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Posted: 3/22/2022 10:18:37 PM EDT
[#1]
Quote HistoryOriginally Posted By chupacabras: I wonder if a good chunk of “remote” workers who moved away and bought at inflated prices will be cut loose/outsourced. Those workers likely bought with cash. Every person that I know that relocated to a cheaper area was a cash buyer for the last 5 years. |
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NV, USA
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Posted: 3/22/2022 10:18:43 PM EDT
[#2]
We’re planning to buy in about two years. Maybe the market will tank enough to just pay cash.
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VA, USA
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Posted: 3/22/2022 10:20:34 PM EDT
[#3]
This could also impact car prices. I just heard someone today talking about a 7 year 0% car loan. Those will be gone if rates go up. Less buyers who can afford said car means the prices should come down.
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NV, USA
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Posted: 3/22/2022 10:23:56 PM EDT
[#4]
Quote HistoryOriginally Posted By OregonShooter: Those workers likely bought with cash. Every person that I know that relocated to a cheaper area was a cash buyer for the last 5 years. Quote HistoryOriginally Posted By OregonShooter: Originally Posted By chupacabras: I wonder if a good chunk of “remote” workers who moved away and bought at inflated prices will be cut loose/outsourced. Those workers likely bought with cash. Every person that I know that relocated to a cheaper area was a cash buyer for the last 5 years. Yeah, and how many of them pulled the cash back out to furnish the new place, buy a new car and other toys, or just piss it away? |
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Posted: 3/22/2022 10:25:27 PM EDT
[#5]
Quote HistoryOriginally Posted By _200mph: IMO, it started with the left-tards in government mandating that banks make loans to people who shouldn’t qualify for loans. That turned in banks finding ways to offload risk. Once they found ways to offload risk, the party started. This time is different, but still seeming concerning. everyone just refinanced. If homes drop in price by 25%, what percentage of people will be underwater? Of the people underwater, what percentage just walk, leaving the banks with the loss? Then when a bank fails and we have Kamala running the country, will she bail out ‘evil wallstreet’? If not, it’s a Great Depression. Then again I’m just fucking around, I have no idea what’s going to happen. Quote HistoryOriginally Posted By _200mph: Originally Posted By Off-the-Grid: That was an entirely different scenario and mostly due to no doc loans. IMO, it started with the left-tards in government mandating that banks make loans to people who shouldn’t qualify for loans. That turned in banks finding ways to offload risk. Once they found ways to offload risk, the party started. This time is different, but still seeming concerning. everyone just refinanced. If homes drop in price by 25%, what percentage of people will be underwater? Of the people underwater, what percentage just walk, leaving the banks with the loss? Then when a bank fails and we have Kamala running the country, will she bail out ‘evil wallstreet’? If not, it’s a Great Depression. Then again I’m just fucking around, I have no idea what’s going to happen. That cock sucker Barney Frank definitely had a hand in the crisis. If we are headed for a recession, which looks likely, I can see people walking away. |
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Posted: 3/22/2022 10:25:44 PM EDT
[Last Edit: spidey07]
[#6]
Just in time for spring buying season.
Demand will only get stronger because of this, which means higher home prices. |
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MS, USA
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Posted: 3/22/2022 10:26:12 PM EDT
[#7]
Quote HistoryOriginally Posted By Morgan321: I’m looking for land in the country, been watching the market for a while…. Around here Everything sold at light speed during Covid for asking or slightly above up until a couple months ago. Over the holidays land started remaining on the market for longer and has now started to sell below the crazy asking prices. I didn’t even know rates had risen this year before the fed announcement, but it makes sense. I’m sitting on my hands for now, it feels like prices are leveling off and might even decline a bit. I hope it’s the right decision! Keep waiting and build up some cash...soon enough it will be time to buy. |
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Posted: 3/22/2022 10:26:31 PM EDT
[#8]
Most of the homes being sold are to flippers or investment firms, and they're paying cash. If anything... raising mortgage rates seems like it will hurt the average buyer, without affecting the people really driving up the market...
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Posted: 3/22/2022 10:28:52 PM EDT
[#9]
Quote HistoryOriginally Posted By spidey07: Just in time for spring buying season. Demand will only get stronger because of this, which means higher home prices. I think there will be a push the next couple of months by the people who have been on the fence. With more potential interest rate rises, I could see a couple of busy months before it slows down. |
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Posted: 3/22/2022 10:30:16 PM EDT
[#10]
Quote HistoryOriginally Posted By GlutealCleft: Most of the homes being sold are to flippers or investment firms, and they're paying cash. If anything... raising mortgage rates seems like it will hurt the average buyer, without affecting the people really driving up the market... If you can't sell for what you paid for it, being a flipper or investment firm that can't cover it's debt isn't the place you want to be. Getting over leveraged by holding property that is being devalued and can't be sold because interest rates are high makes CEO's wet their pants and make a call to their bought politicians for a bail out. |
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Posted: 3/22/2022 10:30:59 PM EDT
[#11]
My gut feeling said 2023 would be a decent time to buy more RE.
