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Started By
Message
re: Buyers Backing Out On Homes Due To New Rates
Posted on 3/31/22 at 1:17 pm to thunderbird1100
Posted on 3/31/22 at 1:17 pm to thunderbird1100
quote:
thunderbird1100 LSU Fan GSU Eagles fan Member since Oct 2007 It's not the rate that's the main issue, it's the ever higher rates with home prices still rapidly appreciating at least at the moment. My townhome was worth about $230k back in 2015 with those kind of rates. Now it's worth about $420k with the same rates in 2022 It's up over 6% in the last month. Meanwhile rates rose about a full percent in the meantime.
I hope you enjoy seeing that current property value increase (it's smoke & mirrors). I'd love to hear from you in 12-18 months.
1
Posted on 3/31/22 at 1:17 pm to Catchfalaya
quote:
4.8% is just the start. By end of April it could be near 6%
About time. I'm always looking for real estate as a cash buyer and the prices will have to adjust.
Posted on 3/31/22 at 1:21 pm to Catchfalaya
quote:
Couple that with unprecedented inflation
The rate would have to be close to 24% for it to be "unprecedented". That didn't even happen during the 70s and 80s.
Posted on 3/31/22 at 1:26 pm to Hunter6868
quote:
My new job won't start until July. Would you try and sell now
You have to be in another state in 3 months and you haven't listed your house yet?
Does my question answer your question?
Posted on 3/31/22 at 1:29 pm to WildTchoupitoulas
My first house was bought in '86, owner financed at 12% on a 10 year note
not bad, being as my student loan was 15%
not bad, being as my student loan was 15%
Posted on 3/31/22 at 1:30 pm to LSUnation78
quote:
When no one can buy that 400k house, the price will come down.
People said this in 2007. The Fed reinflated the bubble to bail out the banks. They will do it again. Until they can't. 
Posted on 3/31/22 at 1:31 pm to Catchfalaya
Crash and burn housing industry.
Posted on 3/31/22 at 1:32 pm to Catchfalaya
Weve been looking to buy a second place, but gonna hold off until the rates kick the housing prices down from here.
Posted on 3/31/22 at 1:32 pm to WildTchoupitoulas
Posted on 3/31/22 at 1:33 pm to HempHead
quote:
If you're not buying in Madison Co or East Limestone/Athens, you can find stuff that is very reasonable, at least compared to most places.
thanks,
Been Looking North Alabama, Tenn, North Georgia, N & S Carolina
Texas will be screwed in under 5 years.
Posted on 3/31/22 at 1:33 pm to ChexMix
quote:
you mean rates that were available in 2015? Yup. People acting like 4.8 is a disaster
4.8 is NOT a disaster by any means, but i don't think interest is done rising and supply problems are going to continue to be an issue, not only for new homes, but the actual supply of homes for sale on the market. we remodeled last year and i get offers to buy it from corporations once a month. if i sell to a corp or renter, it's off the market as a future sell for a long time.
i'm not moving, so it's a moot point, but starter homes that should be a transitory house for upward mobility just got taken off the market for the foreseeable future.
Posted on 3/31/22 at 1:33 pm to Taxing Authority
quote:
People said this in 2007.
I would not be retired today and would still be grinding if not for the large amount of wealth I generated from buying houses in 2007 and 2008.
Posted on 3/31/22 at 1:33 pm to WildTchoupitoulas
quote:He probably doesn’t know you as the seller can control occupancy date
You have to be in another state in 3 months and you haven't listed your house yet? Does my question answer your question?
Posted on 3/31/22 at 1:35 pm to Billy Rocks
The sky is always falling.
Posted on 3/31/22 at 1:40 pm to GWM
quote:
I hope you enjoy seeing that current property value increase (it's smoke & mirrors). I'd love to hear from you in 12-18 months.
I would love for the market to crash, the houses we are looking to move into in the coming years are substantially more expensive right now than what ours is worth. If the entire market dropped 20%, it would be a huge benefit to us. 20% of $600k-$700k is a lot more than 20% of $420k.
This post was edited on 3/31/22 at 1:43 pm
Posted on 3/31/22 at 1:43 pm to Catchfalaya
Well rates are coming back down
Better hit them up or tell them to stop using retail
Even better option is FHA
Better hit them up or tell them to stop using retail
Even better option is FHA
Posted on 3/31/22 at 1:44 pm to Catchfalaya
Seems silly that even a 2 percentage point increase would negate a buying decision, especially when it’s tax deductible, but I can see it influencing a segment that is either strapped or just looking to change homes in the same locale.
Posted on 3/31/22 at 1:45 pm to Taxing Authority
quote:
People said this in 2007. The Fed reinflated the bubble to bail out the banks. They will do it again. Until they can't.
In 2007 prime rate was over 7%. So it was possible to reinflate, which is what happened when they came down to zero on prime.
Unless we go to a negative prime rate, they’re going to have to raise rates. And as a function, prices will slowly start to come down. How hard and how fast depends on the rate movement.
At some point after raising rates, its entirely possible they bring them back down to near zero. But without going negative they wont be able to inflate it any higher than what occured after the mortgage collapse in 2008. Of course if they print another 20 trillion dollars everything i just typed goes out the window.
This post was edited on 3/31/22 at 1:47 pm
Posted on 3/31/22 at 1:49 pm to TigerFan55555
quote:inner city of Huntsville, al is the same but plenty of good areas to live west of huntsville or northeast of huntsville if make enough.
Not to mention the illegals and their kids. The illegal students outnumber the legal students in almost every inner city school and the VAST majority have the IQ of a door knob... Trump was 100% right on one thing. The VAST majority of people crossing the border are not good people, many of the younger ones are pure evil and have the education of a 3 year old...deadly combination.
Posted on 3/31/22 at 1:53 pm to Catchfalaya
Good, maybe prices will come back down to normal.
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