Posted on 02/18/2023 7:22:50 AM PST by SaxxonWoods
Question: I was a victim of FOMO during the housing market craziness and bought a house for $200,000 over the asking price. Now house prices are coming back to reality, and I feel like I lost my hard-earned money. I don’t know what to do as I am living with constant stress thinking that I made a big financial mistake, and I’m not sure if I should consult a financing adviser for better decision-making and long-term investment planning.
My wife and I are in our 30s and are working in the Bay Area and making about $320,000 combined yearly. We live an average life and watch every dollar that we spend.
(Excerpt) Read more at marketwatch.com ...
They should carry the following qualifications: Accredited Investment Fiduciary® (AIF®) Designation is a professional certification that demonstrates an advisor or other person serving as an investment fiduciary has met certain requirements to earn and maintain the credential. Certified Plan Fiduciary Advisor (CPFA®) is a financial professional that demonstrates expertise and experience working with retirement plans. During the CPFA® certification, candidates spend around two months learning about fiduciary services for retirement plans.
Maybe they should explain it to them in concepts they will understand; an Electric car sitting in the driveway not plugged in is still being drained it’s juice
Are the CA folks moving in to those two acres? Or was it just the double-wide that they bought?
The 1600 sq foot house I lived in during my time in San Francisco was nice, nothing special. It was in the outer sunset near the ocean and Golden Gate Park, where they built homes 20,000 homes during the 40s. Saw last week it was valued at over $2,000,000.
One of the best stories I recall in the Bay area was a guy that was selling imported Persian rugs out of his warehouses. Quickly found out he could lease space to start up companies. Eventually starting taking positions in them rather than cash. Very wealthy man.
note the advertising with the article.
https://www.arcamax.com/healthandspirit/lifeadvice/dearabby/
The new Dear Abby for this misbegotten century. Chatbot free I think.
Since it’s a rental property, if you sell at a loss, you may be able to write off some of the loss on the property sale for tax purposes.
govt does share the loss in revenue for loss in business.
More On MarketWatch
I’m retired with about $1 million invested. Paying my adviser 1% would cost me $10K a year — no thanks. I’d rather pay someone hourly for help a couple times a year. Is this reasonable?
‘They continue to climb.’ Many savings accounts are now paying upwards of 4%. Is it time to ditch your current bank?
I am 60 and plan to retire in March. I have $113K in my 401(k) and no other savings, but I will get an early retirement package of 9 months salary. Should I get a pro to help me?
By the way, was Dear Abby, fake or real?
“spending less than you make”
My ex wife was good at that, we never had a credit card payment go over one month, always had a budget, I retired at 62 she is set to retire at 62, we both own our homes and the kids are done with college. Its not difficult or magic.
But they bought it anyway, and paid $200,000 over the asking price.
“I was a victim”
Note how the whiner opens with the magic phrase: “I wuz a victim”. How about NO, nitwit, you screwed up all by yourself. Take personal responsibility for your choices, and recognize that your decision was driven by panic and short-sighted greed. Now honor your agreement, pay out the nose, and wait for the next bubble when another fool will bail you out. Consider your $200,000 bust as tuition:
It is not rational to pay $200,000 more than the “asking” price — that is a major signal of a bubble that WILL burst. It is not rational to live somewhere that costs so much when alternatives exist.
It is not rational to buy non-portable property in a socialist “democracy” where the expropriation via taxation, fascism, or outright confiscation is inevitable — you have chosen to play musical chairs.
Life in the “Bay Area” is not desirable, much less worth the price. Seek a place where life is rational and balanced. Just don’t come here.
“relocations of businesses from the Bay area to tech hubs in the middle of the country.”
This has actually turned into high comedy.
Every three horse town Chamber of Commerce is claiming they are a “tech hub” these days....
;-)
Both. The doublewide is on the two acres.
My husband gets calls all the time from people in CA wanting to buy our farm. They offer enormous amounts of money. We have 43 acres and a house, tractor building, a spring-fed pond, and two carports. Our property tax is only $600 a year.
He always tells them no. I don’t know how they find us.
Recharge? F this guy.
Good point.....and they wonder why the jobs don’t come b/c they are outsourced (software and manufacturing).
LOL
They payed $200,000 over asking price because of last years super inflated housing market? Did they never hear the old saying “what goes up must come down”? Have they no patience whatsoever? Unless these people are very young, naive, and clueless with no available source of good advice, or possibly mentally challenged and taken advantage of, I feel no sympathy for them.
“Got fire insurance?”
I was wondering if the insurance covers the sale price, the market price, or the taxable rate.
Refi’s aint happening until interest rates fall, and then its only worth it if the dip is 2.5 or 3%.
Yep! Someone needs to advise them to stay RIGHT WHERE THEY ARE! Couldn’t be better! Do NOT move to Nevada or Arizona or Texas - they are hellholes! Nothing compares to their Bay Area Paradise!
Native Arizonan here. But it sucks really bad so I advise everyone stay away from Arizona...hotter than Hades, scorpions, rattlesnakes...
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