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Every time I passed on a real estate purchase because the price was too high...
Posted on 10/12/23 at 10:56 am
Posted on 10/12/23 at 10:56 am
I've looked back a few years later and said I wish I would have bought that. All of you complaining and waiting will only be in a worse situation down the road.
21
Posted on 10/12/23 at 10:57 am to sidewalkside
quote:
Every time I passed on a real estate purchase because the price was too high...
Price combined with Biden's current interest rate makes a lot of properties unbuyable right now.
Posted on 10/12/23 at 10:59 am to sidewalkside
I don’t get the hesitation in the market currently. If you’re waiting on interest rates to drop, what do you think housing prices will do when that happens? You can always refinance to a lower rate later if rates drop, and if rates keep going up, you’re better off with the lower rate you have now.
Posted on 10/12/23 at 11:00 am to sidewalkside
Just give chicken money to run an add for your real estate agency.
Posted on 10/12/23 at 11:01 am to sidewalkside
What realty agency do you work for?
Posted on 10/12/23 at 11:01 am to Epic Cajun
quote:
I don’t get the hesitation in the market currently.
For me, it is a simple matter of monthly budgeting for what I would be getting.
There's also still a mental shock when looking at prices. The cheapest livable homes I see around me are around $375,000. These houses were more like $275,000 just 2 years ago.
This post was edited on 10/12/23 at 11:02 am
Posted on 10/12/23 at 11:01 am to Epic Cajun
Yup. As soon as rates start to go down the bidding wars and prices will go back up. Everyone would rather sit around and cry
Posted on 10/12/23 at 11:02 am to sidewalkside
You are making an argument that expensive real estate always appreciates fast, which is a foolish argument. Even if your missed opportunities appreciated di they do so faster than what you could have made in other investments?
Posted on 10/12/23 at 11:02 am to WaydownSouth
I'm not an agent. I'm just an owner trying to give you clowns some good advice.
Posted on 10/12/23 at 11:04 am to Penrod
quote:
Even if your missed opportunities appreciated di they do so faster than what you could have made in other investments?
They all appreciate faster then throwing money away on rent
Posted on 10/12/23 at 11:05 am to sidewalkside
The bigger problem in SELA than the price or the interest rates is the damn homeowner and flood insurance (depending on your flood zone of course) are higher than giraffe nuts. I'm paying way more for the insurance and property taxes than my mortgage every month.
This post was edited on 10/12/23 at 11:06 am
Posted on 10/12/23 at 11:06 am to sidewalkside
Just keep your head up, you'll get your break
This post was edited on 10/12/23 at 11:11 am
Posted on 10/12/23 at 11:07 am to sidewalkside
quote:
throwing money away on rent
The median home price in my ZIP is $450,000. With 3.5% down, and all the various other payments, the monthly payment would be something like $3,300/month.
My rent is $1,800/month.
I take that difference and stick it in high-yield savings.
Posted on 10/12/23 at 11:08 am to sidewalkside
totally disagree
Posted on 10/12/23 at 11:14 am to sidewalkside
What’s your commission?
Posted on 10/12/23 at 11:16 am to Epic Cajun
quote:
I don’t get the hesitation in the market currently.
Because the houses aren’t worth what people are asking.
Posted on 10/12/23 at 11:17 am to Epic Cajun
quote:
I don’t get the hesitation in the market currently. If you’re waiting on interest rates to drop, what do you think housing prices will do when that happens? You can always refinance to a lower rate later if rates drop, and if rates keep going up, you’re better off with the lower rate you have now
The problem was the crazy lag in home prices reflecting the new rates. Everyone’s homes valuated super high in March 2021 and they’re either refusing to come off those prices, or they’re being forced out their own crazy low interest rate because a move and they’re trying to parlay that into their new mortgage.
We’re finally seeing downward pressure on prices and now you’d be right. As a prospective buyer I want to get a home at a lower price if I’m paying 8% interest. In 2 years when I refinance to 5.5% (or whatever we’re lucky to get) I’ll both save money and my home value increase will roll into more equity.
Nothing dumber than buying a home at 2021 price and 2023 rates. You won’t be able to refinance because the bank is going to value your house 30k less.
This post was edited on 10/12/23 at 11:19 am
Posted on 10/12/23 at 11:18 am to The Baker
quote:
Because the houses aren’t worth what people are asking.
People have been saying that literally forever...and yet real estate values continue to increase. Sure there may have been a drop here or there but overall...the chart goes up.
Posted on 10/12/23 at 11:19 am to GetCocky11
quote:
For me, it is a simple matter of monthly budgeting for what I would be getting. There's also still a mental shock when looking at prices. The cheapest livable homes I see around me are around $375,000. These houses were more like $275,000 just 2 years ago.
It’s a shitty reality for those who didn’t buy a few years ago, but what you can afford is what you can afford. It’s unlikely to get much better going forward. Do you think those houses that are 375k are going to magically drop back down to 275k?
Posted on 10/12/23 at 11:23 am to sidewalkside
quote:
I'm just an owner trying to give you clowns some good advice.
what's happening is people aren't selling/moving from what they have to hop into something a little bit better because of having to flip their mortgage interest rate from 3% to 7.75%.
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