How come people are still crazily buying homes at these interest rates. 5.5% has been the highest in a decade. You got to be really another level where even now you are waiving inspection, doing a 50k appraisal gap and still overbidding way over asking. I understand when interest rates are low it is a seller's market. But now the interest rates aren't low either. This makes no sense. Can anyone explain what is going on? Are people buying multiple homes? Where are they getting cash to do all of this? #mortgage #housing
Which location
nj
Dude, where in NJ and what price range? There is a visible slow down in Central Jersey for $650k+ price ranges..
Lot of people have held on to cash and many might have got their rates locked.
Mostly rates donāt get locked until you are in contract. It is more of still having cash in hand
Thatās 100% not true, at least for WA and CA. Iāve had my rate locked before ever finding a a home the last few times
Interest rates donāt matter to cash buyers.
how are there so many cash buyers? Did everyone win a lottery
Money flowing in from outside usa because only usa is a safe haven right now in entire world
Why are you still bidding? For exactly the same reasons others do.
I just came into the market thinking the market may have cooled down. The 2 bhk house in an okayish school district had 3 offers all over asking, inspection waived and so on. Thought this is a good time, but apparently will wait
where r u looking? In my neighborhood in tiny east coast state next to NYC. , houses are staying longer with price reduction, The downward in real estate has clearly started, wait few weeks.
https://www.ameriprise.com/binaries/content/gallery/ampcom/news--research/21-185-me_november-line-chart_2_1.jpg This is whatās going on
exactly, inventory being too low is the key.
Two words : All Cash
yeah kind of crazy. I'm in small market but seeing similar. just closed on a house end of February. been watching Zillow still and prices already up 10% in my neighborhood since I closed. prices have gone up here like everywhere else over the past year but they were semi stable the past 6-8 months or so. seem to be on upward trajectory even w rates up now.
Itās real estate agents who are giving bad advice to clients. People make emotional decisions far too much and there are folks who take advantage of that, because it benefits them.
Where do you get cash to do this? I imagine the same sources are available to tens of thousands of people in your city
Tired of hearing about interest rates. Dude interest rate is not the only variable in the game. Interest rates are crazy in india also but housing does very well in india
Not everywhere. RE prices have stayed the same for about a decade in India
also interest rates in India have also stayed more or less the same over the decade