Real estate, post COVID-19 level 4 (since 2020)

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#3117954 19-Aug-2023 12:34

Handle9: You are saying a published article is bad but providing no evidence yourself.

that bit of oneroof bs was simply a counter article to stuffs article saying its 5 years.

even if you ignore all that, the RE industry says that its ~7 years themselves. they provided the evidence.

Handle9

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#3117972 19-Aug-2023 15:42

How can a counter article be published prior to the article you seem to be referencing?

You seem to be referring to data released by another real estate company. Don’t they have a vested interest as well?

tweake

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#3117980 19-Aug-2023 16:12

Handle9: How can a counter article be published prior to the article you seem to be referencing?

You seem to be referring to data released by another real estate company. Don’t they have a vested interest as well?

sorry i assumed your article was newer. if its older then it and your argument is completely meaningless. i don't recall who put out the other data. the rate was always ~7 years as long as i've known about it until the recent article saying 5 years.

your article is trying to make out that our short length of home ownership is somehow normal, when reality is its now where near close. its like all the RE articles claiming the housing crisis was caused by covid and inferring that now its all over. again trying to normalize a bad situation so they can talk the market back up.

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#3118022 19-Aug-2023 20:34

Lol.

Your argument comes down to you like one set of facts and aren’t willing to entertain other ideas.

tweake

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#3118111 20-Aug-2023 10:34

Handle9: Lol.

Your argument comes down to you like one set of facts and aren’t willing to entertain other ideas.

feel free to show the other facts.

it sounds like you have no facts to support your argument.

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#3150373 20-Oct-2023 08:24

Newshub: On TV morning show, Wellington Councillor stands by warning for people not to buy apartments in Wellington

Wellington City Councillor Iona Pannett issued the stark warning on Wednesday, saying that costs for earthquake strengthening and insurance are rising.

She says the issues don't just affect "millionaires" and is calling on the new government to review laws around earthquake strengthening, which were put into place in 2016.

Earthquake-prone property owners in the capital could see rates relief for three years, if Council passes the amendment.

Pannett told AM on Thursday people could be looking at a bill of hundreds of thousands of dollars to strengthen their apartment in the coming years.

"At the moment, we're probably looking at around $400,000 as a minimum for apartments, which sometimes are worth about that or a bit more and we know for everyone, insurance costs are going up," she said.

"The $400,000 is for earthquake strengthening and while the government has a loan scheme, that just doesn't cover the whole cost. My concern is many of these apartments need to be strengthened by 2027 and they will not be able to achieve that goal.

"Every apartment will be a bit different, but people are sometimes looking at paying that level of cost in relation to the value of their apartment. We're not talking about millionaires here."

She warns the problem has seen some apartment owners forced into sales because they couldn't afford to pay the cost of strengthening.

"In one case, someone is now renting because they just can't afford to buy a new place. Other people are in the agonising process of trying to decide what to do and they've had to put their lives on hold while getting numerous expensive engineering reports," she said.
...

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#3150410 20-Oct-2023 11:00

https://www.stuff.co.nz/business/money/300992820/we-should-have-fixed-for-five-years-firsthome-buyer-feeling-interest-crunch

If I get to this stage I think I'll fix for 5 years too.

cddt

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#3150472 20-Oct-2023 12:44

quickymart:

https://www.stuff.co.nz/business/money/300992820/we-should-have-fixed-for-five-years-firsthome-buyer-feeling-interest-crunch

If I get to this stage I think I'll fix for 5 years too.

Sounds like the bloke has more problems than just a mortgage...

quickymart

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#3150489 20-Oct-2023 13:40

I was also thinking about using Squirrel but not 100% sure after reading this article. Or is the guy in the wrong?

lxsw20

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#3150492 20-Oct-2023 13:51

I don't see how anyone's at fault - he possibly didn't understand that you take a risk either way as pointed out in the article. But sure if you want certainty fix for longer.

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#3150521 20-Oct-2023 15:50

quickymart:

I was also thinking about using Squirrel but not 100% sure after reading this article. Or is the guy in the wrong?

Squirell are just a broker. It's their job to get you the best deal on your mortgage, not assess your financial poisition. Just treat them like a bank, with reasonable suspicion.

No one has a crystal ball to tell you what interest rates will do, you have to look at lots of information and assess your own risk profile.

I fixed in 2020 for 1 year as it looked like interest rates would stay low because of the covid response. In 2021 I fixed for 5 years as rates were as low as I had ever seen them, I thought inflation was likely and I wanted security of costs. It cost me $50 a week at the time but of course has paid off now.

The way I look at it is play the "what if" game. What if interest rates go up? What if they drop? How does that affect me? Does it just mean I don't save as much or does it put me under financial stress?

Then you understand the implications and can make an informed decision.

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tweake

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#3150523 20-Oct-2023 15:51

quickymart:

https://www.stuff.co.nz/business/money/300992820/we-should-have-fixed-for-five-years-firsthome-buyer-feeling-interest-crunch

If I get to this stage I think I'll fix for 5 years too.

its always a gamble. your trying to outwit the banks as to what the markets will do. i dare say most people will loose and always think they should have done something different.

wellygary

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#3150530 20-Oct-2023 16:18

cddt:

quickymart:

https://www.stuff.co.nz/business/money/300992820/we-should-have-fixed-for-five-years-firsthome-buyer-feeling-interest-crunch

If I get to this stage I think I'll fix for 5 years too.

Sounds like the bloke has more problems than just a mortgage...

Yip, and TBH its not the rates that are his biggest problem, they are basically overstretched...

A quick bit of math shows that his annual rates for the first five years are

on 250K
4,3-6.79-6.79-6.79-6.79 ( average 6.3)

on the second 250K
4.6-4.6-7.7-7.7-7.7 ( average 6.5)

His proposed option was to initially fix for 5 years at 5.7
If rates moving from 5.7 to an average of 6.4 is causing this much trouble,, then rates aren't the issue

(Also the above also show that banks l don't give out free lunches with long rates)

tweake

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#3150535 20-Oct-2023 16:33

the rates are not the issue, the issue has always been the house price.

the RE industry exists to squeeze the last cent out of people by any means including talking complete BS to sucker in people to buy at the the maximum they can possible afford, and a bit more. get them in the milking shed and start squeezing. if people have money left over for food then they are not squeezing hard enough.

Handle9

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#3150587 20-Oct-2023 17:09

tweake:

quickymart:

https://www.stuff.co.nz/business/money/300992820/we-should-have-fixed-for-five-years-firsthome-buyer-feeling-interest-crunch

If I get to this stage I think I'll fix for 5 years too.

its always a gamble. your trying to outwit the banks as to what the markets will do. i dare say most people will loose and always think they should have done something different.

You aren't "outwitting" the banks. The banks don't really care what the market does as they are selling debt on cost+margin.

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