Mortgage rates back to 7%

[desjardins]

I thought rates going up with slow demand but inventory in my area is still crazy low
If you want a house right now I would still buy, you can always refinance if rates go back down . I think people got mentally conditioned to expecting crazy low rates. This 7% is way more "normal" than the 3% I got back in the day
My primary property is worth almost double what I paid 7 yrs ago and my mortgage with taxes is still under $1300. Back then so many dummies were telling me I'm buying at the top of the market
Better to lock yourself in at current prices, whatever they are, cause rent only goes up

 

[Adonai]

that's the problem with low interest rates. it means EVERYONE is going to be trying to buy a house, thus driving the prices way up causing the bidding war u mentioned.

For real, I was looking at cribs around the 300k mark but they all ended up in bidding wars, contingencies/inspections waived, and selling for like 375k. Prices have pretty much stagnated since but 375k at 7% is way more expensive than it was at 3%. Not sure if I made the right move by chilling but time willl only tell.

 

[BaldingSoHard]

I got hit upside the head last year because the house got assessed and my property taxes took my mortgage from 1320 to 1950.

Texas?

 

[King Sun]

Texas?

You know I wouldn't have been so surprised if it was Texas but this my house in Columbus Ohio .In Texas they don't even give you a chance your property tax going to be 3k plus for anything a year

 

[Lucky_Lefty]

Should've bought when I first moved to TX but I'm moving anyway. Just gonna buy a crib out in the sticks. Living in an urban area ain't the end all, be all for me it was just 3 years ago. Too bad I'm looking for a crib in the middle of tornado f'n alley tho plus these new builds looks so damn cookie cutter and generic

 

[beenz]

City life vs Burb life fam.

Granted, I rather have the HOA than not. They do get on my fukkin nerves sometimes (we had to pressure wash our driveways as a mandate this year). But as long my property value going up

most of our burbs don't have HOA's either. it'd only be some of the very new developments, and we don't have many new homes like that.

there is a small gated community a couple blocks down the street, but the ONLY ammenity I see their HOA's going to is a very small private playground, so I don't even see the point.

 

[Rekkapryde]

most of our burbs don't have HOA's either. it'd only be some of the very new developments, and we don't have many new homes like that.

there is a small gated community a couple blocks down the street, but the ONLY ammenity I see their HOA's going to is a very small private playground, so I don't even see the point.

yeah, its definitely different here. But all centers around the money.

 

[AAKing23]

My apartment in Ohio is 800 lol

I'm just gonna stack my money and do nothing

When I leave GA, Ohio and PA are on my list to move to for a cheap cost of living

 

[Conjiggle]

Do you think the rates will return 2-3% if they can get inflation under control?

It is highly unlikely. Those rates were the lowest in history. That played a large part in buyers being willing to spend $10/20/30k + over list price. The low interest rate gave them the power to spend more and still pay less per month than they would with a higher interest rate if purchased at list price.

The market, in general, knew that the 2-3% rates weren’t going to be around forever. That is why the market was so crazy for that 1.5-2 year period. The smart thing to do at that time was to buy though. I had a few clients that decided to wait for “the market to settle down” and ended up paying a lot more money (purchase price and mortgage) 12-18 months later.

If I had to guess, I would probably say rates will stabilize somewhere in the 6.5-6.5% range for a while. That is just a guess though.

 

[Conjiggle]

This post alone should be stickied on every page in this thread. Broke it down perfectly and summed it up so that it’s easily digestible

Appreciate it bro

 

[Orange cream shake]

This market is weird. Where I live people are clearly over pricing their homes. All of the existing homes sold recently have all sold for more than what they were originally bought in most cases 50-150k approx over what the seller originally paid. But they are all going for less than list price. So it looks like the market here is going down but it’s not. I moved last year, I could sell my house for 70k more than what I paid based on comps. New homes are selling for 200k more than I paid. These people don’t care about 7% interest.

 

[CHICAGO]

Got in at 2.75 in June 2021.

My shyt at 7 would be like an extra $900

I WAS STILL CONTENT WITH
ENJOYING THE DOWNTOWN LIFE
IN 2021...

NOW THAT IM TRYING TO BE
A FAMILY MAN AND BUY A HOUSE
IM LOOKING AT A 7.25 INTEREST RATE.

IM GONNA BE PAYING DOWNTOWN
RENT PRICES JUST TO OWN
A HOUSE NOW.


​

 

[At30wecashout]

This post alone should be stickied on every page in this thread. Broke it down perfectly and summed it up so that it’s easily digestible

Yup. I came to the conclusion myself that time in the market>>>>>>>>

Sure its only a condo, but paying extra on the mortgage and getting my career up can mean getting a chunk of equity to hopefully to a forever home in a few years. Renting however, while more convenient, wouldnt give me something on the backend for when I am ready. I would be chasing the ever-ballooning down payment instead. If folks saw how nasty them amortization tables areif folks can get their foot in while on a budget, it might prove fruitful. I wont know for a couple of years but I feel I made a solid move.

 

[Remote]

You know I wouldn't have been so surprised if it was Texas but this my house in Columbus Ohio .In Texas they don't even give you a chance your property tax going to be 3k plus for anything a year

Where I live the property taxes probably average like 13k a year.

Whatever your mortgage monthly payment is, add a thousand dollars.

 

[Sunalmighty]

It is highly unlikely. Those rates were the lowest in history. That played a large part in buyers being willing to spend $10/20/30k + over list price. The low interest rate gave them the power to spend more and still pay less per month than they would with a higher interest rate if purchased at list price.

The market, in general, knew that the 2-3% rates weren’t going to be around forever. That is why the market was so crazy for that 1.5-2 year period. The smart thing to do at that time was to buy though. I had a few clients that decided to wait for “the market to settle down” and ended up paying a lot more money (purchase price and mortgage) 12-18 months later.

If I had to guess, I would probably say rates will stabilize somewhere in the 6.5-6.5% range for a while. That is just a guess though.

you said you live in georgia correct?