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Message
re: .
Posted on 1/20/23 at 3:56 pm to 1MileTiger
Posted on 1/20/23 at 3:56 pm to 1MileTiger
quote:
Massively high interest rates
Que? We just got through a period of record low interest rates. Getting back to more of a normal level.
Younger people are hesitant to buy now because they think the rates are too high. But at the same time home prices are still somewhat inflated, so understandable. I wouldn't wait around for the rates to fall back down though.
This post was edited on 1/20/23 at 4:01 pm
0
Posted on 1/20/23 at 4:05 pm to fallguy_1978
quote:
Prices are still inflated quite a bit though.
1200 sq ft 3/2 ranch used to be around 300k here, still almost 500k.
eta: 465k
This post was edited on 1/20/23 at 4:49 pm
Posted on 1/20/23 at 4:42 pm to RogerTheShrubber
Definitely some sticker shock when the mortgage guy runs out the payments at 30 years and 6%+ interest vs half that rate 2 years ago.
Add in property tax and insurance etc. and renting out in the exurbs looks really good to a lot of people.
Add in property tax and insurance etc. and renting out in the exurbs looks really good to a lot of people.
Posted on 1/20/23 at 4:43 pm to MrLSU
Where are all the people that told me it was dumb to move from an owned house to a rent house for a year or two... I am sure the house prices will stay high.
I would have bought another house if I was SURE I was staying in this area but I am not sure I will be here more than 3 years and the thought of losing tens of thousands of dollars buying another house at the top was too risky for me with all the writing on the wall.
I would have bought another house if I was SURE I was staying in this area but I am not sure I will be here more than 3 years and the thought of losing tens of thousands of dollars buying another house at the top was too risky for me with all the writing on the wall.
Posted on 1/20/23 at 4:50 pm to BluegrassBelle
We’re still several years away from adequate inventory.
Home prices will more than likely stabilize in hotter markets, or at worst, slightly decline.
Home prices will more than likely stabilize in hotter markets, or at worst, slightly decline.
Posted on 1/20/23 at 4:53 pm to MrLSU
All part of the plan.
Wreck the economy so everyone has to depend on big government
Wreck the economy so everyone has to depend on big government
Posted on 1/20/23 at 4:56 pm to MrLSU
No shite.
The market bubbled up during Covid when supply tightened and then crashed when the economy collapsed combined with interest rates going up.
Housing is going to be stagnant for a few years IMHO because people who don’t have one will have trouble affording one and people who have one are unlikely to sell because getting a different one would cost more for what they get compared to the current one.
The market bubbled up during Covid when supply tightened and then crashed when the economy collapsed combined with interest rates going up.
Housing is going to be stagnant for a few years IMHO because people who don’t have one will have trouble affording one and people who have one are unlikely to sell because getting a different one would cost more for what they get compared to the current one.
Posted on 1/20/23 at 4:56 pm to fallguy_1978
quote:
Current mortgage rates are pretty average historically. We've just had 14 years of artificially low rates.
Yeah. My first mortgage in 1998 was 7% and it stayed that way for a while.
Posted on 1/20/23 at 4:58 pm to MrLSU
Fully expected, thanks to your govt ineptitude
Posted on 1/20/23 at 4:59 pm to Tantal
quote:
Yeah. My first mortgage in 1998 was 7% and it stayed that way for a while.
I think ours was 6.8% in 2006
Posted on 1/20/23 at 5:00 pm to MrLSU
Anyone who has a rate below 3% is not moving any time soon or perhaps for the life of their mortgage.
Posted on 1/20/23 at 5:02 pm to idontyield
quote:
Anyone who has a rate below 3% is not moving any time soon or perhaps for the life of their mortgage.
That's what's unique about our current situation. Rates went up so fast that most people who already owned their homes don't want to give up their low rate.
Posted on 1/20/23 at 5:04 pm to BluegrassBelle
quote:
You're getting ready to have a whole group of working-class people that can't obtain a mortgage but will also not be able to afford rent in an apartment.
We should import 10 million more illegals to make things even more expensive
Posted on 1/20/23 at 5:12 pm to MrLSU
But remember it’s not a recession…. Because a certain party is in power.
Posted on 1/20/23 at 5:18 pm to MrLSU
You will own nothing and be happy
Posted on 1/20/23 at 5:22 pm to MrLSU
Beginning of the end. The bottom will fall out in2023.
Posted on 1/20/23 at 5:40 pm to fallguy_1978
quote:
Anyone who has a rate below 3% is not moving any time soon or perhaps for the life of their mortgage. That's what's unique about our current situation. Rates went up so fast that most people who already owned their homes don't want to give up their low rate.
This is what makes these recent threads intriguing.
There’s always the glib guy posting about hoping for a crash so he can get his first home at generational low.
But even if home prices crash, inflation, the appreciation from the past few years, and rising interest rates negate any possible discount to the buyer.
It will be years before people adapt to the idea of buying new homes with a 7% rate when every house they’ve ever owned was below 4%.
Then there’s the old people who want to downsize. When their mortgage rate doubles or triples, it becomes more expensive to downsize than to just keep what they have.
The only homes trading in the foreseeable future are the high end ones where people pay cash and the low end DR Horton starter homes
Posted on 1/20/23 at 5:43 pm to JKLazurus
quote:
Rates went up so fast that most people who already owned their homes don't want to give up their low rate.
yup. I locked in at 3.99% in April 2021.
not moving for a good long while
Posted on 1/20/23 at 5:46 pm to MrLSU
Omg… the economy is crashing ??
Posted on 1/20/23 at 5:46 pm to MrLSU
They were covid inflated anyway.
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