Home buying thread

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Staredog

Staredog

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30 yr fixed conforming w 20% down will be 5.5% end of April. Then it hits 7% in June.
 
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Khane

Khane

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If rates are 7% by June of 2022 I'll buy a bridge and then eat it.
 
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Khane

Khane

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"Washed up gamer sells jpeg NFT of Kurt Russell eating a bridge for record price"
 
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Aychamo BanBan

Aychamo BanBan

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If you want to believe in the end of the world with real estate shit:

www.reddit.com

r/REBubble

r/REBubble: A place to freely discuss and investigate the current US housing bubble. Share evidence, zillow screenshots and other interesting items.
www.reddit.com www.reddit.com
 
Sanrith Descartes

Sanrith Descartes

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Interest rates are discussed a lot more in the investing thread, but TLDR: The Fed is fucked and the expectation is for 6 or 7 more hikes this year. At least a handful of the 50 basis point variety. To get inflation under control, a real Fed chairman would have had the Fed funds rate at about 8 or 9% right now. These piddly 25 basis point hikes aren't going to do shit stop 8% inflation. Just wait until we see the gas price impacts of those oil futures that were running in the $135 a barrel range a couple of weeks ago.

My plan is to sell our house in the next couple of months and then bank the profits and rent for a year until house prices correct somewhat and then do a cash offer. The way to beat 6 and 7% mortgage rates is with cash purchases. Im fine overpaying in rent for a year.
 
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TJT

TJT

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Sanrith Descartes said:
Interest rates are discussed a lot more in the investing thread, but TLDR: The Fed is fucked and the expectation is for 6 or 7 more hikes this year. At least a handful of the 50 basis point variety. To get inflation under control, a real Fed chairman would have had the Fed funds rate at about 8 or 9% right now. These piddly 25 basis point hikes aren't going to do shit stop 8% inflation. Just wait until we see the gas price impacts of those oil futures that were running in the $135 a barrel range a couple of weeks ago.

My plan is to sell our house in the next couple of months and then bank the profits and rent for a year until house prices correct somewhat and then do a cash offer. The way to beat 6 and 7% mortgage rates is with cash purchases. Im fine overpaying in rent for a year.
Click to expand...
Why sell the house and sit on cash though?
 
Khane

Khane

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Sanrith Descartes said:
Interest rates are discussed a lot more in the investing thread, but TLDR: The Fed is fucked and the expectation is for 6 or 7 more hikes this year. At least a handful of the 50 basis point variety. To get inflation under control, a real Fed chairman would have had the Fed funds rate at about 8 or 9% right now. These piddly 25 basis point hikes aren't going to do shit stop 8% inflation. Just wait until we see the gas price impacts of those oil futures that were running in the $135 a barrel range a couple of weeks ago.

My plan is to sell our house in the next couple of months and then bank the profits and rent for a year until house prices correct somewhat and then do a cash offer. The way to beat 6 and 7% mortgage rates is with cash purchases. Im fine overpaying in rent for a year.
Click to expand...

I just started contacting brokers this morning about selling my house as well.

Interest rate hikes have been a long time coming, I'm not convinced it's just going to happen at that speed. The current housing shortage will create some breathing room for rate hikes but raising them that fast would pull the rug out from the housing market. Which could have other lasting effects.
 
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Khane

Khane

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TJT said:
Why sell the house and sit on cash though?
Click to expand...

Better than missing out on twice that amount of cash by not selling if you believe rates will rise that sharply and the housing market will correct itself that steeply.
 
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Aychamo BanBan

Aychamo BanBan

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Sanrith Descartes said:
Interest rates are discussed a lot more in the investing thread, but TLDR: The Fed is fucked and the expectation is for 6 or 7 more hikes this year. At least a handful of the 50 basis point variety. To get inflation under control, a real Fed chairman would have had the Fed funds rate at about 8 or 9% right now. These piddly 25 basis point hikes aren't going to do shit stop 8% inflation. Just wait until we see the gas price impacts of those oil futures that were running in the $135 a barrel range a couple of weeks ago.

My plan is to sell our house in the next couple of months and then bank the profits and rent for a year until house prices correct somewhat and then do a cash offer. The way to beat 6 and 7% mortgage rates is with cash purchases. Im fine overpaying in rent for a year.
Click to expand...

I'm debating the opposite. Sell my house and use the equity to completely pay off a smaller house, and be debt free. What if you sell and rent, and house prices don't drop in a year, and rent goes up?
 
Aychamo BanBan

Aychamo BanBan

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Sanrith Descartes said:
Because I live in the shithole that is NY and I and the family are moving back to Fl. We also are experiencing a massive influx of buyers as denizens of NYC continue to flee that dystopian nightmare for Long Island and the daily ride on the LIRR. Prices here in Nassau County are exploding upwards on demand and I want to take advantage before increasing interest rates price some buyers out of the market.
Click to expand...

How bad is NYC (specifically Manhattan) real estate?

I imagine during covid people must have dumped their apartments there. Who can pay $3000/mo for a closet and not be employed? Is it bouncing back or are people just leaving the city without returning?
 
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