Property Market is going WILD

[At30wecashout]

Got a friend who got a remote job and moved out of the city to get a cheaper house. That might be the reality for people who want bigger houses for their money.

I'm 100% willing to pay more to actually be near life and culture. My issue isn't with the cost, per se, more that if I say "Aiight, imma save a bit more so I can get my chosen home" and then interest rates bump so now that it is $500 more a month even if the price doesn't go up, but it did, so now the same house is a cool $1000+ a month more expensive than when it was when I started saving to buy it.

There are way too many suburban homes that were just a few blocks outside of the city that went from the 250 range to 400. Even seeing that they were bought at one point and were put back on the market within a year with a paint job and kitchen appliance upgrades. It's madness.

 

[ucanthandlethetruth]

Just got into the market myself. Missed out on a home I wanted by an hour. That said, its pissing me off seeing 2021 sales on homes being in the 200ks and now are 400-500k. There is clearly enough money around here that my broke ass will be waiting forever and a day before it sees a price drop. I'm tempted to fold the housing search up and finish my degree. Two years ago, my very same wage would have gotten me a nice 3bdr/2bath. I wasn't ready or making this much. This market timing shyt is real.

yeah i dropped the ball on a property last summer when offers were coming within days of listing in the area, filled out the paperwork/disclosure and then changed my mind last second cause the timing wasnt right for me then..fast forward now its recently listed but the rates are so high people cant afford shyt or are hedging even though i listed 50k less than i wouldve in the summer to streamline the sale..will probably have to drop the price more if i dont want to drag it out or just hold and continue the airBNB thing until this market corrects...i will probably lose a grip in profit made so this was a definite lesson learned for me always strike when the window is there cause when that shyt closes

 

[voiture]

yeah i dropped the ball on a property last summer when offers were coming within days of listing in the area, filled out the paperwork/disclosure and then changed my mind last second cause the timing wasnt right for me then..fast forward now its recently listed but the rates are so high people cant afford shyt or are hedging even though i listed 50k less than i wouldve in the summer to streamline the sale..will probably have to drop the price more if i dont want to drag it out or just hold and continue the airBNB thing until this market corrects...i will probably lose a grip in profit made so this was a definite lesson learned for me always strike when the window is there cause when that shyt closes

With the current interest rate, a 300K loan for example means you pay close to 600K for the lifetime of the loan because of this I think sellers might begin dropping prices in some areas. If you make the wrong decision it will be hard to get away from a 30 year loan.

Amortization Calculator | Bankrate

Amortization is paying off a debt over time in equal installments. Part of each payment goes toward the loan principal, and part goes toward interest.

www.bankrate.com

 

[ucanthandlethetruth]

With the current interest rate, a 300K loan for example means you pay close to 600K for the lifetime of the loan because of this I think sellers might begin dropping prices in some areas. If you make the wrong decision it will be hard to get away from a 30 year loan.

Amortization Calculator | Bankrate

Amortization is paying off a debt over time in equal installments. Part of each payment goes toward the loan principal, and part goes toward interest.

www.bankrate.com

Yeah shyt is fukked up..I know that something needed to be done because price explosion was out of hand but I don't think the FED spiking the borrowers interest rate was it.. this will put us into a recession sooner than later because now people who wanted to buy can't and people who did buy last year there property values will now sank below the mortgage value eventually putting a shyt ton of people in the red..it's looking like the housing bubble of the 2000s all over again

 

[Geek Nasty]

They asking alot for $779K i've seen acres of land for half that price on beautiful green fields...

It’s winter

 

[ORDER_66]

It’s winter

I'm just saying ive seen better deals elsewhere for half the price and then some...

 

[ADevilYouKhow]

Commercial real estate investors risk painful losses in post-COVID world

Investors and lenders are slowly confronting an uneasy question - if people never again shop in malls or work in offices the way they did before the pandemic, how safe is their money?

www.reuters.com

 

[ogc163]