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I went looking at some houses today. I am wondering if I should put the house hunt on hold though. I am currently furloughed, so I have the time to look. I am wondering if there is any validity to the debt ceiling repercussions of higher interest rates and falling home values. Does this make people rush to lock in before or let home prices fall and see how interest rates rise?
Might wish to suggest to your friends that they check out the Affordable Care Act. Premiums for some of these plans are very attractive. A $400/month increase in my premiums would have me looking elsewhere, and this new program will quickly disadvantage providers who are trying to get away with gouging. The new plans are very affordable, available, and easy to compare.
And best of all, they drive medical costs down for all of us....and free up cash with which to buy homes! Win/win.
That is incorrect. I had a catastrophic plan that covered both me and my grad student son for $322 a month. Those kinds of plans are no longer available under the ACA except for people under 30, and premiums for the three tiers of plans are determined partly on the basis of your age. For the two of us, my premium was going to increase to over $700 a month. He just got insurance through his school so I was able to take him off my policy, but my premium will now be $500 ($499, to be precise) a month starting January 1. When I looked on my state's health exchange this week, I found that there were no companies offering better deals than the Bronze Plan my current insurer will be putting me on.
The coverage is better, and the deductible is only $6350 instead of the $10,000 annually that I have now before the new plan kicks in, and I can afford it, but it is not "affordable" for many people who are basically healthy, could afford a high deductible, and chose a catastrophic plan like I did.
I'm glad everyone can get insurance now, but I would have preferred a truly inexpensive single-payer system instead of one the insurance companies were rooting for.
I went looking at some houses today. I am wondering if I should put the house hunt on hold though. I am currently furloughed, so I have the time to look. I am wondering if there is any validity to the debt ceiling repercussions of higher interest rates and falling home values. Does this make people rush to lock in before or let home prices fall and see how interest rates rise?
Look, nobody can predict the future, and this includes interest rates. If your job will be intact (like almost everybodys) after the furlough, then keep looking and make an offer you can afford.
Around here market has cooled down from what it was earlier in the year. Additionally real estate market is generally slow in fall and winter, combine this with uncertain rate environment and no wonder your showings have stopped. Hopefully they will pick up enough to get you a buyer!
Folks always mention that the start of the school year leads to a reduced interest in home sales. Since only a third of households have school age children this should only lead to a 30% or so reduction. Is that what everyone is seeing, or is it much more?
I'm not an agent, but I browse listings several times a week. Recently, listings in areas where homes were selling at a rapid clip just five months ago are now seeing listings go through several price drops and still sit unsold. These are all comps sqft-wise and in the same buildings/neighborhoods as the ones that sold like hot cakes this Spring.
same here!
only houses that went under contract some time ago closed and most new listing for last 2-3 month are still on the market with no offers. Reason - overpriced low inventory. All people who was driving under FHA new rules bought whatever was avail. and most buyers in today's market are selecting very careful.
I search local MLS daily and check records for recent sales history, so I see how prices dropped compare to this summer
Folks always mention that the start of the school year leads to a reduced interest in home sales. Since only a third of households have school age children this should only lead to a 30% or so reduction. Is that what everyone is seeing, or is it much more?
I was in the market last year and didn't notice the same slow down due to school and all that - people were buying and bidding wars was happening (I lost in few around the same time last year or even later).
I don't think school has anything to do with it. School year effect rental season more in my opinion
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