Mortgage rates back to 7%
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Like other posters have said a full on crash might not happen, but still something has to give a bit here…It's been feeling that way for a while now. Like the system is somehow now gamed to just not ever give.
But it felt that way in 2008 too, so...
Student Loan Repayment Starting
Interest Rates are rising which wouldn’t be an issue… but the value of homes isn’t falling to offset this because of low supply.
Inflation is high while wages stagnant yet rental prices have also been increasing.
Baby boomers passing away
Maybe this is just a new reality, but home ownership just seems exceedingly difficult for the average American who doesn’t live in the middle of nowhere. People just going to have to accept smaller spaces than before I guess
southpawstyle
Superstar
Like dedicated posters in the AMC thread
Remember, if things don't improve, you gonna get jumped and beaten and hacked on some French Revolution type shyt
Glad I bought my condo and while I dont give Zillow too much credit, it’s appreciated 4k in the literal 3 months ive owned it. All kinds of development is going up on the strip I live near so I am hoping to flip my career and be ready to buy a townhouse or single family in 2025. The condo is letting me “park my money” to a degree. If it appreciates by 10k in two years, im happy. Anything more and im throwing a party.
Kurt off them percs
With Booker T wife
Nah I'm good.
Just stacking and saving until the time right.
Just stacking and saving until the time right.
Trojan 24
Veteran
How is anyone buying a house now?
It can’t be real people on the market. All this shyt being bought up by corporations and billionaires
In California the Asians, interest rates don't matter when you buying in cash
beenz
Rap Guerilla
Yeah I bought a condo a month or so ago, best rate I could get was 6.25%what can you do
If rates go back down I guess I'll refinance that ish
my girl's younger sister did the EXACT same thing. it is what it is for the time being.
skyrunner1
Superstar
How is anyone buying a house now?
It can’t be real people on the market. All this shyt being bought up by corporations and billionaires
Made some rounds last couple weeks touching base with Mortgage brokers, RE brokers, Appraisers, RE attorneys, closing coordinators, etc. Mortgage broker is already like 25% of staff is gonna be gone in next 6 months easy, broker said when Sept rolled around everything fell off a cliff, still got some stuff in pipeline but they were told next 6 months is gonna be rough.. Appraiser is feeling pinch already and said he was gonna close out month with about 18 files, at peak post covid he was cranking 60-80, high this year was 30 range.. shyt is to a crawl for him..Something gotta give
The Attorneys and closing coordinators were both slammed but I think looking at deal cycle they are more towards the end of it so it makes sense, they are like a lagging indicator so they wouldnt know til later, everyone tryna get they file closed for different reasons at end of month, rates, bills, ending of closing cost assistance programs (hometown heroes program), etc. They still eating but will probably be ending soon.
Sellers are delusional but prices are just starting to get cut, prices held decent here in south florida but they really need to come down, everyone is buying down their rates to get deals done, looking at some price sheets on fha loans saw 7.6% people buying down to 6.1% just to make sense but putting 7-9k extra down to get it done. On conventional they touching 8% before buy downs
shyt is about to be scary hours but it might just be local..
30-Year fixed knocking on the door of 8%. Sellers will overprice a home in the $450k-550k range and eventually sell after 2 months of small price cuts for 5-7% less. That ain't no crash, these same homes would have sold for $310k-$400k two years ago with a way lower interest rate.
And now NAR is trying to push buyers agent commission onto the buyer instead of the seller eating the cost. New homeowners will probably need another 2-3% to cover that. Why isn't Reventure getting death threats for spreading misinformation at the cost of making millions on Youtube?
And now NAR is trying to push buyers agent commission onto the buyer instead of the seller eating the cost. New homeowners will probably need another 2-3% to cover that. Why isn't Reventure getting death threats for spreading misinformation at the cost of making millions on Youtube?
Valuations are meaningless for me right now because I can’t afford to sell until the market tanks again
Hasn't Canada been fukked for years now?
I remember hearing a long time ago that Vancouver was outrageous. And Toronto got 1 bedroom condos selling for like 900k
its worse now than ever
during covid you could get a 1bdrm for 1,600
now a 1bdrm even in the worst ghetto area is like 2,300
Toronto is the worst city in the world because you can literally go a hour away where there is nothing and a 1bdrm is still like 2,100
I feel that. I am not trying to profit really, just break even at least so I can get out and move where I really want to. Housing near me is actually falling in price but I already bought. Let a 3bd/2Bth townhouse open up in my preferred area in 2 years and I want to be able to pounce. The whole process of getting the condo I am in is easy so now with that, I have insight into how the process goes and just need a few good breaks so I can pivot when my situation is better.
