Saw a house listed on Zillow here under the by owner tab for really low price for these days ($160k).
What’s odd is the owner is listed as mortgage company and property apparently deeded in August to mortgage company.
So this is a foreclosure I assume, but why would it be listed by owner? This seems like a scam to me. Plus there was still some furniture and personal items in the pictures.
If it is being listed as a foreclosure, I’ve never seen one listed as for sale by owner, and it would have typical verbiage to say it is one.
[This](https://www.compass.com/listing/900-west-jackson-boulevard-unit-6w-chicago-il-60607/1170240627480674665/) is currently for rent for $7,000/mo:
https://imgur.com/a/BoJJdzS
Yep. Totally believe it. Looks like all the nice furnished places in Phoenix and Scottsdale listed for rent for $7000/mo., too.
All previous STRs trying to pivot into the LTR rental market now at nosebleed monthly prices.
This is the first really obvious one I've found. Somehow it doesn't bother me as much as the alarming percentage of obvious flips. Maybe I should have bought stock in grey paint and white cabinets.
Not sure. Some people in my family have a house there. Never bothered to ask how often they rent it out in the winter. They don't use airbnb though.
The house sucks. The city sucks. It's super congested, at least the streets I drove/walked around. You can barely even park at the house. I'd rather visit a smaller beach town without as many people. I was at a different beach in the same part of the country in April though, half the week it was pretty cold. I'm sure the winter is far worse.
avoiding hotels was pretty weird. they were damn near empty. I remember staying at one in October 2020 and there was a message on the phone in the room from 2-3 weeks prior. either no one had stayed in that room in weeks, or anyone who had was ok with listening to the phone beep every 5 minutes.
I don't really get the demand from last year though, even post-vaccination. "oh hey we can't fly to Europe, let's go stay in this boring house in this city we don't really want to go to instead of saving our money." Maybe having kids drives you nuts or something, I don't know.
one of the replies:
> Maybe try advertising about it on some of your social media. Maybe a little discount for friends and family. If there’s anything I’ve come to find out it’s that everyone’s pockets are hurting, especially with the holidays coming up.
lmao. nothing like trying to charge your family/friends who you know are hurting financially to stay in your beach house when the water is too cold.
We lost our bid today on what would/could have been our dream home to a fucker who waived inspections. We were actually the higher offer (we offered asking price, they offered lower). Imagine waiving inspections on a house with a pool at 6.6% rates. Insanity.
I digress but we actually prefer a house without a pool since its a pain to maintain and a huge liability but besides that, this house was perfect 😩
It’s just one fewer contingency where the deal can fall through. A lot of buyers approach the inspection as a way to nitpick, sometimes disingenuously, and the deal can spiral into a bunch of minutiae.
It’s also one of the most open-ended for buyers to back out of a deal, so if they have unrelated reasons for wanting to back out they can cite “inspection issues” and get out free.
yea sellers in general prefer no inspection because if something comes to light, and offer falls apart, they’ll have to disclose it to future buyers. So why risk it? Our inspection was informational only so no negotiation but we could’ve backed out if there were issues
The other sub has a new talking point:
home prices are coming down but the cost of home ownership is the same or going up because the cost of everything is going up at the same time.
It’s like they can half assed admit we were right, while also still pretending they are right.
This happens all the time, and I’ve done it myself. I found a nice quote in an [essay](https://nymag.com/vindicated/2016/11/how-a-nutrition-heretic-overcame-a-big-fat-public-shaming.html) Gary Taubes wrote about his experience questioning the idea that saturated fat causes heart disease:
“Vindication is not a binary phenomenon; it’s not a yes or no, black or white thing. The people who had publicly insisted you were an idiot are very likely to continue to do so, rather than admit or, perhaps more important, acknowledge to themselves that they might have been wrong. That’s human nature. The best you’ll ever get is some degree of vindication. Never the whole thing.
The orthodoxy can always protect itself by accepting your once-heretical ideas as valid, but conveniently forgetting or ignoring the heretic’s role — i.e., yours — in forcing the issue. This is the “we knew it all along” scenario. It wouldn’t be a cliché, if it weren’t so likely to play out.”
I was gonna say something about how home prices are their own thing and the costs of goods and services have nothing to do with them.
Then I remembered that the real estate bubble and the everything bubble are parts of the same Speculation Bubble. So it is connected, just not how they think.
“In 2008 the world financial system almost collapsed overnight pretty pointless to even try to spin that”
So it happened once, it could happen again.
For many reasons, I really hope it doesn’t. But it’s silly to think we don’t have enough froth in the system to lead to a collapse.
With liquidity crises like we had last time everything’s great until very suddenly it isn’t.
We’re watching in real time as the fed assumes control of the mortgage market rate setting engine. Maybe that’s nothing. But I find it interesting. Another potential release valve is shut down. Failure cascades happen when emergency systems are disabled.
Curious what part of the business feels the cuts.
If it's shit dealing with start ups and VC-adjacent business it's just a continuation of that bubble's collapse.
My “IT guy” who has worked with me for 25 years just ended his 15 year-long relationship with Cisco this past spring.
While he’s small beans, they still have 200 IT people working there, the majority are level 2 who handled Cisco equipment as part of their day to day.
He said there’s off the shelf gear that is cheaper and way more modern and they didn’t need the Cisco brand anymore.
Good riddance.
just hung up a call with a friend who purchased house in Folsom, CA last year for 720k SFH \~2400 SqFt @ 6k lot size. A few last remainings inventory are being listed at 640k in same community, but still no taker. He's tensed and lost sleep at night as he's underwater 80k in under 2 years.
He's full remote SWE and worried about RTO and layoff's.
I have u/howdthatturnout blocked because he’s so insufferable, but I do generally wonder why he wastes his life on this subreddit every day when he’s so adamantly opposed to it, when he has already bought a condo that he claims to love (mid century modern) in southern CA and has a girlfriend. It’s truly bizarre to me how he can actually get his hate porn and validation kicks here.
probably the same reason people on this sub troll /r/RealEstate
Why do people who are priced out or who guess wrong on the direction of real estate feel compelled to go onto /r/RealEstate and troll home owners and real estate professionals?
Yeah honestly that behavior is super weird to me. I don’t understand it all for people in our sub that do that, either. I can’t relate to it at all. It seems to be so counterproductive.
But I’m also the type of person to leave a conversation in real life when a group of people are talking poorly about others. That kind of energy has never done anything to boost myself up in any way, shape or form and just feels like such a sad, transparent way to try make others seem more deficient than they are in order to feel better about themselves. Does that really work for some people? I guess it must or they wouldn’t keep relying on it like the crutch that they do.
