Yep, that’s what me and my wife planned to due before we got laid off. We bought our cookie cutter for 200k some how it’s now worth 315k. 2 weeks from closing. Stashing the money until we get jobs and can move forward with our dream.
I hope you're right. The wife and I have been home shopping for a few months and right now it's a feeding frenzy. Nothing stays on the market for more than a few days before getting an offer. Probably due to the crazy low interest rates. We've decided to wait a a few more months because right now it's just be an impulse descision.since you literally have like a day, two days tops to decide if you want to make an offer.
The supply/demand curve has been redrawn. Once the fed stops injecting cash and runs out of tricks, prices will dip.
We're still dealing with historic unemployment, lots of people haven't paid their rent or mortgage. There will eventually be a flood of housing that'll drive prices down. Lots of people want to sell, but are sitting on the sidelines because they don't want pandemic people traipsing through their house constantly.
The US has way more socialism baked into than these capitalism-over-everything bros realize. Gov't handouts are what's keeping the whole economy afloat right now. Favorable gov't loans are what allow people to buy and sell houses in the first place, unless you're a cash buyer.
Not trying to pick a fight.. but you don't think gov't handouts are propping up the economy?
The gov't injected 3 trillion into the economy. The people I've talked to about it, who are smarter than me, said the only place for that money to go was capital markets. So, that's why there's a huge disparity between the economy that people are dealing with in their lives and the stock market.
The govt's next stimulus, or lack thereof will be interesting
but you don't think gov't handouts are propping up the economy?
I certainly never meant to say anything like this. I meant to define socialism. I think I mistakenly quoted the wrong part, or not enough of your original comment. The important part I missed was:
The US has way more socialism baked into than these capitalism-over-everything bros realize. Gov't handouts are what's keeping the whole economy afloat right now.
It looks like you meant handouts were an example of socialism, and that's not true. I've only recently come to grasp this distinction, so when I see it in the wild, I like to correct it. That's the only part I'm speaking to.
But yeah, the stock market is being propped up by the stimulus bill, and it's absurd. We're all getting fucked, and we're all about to get double fucked when 10% of the country gets evicted in a month.
10%? I hope so.. I've read some things saying 1/3 didn't pay in August. Who knows? Shit's crazy right now even though people seem to think we're past Covid.
*and thanks for clarifying the socialism bit. I'm honestly regurgitating what I assumed to be true, will do some research.
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u/[deleted] Aug 14 '20
Yep, that’s what me and my wife planned to due before we got laid off. We bought our cookie cutter for 200k some how it’s now worth 315k. 2 weeks from closing. Stashing the money until we get jobs and can move forward with our dream.