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MI, USA
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Posted: 3/22/2022 10:32:48 PM EDT
[#12]
Quote HistoryOriginally Posted By ContrarianIndicator: If they've been diligently building up a down payment, they might catch a break soon enough. Higher rates rewards savers and screws debtors when the home prices adjust back down to reflect the true state of demand absent of the cheap credit. I might be selling mine, owned outright, and buying another in the upcoming few months. Anyone financing with 0% down? |
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VA, USA
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Posted: 3/22/2022 10:35:11 PM EDT
[#13]
1. we have an inventory problem
2. rates cannot raise beyond a certain point or .gov cannot service the debt and then it's boogaloo time there is no way rates are going back to the Carter years. the debt is unserviceable. things may cool or level off in a year, but there will be no meteoric crash. I'm an idiot so take it as you will. |
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MI, USA
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Posted: 3/22/2022 10:37:49 PM EDT
[#14]
I paid mine off in January.
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TX, USA
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Posted: 3/22/2022 10:40:53 PM EDT
[#15]
Quote HistoryOriginally Posted By MilHouse-556: Damn. That sucks. If the market doesn't cool and people keep throwing money at homes it's going to make buying a home for first time buyers impossible. Been trying to buy 3rd home (not like 3 at once, just third in succession, this will be last home i ever buy) and can't find anything that is under $500k after bidding wars. And these aren't stellar houses. For the amount we can spend now, we could have gotten a dream home 2 years ago. |
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Posted: 3/22/2022 10:41:21 PM EDT
[#16]
Quote HistoryOriginally Posted By DTFD714: I paid mine off in January. I cash out refi at 3%, 30 late summer 2020 @ 3% 
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GA, USA
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Posted: 3/22/2022 10:42:00 PM EDT
[#17]
Quote HistoryOriginally Posted By ContrarianIndicator: So very true A large portion of remote tech workers who have left places like SFO to bid up prices in other regions work for dogshit perpetually unprofitable zombie companies that are ripe for a good kabooom when their cheap credit life support runs dry That'll be a sight to behold In tech, can confirm most are just shit. Surprised so many exist in the first place. Partly why I moved to another that I feel is truly recession proof last Dec. Without free money most may topple. So many are just absolutely worthless products only surviving on LinkedIn hype. |
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Posted: 3/22/2022 10:45:01 PM EDT
[#18]
My folks bought a lot nearby us and are planning to build. This is central Wisconsin, in a town of 5000.
Drafted plans, elevations etc for a 2200 sqft custom home, pricing came in today from the builder. $305/sqft Yikes! |
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OR, USA
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Posted: 3/22/2022 10:46:58 PM EDT
[#19]
I am sitting in a pretty good spot with my house. Even if the bubble pops.
I bought for under appraisal in 2017 and refinanced into a low rate. We plan on being in the house for another 10 years, and it should be paid off by then. If the local bubble pops, I can finally buy land and sit on it until I am ready to build. Currently 5 acre lots are going for 200k. Which is double from 5 years ago. |
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TX, USA
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Posted: 3/22/2022 10:48:58 PM EDT
[#20]
Quote HistoryOriginally Posted By jacobsk: My folks bought a lot nearby us and are planning to build. This is central Wisconsin, in a town of 5000. Drafted plans, elevations etc for a 2200 sqft custom home, pricing came in today from the builder. $305/sqft Yikes! This is why home prices won’t go down anytime soon. There are supply constraints at all levels in addition to labor constraints. |
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Posted: 3/22/2022 10:49:06 PM EDT
[#21]
Quote HistoryOriginally Posted By spidey07: Just in time for spring buying season. Demand will only get stronger because of this, which means higher home prices. Article I read today mentioned demand was already cooling some compared to last year. They predicted a 25% decline in demand by spring/ beginning of summer. |
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GA, USA
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Posted: 3/22/2022 10:49:41 PM EDT
[#22]
Quote HistoryOriginally Posted By GlutealCleft: Most of the homes being sold are to flippers or investment firms, and they're paying cash. If anything... raising mortgage rates seems like it will hurt the average buyer, without affecting the people really driving up the market... Major N. Atlanta suburbs are at no more than 15% cash buyers YTD |
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NV, USA
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Posted: 3/22/2022 10:58:09 PM EDT
[#23]
Quote HistoryOriginally Posted By Hunter8793: Houses are selling for $150+/ sq ft New custom homes are $190+/ sq ft How are home prices going to go down if the cost to build is going up? Be thankful. Reno is more than triple that, at least for the resale market. Maybe double for the new builds. |
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Posted: 3/22/2022 11:19:41 PM EDT
[#24]
If it continues that way it tells me I'm going to be in my house a little longer.
