Mortgage rates back to 7%

[Dipsey Doo]

I'm trying to buy a house right now

It's tough outchea

Just take it on the chin right now and hope interest rates are lowered in the future to get that sweet refi deal

 

[its2late2hate]

@Heavy_Handz my boy just bought in that area. I assume you near Prosper?

 

[beenz]

Got in at 2.75 in June 2021.

My shyt at 7 would be like an extra $900

2.75%

that's better than my 3%.

 

[Pedro Negro]

Chula Vista my guy

Cool, my friend lives there and also a spot I’ve been considering. All I know is stay away from lmperial Beach is what I’ve been told when shopping around for rentals or condos.

 

[Black Magisterialness]

Damn, I'm happy I got in.

 

[jesc07]

It's cheaper to rent than to buy right now which is crazy. I almost bought a 2bdr townhome last year that was the equivalent of my apartment and it would've been $1500/mo.

I pay $1300 now and water is included so I couldn't justify it...but time will tell if I was right. Buying would've been all my savings so wouldn't have had shyt for repairs if something was to break.

 

[CHICAGO]

Price of the brick went up. Less folk willing to buy because banks are iffy on lending or people just don’t want to pay a higher interest rate each month when that shyt was MUCH lower 2 years ago.

NAH THE HOUSING MARKET
IS ON FIRE OVER HERE.

THESE RATES ARENT SCARING
THE BUYERS AND THEYRE OVERBIDDING.


​

 

[beenz]

It's cheaper to rent than to buy right now which is crazy. I almost bought a 2bdr townhome last year that was the equivalent of my apartment and it would've been $1500/mo.

I pay $1300 now and water is included so I couldn't justify it...but time will tell if I was right. Buying would've been all my savings so wouldn't have had shyt for repairs if something was to break.

just rent til u find the right deal. u never wanna be house poor.

 

[beenz]

NAH THE HOUSING MARKET
IS ON FIRE OVER HERE.

THESE RATES ARENT SCARING
THE BUYERS AND THEYRE OVERBIDDING.


​

yup, I got new neighbors 2 houses down as of like 2 weeks ago. and they paid about 100K more than I paid for this house while their house is ranch house and mine is 2 stories.

 

[Ohnoits]

It's not going anywhere. Do these people realize that interest rates hit 11% in the 80s? Yes COL wages have not kept up - but you know the issue is now demand. There are not enough houses for the number of people to buy. There was no building during the recession years.

Now, in a decade some of the population will continue to die off, but the largest generation in the US ever is buying homes now. All I can say is, save your money, move to an affordable area for you and buy a home.

 

[MikelArteta]

at least you amerikkkans can buy a house

 

[Conjiggle]

you said you live in georgia correct?

Yeah in Atlanta

 

[Astroslik]

I had a friend in Pasadena.
She’s paying like $1500 WITH A ROOMMATE. so that rent gotta be $3000 or more (the roommate earns more than she does)

It comes up in conversation once that she has visited New Mexico and Texas.

I said, why not move out there? It’s more affordable. It’s not like she has a stable career keeping her in the LA area.

She absolutely refuses to ever leave LA.
Even though she routinely struggles to pay her rent on time and has to supplement her earnings by doing Uber Eats/Instacart.

Some people just can’t be reasoned with.

Pasadena is a nice area though

 

[dblive]

Asking if now would be a good time to get a 5 year ARM. That could possibly save some money. Figure interest rates can’t go up any more…..can they?

 

[JoseLuisGotcha]

a big problem is people watch these shows and see Instagram and tiktok with young couples in balling homes and feel they gotta buy something comparable off the bat

Your first home is your starter home not your forever home! and either can't buy or are house poor. Go buy a house in a more undesirable area or buy the ugliest house in the best area. Either way it will be more affordable to put in sweat equity with improvements and then rent out or refi. First crib is a stepping stone for your dream crib

Plenty of areas selling affordable homes, just gotta put some love into it and there are loans where the construction costs are built into the loan