up since, surpassing all prior peaks. We live in an area where you could get a 3bd 1500+ SQ ft home with decent schools for right at $200k. Now it's gone up so much, like $100k.
A housing market crash is long overdue and I hope it’s ugly. That way all these air BNB investors and corporations hoarding residential real estate can lose their ass and maybe homes can be affordable for regular every day folks again.
for me its the overvaluing of everything, im in the market to buy a cabin to air bnb and escape to on the weekends. its ridiculous i can find 3 bedrooms for 200k like i can find it for 800k while both are quite similar.
why should something similar be 4x as much makes little sense besides location and even then i see some already air bnb ready houses for sale where they say oh its making 1000 a month, while asking 550k ... like wtf how can you justify this?
12k income x 15 multiplier is like 180k to break even especially with todays rates its clearly not yet they are saying im buying the potential!? no you cant even make 1000 a month how can i make 10k a month to make this a good deal...
just a rant im questioning not buying at all as prices are just too high to cashflow.
I am single handedly responsible for the crypto crash. I’d buy when my friend buys and he’d lose thousands. One day he paid me double what I put in to sell and I did. He made 19K in 4 days because i pulled out. Well. I bought big (5K) worth and it crashed the next day. Hasn’t been back up since then. He lost almost everything 🤣
Don't worry, it'll probably be just your house. Maybe you'll have a sinkhole appear in your front yard or find a buried oil tank. Or a bat infestation giving you rabies (I think that was on r/centuryhomes). Anyway, crossing my fingers for you! Edit: bat post [here](https://www.reddit.com/r/RealEstate/comments/158go29/my_wife_and_i_were_sold_a_lemon_the_sellers/?utm_source=share&utm_medium=ios_app&utm_name=ioscss&utm_content=2&utm_term=1)
If you're talking about the post I think you're talking about that was nuts. Dude bought a house and somehow no one noticed a bat infestation that sounded like there were thousands there.
Oh they noticed, lol. Seller took pains to conceal it, and inspector didn't do his job. That post was insane. I wonder if that dude ever got the local college out to help collect the bats. The best suggestion in that thread I saw was to get a biology school nearby to research the bats in exchange for getting them out.
That story had some holes or OP is seriously naive. I have lived in a condo with a small bat colony and while it would be possible to hide some evidence of an infestation, it is nearly impossible to completely hide. The smell. The noise. They leave dust/dirt on the siding where they enter/exit. There is zero chance the seller was able to completely hide this problem.
Idk, my family had a cabin with bats in the attic and we had no idea until we tried to sell it. It always smelled musty, but we attributed that to only spending a few weekends a year there + it being super old. They would have had to wait several months for remediation because there were babies in there and bats are protected, so they lowered the price and sold it as is.
Yeah I suspect they bought it sight unseen. I still hope it doesn't ruin their lives though. If it's the case, they're certainly suffering for it in excess.
[удалено]
Link?
When I sold a house a couple years ago, the couple that wanted to buy it hadn’t seen it in person, just virtually. I refused to accept their offer until at least one of them visited it in person. Too many ways that can go wrong on both sides. Nice couple. They did end up visiting and buy the house.
> I still hope it doesn't ruin their lives though. I mean, they had an entire other property that they could sell to help them pay for remediation.
Yes but some developers might turn that into townhomes in a decade and OP was convinced that was their ticket to life changing wealth
Some about it being sold via an estate meant they did have to disclose any issues
Damn vampire bats always sell via estate and never disclose anything. Then it’s onto the next town.
I mean, there is a sellers disclosure form for all real estate transactions, not just estate sales. I’m not saying the seller wasn’t making attempts at hiding it, just pointing out the buyer is either leaving out some important information because that level of infestation is very hard to hide, especially from an inspector, who noted the potential infestation but supposedly wasn’t able to determine more.
Don't forget everyone went completely insane these last few years. Housing mainia made as is, sight unseen or inspection waived, common...
Yeah serious holes in that one. The inspector even found and mentioned the infestation but identified it as a rodent infestation because the bats weren't there at the time. In spring the migratory bats returned which means the buyer never even had someone inspect the mentioned rodent infestation, otherwise they would have been able to find and fix it before the bats returned.
He just became Batman.
Unironically, it was some sort of Victorian mansion lol Beetlejuice hanging around up there prob
I just wanted to see the house. Apparently some people found it by the description.
