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2021 Housing Market Crisis

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2 hours ago, CMJeepster said:

I'm sure the assholes in Trenton are gonna ramp up our property taxes after the election.

I'm sure the tax offices are salivating and looking at a way to jack up taxes and assessments, after a 25% jump in house values.

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1 minute ago, marlintag said:

shut up, I'm jealous!  :icon_cry: 

Ok, It was 3 weeks ago that we accepted an offer on our NJ house but we became residents of Florida on the 12th of April.

All my full caps mags and I were reunited as I exiled them to my sister's place in FL right as the law changed.   I gave them all hugs and stroked them for they were very patient waiting for daddy to come home.  

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On 1/2/2021 at 10:51 AM, Cheflife15 said:

Can i live with you for a bit? Haha. Unfortunately i dont have much of a choice, rebting is essentially throwing money away so in the long run even buying high is a better investment.

Sometimes buying make sense, sometimes renting is the better option. 

You have to run the numbers.  

Houses are an expense. Unless you catch a low in the real estate roller coster you probably won't even break even once mortgage interest, property taxes and maintenance are factored in. 

 

   

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7 hours ago, Sniper said:

So, what do you guys think. With the crazy ramp up in prices this year, from low inventory, how soon until we get nailed with higher taxes due to higher values?

What happened to N.J.'s  2% cap on annual property tax increases?

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On 1/12/2021 at 6:12 PM, rifleman said:

My first house in Keyport was $29k. No heat,no insulation, built in 1865 but better than an apartment. I survived. Too many people now "need" granite and central AC. I bet there are plenty of affordable houses.

Wait a minute.... I think my friend rented that place and a bunch of us partied there every weekend. The Rolling Rock was flowing constantly.  This place was a dump...but it worked for us.

Probably would sell for $300 now if it wasn’t demo’ed.

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8 hours ago, Sniper said:

So, what do you guys think. With the crazy ramp up in prices this year, from low inventory, how soon until we get nailed with higher taxes due to higher values? What about homeowners insurance, I'm sure that will jump due to "replacement value"? It's not only the current buyers getting rammed with higher prices, we'll all see it soon in these other costs.

The prices now are nuts. There is a house in my neighborhood that sold for $475K last November. It came back on the market last week at $600K, and was under contract in 3 days. There was nothing significant done to it in those several months. A quick $125K gain in 7 months...  Nice...

I told wifey, let's sell our house, go travel the US for a year in the RV, then re-buy after it all crashes in a year or so and get a great deal.

Its coming for sure.  Towns have been cutting services. Now with these values going up 15% ..20%...where ever its at now... they are looking at ways to turn that into tax revenue.  I vaguely recall though....that reassessments may only be done so many years after the last one.  We had one 2 years ago I think.

Ever notice they ain’t so quick to reassess when things tank?

And that RV plan has been discussed here.  Not realistic for us right now...but for those who can do it..it makes a lot of sense.  Not only would it be a big cash intake.... it would be a blast.  I’d dump the 31 foot C though and buy a used Tiffin 40 foot diesel.

 

50 minutes ago, Bomber said:

What happened to N.J.'s  2% cap on annual property tax increases?

Good question.  But ain’t nuthin stopping the dems from making a new law.  Fiat is what they do best.

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1 hour ago, Bomber said:

Houses are an expense. Unless you catch a low in the real estate roller coster you probably won't even break even once mortgage interest, property taxes and maintenance are factored in. 

Exactly... but many people still believe a house is an "investment". It's only after you run ALL the numbers will you see that it isn't. A house is shelter. Period. Your housing cost (depending on if you own or rent) should be based on only what you feel your shelter cost is worth.

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57 minutes ago, Kevin125 said:

Ever notice they ain’t so quick to reassess when things tank?

I was living in Freehold during the last melt down. I think they finally got forced to reassess down after a lot of pressure and a few years later. But, they lowered valuations but didn't actually lower the tax bill. They just raised the cost per thousand... crooks...

1 hour ago, Kevin125 said:

Good question.  But ain’t nuthin stopping the dems from making a new law.  Fiat is what they do best.

Yep, I would expect them to try every trick in the book to skirt the 2% rule... After all, laws don't matter to the Blue team.

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1 hour ago, Kevin125 said:

And that RV plan has been discussed here.  Not realistic for us right now...but for those who can do it..it makes a lot of sense.  Not only would it be a big cash intake.... it would be a blast.  I’d dump the 31 foot C though and buy a used Tiffin 40 foot diesel.

It's very tempting, for sure.  Wifey is reluctant to leave the kids and rugrats for an extended period. I told her we have many video options to stay connected, but can't get her to bite just yet.

I have also been working on her to get the hell out of NJ and move South. I'm planning a RV trip right now, and planning on sneaking in some house reconnaissance, and told her I'd buy her a house on a lake. Hopefully I can twist her arm a bit more to make that move.

