Boomers are becoming spiteful landlords because nobody wants to meet their $1.2 million dollar firm asking price.
Still better than an apartment building.
>>62017390It kind of shows why you should hold off an owning a home and ensure you have actual investments and a safety net before even thinking about owning a home or land.You simply can't just take out 4% of your 1.2 million dollar house and use that to fund your lifestyle. As Mark Cuban has stated before, housing is not an asset, it's an inflationary liability if it's not paid for and it's certainly not generating any income.
>>62017390When the Boomers die all this property is getting dumped at whatever price the inheritors can get.Free stuff is always just sold fast for cash. Pawn shops gonna eat good.
>>62017390oh there is no free money? :O
>>62017390why didnt they just lower the price idgi
>>62017427The boomer junk markets collapsed during covidThere was gigatons of cheapies but no boomers to sell to. Markets for second hand boomer treasure still haven't recovered and they probably never willGood luck being the last heir trying to sell grandpa's coins or stamps or silverware or corvette
>>62017446Because they are obsessed with their zestimate from 2022.
>>62017446I know what I got, no low ballers
>>62017446Non-meme answer: they need to be able to buy another home at current interest rates. Nobody is going to sell their home to go back to renting. Nobody is going to ditch their <4% mortgage unless they have enough cash to make up the difference. Many homeowners can comfortably afford their low interest mortgage even if they would like to move. They need to sell at a high enough price to comfortably afford a new home in the current elevated interest rate environment.The 10yr treasury yield is mooning thanks to Zognald, and so the housing market will remain frozen for the foreseeable future. Sellers literally cannot afford to sell at a lower price because they cannot afford a new mortgage in the current environment.
>>62017390>A near-record 2.2% of Zillow rentals were previously for sale homesHOLEY SHIT!!TWO POINT TWO PERCENT!?!??!!? THE WORLD IS ENDINGAAAAAAAAAAAAPANICKBOOMERS ARE LOSING EVERYTHINGAAAAAAAAAAAAAAAAAAAAAAAAAAAA
After my one night stands started hitting double digits I simply started to be morally repulsed by women. But in reality i was repulsing myself because that's the energy I putting out in the first place.
>>62017548Except if they are renting out the house that means they already have another place to live. So your explanation applies to people who just pull houses off the market but not to those who rent it out.
>>62017390Boomer akiyas kek
>>62017447>The boomer junk markets collapsed during covidLOL@wishfulthinkingPokemon cards hit a record and still haven't "collapsed". Now the company is selling giant megapacks at Costco and Costco has to put strict purchase limits in place so that neckbearders don't just show up at store opening and buy ALL THE MEGAPACKS to resell on Ebay.
>>62017548>Sellers literally cannot afford to sell at a lower price because they cannot afford a new mortgage in the current environment.Retarded take. Boomers dumping their homes to downsize are selling their paid-off houses and buying cheaper places for cash, you dumb fuck.
>>62018309Pokemon cards aren't boomer coded.Baseball and sports cards are tho. I literally don't know anyone who think sports cards are the next million dollar money maker
>>62017427nah gen X cancer is worse than boomers
>>62018324That’s (part of) the point; there are no cheaper places to buy all cash.
>>62018324>>62018480yeah where i'm at there's nowhere for these people to go. their houses have appreciated insanely but they'd have to take a massive tax hit and move an hour and a half away to "downsize." it's not appealing for anyone.
>>62017390They can’t keep the market propped up forever, eventually some boomers will capitulate for a low price and it will cause a boomer panic as they all rush to sell their homes before prices collapse
>>62017447Millennials got their own junk. No one wants porcelain dolls or the buffet-hutch, they got pokemon cards.
>>62018646Midwit take. Most Boomers own their homes. They *want* to sell, but they do not *need* to sell. There will be no capitulation.
>>62018680They also pay taxes on those multiple properties. When they aren't producing, they're a liability.
