Property Market is going WILD

[ItsPeople]

waiting on houses to get back to 100k in Cali

 

[Hersh]

 

[Starski]

To those who locked in sub 3% fixed rates

 

[Skooby]

shyt is ridiculous at this point. Offers # 9 and #10 in. Last crib not only got outbidded by 90k but they waived inspection and appraisal too

I gotta cop in the next 18-24 months max. It’s getting spooky out there.

Right now is the worse time to buy because of situations like what greenvale posted.
I don't know if it'll be better or worst in 18 months.

 

[rightfultoefinger]

To those who locked in sub 3% fixed rates

This only applies to people who don't pay all cash. In my area and since it has very very low inventory, most people are paying all cash and that's multiple hundred k's over listing. Pandemic sent all the tech bay area workers to my neighbourhood.

Edit: Also, if you just bought before the pandemic, I'm talking literally a month before, you'd be up +50-100% on the property in some cases. That's how much it has gone up in my neighbourhood in 2 years.

 

[Skooby]

This only applies to people who don't pay all cash. In my area and since it has very very low inventory, most people are paying all cash and that's multiple hundred k's over listing. Pandemic sent all the tech bay area workers to my neighbourhood.

Edit: Also, if you just bought before the pandemic, I'm talking literally a month before, you'd be up +50-100% on the property in some cases. That's how much it has gone up in my neighbourhood in 2 years.

Don't know where you live but I have to imagine most people can't pay entirely in cash.

 

[phcitywarrior]

Right now is the worse time to buy because of situations like what greenvale posted.
I don't know if it'll be better or worst in 18 months.

Nah, I think you wanna buy as soon as you’re financially able. I don’t see things getting much better tbh.

 

[chineebai]

To those who locked in sub 3% fixed rates

Feel so lucky to have locked in a low ass rate last year. But historically this is still pretty low. I think my parents had like. 8%

 

[Starski]

Feel so lucky to have locked in a low ass rate last year. But historically this is still pretty low. I think my parents had like. 8%

While you correct - I’m sure the loan price as a % of your parents income was significantly less, so it balanced out as a net mortgage payment.





a 100bps increase on interest on a 25% increase on the principal is absolutely crazy.

If you do the math that’s almost a 100% increase on interest payments per year, let alone the increase on the principal towards your payments.

 

[Skooby]

Nah, I think you wanna buy as soon as you’re financially able. I don’t see things getting much better tbh.

I want to get to 20% down to avoid PMI. Probably will never happen in this area (DMV) smh. Looking to stay in Nova.

 

[Robbie3000]

While you correct - I’m sure the loan price as a % of your parents income was significantly less, so it balanced out as a net mortgage payment.





a 100bps increase on interest on a 25% increase on the principal is absolutely crazy.

If you do the math that’s almost a 100% increase on interest payments per year, let alone the increase on the principal towards your payments.

This is crazy.

 

[Starski]

This is crazy.

Word. For the last so many decades the increase in prices made sense as new home building decreased, lender standards loosed and interest rates lowered, which increased accessibility ect.


Last 3 years is insane though. Idk how this ends

 

[greenvale]

Word. For the last so many decades the increase in prices made sense as new home building decreased, lender standards loosed and interest rates lowered, which increased accessibility ect.


Last 3 years is insane though. Idk how this ends

a lot of heads gonna get wakeup calls when them new property tax rates hit

 

[rightfultoefinger]

Don't know where you live but I have to imagine most people can't pay entirely in cash.

Upper middle class beach town city in San Diego with some of the best schools in California.

 

[EndDomination]

$2400 in which state?

It's like that in Ohio.