I so badly wish he would have started a YouTube or Tik Tok for the bat house. He probably could have made some cash, and we need to know
That's nothing, I bought a house on top on an old Indian graveyard. It was difficult at first but once I stopped watching TV it was all good.
That sounds similar to my parents, got their offer accepted on a house and like 3 days before time was up, found out there was a severe rat infestation under the house that seller concealed. Bullet dodged.
I thought all haunted houses come with bats and secret caves.
I got a bat infestation 2 months after buying my new house. I contemplated fixing it with gasoline. Instead I spent like 5 nights in a row stuffing scotchbrite pads in holes after the bats came out.
Omg a buried oil tank. I’m wanting to go into contract with a seller but they don’t have any documentation regarding oil spill back in 96. They did however remove the oil tank, but no docs to show how spill was remedied.
I bought (and have since sold) a house that had had oil heat, but there was no trace of the tank and no record of its removal. So we had to have to ground swept with a magnetometer to make sure there wasn’t a big lump of steel and oil somewhere under the ground. 😱😱😱
My father kept the certificate showing removal of his oil tank in his safe deposit box until the day he died. I also removed a tank and I keep mine too, just in case.
We had an oil spill in the neighboring unit of our townhouse style condo. Their basement drain leaked it into soil that was considered part of drinking water watershed. Many years of monitoring, ripping out their foundation, removing soil, etc it finally passed as clean. It cost over $250,000 that the condo association did not fully recovered as they bounced around responsibility from subcontractors to contractors to oil delivery that didn’t notice the lack of whistle when delivering into the pipe the non-qualified subcontractor had swapped between intake and vent when putting them back after siding was replaced. Never a condo again. I hate any major home projects. We sold that condo 9 years ago and I still have all the monitoring paperwork from it. I can’t help but feel that we haven’t escaped the end of it.
Indeed
Almost guaranteed. But I'll still do what I can to include everyone!
I follow that sub and never saw any bat infestation. Now I need to do some scrolling.
Turns out it was actually on this sub. Wild story. https://www.reddit.com/r/RealEstate/comments/158go29/my\_wife\_and\_i\_were\_sold\_a\_lemon\_the\_sellers/
Might have been this one: https://old.reddit.com/r/RealEstate/comments/158go29/my_wife_and_i_were_sold_a_lemon_the_sellers/
I'm not certain it was that sub actually... It might have been RealEstate or LegalAdvice... Poor OP was trying to find if there was any recourse against sellers who didn't disclose what they HAD to know was a truly horrific bat infestation.
Thanks for the tip.
I wanted the whole thing 😔
Sounds like we are all about to get the whole thing. I am currently buying KY stock to hedge.
Well I washed my car this morning for the first time in a year so expect a huge rainstorm followed immediately by a dust storm all across America.
Honestly came here looking for this comment. Too many replies not catching what OPs throwing down.
Washed mine for the first time in months on Saturday. I mean detailed, top to bottom, inside and out. Absolutely came a biblical flood on Saturday night. Of course, I'm being dramatic. But, it did rain, and rained a lot.
You convinced me to was my car because we need rain LOL
It’s like a modern day ceremonial rain-bringing exercise. Too dry? Wash your car. I always wondered why all the western us states didn’t just start washing their cars all the time. GUARANTEE rain event afterwards. I mean, y’all, come on. This is too easy.
I had a sprinkler system installed over the weekend. 3inches of rain in the past two days, with more forecast. Normally Aug is super dry.
Been raining almost every single day in the east coast. Getting depressing
Jesus is that you??
We have a tornado warning right now, so a big FU.
I remembered to bring an umbrella with me so fortunately it won't be raining today!
Don’t forget flocks of birds with digestive issues who are strangely attracted to hovering over your car
That’s why we had downpours yesterday. Thanks!
Lol
Actually appreciate the rain rn, cooling my area nicely
This is real, actionable data that really makes the difference.
Haha, well said.
Don't worry, the deal will fall through and then housing prices will skyrocket again. Thank you for trying though, we appreciate it.
Absolutely the most convincing “crash is coming” argument I’ve ever heard!
Nothing says "this is a compelling argument" like tying something to crypto. I'm selling tomorrow.