>>62018680Boomers are the type of people that panic sell a stock when it goes down 10%. The boomers that want to sell will 100% start panicking when they realize the will not get the price that they are asking for and will fear if they don’t get out asap prices will continue to fall. Boomers are the kings of capitulating
>>62017390Boomers are also seething because now they're old as shit and cannot do any DIY work like they used to because knee surgeries or whatever. Expect their descendants to sell their homes at a 50% discount at least because the overrated shitboxes need tens of thousands in repairs and they cannot pay a contractor to fix their shit so better get 400k bucks at most.
>>62017390Kek I've seen this cycle play out where I live. Houses can't sell so they flood the rental market, driving down yields. Lower yields make investing less attractive, driving prices down further.This is how a housing correction starts.
>>62018716ah kid. no. boomers are the type that sell a stock when it goes down 10% - while they're still up 50% - and move their money to something else that outperforms.you are the type that holds it down 10% down 20% down 30% down 40% - loses all your gains and maybe goes negative - talks about your diamond hands and how you don't have a boomer mentality, then comes on /biz/ and whines about having no money or house and how it's all because of boomers.
any day now
>>62017390>near record>2.2%
>>62018712>implying someone wealthy enough to own multiple properties is sweating property taxesThey can just borrow if need be.
>>62018786Finally, I will buy a good home with large acreage soon. Canadian real estate is hell
>>62018786Two more weeks.
>>62017447Pretty sure the Corvette would sell.
>>62018309Pokemon cards aren't boomer junk. They're millennialjunk.
>>62017548>he thinks high interest rates = high housing pricesTypical biz brain.
>>62017390>spiteful landlordsI HATE YOU FOR ONLY RENTING MY BOOMER MANSION FOR $4500 A MONTH - WHY DIDN'T YOU BUY IT FOR $1,350,000?????!!!! LAZY ZOOMER TRASH I FUCKING HATE YOU!
>>62017390Lol an influx of landlords? Are they going to actually compete on price and let the free market work or are they going to vote for more immigrants and printing currency to give to them and steal the purchasing power of your currency in that way?
>>62019066Sell for as much as a Kia with 300k on it
>>62017390They will either die, or wait long enough for the dollar to lose value so that their dumb boomer asses will think they are selling at a good price.>>62018646This will never happen. At worst they will reverse mortgage their house and "die with zero" to leave nothing to their children.
>>62019332High interest rates = high housing costs, yes.
>>62017390They'd rather die and give it to the bank then their own children if they have any.
>>62017390COVID failed us as the "boomer remover" it was supposed to be. let's hope a new COVID comes and gets the job done.
>>62017548I know a retired couple in their 70s. They paid like 68k for their house and now it's worth like 1.6 million, but it might go for more in a bidding war. They told us that they were considering selling their place and renting a nice apartment, but when they checked, the rents are literally more than the taxes they pay every year, so there's no point in them downsizing.
>>62017559>BOOMERS ARE LOSING EVERYTHINGOne can only hope, anon.
>>62021483>Die getting all you can with from your money zero and your life?
>>62025909Many such cases.
>>62017390Nobody is taking a 500K loss on paper so little miss zoomer can get a house, deal with it.
>>62025869well it was made in china, so of course it was low quality
campaign to eliminate property tax homestead exemptions for retirees. it's time these boomershits pay their FAIR SHARE, and ideally non-retiree taxes could be lowered as a net neutral offset.>I-I CAN'T AFFORD THAT!!!take out a reverse mortgage or downsize to a smaller home, boomie.
>>62017390LMAO I guess they will have to deal in the real world
boomies plan was to pawn them all off on private equity, except private equity is dogshit broke too now LOLdont worry, the government will fix things by importing indians
if your net worth is over 250k, you dont get to collect social security. simple as.
>>62017390
>>62025869Best we can do is shutting down the planet again over a flu so boomers can live a few more years, sorry.
>>62026861Bad move. Boomers would just tie up their wealth into a bunch of subsidiary LLCs.
