TheYellowKing
Diamond Member
But everything is fine folks! 7% interest rate on homes 400k and higher. I know some Boomers are going to say "in my day we paid 10%-15%" yeah but home prices were 100k or lower weren't they so STFU
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But everything is fine folks! 7% interest rate on homes 400k and higher. I know some Boomers are going to say "in my day we paid 10%-15%" yeah but home prices were 100k or lower weren't they so STFU
I'm not saying drop the price of homes but interest rates certainly need to drop. 7% is not sustainable.Seems the problem is that a typical house cost more than 400k. Interest rates will go back down, prices likely wont.
What is your suggestion to bring down the price of a home, without screwing over those that own homes now?
Biden is so stupid.I used to do real estate research for a major bank.
But everything is fine folks! 7% interest rate on homes 400k and higher. I know some Boomers are going to say "in my day we paid 10%-15%" yeah but home prices were 100k or lower weren't they so STFU
What?They have for many years. You probably mean 7.
Unless you're talking about billies in the mountains?
1) exactly and he's subsidizing those with bad credit by charging those with good credit more feesBiden is so stupid.I used to do real estate research for a major bank.
Biden has done 2 super-stupid thngs lately
1) Pushing bad credit scores over good as a way to increase home ownership. Soooo stupid
2) Forcing the price of housng up by his $10 000 advance
Biden is so stupid.I used to do real estate research for a major bank.
Biden has done 2 super-stupid thngs lately
1) Pushing bad credit scores over good as a way to increase home ownership. Soooo stupid
2) Forcing the price of housng up by his $10 000 advance
I'm not saying drop the price of homes but interest rates certainly need to drop. 7% is not sustainable.
My current home is at 3% for a 750$ a month mortgage
At 7% that monthly payment becomes 1980$ and here I am trying to sell with no one wanting to buy cause rates are too damn high
SighThe interest rate is only half the problem, or maybe 2/3. A 400k plus house is a lot. My wife and I between us make well over 250k and when we built our house in 2022 we did not even get close to 400k, let alone over it.
7% while seeming crazy to us now, is historically still pretty low.
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Sigh
Historically low, now go look at the home prices in 75, 80, 85 when rates were there highest
Btw I covered this in my OP
I love how you all ignore questions asked to you then ask yours instead like I'm going to answer themDo you think maybe there is a connection between the interest rates being held down for so long and the crazy increase in house prices over the past 30 years?
I love how you all ignore questions asked to you then ask yours instead like I'm going to answer them
There are multiple factors that go into housing prices now go back and compare home prices in 75-90 with those rates an 400k prices at 7% tell me which you would rather pay
In the OP I said some Boomer would say in my day interest rates were higher, ill concede I didn't frame it as a question but still I said you would bring it upIn what post number did you ask a question? I honestly do not see one.
Of course there multiple factors going into the price of a house, but the very low interest rates made it possible for people to pay more for a home, because as you point out the higher interest rates make it harder of course.
In the OP I said some Boomer would say in my day interest rates were higher, ill concede I didn't frame it as a question but still I said you would bring it up
Yeah higher rates do make it harder to buy a home now add higher prices to that
If a home is 100k with 15% interest that's far more sustainable than 400k at 7%
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Use this site and tell me
So let's stop deflecting with the vs argument "7% is still historically low" cause that isn't an honest argument and you know it
For you Leftists, here's how it works:
You rent for as long as you must, paying as little as possible, and saving what you can toward a down payment on a house While renting, you scout around to find houses that you can afford with your current income, including houses that "need work," so that you might be able to gain some "sweat equity."
Your first house will not be posh. It won't have everything you want. It won't be an "average" or "typical" house for your geographical area; it will be MODEST and lacking in some desirable features. This house is called a "Starter Home."
Over time, that house will increase in value and you will pay down the mortgage (a bit), and if you are NORMAL, your income will increase. In due course, you will be able to sell that Starter House and buy something nicer. Maybe THAT one won't be what you really want, but it will be nicer than the first one.
Basically everyone I know has gone through this process, and yet Leftists don't seem to get it. They keep spouting nonsense like, "The average worker can't afford to buy the average house!" as though that were something new and astonishing.
Of course, normal people don't have six figure student loans to pay off, from their quest to get a degree in gender studies. So there's that.
Your first house will not be posh. It won't have everything you want. It won't be an "average" or "typical" house for your geographical area; it will be MODEST and lacking in some desirable features. This house is called a "Starter Home."
But everything is fine folks! 7% interest rate on homes 400k and higher. I know some Boomers are going to say "in my day we paid 10%-15%" yeah but home prices were 100k or lower weren't they so STFU