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May 20, 2024
9:32
:56
am
Bainge
Playmaker
I very much wanna upgrade from my current home, but with 6%+ rates I'd much
rather collect on some high yield savings at 5% and purchase my next (hopefully final) home in cash within the next five years.
This message has been modified
Originally posted on May 20, 2024 at 9:32:56am
Message modified by Bainge on May 20, 2024 at 9:33:25am
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Bainge
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Bainge
Joined
Oct 20, 2009
Last login
Jun 2, 2024
Total posts
1,372 (2 FO)
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Messages
Author
Time
This doesnt seem real but maybe it is? 33% of home purchases are cash?
Longseason
May 20, 9:19am
Investors probably?
WJCougar
May 20, 9:20am
Plus people cashing out their equity & downsizing
cougarmeister
May 20, 9:24am
My guess is that it is not evenly distributed geographically.
TheWanderer
May 20, 9:21am
I know at least 2 friends whose parents paid cash for their houses.
rad dawg
May 20, 9:23am
0% financing? Are they paying gift taxes then? I would think they are using a family loan which requires somewhere
YIsForBrigham
May 20, 10:21am
Lifetime gift exclusion is like $13m, so in this case a parent could "gift" the
Bainge
May 20, 10:27am
But the annual exclusion is only $18,000. As I understand it, each parent can gift that amount to each person in the
YIsForBrigham
May 20, 10:44am
Ah no I think I misunderstood
YIsForBrigham
May 20, 10:54am
Yeah, you're spot on. It's kind of silly to have an annual limit when the
Bainge
May 20, 11:01am
No clue how they are structured.
rad dawg
May 20, 11:13am
Maybe this is a stupid Q, but couldn't the parent just transfer the kid $$$
TheWanderer
May 20, 11:55am
The IRS will care
YIsForBrigham
May 20, 12:11pm
The IRS has never asked me how I paid for my house.
TheWanderer
May 20, 1:25pm
I have friends that did this for their kids. It can be structured just like a mortgage and requires interest to be paid
specsauce
May 20, 10:43am
Rich people avoiding interest rates. Or people who have a ton of equity in their
BlooCoug
May 20, 9:23am
Good point. Boomers downsizing is definitely a thing right now.
rad dawg
May 20, 9:24am
I very much wanna upgrade from my current home, but with 6%+ rates I'd much
Bainge
May 20, 9:32am
I absolutely buy it. Imagine selling a $3M house in So Cal and coming up to Utah
macdizzle
May 20, 9:24am
moving from anywhere in california to herriman feelsbadman
AllHailTheOverlord
May 20, 10:58am
Sounds correct.
Archaea
May 20, 9:24am
If you count selling a home and using that cash to buy a house, I could see it.
Reasonable1
May 20, 9:25am
My inevitable next home purchase will be cash from downsizing.
TheSpiker
May 20, 9:25am
Home sales are down + rates are up. Great % will be cash as people less likely
txblue
May 20, 9:26am
Shows you how much investors are scooping them up.
Adwight
May 20, 9:30am
that doesn't mean it's the new owner's cash.
Cougarclaw
May 20, 10:06am
Blackrock is a major buyer
SnickSnack
May 20, 10:10am
My parents cashed out of San Diego (along with many many Mormons) and paid cash in another state.
ToasterChive
May 20, 10:22am
Lots of older folks selling homes they’ve owned forever (large equity) & downsizing
cougXor
May 20, 1:43pm
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