I can't stop laughing at the retarded young people blaming greedy boomers for not being able to afford a house. When you see all these articles that state "80% of americans can't afford a 500 dollar emergency" then the price of houses isn't the problem, it's the fucking average american. >FUCKING BOOMERS, WE'LL BUY IF YOU LOWER THE PRICE>fine, what if we take 60% off, then you'll only need a 4000 dollar downpayment>FUCKING GREEDY BOOMER FUCKS. I CAN'T AFFORD 4000 DOLLARS, THE NEW IPHONE JUST CAME OUT! I HAVE TO PAY MY 2000 DOLLAR CAR NOTE BECAUSE I DON'T WANT MY COWORKERS TO THINK I DRIVE A POOR PERSON'S CAR! HOUSING SHOULD BE A HUMAN RIGHT ANYWAYS, JUST GIVE ME THE HOUSE FOR FREE!>fine, you can have the house for free. Here's how much insurance and property taxes will be >HOLY FUCKING SHIT WE LITERALLY LIVE IN NAZI GERMANY, I STILL HAVE TO PAY MONEY EVEN AFTER OWNING THE HOUSE! YOU BOOMERS TURNED THE GOVERNMENT INTO A BAND OF THIEVES, FUCK YOU BOOMERS
>>62027098So we're Boom Booms just vastly smarter and more virtuous? Because they didn't have this problem.
>>62027098Who are you quoting?
>>62027141The economy was better for sure, but the difference is that boomers didn't have new cell phones every year, and 16 entertainment streaming subscirptions, and door dash fast food 4 times a week, and they actually cooked and fixed their own shit, and they bought buggies that all looked the same instead of needed fancy sports cars that have 1000 tech upgrades that drive up the price.
>>62027213>The economy was better for sure, but the difference is that boomers didn't have new cell phones every year, and 16 entertainment streaming subscirptions, and door dash fast food 4 times a week,Nodody buys a new celphone every year. Yes boomers didn't have the tech that didn't even exist back then.Now explain how not owning a phone even works in this society where its needed for everything and how that saves you a million.Secondly. Nobody door dashes 4 times a week. Delivery drivers don't make up 10% of the population to satisfy the demand that would exist if that was the norm
>>62018661I got warhammer models. Soon I'll have a fake ID and be living in Japan as a man 10 years younger though.
>>62017390Not buying anything, I have no money anyway but even if I had I wouldn't buy boomer's bags. Let it all burn, bring down the heaven's wrath.
>>62027213>boomers didn't have new cell phones every year$100/yr>and 16 entertainment streaming subscirptions16*10*12 = $2000/yrconsidering that you are exaggerating and literaly no one wastes $3k/yr on that shit: even if people DID stop wasting money, they wouldn't have enough to buy a house.I find it incredible that people in the "Business & Finance" board can't do some rather basic math before arguing. it's like this board is full of actual retards.
>>62028071>$100/yr* $1k/yr
>>62018480The AirBnB crowd have surely snapped up a lot of those smaller properties in areas where they might retire, another huge misallocation of real estate
>>62017426A properly built reinforced concrete or steel (i beams not folded sheet) building can last hundreds of years. A standing seam double locked copper roof lasts 100 or more. Plumbing and electrical can be installed so you don't have to destroy the home to modify or repair. There are dozens of different passive energy design techniques you can begin to consider when you go custom from the beginning that you could never have in a suburban tract. Now you can start making an argument for a building with value. If the land has a wash, stream, pond, well, livestock, produce, I argue it has value.Some boomer's Dr Whorton McShitBox(TM) with a neighbor close enough to dutch rudder over the property line has negative value to me. Sorry if he needs to get 500k to pay off his lawnmower loan and tom selleck reverse mortgage.
>>62027213They smoked and drank way more, and did far more drugs. That alone is more expensive. And TVs, etc. are all actually dramatically cheaper today. This is a stupid answer. Boomers were peak consumerism. They still are. My Boomer parents and Boomer in-laws and extended family are constantly spending money on stupid shit. The economy was just so good to them it doesn't matter. Meanwhile, my cousins mostly live poverty lifestyles.
