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re: New Realtor talking point: "Marry the house, date the rate"
Posted on 11/13/23 at 11:30 am to tigafan4life
Posted on 11/13/23 at 11:30 am to tigafan4life
quote:
I have come to grips that we are stuck in the too small house for us until we die because the rates will never get better.
A house is what you make of it.
1
Posted on 11/13/23 at 11:30 am to stout
22 years at current rates confirmed.
Posted on 11/13/23 at 11:43 am to jizzle6609
quote:
I have come to grips that we are stuck in the too small house for us until we die because the rates will never get better.
People used to live in small houses. The era of the McMansion is an anomaly. When I was a kid a 3,000 square foot house was very big. Now it’s pretty normal.
Go back to 3/2 ranch style 1,500 ft homes and people could maybe afford them.
Posted on 11/13/23 at 12:03 pm to Jcorye1
quote:
I don't think we are in for the housing collapse everyone thinks we are in for
As long as supply is tight a collapse just won’t happen. We’re seeing a slow cooling which is just what the fed wanted.
Posted on 11/13/23 at 12:12 pm to stout
quote:
New Realtor talking point: "Marry the house, date the rate"
been saying this shite for years, bruh...
your obsession with realtors is weird, bro... for real
Posted on 11/13/23 at 12:19 pm to theronswanson
quote:
Now compare the price of house in 1971 versus the price of a house now. Even adjusted for inflation a home costs such a higher percentage of our income it’s astounding
Compare the house built in 1971 to the one now. 1971- possibly no central heat and air, 4 br house that's only 1600 living area, no 12 on 12 roof pitch, no his and her walk in closets, master bath is one toilet, one sink and shower only, formica counter tops in the kitchen, etc.
It's like the people that complain about what their parents paid for a new car all the while not taking into consideration the bells and whistles their car has now compared to 30 years ago.
Posted on 11/13/23 at 12:29 pm to stout
Dave Ramsey said the same thing. In the long-term, they are both right. Your home will be valued more in 5 years than it is now. That is a sound argument.
A nice million dollar home that was say worth $750k in 2020 will never drop back to 2020 prices. It might drop to $900k in the next year but be $1.25m in 5 years.
If you need to buy a house, do it now and refi later. It's still cheaper than renting a home or similar size.
A nice million dollar home that was say worth $750k in 2020 will never drop back to 2020 prices. It might drop to $900k in the next year but be $1.25m in 5 years.
If you need to buy a house, do it now and refi later. It's still cheaper than renting a home or similar size.
Posted on 11/13/23 at 12:34 pm to chRxis
quote:
been saying this shite for years, bruh...
your obsession with realtors is weird, bro... for real
I think the slogan would work if it was "marry the house, frick the realtor and date the rate"
Posted on 11/13/23 at 12:35 pm to Pax Regis
quote:
People used to live in small houses. The era of the McMansion is an anomaly. When I was a kid a 3,000 square foot house was very big. Now it’s pretty normal.
Go back to 3/2 ranch style 1,500 ft homes and people could maybe afford them.
If you value your money, you dont value wasted space, that is for sure.
This post was edited on 11/13/23 at 12:36 pm
Posted on 11/13/23 at 12:51 pm to SDVTiger
quote:
We better hope Powell holds strong and doesnt start cutting this year
Why would anybody want him to do that?
Posted on 11/13/23 at 1:02 pm to stout
For you youngsters, I'll give a history lesson. In the early '80s banks "helped" home-buyers get through high mortgage rates by offering 5-year balloon notes, limiting payments to interest for five years. After five years the loans would be refinanced at a lower rate (if things went according to plan).
I'm hearing that lenders are helping to ease the pain of an 8% mortgage by refinancing it later for free. They're limiting the window to be able to refinance (giving themselves insurance that borrowers won't be able to refinance at the cheapest rates). Borrowers might not save anything.
The point is that the market will do things to make trade happen. It won't be near as bad as people say it will be, but people will get through this.
I'm hearing that lenders are helping to ease the pain of an 8% mortgage by refinancing it later for free. They're limiting the window to be able to refinance (giving themselves insurance that borrowers won't be able to refinance at the cheapest rates). Borrowers might not save anything.
The point is that the market will do things to make trade happen. It won't be near as bad as people say it will be, but people will get through this.
Posted on 11/13/23 at 1:05 pm to RoyalWe
quote:
It won't be near as bad as people say it will be
What if we want it to be?
Posted on 11/13/23 at 1:09 pm to Jim Rockford
quote:
He says people don't care about the rate, all they care about is the payment.
Nobody reads that Truth-In-Lending Statement that tells you how much the loan costs.
Posted on 11/13/23 at 1:15 pm to stout
In our market we are now seeing price cuts but I don't see anything like '07-'09...mainly because of the mortgage origination process has changed. No 100% LTV..no documentation...etc. Until about 2 years ago majority of transactions on the beach were cash...that has changed.
Posted on 11/13/23 at 1:22 pm to stout
I have actually seen 3 realtors that I know post this word for word. Must be a copy/paste thing sent out from their larger real estate group.
Posted on 11/13/23 at 1:34 pm to wutangfinancial
quote:
Why would anybody want him to do that?
So we dont end up with a Reverse Market crash
Posted on 11/13/23 at 1:53 pm to Deactived
quote:
I was repeating what a realtor said. Everyone has said the number is wrong.
Who is wishcasting?
The other day Ron tried to accuse me of saying a crash was imminent yet could never provide one single link of me saying a crash was going to happen when I asked him to. He couldn't. I simply post data and links for discussion yet in his simpleton brain he sees that as wishcasting.
Ron is not very bright.
Posted on 11/13/23 at 1:56 pm to tigafan4life
quote:
I have come to grips that we are stuck in the too small house for us until we die because the rates will never get better.
I kinda have the reverse situation. Too big of a house now that a couple of kids have moved out. I'd love to downsize from 4,200 sq ft, but I can't let go of my 2.25%.
Posted on 11/13/23 at 1:57 pm to stout
Now is definitely a good time to buy. Prices have gone through some adjustment in most places. There’ll be more to come in areas but not that much.
When rates start to come back down, there's going to be a big jump in prices
Posted on 11/13/23 at 2:00 pm to SlidellCajun
quote:
There’ll be more to come in areas but not that much.
How could you possibly know this for certain?
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