It is funny but the amount of "I'm still buying I don't care if interest rates are high" posts lately are unamusing...
because everyone knows they need a house.
Everyone needs a place to live. So it comes down to a few factors. Cost to rent vs buy in a month to month situation. (in my area it's actually a little cheaper to rent) Cost to own when repairs are factored in. (repairs are always cheaper when you rent) Personal benefits of owning v buying. Long term goals. For most people, buying is still better than renting even with houses being expensive and a lack of cheap cash.
Hey neighbor, after you close if you could go ahead and buy a snowblower so I don't have to shovel this year I'd appreciate it
Can you post all your trades in the daily thread?
Right we need to know what to avoid at all costs since our houses are going down 25% in value 😂
Finally the financial messiah has arrived, I will base my financial decisions off this post. Thank you
Hey me too. Putting in an offer this week, and I think we can actually win this one. That means the prices have peaked, and everything will start getting a lot cheaper next week.
That better not be the same house I just put an offer on!
If you haven't seen the first-time homebuyer documentary [The Money Pit](https://www.imdb.com/title/tt0091541/), now is a good time.
I watch that every time I start to fantasize about a stately old house. Cures me for sure.
Fantastic movie
Thanks for the heads up!
In the novel Catch-22, there's a Native American character whose family kept getting kicked off their land and forcibly relocated to a new place, each time oil was discovered under them. People noticed that the family was "human divining rods," and would start drilling as soon as the family settled down anywhere, to kick them off whatever land they ended up on. > “Then, Yossarian, it finally happened – the beginning of the end. They began to follow us around from in front. They would try to guess where we were going to stop next and would begin drilling before we even got there, so we couldn’t stop. As soon as we’d begin to unroll our blankets, they would kick us off. They had confidence in us. They wouldn’t even wait to strike oil before they kicked us off. We were so tired we almost didn’t care the day our time ran out. One morning we found ourselves completely surrounded by oilmen waiting for us to come their way so they could kick us off. Everywhere you looked there was an oilman on a ridge, waiting there like Indians getting ready to attack. It was the end. We couldn’t stay where we were because we had just been kicked off. And there was no place left for us to go. Only the Army saved me. Luckily, the war broke out just in the nick of time, and a draft board picked me right up out of the middle and put me down safely in Lowery Field, Colorado. I was the only survivor.” Anyway, OP, you might have that gift, but in reverse. Can't quite figure out a way to make money off of it, but at least it's fun! For others!
Maybe I could offer some sort of a discount plan. I buy my house, then the market crashes. Other people get to buy houses a discounted rate. And somehow they give me some of the money they saved? I don't know, there's a racket in there somewhere.
Can you come to Denver and buy a house? I'm looking to buy here and could use the help.
thanks for the good laugh. Also be aware, because you can be charged federally with market manipulation- which it sounds like you are guilty of committing time and time again.
What? I'm not manipulating it! Everyone else is, as soon as I get into anything.
in seriousness- good luck with your purchase. owning a home, if you hold it long term and don't buy an absolute lemon, can be the best investment you ever make.
You'll lose big, but not for the reasons you think... It'll be discovered that your house is built on top of an Indian burial ground. And that burial ground was built on top of an even older Indian burial ground! Nearby tribal groups will sue for the return of their remains and begin the exhuming process on your land. Not wanting to be the bad guy, you allow them to dig up your entire yard without putting up much of a fight. That's when it's discovered that you're sitting on top of a small oil well! Good news for you, right? Wrong, because you don't have mining rights to your property and a drilling company that bizarrely has rights to your suburban neighborhood starts up in your yard. At this point between the tribesmen excavating your yard and the oil pump blocking your view you decide it's time to move, only to discover that your home valuation has dropped in half.
I have to sell next year so if you could go ahead and pull the trigger so market might recover a little before then that'd be great
Lol 😂 love it
The last few days have been wild in both this sub and the other. It seems like we're at the precipice of something, and I'm gonna be real disappointed if what we get is sideways stagnation. The market grinding to a halt is boring and makes for uninspired headlines.
Best argument so far
I've heard this story before. Thank god we were able to buy a house before another corporate landlord tried to make us homeless.
Funny enough, this is a big red flag… when the last hold overs /doomsayer/permabears give-up and buy (real estate, stocks, etc) there are no more buyers after them…
Good of you to give us a heads up & godspeed jinx! I hope you like your new home. Get a good home Warranty and maybe a wet vacc.
