I know it's not personal. But I refuse. I'll wait until I can pay cash or the housing prices correct down 25%.
You may say these prices are low but I'm in a very low COL area with meager salaries, and taxes are about $7-9k/year. So it's not affordable at all.
I mean you just gotta stop buying avocado toast & completely ignore that housing rates are higher today than they were for people who bought 20-30 years ago.
Rates in the 90s (~30 years ago) were comparable to today, and in fact were higher for many years compared to the current rate. You're right that rates in the 00s were lower, but not by much.
Off topic, but rates during the Reagan admin were over 10 minus late 1986 & 1987, when they dipped to 9 for a bit.
Historically speaking, 7.5 is about average. Fed policy in the Obama & Trump years pushed rates crazy low, probably in ways that that are not sustainable.
I paid 8% on my first mortgage in the late 1990s. Younger people seem to be unaware that 2-3% rates aren't the norm.
Trying to time the market is foolish. If you can afford the payment, now is a fine time to buy. When rates go down, refinance.
Don't think of your home as investment. That's what got millions of people in trouble in 2008-09. Think of it as a place to live and hope it holds value or slightly increases. Imagine that you're not "throwing money away on rent".
Except a home IS an investment and that’s why I’d argue that people get in trouble because they attach their emotions to it. Too many people don’t refi or sell when the market is too hot.
Except a home IS an investment and that’s why I’d argue that people get in trouble because they attach their emotions to it. Too many people don’t refi or sell when the market is too hot.
Sheer stupidity. Yes, I should sell my house now at the top of the market so I can buy another overpriced house with an even higher interest rate.
Or maybe we should all sell and move into overpriced apartments for a few years, while our quality of life declines due to sharing walls/ceilings/floors with deadbeats and burnouts just so I can score an extra $100k today (a bunch of which I'll spend on rent) and then hopefully buy a home in a few years after the "eventual" decline.
I know it's not personal. But I refuse. I'll wait until I can pay cash or the housing prices correct down 25%.
You may say these prices are low but I'm in a very low COL area with meager salaries, and taxes are about $7-9k/year. So it's not affordable at all.
refusing to pay because you think the price is to high and not having the money to pay it and/or living comfortably after buying... are two very different things.
I know it's not personal. But I refuse. I'll wait until I can pay cash or the housing prices correct down 25%.
You may say these prices are low but I'm in a very low COL area with meager salaries, and taxes are about $7-9k/year. So it's not affordable at all.
You'll never own a home if you don't adjust to the market, houses are worth what someone is willing to pay, period. Interest rates of 6-8% now are higher than a year ago but two years ago rates were low ONLY b/c the government wanted to promote spending (kinda the way a cyclical economy works). Even still after a jump up to what they are now, they are still historically lower than the avg. compared to a decade ago.
I paid 8% on my first mortgage in the late 1990s. Younger people seem to be unaware that 2-3% rates aren't the norm.
Trying to time the market is foolish. If you can afford the payment, now is a fine time to buy. When rates go down, refinance.
Don't think of your home as investment. That's what got millions of people in trouble in 2008-09. Think of it as a place to live and hope it holds value or slightly increases. Imagine that you're not "throwing money away on rent".
This. If you can afford the payments and like the house, it's a good time to buy. You can always refinance later. And if rates go even higher, be glad you are in a house you can afford today. I'm locked in at 5.8% which was a tough pill to swallow at the time. If I were to buy today with the same lender, it would be 7.625%. Waiting would have been foolish.
First off, gotta say, the vibes here are awesome! Now, onto the topic at hand – selling houses fast. Who wouldn't want to crack that code, am I right? So, I checked out the link you dropped, and gotta admit, it looks pretty intriguing. Selling a house fast in Manchester sounds like a dream come true for many! But hey, let's keep it real – selling property ain't always a walk in the park. It's like navigating a maze sometimes, with twists and turns you never saw coming! Now, about that link you shared – – it's worth giving it a look, no doubt. But hey, always good to do your homework and explore all your options, right? After all, you wanna make sure you're getting the best deal possible. Can't be too careful in this game!
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