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Message
If trump wins I think housing rates will drop
Posted on 5/11/24 at 9:27 pm
Posted on 5/11/24 at 9:27 pm
2 points by mid 2026..I'm ready to sell and build when that happens.
22
Posted on 5/11/24 at 9:31 pm to bleedsgarnet
But won't prices shoot up if rates drop?
Posted on 5/11/24 at 9:32 pm to bleedsgarnet
If Trump wins, even. The world will be much better.
Posted on 5/11/24 at 9:33 pm to bleedsgarnet
Housing rates aren’t going down for a while. Gas, food, etc may go down but mortgages aren’t going anywhere anytime soon
Posted on 5/11/24 at 9:44 pm to bleedsgarnet
Tell us why you think this.
Posted on 5/11/24 at 9:45 pm to bleedsgarnet
Interest rates were way too low to begin with for the better part of a decade.
Posted on 5/11/24 at 9:48 pm to bleedsgarnet
If Trump wins, it will definitely be better for the economy and it should help with housing some, but it won’t be much.
The federal government can only do so many things on the demand side to help housing. Lower rates (Federal Reserve) and funding, or lowering energy standards and such for FHA financing.
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.
We have a supply problem now, and the Feds’ hands are largely tied.
The federal government can only do so many things on the demand side to help housing. Lower rates (Federal Reserve) and funding, or lowering energy standards and such for FHA financing.
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.
We have a supply problem now, and the Feds’ hands are largely tied.
Posted on 5/11/24 at 9:50 pm to Wally Sparks
quote:
Interest rates were way too low to begin with for the better part of a decade.
Yes. Ridiculously low.
Posted on 5/11/24 at 9:55 pm to bleedsgarnet
Who cares? Will he stop printing money?
Posted on 5/11/24 at 10:00 pm to BuckyCheese
Mortgage forecast from our banker
Posted on 5/11/24 at 10:02 pm to bleedsgarnet
quote:
If trump wins I think housing rates will drop
While Biden certainly bears some responsibility for our current interest rates due to the "Inflation Reduction Act" (which is complete bullshite), this issue is mostly demographic and has little to do with politics. Interest rates are going to hold, or maybe even increase slightly, for the next 10 years. We won't see a drop until the Millilenials are in their prime earning years and deluge the market with capital again.
Posted on 5/11/24 at 10:11 pm to Tantal
quote:
Interest rates are going to hold, or maybe even increase slightly, for the next 10 years. We won't see a drop until the Millilenials are in their prime earning years and deluge the market with capital again.
This!
As someone who works in the credit borrowing industry and look at credit reports on a daily basis and see what people spend money I can tell you this isn’t changing anytime soon
The reason we haven’t hit a recession is because this is the largest transfer of wealth I’ve ever seen…baby boomers have lots of cash and they are passing it down…it’s keeping things moving….until that runs low we won’t feel the real pain
Posted on 5/11/24 at 10:22 pm to Wally Sparks
quote:
Interest rates were way too low to begin with for the better part of a decade.
Obviously zero was not sustainable but what should it have been?
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.
Posted on 5/11/24 at 10:31 pm to TerryDawg03
They can lower capital gain taxes on sale of single family homes and that would create inventory and lower prices
Posted on 5/11/24 at 10:52 pm to bleedsgarnet
quote:
If trump wins I think housing rates will drop
Everything will become more affordable
Posted on 5/12/24 at 12:51 am to LSUSUPERSTAR
quote:
Obviously zero was not sustainable but what should it have been?
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.
I think a lot of younger people have been spoiled by interest rates and don't realize where the current rates actually sit historically.
A lot of boomers and GenXers bought their first homes at similar or higher rates. I converted a construction loan to a mortgage in Oct 99 and our rate was right at 7% and we were very happy to get it especially since it was a jumbo.
Posted on 5/12/24 at 1:04 am to Obtuse1
But when you pair that interest rate with inflation it makes it very tough to do. I live in what i would say is a mostly blue collar neighborhood, lot of teachers, police officer type salary people live here if I had to guess. I bought my house for 300k in 2019. With inflation and a few minor improvements (new siding, master bath remodel, new pool heater etc.) The comps have my house value at over 450 now. I live in a dfw suburb so property taxes are high as well. With the inflation, property taxes and interest rate, my house would probably be close to a 4000 per month mortgage for a first time home owner loan with the minimal down payment. This house shouldn't cost that much.
Posted on 5/12/24 at 1:07 am to novabill
quote:
They can lower capital gain taxes on sale of single family homes and that would create inventory and lower prices
How would this increase housing supply? The people selling the home would need to move somewhere. It would be a net zero. They would most likely either buy another home or occupy rental space.
Posted on 5/12/24 at 2:16 am to StayStrapped
quote:
But won't prices shoot up if rates drop?
They went up 80% while the rates rose. I dont undeatand why. I bought a duplex for 215k and that was over asking when rates were 3.25... half of the duplex next door just went on the market for 189k while rates are 7. I could sell half and get the rest of my money back if there was someone dumb enough to buy in this market.
Posted on 5/12/24 at 2:35 am to Themicah86
quote:
But when you pair that interest rate with inflation it makes it very tough to do.
Look at the inflation rates from about '74-'83.
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