People who know me well will tell you im overly pragmatic. I rent a small 2 bedroom condo in bay head for 2 months for $12K. Not bad. Is it luxury? No. Is it just a shore shack? Yes. But its a block from the beach in a nice quiet shore town an hour from where i live
We're in two different stages. I'm a family of 4 plus in-laws. Cost to rent a week at Jersey shore is same as renting in Grand Cayman Islands. It's a joke but I have never been a big shore person. Don't really get the allure.
Im a big shore guy. I couldnt imagine doing anything else in the summer haha. So much to do in such a small radius.
You are in a great spot.
Close to Seaside Heights, but that scene seems to be shrinking and changing into more residential.
Closer to Pt Beach, decent bar, restaurant and boardwalk scene.
Close enough to Asbury Park- THE place to go at the shore for bars, restaurants and adult boardwalk scene. Great music and arts.
Close enough to Long Branch, which has an OK bar and restaurant scene.
Great golf courses nearby. Water sports and boating on the bay and rivers.
Farms not far to the West. Great biking, trails and hiking nearby.
I'd let it go, but you can do what you want.
Same for Bobby-he's a professional internet argument starter and fighter. Thankfully, he put me on ignore.
To your point that everyone you know is doing well--I know people who are doing well- they are making well into 6 figures. People making mid six figures are struggling. One person trying to find a house for around $500K in Monmouth county, which does not get much. Just 7 years ago, we got a 2500 square foot range on 1.5 acres for that amount. Now everything is double that or more. Basic necessities such as groceries are expensive. Labor on basic maintenance such as plumbing, electricians, etc are really high.
This is what I said.Where did you see 30% inflation?
Current US Inflation Rates: 2000-2024
The annual inflation rate for the United States was 3.2% for the 12 months ending February, compared to the previous rate of 3.1%, according to U.S. Labor Department data published on March 12, 2024. The next inflation update is scheduled for release on April 10 at 8:30 a.m. ET, providing...www.usinflationcalculator.com
This was the second claim you made that was wrong. rutgersdave corrected you on claiming the stock market was down 2 years.
You provide excellent facts on the positives with the economy, but please consider the following economic issues:
- Government debt that rising at an unsustainable rate.
- The pending collapse of the office real estate market
- A huge increase in adult children living at home with their parents because they can’t afford housing.
- The huge increase in consumer debt, has in part, fueled the economy. Credit card debt is up 40% since Q1 2021
- consumer loan delinquencies are increasing
- Big increase in purchases funded with BNPL credit
- the split between the haves and haves is increasing.
- The haves are sitting on artificially low rates on their home loans that has artificially driven up home prices and their home equity, while the have nots are saddled with higher debt at higher rates.
So, there are several positives to the economy, but there are many cracks that could jeopardize the economy going forward.
All very valid. I am just not sure that we have not had similar issues (not exactly the same) with every so called good economic time. There has never been a perfect economic environment. There are always underlying potential problems.
Debt/deficit have been an issue for a long time, trade has been discussed as a problem, bubbles existed in various areas, inequality is not new, weakening unions, there are a myriad of issues that we could always point out.
I argue I have a massive pulse on the economy. Our property management company probably has 1,000 tenants put together. A good chunk are low income blue collar. Landscaper, fry cooks, drywallers, janitors etc. When those people started paying rent late consistently (when they haven't in the past) I knew there was a problem.
My best sub contractor doesn't have work. Another sub contractor I use, cannot afford to pay his insurance this year because of no work. Another guy texts me weekly asking for work.
The people denying this are tone deaf or don't want to acknowledge it.
At the Labor Council meeting the past few months several of the trade unions said they had so much work they are bringing in transfers to keep up. That is significantly more than 1,000 families.
We can all point to strong areas and weak areas of the economy. The overall data indicates the economy is doing well.
We can all point to strong areas and weak areas of the economy. The overall data indicates the economy is doing well.
We almost completely renovated our house the last 3-4 years. There was so much work out there, sometimes it took 6 months for them to start the job or didn’t even show up. I saw so many apartment buildings go up and I kept asking who paying the $2.4k rent every month( lowest rate) because I wouldn’t pay that type of money. There are boom and bust period. This is the bust period. There are so many people that want to buy a house but the construction industry or the community don’t want to built single family home unless they in the $700-1,000k range. However, this is the real estate industry and not the entire economy. People not paying their rent might be a result of all the news about squatters.
