Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
The other 75% have brain cells and are GMI.
That's definitely going to be the new craze. People will go bananas over metaverse properties. No joke.
It will crash and burn eventually, of course. But we'll get to see some crazy shit in the next few years.
Meanwhile, some of us are buying real property in the real world.
Or is owning real property in meatspace so 2018 now? So passé?
sure, people are interested, but increasingly not being able to afford RE.
As i was posting before: house was 3x yearly salary in the 70ies, but 10-30X yearly salary in 2022, with 30x on the coasts.
When mortgage goes to 8% (and it probably will), we might have another crisis. Either prices would have to go down or demand would plunge and people would have difficulty to move.
In some ways it is already starting as everyone has 3% or below mortgages, but when they buy a new house, it is more like 5%.
Real property is as real as it gets. It's a piece of something that is in one particular location. That is both it's advantage and disadvantage. It is tied to that location, that lot, that piece of property with particular boundaries. It will not move. (there are some houses that move physically, but those are more "interesting" things rather than the point of owning real estate.)
If it's a unit in a building, well, that building is also not going to move.
The thing is, you don't really really own it, or because you do own property, you have to pay taxes on it every year. You need to pay maintenance costs on it. Nevermind the utilities if you actually live there because you'll pay for all that too.
There is a cost to owning real property in meatspace that has to be paid, otherwise you'll find yourself not owning it soon when some authority or government takes away your ownership. For some places, it can be cheap relative to the size of the property. In other cases, such as apartments or condominiums, you have to pay monthly or annual dues to the building.
On top of the price of any property, on top of mortgage payments, you have to add some buffer to pay for all that other stuff to ensure you retain ownership. Most people forget this part.