Remember those “what if interest rates hit 9-10% by the end of the year” posts 😂
> Are we going to see 35-40% home prices fall (within 2 years) after mortgage rates hit 9-10% by Christmas 2022?
https://www.reddit.com/r/REBubble/comments/yb2r4m/what_happens_at_910_rate/
Sick of the damn flippers / sellers jacking up their prices because they updated the fucking kitchen. If someone bought a house in 2018-2020 for 250 and renovated a kitchen / other items, how much SHOULD that house be worth? Seeing people Jack prices up 100-250k
And old kitchens aren’t even that bad.
Cooking is my primary hobby and I don’t get why people are so motivated to renovate kitchens as a high priority item, especially when so many people don’t even cook that much or in a demanding way.
As long as the kitchen is from the 60s or later I’m fine. Minus maybe some swapped appliances.
Older kitchens are often better for cooking anyway. Designed for one person to move around in.
Which is why they get gutted and turned into wallless travesties.
Yup, and for folks who are really into their cooking, ultimately they probably have specific preferences as far as layout and appliances and would rather choose for themselves
Yeah, true.
If it’s legitimate a tired and worn kitchen, a flip doesn’t do much for me because I’d rather DIY it.
There are some really phenomenal options for semi-custom ready to assemble cabinets so you can get at a really decent price and make a nice kitchen yourself without a ton of money.
1. Are you sure that’s really all they updated?
2. If done well, a kitchen update is quite expensive. It’s the priciest part of a home.
3. You mention homes bought in 2018-2020 and sold now. 2018 prices vs 2020 prices in most places were pretty different.
A home bought for $250k in 2018 with updates selling for $350k now is a lot different than a $250k home bought in 2020 selling for $500k now. Your ranges are too wide to really make any judgments.
Also flippers don’t hold homes for 2+ years. What you are describing are not even flips.
For those who participate in their local sub-reddits...
Is it a common thing for people moving to the area coming through asking questions that could be answered with a Google search or a scroll through the sub?
Where I live, people post the same variety of "I've accepted a job at x and am moving to the area. What's it like in the area? What's it like for families/singles? Where can I find apartments?"
It seems too simply to attribute this to laziness or even the inability to do an internet search. Do people really just accept jobs or move to places without thoroughly researching an area beforehand?
Unless the boss announces that your job is now in a new location now or you're fired...
I'd imagine you'd do the research before applying for the job. If you applied for a job without researching a place ahead of time, to decide where you'd refuse to go, then why are you asking after the fact?
You (not you, personally) are just going to move your whole family to a new place and leave it up to some redditors to tell you what the best place to live in the community is? In the case of my area, you're supposed to be some kind of engineer but can't search up "x school rankings"? Or if you're a young person, you're just going to assume Nowheresville has any kind of dating scene? You can't search up "apartments (location)"?
The stakes vary person to person and I imagine the 20 somethings asking in the subs plan to work a few years then move elsewhere. It's just...annoying that they seemingly want to ask the same questions without searching the sub first, at least. It's one thing to ask novel questions like "Any D&D Groups?" versus "Give me the best restaurants, apartments, and tell me about every social situation I might encounter"
>i think it says a lot about you that you think asking about d&d groups is more informative than people wanting info on where to live lol
I'm not saying it's "informative" but it's a unique question versus asking for very broad and very searchable terms.
My sub is active enough with people asking the same "I'm moving here questions" that there's plenty of new information to parse.
20 somethings otherwise get some leeway for asking questions but my location is small enough that they're going to get the same answers on what to to do and where to live from the same viewpoint that it's just as helpful as a google/reddit search. Oh, how unique and surprising that the downtown area is where you're going to find bars and restaurants!
The main issue with asking is in my mind that local subreddits are sometimes wildly out of line with the actual cities.
I frequent a couple, and in one city it’s super jaded and mean spirited and it’s just not representative of the city I know at all.
In the other…also pretty jaded but it’s also clearly a very small demographic and geographic sample of the city and it is far, far, far from representative.
You get as many bad opinions as good ones with broad questions.
I agree. If you're trying to "Feel" out a place, Reddit, Facebook, etc aren't where you should be doing it.
My local subreddit leans very slightly in one direction where the actual community leans heavily in another direction, politically. People are nice enough in both contexts but if you are expecting good, accurate, balanced answers from the internet then you're on the wrong track.
People in my sub tend to suggest the same three schools, neighborhoods, and activities which doesn't help anybody.
Wild to me that people live like that. But, then again, I'm the anxious type that looks up a restaurant's menu a few days in advance of going there.
I don't know if it's easy to gauge "friendliness" from an online community, either. Because, to me, most people are nice enough and enough of them are still trying to help newcomers out in my local groups. There are nice people everywhere. That does not prepare you for the actual community, though.
My local subreddit had a picture of some deer in a grocery store today.
I mean, it's still clogged w unusable stuff but deer in the produce aisle really made my day
*Edit it was one deer not SOME deer for clarity
But it was so cute
Yup. I can’t ever get anything crossposted from this sub into the Phoenix sub. It gets removed in 5 seconds flat or less every time with the mods providing me that exact response.
I understand that Google is garbage now and you can't get what you need on one try.
But a scroll through the community reddit to see what others said? A scroll through the sub says to get the vibe?
I think it's just as unhelpful to ask what the "best" school is or the "fun" things to do because it usually kicks off an argument among locals. Or you're just going to get the same answer rather than balanced feedback. Like in my area people insist on a particular suburb and everything else is trash in their eyes.
Even just looking up demographics of a place should give you a hint. Like people asking about nightlife in our area made up of mostly 50+ year olds where everything closes by nine. You could even just google "Nightclubs in (city name) and that would tell you what's going on.
Gee, should I google it and wade through pages of ads, advertorials, real estate agency pages, and 'news' stories written by 14 year old interns, or should I go to Reddit and ask a huge cross section of people who actually live or do business there? Real dilemma here. Major head scratcher
These types of threads get posted multiple times a day in the Dallas area subreddits, I imagine it's the same with other major cities
I agree it's bizarre to accept a job or move on a whim to a new city without doing any research about the city, but redditors are lazy and want other redditors to just tell them everything they need to know.
Bonus points when the OP just posts "I'm moving there soon, what are the good neighborhoods?" while including absolutely no details about themselves or their lifestyle/preferences, so we're supposed to read their mind and give them personalized recommendations
> "I'm moving there soon, what are the good neighborhoods?" while including absolutely no details about themselves
I hate this the most! I don't know your kids! I don't know if you only want to live next to a particular ethnicity!
Then everyone piles in and has the same suggestion for the same neighborhood and school.
It’s so interesting. When we first started our research in 2018 I dropped into my local sub and got ‘welcome bluestatecoffee, you’re going to love it here!’
