Home buyer situation after job loss

[letstalk2024]

52 minutes ago, Thokkalee said:

Nowhere in the post he says he is in debt or he has no money…he is looking for some suggestions to minimize his losses… manollu chala mandi 20-30% down chesi houses kontaaru and they are scared of losing their credit history or close the door for coming back… foreclose chesthe aa 20% down payment, any renovations money kuda lose avtaaru.. 

iddaru working ante earning and savings bagane untayi.. they will be fine.. they will get out with some loss.. 

you cannot say that everyone who bought homes in the last 4-5 years are either arrogant or stupid.. 😁

+1

and need not be less technical as stressed by this so called perfectionist 

 

[Konebhar6]

54 minutes ago, Thokkalee said:

Nowhere in the post he says he is in debt or he has no money…he is looking for some suggestions to minimize his losses… manollu chala mandi 20-30% down chesi houses kontaaru and they are scared of losing their credit history or close the door for coming back… foreclose chesthe aa 20% down payment, any renovations money kuda lose avtaaru.. 

iddaru working ante earning and savings bagane untayi.. they will be fine.. they will get out with some loss.. 

you cannot say that everyone who bought homes in the last 4-5 years are either arrogant or stupid.. 😁

Sensible message. You cannot put a value on a first home as long as your finances support them. However there are a lot of ppl who bought homes on FOMO effect. They are in trouble. 
Anyways it’s a decision they took and they gotta own it and face consequences going forward. 
People who bought since 2021 are in trouble. Prices are poised to go back to pre COVID prices by 2026.

[thokkalobokkalo]

3 hours ago, Konebhar6 said:

Sensible message. You cannot put a value on a first home as long as your finances support them. However there are a lot of ppl who bought homes on FOMO effect. They are in trouble. 
Anyways it’s a decision they took and they gotta own it and face consequences going forward. 
People who bought since 2021 are in trouble. Prices are poised to go back to pre COVID prices by 2026.

House prices won't go back 6-7 years, not realistic. Blackrock, Chinese investors, Latinas, etc invested a lot on the high tide in 3% rate markets and they will hold long term potentially forever.

Max 5% corrections depending on regional market. It's just that American reality needs brokers and that costs  6-8% on top of said corrections, which makes it 10-12% under water that causes some pain. H1bs antha foreclosures chesina, it doesn't account for more than 2-3% of total markets. This is based on roughly 330M US population with 1/5th population owing their homes and another 1/10 population investor categories ani assuming. I don't think h1bs are even 1/100 th of us population. So market will not die because of h1b chaps foreclosing like crazy. 

Also this may not be applicable to Texas as supply is now 3-4 times demand, it's a big state. Reality companies are able to cut losses next year once the raw material supply stabilizes.

OP should rent out really cheap for the first year so that the tenants fall in love with the house and get really comfortable. Second year on, go with aggressive price increases. You might have to prepare for pumping in the gap between rent collected vs expenses by 20k or so but it will pay back in 3-5 years with interest. Just be confident. 

If you however were an app support with not much skills and don't see yourself coming back at all because of this setup, then you can try to cut your losses or escape even after first rent family vacate.

 

 

[a4apple]

I see the prices went down to 2021 in Zillow sell history

[Tellugodu]

8 hours ago, Konebhar6 said:

Sell it and book loss. Housing is not looking good going forward. Powell answered a question yesterday after feds meeting. Very obvious. 

Ante Dallas maha nagaram, desi santha lo chaos start aythadi antava ?

[AmayakapuAndhagadu]

anni chtola ide situtaion

friend ammakaniki pettadu 300k koni 290 ki pettadu 250 adgutunaru

just 2 years ayendi koni

[karna11]

12 hours ago, Jatka Bandi said:

mundu aa @Sonu_Patel annani peekaali. Eppudu cheppanodu illulu konamani encourage chesadu. Tana maata vini konnaru. Ippudu chudandi.

@Sonu_Patel illu konamani cheppedhi last 6 months nundee, anthaku mundhu anthaa he's full against to buy the house.

