Quote:
Originally Posted by Robbb
I just read online the stock market decline this year has taken 17 trillion out of the economy, in addition todays 30 year mortgage rate is 7.5%+ yet dozens of new homes are being sold every day in the Villages. I am financially very secure but no way am I going to drop 500K on a house in this market. I just don't get it.
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Freedom of choice. We sold our PAID for NY, home roughly ten years ago we lived in the house for 40 years and sold it for 8x what we paid for it. That is if you do not realize that based on mortgage rates we paid roughly 3x the agreed contract price. Aside, my parents bought their home in 1965. It was roughly twice as big as what we bought and when deciding how much of a down payment I put down what they paid for their home.
We bought our home in the villages roughly 9 years ago. What we got for our previous home was enough to pay cash for this place with a fair amount left over. We took out a mortgage on this place and I invested the money in the tock market a wise move though many thought, think I am nuts. Hindsight-mortgage cost us 3.2% and this is the first year that I've lost money in the stock market.
It is not just the fact that the S&P is down roughly 18% year to date but the inflation rate CPI was 9.1% and is now 8.5%. I'm not looking to sell. We paid quite a bit. I never expected this home to go up. Was I to sell I would get almost twice what we paid for it.
What will the future be? Truth I dare to declare-I DON'T KNOW.
Teasing but serious. Before moving to the villages I became aware of a 15 acre
island off North Carolina with a nice home and a small herd of wild horses.
It was priced at ONE MILLION. Your own KINGDOM. Go figure it was vetoed by the Queen.
As have a friend, he is normal, he bought 180 acres in the backwoods of N.Carolina with his brother. They do have public electricity and water.
Last I heard they were planing on building a water wheel and a generator on their stream.
I assume you are retired. We all went through it at about 16-17 what am I going to do with my life. You go through it again when you retire. You are free from the 9-5 ok in my case 8-7. WHAT DO YOU CHOSE TO DO, WHAT DOES IT COST AND CAN YOU AFFORD TO DO IT.