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26 minutes ago, Sniper said:

Exactly... but many people still believe a house is an "investment". It's only after you run ALL the numbers will you see that it isn't. 

A house as an "investment" is really a joke in N.J.

What kind of investment loses an average of $8000+ a year through property taxes even if the mortgage is paid off, forever! 

 N.J. property "owners" are just the government's tenants yet on the hook for everything related to the property inside and out. 

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10 hours ago, Sniper said:

So, what do you guys think. With the crazy ramp up in prices this year, from low inventory, how soon until we get nailed with higher taxes due to higher values? What about homeowners insurance, I'm sure that will jump due to "replacement value"? It's not only the current buyers getting rammed with higher prices, we'll all see it soon in these other costs.

The prices now are nuts. There is a house in my neighborhood that sold for $475K last November. It came back on the market last week at $600K, and was under contract in 3 days. There was nothing significant done to it in those several months. A quick $125K gain in 7 months...  Nice...

I told wifey, let's sell our house, go travel the US for a year in the RV, then re-buy after it all crashes in a year or so and get a great deal.

 

 i personally think it's gonna crash before or by the end of this year.

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53 minutes ago, Bomber said:

A house as an "investment" is really a joke in N.J.

What kind of investment loses an average of $8000+ a year through property taxes even if the mortgage is paid off, forever! 

N.J. property "owners" are just the government's tenants yet on the hook for everything related to the property inside and out. 

Yep, that's the other thing that makes me really laugh, when people tell me they "own" their houses, "free and clear" and don't have a mortgage. I tell them try not paying your taxes, and you'll learn, really quick, who "owns" your house.

18 minutes ago, 1LtCAP said:

 i personally think it's gonna crash before or by the end of this year.

When the eviction and mortgage moratoriums expire soon, watch out below. It won't be pretty.

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11 hours ago, Malsua said:

Ok, It was 3 weeks ago that we accepted an offer on our NJ house but we became residents of Florida on the 12th of April.

All my full caps mags and I were reunited as I exiled them to my sister's place in FL right as the law changed.   I gave them all hugs and stroked them for they were very patient waiting for daddy to come home.  

I had that same reunion with my mags. One big happy family again, untill the 20 & 30 rd mags came knocking at the door. Everything will be OK again once we get some more play time together.

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9 hours ago, Sniper said:

Yep, that's the other thing that makes me really laugh, when people tell me they "own" their houses, "free and clear" and don't have a mortgage. I tell them try not paying your taxes, and you'll learn, really quick, who "owns" your house.

When the eviction and mortgage moratoriums expire soon, watch out below. It won't be pretty.

i think obiden and other nazi governors will keep that moratorium going. to the point where landlords will hire squads to remove squatters shit while they're out of the house. those who keep someone at home will themselves end up being removed by those squads. it'll take awhile, but either landlords need to be able to collect their rents so they can pay their own bills, or they'll have to move in people willing to pay the rent.

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17 minutes ago, 1LtCAP said:

i think obiden and other nazi governors will keep that moratorium going. to the point where landlords will hire squads to remove squatters shit while they're out of the house. those who keep someone at home will themselves end up being removed by those squads. it'll take awhile, but either landlords need to be able to collect their rents so they can pay their own bills, or they'll have to move in people willing to pay the rent.

The blue state governors will step in and make sure this does not happen.

You have to understand the goal here.  The goal is not to get a landlord to pay taxes and such.   The goal is to get rid of THAT landlord and replace them with one that is favored by the politicians.   

Remember that statement out of the World economic forum?  "By 2030 you will own nothing and be happy" ?

If you don't own it, who does?  Their "strategic" partners.  These same partners line the pockets of the politicians.  Big money, deep pocket, mega corporations, many located in tax havens.

How do they(blue state governors) transfer ownership of your property to them, specially income generating properties?

They drive your income to zero on the property, force you to either pay the taxes out of pocket or surrender the property at fire sale prices.  Which will most do?  They will hand over the keys and walk away.  

Mega bucks corp walks in, buys up the rental units, pays the back taxes and starts charging rent again.  It is at this point that the "moratorium" on rents will disappear and goon squads will be on hand to move out anyone who isn't paying.

 

 

 

 

 

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18 hours ago, Sniper said:

I'm sure the tax offices are salivating and looking at a way to jack up taxes and assessments, after a 25% jump in house values.

Tax offices or municipalities don't get more revenue because home values go up, or less if they go down. Property values simple determine what percent each resident contributes to the budgets bottom line. 

 

11 hours ago, Bomber said:

A house as an "investment" is really a joke in N.J.

What kind of investment loses an average of $8000+ a year through property taxes even if the mortgage is paid off, forever! 

 N.J. property "owners" are just the government's tenants yet on the hook for everything related to the property inside and out. 