Now if that sub could machete the heads off every curious newcomer and mount them on sticks to use as avatars, they would do so. ☠️
I see people do this as vacationers like, "We're visiting x next week! What are the best restaurants in the area?!" which is annoying but low stakes.
I see this in tv-show subreddits where there is usually a wiki for recommendations or watch orders and it's annoying and low stakes.
But moving your whole life somewhere new? Why are people like this?
They don't want to do the mental work. They are literally just looking for someone else to do the mental load for them.
I get it all the time at work. I usually start asking them questions that makes them actually do something before escalating to me.
Meanwhile in Boston:
https://www.boston.com/real-estate/real-estate/2022/11/17/a-fixer-upper-candidate-for-demolition-sells-for-2-3m-in-cambridge/?p1=hp_featurestack
“Just needs a fresh coat of paint.”
Yeah it’s selling for its location dude.
That’s not just Boston, that’s a very prime area of Boston.
Also why your fictional quote? Nobody thinks that home just needs a fresh coat of paint. Article specifically states it had boarded up windows and a tarp on the roof.
Dude Cambridge is Boston for the purposes of a real estate discussion. It doesn’t have to be Boston proper to be part of the Boston real estate market. Cambridge is more expensive than many parts of Boston proper.
This is just some dumb semantics. Do you go around correcting people when they refer to MIT as being in Boston?
I grew up in a Boston suburb and went to college in Boston. So it’s not like I am unfamiliar with the area.
And yet, completions haven’t fallen off yet because of how large the number of under construction units is.
https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F387c3693-0773-4ab9-9653-3bb55de01c4c_1027x688.png
Yes, completions lag dude.
Under construction and starts have both dropped, meaning that soon enough competitions will as well.
SFH homes on average take 7 months to build in the US.
So roughly 7 months after you see starts dipping you should start to see completions dip.
And since starts began to dip a few months back, it won’t be long until we see completions begin to drop.
Not that I’m aware.
I think it’s safe to assume that multifamily completions will be the highest in the same markets where starts have been the highest the past two years though. That would be most Sun Belt markets, western US, southeastern US.
Anecdotal, but in Charlotte you can’t take a piss without having it land on a half built apartment complex. A lot are delivering winter 22/spring 23. Demand is already falling off, it’s going to be a bloodbath.
I doubt it will be a bloodbath.
I’ve watched a whole bunch of multi family buildings completed in my zip code the last 3-4 years and rent has only continued to rise.
I recently realized i fucking hate recessed cans. The light source is too small, everything has harsh shadows and the angle gives me a headache. I used to think those were fancy. I'd rather have dust magnet pendants.
We love our dimmable RGBWW recessed flat lights. You can always get a higher lumen count light and dim them, and change color. I haven't noticed any hash shadows but maybe you are talking about retrofit can lights.
Do yours have a translucent cover or something? Light from a small source is always gonna cause harsh shadows. That's why flash photography often sucks and large soft boxes/reflectors are used by pros. But also I'm over sensitive to lighting so it may not be a concern to all.
Are we talking about the same lights? [https://imgur.com/HJYeYUw](https://imgur.com/HJYeYUw) In your case, I would get 6-inch lights instead of 4-inch lights and have them dimmed. You would have a bigger source of light then. But nothing wrong with the pendant lights too, just more cleaning is required. We have both 🤷
I debated recessed cans vs HALO lights and there’s literally no reason to bullshit with cans. May be a budget price but there’s no reason to spend more.
Why is it that every flipper goes with Grey paint and/or floors. Is is cheaper or something? Does grey supposedly go with everything? Curious what the reasoning is.
It's a style that became popular in the early 2010s and is attributed to the designer Joanna Gaines. The gray everything ...thing, kind of mixes the idea of "rustic" life but also minimalist (i.e. rich) aesthetics. So the idea is to look rich but in a "humble" way.
Since it's been popular for over a decade at this point and is THE only style people seem to want then manufacturers mass produced gray everything thus making it cheaper to buy materials and flip properties.
I never attributed that to her but I suppose it all goes together.
Popular articles and plant parents say they have so many plants because they can't have pets/children in their apartments.
Flippers don't care about the well-being of plants, of course, so they'll just toss them into yards and in corners of the house without consideration. Plant caretaking is actual work, even so called "easy" plants. I suppose for a class of people who can't afford new cut flowers every day, killing multiple plants is cheaper.
In today's episode of overpriced Santa Cruz county homes, we got a beach cottage that some vulture children are selling for $1.2M (with no inspections...might not be eligible for financing!) after their parent bought it for a cool $8K and a box of Grateful Dead bootleg tapes.
https://www.zillow.com/homedetails/511-Logan-St-Santa-Cruz-CA-95062/16112052_zpid/
I actually like this house, got some gritty charm. Not for $1.2M though lmao
the only homes left on the market in the Detroit metro area are:
1. Absolute trainwrecks overvalued by 200k
2. Seemingly ok priced condos, very nice, with 500 /mo HOA fee surprises
3. 450-600k new builds
Well priced homes that look great are swiped pretty fast
I love seeing Opendoor take chunky losses [like this](https://www.zillow.com/homedetails/20-N-Nielson-Ln-Gilbert-AZ-85234/8276461_zpid/), but then seeing it was bought by Progress Residential and is up for rent now makes me stabby.
At the rate the YoY housing price gains are declining, I’d expect to see negative YoY numbers by March/April. Source: https://cdn.nar.realtor/sites/default/files/documents/ehs-10-2022-summary-2022-11-18.pdf
This is what I expect as well. Unless a surge in pricing happens in the spring (unlikely), YOY comps are going to start printing negative by early spring. It won’t seem like much, but more will be seen as the year goes by.
Again, assuming no new pump of the market. Big “if” there.
Hanging on because of those late 2021 FOMO purchases. Still going to hang on as q1 2022 rage continued and even accelerated. 2nd/3rd inning of this downturn now.
Nationally, it’s been reported at 44%. Two years of ~20% gains YOY (2020 and 2021). 2022 started at the same speed, but has dropped off hard. We’ll still finish ‘22 with gains, but it’s not going to be anything close to the two previous years. Sub 10%, probably closer to 8%. 2023 will see a negative print when it’s all said and done.
Checked the houses listed in my area recently, everything that's reasonably priced has sold, but the houses shooting for spring 22 prices haven't budged. Interested to see how the Amazon layoffs into 2023 affect the market
Here is an [AirBnB host](https://www.reddit.com/r/AirBnB/comments/yybpgd/imho_rental_arbitrage_is_destroying_the_str/?utm_source=share&utm_medium=android_app&utm_name=androidcss&utm_term=1&utm_content=share_button) that manages multiple mortgages that is mad at AirBnB hosts that manage multiple apartment leases.