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Posted: 3/22/2022 11:21:16 PM EDT
[#25]
That's still not insane.
People have been spoiled for a long time. |
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Posted: 3/22/2022 11:21:25 PM EDT
[#26]
Quote HistoryOriginally Posted By GlutealCleft: Most of the homes being sold are to flippers or investment firms, and they're paying cash. If anything... raising mortgage rates seems like it will hurt the average buyer, without affecting the people really driving up the market... Nobody likes negative equity. Those investors are betting on the rental market which is about $1.00 per sq ft right now. |
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Posted: 3/22/2022 11:30:47 PM EDT
[#27]
Quote HistoryOriginally Posted By Numenor: I am so glad the wife and I got ours at 3.125% in December. Add the base price of our house (from Mar '21 to now) has gone from $231k to $310k. We are fortunate. |
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IRQ
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Posted: 3/22/2022 11:39:33 PM EDT
[#28]
I sold my house in 2021, I got $122k profit sitting in escrow because my ex wife is saying she gets 50% but I offered what the State will give me. I have to go to court to get those funds.
I took A new job and I am renting for the next 12 months because I think things will come down and at the min according to my lawyer I will get $85k to reinvest in a property. Maybe I will be able to but not at the height of the market like the last three houses I bought. |
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Posted: 3/22/2022 11:43:05 PM EDT
[Last Edit: MilHouse-556]
[#29]
Quote HistoryOriginally Posted By jacobsk: My folks bought a lot nearby us and are planning to build. This is central Wisconsin, in a town of 5000. Drafted plans, elevations etc for a 2200 sqft custom home, pricing came in today from the builder. $305/sqft Yikes! My used home built in 91 on .5 acres in the city is at $282 sq/ft now. I've repaired/upgraded all kinds of things since we moved in last summer (spent a total of $8k in 6 months), the entire inside needs new paint, all the floors need to be redone, half the outside needs new paint and it will need a new roof in 5-10 years. It was listed for $550k, we bought it for $581k and it is now saying it's worth $623k 8 months later. Locked in rate at 3% fixed. Bonkers how quickly homes are increasing in price. We refinance our rental property at 2.75% last year also. |
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Posted: 3/22/2022 11:43:07 PM EDT
[#30]
You guys play this right, it will be gravy.
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NC, USA
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Posted: 3/22/2022 11:47:33 PM EDT
[#31]
I remember mortgage rates being in the 7.5%-9% range in the late 90s and early 2000s. I believe my first house was around 8% and I remember it being pretty good then. Houses still sold briskly then and we're half a world away from those numbers. We'll see though. People are used to having it easy and getting easy money. They may not respond well to relatively 'cheap' 6% mortgage rates.
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Posted: 3/22/2022 11:50:23 PM EDT
[#32]
Quote HistoryOriginally Posted By DVCER: Really, dumb luck for me. I hate to see young people struggling, but if my college drop out ass can figure out how to get from electrician to here, and retired early, anyone can. I’m on my (hopefully) forever place, a couple acres with a National monument on my back fence. https://www.ar15.com/media/mediaFiles/857/B2799CCD-5F85-4DB1-BEAB-D309E4C744CF_jpe-2322893.JPG I have elderly parents I have to take care of, otherwise I'd be out in the boonies too. |
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Posted: 3/22/2022 11:55:56 PM EDT
[Last Edit: CoconutLaCroix]
[#33]
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Posted: 3/23/2022 12:16:52 AM EDT
[#34]
Quote HistoryOriginally Posted By spidey07: Just in time for spring buying season. Demand will only get stronger because of this, which means higher home prices. |
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Posted: 3/23/2022 12:18:49 AM EDT
[#35]
Quote HistoryOriginally Posted By ContrarianIndicator: Rising rates means stronger demand? Sir, are you drunk? I think he is saying that the high costs to build will keep supply below demand, which may keep prices high. |
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Posted: 3/23/2022 12:19:51 AM EDT
[#36]
Quote HistoryOriginally Posted By ContrarianIndicator: If only you knew how bad things really are https://www.ar15.com/media/mediaFiles/312979/Screen_Shot_2022-03-22_at_11_59_49_PM_pn-2323157.JPG https://www.ar15.com/media/mediaFiles/312979/Screen_Shot_2022-03-22_at_11_57_07_PM_pn-2323150.JPG We know it. Just not much you can really do except be as well prepared as you believe you can and then go all out Lt. Dan as the shit show unfolds... |
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Posted: 3/23/2022 12:31:09 AM EDT
[Last Edit: CoconutLaCroix]
[#37]
Quote HistoryOriginally Posted By Low_Country: I think he is saying that the high costs to build will keep supply below demand, which may keep prices high. There isn't a shortage of homes, there was a surplus of cheap credit thanks to Fed MBS purchases to suppress rates. If Biden declared that gas will be $1.00 a gallon tomorrow, we'd have fuel shortages at every gas station. Same principle when the Fed manipulates mortgage rates below the true market rate |
