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i say swears online posted:like, 12% growth or 12% interest rates? i could see the former, yeah somehow both
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Jul 27, 2023 16:20
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new numbers this morning showed the economy actually picked up a lil speed in spring which is loving insane
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Jul 27, 2023 16:22
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i say swears online posted:new numbers this morning showed the economy actually picked up a lil speed in spring which is loving insane Yeah, they had to hike rates higher. I wonder how people will like 8% mortgages.
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Jul 27, 2023 16:26
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Twerk from Home posted:Yeah, they had to hike rates higher. I wonder how people will like 8% mortgages. People will keep buying this garbage at 10%. There was a very, very narrow window of maybe 6-8 years where you could really lock-in the benefits of property ownership, and I honestly don't think that's going to come back for a long, long time. Paradoxish has issued a correction as of 16:29 on Jul 27, 2023 |
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Jul 27, 2023 16:27
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Paradoxish posted:imo 40-year or longer mortgages will become the norm and the majority of new originations before we're anywhere near the top The difference in payments from 30 to 40 years is minor. For a $500k loan at 7% you are looking at $3,107.16 of principal and interest for a 40 year loan and $3,326.51 for a 30 year loan. Even going to 50 years you're still at about $3k/month. Longer mortgages don't have the same impact that longer car loans do because 30 years is already an extremely long time.
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Jul 27, 2023 16:30
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lmao going to a 99 year loan doesn't even make a difference at 7% with a $500k loan. It's $2,919.58 a month that's still almost 90% of what you're paying for a 30 year loan
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Jul 27, 2023 16:34
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Pittsburgh Fentanyl Cloud posted:Maybe they should build more government subsidized houses, like we did 1936-1977 or so? idk, just spitballing here thats crazy talk.
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Jul 27, 2023 16:38
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Taking on the debt personally is no longer an option for most people because of how expensive it is, so that means any market-based homeownership solution is going to look like airbnb landlord serfdom or something like that. You're going to need to be monetizing the asset immediately to afford the loan.
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Jul 27, 2023 16:40
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god this is all so hosed $400000 at 3% interest is $12,000 a year you pay to the bank as thanks $400000 at 7% is $28000
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Jul 27, 2023 16:40
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sonatinas posted:so had an hour conversation with our lender yesterday about something like this and we locked in the interest rate right now because it ain’t goin down also dude is telling me the housing market may be +12% next year so poo poo is going to get worse however I wonder what the impact will be though for people who want to sell and the diminishing amount of buyers who can pay, even with previous house equity and/or first time buyers. My realtor told me the problem isn't a lack of buyers, it's a lack of sellers. Supply is a tenth what it usually is here this time of year because people who have < 4% mortgages can't afford to move up.
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Jul 27, 2023 16:42
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Pittsburgh Fentanyl Cloud posted:Maybe they should build more government subsidized houses, like we did 1936-1977 or so? idk, just spitballing here Broke: five over ones Woke: khrushchevkas
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Jul 27, 2023 16:43
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Paradoxish posted:Not saying this is at all true for the OP, but lots of buyers really are not fully grasping how dire the housing market situation is. People are running out and getting mortgages that are absolutely redlining their DTI and still thinking it makes sense to obsess over whether the kitchen flooring is a color they like. Every year there's a new generation of panic buyers who could have been the ones driving prices up with overbids a year earlier. I'm intentionally buying at half what I'm approved for. I'm going to make an offer on a <1200sqft 3br on less than a quarter acre. It's just blocks from my kids' schools for the next 12 years in an old mining town an hour from the city. I'm fortunate to even find this house in this localized market. There aren't many buyers here, especially at the gentrifying price of 230k. Anything closer to the city would be 300k+ for money pits, and 400k+ for anything actually liveable. The area I'm buying in is actually deflating, simply because it's a small town that doesn't even have a QT or Chick-fil-A. tl;dr I'm about to try it in a small town anonumos has issued a correction as of 16:48 on Jul 27, 2023 |
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Jul 27, 2023 16:43
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I was talking to a younger coworker about her plans to buy a home and the only silver lining she came up with is that "well, you can always refinance but you can't ever change the principle purchase price so I'm hoping prices go down even if rates don't." she's right about the principle but I don't know if "you can always refinance" is true right now unless your timeline for that is super long.
