Mortgage rates back to 7%

[Sunalmighty]

I looked a few days ago in SD and there's literally no houses under $500k. Only 5-6 condos available at that rate.

shyt, living in california period you gotta work AND sell dope to buy a crib smh

 

[DaHNIC82]

And mofos still arguing 50/50 shyt... This shyt is too high for that petty arguing.. Better start building and coming together

 

[Starman]

2.875% and like 3.75%

And mofos still arguing 50/50 shyt... This shyt is too high for that petty arguing.. Better start building and coming together

Seriously. You'd be surprised what two focused people with decent incomes can accomplish.

 

[dora_da_destroyer]

And mofos still arguing 50/50 shyt... This shyt is too high for that petty arguing.. Better start building and coming together

Yea, living in Ca, I never paid any attention to these online “my man better pay for everything” wars. Ain’t no way you plan on having a man if you waiting for one that can pay 100% of the bills here dolo, you gonna be fighting for a very small segment while the girls going 50/50 are getting married.

 

[levitate]

and crime

 

[Bryan Danielson]

7% what does that mean is that good???

Na… that’s bad man…. Very bad barring you making big money and have a spouse/partner

 

[LeVraiPapi]

5 BR/ 3 BA, yard and furnished basement. bought this crib in 2015

3% rate keeps that payment low. TBH, when I first moved in, I was paying almost $1600 at a higher rate, but I refinanced 2 years ago, which dropped me down, and I got a property tax exemption, which halved my property taxes. that dropped me to like $1172. now it's back at like $1420, cuz of the property tax increase. I reached 20% equity, which also drops me from paying PMI (mortgate insurance which is another monthly fee). Now I'm at around 48% equity.

I also keep an eye on my house insurance, cuz they like to spike the prices every couple years, and when they do, I shop around til I find something better. in summary, the ways to keep your housing payment lower is to:

• get 20% equity so you're no longer paying PMI
• refinance to a lower interest rate if possible
• property tax exemptions
• shop for the best homeowners insurance deals

In the process of getting a new appraisal since my home almost doubled in price. Gotta get my mortgage lower. That extra 200$ can help

 

[MaxBundles]

god damn nikka where the hell u live at TEXAS?

Na, CT

 

[The Devil's Advocate]

I’ll never forget paying $890 for my first apartment back in 2014


shyt gotta be like 1400-1500 rn

I pay $950 for a 3 bedroom on an acre... Y'all better get out these cities and come on down south

 

[Remote]

I pay $950 for a 3 bedroom on an acre... Y'all better get out these cities and come on down south

I’m looking forward to you making that thread about how you’re annoyed at seeing so many damn Timberland boots at the next fish fry.

 

[jwinfield]

I WAS STILL CONTENT WITH
ENJOYING THE DOWNTOWN LIFE
IN 2021...

NOW THAT IM TRYING TO BE
A FAMILY MAN AND BUY A HOUSE
IM LOOKING AT A 7.25 INTEREST RATE.

IM GONNA BE PAYING DOWNTOWN
RENT PRICES JUST TO OWN
A HOUSE NOW.


​

Was living in a 1 bedroom in the South Loop.

For a while the plan was for my next move to be somewhere with more space, especially with working remotely. Then my girlfriend was moving in, so I knew I needed either a big 1 bedroom or a 2 bed. Was looking in the South Loop, West Loop, looked at a couple spots in Lakeshore East, Streeterville, and River North and for my initial budget, none of it worked. Was about to say fukk it and just increase the budget, then said if I'm going to pay this much, might as well just buy something.

Got a 3/3 duplex up condo in Bronzeville with a nice sized private deck facing downtown. With the mortgage and condo fee, I'm paying only $375 more than I was for the 1 bed in SL.

 

[At30wecashout]

uhh...this used to be true when people bought homes at 21-28, now you're lucky to buy a home by 35, many first time buyers are pushing or over 40, at that point, you're past buying a starter home. secondly, there aren't many starter homes anymore - new builders don't make starter homes and boomers/gen x all went in on that rich dad/poor dad shyt and still own their starter homes and rent them out, so they're not on the market for 20-30-somethings to buy

This is my situation. Damn near 40 now (which makes my name hilarious in retrospect) and interest rates went so high, the starter homes (2bd,2bath) that were all over priced and out of date are some of the most hotly contested properties. When rates were 3-4, I was playing with 350k or so as a single buyer. 6+ hit and suddenly i'm in the 250 or below range where there is a ton of competition.

I copped a condo and am gonna ride with it for a few years and try the SFH/Townhouse route in 3-5 years depending on how equity shakes out (my spot is also investor friendly), but I know way more folks years into their careers and clocking near 40 just getting their first place. I got less for my money with a higher wage than my mother got for 150k 23 years ago making less.

 

[hotbeezie]

Its funny that Nick Gerli is the guy who tweeted this is - One of the top 3 guys on Youtube that got rich talking about how the housing market is going to crash since late 2020, and were still waiting.

If his gullible subscribers bought a home back in 2021 when rates were 3% for $275k-$350k instead of listening to him, most would be paying $1850 or less for a whole house and not a 2 bedroom apartment. But now the median home price is over $400k, interest rates have doubled, and Americans Pandemic savings have dried out.

I got mine in 2020 at 315k 4% with no PMI.


I heard people were getting houses at like 2.7%

 

[Hersh]

country all fukked up.. smh. when that shyt gon pop?

 

[Contrefaire]

I've been hearing this but I don't get it. The 2008 crash was due to banks with bad products and giving homes to people who couldn't afford them. Now, people are buying what they could afford so I don't understand where the crash will come from.

Layoffs and massive increases in everything from gas and utilities to food and clothes while wages remain stagnant. In 2008 part of the problem wasn't just that people were given homes they couldn't afford, it's that they had homes they couldn't afford anymore thanks to adjustable rate mortgages (which caused their monthly payments to balloon beyond their budgets) and mass layoffs.