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Millenials the new Boomers?

Funny you should mention the housing market.

Saw this article today on the website of the Indy Fox affiliate:

Indianapolis homeowner files discrimination complaint after removal of Black identifiers leads to $100,000 appraisal increase​

Nothing "systemic" to see here...move along.
Cmon man. Twenty is right. Appraisals are a bit of a sham anyways and they’re all over the place. I just bought a home and the realtor made sure she was there during the visit to influence the appraisal. That alone tells you that it’s all bullshit.
 
Cmon man. Twenty is right. Appraisals are a bit of a sham anyways and they’re all over the place. I just bought a home and the realtor made sure she was there during the visit to influence the appraisal. That alone tells you that it’s all bullshit.
Right! Race never affects value in the real estate world. COH already cleared that up.
Damn that lefty Fox affiliate and their damn race baiting.
 
Cmon man. Twenty is right. Appraisals are a bit of a sham anyways and they’re all over the place. I just bought a home and the realtor made sure she was there during the visit to influence the appraisal. That alone tells you that it’s all bullshit.
When we were doing a remodel due to the birth of our second child, the appraiser asked "what do you want the number to be?"
 
Take two seconds to think about what she said in the link (assuming that is accurate), and what anybody knows about values. (Location, location, location!). I understand about race and values, but this ain’t that. Nobody redlined wall art. We can’t fix racism with dumbassary like what this lady says and where you are. She and you are not helpful.
I guess you didn't read the accompanying NYT's article about a mixed race couple who had a similar experience. The wife, who is black, removed all of the black identifying artwork and pictures and replaced them with her husband's white family photos. The subsequent appraisal came back over 40% higher. Btw, the couple's bank agreed with them that the first appraisal was too low and I'm betting they didn't live in a black neighborhood like the woman in Indy.


We know it's illegal to discriminate when appraising a home, but if there is a low risk of getting caught, then it's being done.
 
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I guess you didn't read the accompanying NYT's article about a mixed race couple who had a similar experience. The wife, who is black, removed all of the black identifying artwork and pictures and replaced them with her husband's white family photos. The subsequent appraisal came back over 40% higher. Btw, the couple's bank agreed with them that the first appraisal was too low and I'm betting they didn't live in a black neighborhood like the woman in Indy.


We know it's illegal to discriminate when appraising a home, but if there is a low risk of getting caught, then it's being done.
All lies! Race NEVER affects value in real estate. That myth has been busted by COH.
The best way to get rid of issues with race is to act they don't exist.
 
When we were doing a remodel due to the birth of our second child, the appraiser asked "what do you want the number to be?"

Yeah I’ve always been amazed that the appraised value and sale price match up most all of the time. Maybe this free market thing just works that well.
 
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I guess you didn't read the accompanying NYT's article about a mixed race couple who had a similar experience. The wife, who is black, removed all of the black identifying artwork and pictures and replaced them with her husband's white family photos. The subsequent appraisal came back over 40% higher. Btw, the couple's bank agreed with them that the first appraisal was too low and I'm betting they didn't live in a black neighborhood like the woman in Indy.


We know it's illegal to discriminate when appraising a home, but if there is a low risk of getting caught, then it's being done.
I can’t see the article. They seem to have fixed their incognito workaround loophole.

I’d need to see a well designed scientific experiment before I accept the race baiting NYT’s assertion that there is discrimination in appraising.
 
All lies! Race NEVER affects value in real estate. That myth has been busted by COH.
The best way to get rid of issues with race is to act they don't exist.
well none of this is particularly impt today. the important part is that you're back in class! COH on real estate at The U isn't a bad way to start your day and continue your education. Cheers!
 
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It is certainly possible that race was an issue, but there is no way of knowing. Appraisal seems more an art than a science.

I recall in the lead up to 2008 a company calling us to sell us a mortgage. I wasn't interested in a new mortgage and frankly didn't have a tremendous amount of equity since we had pulled money out a few years before. The vulture, uhm, upstanding lender said, "we know who to use for appraisals to get you the maximum amount". I still said no but that has stuck with me.

There are plenty of studies that show homes in mostly Black neighborhoods appraise for less. It may be that seeing a Black homeowner with Black photos and the like could lead a buyer to conclude they are looking at a Black neighborhood. But overall, I am someone skeptical this is happening. There are comparable stories in Florida and in California. In the Florida example, the person refused to file a complaint with the appropriate board which seems strange.

I don't doubt it has happened, and it can happen, but I'm not convinced the proof is there that this isn't some other variation. I don't know how to make it a more serious experiment though.
 
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well none of this is particularly impt today. the important part is that you're back in class! COH on real estate at The U isn't a bad way to start your day and continue your education. Cheers!
Not sure how he finds time to teach courses on law, real estate, HVAC, teacher preparation, math, medicine, and all those other topics he pontificates on.
He is quite the fart smeller...uh, smart feller.
 
While I’m technically one of these millennials, I don’t feel like one. I got married early, had kids early, bought my house early, and I definitely don’t think like one. I’m glad I have my biggest purchase done before they decided throwing 1500 a month in an apartment in Bloomington was a dumb idea and to buy houses. They’ve also driven up the value of my very average used car to a trade in value of 15k which I’m about to cash in on this week. They’ve given me lots of car equity (that’s a weird one) and massive house equity. I do appreciate that.
 