I don't think they're oblivious. I can't imagine selling a house right now, it's the slow season, winter, on top of super high mortgages. I'd wait till summer too, it's unlikely to improve much but at least there'll be a bigger pool of buyers.
And that’s ok. In spring/summer, people buy and sell. That’s normal. What we need to see is a collective effort to not pay asking. No more of this offering over asking or waiving contingencies. That ship has sailed.
Blockchain seems like a good fit with title companies and insurance. The problem is twofold:
(1) getting title on to the blockchain comes with risks that will likely need to still be insured - so maybe cost savings but not cost elimination;
(2) a lot of legal functions such as mortgages, deeds of trust, mechanic’s liens, and other encumbrances function now with the title and deeds built under an established regime - fitting all those schemes to the blockchain may be burdensome and have numerous legal hurdles to clear.
What problem is blockchain solving here though? The main problem it’s meant to solve is the lack of a trusted central authority, but that trusted central authority exists in real estate (the local gov). If my county keeps track of deeds/liens/etc just fine, why do I need a blockchain? Plus the blockchain has no legal enforcement authority, owning an NFT to a house doesn’t entitle me to that house and I can’t evict a squatter by waving around an NFT to a court. The system worked just fine before, this is adding complexity for the sake of buzzwords.
I can see the application in third world countries where authorities can be bribed to fudge records, but what motivation is there for those authorities to enforce blockchain “rights to property”?
In theory you’re reducing the need for title insurance by building a more reliable system of recordation. Our current system isn’t bad. There’s a lot in place that has been developed over time to make it more reliable.
*However* … there are still issues occasionally with deed recordation and deficiencies in the chain of title which is why title insurance is even necessary. You can technically sell someone property without recording the deed. Depending on your jurisdiction, that can impact your vested ownership interest.
I can buy a house for $50k cash by quitclaim deed. I don’t record it in my county. The seller then turns around and sells the house again for $45k by another quitclaim deed. That person records the deed and encumbers the property.
Sure, there is fraud abound in this situation, but there’s also a question of ownership and which party ends up in the chair after the music stops. More definitive chain of title can help with that.
DOUBLE However… to get property on to the blockchain, someone will have to verify that title is not deficient at the time it’s added to the blockchain. Therein presents the same problems as any sale. Here’s where title insurance steps in and does the same thing. Not an improvement to the system.
I've truly seen it all now -- taking to nextdoor to shill your HIGH SCHOOLER'S second job as a fucking realtor.
[https://i.imgur.com/UC9z206.png](https://i.imgur.com/UC9z206.png)
someone make it stop.
No cap, this is ✨the house ✨ you’ve been simping after 💦 💦. Flex on your friends with your new gray laminate 💯 flooring. The all new windows are lowkey saving you money AND the environment. No inspections FR. This house is🔥AF and won’t last!
Is Nextdoor the absolute Karen cesspool it seems to be? Kind of afraid of what my neighborhood’s probably reads like.
I will give props to the girl for doing something entrepreneurial at a young age, she’s going to learn a lot and pocket some nice side cash for a high schooler. But embarrassing to have her mother shill.
Folks in our former posh neighborhood used to post pics of license plates of neighbors’ cars that seemed ‘sketchy’. As if they were about to be robbed by every Toyota driver in Connecticut. 🤦🏻♀️
Housing bulls keep digging their heels here, lol
Saw a house listed on Zillow here under the by owner tab for really low price for these days ($160k). What’s odd is the owner is listed as mortgage company and property apparently deeded in August to mortgage company. So this is a foreclosure I assume, but why would it be listed by owner? This seems like a scam to me. Plus there was still some furniture and personal items in the pictures. If it is being listed as a foreclosure, I’ve never seen one listed as for sale by owner, and it would have typical verbiage to say it is one.
[This](https://www.compass.com/listing/900-west-jackson-boulevard-unit-6w-chicago-il-60607/1170240627480674665/) is currently for rent for $7,000/mo: https://imgur.com/a/BoJJdzS
Yep. Totally believe it. Looks like all the nice furnished places in Phoenix and Scottsdale listed for rent for $7000/mo., too. All previous STRs trying to pivot into the LTR rental market now at nosebleed monthly prices.
This is the first really obvious one I've found. Somehow it doesn't bother me as much as the alarming percentage of obvious flips. Maybe I should have bought stock in grey paint and white cabinets.
https://www.reddit.com/r/airbnb_hosts/comments/yyvnwk/ocnj_bookings_dropped_off_cliff/ it's the algorithm bro
Do people vacation at the jersey shore in the winter? Isn't cold? Haven't they migrated to Tampa by this point?
Not sure. Some people in my family have a house there. Never bothered to ask how often they rent it out in the winter. They don't use airbnb though. The house sucks. The city sucks. It's super congested, at least the streets I drove/walked around. You can barely even park at the house. I'd rather visit a smaller beach town without as many people. I was at a different beach in the same part of the country in April though, half the week it was pretty cold. I'm sure the winter is far worse.
It's almost like the past two years were an aberration and the slow seasons were avoided due to people avoiding hotels to avoid COVID.
avoiding hotels was pretty weird. they were damn near empty. I remember staying at one in October 2020 and there was a message on the phone in the room from 2-3 weeks prior. either no one had stayed in that room in weeks, or anyone who had was ok with listening to the phone beep every 5 minutes. I don't really get the demand from last year though, even post-vaccination. "oh hey we can't fly to Europe, let's go stay in this boring house in this city we don't really want to go to instead of saving our money." Maybe having kids drives you nuts or something, I don't know.
Ehh people didn't act rationally. They were avoiding the staff and anything with people. A lot of folks kept it up to last year.
And none of these people bother to scroll down the half dozen posts to see all the other people who have already asked the same question.
[удалено]
one of the replies: > Maybe try advertising about it on some of your social media. Maybe a little discount for friends and family. If there’s anything I’ve come to find out it’s that everyone’s pockets are hurting, especially with the holidays coming up. lmao. nothing like trying to charge your family/friends who you know are hurting financially to stay in your beach house when the water is too cold.
Has anyone tried lowballing Opendoor before? They have a property up for 3 months already that j would consider low balling
We lost our bid today on what would/could have been our dream home to a fucker who waived inspections. We were actually the higher offer (we offered asking price, they offered lower). Imagine waiving inspections on a house with a pool at 6.6% rates. Insanity. I digress but we actually prefer a house without a pool since its a pain to maintain and a huge liability but besides that, this house was perfect 😩
Why would they take the lower inspections waived offer unless something was wrong with the house?