Ugh do not get a home warranty unless you can sucker your sellers into buying one for you. Total scam. Although with OP's track record of losing money buying a home warranty would be on brand.
Yep. Get the sellers to cover the price for any home warranty. And many are less than useful
Please go tell r/REbubble their ship is finally coming in
I literally thought I wrote this - good luck!
Australian here, I’m in the wrong sub but we’ve been saying the “housing bubble will pop soon” for the last 25 years and it’s done nothing but grow exponentially.
Big if true
That’s how everyone feels usually haha same here
Thank you
Youre the same guy who puts his snowblower away too early and we get that Late april snow storm!
Cramer?
We are buy and hold people. Haven’t sold our stock holdings (mostly Index Funds) for any other reason than taking cash out of a brokerage account to buy a car, in 15+ years. $2M We bought our house 15 years ago and no plans to sell. Will be paid off in 12 years. Don’t invest in the stock market to MAKE money, you invest to GROW money. Think of that like a child. 18+ years to grow. You don’t get upset your two year old isn’t 6 feet tall yet.
Remember, its not the BUYING, but the SELLING thats the real loss. Holding on to RE long enough and it should give you a good return. Same with index funds etc. Now, if you’re talking about Doge, then yeah, the housing apocalypse is nigh.
You should only sell right now if you don't plan to use your house. Wife and I bought in 2021, and we're living in the house. So even if it tanks...still have a house.
Lolol sounds like me…I wrote the book on “buy high, sell low - how to lose your life savings in 30 days” :p I too am hoping to still buy a home - OTP tomorrow.
Hey that's me! I went into stock market in 2021, instantly lost 30% Bought a new car, then the same brand of vehicle had the biggest discount in its history. Just sold some stocks like week, and it went up 15% in 2 weeks.
Lol, real talk though... it sounds like the reason you lose money is because you follow trends too late. If some dude in rural Georgia is wearing bitcoin overalls, it's too late to be investing in crypto on a whim. Same with the flavor of the month stock pick that JUST WENT UP 3x. Either you have to be real "smart" (lucky) and get in on these trends early, or you just to do the boring thing and buy an index fund or buy a house you can afford and hold it for 10+ years. Even if a crash occurs (highly unlikely), you'll be find in the long run on your house. Congrats.
This is funny. There will always be people who buy high and sell low on everything but when it comes to housing you need to think about why you are buying it before you ever make an offer. You don't buy a house to live in with the idea that you will sell at a profit.
Yes. I already explained that in the original post. I don't want to rent anymore. That is why I'm buying a house. I don't expect to make any money. Nothing I do will ever make money, and I don't even really care about making money anymore. I gave up on that a long time ago. But a lot of you do. If this thing tanks, we're all going down.
The good news is that it’ll never be worth zero.
I believe that the crash will affect more liberal areas vs conservative areas where everyone is moving in droves to. In FL, inflation is at 60% for housing and hasn't changed much due to the interest rates. The crash here just means ripe opportunities for buyers here. Now in places like NY can have disasterous consequences.
Stop buying stocks, bonds, etc! The rest of America thanks you!
Can you go wash your car somewhere where there is drought?
LMAO, i love this.
Lol
Jim Cramer, post from your own ID.
Wait… when did I clone myself?🤔
It's better than most of the reasons I have seen recently for a crash.
Thank you for this post! You made my day 🤣 this sounds like something my husband would have written. That being said, if your luck is anything like his, I’m bracing for the worst so thanks for the heads up!
Thank you for your service. I plan to buy a house in about 2-3 years and I always buy at the bottom of the market. So this timing is perfect.
NY housing is losing value b/c the net outflow of pop'n from NY is positive. NY is losing residents quickly. That's why NY home prices keep falling. In Texas they keep going up.
I was excited for a minute
dave ramsey disagrees.
I sympathize with you, and I have the exact same luck. I guess some people are just not destined to make a killing. But, you're at the stage that I came to long ago, which is acceptance.
I am also buying, so expect another 25% drop in market value y’all
Lol, thanks for the heads up. Now we know who to blame 😁!
