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Message
re: Everyone has been WishCasting the housing market for almost 4 years now...
Posted on 7/29/24 at 9:33 am to sidewalkside
Posted on 7/29/24 at 9:33 am to sidewalkside
quote:
This will not happen again in our lifetimes. Look at the headache super low interest rates has brought the overall economy.
Its unbelieve people EXPECT at 2.5% - 3% rate.
It borderline pisses me off at the audacity a person has to ask someone for $350,000 in cash money right on the spot then dictate a low interest rate on that cash. Mind boggling.
0
Posted on 7/29/24 at 9:35 am to SouthPlains
quote:
t aggressively pay the house off within the next ~5 years, lord willing.
Smartest decision youlll ever make besides finding a wife that is down with the cause.
Smart moves.
Posted on 7/29/24 at 9:36 am to el Gaucho
quote:
A lot of people don’t realize that boomers voted for this
Because most of them are idealistic driven versus pragmatic. The greatest generation gave birth to the most power hungry, self-observed generation of political leaders in our country's history.
Posted on 7/29/24 at 9:38 am to swamplynx
quote:
While your post isn't wrong, most buyers still cant swing the monthly note due to the interest rate.
I don't understand why more people don't understand this fact.
The 25th percentile home sale price in my area is ~$350,000.
If you somehow have a 20% downpayment saved up for that (unlikely), that'd be a monthly payment of ~$2,500.
If you have a 3.5% downpayment saved up for that (more likely), that monthly payment is closer to $3,000.
That isn't even including any possible HOA fees.
It's a budget killer. Not to mention, with a home in that level of price, you're looking at necessary repairs and rehab.
Posted on 7/29/24 at 9:39 am to MrJimBeam
quote:
Rates will drop or prices will drop eventually.
If rates drop, what do you think will happen to the price of homes?
Posted on 7/29/24 at 9:39 am to Split2874
quote:
I am so happy I decided to refi during the covid reset. I will be riding this loan out for awhile.
Same,,, Enjoying my 2.5% interest rate
Posted on 7/29/24 at 9:41 am to Friscodog
quote:
What is this you speak of that boomers voted for?
First of all, the first millenial president trump lowered interest rates to give millenials a chance so boomers voted for boomer Biden to get rid of trump
The first law Biden passed was to raise interest to 7%
Posted on 7/29/24 at 9:42 am to Shexter
quote:
Boomers will start dying off soon. There will be a surplus of houses and large RV's.
No boomers donate all their stuff to the nursing home in Florida to make sure millenials can’t get it
Posted on 7/29/24 at 9:43 am to el Gaucho
quote:
Yep. A lot of people don’t realize that boomers voted for this so that millenials will never be able to own houses
WTF are you talking about. Millennials are in there 30s and 40s.
Posted on 7/29/24 at 9:44 am to el Gaucho
quote:
First of all, the first millenial president trump lowered interest rates to give millenials a chance so boomers voted for boomer Biden to get rid of trump
The first law Biden passed was to raise interest to 7%
Too wrong to even be considered a troll.
Posted on 7/29/24 at 9:48 am to Epic Cajun
quote:
If rates drop, what do you think will happen to the price of homes?
I personally feel that houses are overpriced from Texas through Louisiana (what I' am familiar with). A lot of this pertains to your area.
Even if the interest rates fell, I think the selling prices are still too high and high everywhere quite frankly. I know this is against the grain, but I am just using my eyes and what I see. There is no motivation to buy, and prices have risen or stayed stagnant? Naw, I dont believe it.
You have to figure the cost over everything else slashed most budgets for a house. Food being one.
We shall see.
Posted on 7/29/24 at 9:49 am to sidewalkside
The only wishcasting I've ever done was for Blackrock and the other investment firms to get out of the housing market. NOBODY can compete against everyone's retirement funds buying up all the houses. In the end, we'll be much worse by letting them rape our housing market along with the Chinese.
Posted on 7/29/24 at 9:50 am to sidewalkside
Wish casting is a dumb word. Up there with wanderlust
Posted on 7/29/24 at 9:52 am to sidewalkside
It depends on your market. Anyone in the Texas Triangle (DFW->Houston->A/SA) are going to regret not buying sooner. These prices aren't going down. Sure, they'll hit small dips here and there, but the trend is going to be upwards for at least the next 20 years.
Posted on 7/29/24 at 9:54 am to sidewalkside
quote:
Buyers need to understand now is the time they have the most leverage to negotiate concessions of all sorts from price reductions, to interest rate buy downs, closing cost assistance etc
Not a ton of concessions to be made when 20 people are fighting for each house. It's time to buy within your means, and understand that markets fluctuate, so build up equity and then upgrade in 10 years.
Posted on 7/29/24 at 9:56 am to Chicken
My parents' house that I grew up in was built in 1981 and they had a VA-secured loan at 12.5%, and that was with rock solid credit and a stable employment history.
I can remember during the Reagan administration that people thought 7% interest rates were healthy because they kept the low-end, high-risk types out of the market and encouraged traditional savings.
We just built a house last year. We locked in at 4.9%, banker said we were last one under 5% he figured he'd see for years. We owned the acreage outright, had $75k+ in cash, and rolled $180K+/- equity from previous home sale into it. All that took 20 years of financial discipline and wisdom, as well as several turns of good luck.
Part of the issue is people thinking that only a few years out of school they should be on par with their parents without realizing what all had to happen for the older folks to get to that point.
I can remember during the Reagan administration that people thought 7% interest rates were healthy because they kept the low-end, high-risk types out of the market and encouraged traditional savings.
We just built a house last year. We locked in at 4.9%, banker said we were last one under 5% he figured he'd see for years. We owned the acreage outright, had $75k+ in cash, and rolled $180K+/- equity from previous home sale into it. All that took 20 years of financial discipline and wisdom, as well as several turns of good luck.
Part of the issue is people thinking that only a few years out of school they should be on par with their parents without realizing what all had to happen for the older folks to get to that point.
Posted on 7/29/24 at 9:58 am to kywildcatfanone
quote:
None of us did because that was considered a good rate. The problem is 2020-22 made everything think rates should be in the 2-4% range, and it has never been there ever before then.
I don't think the problem is making people "think" something, its that the market adjusted for the lower rates and went up faster than it would/should have. If we had brought rates to the 4-5% level where they probably "should" be once the financial crisis had been tamed, we would be in a better spot right now at least on that front. But we didn't, and now home prices are so high that you need 2-3% rates for many people to be able to afford the monthly payment.
The "I paid blah blah blah in X decade" talk is almost irrelevant given the rise in prices without wages matching.
Posted on 7/29/24 at 10:00 am to VolSquatch
Homes are going to appreciate over the long term anyway. People will start buying again as soon as interest rates drop. I don't see there being a "crash." There's too much cash in the market
Posted on 7/29/24 at 10:03 am to Yeti_Chaser
quote:
People will start buying again as soon as interest rates drop.
We just bought a house last month after looking for about 6 months. And in the process of selling our old house. Its been on the market less than a week and we have already had half a dozen showings.
I watched many houses we were interested in go under contract pretty quick. I know the narrative is that nobody is buying, interest rates, etc. But just my own personal anecdotal evidence says otherwise.
Posted on 7/29/24 at 10:04 am to More beer please
It's location specific. We've definitely had a few houses for sale in our neighborhood for a year. One of them finally sold about a week ago.
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