I’m purchasing a home right now and I have a 6% interest rate. The home price is $225,000 (it’s a small house), I’m able to put 20% down and my payments will be around $1,350 a month including home insurance and property tax. I’ve been looking for 4 years and finally found something.
@@TopVillain PNC bank. It’s what they gave me with excellent credit and down payment money. I’ll be throwing an extra $500 a month to get it paid off quicker.
Historically every time feds cut rates, housing market goes crazy and prices shoot up. I know at least 5 people who are waiting for rates to go to 5.5% so they can buy. Imagine all of them flooding market.
I hope these rates drop hard. Seriously can't sell my home for 65,000 because the only buyers out there are cash buyers and they want the home for 30,000. Or buyers thinking for 65,000 they should be getting a completely updated house 🤦♀️
I just paid off all my loans (including house) two months ago, and I refuse to go back into debt. If I have to delay purchase of our next home, so be it.
Right? I am not seeing how something can "crash" while 1 TRILLION dollars are printed every 90 days? 1 TRILLION! Do people realize how large 1 TRILLION is?
interest rates not likely to drop much and if they do, economy will be so strained that housing prices will still drop just like when interest rates dropped 2008-2012
If interest rates go down, it's likely because unemployment has gone up. If unemployment goes up, demand goes down. Foreign investors could increase home prices, but the global market is moving towards a recession too.
@@taylor.e.a.g Why does demand go down with unemployment? Investors have trillions of dollars itching to buy anything "low", and the bond market is dead.
What bugs the crap out of me is that we ARE going into a recession and hopefully price declines and Trump will get blamed for it, like it's a bad thing. I hope he lets it happen, but it's a worry. Another hard decision.
I don't see it. "Buyers" are simply WAITING for "the crash". Everyone and their grandmother is waiting for "the crash". This is NOT a sign of a coming crash.
@@tobyk5149 I have enough cash now to buy been waiting 4 years. Many out there like me. The last crash there were NO BUYERS waiting around with 250k ready to buy. This is different
@tobyk5149 keep waiting for the crash, banks do not allow people to sell below what they owe. They'll just throw it into a rental, and you waiters will STILL own nothing
@@cpK054L clearly you are a bubble-price buyer and you were not a bill-paying adult last time last housing market bubble and ensuing price collapse. Banks do not rent out homes and they did allow MANY people to sell below their loan balance which is called a “short-sale”. Look it up and you may learn something about the housing market.
Sorry to hear about you situation. I can understand your situation. I’m dealing with my place (renting) is experiencing a structural failure. The place is sinking. So now I have to find another place. I agree buying a home in my area is out of control.
We’ve been heading towards recession since Q4’19; if COVID government spending wouldn’t have occurred, we’d have been in technical recession at the end of Q2’20. House prices would have declined from ‘20-‘22, instead of the outrageous growth. So all the COVID spending saved the economy, but screwed homebuyers!
I think people hate these comments because it would affect them in a huge way. No one wants to hear they bought a home at peak price and the market might slowdown. People want to continue showing off the house they got.
We hate some of these comments cause we’re being realistic. I argue with a guy over the years about housing is only going to keep getting more expensive. He on the other hand said it’s overpriced a crash is coming. A year later he got his offer accepted and bought his house. I congratulate him but still ask him I thought a crash was coming? He finally admitted he was wrong etc etc and I never seen him on this channel anymore commenting after buying his house.
@@mosesmoua2012 Is a crash coming? Idk. Is a slowdown coming? Definitely. I just look at the people around me and how they are living. From what I can see, not a lot of people are prepared for a slowdown. They don’t have a plan.
That happened to me and my family. We had a big leak and they ended removing the flooring. Apparently there was a previous leak in that same area 3 years prior to me renting that home with my kids. When they started removing and quickly laying flooring I happened to go see the progress because we were so tired of living in a hotel. I immediately saw the floor guy try to lay new flooring on top of black mold that had been there for years! Our hotel stay was extended because I refused to move back that way and demanded that the flooring be removed with correct remediation. I was appalled! On what they were told to do by the landlord. The landlord was scared I sue her so yes she paid for the hotel and our meals and groceries. I told her by law she was responsible for my relocation and for the repairs after she tried to tell me that I use my renters insurance and refused. I reached out to an attorney but I found out mold issues are hard to sue. I demanded mold test too before moving back so a company went in to test the home for three days. The reason why I didn’t move is because it was about 2020 and COVID was made it difficult for us to find housing during that time.
This is why rent should be high, to be able to cover stuff like this when renters want to go after everything they can. Congratulations on being the reason for increasing rent prices
@@rosemont83 lady you must of misread my comment. I didn’t go after her. She should have home insurance which she didn’t why should I use my renters insurance when it’s not my home!!! You should read before you comment.
@@Archie1021 You absolutely should have used your renters insurance. "It's not my home", yeah it's the home you rent DUH. That's why its RENTERS insurance for RENTERS aka PEOPLE THAT DON'T OWN THE HOME. It's very room temp in here
Rates have been inching slowly down not up. The “hell” is coming from property tax and insurance. Every so often Travis pumps out videos for content vs accuracy
There were 20 TRILLION dollars of free money printed by the Fed and given to the wealthy. The wealthy aren't stupid. They are all holding this money waiting for "the crash". It's not possible for something to "crash" when TRILLIONS of dollars are all speculating on fake jobs reports. Lol.
It really depends on situation. I bought my 1st property in San Diego in June 2009 for 175k with rate of 6.5 at 30 years loan. I refi in 2012 at 2.75 in 15 years to pay. I saved $600 in monthly mortgage and I didn’t need the money so I use that to pay my mortgage. Now I have 9 months to pay it off.
Lenders now allow you to refi for different term lengths such as 18, 28, etc ... If you qualify for the payment so you don't have to go back to 30 years
I was told FHA MIP (PMI) does not last forever if you put 10% down. Currently, FHA MIP drops after 11 yrs with 10% down on original loan. Was I given wrong info?
Are you accounting for one TRILLION dollars printed by the government every 90 days? Doesn't this alter the entire idea of "pricing"? How can prices fall in a hyperinflationary death spiral? You seem to be making this argument, but how can this cause prices to FALL?
@@dialecticalmonist3405 prices fall too fast, sellers exit market. Inventory goes back to zero. That was the advantage I had in 2023. Nobody was selling LOL
It is so difficult to listen to your FOMO. You really are going to lose your ass worse now then you did in 2008. Dave Ramsey is right again, Pay off your house. No one who has their house paid off is stressing about what is about to happen.