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Jul 27, 2023 16:45
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Pittsburgh Fentanyl Cloud posted:My realtor told me the problem isn't a lack of buyers, it's a lack of sellers. Supply is a tenth what it usually is here this time of year because people who have < 4% mortgages can't afford to move up. Institutional buyers are going to continue to exert upward price pressure under almost any circumstance. Landlording never goes out of style.
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Jul 27, 2023 16:46
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fwiw id take anything a real estate agent or mortgage broker/loan officer says with a huge grain of salt. they are absolutely feeling the squeeze and are highly motivated to maintain the status quo of high prices.
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Jul 27, 2023 16:46
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DR FRASIER KRANG posted:I was talking to a younger coworker about her plans to buy a home and the only silver lining she came up with is that "well, you can always refinance but you can't ever change the principle purchase price so I'm hoping prices go down even if rates don't." really happy to see someone with that kind of commitment to doing big short references irl, good movie
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Jul 27, 2023 16:47
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Ammanas posted:fwiw id take anything a real estate agent or mortgage broker/loan officer says with a huge grain of salt. they are absolutely feeling the squeeze and are highly motivated to maintain the status quo of high prices. This is true but "there are plenty of buyers" is also broadly correct right now; prices dipped for like a split second before big institutional buyers jumped back in and started snarfing up houses again.
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Jul 27, 2023 16:48
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i am harry posted:god this is all so hosed inflation is back to normal so it all evens out. dont worry!
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Jul 27, 2023 16:48
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anonumos posted:I'm intentionally buying at half what I'm approved for. I'm going to make an offer on a <1200sqft 3br on less than a quarter acre. It's just blocks from my kids' schools for the next 12 years in an old mining town an hour from the city. I'm fortunate to even find this house in this localized market. There aren't many buyers here, especially at the gentrifying price of 230k. Anything closer to the city would be 300k+ for money pits, and 400k+ for anything actually liveable. The area I'm buying in is actually deflating, simply because it's a small town that doesn't even have a QT or Chick-fil-A. My loan officer tried to talk me up in price as an "investment in your retirement" and wanted to loan me up to ~$700K. absolutely loving insane
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Jul 27, 2023 16:48
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Ah yea retirement That’s where I sell my house and give all the money to a health care facility
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Jul 27, 2023 16:50
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the house im hoping to get accepted on was built in 1921 lol
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Jul 27, 2023 16:50
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The Oldest Man posted:Institutional buyers are going to continue to exert upward price pressure under almost any circumstance. Landlording never goes out of style. It's also developers. High prices in my neighborhood are basically locked in for the foreseeable future because all the new construction is in the $800k-1.2m range. Average prices on this street were like $200k when we moved here, now the median for existing homes is somewhere around $450-500k for something livable and not too large. All this new development is dragging everything up with it because nobody is going to ask for $300k when a slightly larger (and probably more poorly constructed) house across the street is selling for $1m. Hell, you can probably do better just selling your house to one of the developers and letting them knock it down to build a new LUXURY home.
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Jul 27, 2023 16:51
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RadiRoot posted:the house im hoping to get accepted on was built in 1921 lol that's a young and healthy house around here. mine was built in the 1860s
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Jul 27, 2023 16:53
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The Oldest Man posted:This is true but "there are plenty of buyers" is also broadly correct right now; prices dipped for like a split second before big institutional buyers jumped back in and started snarfing up houses again. yeah and if "normal people" stop participating in the market institutions will buy up even more inventory. its a dystopic catch 22. the cash reserves and cheap lines of credit institutions have must be obliterated but the country has been put on the rails to be absolutely dominated by finance so that'll never happen, just more burden on working folk with higher rates.
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Jul 27, 2023 16:54
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Our property assessment jumped up by an absolutely crazy amount after the most recent development down the street finished construction.
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Jul 27, 2023 16:55
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Paradoxish posted:Our property assessment jumped up by an absolutely crazy amount after the most recent development down the street finished construction. that sucks . it’s better when they dealt reassessments for a long time to prevent that kind of poo poo but property tax is a whole thing and a deep topic
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Jul 27, 2023 16:56
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this was a p good ep on recent housing trends and some prognosticating about the year or 2 ahead that's probably not anything groundbreaking for anyone itt but a good summation, tho the guest is with morgan stanley so some grains of salt should be taken https://twitter.com/TheStalwart/status/1683388460936118273
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Jul 27, 2023 16:57
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Pittsburgh Fentanyl Cloud posted:that's a young and healthy house around here. mine was built in the 1860s thats cool. this house comes with a slot panel for getting milk delivered in case that ever comes back in style.