>>62027141Boomer here1. Our pay was MUCH higher compared to costs. Like working at McDonald's paid the equivalent of six figures in today money.2. We got married. Yes you lose half in the divorce but you made more than double because you cut your bills in half. So even if you divorce you came out ahead
>>62027141The thing we did to make higher wages was form strong unions and defend them.Politicians tricked everyone into thinking unions are socialism though so you guys got fucked by corporations.And by shareholders, including boomers
>>62028221You also didn’t have to compete with AI and the entire third world for your job.
For boomers it sucks but renting is way better than selling.Imagine the bullshit taxes making you lose hundreds of thousands of dollars when you could just keep renting and get a home equity loan for investment capital while the renters pay off the loanPlus with the new bullshit and increase of taxes for housing your kids will never be able to own a home that isn't inherited if they don't make it rich and even then inflation and other bullshit will eat away at wealth >>62017446they know what they got and aren't gonna sell for a penny less
>>62017426before you can do that you will drown in debt from trying to keep up on your rents you damned fool.
>>62028621YepGlobalization hasn't helped you guys any. Most of us worked in trades and industry where immigrants have mostly taken over
>>62026911Yep ruin everyone's lives so that Harry and Barbara can continue to live in luxury at 92
>>62028221>The thing we did to make higher wages was form strong unions and defend them.Guess what happened when the neoliberals came to power? Union busting, lots of it. Who voted for them, I wonder? Boomers and Silent gen. Biden continued that proud tradition by buck breaking the railway union a few years ago. As boomers got into management they fought tooth and nail against unionization, for decades, while they outsourced everything. Younger gens have been sold out and now get to foot the boomers' bill for the next century or more. Ain't it grand?
>>62017390The lizard people are trying to sell a message that housing will stagnate in pricing. This satisfies boomers who don't want to lose value, and uncs who don't want to buy 50year mortgages.
>>62017447You’re right about cheap collectibles and “classic” cars but >coinsNumismatics has been a hobby for centuries if not millennia. As long as you’re not talking about commemorative captain kangaroo tokens or something, coins with precious metal content or real historical value/rarity will always be worth something.
>>62028221Then only true thing said in this whole discussion.
>silver baggiesLOOK AT THIS DOOD>gold baggiesOH NO NO NO NO>oil baggiesAHAHAHAHAHAHA
>>62025909In texas property taxes freeze at 65. My 80 something neighbor was paying like $90 a year.
>>62028221>strong unionsoh you mean like the teachers union? unions are okay at first then they become essentially a government that then jusitfies itself and increased administrative fees. Being a union administrator becomes a better job than what the union was supposed to protect. A union is just adding another dumbass layer to government and doesn't solve the root issue. blah blah blah read enough pol you realize socialism is the right way but not the "fun" liberal kind. Its a problem of culture, blood and soil.
>>62028167That's nice. Can we perchance see your properly built reinforced concrete or steel building with a wash, stream, pond, well, livestock, or produce?
>>62020159Corvettes are notoriously expensive secondhand to the point where the best way to buy one is unironically waiting for the current owner to die and snapping it up at their estate sale.
>>62027098>what if we take 60% offUnless the house is literally on fire as the sale is happening, no home owner would ever give this sort of a discount.>fine, you can have the house for free. Grandpa, homesteading hasn't been a thing in almost a century.
