Housing market
- Thread starter simply1
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That wasn't a humble brag. 1st - I can't afford to buy, second, I'm talking about everything within miles. The market is a **** show here for buyers not from Cali.
Mortgage Lenders Lay Off More Workers as Loan Activity Dries Up
Mortgage firms including Angel Oak and Lower.com have laid off employees after a jump in lending rates to 15-year highs dramatically slowed borrowing.
www.bloomberg.com
For sure and only going to get worse.
Good news on that specific goal, but anything drastic will cause problems throughout the economy.
My wife is an Accounting Director for a conglomerate of real-estate offices in Central Iowa and they're staying busy with no current signs of slow-down. With housing so tight in the metro, would you expect that our "decline" will be less pronounced than the National average?
I wonder if we are going to start seeing larger variances in housing prices than we have in the past. Historically, housing prices have seen a slow and steady increase in value. However, since 2010, prices have increased at a quicker pace than historically seen. Then, when the pandemic hit, prices were just going wild. So I wonder if these wild swing in prices will make people more afraid to sell their home and potentially move than they would have in the past because they are hearing/seeing housing prices decreasing currently, but ignore the runup the past decade.
I have a feeling rates will play a part. People don't want to give up sub 3% rates on a 30 year. It's basically free money.
We were looking to move, but the rates got above 5% and that started to weigh on the decision. I'm not going up to 6.75% even if my current home isn't the best fit for us. It's not worth an extra $800-$1000 a month
Inventory will be a problem. But my kitchen contractor seems happy
This is what happens when you listen to realtors on tik tok/IG Reels.
"Nearly three-fourths of Americans who purchased homes in 2021 and 2022 have regrets, according to Anytime Estimate’s American Home Buyer Survey, which was released in September."
www.yahoo.com
"Nearly three-fourths of Americans who purchased homes in 2021 and 2022 have regrets, according to Anytime Estimate’s American Home Buyer Survey, which was released in September."
‘I was kind of swept up’: Nearly 3 in 4 homebuyers who bought during the pandemic regret it now — here’s how to ensure you’re not one of them
You don’t have to be locked into a house you hate forever.
Always is. Iowa and Des Moines area in particular are always resistant to economic headwinds.
This is what happens when you listen to realtors on tik tok/IG Reels.
"Nearly three-fourths of Americans who purchased homes in 2021 and 2022 have regrets, according to Anytime Estimate’s American Home Buyer Survey, which was released in September."
‘I was kind of swept up’: Nearly 3 in 4 homebuyers who bought during the pandemic regret it now — here’s how to ensure you’re not one of them
You don’t have to be locked into a house you hate forever.
True, but also funny for myself. My wife and I bought a house in 2021, and sold that same house in 2022 (excatly one year later); and made money off it! But we did have regrets in 2021 when we bought the house for various other reasons than the price.
My general rule is to avoid taking advice from someone who will make money off of my decision.This is what happens when you listen to realtors on tik tok/IG Reels.
"Nearly three-fourths of Americans who purchased homes in 2021 and 2022 have regrets, according to Anytime Estimate’s American Home Buyer Survey, which was released in September."
‘I was kind of swept up’: Nearly 3 in 4 homebuyers who bought during the pandemic regret it now — here’s how to ensure you’re not one of them
You don’t have to be locked into a house you hate forever.
My wife keeps bugging me about getting a “financial advisor”. It should be required to call themselves “for profit financial salesmen”. **** that. Robots do that job for free now.
Spend that money on a good accountant/tax person.
Going from a 3% to a 6.6% (easy math is my reason for those specific rates) would require a 27% drop in value to equalize the payment.
Right now, rates are kinda in that “normal” ranges.
The wild movements in house values is why it’s best to never use your house value in factoring net worth and other financial situations. You have to live somewhere and once you have owned a house, you almost never go back to renting.
Right now, rates are kinda in that “normal” ranges.
The wild movements in house values is why it’s best to never use your house value in factoring net worth and other financial situations. You have to live somewhere and once you have owned a house, you almost never go back to renting.
Is there a link to the source of this chart? I would like to try and track this on a somewhat periodic basis as my wife and I may be in the market for a house come next year
Prices are going to drop like a rock. https://fortune.com/2022/11/13/pand...lling-15-percent-says-kpmg/?showAdminBar=true
If you owe $ on that house, you’re counting the debt in your net worth. My banker insists on including your home, but using a conservative value, when calculating NW.
Most bankers I know now, industry was going this way when I left, will have a couple different financial statements on each person. You have the one they bring in, then the one with values from last year and if they are a small business, one that excludes all personal debt and then another with what they could get on a fire sale. The fire sale one was the numbers we used in loan committee as a yea or nay.
Unless you plan to sell your house and rent, it really has no financial value to you. Just like what is farmland worth, very few farmers plan to sell, so that lands true value is what it will make the farmer in rent payments over their life. Basically take emotion out of it and look at true cash.
