Author Topic: Real Estate Culture  (Read 954 times)

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Offline MH

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Re: Real Estate Culture
« Reply #15 on: September 16, 2021, 07:01:08 am »
I probably would have the same internal conflict if I didn't have kids.  It's different though when you know your kids are screwed, they are an extension of me. 

If it were other people's kids, I'd probably be equal parts meh and guilt.

I find it increasingly shocking that relatively well-off middle class people in a healthy democracy feel that they have no power here.

I have many problems with the left, but they are going to rise to address this, it's inevitable in my mind.  The public will have to improve our level of dialogue to ensure that the pullback from this insanity is a soft landing.

Please don't fall prey to the idea that there's no money or that we are worse off.  On the whole we are much better.  We don't need to penalize the rich, only to allow them to continue doing what they do with a better division of the spoils.


Offline MH

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Re: Real Estate Culture
« Reply #16 on: September 16, 2021, 07:01:58 am »
We also should not penalize innovation, entrepreneurship or those who are actually building things and helping the economy by hiring and creating work...

Offline MH

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Re: Real Estate Culture
« Reply #17 on: September 26, 2021, 10:25:16 am »
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Offline Queefer Sutherland

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Re: Real Estate Culture
« Reply #18 on: October 02, 2021, 08:01:15 pm »
I have a heart-warming story.  There was some undeveloped land around the city that was being preserved for natural green space.  Local real estate developers for decades have wanted to buy it to build homes on it, but the city wouldn't allow it.  The owner of some developer donated a million dollars to a local hospital, and a couple of years later the city changed the zoning to let them finally build on it.

Democracy rules.
I queef, therefore I am.

Offline Queefer Sutherland

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Re: Real Estate Culture
« Reply #19 on: October 02, 2021, 08:06:20 pm »
Another heart-warming story:  My friend who just got married just bought a modest detached 2-story house.  In order to afford it they're going to turn the basement, 3rd bedroom, kitchen, dining room, 2nd washroom, and garage all into 6 separate apartments to rent out, and also rent out the backyard for parties on weekends.  The backyard is very tiny so the parties will suck, but whatever, they're homeowners!

(the previous story is totally untrue and was created for satirical purposes)
I queef, therefore I am.
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Offline MH

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Re: Real Estate Culture
« Reply #20 on: March 08, 2022, 10:25:19 am »
MORTGAGE LOCK-INS - discuss :O

Offline Squidward von Squidderson

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Re: Real Estate Culture
« Reply #21 on: March 08, 2022, 11:12:02 am »
MORTGAGE LOCK-INS - discuss :O

Getting scared of interest rate hikes?
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Offline Based Shady

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Re: Real Estate Culture
« Reply #22 on: March 08, 2022, 11:29:34 am »
MORTGAGE LOCK-INS - discuss :O
I donít think most people do.  Things are going to get interesting in a couple of years after a few more interest rate hikes.

Offline MH

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Re: Real Estate Culture
« Reply #23 on: March 08, 2022, 12:09:45 pm »
I donít think most people do.  Things are going to get interesting in a couple of years after a few more interest rate hikes.

Yes but should we ?

LOCK OR NO LOCK ???

Offline MH

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Re: Real Estate Culture
« Reply #24 on: March 10, 2022, 09:24:55 am »
HELP HELP HELP

Online segnosaur

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Re: Real Estate Culture
« Reply #25 on: March 10, 2022, 09:39:38 am »
Yes but should we ?

LOCK OR NO LOCK ???
My opinion... probably no.

Locked in rates are usually higher than variable rates.

Now, in times of uncertainty (the war in Ukraine, economic expansion in a covid-recovery period) it might seem tempting... lock in to protect against increasing interest rates. But such problems are unlikely to last long term, and you could lock in at a high interest rate, only to find that the rates start to fall again before the end of your mortgage term.

I've made the same mistake... my first mortage occured right before the latest Quebec referendum. I locked in at a high rate, thinking the uncertainty caused by the referendum would cause interest rates to increase. But the problem was short lived.

Your best option is to get a variable-rate mortgage with a fixed payment amount. That way you 1) get the lowest possible interest rates don't increase (or the increase is only for a short term), and 2) you won't have to worry about increased payments even if interest rates go up. (At worst it would mean you don't pay as much on the principle.)

(I want to stress that I am not a financial expert Take everything I say with a grain of salt.)

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Offline Bubbermiley

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Re: Real Estate Culture
« Reply #26 on: March 10, 2022, 10:09:09 am »
I think you pretty much always lose money with a locked in rate, but you pretty much always lose money with an insurance policy on your house too. It's just a question of how much risk you're comfortable with.
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Offline Based Shady

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Re: Real Estate Culture
« Reply #27 on: March 10, 2022, 12:45:35 pm »
My opinion... probably no.

Locked in rates are usually higher than variable rates.

Now, in times of uncertainty (the war in Ukraine, economic expansion in a covid-recovery period) it might seem tempting... lock in to protect against increasing interest rates. But such problems are unlikely to last long term, and you could lock in at a high interest rate, only to find that the rates start to fall again before the end of your mortgage term.

I've made the same mistake... my first mortage occured right before the latest Quebec referendum. I locked in at a high rate, thinking the uncertainty caused by the referendum would cause interest rates to increase. But the problem was short lived.

Your best option is to get a variable-rate mortgage with a fixed payment amount. That way you 1) get the lowest possible interest rates don't increase (or the increase is only for a short term), and 2) you won't have to worry about increased payments even if interest rates go up. (At worst it would mean you don't pay as much on the principle.)

(I want to stress that I am not a financial expert Take everything I say with a grain of salt.)
Rates are at near zero, and have been for a while.  They have to go up, regardless.  They aren't going to go down again for probably years  and years.  It's not sustainable.
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Offline Bubbermiley

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Re: Real Estate Culture
« Reply #28 on: March 10, 2022, 04:46:33 pm »
Rates are at near zero, and have been for a while.  They have to go up, regardless.  They aren't going to go down again for probably years  and years.  It's not sustainable.
That's factored into the long-term rate and then some.

Offline Squidward von Squidderson

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Re: Real Estate Culture
« Reply #29 on: March 12, 2022, 01:21:43 pm »
If youíre scared, lock it in.  If not, keep an eye on it and be ready to lock it in.
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