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Started By
Message
re: Mortgage rates with a 780ish credit score?
Posted on 3/3/23 at 11:48 am to VermilionTiger
Posted on 3/3/23 at 11:48 am to VermilionTiger
quote:
Hoping to refinance one’s rates go down. Is there a limit on refinancing?
The issue with your situation IMO is you will struggle to refi if you have little to no equity.
If you pull the trigger right now at 225/sq ft and in 12mo your neighborhood is selling for 185/sq ft you're likely a couple years away from being able to refi no matter when rates drop.
This post was edited on 3/3/23 at 11:50 am
0
Posted on 3/3/23 at 11:49 am to wutangfinancial
We were told higher rates would 'crash' the housing market. It hasn't. We are still woefully low on inventory and supply. You have people with 2.5 and 2.75 or even 3.0 rates that aren't going to list their homes. The housing market has remained strong and will until the supply issue shakes out and that could be years. You can't 'purchase' what isn't there.
Posted on 3/3/23 at 11:57 am to ronricks
Got it. So you're arguing with a strawman 
Posted on 3/3/23 at 12:03 pm to ronricks
quote:
The housing market has remained strong and will until the supply issue shakes out and that could be years
Housing is tied to employment as much if not more than it is tied to supply side economics.
2008, the crash was due to employment factors (850 credit scores don't do you much good when you are unemployed or severely underemployed).
The present strength (or stability) within the housing market is a reflection of increasing employee compensation and low unemployment.
When inflation effects businesses bottom line and lack of capital liquidity results in a flip of the employment numbers (or if), that is when the real estate market will take a sharp change in direction.
This post was edited on 3/3/23 at 12:05 pm
Posted on 3/3/23 at 12:06 pm to WhiskeyThrottle
quote:
Better.com
Good luck with that experience.
Posted on 3/3/23 at 12:12 pm to meansonny
quote:
The present strength (or stability) within the housing market is a reflection of increasing employee compensation and low unemployment.
I just don't believe wages are increasing that much right now. Additionally, I see now hiring signs everywhere
Posted on 3/3/23 at 12:27 pm to meansonny
quote:
Housing is tied to employment as much if not more than it is tied to supply side economics.
Hence, why I said inventory increasing which can be via new builds or inventory coming to market for whatever reason (jobs, economy etc). Until that happens the housing market isn't going to 'crash' and prices will remain stable and inventory will continue to be low.
Posted on 3/3/23 at 12:30 pm to HailToTheChiz
quote:
I just don't believe wages are increasing that much right now
The economy/country is pretty huge for blanket statements.
But lower level pay has gone up so much, it is working its way up the ladder of the economy. New hires are seeing a premium (and the more tenured positions will be asking for more shortly)
quote:
Additionally, I see now hiring signs everywhere
Labor market is strong. FED has had no impact so far. And wages will continue to rise (and will compound business costs and inflation even more). Wage inflation is like a combustion engine. It creates a long tail through its butterfly effect (maybe NFL coaching changes would be a better analogy than combustion engine)
Posted on 3/3/23 at 12:58 pm to wutangfinancial
quote:
The real estate world lost their minds the passed few years. Too many people that get paid too much convinced themselves their talent brought in all that new business and they're all getting burned right now.
Talent and expertise in inventory analysis
Posted on 3/3/23 at 2:15 pm to bayoudude
quote:
People will be forced to accept smaller homes in the near future I am afraid
I feel like even "normal" sized houses in just halfway decent areas are still super expensive. Combined with high interest rates, homeowners insurance, property taxes, etc... renting is MUCH more budget friendly for me.
Hoping somethings gives in the next few years, but I feel like it's just wishful thinking.
This post was edited on 3/3/23 at 2:16 pm
Posted on 3/3/23 at 2:41 pm to shoelessjoe
Don’t do it baw. Having a house sucks. I wish I could just live in a tent and steal Taco Bell wifi
Posted on 3/3/23 at 2:55 pm to dcrews
quote:
feel like even "normal" sized houses in just halfway decent areas are still super expensive
Because they are by the traditional metrics. In the Big Short one of the first big picture alarms was the altered ratio of household income compared to housing prices.
Typically an increase in mortgage interest rate by 1% increases the monthly payment by ten percent. We've gone up around 4% over the last 12 months.
Volume of sales predicts future prices in general. The volume has fallen. Decreases in price usually lag and occur much more slowly than appreciation. Unless a lot of investors sell properties rapidly that's what I would guess will happen
Posted on 3/3/23 at 3:06 pm to molsusports
quote:
Volume of sales predicts future prices in general. The volume has fallen. Decreases in price usually lag and occur much more slowly than appreciation. Unless a lot of investors sell properties rapidly that's what I would guess will happen
It's a process that doesn't happen often anymore because the government starts supplementing income when unemployment spikes and then you have all sorts of government intervention with the servicers with NPL books that delays the BK and foreclosure process. In the NE and the West Coast it's really lengthy.
Posted on 3/3/23 at 3:10 pm to shoelessjoe
That is way high
Posted on 3/3/23 at 4:03 pm to molsusports
Additionally, rates don't affect anyone buying in cash and people are still adding assets as a hedge against inflation.
A lot of people never got all the way back in the stock market since every company on earth is mentioning this supposed recession around the corner.
A lot of people never got all the way back in the stock market since every company on earth is mentioning this supposed recession around the corner.
Posted on 3/3/23 at 6:23 pm to Sgt_Lincoln_Osiris
quote:
rates don't affect anyone buying in cash
Average rate of return is around 4-5% annually on the purchase of a new rental property. That doesn't necessarily compare favorably to just 1 year treasuries and bonds. But involves more labor and risk.
For a great deal on a property? Absolutely, buy. But not without a strong and durable predicted return. Because the labor and risk assumed has to be considered
Posted on 3/4/23 at 2:33 am to kywildcatfanone
quote:
That is way high
Called around today and found one offering 6.5%. Still calling around next week to see what else is available.
Posted on 3/4/23 at 10:03 pm to shoelessjoe
Y’all missed the low rates.
I refinanced at 2.2% back in 2021
I refinanced at 2.2% back in 2021
Posted on 3/4/23 at 10:05 pm to Rhino5
No shite? What good is it to call them out in hindsight?
Posted on 3/4/23 at 10:21 pm to lynxcat
quote:
No shite? What good is it to call them out in hindsight?
Lol, I didn’t call anyone out.
FYI, CD’s are at about 5%. The market is fluid. Stay on top of it.
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