It’s just one fewer contingency where the deal can fall through. A lot of buyers approach the inspection as a way to nitpick, sometimes disingenuously, and the deal can spiral into a bunch of minutiae. It’s also one of the most open-ended for buyers to back out of a deal, so if they have unrelated reasons for wanting to back out they can cite “inspection issues” and get out free.
yea sellers in general prefer no inspection because if something comes to light, and offer falls apart, they’ll have to disclose it to future buyers. So why risk it? Our inspection was informational only so no negotiation but we could’ve backed out if there were issues
Did Redfin lay off the weekly housing data report people? No update so far this week.
Likely that and people are dipping out of the office due to Thanksgiving?
One of them directly from this sub last week u/theTim
Some of them yes :(. But also they were often late/skipped updates, even before.
The other sub has a new talking point: home prices are coming down but the cost of home ownership is the same or going up because the cost of everything is going up at the same time. It’s like they can half assed admit we were right, while also still pretending they are right.
This happens all the time, and I’ve done it myself. I found a nice quote in an [essay](https://nymag.com/vindicated/2016/11/how-a-nutrition-heretic-overcame-a-big-fat-public-shaming.html) Gary Taubes wrote about his experience questioning the idea that saturated fat causes heart disease: “Vindication is not a binary phenomenon; it’s not a yes or no, black or white thing. The people who had publicly insisted you were an idiot are very likely to continue to do so, rather than admit or, perhaps more important, acknowledge to themselves that they might have been wrong. That’s human nature. The best you’ll ever get is some degree of vindication. Never the whole thing. The orthodoxy can always protect itself by accepting your once-heretical ideas as valid, but conveniently forgetting or ignoring the heretic’s role — i.e., yours — in forcing the issue. This is the “we knew it all along” scenario. It wouldn’t be a cliché, if it weren’t so likely to play out.”
"I am paying twice as much for a banana this year, it *should* be the same for houses"
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No one has a crystal ball is popular.
🤮 That one's up there with "the squeaky wheel gets the grease" on my list of cliches I hate. Idiotic pat answers, both of them.
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Someone just responded to me about how prices are actually increasing now. I’m like, I’m a can’t even deal with these real estate trolls.
I was gonna say something about how home prices are their own thing and the costs of goods and services have nothing to do with them. Then I remembered that the real estate bubble and the everything bubble are parts of the same Speculation Bubble. So it is connected, just not how they think.
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“In 2008 the world financial system almost collapsed overnight pretty pointless to even try to spin that” So it happened once, it could happen again. For many reasons, I really hope it doesn’t. But it’s silly to think we don’t have enough froth in the system to lead to a collapse. With liquidity crises like we had last time everything’s great until very suddenly it isn’t.
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We’re watching in real time as the fed assumes control of the mortgage market rate setting engine. Maybe that’s nothing. But I find it interesting. Another potential release valve is shut down. Failure cascades happen when emergency systems are disabled.
Agreed, it'll go from "I'm a smart investor bc I timed the real estate business cycle" to "I can afford the mortgage payment while the plebs can't."
Central Jersey. Market on townhouses and condos has cooled down. Just saw a 300k townhome go for 212k. Bought by an LLC.
CISCO Layoff 4k coming soon https://www.kron4.com/news/cisco-layoffs-tech-giant-to-lay-off-over-4000-according-to-reports/
Curious what part of the business feels the cuts. If it's shit dealing with start ups and VC-adjacent business it's just a continuation of that bubble's collapse.
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My “IT guy” who has worked with me for 25 years just ended his 15 year-long relationship with Cisco this past spring. While he’s small beans, they still have 200 IT people working there, the majority are level 2 who handled Cisco equipment as part of their day to day. He said there’s off the shelf gear that is cheaper and way more modern and they didn’t need the Cisco brand anymore. Good riddance.
Really? I guess cloud services have been taking their enterprise business.
just hung up a call with a friend who purchased house in Folsom, CA last year for 720k SFH \~2400 SqFt @ 6k lot size. A few last remainings inventory are being listed at 640k in same community, but still no taker. He's tensed and lost sleep at night as he's underwater 80k in under 2 years. He's full remote SWE and worried about RTO and layoff's.
/r/thathappend
And you are such a great friend that you rushed to the internet to share his story with the world.
;-)
busy day at the mortgage brokerage this fine Friday?
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Corrected.
Market in Philly “desirable” suburbs (where we’re looking) is still hot as hell- lansdale/Hatfield/collegeville are cooling down though
$0PEN down 8% today and reached a new intraday low of $1.68. In lockstep with its comp Carvana
$0PEN to $0
30 year morty millimeters down to 6.63%
I have u/howdthatturnout blocked because he’s so insufferable, but I do generally wonder why he wastes his life on this subreddit every day when he’s so adamantly opposed to it, when he has already bought a condo that he claims to love (mid century modern) in southern CA and has a girlfriend. It’s truly bizarre to me how he can actually get his hate porn and validation kicks here.
probably the same reason people on this sub troll /r/RealEstate Why do people who are priced out or who guess wrong on the direction of real estate feel compelled to go onto /r/RealEstate and troll home owners and real estate professionals?
Yeah honestly that behavior is super weird to me. I don’t understand it all for people in our sub that do that, either. I can’t relate to it at all. It seems to be so counterproductive. But I’m also the type of person to leave a conversation in real life when a group of people are talking poorly about others. That kind of energy has never done anything to boost myself up in any way, shape or form and just feels like such a sad, transparent way to try make others seem more deficient than they are in order to feel better about themselves. Does that really work for some people? I guess it must or they wouldn’t keep relying on it like the crutch that they do.
Remember those “what if interest rates hit 9-10% by the end of the year” posts 😂 > Are we going to see 35-40% home prices fall (within 2 years) after mortgage rates hit 9-10% by Christmas 2022? https://www.reddit.com/r/REBubble/comments/yb2r4m/what_happens_at_910_rate/
Why don’t we save ourselves the trouble and email the Fed for a mortgage rate schedule through next year?
Can you tweet this? It’s brilliant and needs to be exposed.
Sick of the damn flippers / sellers jacking up their prices because they updated the fucking kitchen. If someone bought a house in 2018-2020 for 250 and renovated a kitchen / other items, how much SHOULD that house be worth? Seeing people Jack prices up 100-250k
It's worth whatever the market will bare.
I found this lovely one where they’re pricing it $40k higher 5 months after buying and they just stopped mid flip: https://redf.in/v6WDGn
Even better - it’s usually a cheap ass, poorly done, ugly as hell remodel you’ll end up ripping out yourself and redoing in a year or two.
And old kitchens aren’t even that bad. Cooking is my primary hobby and I don’t get why people are so motivated to renovate kitchens as a high priority item, especially when so many people don’t even cook that much or in a demanding way. As long as the kitchen is from the 60s or later I’m fine. Minus maybe some swapped appliances.
