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Predictions for 2015 Housing Market for Mortgage and Reale Estate guys
Posted on 12/4/14 at 10:06 am
Posted on 12/4/14 at 10:06 am
I am in negotiations on a house right now and the owner and I are about 10 grand apart. I am trying to decide should I go ahead and pull the trigger. I already know about the comps and other variables. I am just looking for opinions for next year especially 1st quarter.
1
Posted on 12/4/14 at 10:26 am to Grouper Picatta
A stronger dollar will keep rates the same IMO. No big change in the next 90 - 120 days.
Posted on 12/4/14 at 10:27 am to I Love Bama
10 grand apart....is what percentage of the total deal? (Could be big or little)
Posted on 12/4/14 at 10:56 am to hungryone
370k I'm offering 360k
Posted on 12/4/14 at 10:59 am to Grouper Picatta
quote:I would give him the 370k but make him throw some money towards your closing now. He now has 10k more in his pocket, a couple thousand towards your closing works for both of you
370k I'm offering 360k
Posted on 12/4/14 at 4:47 pm to lsupride87
quote:
I would give him the 370k but make him throw some money towards your closing now. He now has 10k more in his pocket, a couple thousand towards your closing works for both of you
Or just meet him half way.
Rates are about as low as they'll get, imo. The only thing they'll do in the future is go up, if not stay about the same. And 10k over a 30 year period, if that's what you're looking to do, at somewhere in the 4% range is not going to make or break you if you're looking to live there for a while.
Posted on 12/4/14 at 6:53 pm to kage
Update: guy won't budge anymore. I was going to just pay up but my wife decided to go back and see it one more time today before we went up. She decided that she did not want it and we will let the offer expire. I'm ok with that. We will move on. I would still like to hear opinions on the upcoming year.
Posted on 12/4/14 at 7:01 pm to I Love Bama
What rates are you seeing now?
Posted on 12/4/14 at 8:30 pm to RebelOP
1% of 360K = $3,600.
10k = just over 3% of the purchase price.
360K mortage amount at 4 and an eighth interest rate over 30 years = $1,744.74 Principal and Interest. 370K mortage at the same rate over the same term = $1,793.20
I'm almost 100% sure you aren't financing 100% which makes your haggling even more mind boggling to me. At most the $10k you are obviously okay with paying and that is supported my comps, etc is worth $50/month. At the quoted figures-which again I know are on the high end-you're really bitching about a blip on the radar.
I don't mean to scoff at $10,000, but...Congrats on haggling over less than $50 a month.
10k = just over 3% of the purchase price.
360K mortage amount at 4 and an eighth interest rate over 30 years = $1,744.74 Principal and Interest. 370K mortage at the same rate over the same term = $1,793.20
I'm almost 100% sure you aren't financing 100% which makes your haggling even more mind boggling to me. At most the $10k you are obviously okay with paying and that is supported my comps, etc is worth $50/month. At the quoted figures-which again I know are on the high end-you're really bitching about a blip on the radar.
I don't mean to scoff at $10,000, but...Congrats on haggling over less than $50 a month.
This post was edited on 12/4/14 at 8:32 pm
Posted on 12/4/14 at 8:39 pm to GFunk
quote:When you buy a car do you sit down with the salesman and haggle over the monthly payment amount?
Congrats on haggling over less than $50 a month
It sounds like it worked out well for them, since the wife didn't want the house anyway after rethinking it. They may end up with a better deal and/or a house that they like better.
Posted on 12/4/14 at 8:41 pm to GFunk
quote:
I don't mean to scoff at $10,000, but...Congrats on haggling over less than $50 a month.
Meh, you have to draw the line somewhere, and your math probably has not made an large impact in the mind of the OP.
Posted on 12/4/14 at 9:18 pm to GFunk
That 10 k wasn't supported by comps. I came up about 5 k over comps. The guy just overpaid when he bought and now he moved to another city. He should have taken the offer. Women can change their minds easily from I love this place to f this place. Anyway you are straying from the question of what do you think happens in 2015 with housing?
This post was edited on 12/4/14 at 9:29 pm
Posted on 12/4/14 at 10:25 pm to Grouper Picatta
What happens in 15 in RE? The question is so broad it's really incomplete.
What part of the country are you asking about? Commercial RE? Residential RE? What specifically do you want a guess about? Oversupply? Voracious demand that can't be met? You need to tighten the focus of your question for a decent answer. It's really way too panoramic at this point.
What part of the country are you asking about? Commercial RE? Residential RE? What specifically do you want a guess about? Oversupply? Voracious demand that can't be met? You need to tighten the focus of your question for a decent answer. It's really way too panoramic at this point.
This post was edited on 12/4/14 at 10:26 pm
Posted on 12/5/14 at 4:16 am to Grouper Picatta
quote:
That 10 k wasn't supported by comps. I came up about 5 k over comps. The guy just overpaid when he bought and now he moved to another city. He should have taken the offer. Women can change their minds easily from I love this place to f this place. Anyway you are straying from the question of what do you think happens in 2015 with housing?
Rates will stay mostly flat, prices will increase 1-5% depending on market. G Funk cut some slack
LINK
This post was edited on 12/5/14 at 4:21 am
Posted on 12/5/14 at 8:01 pm to ItNeverRains
.....go figure! A realtor site predicting increases. I had realtors actually say the market was on the up swing in 2008.
Posted on 12/6/14 at 6:46 am to CharlesLSU
[quote].....go figure! A realtor site predicting increases. I had realtors actually say the market was on the up swing in 2008. [/quote
Historically housing prices have gained 1-2% year nationwide. Most states fell in that historical window. Some were crazy enough to suggest 1-3% above that window. With cheap money, cheap energy, and by most economists a recovering economy, does this really seem like off the rails real estate predictions?
FWIW, my former financial advisor said the same thing about the market in 2008.
Historically housing prices have gained 1-2% year nationwide. Most states fell in that historical window. Some were crazy enough to suggest 1-3% above that window. With cheap money, cheap energy, and by most economists a recovering economy, does this really seem like off the rails real estate predictions?
FWIW, my former financial advisor said the same thing about the market in 2008.
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