Comments by "worn down" (@worndown8280) on "Millennials BOYCOTT the 2021 Housing Market. ON STRIKE until Home Prices Crash." video.

You just dont buy it. I seen houses that the neighbors houses are worth 50 to 75k max. Pink sinks and toilets. Dark stained walnut cabinets, shits straight out of the 70s with the green floor. Wanting 500k. And it sits. And it sits. Last year it would have sold. FOMO. Thats how markets go, people will eventually sell for less. But you dont have a right to buy property anymore than a person has a right to sell it for an unreasonable price. Add to the face so many people want to move straight into the middle class neighborhood. Thats not how its historically worked. You buy where you can afford and you work up.
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@blueskynevada8466 They arent the same, they are different. That doesnt mean that the outcome wont be close to the same. If this was just the housing market I dont think it would be a problem. But we are seeing inflation in multiple sectors and people just arent able to keep up. Add to that a lot of the flippers that re entered the market in the last 3 years you have the potential for a heavy depreciation in asset prices. I wont use the word crash though. The difference is a lot of people in 08 chose to walk away from their homes. I think with the insane price increases we saw over the last two years you have a lot of people who are over leveraged. Maybe it will be gentle or maybe it will be rough. Even if prices stay flat or decrease by 5% with 9% inflation thats a pretty big decrease. But simply on the demographic data, this cant continue.
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(cough) student loan debt today is averaging 40k (cough) Thats a heavy burden when you are starting out. What kind of parent lets their newly minted adult do something so stupid.
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Thats the real issue. No kids. Down the road that hit is going to be massive to the economy.
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A lot of these RIETs are over extended. But they need to make earnings so people keep investing and boomers love to invest in shit like this because they want that extra percent gain so they can retire without stressing. A lot of X'ers who put off investing are in the same boat. But it will all fall through like with the Zillow bs. I wouldnt be surprised if municipalities or HOA's start passing local ordinances or rules preventing these property groups from buying.
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@kmac2789 It will just be a repeat of 2007-2008
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@aprilflowers2695 Thats fine. When they die and their families sell off estates they will just want them gone rather than having to pay the taxes on them. And the families will take what they can get and be happy with it. The buyer will get a better deal. everyone wins. And every elderly person is one slip and fall from a care facility. Then they will have to sell their house to pay for long term care. People just dont NEED to sell yet. But they will. We are just at the beginning of the boomer retirement and death cycle. And it will run for about 20 more years. Thats a very long unwinding.
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@AMPProf Thank you for your in depth insight. We are all wiser for it.
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Xing He Younger kids starting out dont have a growth market to enter into. No affordable housing, have been lied to about "education" and starting out are facing a system on the brink of collapse. While nothing you state is wrong about how some of them act, it paints a overly negative picture of the millennials. They after all didnt make the world this way, their forefathers did. I have a feeling that history will be kinder to them than to the boomers. In fact, boomers who have had their whole lives to pay off their debts have about 20k more debt than the Millennials 97k vs 78k. Pretty interesting. Though the boomers probably have more assets. Still pretty troubling.
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pffft you act like that 600k is real money.
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Crash is pejorative. One could easily use the world correction. But crash implies it is bad. Its not, it just is.
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@aprilflowers2695 Just curious, why do you move around so much? Is it specific to the field of work you are in or just a case of wanderlust?
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Women not finding men "good enough" to marry. Men refusing to get married and then getting divorced raped like they watched happen to three generations of their fathers. Boomers living single because they destroyed the institute of marriage. The US hasnt been at replacement fertility rates since 1972. How is it that people dont understand whats happening? Its pretty clear. High demand is temporary. As the boomers die there is going to be a large sucking sound coming from the real estate market and the markets in general. Wait the first boomers turned 70 in 2020? Oh boy....
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@UneducatedGeologist Not to mention half of boomers are single and not cohabitating. The first boomers turned 70 in 2020 a lot of people are one stroke or slip and fall from a nursing home. Especially the single boomer.
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@nancyhunt2750 Your father was a wise man, and you were as well for listening to sound advice. A lot of people seem to have wisdom, but they do lack patience. And thats where we are now. Just having to be patient. But things will turn in most markets.
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