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You don't have a political agenda in that post at all. And since that's the case, over last 12-18 months what does the stock market look like less the 5 biggest tech companies? What does unemployment look like if you include the population "not seeking a job"? What is GDP look like excluding government spending?
I don't have numbers but have a pretty good hunch it would tell the same story...
According to tom1944 everyone he knows is doing well and basking in this new era of unforeseen wealth. What it tells me is many of us who are doing ok might wish to admit that not all are doing ok. We tend to believe all the nonsense being circulated by the paid for play media.
I was at the mall yesterday and I wanted a bite even though I had lunch earlier. Everywhere everything were $12 dollars or up for a lunchtime item. I found a $8 dollar meal small chicken steak sandwich and fries no drink. I only started in the last year not ordering a drink because it would be more expensive. It will take me time to adjust to the $12-20 lunch meal. I have plenty of money but when you use to have $6-8 lunches and now it’s at a new level.
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LOL! Very true. Lunch was sub-$10 for most of my career unless going to a sit-down place. Can't even do Jersey Mike's for that anymore. Regular sandwich, bottle of water, and chips are $15'ish.
As a nation we have not had the pronounced animus towards opposing views as we witness today. We have had disagreements between groups on inflation, policy, debt , world hotspots and geo politics for the past 20 + years. the push to inclusivity for all ( good intentions ?) has escalated the hate as we see it all around us 24/7 . With uncontrolled migrations comes different philosophical thinking … just ask Europe, Canada…it was the goal of those who came here before to take part and prosper in this country. Most would tell you now that always doesn’t come to fruition. Our over extending debt and failure to act upon it is going to come back to haunt us in the not too distant future.The debt and housing issues are more realistic than the stock market and GDP claims which are very easily either miscalculated or manipulated by other factions. Hope all are doing great but time will tell.
I have always been a brown bagger for the most part.
I used to buy a $5 dollar veggie sub at Subway and I know that went to $13 at the Freehold Mall. I will not pay that.
I do not have animus towards opposing views I just want actual data if someone claims something where the data exists.
I want it from people who agree with my opinion or do not agree with my opinion. We all have our anecdotal experiences and I do not have a problem with that. Someone's 1,000 person sample means as much as my 1,000 person sample but mine means as much as theirs also.
I worked in Newark, Camden, Irvington and every other poor city in NJ since 1980. Believe me I know not everyone is doing well. I just do not see 2023/24 as any different than it has been since 1980.
If we want to measure how good the economy is on if every class of people is doing well than the economy has always sucked.
We should rename you AOCBOB72.
The government has had zero issues servicing the national debt, which by definition makes it sustainable. There is also a MASSIVE way to go before we start to have actual issues with servicing our debt, excluding political shenanigans.
Sure they can service the debt, as 100% of the cost is funded with the issuance of more debt. Higher debt reduces business investment as more funds are invested in bonds and bills. It also impacts funding for banks as more funds are diverted from bank deposits to treasuries. This impacts available funds to lend and impacts economic growth. The issuance of excessive debt could also cause higher rates if supply outpaces demand. Based on the current rate of debt growth vs. growth in GDP, I read that default might not be avoidable within 20 years; that’s a short period of time. The poorly managed budget has also impacted inflation.
U.S. Budget Deficit by President
Here are the budget deficits for each president back to Woodrow Wilson. Obama had the highest dollar increase, but Wilson had the biggest percentage rise.
tom1944 you were caught . Now you claim “ I worked in Newark, Irvington and Camden so no not everyone is doing ok” .. . So just remember there are more of those type cities than when I grew up in Irvington. Those cities were in much better shape, with little crime . Irvington as an example … probably 150 + cops…large paid fire department… not good but great schools and people were not wealthy for the most part. 58-62 k residents. Those groups of immigrant Germans, Italians, Irish, Polish, Ukrainians and Jews made sure that little blue collar town was well respected .Now people attempt to paint the current situation in this country as going gang busters. I still maintain millions more in possible financial trouble within 18 months .You continue to shill and report the narrative of your party affiliation. That is what you were taught since your early childhood .
