COLA INCREASE 2023

[pacmanx1]

Way too early but we can dream.

Social Security Will Pay Out More Money Next Year. Here Is How Much You Could Get

Based on recent data on the Consumer Price Index for Urban Wage Earners and Clerical Workers, a bellwether for changes in prices for goods and services, "It is likely we're going to have a COLA closer to 8% than 3.8%," Social Security Administration chief actuary Stephen Goss said during a briefing last week, CNBC reported.

Social Security Will Pay Out More Money Next Year. Here Is How Much You Could Get - CNET

 

[deedub75]

The Fed is going to be extremely aggressive to try to knock down this inflation. Hopefully these .5 point increases won’t affect COLA too much in July, August and September.

My hope is that inflation cools off starting in October. That way we will actually see a benefit from the COLA. I’m on SSDI as well. 

[Richard1954]

I spoke to my wife on the phone last night, She is in San Antonio helping my son with his young children after his wife walked out. He had a heart attack last month and is only 43 years old. So we are already concerned for his well being. Apparently the heart attack  was cause by a prescribed drug. His new doctor took him off the drug, and is monitoring his recovery. I know the doctor as he treated me when I was trying to lose weight years ago.  I degress. 

So anyway, my wife wants to try to move to San Antonio again. I am not to happy about this development, but when you consider she is down there helping with the kids, I am at home 3-4 hours away,  all alone, something has to give. My biggest concern is finding an affordable house and not being beat out of it by  investors. I was offered $280,000 cash for my home this morning, but I don't think I can buy the same size houe for the same abount of money. in San Antonio. I am afraid to sell before we get a new home and my son doesn't have an extra room for us to use. In fact, he moved out of his office, that is off his 4 car garage/woodshop  in the back yard, he turned half of his bedroom into an office ( he works for MS) , so that he can monitor the children when there is noone to watch them. So wish us luck in this life changing decision. I really don't want to move.

Edited June 13, 2022 by Richard1954
Fat fingers cause a lot of my spelling errors, so I corrected the errors.

[Dot09]

Sorry to hear about your situation. I hope your son makes a speedy recovery. Yeah I know the housing market is crazy now. I can’t imagine how much San Antonio cost now. I know when I was there for basic training it was a nice city to visit. I wish you the best luck in your search.

[Richard1954]

3 hours ago, Dot09 said:

I wish you the best luck in your search

Thanks, I used to live In  ( Near) Fayetteville NC until 2003, I kind of wish I was stil there, the cost of housing is what drove me  to Texas. Now the whole country has housing cost problems...

[broncovet]

Im not sure about San Antonio, but Dallas real estate is crazy expensive.  Should you be considering a move, my advice is to contact a local San Antonio realtor, and ask them your question.  I have no idea what you could buy in real estate in San Antonio with 280k.  

However, I advise against taking the first offer on your home, at least, until you have likewise spoken with a realtor.  Have you tried the zillow estimate?  While certainly not perfect, if you type in your address "zillow", you should at least get a number and can check with homes sold in your area, before accepting that offer.  

You have to get the max out of yours in order to get another home, or you will likely be downsizing.  If your family size is smaller, its not a bad idea to consider downsizing.  

Many years ago, my old boss (I was a realtor, about a zillion years ago), explained that Buyers look for owners in order to save the real estate fee, and sellers, offer their home in hope of saving the fee.  

Well, "Both" the buyer and the seller can not have the same (save) the fee!  You may be able to split it (maybe), but I have seen this over and over:

My brother almost sold his home for 280k.  His wife insisted on a realtor, who sold it for 343k. Using a competent realtor, he got 322k for his home, AFTER commission.  So, a realtor made him money..about 40k.  

There are reasons for this.  Mostly, its MLS (multiple listing service).  All realtors, mostly, know about a new home coming on the market, and many have one or more people looking to buy a home in your price range.  

Multiply this time hundreds of realtors, so listing your home gives you access to thousands of buyers you would not have selling it by yourself.  

Even tho, I know how to sell my home, I would never consider doing it without a realtor, because I know I would get more, after commissions.  

There are "sharks" out there waiting to take advantage of home sellers who dont know the value of their home.  Beware!  

[Richard1954]

10 hours ago, broncovet said:

contact a local San Antonio realtor, and ask them your question. 

My wife is working with a realitor in San Antonio now. We lived in the area about 9 years ago. I got tired of the traffic,  other than that it was ok.

Looking on Realitor.com there are a lot of older homes that we would not even consider, but the good stuff doesn't last long. 

I got an initial offer from Open door for $258,800, Zillow said my place is worth at least $267,700. It was appraised last Oct for $240,000 but prices keep going up.

I received an offer for $280 the other day, but until I actually find a place to move I am not going to list the house.

The offers I received are initial offers from cash investors, who make an initial offer and after seeing picture or a video the may offer more or less. Open Door charges a 5% fee, others charge more or less. Opendoor will make a final offer then take off the 5% fee  plus the cost of items they say need to be repaired. It all a crap shoot. 

I really don't want to me.  I am too old and set in my ways, and I am happy were we  are.  But , if my son needs help for a long time,  and I don't want to live alone, I have to move.  

Last year, we made offers on 3 or 4 houses , hoping to downsize, but every time some investor offered  $10-$20 even $30 K over the apraisal  I could not compete with that. The interest rates are going to go up and the investors may stop buying and give us poor folks a chance to buy something. The problem with that, means my home will sell for a lot less if the investors stop stealing the houses.