[futureofandhra]

2 hours ago, Tellugodu said:

Ante Dallas maha nagaram, desi santha lo chaos start aythadi antava ?

no chance

most of them have wife n husb working

they might payoff loan n sell

rare scenarios financial pbms vunna vallu

kakapothey ipppudu vunna situation ki status maintain cheyatam not going to be easy

[BattalaSathi]

15 hours ago, Tellugodu said:

Common sense em ayindi?? Tokalo system support admin work chestu, adikuda H1b pina, how can they bid over the price and buy home ? Basic economics teliyada?? Good that now reality hit them hard. Indulo kontha mandi ayina back poina, atleast locals ki help aytundi. No sympathy for arrogant and show off desi batch 

OP tokkalo system admin ani ekkada cheppadu anna?

ayina  system admins ante antha kasi endukanna neeku?  manam cheseve mushti lo IT jobs..daantlo adho rakam anthe kadha? ani mana gang leader @Sucker niladeesifying

[Genuine11]

it’s same in our community too, one person bought it for $650 k and put $30k for fencing, pricacy trees and landscaping. he had to sell it for $630k which means after realtor commission (roughly 5%) he got $600k which he lost $50k from house itself and additionally $30k loss on upgrades he did

he totally lost $80k in 2 yrs

[Konebhar6]

8 hours ago, thokkalobokkalo said:

House prices won't go back 6-7 years, not realistic. Blackrock, Chinese investors, Latinas, etc invested a lot on the high tide in 3% rate markets and they will hold long term potentially forever.

Max 5% corrections depending on regional market. It's just that American reality needs brokers and that costs  6-8% on top of said corrections, which makes it 10-12% under water that causes some pain. H1bs antha foreclosures chesina, it doesn't account for more than 2-3% of total markets. This is based on roughly 330M US population with 1/5th population owing their homes and another 1/10 population investor categories ani assuming. I don't think h1bs are even 1/100 th of us population. So market will not die because of h1b chaps foreclosing like crazy. 

Also this may not be applicable to Texas as supply is now 3-4 times demand, it's a big state. Reality companies are able to cut losses next year once the raw material supply stabilizes.

OP should rent out really cheap for the first year so that the tenants fall in love with the house and get really comfortable. Second year on, go with aggressive price increases. You might have to prepare for pumping in the gap between rent collected vs expenses by 20k or so but it will pay back in 3-5 years with interest. Just be confident. 

If you however were an app support with not much skills and don't see yourself coming back at all because of this setup, then you can try to cut your losses or escape even after first rent family vacate.

 

 

Every market is different. 

CA and parts of Dallas have already seen big correction. Those are the areas that saw the biggest increases. 

Remote places are at the greatest risk, where a lot of construction is still happening and, because of Back-To-Work initiatives, job losses, and Immigration issues, they are seeing big drops. And AI is only going to take more jobs down the line. Inflation is still very high. Almost a recession-like environment. 

I don't think we are at the 2008-2009 level risk, but housing is def heading down. 

[Konebhar6]

23 minutes ago, BattalaSathi said:

OP tokkalo system admin ani ekkada cheppadu anna?

ayina  system admins ante antha kasi endukanna neeku?  manam cheseve mushti lo IT jobs..daantlo adho rakam anthe kadha? ani mana gang leader @Sucker niladeesifying

Job family discrimination anna .. We need to niladisify .. 

[citizenofIND]

15 hours ago, Coconut said:

Find some h1b or opt bakaras and rent it out. 

You can rent and help Bhavani. 

[thokkalobokkalo]

1 hour ago, Konebhar6 said:

Every market is different. 

CA and parts of Dallas have already seen big correction. Those are the areas that saw the biggest increases. 

Remote places are at the greatest risk, where a lot of construction is still happening and, because of Back-To-Work initiatives, job losses, and Immigration issues, they are seeing big drops. And AI is only going to take more jobs down the line. Inflation is still very high. Almost a recession-like environment. 

I don't think we are at the 2008-2009 level risk, but housing is def heading down. 

Market will be down but won't be 2019 or pre pandemic levels cos of the sustained interest rates, some analysts are saying these rates will be the new normal, so mali COVID era boom inko 5 years lo aithe raakapochu.

[AmayakapuAndhagadu]

3 minutes ago, thokkalobokkalo said:

Market will be down but won't be 2019 or pre pandemic levels cos of the sustained interest rates, some analysts are saying these rates will be the new normal, so mali COVID era boom inko 5 years lo aithe raakapochu.

2019 kante inka down avuddi anna

apudu atleaset IT market bane unde

ipudu visa rules tho patu market kuda worst