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re: .
Posted on 1/21/23 at 6:49 am to Art Vandelay
Posted on 1/21/23 at 6:49 am to Art Vandelay
We've been discussing a move for about a year, and I feel like we're just going stay for a while. We're paying 3.62 on a 20 year loan that started in 2015. Last summer any house that was halfway decent was way overpriced and was gone in a day, and honestly not many people were selling anyway.
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Posted on 1/21/23 at 7:46 am to 1MileTiger
Massively high interest rates
Compared to historical 30 year mortgages since they became available in 1971 rates are very low. We just have a generation addicted to cheap money.
Real estate is hyperlocal. Don’t look at data from national services like Zillow and Trulia. Know your local market. My zip had a house come on the market on Friday and had 10 offers by Sunday. Listed @ 1.15 went for 1.3.
Can’t argue with this
I think the US will keep voting with their feet. The migration the last three years has been nothing short of historic. I see that trend continuing over the next two decades and vastly changing the demographic landscape of America. Red states will become more red, blue states will become more blue, but populations in blue states will continue to decline. The south will become the economic engine for the US.
Compared to historical 30 year mortgages since they became available in 1971 rates are very low. We just have a generation addicted to cheap money.
quote:
Insanely inflated home prices
Real estate is hyperlocal. Don’t look at data from national services like Zillow and Trulia. Know your local market. My zip had a house come on the market on Friday and had 10 offers by Sunday. Listed @ 1.15 went for 1.3.
quote:
Salaries that aren't keeping up with Bidenflation. 401ks in the trash?
Can’t argue with this
quote:
What does anyone really expect? It's going to be a bloodbath in 2023 and beyond.
I think the US will keep voting with their feet. The migration the last three years has been nothing short of historic. I see that trend continuing over the next two decades and vastly changing the demographic landscape of America. Red states will become more red, blue states will become more blue, but populations in blue states will continue to decline. The south will become the economic engine for the US.
Posted on 1/21/23 at 10:33 am to fallguy_1978
quote:
Current mortgage rates are pretty average historically. We've just had 14 years of artificially low rates. Prices are still inflated quite a bit though.
10% on a $350k house is not sustainable for most people.
We sold our first home 3 years ago for $150k. That’s $5k more than I paid for it in 09. My wife found out the people listed it last summer and sold it for $255k.
This is a 1350sf spec house. When we originally bought it I got 4.5% and had refid to 3.5%. My mortgage with pmi was right at $1000/month. It was our first home, we had no money. On an entry level salary, that was a huge expense.
At $250k @ 8%, that note with pmi has to be close to $1800/month right? I mean someone making $85k/yr is $1600/m before taxes, and that’s a lot more than I made when I graduated 20 years ago. How are people affording this?
I got 2.6% on my current home and got in before prices just got stupid. My kids might not see that interest rate in their lifetimes.
This post was edited on 1/21/23 at 10:35 am
Posted on 1/21/23 at 10:49 am to FLObserver
quote:Just keep paying their mortgage and use their home for its intended purpose--to live in. Gotta see a home as an investment in your overall quality of life, not just finances.
This will be alot of people. The only issue is what happens to the people that locked in great rates but overspent on their home purchase? Will be a tough pill to swallow for some watching their home purchase fall further and further under water.
Posted on 1/21/23 at 10:51 am to elprez00
quote:I don't think that is right.
someone making $85k/yr is $1600/m before taxes
Posted on 1/21/23 at 10:51 am to Gravitiger
Nothing to see here according to the one guy that always gets on these threads and says we are still short inventory.
Posted on 1/21/23 at 10:53 am to elprez00
quote:Until a decade ago almost no one had ever seen that interest rate in their lifetimes.
I got 2.6% on my current home and got in before prices just got stupid. My kids might not see that interest rate in their lifetimes.
Posted on 1/21/23 at 10:53 am to Gravitiger
Yeah, someone making 85k is probably bringing home closer to 5k/month.
I understand the point though. Your average person can't really afford an average home or an average vehicle these days. I'm not saying 85k is average for an individual though. I think that would be closer to 45-50k
I understand the point though. Your average person can't really afford an average home or an average vehicle these days. I'm not saying 85k is average for an individual though. I think that would be closer to 45-50k
Posted on 1/21/23 at 10:54 am to RogerTheShrubber
That is half a million?
Posted on 1/21/23 at 10:55 am to 1MileTiger
quote:
What does anyone really expect? It's going to be a bloodbath in 2023 and beyond.
Posted on 1/21/23 at 10:57 am to elprez00
quote:
I got 2.6% on my current home and got in before prices just got stupid. My kids might not see that interest rate in their lifetimes.
Those were historic low mortgage rates. I think ours is 2.375% when we refinanced during covid. I don't ever expect to see that again. Prices will eventually adjust to reflect 5-7% mortgage rates being the norm.
Posted on 1/21/23 at 11:15 am to fallguy_1978
So are people with less than 3.5% mortgages not going to be able to move or relocate due to them no longer having such a low interest mortgage or are they going to move and relocate to wherever they’re going to and just hang on to their previous home and make it a rental?
Seems like rents are continuing to rise everywhere and mortgage rates between 5-7% may have some impact on people renting rather than buying.
I’ve met several real estate investors throughout my life and some are very adamant about never selling a property.
Seems like rents are continuing to rise everywhere and mortgage rates between 5-7% may have some impact on people renting rather than buying.
I’ve met several real estate investors throughout my life and some are very adamant about never selling a property.
Posted on 1/21/23 at 11:22 am to Paul Allen
quote:
So are people with less than 3.5% mortgages not going to be able to move or relocate due to them no longer having such a low interest mortgage or are they going to move and relocate to wherever they’re going to and just hang on to their previous home and make it a rental?
I suspect that a lot of them won't move. I wouldn't if this was potentially our last home. If you have to move for a job or something like that you don't really have a choice.
We'll likely sell this house in 2.5 years or so when the kids are all gone. It will sting giving up such a low rate but I'd still do it and hope to be able to refinance lower at some point.
Posted on 1/21/23 at 11:25 am to Paul Allen
quote:
I’ve met several real estate investors throughout my life and some are very adamant about never selling a property.
My dad kept both of the houses that I grew up in as rentals. I just don't want to deal with the headache of maintaining multiple properties. Maybe if I could make it work with a company that dealt with the renters and the maintenance.
Posted on 1/21/23 at 12:30 pm to JohnnyKilroy
When China Joe took over and immediately started fricking with the oil and gas industry.
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