>>62027245>Nodody buys a new celphone every year>Secondly. Nobody door dashes 4 times a week.You really don’t know people lmao, go outside and socialize (and touch grass)
>>62026905someone needs to make a youtube video on how to build a house for 10k im tired of shit shacks being worth many times more than the materials themselves
>>62017457>boomer>no low ballersKek
>>62017548>sellers cannot afford to sell at a lower priceSome have no choice. I have 2 family members that do appraisals and they tell me all the time about all the short selling and foreclosures that are happening. The market price isn’t determined by unlisted homes, but by the actual price of homes actually being sold. A lot of people are getting around this by doing auctions, I’ve noticed about 10-15% of new listings are now auctions in my area
>>62018712>property taxes>$5000 a yearI think they’ll manage, lol
>>62034280>Cope AuctionsWewzers>Asset sissies when they have to actually engage in price discovery.LOL
>>62028167stopped reading at hundred of years, lol
>tfw people only want to pay $800,000 for the home I bought for a roll of quarters in 1940 (I deserve at least $1,500,000)
>>62017446Boomers are allergic to admitting when they're wrong, including about the value of their house
>>62030729False. I have personally seen 90 year old widows thrown on the streets of Dallas over unpayable property tax.
>>62034771I guess I'm supposed to fly EasyJet for the Mykonos rompus?
>>62027213Hey boomer, you forgot >aVoCaDo ToAsT
>>62035121why is it people that don't know shit are always trying to tell everyone else how it is. She got kicked out because she couldnt pay her $4 in taxes or she didn't apply for it. Many stupid things could have happened doesnt change this obvious easily verifiable fact. kys
>>62036902Uh, anyway, many many people across America have their property seized due to unpaid tax bills.Tens of thousands per year.And in some states and counties they seize your property and sell it and keep 100% of the money.I.E. you owe $10k and they sell your house for $1,000,000 and they give you $0.
>>62036902>victim blaming an old woman and calling her stupidAbsolutely jewish behavior.
>>62017390It always seemed supremely retarded to me that something which degrades with time (no matter how much you pump into maintenance) accumulates value anyway.Your average car doesn't increase in value after driving it off the car dealership's parking lot.Your furniture isn't worth more than it was before after 20 years of daily usage.It's a completely manipulated market, and it was predictable that at some point, people would opt out of that game.
>>62017446they are greedy and unwilling to sell beneath anything but ATH
>>62037212Bong here. How much is the average property tax? let's say on a 3 bed in California. Here we pay "council tax" which is pretty much 2-5k a year whether you're on minimum wage or are a multi-millionaire. It's a pretty stupid system desu.
>>62037285Each state has its own property tax. In California, the tax is assessed at 1% of the home’s value (e.g., $10k annual tax on $1M home) and is slightly adjusted upward each year to account for inflation. What’s crazy though is the fair market value assessment is generally based *on when the home was last transferred*. So we have boomers who bought their homes in 1977 for $100k ~$1k annual property taxes even though the home is currently worth $2M. A lot of times what happens when the boomers die and home transfers to their kids, it gets reassessed and the kids have to sell it because they cannot afford the new property tax at the home’s current value.
>>62037475>>62037285A house in Cali is way outside the norm. Normal is a 4 bedroom 2.5 bath in Tennesee or some shit.Answer: between $3k and $8k a year.Big fancy houses can have a $20k or $40k annual tax.New Jersey and Texas have the highest property taxes.>>62037475Americans consider this forced property transfer a good thing because it drives economic activity and forces people to do something to earn money to pay property tax which prevents subsistence living (bad for GDP).In many parts of Europe if you own an apartment and your taxes are low you can survive on very small amounts of money like a 350€ a month pension from Russia or whatever (many Russians get Russian pensions in the Baltics).
>>62038737>>62037285Continental Europeans pay almost nothing in property tax. Personally I get a 90% discount bevause I have 4 kids so I pay 25€ a year on a 6 bedroom 3.5 bath single family home.
>>62017390I had a house I flipped and tried to sell and held it for two years because nobody wanted to pay or was able to pay. It wasn't that I was asking too much, it was $40,000 below market value which was already pretty low.
