Home buying thread

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Kithani

Kithani

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Mizake said:
Housing prices haven't really fallen because, like the article mentioned, people don't have to sell. Most of us have locked in low mortgage rates, we aren't looking to move/sell, so we just hunker down.

What will change is if we get into a recession where people start losing jobs. Then you will see people forced to sell their homes because they can no longer afford their mortgage, as low as it may be. Now, it won't be as bad as during the subprime debacle in '08 because rates were so much lower the last few years, but I think you are still going to see a sharp decline in housing prices next year.
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You seem pretty confident that big papa B won’t just print up some “mortgage relief” payments for everybody to stay afloat!
 
Ishad

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Just going to keep waiting and tracking obvious flips. They’ll be first in line to cut their losses.
 
Mizake

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Kithani said:
You seem pretty confident that big papa B won’t just print up some “mortgage relief” payments for everybody to stay afloat!
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I sincerely doubt that would ever happen. The entire Democratic party shtick is "helping the poor". Poors don't own homes, they rent. Most brown minorities don't own, they rent. So he's more likely to suspend rent payments, give eviction protections, than to ever give relief to white/asian home owners and institutional firms like BlackRock. Actually, he's more likely to bail out BlackRock than he ever would bailing out America's middle/upper middle class.
 
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Kithani

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Mizake said:
I sincerely doubt that would ever happen. The entire Democratic party shtick is "helping the poor". Poors don't own homes, they rent. Most brown minorities don't own, they rent. So he's more likely to suspend rent payments, give eviction protections, than to ever give relief to white/asian home owners and institutional firms like BlackRock. Actually, he's more likely to bail out BlackRock than he ever would bailing out America's middle/upper middle class.
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I agree with you in theory but here we are bailing out the middle class with student loan relief. I think the difference between 2008 now is they have realized they can now buy votes from anyone.
 
nu_11

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Mizake said:
Housing prices haven't really fallen because, like the article mentioned, people don't have to sell. Most of us have locked in low mortgage rates, we aren't looking to move/sell, so we just hunker down.

What will change is if we get into a recession where people start losing jobs. Then you will see people forced to sell their homes because they can no longer afford their mortgage, as low as it may be. Now, it won't be as bad as during the subprime debacle in '08 because rates were so much lower the last few years, but I think you are still going to see a sharp decline in housing prices next year.

I mean, I think we can all agree that the US economy is continuing to get worse. We haven't hit the bottom yet. Which means there is a reckoning coming. If you happen to be in the market to buy a home, I would wait, if you can, until 2023.
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This is my view too.

People dont have a reason to sell unless they lose their jobs and can no longer afford their mortgage. So a recession including layoffs will be necessary to kickstart a drop in home prices. How do we get a recession? Well if the whole housing market feezes due to affordability concerns then we no longer need to employ home construction workers and all the associated upstream and downstream market activities; queue a recession.

In order for us to get back to a reasonable housing market we need to endure some pain, unfortunately...
 
Abigailicious

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Kriptini said:
Exactly this. My day-to-day work is full remote, but in my industry, you don't get hired off of resumes; you only get hired off of recommendations. Gigs tend to last 6-8 months before I need a new one, so I have to keep up with sucking dick until I get to a place where I will get a steady stream of gigs to my inbox without needing to leave my house. (I'm just shy of three years in the industry.)
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lol
 
Gravel

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Sanrith Descartes said:
West coast up a ways from Tampa.

Yeah NPA is becoming the defecto choice for a lot of people across the country. They rarely care about primaries and dont consider themselves "political".
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I thought you wanted to be close to the water. That sounds like non-beach area.

My in-laws have a plot in Homasassa Springs. Wasn't a fan.
 
Sanrith Descartes

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Gravel said:
I thought you wanted to be close to the water. That sounds like non-beach area.

My in-laws have a plot in Homasassa Springs. Wasn't a fan.
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It was near the state park there. Turns out they said no to my offer and refused to move on the price so i keep looking.

The problem with east coast water lots is they tend to be pretty small. What I liked about these was the size and that there side-by-side and gave me that whole side of the block.
 
Burns

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Sanrith Descartes said:
It was near the state park there. Turns out they said no to my offer and refused to move on the price so i keep looking.

The problem with east coast water lots is they tend to be pretty small. What I liked about these was the size and that there side-by-side and gave me that whole side of the block.
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Naples up to Ft. Myers should have some good deals on property at the moment.

The Naples area is the only place in Florida I have been that I would think about a return visit to. Outside of the normal Florida plague of bugs, it was nice, and far enough from Miami, Tampa, and Orlando to keep the scumbags at bay.
 
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Fogel

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Burns said:
Naples up to Ft. Myers should have some good deals on property at the moment.

The Naples area is the only place in Florida I have been that I would think about a return visit to. Outside of the normal Florida plague of bugs, it was nice, and far enough from Miami, Tampa, and Orlando to keep the scumbags at bay.
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NE Florida is pretty good as long as you stay outside of central Jacksonville and Daytona. St. Augustine, Palm Coast etc are really nice areas with low levels of riff raff, though St Aug is starting to get a little crowded.
 
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Sanrith Descartes

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You will never in a million years guess what the workaround is to mortgage rates at 7%. Never ever.

“The popularity of adjustable-rate mortgages is increasing very quickly, as many borrowers believe they will have the opportunity to refinance into a fixed-rate mortgage at some point before their ARM adjusts,” says Corey Burr, a real estate agent in the Washington D.C. area"

These fuckers deserve everything they are gonna get. We never fucking learn.

finance.yahoo.com

‘The numbers just don’t work’: While rising mortgage rates have some homebuyers giving up, others think they’ve found a workaround

Rates near 7% are a tough ‘mental hurdle’ for homebuyers to overcome, one economist says.
finance.yahoo.com finance.yahoo.com
 
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wormie

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Sanrith Descartes said:
You will never in a million years guess what the workaround is to mortgage rates at 7%. Never ever.

“The popularity of adjustable-rate mortgages is increasing very quickly, as many borrowers believe they will have the opportunity to refinance into a fixed-rate mortgage at some point before their ARM adjusts,” says Corey Burr, a real estate agent in the Washington D.C. area"

These fuckers deserve everything they are gonna get. We never fucking learn.

finance.yahoo.com

‘The numbers just don’t work’: While rising mortgage rates have some homebuyers giving up, others think they’ve found a workaround

Rates near 7% are a tough ‘mental hurdle’ for homebuyers to overcome, one economist says.
finance.yahoo.com finance.yahoo.com
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That is the narrative for any mortgage right now. "you will refi in 3-4 years".
 
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TJT

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What If Omg GIF by Bounce
 
OU Ariakas

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As bad and as predatory as it sounds, this just means I will be looking to pick up some nice rental properties on short sale in 5 years when the loans don't adjust and those borrowers are drowning.

I have no sympathy for investors or a couple buying their third house that choose an ARM; it is the first time buyers that have never paid attention to the market that are trusting their broker and getting burned half a decade later. It's like college kids getting pizza to sign up for a credit card levels of deception.
 
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Tmac

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My cousin (28 yr old female nurse) just bought a $350k house at 7.1%. The first year is 5%, then 6%, and the third year is 7.1%. And they’ll mostly pay for a refi if the opportunity arises.

😬
 
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