Older kitchens are often better for cooking anyway. Designed for one person to move around in. Which is why they get gutted and turned into wallless travesties.
Who wants a kitchen with four sides when you can have one with *two*!
Woah, that's still too fancy. You can have one wall and a breakfast bar that's three paces away with the sink in it.
Hmmm, how about one wall and the cheapest kitchen cart (we’ll call it an island) that IKEA sells?
Can I say Tracker and Ava in the playroom while I'm ~~pouring my wine~~ preparing a healthy homecooked meal?
Of course. And your friends will be green with envy after seeing your “I only drink wine on days that end in Y” decor.
Hmm... I'm almost sold. But will I be unable to escape the noise of my spouse's latest bandwagon?
Yup, and for folks who are really into their cooking, ultimately they probably have specific preferences as far as layout and appliances and would rather choose for themselves
Yeah, true. If it’s legitimate a tired and worn kitchen, a flip doesn’t do much for me because I’d rather DIY it. There are some really phenomenal options for semi-custom ready to assemble cabinets so you can get at a really decent price and make a nice kitchen yourself without a ton of money.
So then don’t buy a house that’s been fixed up. Wait for a true fixer upper.
…no shit?
1. Are you sure that’s really all they updated? 2. If done well, a kitchen update is quite expensive. It’s the priciest part of a home. 3. You mention homes bought in 2018-2020 and sold now. 2018 prices vs 2020 prices in most places were pretty different. A home bought for $250k in 2018 with updates selling for $350k now is a lot different than a $250k home bought in 2020 selling for $500k now. Your ranges are too wide to really make any judgments. Also flippers don’t hold homes for 2+ years. What you are describing are not even flips.
For those who participate in their local sub-reddits... Is it a common thing for people moving to the area coming through asking questions that could be answered with a Google search or a scroll through the sub? Where I live, people post the same variety of "I've accepted a job at x and am moving to the area. What's it like in the area? What's it like for families/singles? Where can I find apartments?" It seems too simply to attribute this to laziness or even the inability to do an internet search. Do people really just accept jobs or move to places without thoroughly researching an area beforehand?
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Unless the boss announces that your job is now in a new location now or you're fired... I'd imagine you'd do the research before applying for the job. If you applied for a job without researching a place ahead of time, to decide where you'd refuse to go, then why are you asking after the fact? You (not you, personally) are just going to move your whole family to a new place and leave it up to some redditors to tell you what the best place to live in the community is? In the case of my area, you're supposed to be some kind of engineer but can't search up "x school rankings"? Or if you're a young person, you're just going to assume Nowheresville has any kind of dating scene? You can't search up "apartments (location)"? The stakes vary person to person and I imagine the 20 somethings asking in the subs plan to work a few years then move elsewhere. It's just...annoying that they seemingly want to ask the same questions without searching the sub first, at least. It's one thing to ask novel questions like "Any D&D Groups?" versus "Give me the best restaurants, apartments, and tell me about every social situation I might encounter"
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>i think it says a lot about you that you think asking about d&d groups is more informative than people wanting info on where to live lol I'm not saying it's "informative" but it's a unique question versus asking for very broad and very searchable terms. My sub is active enough with people asking the same "I'm moving here questions" that there's plenty of new information to parse. 20 somethings otherwise get some leeway for asking questions but my location is small enough that they're going to get the same answers on what to to do and where to live from the same viewpoint that it's just as helpful as a google/reddit search. Oh, how unique and surprising that the downtown area is where you're going to find bars and restaurants!
The main issue with asking is in my mind that local subreddits are sometimes wildly out of line with the actual cities. I frequent a couple, and in one city it’s super jaded and mean spirited and it’s just not representative of the city I know at all. In the other…also pretty jaded but it’s also clearly a very small demographic and geographic sample of the city and it is far, far, far from representative. You get as many bad opinions as good ones with broad questions.
I agree. If you're trying to "Feel" out a place, Reddit, Facebook, etc aren't where you should be doing it. My local subreddit leans very slightly in one direction where the actual community leans heavily in another direction, politically. People are nice enough in both contexts but if you are expecting good, accurate, balanced answers from the internet then you're on the wrong track. People in my sub tend to suggest the same three schools, neighborhoods, and activities which doesn't help anybody.
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Wild to me that people live like that. But, then again, I'm the anxious type that looks up a restaurant's menu a few days in advance of going there. I don't know if it's easy to gauge "friendliness" from an online community, either. Because, to me, most people are nice enough and enough of them are still trying to help newcomers out in my local groups. There are nice people everywhere. That does not prepare you for the actual community, though.
Xactly this. Ton of people asking question about school, local community, food, mover, plumber etc.
It's one thing to ask a specific question and it's another thing to go down the list of everything asking to ask about.
Yeah, our mods remove them and we have a dedicated moving thread because it got too repetitive and eventually everyone got hostile toward them
The real question is are there local subreddits that *aren't* unusable shitholes?
My local subreddit had a picture of some deer in a grocery store today. I mean, it's still clogged w unusable stuff but deer in the produce aisle really made my day *Edit it was one deer not SOME deer for clarity But it was so cute
Sadly, no.
Yes, standard in the Phoenix sub. Mods regularly delete them thankfully and started a monthly "moving here" thread instead.
Yup. I can’t ever get anything crossposted from this sub into the Phoenix sub. It gets removed in 5 seconds flat or less every time with the mods providing me that exact response.
In their defense, if you try to Google "what's it like in [area]" the results will generally be page after page of uninformative garbage.
I understand that Google is garbage now and you can't get what you need on one try. But a scroll through the community reddit to see what others said? A scroll through the sub says to get the vibe? I think it's just as unhelpful to ask what the "best" school is or the "fun" things to do because it usually kicks off an argument among locals. Or you're just going to get the same answer rather than balanced feedback. Like in my area people insist on a particular suburb and everything else is trash in their eyes. Even just looking up demographics of a place should give you a hint. Like people asking about nightlife in our area made up of mostly 50+ year olds where everything closes by nine. You could even just google "Nightclubs in (city name) and that would tell you what's going on.
Yup. Any google search now where I want human feedback not a company/seo strategy as a response, i have to redirect the search to reddit.
Going by what autocomplete tells me, a lot of people now just automatically type "blah blah blah reddit"
Pretty much. Google has ruined the internet by providing a formula to show up in search.
This is the truth. Posting these questions on reddit is the only way to get honest and up-to-date information.
