Recent comments in /f/RhodeIsland

hyperprettyone t1_jbxf5q2 wrote

Reply to comment by Blubomberikam in Psychiatrist by Surrender2

I'm a patient; they offer some in person sessions but there are no psychiatrists only social workers. A psychiatrist is able to prescribe medications and social workers cannot.

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Sensitive_Plane_3925 t1_jbxdr90 wrote

Reply to Psychiatrist by Surrender2

Caring professionals at Revive Therapeutics in Providence. The med route wasn’t right for me so I went there for TMS (Neuro Star). Was covered by insurance and made a big difference. Counseling with a licensed counselor also was very beneficial.

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BlushesandGushes t1_jbxbmzs wrote

You have a fair point. Folks who bought with a 2% mortgage will not have incentive to sell. Historically low interest rates were used to stimulate the economy, then the government prevented evictions which meant that roughly 5% of the housing market that is typically in rotation no longer was; further restricting supply.

At some point foreclosures and evictions will need to return and when that happens you will have several years of pent up inventory hitting the market at likely the same time. It is also possible that this will coincide with the rise of unemployment, which is also at historical lows and at some point will return to a more normal rate.

Despite the fact that there is incentive for some with a 2% mortgage to stay put; life will continue. The elderly will die, people will be promoted and relocated, and empty nesters will downsize. Nothing is permanent, just like the fact that in the 1970s mortgage rates exceeded 10%. BITD the opposite thing was being said and folks were saying that people will never be able to buy a home because of the insanely high interest rates and the impact that had on the mortgage payment.

People complain about the economy right now. There is reason to do so; but just wait until the unemployment rate rate spikes and finding a job is more difficult. The amount of housing supply will increase, but those who will qualify for a mortgage will decrease and a portion of the population will remember the good old days of high employment, despite the increase in prices.

The key take aways, especially for young people, is that nothing is permanent. Save your money now, and pounce when the economic changes occur. Buy when the inventory returns. When the interest rates eventually fall, refinance. Just because this isnwhatnhas happened during your early adulthood doesn't mean that the world won't continue to find equilibrium to a state that you have yet to experience.

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appslap t1_jbxbf50 wrote

We bought land in summer of 2019, sold our house at the end of 2019, locked into a really low rate during pandemic, finished building in 2020 and will never sell. Ideally if I ever move I’ll rent it out and it’ll cover my next mortgage. It’ll likely take a few years for rates to go back down but supply is still an issue.

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realbadaccountant t1_jbx6cbh wrote

Good on you guys for being patient. I know it can be hard when you’re gung ho about buying and sometimes if you squint, a house that’s not right for you looks like the right one.

We own but almost bought a house that cost 2.5x our current house with no additional square footage just to be 5 minutes from the ocean. Then it dawned on us: who gives a shit if you’re 5 minutes from the ocean or 25 minutes from the ocean? You still have to drive. Best decision we’ve made since buying our first house.

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scagatha t1_jbwy180 wrote

The suburbs are depressing , I want to be close to where shit is going on, Pawtucket is where it's at. I work in a dive bar in the bucket and they try to convince me it's scary and and bad and I'm like, have you ever gone outside of RI? Have you ever worked or lived in the tenderloin or mission of SF or traveled the less than first world countries? GTFO with that, it's idyllic in comparison. Love poorbucket.

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