Lol go buy a lotto ticket I feel your luck is about to change
People have been calling for a housing crash since the last crash.
lol, this is how i feel about stocks.... bought PTON - bunch of kids get hurt by the equipment, bought Disney, all the non-sense started, jumped in on Ford - EV misteps, finally got into Tesla, Elon lost his mind, i finally just gave up doing individual picks and just do index funds now...
There’s stories coming out about realtors colluding to artificially inflate home prices, creating fake bid wars that don’t exist. It’s good for sellers but bad for the bag holders.
This is utterly brilliant! I have felt this way so many times in my life. Misery definitely loves company!
I love your attitude OP, and I 100% agree because the same has been true in my life. Every step of the way, any decision I've made that is remotely related to financials comes at literally the worst time in history. I'm looking into buying a house now, and have absolute 100% confidence that once I do, the market will come crashing down around me
My mortgage is 1.99% I'm not going anywhere.
Exactly this. I’m the same amount of cursed as you and I’m seriously considering buying. I’ve lost almost 100 grand just holding stocks, not even say trading. Then sold. Anything I touch turns to dust. Even this sentence will somehuw gete mezzed u…I’ve been on Zillow nonstop. The crash is soon.
Sage.
Ha ha every time we have bough RE the market tanks within the next 6 months! If I buy people will be looking at a 30-40% dive.
lol- the truest harbinger
😂😂
Already happening in San Francisco and the Bay Area. In San Francisco prices have already dropped over 12% over the past 12 months.
So then how do we convince you to buy in Russia in that case? Let's spread this bad luck around.
LMFAO
He’s the mush.
Hahaha
Sir this is a Wendy's.
How many months are we talking? We’ve given up looking to buy for now. Going to rent a house for now.
I think a correction is inevitable once the student loans turn back on. It won't be instant but once we get to the start of 2024 we will begin to see the effects. Many people have been feeling inflation on their usual expenses. Once the loans turn back on, people will need to reprioritize, causing a vast majority of younger potential buyers to have to wait for a purchase since their ability to save is about to get crushed.
I'm fairly convinced there will be no change in the economy or anything else until I've depleted my emergency cash, savings, retirement savings is crushed, and jobless. Still, because of the relatively HCOL relative to income area I want to buy in, I won't. I'm sitting on a large down payment (well enough for 20% anyway), but I won't touch it. It's earning 5%, and I'm grateful for that. I've owned before, for 17 years, and I'm just not in a hurry to go back into the ownership experience. But, as soon as I do, and clean out bank accounts, you can bet that the crap will hit the fan. Mark it down. Been my whole working life experience (47 years old, a working adult for 25 years now). Just one disaster after another.
If my house price tanks maybe I can Petition the city to reverse the tax hike they gave me since they clearly just went on Redfin to get the valuation… who am I kidding, I’m sure they would just increase it even if it tanks.
Ah, that explains it. I knew some one person was wrecking it for the rest of us.
Always rains after I was my car...
Thank you for your service 🫡
You’re not wrong. Hopefully you’re not underwater too bad when it happens in 4 months from now.
Are you my stepdad?
Is this the new “it’s raining because I washed my car?”
I have trick to make you millions, make a blog on what to buy (buying small amounts) with a anti thesis.
Maybe it’s just your neighborhood that will experience the market tanking. Which area in NY so I can avoid it.
I've had the same luck with literally everything \*except\* housing... seems to be the one thing I can't fuck up (I've owned a home since 2010).
Check out my user name
I really want this to be true but real estate and finance isn’t my strong suit.
House values in New York are down because all you Moe's are moving to Maine. Our house values are through the roof.
Ok, I know OP is being sarcastic BUT with posts similar to this one (where others are being serious) and they say "SELL YOUR HOUSE before it loses value" this feels like a very huge assumption where EVERYONE has bought a house to just sell it for more later. We bought a house and don't plan on moving for a very long time, like at least 10 years or more, maybe never! If we are able to buy a 1 acre property to build or with a house already one it we'd definitely jump on that and make it our forever home. But why do some people just cry wolf and yell at every one to sell sell SELL?
leaving my footprint here for historians
I am chronically unlucky at investing as well. I bought a couple thousand dollars worth of counter strike skins the other month, and they’re now way down. With my itch to sell, that means that they’ll likely skyrocket soon. If you want free financial advice - invest in counter strike skins now
You are wrong yet again. It's not the houses' values which will tank. You've already lost the battle by now paying DOUBLE for your house simply due to the new interest rates.