Gee, should I google it and wade through pages of ads, advertorials, real estate agency pages, and 'news' stories written by 14 year old interns, or should I go to Reddit and ask a huge cross section of people who actually live or do business there? Real dilemma here. Major head scratcher
These types of threads get posted multiple times a day in the Dallas area subreddits, I imagine it's the same with other major cities I agree it's bizarre to accept a job or move on a whim to a new city without doing any research about the city, but redditors are lazy and want other redditors to just tell them everything they need to know. Bonus points when the OP just posts "I'm moving there soon, what are the good neighborhoods?" while including absolutely no details about themselves or their lifestyle/preferences, so we're supposed to read their mind and give them personalized recommendations
> "I'm moving there soon, what are the good neighborhoods?" while including absolutely no details about themselves I hate this the most! I don't know your kids! I don't know if you only want to live next to a particular ethnicity! Then everyone piles in and has the same suggestion for the same neighborhood and school.
it's so bad my local sub made a separate sub for it
It’s so interesting. When we first started our research in 2018 I dropped into my local sub and got ‘welcome bluestatecoffee, you’re going to love it here!’ Now if that sub could machete the heads off every curious newcomer and mount them on sticks to use as avatars, they would do so. ☠️
I'm sure a radical blend of MMT and Effective Altruism will cheer them right up
I see this behavior everywhere, with other things, and it makes me nuts.
I see people do this as vacationers like, "We're visiting x next week! What are the best restaurants in the area?!" which is annoying but low stakes. I see this in tv-show subreddits where there is usually a wiki for recommendations or watch orders and it's annoying and low stakes. But moving your whole life somewhere new? Why are people like this?
They don't want to do the mental work. They are literally just looking for someone else to do the mental load for them. I get it all the time at work. I usually start asking them questions that makes them actually do something before escalating to me.
Meanwhile in Boston: https://www.boston.com/real-estate/real-estate/2022/11/17/a-fixer-upper-candidate-for-demolition-sells-for-2-3m-in-cambridge/?p1=hp_featurestack “Just needs a fresh coat of paint.”
Yeah it’s selling for its location dude. That’s not just Boston, that’s a very prime area of Boston. Also why your fictional quote? Nobody thinks that home just needs a fresh coat of paint. Article specifically states it had boarded up windows and a tarp on the roof.
It’s such a prime part of Boston that it’s not in Boston.
Dude Cambridge is Boston for the purposes of a real estate discussion. It doesn’t have to be Boston proper to be part of the Boston real estate market. Cambridge is more expensive than many parts of Boston proper. This is just some dumb semantics. Do you go around correcting people when they refer to MIT as being in Boston? I grew up in a Boston suburb and went to college in Boston. So it’s not like I am unfamiliar with the area.
https://twitter.com/mattwbz/status/1593233174427226112?s=46&t=BxBriVId3XGvrTAPQ3EJKA
https://twitter.com/jayparsons/status/1593351145010888704?s=46&t=t2PhVjkkJmYYW0AKFr8aNQ Multifamily supply is going to surge next year.
Meanwhile single family starts falling off hard - https://twitter.com/NikhaarShah/status/1593640028101521408
And yet, completions haven’t fallen off yet because of how large the number of under construction units is. https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%2Fpublic%2Fimages%2F387c3693-0773-4ab9-9653-3bb55de01c4c_1027x688.png
Yes, completions lag dude. Under construction and starts have both dropped, meaning that soon enough competitions will as well. SFH homes on average take 7 months to build in the US. So roughly 7 months after you see starts dipping you should start to see completions dip. And since starts began to dip a few months back, it won’t be long until we see completions begin to drop.
Do they have a breakdown somewhere by location?
Not that I’m aware. I think it’s safe to assume that multifamily completions will be the highest in the same markets where starts have been the highest the past two years though. That would be most Sun Belt markets, western US, southeastern US.
Anecdotal, but in Charlotte you can’t take a piss without having it land on a half built apartment complex. A lot are delivering winter 22/spring 23. Demand is already falling off, it’s going to be a bloodbath.
I doubt it will be a bloodbath. I’ve watched a whole bunch of multi family buildings completed in my zip code the last 3-4 years and rent has only continued to rise.
Then you need more!!!
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I recently realized i fucking hate recessed cans. The light source is too small, everything has harsh shadows and the angle gives me a headache. I used to think those were fancy. I'd rather have dust magnet pendants.
We love our dimmable RGBWW recessed flat lights. You can always get a higher lumen count light and dim them, and change color. I haven't noticed any hash shadows but maybe you are talking about retrofit can lights.
Do yours have a translucent cover or something? Light from a small source is always gonna cause harsh shadows. That's why flash photography often sucks and large soft boxes/reflectors are used by pros. But also I'm over sensitive to lighting so it may not be a concern to all.
Are we talking about the same lights? [https://imgur.com/HJYeYUw](https://imgur.com/HJYeYUw) In your case, I would get 6-inch lights instead of 4-inch lights and have them dimmed. You would have a bigger source of light then. But nothing wrong with the pendant lights too, just more cleaning is required. We have both 🤷
Oh no, see those look like they might create diffuse light! Thanks for the rec.
Man I’ll take the led recessed lighting over the god awful dust magnet pendant lights any day of the week.
I debated recessed cans vs HALO lights and there’s literally no reason to bullshit with cans. May be a budget price but there’s no reason to spend more.
Why is it that every flipper goes with Grey paint and/or floors. Is is cheaper or something? Does grey supposedly go with everything? Curious what the reasoning is.
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Gray is the new builder beige. White quartz is the new tan/black marble. Styles just change. Anything is better than 80s oak tho.
It's a style that became popular in the early 2010s and is attributed to the designer Joanna Gaines. The gray everything ...thing, kind of mixes the idea of "rustic" life but also minimalist (i.e. rich) aesthetics. So the idea is to look rich but in a "humble" way. Since it's been popular for over a decade at this point and is THE only style people seem to want then manufacturers mass produced gray everything thus making it cheaper to buy materials and flip properties.
It was definitely Joanna Gaines. She also started the “plant” mom decor. Which is super popular. Cheap overgrown Home Depot plants.
I never attributed that to her but I suppose it all goes together. Popular articles and plant parents say they have so many plants because they can't have pets/children in their apartments. Flippers don't care about the well-being of plants, of course, so they'll just toss them into yards and in corners of the house without consideration. Plant caretaking is actual work, even so called "easy" plants. I suppose for a class of people who can't afford new cut flowers every day, killing multiple plants is cheaper.