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Posted: 3/23/2022 12:36:15 AM EDT
[#38]
Quote HistoryOriginally Posted By bakkbakk: why are we applauding having to pay banks more instead of homeowners? We are in a housing supply shortage regardless of rates. This just fucks homeowners. Quote HistoryOriginally Posted By bakkbakk: Originally Posted By ContrarianIndicator: If they've been diligently building up a down payment, they might catch a break soon enough. Higher rates rewards savers and screws debtors when the home prices adjust back down to reflect the true state of demand absent of the cheap credit. why are we applauding having to pay banks more instead of homeowners? We are in a housing supply shortage regardless of rates. This just fucks homeowners. Time to expand your understanding of interest rates and the winners and losers in a declining interest rate environment. Low rates are bad for most people. |
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NV, USA
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Posted: 3/23/2022 12:58:05 AM EDT
[#39]
Quote HistoryOriginally Posted By DVCER: Really, dumb luck for me. I hate to see young people struggling, but if my college drop out ass can figure out how to get from electrician to here, and retired early, anyone can. I’m on my (hopefully) forever place, a couple acres with a National monument on my back fence. https://www.ar15.com/media/mediaFiles/857/B2799CCD-5F85-4DB1-BEAB-D309E4C744CF_jpe-2322893.JPG Awesome, plumber here, with multiple properties in multiple states with 1000's of acres, rivers and lakes |
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TX, USA
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Posted: 3/23/2022 12:59:23 AM EDT
[#40]
Good
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Posted: 3/23/2022 1:28:28 AM EDT
[#41]
Quote HistoryOriginally Posted By bigt61: Good. Enough with this $500,000 starter home crap. Bring back the $50-100k starter homes They're still out there. They just aren't 4BD, 3BA, 3200 sf with a 3 car garage. 
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TX, USA
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Posted: 3/23/2022 1:32:51 AM EDT
[#42]
Quote HistoryOriginally Posted By MisterPX: They're still out there. They just aren't 4BD, 3BA, 3200 sf with a 3 car garage. Quote HistoryOriginally Posted By MisterPX: Originally Posted By bigt61: Good. Enough with this $500,000 starter home crap. Bring back the $50-100k starter homes They're still out there. They just aren't 4BD, 3BA, 3200 sf with a 3 car garage. If you are lucky, they are 550sf and you will hear gunshots and sirens every night |
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Posted: 3/23/2022 1:37:48 AM EDT
[#43]
It simply pushes even more home sales to Blackrock. You'll own nothing and like it
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Posted: 3/23/2022 1:51:02 AM EDT
[#44]
So, if you own the house and decide to sell, and carry the mortgage at 5%, x% down. Could I travel and fish on the income? That's the question.
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Posted: 3/23/2022 6:16:51 AM EDT
[#45]
Originally Posted By MyAliyah: So, if you own the house and decide to sell, and carry the mortgage at 5%, x% down. Could I travel and fish on the income? That's the question.  Attached File |
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Posted: 3/23/2022 6:47:56 AM EDT
[#46]
Quote HistoryOriginally Posted By ContrarianIndicator: You could actually wind up winning if you've been saving  So… on the premise that house prices are cut in half…and rates double….and that you’re 80k that’s remarkable devalued…doesn’t weaken further… despite the largest housing inventory shortage in 100 years, and record inflation…..you could be winning? Username checks out |
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Posted: 3/23/2022 6:51:45 AM EDT
[#47]
Quote HistoryOriginally Posted By InHocSigno: All the FED will have to do is say “ Maybe we will not raise rates six times, two will be enough for now”. The FEDs influence on mortgage rates is implied through its purchase of mortgage bonds….not The prime rate—- that impacts more consumer debt |
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Posted: 3/23/2022 6:53:12 AM EDT
[#48]
Quote HistoryOriginally Posted By spidey07: Just in time for spring buying season. Demand will only get stronger because of this, which means higher home prices. Idk why we don’t hang out more |
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IA, USA
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Posted: 3/23/2022 7:03:31 AM EDT
[#49]
Glad i got my 3.125% in September last year
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USA
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Posted: 3/23/2022 7:24:56 AM EDT
[#50]
Quote HistoryOriginally Posted By chupacabras: I wonder if a good chunk of “remote” workers who moved away and bought at inflated prices will be cut loose/outsourced. 100% Look at Better.com. WFH means someone cheaper from somewhere else is about to replace you. |
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