More on how the game has changed forever:
Jim Klinge
Klinge Realty Group
Broker-Associate, Compass
Are you looking for an experienced agent to help you buy or sell a home?
Contact Jim the Realtor!
- 682 S. Coast Hwy 101, Suite #110
Encinitas, CA 92024 - (858) 997-3801 call or text
- klingerealty@gmail.com
CA DRE #01527365, CA DRE #00873197
Thank you for the call out Jim. I probably post too much but I feel a need when I see young people commenting that prices are too high. While that is true in immediate terms thinking that lower interest rates or more houses built is going to solve the problem is not correct. As you said in the video people have figured out that if you can buy a house you don’t need to pay. Unlike renting which could equal eviction if you don’t cough up cash each month.
For young people think of it this way. Someone in their 60’s+ knows for a fact that they aren’t likely to ever fully pay off a 30 year mortgage but they can still get one. They also know that foreclosures aren’t happening right now and even if they were what kind of monster would kick grandma/grandpa to the curb for being a deadbeat. Basically these old farts are using up the resource you should be able to utilize (live in) but can’t.
Even worse some people are actively trying to game the system. There’s an example going on down the street from my house. The owner has been in “foreclosure” for the last 4 years. He’s a lawyer and I’ve heard he’s sitting on a pile of cash. He also has 2 loans. What’s he’s doing is not making payments on either mortgage and “playing chicken” with the banks trying to get them to writeoff one of the loans and/or mod writing them down to a lower amount owed.
This kind of thing is happening ALL OVER behind the scenes. If you think I’m exaggerating I’m not. People wonder how California is able to afford such high house prices. The truth is many can’t but they do know how to game the system and stay afloat/prosper in a sea of corruption.
All well and true. But, “forever”?
Consider this, there are more renters than home owners and this segment is growing.
What if the future “renter” voting class gets sick and tired of getting fleeced by the owner class and elects politicians into office that will rollback all of these “owner” friendly laws?
It could happen.
Sure it could happen. Just like the Padres could win the World Series….