It's only a joke because under a business it's 100% an investment, land isn't depreciatlble but the taxes are expenses, and the structures are all depreciate capital assets with write offs and expenses. 

Imagine if the average person was given the same tax treatment...

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56 minutes ago, JackDaWack said:

Tax offices or municipalities don't get more revenue because home values go up, or less if they go down. Property values simple determine what percent each resident contributes to the budgets bottom line. 

That makes no sense. Go back and read what you posted.

If the residents have to pay a higher percentage, of course the municipalities get more revenue....  :facepalm:

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2 hours ago, Malsua said:

The blue state governors will step in and make sure this does not happen.

You have to understand the goal here.  The goal is not to get a landlord to pay taxes and such.   The goal is to get rid of THAT landlord and replace them with one that is favored by the politicians.   

Remember that statement out of the World economic forum?  "By 2030 you will own nothing and be happy" ?

If you don't own it, who does?  Their "strategic" partners.  These same partners line the pockets of the politicians.  Big money, deep pocket, mega corporations, many located in tax havens.

How do they(blue state governors) transfer ownership of your property to them, specially income generating properties?

They drive your income to zero on the property, force you to either pay the taxes out of pocket or surrender the property at fire sale prices.  Which will most do?  They will hand over the keys and walk away.  

Mega bucks corp walks in, buys up the rental units, pays the back taxes and starts charging rent again.  It is at this point that the "moratorium" on rents will disappear and goon squads will be on hand to move out anyone who isn't paying.

 

 

 

 

 

THAT would mean 24/7 security at all rental properties.

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2 hours ago, 1LtCAP said:

it'll take awhile, but either landlords need to be able to collect their rents so they can pay their own bills, or they'll have to move in people willing to pay the rent.

I did some digging around to see just how large of an issue this was. Reports were that at least 8 million to 10 million people were at the risk of eviction for non-payment. Compare that to a normal year of 3 million. I don't even know how accurate that 10 million is, or how they measure it, since so many landlords are mom and pop operations. In some states, like California, it said over 20% of renters aren't paying.

Then add in the number of potential mortgage foreclosures, which are estimated in that 10+ million range too... Many of these landlords aren't paying their mortgages. Once the renters skip out (as you know they'll never pay back rent), how do the landlords pay back past due mortgages.

Then add in all the private homeowners who haven't been paying their mortgages. Many recent houses sold in my area were FHA 3.5% down loans, These people have no skin in the game and no equity. Makes it easy to walk away.

Trying to get a handle on the dark days of what's coming in the housing market is tough... how does this movie end???

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2 hours ago, Malsua said:

You have to understand the goal here.  The goal is not to get a landlord to pay taxes and such.   The goal is to get rid of THAT landlord and replace them with one that is favored by the politicians.   

Yep, like Biden meeting with his buddies at Blackrock recently. They will become the nation's landlord of record"

BlackRock under fire amid reports private-equity firms are ‘snapping up single-family houses’

https://www.bizpacreview.com/2021/06/11/blackrock-under-fire-amid-reports-private-equity-firms-are-snapping-up-single-family-houses-1087586/

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1 hour ago, Sniper said:

That makes no sense. Go back and read what you posted.

If the residents have to pay a higher percentage, of course the municipalities get more revenue....  :facepalm:

The tax calculation isn't a percentage of the home value.

The town, county and State have a budget. The proportion of how much you pay towards that budget is based on the value of your property compared with other properties in your town. If your house goes up while everybody else's stays the same, your property tax will go up because, relatively speaking, your property is worth more than the others. If all the properties go up by the same percentage, your property's value is the proportionally the same as everyone else's so your share of the tax burden is unchanged.

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12 hours ago, Malsua said:

The blue state governors will step in and make sure this does not happen.

You have to understand the goal here.  The goal is not to get a landlord to pay taxes and such.   The goal is to get rid of THAT landlord and replace them with one that is favored by the politicians.   

If you don't own it, who does?  Their "strategic" partners.  These same partners line the pockets of the politicians.  Big money, deep pocket, mega corporations, many located in tax havens.

 

Same goes for small businesses that were deliberately crushed the past year so all that remains are woke leftist corporations.

The Covid scam was about far more than just getting rid Trump. 

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5 minutes ago, Mr.Stu said:

The tax calculation isn't a percentage of the home value.

The town, county and State have a budget. The proportion of how much you pay towards that budget is based on the value of your property compared with other properties in your town. If your house goes up while everybody else's stays the same, your property tax will go up because, relatively speaking, your property is worth more than the others. If all the properties go up by the same percentage, your property's value is the proportionally the same as everyone else's so your share of the tax burden is unchanged.

Go back and read what I originally posted. Bottom line, if the town reassess your house at a higher value, you'll be paying additional taxes. With housing prices jumping so much this year, you have to believe the towns want a slice of that pie.

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