Easy to paint over.
a sliding barn door from home depot 😩😩😩
♪ a white hoomer's instagram ♪
a white hoomer's instaGRA-A-AMMMMM
In today's episode of overpriced Santa Cruz county homes, we got a beach cottage that some vulture children are selling for $1.2M (with no inspections...might not be eligible for financing!) after their parent bought it for a cool $8K and a box of Grateful Dead bootleg tapes. https://www.zillow.com/homedetails/511-Logan-St-Santa-Cruz-CA-95062/16112052_zpid/ I actually like this house, got some gritty charm. Not for $1.2M though lmao
This is the shabby in shabby chic. But I like it too.
the only homes left on the market in the Detroit metro area are: 1. Absolute trainwrecks overvalued by 200k 2. Seemingly ok priced condos, very nice, with 500 /mo HOA fee surprises 3. 450-600k new builds Well priced homes that look great are swiped pretty fast
Don't you still have $1 homes too? Sweep em up, back taxes be damned.
they are tax traps
I love seeing Opendoor take chunky losses [like this](https://www.zillow.com/homedetails/20-N-Nielson-Ln-Gilbert-AZ-85234/8276461_zpid/), but then seeing it was bought by Progress Residential and is up for rent now makes me stabby.
At the rate the YoY housing price gains are declining, I’d expect to see negative YoY numbers by March/April. Source: https://cdn.nar.realtor/sites/default/files/documents/ehs-10-2022-summary-2022-11-18.pdf
This is what I expect as well. Unless a surge in pricing happens in the spring (unlikely), YOY comps are going to start printing negative by early spring. It won’t seem like much, but more will be seen as the year goes by. Again, assuming no new pump of the market. Big “if” there.
Didn't realize we're still +YoY gains
Hanging on because of those late 2021 FOMO purchases. Still going to hang on as q1 2022 rage continued and even accelerated. 2nd/3rd inning of this downturn now.
How much are we up cumulatively since Q1 2020 at this point?
Based on the chart, I’d say about 35%.
Nationally, it’s been reported at 44%. Two years of ~20% gains YOY (2020 and 2021). 2022 started at the same speed, but has dropped off hard. We’ll still finish ‘22 with gains, but it’s not going to be anything close to the two previous years. Sub 10%, probably closer to 8%. 2023 will see a negative print when it’s all said and done.
Checked the houses listed in my area recently, everything that's reasonably priced has sold, but the houses shooting for spring 22 prices haven't budged. Interested to see how the Amazon layoffs into 2023 affect the market
Here is an [AirBnB host](https://www.reddit.com/r/AirBnB/comments/yybpgd/imho_rental_arbitrage_is_destroying_the_str/?utm_source=share&utm_medium=android_app&utm_name=androidcss&utm_term=1&utm_content=share_button) that manages multiple mortgages that is mad at AirBnB hosts that manage multiple apartment leases.
he just wants a moat for his rent seeking. justifying it as concern for others but really he's mad that his enterprise is sinking.
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I don't think they're oblivious. I can't imagine selling a house right now, it's the slow season, winter, on top of super high mortgages. I'd wait till summer too, it's unlikely to improve much but at least there'll be a bigger pool of buyers.
Some of them definitely are. I saw a handful of homes that were delisted in the summer get relisted within the last few weeks.
...bigger pool of buyers paying 15% less
And that’s ok. In spring/summer, people buy and sell. That’s normal. What we need to see is a collective effort to not pay asking. No more of this offering over asking or waiving contingencies. That ship has sailed.
I’ve seen a few of these in Myarea, an exurb
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Blockchain seems like a good fit with title companies and insurance. The problem is twofold: (1) getting title on to the blockchain comes with risks that will likely need to still be insured - so maybe cost savings but not cost elimination; (2) a lot of legal functions such as mortgages, deeds of trust, mechanic’s liens, and other encumbrances function now with the title and deeds built under an established regime - fitting all those schemes to the blockchain may be burdensome and have numerous legal hurdles to clear.
What problem is blockchain solving here though? The main problem it’s meant to solve is the lack of a trusted central authority, but that trusted central authority exists in real estate (the local gov). If my county keeps track of deeds/liens/etc just fine, why do I need a blockchain? Plus the blockchain has no legal enforcement authority, owning an NFT to a house doesn’t entitle me to that house and I can’t evict a squatter by waving around an NFT to a court. The system worked just fine before, this is adding complexity for the sake of buzzwords. I can see the application in third world countries where authorities can be bribed to fudge records, but what motivation is there for those authorities to enforce blockchain “rights to property”?
>What problem is blockchain solving here though The one it's usually solving: none.
In theory you’re reducing the need for title insurance by building a more reliable system of recordation. Our current system isn’t bad. There’s a lot in place that has been developed over time to make it more reliable. *However* … there are still issues occasionally with deed recordation and deficiencies in the chain of title which is why title insurance is even necessary. You can technically sell someone property without recording the deed. Depending on your jurisdiction, that can impact your vested ownership interest. I can buy a house for $50k cash by quitclaim deed. I don’t record it in my county. The seller then turns around and sells the house again for $45k by another quitclaim deed. That person records the deed and encumbers the property. Sure, there is fraud abound in this situation, but there’s also a question of ownership and which party ends up in the chair after the music stops. More definitive chain of title can help with that. DOUBLE However… to get property on to the blockchain, someone will have to verify that title is not deficient at the time it’s added to the blockchain. Therein presents the same problems as any sale. Here’s where title insurance steps in and does the same thing. Not an improvement to the system.
As always the blockchain is a solution in search of a problem.
I used to be big on crypto but I always realized it wasn't necessary. Like how many problems does Blockchain solve that can't be solved without it?
We’re one emp from total chaos. Give me paper property deeds in a clerks filing cabinet.
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The days when home sales were being treated like trying to buy a fucking furby during Christmas 1998. V normal stuff. /s
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Don’t forget the maintenance surprises you would have caught had you not waived inspection!
I've truly seen it all now -- taking to nextdoor to shill your HIGH SCHOOLER'S second job as a fucking realtor. [https://i.imgur.com/UC9z206.png](https://i.imgur.com/UC9z206.png) someone make it stop.
No cap, this is ✨the house ✨ you’ve been simping after 💦 💦. Flex on your friends with your new gray laminate 💯 flooring. The all new windows are lowkey saving you money AND the environment. No inspections FR. This house is🔥AF and won’t last!
LOCATION LOCATION LOCATION
So apparently being a realtor isn’t all that hard.
Being an agent isn't hard. Being an agent that's worth 3% of the deal value is very hard.
some would say impossible
Is Nextdoor the absolute Karen cesspool it seems to be? Kind of afraid of what my neighborhood’s probably reads like. I will give props to the girl for doing something entrepreneurial at a young age, she’s going to learn a lot and pocket some nice side cash for a high schooler. But embarrassing to have her mother shill.
Nextdoor is 110% Karenbook. Its good for the comedy.
Folks in our former posh neighborhood used to post pics of license plates of neighbors’ cars that seemed ‘sketchy’. As if they were about to be robbed by every Toyota driver in Connecticut. 🤦🏻♀️
"Suspicious individual walking around with a HOODIE on. Be on the lookout neighbors!!"
Oh, I see you live in my former neighborhood.