Forty-Eight Percent of Homes Sold in April Under Contract Within Two Weeks

[1srelluc]

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dsnews.com

Weird but not so much when you consider low inventory.....Looks like the bidding wars are on again as folks try to lock in a rate before the fed fucks them again.

All "average homes" (<300K) in my AO are being snapped-up by speculators for $2100 a month rentals.

 

[JGalt]

Laughs in fixed-rate mortgage.

 

[jwoodie]

We have become a nation of renters. IOW, we will shit in our own beds and then just move on.

 

[MarathonMike]

Welcome - The MortgagePoint

Welcome to MortgagePoint! In our continuous effort to provide comprehensive and timely information, we've combined the strengths of DS News and MReport into one unified platform - MortgagePoint. This new platform offers a 360-degree view of the mortgage industry, including insights on loan...

dsnews.com

Weird but not so much when you consider low inventory.....Looks like the bidding wars are on again as folks try to lock in a rate before the fed fucks them again.

All "average homes" (<300K) in my AO are being snapped-up by speculators for $2100 a month rentals.

That is a misleading article IMO. Average time on the market is way up across the country except for some very hot areas.

 

[Lisa558]

Welcome - The MortgagePoint

Welcome to MortgagePoint! In our continuous effort to provide comprehensive and timely information, we've combined the strengths of DS News and MReport into one unified platform - MortgagePoint. This new platform offers a 360-degree view of the mortgage industry, including insights on loan...

dsnews.com

Weird but not so much when you consider low inventory.....Looks like the bidding wars are on again as folks try to lock in a rate before the fed fucks them again.

All "average homes" (<300K) in my AO are being snapped-up by speculators for $2100 a month rentals.

A friend of mine just sold her house for $70,000 over the listing price….two days after it went on the market.

 

[Lisa558]

Laughs in fixed-rate mortgage.

What‘s wrong with a fixed-rate mortgage? You lock in the rate, and if rates go up, yay….if they drop, you refinance. I’ve done it a number of times over the course of the 30+ years I’ve owned property.

 

[JGalt]

What‘s wrong with a fixed-rate mortgage? You lock in the rate, and if rates go up, yay….if they drop, you refinance. I’ve done it a number of times over the course of the 30+ years I’ve owned property.

That's why I'm laughing.

 

[Concerned American]

What‘s wrong with a fixed-rate mortgage? You lock in the rate, and if rates go up, yay….if they drop, you refinance. I’ve done it a number of times over the course of the 30+ years I’ve owned property.

There is some back and forth on the refi issue. While it can definitely be a boon in many cases, in many more, simply increasing your monthly payment accomplishes the same thing on a fixed mortgage--without having to pay the bank's loan origination fees and discount points, etc. on the refi. Certainly, it does not reduce your interest rate, but it effectively reduces the term of the loan and the basis for interest each successive month.

 

[Lisa558]

There is some back and forth on the refi issue. While it can definitely be a boon in many cases, in many more, simply increasing your monthly payment accomplishes the same thing on a fixed mortgage--without having to pay the bank's loan origination fees and discount points, etc. on the refi. Certainly, it does not reduce your interest rate, but it effectively reduces the term of the loan and the basis for interest each successive month.

Yes, true. The other thing is that if you are far along in your mortgage and the bulk of your payment is going toward principal, refinancing will get you a lower payment and interest rate, but most of your new payment will be going to interest and you will slow down the rate you build equity. Most people, as you know, only think of what their monthly cost is.

 

[1srelluc]

That is a misleading article IMO. Average time on the market is way up across the country except for some very hot areas.

To be honest I thought the same thing till I checked around. I think the near 6.50% interest rate lit a fire under some asses.....That is why I said it was weird because not a month ago I would have fully agreed with you.

That and with ever tightening credit start-ups are down so anything that hits the market is being snatched-up.

In my AO "cold calls" by realtors trying to buy houses is way up too. I had one the other day button-hole me at the pawn shop asking if my mom was planning to sell.

The guy two houses up from me passed about six months ago and his wife put the town lot next to her place up for sale.....It was the last vacant lot in my subdivision.....The fuckin' realtor bought for the 90K asking price.