Please check my understanding: big man Jerome Powell is raising rates to bring housing prices down. This is going to continue, so why would anyone buy a house now? Isn't it guaranteed housing prices will fall, so anyone interested should wait a year or two? #housing #mortgage
Too much money lying around
Just tell everyone to stop buying useless sht
I would buy a house now as long as I get a large discount on the sales price. Then I could sell the house when rates come back down.
Exactly the same reason why I bought. Locked in 4.5 30y with 40 percent drop in price from ATH
Home price won’t fall IMO will go more up due to supply demand issue and interest rates going higher
Now is the time to buy. 5 year ARM. When JPOW crashes the economy and brings rates back down, lock in a fixed rate mortgage
Never get an arm and never ever get an arm when rates are rising lol
You can make a reasonable bet based on the fed dot plot.
Same reason why people buy anything where the price may fall in the future, because they want it now. There is no guarantee that all housing prices everywhere will fall.
Every percent that your mortgage rate goes up, that increases monthly payment by about 10% so if rates go up 2 more percent and prices go down 20% there isn’t much difference
I went into contract in Nov 2021, didnt close until July. 🙃
Freddie Mac at it again
Lots of people are saying it won't go down. Here are two examples https://www.forbes.com/advisor/mortgages/real-estate/will-housing-market-crash/ https://www.ramseysolutions.com/real-estate/housing-market-forecast Also, maybe people feel that two years of their life are worth however much real-estate will supposedly drop by by
Many common people just don't understand interest rates. Many millennials and younger people didn't see the consequences of the 2008 recession.
I bought mine in May