>>62017426>>62017390This exact post and comment were here a week or so ago. What's up with that?Uncanny
>>62017548>Nobody is going to sell their home to go back to renting.My boomer parents did.Sold just before the Covid inflation to, so they lost out on half their appreciation which came in the final year or two lol
>>62027245>Secondly. Nobody door dashes 4 times a week. Delivery drivers don't make up 10% of the population to satisfy the demand that would exist if that was the normI get delivery 1-2x per day every day in my country.But delivery service is <$1 with no tip here so it is a lot different. The streets are packed with delivery drivers
>>62037237Depends on what appreciated. The box itself often didn't, but there are less than 10 cities in USA where the avg person can get a good job and the land is limited. People will literally buy a house, tear the old structure down and build anew in some of the more extreme cases. Now, there only being a small ring of economically attractive land to be on per state should probably be addressed.
>>62042005>should probably be addressed.It won't be.Get in your wage cage and pay Mr. Shekelberg $3 million for your 4 bedroom 2 bath stick house.
Land Value Taxesthat is all
>>62034109Can't even get a 30x40 foundation laid for that
>>62028221I don't think it's unions that drove up auto worker wages in the 1950s I think it was the lack of competition. Leveling Germany and Japan's industry gave America a monopoly for a period of time. But it's a monopoly American auto makers squandered. The 1950s were focused on car fins. Which are purely cosmetic. While Germans and Japanese focused on effiency of production, gas mileage and crash safety.
>>62034109Pier and beam. Compact around the piers very well. Etc. It's all their on you tube. You just have to use the materials that are cheapest for your are. Start with 1 room, expand later. My grandparents did that through the great depression. It ain't gonna look pretty until you are done and you gotta put effort in. Also you have to have the property out in unincorporated land. That way you don't have to worry about city governments fucking with you. But material is very expensive, so you are best off making a good base and then scrounging for what you can and incorporating the scraps in. That's how they did it back then.
>>62037237Inflation. Remember, inflation doesn't enter the market evenly. Housing is subsidized by government tax policy. So housing prices have increased at a faster rate than the general inflation rate.
>>62037285My home in Arizona is valued at around $400,000. I pay about $3000 a year in property tax. I live in the highest property tax district in the state, but Arizona has a relatively low property tax rate compared to other states.
>>62017426It’s either a bot or an idiot who thinks Mark Cuban knows how to read a balance sheet.
>>62041835try 200k below what you were asking and you have a fair price in real value terms
>>62032351expensive and hard to get status items will still sell. despite many americans struggling there is still a crazy amount of money floating around. theyre just on the upper echelons now. techies around me are making in 500-750k a year from RSUs.
>>620173901.2 million is so specific. The trouble is these gentrified neighborhoods. Where are all the killer buyers? I don't want to live in Mexico.
>>62017427wrong its being forcefully given to invading brown hordes by the kike communist democrats
>>62049372I pay $2500/year for my 550k home in NevadaProperty tax increases are capped at 3% per year.
>>62047802The Ford Edsel is a pretty good example of the American auto sector completely squandering its own potential. Especially when adjusted for inflation of course.
>>62017446Becuase they absolutely need that 1.2 mil for a house tha they bought in 1969 for 4,000 dollars and a bag of potatoes.
>>62017457classic
>>62049372Rhode islander here, my house is valued at 446k and I pay around 4,400k in property taxes. I fucking hate this state.
>>62017446Because supply and demand aren’t real regardless of what economists tell you
>>62056812damn 4.4 million a year in property taxes?
>>62056581>FOR SALE: PLYWOOD BOX $837,395.99>ALL ORIGINAL BLUE SHAG CARPET (1 OF 4300)>LIMITED EDITION OE LIME GREEN BATHROOM (1 OF 800)>UPGRADED 150 AMP SERVICE (1 OF 300)>FRESH COAT OF PAINT '93 (SHERWIN WILLIAMS, NO CHEAP CRAP)>NO LOW BALLERS I KNOW WHAT I GOT
>>62017390APOLOGIZE
>>62055752I fucking need to look into this I'm just afraid they will fuck us with water
holy shit i'm going to buy a flat and it's insane, mortage of 90k means at 15 years means i end up paying 174k, is this normal? i wanted to go even 10 years but the monthly payment would be a a bit too highit's almost double the amount of the loan, is this really what people do?