tom1980…I was already married with 2 kids before 1980…. We had our home… a great job … 2 cars …we were not living tin Irvington not my cup of tea . During my years there 1950-1971 it was better than safe … actually a great place ...I wonder why it changed? Why don’t you read up on it and educate me on the issues. This once wonderful little blue collar , family oriented town is still in trouble almost 45 years later. … Here’s a hint …. it wasn’t due to those people who lived there from the mid 1800’s to 1976. I ‘ll let you figure out why? You will see that type of downturn if things remain as they are in many more towns and cities. Don’t come on here and try to tell me about any of places in Essex ,Union Morris or Passaic counties …I understand who and why these areas were compromised .
No wrong again tom1944 … not everyone can be like you, live where you do and have all those people you know be in fantastic financial shape. All I know is everything is still out of control … electric bills, auto costs, auto insurance , water bills , heating bills , supermarket prices, restaurant prices… it’s going to be a big issue for many. You should sing these lyrics tom1944… “ he’s got have plenty of cash, he’s got plenty of friends, he drives women wild and he drives off in a Mercedes Benz … but don’t let em go.”
Bye Bye gluttonous 6% commission
amp.cnn.com
The 6% commission on buying or selling a home is gone after Realtors association agrees to seismic settlement | CNN Business
The 6% commission, a standard in home purchase transactions, is no more.
Article is click bait. Nothing changed yesterday really besides 2 thingsBye Bye gluttonous 6% commission
The 6% commission on buying or selling a home is gone after Realtors association agrees to seismic settlement | CNN Business
The 6% commission, a standard in home purchase transactions, is no more.
1) whatever the seller is willing to pay the buyers broker cannot be listed in mls but rather youll have to call and find out
2) brokers/agents cannot be required to join an NAR affiliated board to have access to MLS
3) since buyers brokers commission are now not listed, buyers brokers may actually make more money haha. Why? In a bidding war, typically the winning bid blows everyone out of the water. If lets say the top 2 bids are 1) $950K and buyers broker offers states seller pays 4% buy side comp and 2) $900K and that offer says seller pays a 2% buy side comp, guess which one gets accepted? Haha
On #3, the winner is the seller. More net proceeds.
it will benefit consumers,, NET AMOUNT on the above scenario is more in pocket of seller..
anyone saying this will REDUCE home prices is nonsense, there is a long term shortage of single family housing based on demographics that will take half a decade to straighten out..
https://realestate.usnews.com/real-...using-market-predictions-for-the-next-5-years
from another "business article' ....
Housing experts said the deal, and the expected savings for homeowners, could trigger one of the most significant jolts in the U.S. housing market in 100 years. “This will blow up the market and would force a new business model,” said Norm Miller, a professor emeritus of real estate at the University of San Diego.
Americans pay roughly $100 billion in real estate commissions annually, and real estate agents in the United States have some of the highest standard commissions in the world. In many other countries, commission rates hover between 1 and 3 percent. In the United States, most agents specify a commission of 5 or 6 percent, paid by the seller. If the buyer has an agent, the seller’s agent agrees to share a portion of the commission with that agent when listing the home on the market.
An American homeowner currently looking to sell a $1 million home should expect to spend up to $60,000 on real estate commissions alone, with $30,000 going to his agent and $30,000 going to the agent who brings a buyer. Even for a home that costs $400,000 — close to the current median for homes across the United States — sellers are still paying around $24,000 in commissions, a cost that is baked into the final sales price of the home.
The lawsuits argued that N.A.R., and brokerages who required their agents to be members of N.A.R., had violated antitrust laws by mandating that the seller’s agent make an offer of payment to the buyer’s agent, and setting rules that led to an industrywide standard commission. Without that rate essentially guaranteed, agents will now most likely have to lower their commissions as they compete for business.
Economists estimate that commissions could now be reduced by 30 percent, driving down home prices across the board. The opening of a free market for Realtor compensation could mirror the shake-up that occurred in the travel industry with the emergence of online broker sites such as Expedia and Kayak.
