U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 05-15-2021, 03:23 PM
 
6,136 posts, read 2,980,943 times
Reputation: 4191

Advertisements

Quote:
Originally Posted by TLeeBlanq View Post
Rather than wading through 24 pages of replies, am going to reply to the OP question as to the present real estate market volatility. What we are presently experiencing in the markets is the beginning of inflationary cycle which affects pricing. This occurred previously in 1972. Been There-Done That. Prices went crazy-and up. You are seeing the leading edge of major devaluation of the dollar. Good Luck
Historical Mortgage Rates. In 1972 they were 7.325%

https://www.valuepenguin.com/mortgag...mortgage-rates
Rate this post positively Reply With Quote Quick reply to this message

 
Old 05-16-2021, 09:09 AM
 
Location: Stuck on the East Coast, hoping to head West
4,547 posts, read 10,532,206 times
Reputation: 9528
Just a thought, but even if interest rates go up and housing prices stop rising or dip a little....how long will it take sellers to realize it?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 05-16-2021, 09:33 AM
 
Location: North Idaho
26,950 posts, read 36,227,223 times
Reputation: 57443
If you buy a house that you like and you can afford the payments, it doesn't matter if the price takes a dip. Just keep making those payments and enjoying living in the house and the price will cycle back up.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 05-16-2021, 01:47 PM
 
Location: Sandy Eggo's North County
3,722 posts, read 1,426,963 times
Reputation: 5371
Quote:
Originally Posted by Gaylord_Focker View Post
4 years ago, I was looking at homes in the DC area thinking "ok, way too much, I would never pay that much for a place like that." Now, the same home is about 60% more.
Well, you are right, you won't, anymore...barring a correction, (which has been due.)

Wanna "KILL the RE market, nationwide? Bump interest rates to 5-6%. You'll see it STOP like virginity on a Kardashian's 14th birthday. (LOL!)

Ok, 13th?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 05-16-2021, 01:51 PM
 
9,653 posts, read 3,268,542 times
Reputation: 16995
Quote:
Originally Posted by Fedupwiththis View Post
Even if it's not a "bubble burst" even a 10% cooling will leave a lot of first time home buyers very unhappy. Over the last 5 years I know of 1 family who bought a house. In the last 12 months I know of 8 different families who just had to move all of a sudden.

These first time home buyers are all going to end up with an upside down mortgage at some point. Your first 3 years your monthly payment hardly touches your principal, even a 10% pull back at some point in the next 5 years mean people will be upside down.

I'm a big believer in home ownership, but all first time buyers should just continue renting and wait for this insanity to chill out.
Even if they are upside down at some point, that is likely to be a temporary phenomenon. As long as those home buyers you refer to can still pay their mortgage, life is good.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 05-17-2021, 07:31 AM
 
1,649 posts, read 1,263,894 times
Reputation: 2389
Quote:
Originally Posted by airics View Post
no you are the renter and gave the landlord the money instead of having any investment. it goes down 30k, you gave the landlord 120k, you LOST 90k

You literally have no idea what you are talking about.

Your "math" is assuming your entire monthly payment is hitting the principal of the loan, which it's not, not even close. You could be paying $1,500 a month but majority is going toward taxes, insurance, and interest. You're lucky if $300 a month actually hits the principal in the first couple years.

If you buy a house for $200,000 and pay $1,500 a month after 5 years you've paid $90,000. Do you really think the remaining balance on your mortgage will be $110,000? Not even close. It'll probably be more like $180,000.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 05-17-2021, 07:32 AM
 
Location: Tierra del Encanto
1,637 posts, read 1,364,544 times
Reputation: 2129
Quote:
Originally Posted by NORTY FLATZ View Post
Well, you are right, you won't, anymore...barring a correction, (which has been due.)

Wanna "KILL the RE market, nationwide? Bump interest rates to 5-6%. You'll see it STOP like virginity on a Kardashian's 14th birthday. (LOL!)