While I’m technically one of these millennials, I don’t feel like one. I got married early, had kids early, bought my house early, and I definitely don’t think like one. I’m glad I have my biggest purchase done before they decided throwing 1500 a month in an apartment in Bloomington was a dumb idea and to buy houses. They’ve also driven up the value of my very average used car to a trade in value of 15k which I’m about to cash in on this week. They’ve given me lots of car equity (that’s a weird one) and massive house equity. I do appreciate that.
It’s crazy how expensive cars are today. I was looking at a Tahoe. $65K. I was shocked
 
Sad and insane. You know that’s common too. I don’t know anything about that complaint process - whether it’s a reprimand or you actually get something if you prevail.
I'd like to see what the city's appraisal is since that is what your property tax is based on.
 
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It’s crazy how expensive cars are today. I was looking at a Tahoe. $65K. I was shocked
Certain ones are and others are stagnant. I’m looking at a Tacoma and they’ve been around 35 for a couple years. (Least the one I want) I literally don’t understand how people are affording the huge SUV’s. They’re 60-90 grand. And they’re everywhere. We’re a comfortable 6 figure income together and while we could afford it, there’s just no way to justify it. The paid off Grand Caravan does just as well.
 
I can’t see the article. They seem to have fixed their incognito workaround loophole.

I’d need to see a well designed scientific experiment before I accept the race baiting NYT’s assertion that there is discrimination in appraising.
The thing to look at is a house in a black neighborhood gonna appraise the same as an identical house in a white neighborhood? I have no idea. The appraisal is suppose to take into account what similar homes in the same "neighborhood" are selling for.
 
Certain ones are and others are stagnant. I’m looking at a Tacoma and they’ve been around 35 for a couple years. (Least the one I want) I literally don’t understand how people are affording the huge SUV’s. They’re 60-90 grand. And they’re everywhere. We’re a comfortable 6 figure income together and while we could afford it, there’s just no way to justify it. The paid off Grand Caravan does just as well.
They lease
 
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Certain ones are and others are stagnant. I’m looking at a Tacoma and they’ve been around 35 for a couple years. (Least the one I want) I literally don’t understand how people are affording the huge SUV’s. They’re 60-90 grand. And they’re everywhere. We’re a comfortable 6 figure income together and while we could afford it, there’s just no way to justify it. The paid off Grand Caravan does just as well.
Bought a Tacoma 2 weeks ago.
 
Certain ones are and others are stagnant. I’m looking at a Tacoma and they’ve been around 35 for a couple years. (Least the one I want) I literally don’t understand how people are affording the huge SUV’s. They’re 60-90 grand. And they’re everywhere. We’re a comfortable 6 figure income together and while we could afford it, there’s just no way to justify it. The paid off Grand Caravan does just as well.

Don't buy new. That was how I afforded our SUV. If you can get one coming off a lease and then add warranty to it, you are usually good to go. The depreciation is not as steep.
 
Even leasing is insane. More than my house payment!
Two professionals - a combined income can be sizable these days. No problemo. I’ve always chased hot ones that needed to be saved. The opposite of a professional. Dumb.
 
It’s crazy how expensive cars are today. I was looking at a Tahoe. $65K. I was shocked
A Tahoe at $65k is not surprising. Look up a run of the mill pickup truck and prepare to have your mind blown.
 
Certain ones are and others are stagnant. I’m looking at a Tacoma and they’ve been around 35 for a couple years. (Least the one I want) I literally don’t understand how people are affording the huge SUV’s. They’re 60-90 grand. And they’re everywhere. We’re a comfortable 6 figure income together and while we could afford it, there’s just no way to justify it. The paid off Grand Caravan does just as well.
That and the "luxury" trucks. Say luxury truck where I grew up you'd have probably been punched in the face (at least in the 80's, probably 1/2 the trucks there now are luxury)
 
That and the "luxury" trucks. Say luxury truck where I grew up you'd have probably been punched in the face (at least in the 80's, probably 1/2 the trucks there now are luxury)
It's hard to find one that isn't "luxury".
If you ask for manual transmission and no carpet...they just laugh
 
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Don't buy new. That was how I afforded our SUV. If you can get one coming off a lease and then add warranty to it, you are usually good to go. The depreciation is not as steep.
I don’t trust Chevy or Ford longevity for that strategy. With Toyota a 4 Runner or Sequoia off a lease is only a little under a new one!
 
It's hard to find one that isn't "luxury".
If you ask for manual transmission and no carpet...they just laugh
This exact scenario happened to a coworker. He wanted a new Tacoma with manual and roll up windows just like his SR5 that had 300k on it. They laughed.
 
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I lease because I can’t find something that I like. Prof Haeberle would kick my ass, but the idea of not having to worry about car issues (very rare in first three years) gives me some peace of mind.
and you're always driving something "new." i have a soccer buddy that was a broker and had a midlife crisis. he decided to sell cars at our biggest luxury dealership. he said everything expensive was on a lease. he said he almost never sold any cars. he did it for a year or so until he got his wheels back on the track and went back to stifel
 
I don’t trust Chevy or Ford longevity for that strategy. With Toyota a 4 Runner or Sequoia off a lease is only a little under a new one!

Domestic cars I've owned seemed to have fallen apart at about ten years old. Used Toyotas and Infinitis I've purchased are just broken in at that point.
 
I lease because I can’t find something that I like. Prof Haeberle would kick my ass, but the idea of not having to worry about car issues (very rare in first three years) gives me some peace of mind.

I dunno.... I've owned a bunch of different cars/ suvs, etc..... don't think I've ever spent over a grand on a car repair bill. ACs seem to be about the only thing I've had fail. Other than obvious brakes/ tires that wear out. But I'm not driving twenty old clunkers.
 
I dunno.... I've owned a bunch of different cars/ suvs, etc..... don't think I've ever spent over a grand on a car repair bill. ACs seem to be about the only thing I've had fail. Other than obvious brakes/ tires that wear out.
You’ve never owned a Land Rover
 
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