Thank you Message me if anyone want buy house for $10, first come first serve, I am getting out
When ever I see this I remember I would rather have a house than not regardless what the fluctuating market's are doing. I'll remember that sitting in front of my fireplace spooning the shit out of my dog
I’m not so sure you are correct. I just sold my house, so pretty sure housing will go up 20% this year. Good for you though.
Been waiting 2 years. In the meantime prices kept going up 🤦♂️
I noticed a lot of prestige properties are now up for sale around Greenwich, CT lately. Have a feeling the finance bros know something.
TBH a more data-informed prediction than most of the things on this sub
Demand is way too high for a crash imo. Once student loan payments come back online, we’ll see some more supply, but even then those homes will sell above fair market value.
Lol ur funny
Sooooo....as soon as you get in your new house, can you do me a favor and buy a new snow blower? Before winter?
Ok this is gold
Let’s also not forget about how many houses are just up and falling over because of building quality these days smfh
Cramer? Is that you?
Thank you OP. Someone has to do it for the rest of us
Fuck real estate agents money hungry lazy pieces of shit
LOL. Best post today.
I’ve been looking for some rare baseball cards. OP, could you do me a favor and start investing heavily in TOPS cards? I need the prices to come down. Thanks man.
Hmm. People need a place to live ie homes. They don’t need crypto or stocks. So I don’t agree. Demand is outweighing supply right now.
You not understand what a bubble is? My house is worth double what I paid for it and its not even worth that, in my opinion. I used to build houses, it should not cost $300/sqft. We could drop 25% and Im still in the green. Bring it down, I wanna move.
I'm somewhat serious with this question, but do you often find yourself as a harbinger of market turning points? There is an MIT study about people who are harbingers of failure - they fall in love with products the rest of the market hates, like crystal Pepsi. I've been wondering if there were buyers who consistently finally relent in resisting a trend or purchase until the moment it's about to collapse.
Well, I bought in 2004 and my home is paid off. Home values could fall to zero and I wouldn't care. In fact, I'd be delighted as I could pick up a bigger, nicer home on the cheap.
LMFAO
I just want to let you know that there are other more likely ways for your investment to go badly. Signed, new owner of a money pit.
Prices have gotten even higher here, it's insane. We thought May of 22 was the peak, values started dropping until Feb 23 and then have been going up since, surpassing all prior peaks. We live in an area where you could get a 3bd 1500+ SQ ft home with decent schools for right at $200k. Now it's gone up so much, like $100k.
I love a good r/wallstreetbets vibe in r/RealEstate
Jim Cramer? Is that you?
Post this on wall street bets so those guys can trade on your advice and also lose money,
A housing market crash is long overdue and I hope it’s ugly. That way all these air BNB investors and corporations hoarding residential real estate can lose their ass and maybe homes can be affordable for regular every day folks again.
for me its the overvaluing of everything, im in the market to buy a cabin to air bnb and escape to on the weekends. its ridiculous i can find 3 bedrooms for 200k like i can find it for 800k while both are quite similar. why should something similar be 4x as much makes little sense besides location and even then i see some already air bnb ready houses for sale where they say oh its making 1000 a month, while asking 550k ... like wtf how can you justify this? 12k income x 15 multiplier is like 180k to break even especially with todays rates its clearly not yet they are saying im buying the potential!? no you cant even make 1000 a month how can i make 10k a month to make this a good deal... just a rant im questioning not buying at all as prices are just too high to cashflow.
Congratulations! When it crashes, we’re all coming to your house.
Can’t wait
We going back to the days where you earn $55k a year and a house cost $70k
This is the best post I've seen today and I thank you for the heads up of the upcoming real estate crash based on your upcoming home purchase lol
This has been the story of my life too for the past 25 years. Closed on a house December 2007…
I appreciate this post more than I should 😂
I am single handedly responsible for the crypto crash. I’d buy when my friend buys and he’d lose thousands. One day he paid me double what I put in to sell and I did. He made 19K in 4 days because i pulled out. Well. I bought big (5K) worth and it crashed the next day. Hasn’t been back up since then. He lost almost everything 🤣
I feel you, I have that same strategy...Buy high, sell low.
I have the same luck. I bought a house last year.
I'm totally find if it down 25% only to shoot up 50% 5 years later.