Radio today: Truck demand goes south - Any rumors?

[xycrazy]

I'm not in tech, so I don't honestly really know. But I think the person I know was talking about specific group in tech, namely quality programmers. But honestly IDK.

As far as home prices, YMMV, but in my area, house are going for 250-500k over ask, routinely. And that I know as a fact (and not from the below articles - from 3 friends/acquaintances who have sold recently - but I suspect that article is pretty accurate). How are people affording these prices? I can only assume they are making a lot of $$.

‘Brutal,’ ‘crazy’ housing market has Seattle-area homes selling half-million over asking price

A wild housing market is forcing many Seattle-area home buyers to pay $300,000 to nearly $1 million over asking price.

www.kiro7.com

I know the area very well and absolutely... they make a lot of money. Don't get me wrong. But it's a bubble... and so is the Bay Area and Florida. The average American can't afford it. And it's like with every bubble... over time it will pop suddenly. Especially, with these high interest rates now. 30 year mortgage rates crossed the 5% line yesterday for the first time since years. What do you think will happen to these inflated assets?

 

[GoHeels]

PMI is worth the money, IF

1) You get more money (dividends/cashflow) in the stock market than you would get with just paying less without having PMI
2) If you invest the money that you save on the down payment and leverage it...meaning you invest it in the stock market e.g. where you historically get 8-10% per year. It will nicely compound while you pay artificially low interest rates for your mortgage and inflation is eating the debt over time.

People often don't consider that as they don't understand how wealth building works. As long as you are good with money and don't live beyond your means that's the ideal way to get rich with other people's money. In this case from the bank

Definitely fair points. I just take issue with paying to insure someone else's risk and it gets you nothing. If you end up defaulting, you'll be the one that is forced into bankruptcy while the lender makes out A-ok.

Getting rid of PMI early can also be a pain. By law lenders are required to drop it automatically at 78% but you can request it as early as 80% or if your house appreciated in value enough to cover the difference. You would need a new appraisal and that comes with risks, too. Long story short, we did just that in 2016 and had to dispute the new appraisal, get a 2nd, and were finally able to get it dropped. It was such a farce and I had to pay for all of it.

 

[xycrazy]

Definitely fair points. I just take issue with paying to insure someone else's risk and it gets you nothing. If you end up defaulting, you'll be the one that is forced into bankruptcy while the lender makes out A-ok.

Getting rid of PMI early can also be a pain. By law lenders are required to drop it automatically at 78% but you can request it as early as 80% or if your house appreciated in value enough to cover the difference. You would need a new appraisal and that comes with risks, too. Long story short, we did just that in 2016 and had to dispute the new appraisal, get a 2nd, and were finally able to get it dropped. It was such a farce and I had to pay for all of it.

Interesting. Appreciate the sharing. So speaking in risks the appraisel came in low I guess. What would have been the consequences considering that you have an existing appraisal in place right before closing. You disputed the appraisal by going to court? Can you speak about the costs you had to get rid of it? I just interested in the numbers as this absolutely would be important to consider.

 

[sickk21]

I'm in tech, too and your friend is definitely exaggerating. They can earn a ton of money but base salaray is pretty low at Amazon when talking about these numbers. What they're talking about are RSUs... unvested stock that vests over a period of 4 to 5 years. First, a 2 year graduate doesn't get that many stocks. Second, Amazon is known for canning people before they have the chance to get all their stocks. But certainly, you earn a lot in Tech compared to other industries.

Can attest to this. As someone in healthcare who has looked into dabbling into tech, generally the pay looks pretty mediocre. Obviously it’s doable to make a great living in tech, just not as blatantly common as most assume and throw around.

Anyways, demand still looks to be there in my eyes for the Yukon Denali. Called 8 dealers across various [Midwest] states last week. All were sold out. Most have met allocations for orders. Most had a waitlist for anything incoming. Some were offering MSRP, most were asking a “market adjustment” fee. The 9th dealer I spoke with had one of five still available on its way to the dealer so I grabbed it.

 

[GoHeels]

New appraisal was very low. For context, we had done a fair amount of enhancements including renovating 3 bathrooms & significant landscaping. The bathrooms alone + normal appreciation should have easily pushed it over the edge, but the appraisal came back just over $5k what we paid for it 4 years prior.

No court involved. Just dispute it with the lender and IIRC paid for a 2nd appraisal. Each appraisal was somewhere around $500 and that money is non-refundable regardless of outcome. The dispute involved submitting my own documentation with supporting evidence which I enlisted the help of a local realtor to provide comparable homes and other info.

The risk is if your new appraisal comes in under your original, you now have to reach the LTV for the new appraisal amount. My guess is this is uncommon, but still a risk. Also theres no guarantee it will drop. If you are not fortunate enough to get a favorable appraisal, that is money out the window.

 

[RVAHokie]

Can attest to this. As someone in healthcare who has looked into dabbling into tech, generally the pay looks pretty mediocre. Obviously it’s doable to make a great living in tech, just not as blatantly common as most assume and throw around.

Anyways, demand still looks to be there in my eyes for the Yukon Denali. Called 8 dealers across various [Midwest] states last week. All were sold out. Most have met allocations for orders. Most had a waitlist for anything incoming. Some were offering MSRP, most were asking a “market adjustment” fee. The 9th dealer I spoke with had one of five still available on its way to the dealer so I grabbed it.

I work in Healthcare Tech. Unless you're a physician you will absolutely make more than any previous role. I came from professional services, also high paying industry, and now work for a LARGE tech company and comp packages for people with 10 yrs experience are 200-500k, regardless of location.

 

[sickk21]

I work in Healthcare Tech. Unless you're a physician you will absolutely make more than any previous role. I came from professional services, also high paying industry, and now work for a LARGE tech company and comp packages for people with 10 yrs experience are 200-500k, regardless of location.

$200k with 10 years experience? That’s what I was saying, it’s doable but not as common and easy as when everyone says “go into tech.” That’s exactly my point.

I’ve been a CRNA for 4 years with no student loans. My starting pay fresh out of college was more than $200k.

 

[firsttimetahoe]

The leverage of having the money in your stock account is much higher than just sittting in a house. What you gonna do if you need money? Can you selll a chimney? A wetbar? Some bricks? No, you can't! But you can take your money out of the stock market every day if necessary and bridge the time in between. You will be able to keep your home in that case. What you gonna do in the other case? Selling the house to the bank? Don't put everything in one basket...

It’s called a home equity line of credit

 

[R32driver]

It’s called a home equity line of credit

^This…pulled out $60k from the equity of our last house to build a shop with a nice driveway and redo the backyard landscaping. Got that money back plus much more when we sold a few years later

 

[CASTLEDFW15]

This may not affect the ESSTY platform as much but something to watch closely….

Most people would not think of this as a US issue but could be a major issue even if your purchasing stateside models. The war in Ukraine is making a noticeable difference in production and sales of European vehicakes Most notably Europe markets but if the affected units are produced in Europe can affect stateside models. For some manufacturers either Component assembly and even final assembly plants are in the war torn region. Plants either shutting down or reducing shifts for either damage or worse yet staffing shortages. Make sense, hard to go to work if either the plant, your family or property is being shelled every other day.

A major source affected is some of the palladium and other materials for Catalytic Converters is a good example.

The other even more ironic examole….. stay with me….

Neon….I said stay with me…….Neon is one of the major gases used in the production of laser welds of chips to circuit boards……the following is the irony.

Already a global Chip short…..the neon used for the assembly of some remaking chips to laser weld to circuit boards is in jeopardy……. That is prefect irony.

Again us plants nay not see any immediate impact but sometching to monitor.