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re: The average interest rate on a 30-year mortgage rises to 7.62%, the highest since 2000
Posted on 9/8/23 at 1:47 pm to JasonDBlaha
Posted on 9/8/23 at 1:47 pm to JasonDBlaha
quote:
Couldn’t imagine being a Gen Z kid who just graduated from college and is working while trying to find a home now.
Rent and start throwing super low offers at homes and hope someone bites. Hard to justify buying at both inflated rates and prices but nothing seems to be giving.
1
Posted on 9/8/23 at 1:52 pm to Delacroix22
The finishes in homes today are much nicer. People have smart switches, home automation, double ovens, six burner stoves, and all of that stuff costs extra.
You could probably build a bare bones, 3/2 house for pretty cheap, but then no one would buy it.
You could probably build a bare bones, 3/2 house for pretty cheap, but then no one would buy it.
Posted on 9/8/23 at 1:52 pm to GRTiger
If you're a young person wanting to buy a home, my suggestion would be to create liquidity and keep an eye on the foreclosure market.
Posted on 9/8/23 at 1:52 pm to Weekend Warrior79
quote:
Wife was toying with the idea of wanting a bigger house a few months ago. She started looking around at the price point where we'd be comfortable based on the projected monthly note at our current interest rates (3.25%). She found one she liked, I said that's cute this is how much we "can afford" if we only want to spend XXXX a month with today's current interest rates. She closed her laptop
I think you’re going to start seeing a lot more people living well within their means going forward. Me and my wife live in a $400,000 house with an insanely good interest rate and we both make significantly more money than we did when we bought it, so we were looking at houses in the $500,000-$650,000 range out of curiosity and there’s a 0% chance I’m going to let my note basically quadruple so I can impress a bunch of people I don’t even like. Why anyone would take on $5,000+ per month right now is beyond mePosted on 9/8/23 at 1:53 pm to Athanatos
quote:
You could probably build a bare bones, 3/2 house for pretty cheap, but then no one would buy it.
Find a 3/2 home built in 1985 with no renovations and tell me what the price is.
Posted on 9/8/23 at 1:56 pm to stout
2.15 here daddio 
Posted on 9/8/23 at 2:01 pm to SabiDojo
quote:
Find a 3/2 home built in 1985 with no renovations and tell me what the price is
Probably pretty cheap. Would need new hvac, roof, water heater, appliances, possibly plumbing…
Posted on 9/8/23 at 2:02 pm to SabiDojo
quote:
Find a 3/2 home built in 1985 with no renovations and tell me what the price is.
I would guess about $200k.
Posted on 9/8/23 at 2:02 pm to brass2mouth
I refinanced durning COVID and went from 4.75 to 2.25
Posted on 9/8/23 at 2:03 pm to stout
quote:
Per Black Knight: It would take some combination of up to a 28% decline in home prices, a more than 4% reduction in 30-year mortgage rates, or up to a 60% growth in median household incomes to bring home affordability back to its 25-year average.
Seems fairly possible in the next 2-3 years
Posted on 9/8/23 at 2:04 pm to JohnnyKilroy
quote:well, what are they?
The respective increases are not even remotely close.
Posted on 9/8/23 at 2:07 pm to Chicken
quote:
well, what are they?
damn chicken, you don't got to stunt on us with your tech money.
Posted on 9/8/23 at 2:07 pm to Athanatos
quote:
You could probably build a bare bones, 3/2 house for pretty cheap, but then no one would buy it.
I think you mean no one would build it.
Have fun finding a contractor to build you a spartan 3/2 any time soon. The builders profit would be pennies compared to what they are getting for everyone else's bids.
Posted on 9/8/23 at 2:08 pm to SabiDojo
Cheap house
Maybe not a great example, but sort through Zillow for a 3/2 that is less than 300k and on the market for more than 90 days.
Maybe not a great example, but sort through Zillow for a 3/2 that is less than 300k and on the market for more than 90 days.
Posted on 9/8/23 at 2:19 pm to Dire Wolf
that graph seems unbelievable. It seems that every college graduate that I talk to is making 2-4 times what I made coming out of college in 1994.
Posted on 9/8/23 at 2:26 pm to Chicken
quote:
that graph seems unbelievable. It seems that every college graduate that I talk to is making 2-4 times what I made coming out of college in 1994.
And how much is that?
The average starting salary of a fresh college grad is like 55k. In 1994 it was 33k.
So a 66% cumulative increase over 29 years.
A far cry from your estimate.
This post was edited on 9/8/23 at 2:28 pm
Posted on 9/8/23 at 2:27 pm to JasonDBlaha
I graduated in ‘86 and bought a house in ‘89, interest rates were at 10%.
Had to buy a house that was within my means.
It’s not impossible.
Had to buy a house that was within my means.
It’s not impossible.
Posted on 9/8/23 at 2:29 pm to Grassy1
quote:
Had to buy a house that was within my means.
It’s not impossible.
It's close to impossible for some people now
Posted on 9/8/23 at 2:39 pm to Grassy1
quote:
I graduated in ‘86 and bought a house in ‘89, interest rates were at 10%.
Had to buy a house that was within my means.
It’s not impossible.
Yes, but there's degrees of possible. Really not a good market right now, and, regardless, comparisons to 30 years ago typically don't match up well. Houses are far more expensive now relative to income than then. Hopefully it gets better.
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