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re: If trump wins I think housing rates will drop
Posted on 5/12/24 at 3:02 am to Obtuse1
Posted on 5/12/24 at 3:02 am to Obtuse1
quote:
Look at the inflation rates from about '74-'83.
I wasn't around in those years so I can't really say for certain but I'm talking more along the lines of a house that was bought for 100k in 1992 selling for 300k in 2019 and being worth 475k in 2024. 5-8% of that number is a huge deal for anyone trying to enter the homeowner market. I'm not saying it's wrong, i'm saying it's damn near impossible for young people to own that first home. , Just for example if an accountant and a teacher were to meet in college and get married they would have a first year combined income of around 120- 150k roughly. They as successful young people wouldn't be able to swing my house while being much more successful than a large majority of people that live here because they bought 30 years ago. I understand inflation.I also understand fair market value, But aside from moving to the slums for a while they would face a tone of challenges. Again not the end of the world just my input
1
Posted on 5/12/24 at 5:04 am to bleedsgarnet
Hopefully crawfish prices will
Posted on 5/12/24 at 6:46 am to Obtuse1
I hear this trotted out all of the time but the truth is, the cost of construction and the percentage of your household income was DRASTICALLY lower when people were borrowing at 8%.
Posted on 5/12/24 at 7:06 am to Sput
quote:
Gas, food, etc may go down
You know what terrifies the FOMC?
Deflation.
Posted on 5/12/24 at 7:12 am to bleedsgarnet
Rates dropping will just cause prices to rise and there will be another buying frenzy with people having to pay over asking and waive inspections etc.
If you think electing Trump is going to reduce costs of goods or services you are sorely mistaken. They might not go up as fast but they aren’t going lower.
If you think electing Trump is going to reduce costs of goods or services you are sorely mistaken. They might not go up as fast but they aren’t going lower.
Posted on 5/12/24 at 7:27 am to bleedsgarnet
This is in no way accurate.
Rates will stay here or increase as long as people are willing to borrow at these rates, banks will continue to lend at these rates, and the federal government continues to deficit spend the way they have been for the last 2 decades.
That’s assuming the fed isn’t trying to sway elections one way or the other.
Rates will stay here or increase as long as people are willing to borrow at these rates, banks will continue to lend at these rates, and the federal government continues to deficit spend the way they have been for the last 2 decades.
That’s assuming the fed isn’t trying to sway elections one way or the other.
Posted on 5/12/24 at 7:56 am to StayStrapped
quote:
But won't prices shoot up if rates drop?
10% or more
Posted on 5/12/24 at 7:59 am to bleedsgarnet
quote:
If trump wins I think housing rates will drop
Why do we want rates to drop?
I want prices to drop. Not rates.
Posted on 5/12/24 at 8:01 am to TerryDawg03
quote:
Supply is the problem now, and that is set by local governments. Until local governments do what they need to do to increase supply (more permits and development approvals), the shortage will persist.
This may be a localized problem where you are. In Louisiana there is no shortage. Housing trends - Redfin.
I think this is largely true across the country.
Posted on 5/12/24 at 8:04 am to Miketheseventh
quote:
Everything will become more affordable
Hookers and blow?
Posted on 5/12/24 at 8:14 am to Themicah86
quote:
I wasn't around in those years so I can't really say for certain but I'm talking more along the lines of a house that was bought for 100k in 1992 selling for 300k in 2019 and being worth 475k in 2024. 5-8% of that number is a huge deal for anyone trying to enter the homeowner market. I'm not saying it's wrong, i'm saying it's damn near impossible for young people to own that first home
Especially since private equity is snatching them up cash, which continues contribute to current insane home prices.
First-time buyers…can’t.
Posted on 5/12/24 at 8:16 am to Warfox
quote:
First-time buyers…can’t.
FTH buyers make up almost 30% of all purchases in the 12mnths
Private Equity was like 28%
This is a myth
Posted on 5/12/24 at 8:17 am to Miketheseventh
quote:
Everything will become more affordable
Trump is one of the reasons things arent affordable.
Posted on 5/12/24 at 8:20 am to bleedsgarnet
Of course they will.
Posted on 5/12/24 at 8:22 am to LSUSUPERSTAR
quote:
I think home ownership is a huge part of the American Dream and rates should be low to accommodate buying/ownership for individuals using it as their primary residence.
It is the American Dream but shouldn’t be easy, it should be something you strive for and sacrifice for. Hell if it is easy it isn’t a dream
Posted on 5/12/24 at 8:23 am to Warfox
quote:
Especially since private equity is snatching them up cash, which continues contribute to current insane home prices.
Covid Cash related.
Posted on 5/12/24 at 8:23 am to SDVTiger
quote:
FTH buyers make up almost 30% of all purchases in the 12mnths Private Equity was like 28% This is a myth
You can say this all you want those numbers are junk.
I know what I see around me every day.
My younger coworkers are unable to afford their first homes.
My wife’s friend is construction management and every single home is already spoke for by PE.
Posted on 5/12/24 at 8:27 am to Warfox
30 million illegals almost overnight will most assuredly lower the supply of homes and drive up costs.
Not saying it’s the reason but it’s a factor.
Not saying it’s the reason but it’s a factor.
Posted on 5/12/24 at 8:28 am to Warfox
quote:
You can say this all you want those numbers are junk.
quote:
My wife’s friend is construction management and every single home is already spoke for by PE.
Of course
Posted on 5/12/24 at 8:38 am to cadillacattack
I don't think short term rentals are an issue in most markets, but in some areas it is screwing things up with so many investors buying houses and locking out normal buyers. Some markets have like 25% institutional ownership of houses that they just turn into long term rentals.
As far as new homes go, the shortage of skilled labor is driving prices to build even small houses high (not to mention shortages that still pop up for various building materials).
Bigger elephant in the room, the US population has grown by 60 million people since the year 2000 and will continue to grow. You can't build enough new homes. Demand is going to be permanently higher than supply - prices might sway somewhat, but will increasingly become unaffordable to many Americans.
As far as new homes go, the shortage of skilled labor is driving prices to build even small houses high (not to mention shortages that still pop up for various building materials).
Bigger elephant in the room, the US population has grown by 60 million people since the year 2000 and will continue to grow. You can't build enough new homes. Demand is going to be permanently higher than supply - prices might sway somewhat, but will increasingly become unaffordable to many Americans.
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