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Jul 27, 2023 16:58
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requiring houses to be owner occupied may help , which combined efforts to help renters
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Jul 27, 2023 16:59
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euphronius posted:that sucks . it’s better when they dealt reassessments for a long time to prevent that kind of poo poo Honestly, it's fine. Our mill rate is incredibly low because our chuddy mayor-for-life doesn't care about things like infrastructure or the future as long as he can bribe developers and businesses into downtown. What's lovely is that there were plans for large, affordable condo complexes on most of this land (like 100+ unit developments) for years and everyone here fought tooth and nail to stop them. A 60-year old white dude literally vandalized one of the developers' offices over it. Now the same land is getting ten 4000 sq. ft. McMansions instead.
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Jul 27, 2023 17:03
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RadiRoot posted:the house im hoping to get accepted on was built in 1921 lol my current one is 1928 and if we didn’t have to move we’d be here for a long time. a well built 1920s house is solid. some areas are mostly old houses anyway. 75%of the houses in my city were built before the 80s. a friend lives in a 1917 house that is also real solid however the majority of those houses were carved out into apts like 30 years ago. some people convert them back if they can afford it.
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Jul 27, 2023 17:03
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euphronius posted:requiring houses to be owner occupied may help , which combined efforts to help renters yeah, ban corporate ownership and enact absolutely crushing taxes on owning multiple properties. but that is contrary to finances interests which are the interests of concern.
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Jul 27, 2023 17:06
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Paradoxish posted:It's also developers. High prices in my neighborhood are basically locked in for the foreseeable future because all the new construction is in the $800k-1.2m range. Average prices on this street were like $200k when we moved here, now the median for existing homes is somewhere around $450-500k for something livable and not too large. once they have sold some units the developers have a huge incentive to not lower prices because the folks that have already bought get pissed. where I am I’m seeing developer new homes dropping a bit, but that’s probably because they are townhomes and SFH existing homes on decent lots are becoming available for less. inventory is still very very low, but it’s no longer a single digit number.
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Jul 27, 2023 17:12
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Ranter posted:There are still houses in the bay area for 700k?? There are bay area houses for $500k, but you have to live next to black and brown people, so its not like a goon would ever buy them.
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Jul 27, 2023 17:18
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Fozzy The Bear posted:There are bay area houses for $500k, but you have to live next to black and brown people, so its not like a goon would ever buy them. 'bay area' doing a lot of work there tho
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Jul 27, 2023 17:54
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Ammanas posted:'bay area' doing a lot of work there tho Like how? Oakland, San Pablo, Vallejo are all cities that touch the bay area water.
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Jul 27, 2023 18:00
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Ornery and Hornery posted:homes should be for living not for profit You say that, but when China said it as official policy it nearly destroyed their housing sector within a year and people were paying mortgages toward housing unbuilt by developers fleeing the asset bubble. So, in truth, who is to say what is good. Maybe profit is more important than your house. Have you given that any thoughts? Any consideration of number?
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Jul 27, 2023 18:10
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watch out for this scam y'all  quote:Two men suspected of posing as local construction contractors and deliberately damaging homes in the Twin Cities have been arrested, officials said Wednesday. https://www.startribune.com/police-2-posing-as-contractors-target-west-metro-homeowners-with-roof-repair-scam/600292656/
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Jul 27, 2023 18:43
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Wraith of J.O.I. posted:watch out for this scam y'all maybe they shouldn’t have money at all if they’re getting duped by this level of operation
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Jul 27, 2023 19:40
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Fozzy The Bear posted:There are bay area houses for $500k, but you have to live next to black and brown people, so its not like a goon would ever buy them. I wanna live in the same unincorporated Menlo Park neighborhood I grew up in during the 90s, complete with neighbors who did things for a living like teach kids and fix shitters. That’s my real home, not the east bay, and especially not places we only visited back in the day to stop for gas on the way to Tahoe. 
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Jul 27, 2023 19:53
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