Been looking to move. But not buying into these crazy prices. Buddy of mine has bid on 4 places and all 4 have gone 30-75k above asking price. 2 instances he knew the people who bought, so muh black rock isn't always the case. How are people bitching about $4 dollar gas but have an extra 75k to throw at a house already 100k overvalued?
Anyway..
My lender contacted me this morning. My original approval was for 4.1%. He let me know the new mortgage rate as of today is 5.35% where I bank. "It's sky rocketing and we don't know why". I felt like listing a good amount of reasons why, but fuck it. Waste of time. Let him be shocked. So I looked it up and while this is a higher % than nation wide. Nationally we are still up to roughly 4.5-4.8% Is this the start of the crash bros? How long will it take for prices on homes to come down? How high do you think rates will go up?
I locked in at 2.7%. I feel pgud buying last october.
David Morris
That's comfy. I'm at 3.4% on current home.
Charles Anderson
I honestly can’t say, but it doesn’t seem like it’s going to crash the way it did in 2008. it’s just a hunch but the air is different and the powers in place have ensured they’ll come out cleaner than a freshly washed baby’s bottom. house prices will correct but the gut feeling i’ve had persistently the last year is that it you don’t get a house or land soon, you may be priced out soon.
Aiden Jackson
Dude, of course its going to fucking crash
- we have crazy inflation
- we are moving into a global recession
I am holding onto my money. The idea of paying hundreds of thousands for a comfy box to live in makes no fucking sense.
Plus, in Mexico you can get a house for $30k-$50k near a beautiful beach.
In the US, I can build a house for $30k-50k -- some cabins or shipping containers.
Put 'em on acreage that might cost $200k-300k for a few acres.
Fuck putting $200k-$300k on some cookie cutter piece of shit house. That makes no sense.
I make about $180k/yr ($120k after taxes). FUck if I am spending my lifeforce on an over priced box.
Dominic Richardson
You sure you don't want to buy a 600k house on a 25 year mortgage to feed the banks longer?
Matthew Garcia
Refi'ed to a 15 year at a fixed 2.75 last year on my multi-unit. Own my house and land. Feels good, man.
Joshua Jones
>and we don't know why lol what a joke.
Xavier Thomas
Lmao 2.25% locked in
Get fucked. Housing marker will never crash. Blackrock and vanguard have priced out everyone and now your stuck renting forever.
YWNOAH
Mason Myers
t. negative equity this time next year
Lincoln Long
You also paid 90k over what the house is worth. I bid 30k over list and still lost by 10k on a house listed at 165k. On a run of the mill split level with a big yard.
Jackson Adams
I believe if i sold today I’d be in a worse position due to being priced out. I think this is the game.
All you have to do is hold. Do nothing and hold. Just like the vaccine. Hold.
Oliver Mitchell
I haven't rented in years. We are outgrowing our current home. So have been looking for something bigger. But I'm not paying the prices being asked. I'll make what we have work.
Wyatt Jenkins
Lol it's never going down. Buy now or miss out forever
William Price
Even if housing prices drop. It won't drop by that much. 2008 was supposed to be the biggest drop of the market in recent history, when you look at the graph it was only a blip on the radar. Houses have gone up since 2010. If 2008 was so destructive then housing prices would have stayed the same as 2008 or would have went back to pre 2008 prices.
As you can see from the trend, even if the market takes a dip, houses will always go up. If I have negative equity next year, 5 years from now I will have doubled my initial investment today. Plus who only lives in a house for 1 year. Ride the wave. Always hold no matter what. Your house will only go up in value
Austin Thompson
Even reverting to the trend on Case Shiller is like -35%, and tends to drill -5% beyond that. I'm not saying houses wouldn't recover in the long run, but it will be like 2034 before that happens. Just saying don't be so smug about your 5:1 leverage loan.
Kevin Collins
Forgot the picture
Pay it now or keep your current house. Prices will only go up, that better home will increase in price faster than your home. Right now people are getting priced out from buying a home, soon people with a shitty home will be priced out from buying good homes. Don't let that be you
The 2008 housing "crisis" recovered by 2012. There is no price drop. Any future price drop will only drop to a price that is already relatively high by today's standards. Its only getting worse for non owners. If you dont buy now you never will own a home.
user I wouldn't trust Zillow, the company which blew themselves the fuck out with ibuying, with a forecast; like that's actually comical as a premise to me to believe their analytics. Sorry, I don't believe the fomo. Also checked.
Owen Ross
>I dont trust organizations that have billions at stake.
Ok who do you trust. Where do you get your information that prices won't recover until 2034. Your asscheeks aren't a valid source you know
Isaiah Hill
>Mortgage rates going up. >Housing prices continue to rise anyway. This is how shit works in 2022. Nothing makes sense. I honestly believe that housing prices are never coming down. Most people can either take a huge mortgage that they’ll be paying for the rest off for the rest of their lives, or rent because they simply can’t afford to buy (even though renting prices are crazy high too). We’re all becoming broke by design.
Zachary Brown
typically when interest rates are low, prices are high, and vice versa. So something has to give one way or another.