Ok, 13th?
I'd rather buy a house at a lower price at high interest, knowing I could get a mortgage and refinance later on when rates drop. The worst IMHO is a bloated property tax bill. High taxes cannot be paid down, go on and on, are resistant to meaningful adjustment and the bill gets bigger most years.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 05-17-2021, 07:48 AM
 
11,273 posts, read 6,239,626 times
Reputation: 17907
Quote:
Originally Posted by MadManofBethesda View Post
You've been considering, researching, thinking, and looking for years and years without acting. All because you have a very specific set of criteria for your perfect retirement home that basically amounts to searching for a unicorn. This past year's increase in the price of housing, which you want to refer to as a bubble, is just the latest excuse in a long series of excuses as to why you can't find and buy your perfect place.
I am only just NOW retiring, and obviously I'm not going to buy a house sight-unseen that I'm not even prepared to move to and live in yet. It's called, as you said, years of thinking, looking, and researching before acting, which is generally advised.

Do you get your jollies personally attacking other posters?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 05-17-2021, 09:22 AM
 
9,653 posts, read 3,268,542 times
Reputation: 16995
Quote:
Originally Posted by manekeniko View Post
The worst IMHO is a bloated property tax bill. High taxes cannot be paid down, go on and on, are resistant to meaningful adjustment and the bill gets bigger most years.
You say that as if it were a bad thing.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 05-17-2021, 09:59 AM
 
9,151 posts, read 13,256,071 times
Reputation: 22468
Quote:
Originally Posted by otterhere View Post
I am only just NOW retiring, and obviously I'm not going to buy a house sight-unseen that I'm not even prepared to move to and live in yet. It's called, as you said, years of thinking, looking, and researching before acting, which is generally advised.

Do you get your jollies personally attacking other posters?

Oh, please. This is your OP from a thread in 2017 discussing what you're looking for.

Quote:
Originally Posted by otterhere View Post
My problem seems to be that I want the best of both worlds... The ocean in my front yard and a big city in my backyard. My "dream home" is either a condo with a full ocean view or a beach cottage set a few blocks back (within biking distance), but I also need big-city amenities to be happily retired. Such things as a gym, library, university, symphony, ballet, art movies, museums, historic area, medical center, Meetup groups, a dance community, churches, public transportation, etc. no more than a half-hour's commute away. Add to that hiking trails, bike paths, and kayak venues, and you can see why I'm having such difficulty finding the right place. Finally, to further complicate things, to me the ocean means pounding surf. The sleepy gulf might as well be a swimming pool or inland lake.

Help!

In fact, your search for the perfect retirement place goes back even farther than that. And whenever someone chimed in with a location that met many or even most of your criteria, you always found a reason why it wouldn't work for you. And now here you are, five years later and complaining that prices have risen since 2016...and 2017...and 2018...etc., etc., etc. And all the while you've been contemplating, thinking, considering, and "looking before you leap" to use your words. And speaking of using your words, that's all that I've done. I find it humorous that you consider that to be a personal attack.

Here are just some of your threads over the years where you contemplate how and where to find your "dream home" (again, using your exact words):

2016
https://www.city-data.com/forum/reti...ean-break.html
https://www.city-data.com/forum/reti...buy-where.html

2017
https://www.city-data.com/forum/reti...oast-gulf.html
https://www.city-data.com/forum/reti...stination.html

2018
https://www.city-data.com/forum/reti...-paradise.html
https://www.city-data.com/forum/reti...-property.html
https://www.city-data.com/forum/reti...y-rv-rent.html
https://www.city-data.com/forum/reti...etirement.html
https://www.city-data.com/forum/reti...ch-little.html

2019
https://www.city-data.com/forum/reti...irst-move.html

2020
https://www.city-data.com/forum/reti...roperties.html
https://www.city-data.com/forum/reti...riorities.html


2021
https://www.city-data.com/forum/reti...est-state.html
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate
Similar Threads

All times are GMT -6.

© 2005-2021, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top