The original lawsuit, filed in April 2019 by a group of Missouri home sellers, ended in a verdict of $1.8 billion in October. Because the suit included accusations of antitrust violations, plaintiffs could have been eligible for triple damages of up to $5.4 billion. In exchange for the reduction in damages, the association gave up its right to appeal. The verdict sent shock waves through the real estate industry and has since catalyzed into more than a dozen copycat suits across the country, including a nationwide class-action case that ensnares the country’s largest brokerage and its owner, Warren E. Buffett. That brokerage, Berkshire Hathaway, has not settled, but others, including Keller Williams and Re/Max, have settled in separate cases. N.A.R. now joins them.
Under the settlement, tens of millions of home sellers will likely be eligible to receive a small piece of a consolidated class-action payout.
The legal loss struck a blow to the power wielded by the organization, which has long been considered untouchable, insulated by its influence. Founded in 1908, N.A.R. has more than $1 billion in assets, 1.3 million members and a political action committee that pours millions into the coffers of candidates across the political spectrum.
anyone saying this will REDUCE home prices is nonsense, there is a long term shortage of single family housing based on demographics that will take half a decade to straighten out..
https://realestate.usnews.com/real-...using-market-predictions-for-the-next-5-years
from another "business article' ....
Housing experts said the deal, and the expected savings for homeowners, could trigger one of the most significant jolts in the U.S. housing market in 100 years. “This will blow up the market and would force a new business model,” said Norm Miller, a professor emeritus of real estate at the University of San Diego.
Americans pay roughly $100 billion in real estate commissions annually, and real estate agents in the United States have some of the highest standard commissions in the world. In many other countries, commission rates hover between 1 and 3 percent. In the United States, most agents specify a commission of 5 or 6 percent, paid by the seller. If the buyer has an agent, the seller’s agent agrees to share a portion of the commission with that agent when listing the home on the market.
An American homeowner currently looking to sell a $1 million home should expect to spend up to $60,000 on real estate commissions alone, with $30,000 going to his agent and $30,000 going to the agent who brings a buyer. Even for a home that costs $400,000 — close to the current median for homes across the United States — sellers are still paying around $24,000 in commissions, a cost that is baked into the final sales price of the home.
The lawsuits argued that N.A.R., and brokerages who required their agents to be members of N.A.R., had violated antitrust laws by mandating that the seller’s agent make an offer of payment to the buyer’s agent, and setting rules that led to an industrywide standard commission. Without that rate essentially guaranteed, agents will now most likely have to lower their commissions as they compete for business.
Economists estimate that commissions could now be reduced by 30 percent, driving down home prices across the board. The opening of a free market for Realtor compensation could mirror the shake-up that occurred in the travel industry with the emergence of online broker sites such as Expedia and Kayak.
The original lawsuit, filed in April 2019 by a group of Missouri home sellers, ended in a verdict of $1.8 billion in October. Because the suit included accusations of antitrust violations, plaintiffs could have been eligible for triple damages of up to $5.4 billion. In exchange for the reduction in damages, the association gave up its right to appeal. The verdict sent shock waves through the real estate industry and has since catalyzed into more than a dozen copycat suits across the country, including a nationwide class-action case that ensnares the country’s largest brokerage and its owner, Warren E. Buffett. That brokerage, Berkshire Hathaway, has not settled, but others, including Keller Williams and Re/Max, have settled in separate cases. N.A.R. now joins them.
Under the settlement, tens of millions of home sellers will likely be eligible to receive a small piece of a consolidated class-action payout.
The legal loss struck a blow to the power wielded by the organization, which has long been considered untouchable, insulated by its influence. Founded in 1908, N.A.R. has more than $1 billion in assets, 1.3 million members and a political action committee that pours millions into the coffers of candidates across the political spectrum.
Let's be honest, for most single-family home sales, realtors are completely unnecessary.
Disagree. It all depends on the market and sellers. You are giving too much credit to the general population. There was a discussion on here before about how to resolve a dispute between a shared home. Most on the board didn’t understand the net proceed concept.
With so much information readily available, they are unnecessary. Time for the blobs to get with the times and educate themselves. No need for a middle man. Remove them and the masses will be forced to learn.
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