Chrisgoesflying
Cleared for Takeoff
I interpret that $11 to be in Canadian dollars, but yes, that sounds in line with what I’ve heard from a couple of fish camp owners I know up there.
Yes, it’s CAD which would be right around $8.50 in USD.
I interpret that $11 to be in Canadian dollars, but yes, that sounds in line with what I’ve heard from a couple of fish camp owners I know up there.
Quick-while in Canada getting cheap prescription drugs get cheap Canadian gas while you’re at it!Yes, it’s CAD which would be right around $8.50 in USD.[/QUOTE]
I always forget about time zones.Yes, it’s CAD which would be right around $8.50 in USD.
When I hear this, I always wonder, "what changed?" If they could afford the 1st mortgage, and the HELOC payments, what happened to cause them to "(lose) their homes"?
The reason I ask is that during the 08-09 panic, I had a couple of co-workers that did that. One just turned the keys in and defaulted, the other worked out a bank-sale. But, in both cases, they still had their jobs and their monthly payments were the same. They just freaked out about suddenly being upside down on their mortgage. " I tried talking them out of it. But, they said something about not throwing good money after bad. And that was that. I just never understood. Those same houses today are worth nearly 3 times what they were less than 20 years ago.
He refinanced and pocketed 100K cash, which he spent on a pool and a luxury car.
People are way too emotional about their money. House values are declining? Let’s sell before it goes to 0. Stock and/or crypto market crashing? Let’s sell before it goes to 0. Then they get out with huge losses. Had they stayed in it through the crash, they’d still make money on it, even if they bought in right at the previous peak. Has always been the case for stock. We don’t have enough history on crypto but so far it also holds true, especially for BTC and ETH. So it’s not so much that they can no longer afford the house and default, as Ed Haywood wrote, they want to get out of what they perceive as a bad deal now because they don’t look forward 10-15 years - instead they look at “oh sh**, this thing was worth $500k yesterday and now it’s $300k”.
Yep. I thought about waiting, but with interest rates going up and wanting to fly more, I took the leap. Honestly, I've seen people asking $40K for a basic VFR 150! The market will straighten out. High interest rates will keep people out of the market.I bet by Fall there are a lot of planes on the market at 10%-20% lower asking prices. Already seeing people cut listed prices on planes that have been on the market a bit.
It's always time to buy stocks.Look at it this way - time to buy stocks!
Following up on this. What I believe was the best value house in our neighborhood went under contract after 11 days on market, at full asking price. Seller turned down a couple of $1000 low offers.…Houses are listing at lower prices and staying listed much longer. Just over six months ago my neighbors sold their house over asking to the first showing and had 45 more showings and five backups at the elevated price. …
We can't be at the peak yet, I haven't bought.
Just want to point out TAP crossed 1900 SEP listings today…
Just want to point out TAP crossed 1900 SEP listings today…
For the last 2 years it’s been well closer to 1000-1200ish. This year, and particularly over the last 3 months there’s been an acceleration in listings.As compared to ... ?
Yep, just taking the high level number of listings for the SEP category. It’s pretty much a daily ritual of mine to check it. Should probably just write a webscraper to pull it!@Tom Wells where do you get the number? Just in the search?
We are past the aircraft/real estate peak as I’m just now in the process of listing my condo.
We are past the aircraft/real estate peak as I’m just now in the process of listing my condo.
I've been doing that for a couple of years...habit I guess, or just a "tire kicker" hobby. Two+ years ago, it was like 800-900...today, 1902.Yep, just taking the high level number of listings for the SEP category. It’s pretty much a daily ritual of mine to check it. Should probably just write a webscraper to pull it!
1,999 single pistons on trade a plane today….
I see this a lot - and all I can do is shake my head. He essentially took out a 30 year home loan for a car - which depreciates 50% in the first year or two. Long after it's used up and gone to the junk yard he'd still be paying for it on that 30 year loan. And regardless of how valuable the home might be, borrowing money still means you have to pay it back, pay the monthly mortgage. Debt is Debt.
Another example. When the seller offers "a carpet allowance" cash back at closing, who are they kidding? If they didn't offer that, I'd get the house that much cheaper. And the cash back is really excess mortgage that I'm paying off over 30 years.
Point of reference - forum yesterday given by an airplane broker. He said prices are down between 3-6%. Looks like peak.
Point of reference - forum yesterday given by an airplane broker. He said prices are down between 3-6%. Looks like peak.
Or....the quality of planes on the market has dropped 3-6%.
I think I remember a post from you ~9 months ago about where to park your money for a possible short term purchase (like a plane) in an environment where safe investments are earning nothing. If I'm remembering correctly, looks like you rolled the dice and kept your funds in the market. I've been slowly dollar cost averaging into the market but keeping some funds in cash, losing substantial ground b/c of inflation, but at least I could possibly pull the trigger on the right opportunity. I'm a firm believer no one can predict the market, but, I "feel" the worst is in front of us so I worry your 2-3 year recovery window might also be optomistic.And the money I was using to pay for a plane is...down 30%...