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Forum » Mortgage rates at 6.23% and sellers still think they can double price of their home
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Thread: Mortgage rates at 6.23% and sellers still think they can double price of their home

post 1667182663 09-02-2022, 07:58 AM
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#1
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Mortgage rates at 6.23% and sellers still think they can double price of their home

I’ve seen some homes in my area that were purchased in 2019 for $600k being put on the market now for $1.3-$1.5 million. Even with 800+ credit that’s $8,100 - $8,600 mortgage (depending on down payment).

What are these sellers thinking? The number of people who can afford that mortgage are very small. The people who can afford that aren’t going to pay for 125% inflated asset.

Are these sellers just throwing numbers out and seeing what sticks?
post 1667182753 09-02-2022, 08:00 AM
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#2
  1. Retoaded
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If they get the money then both sides think its a fair price.

If they don't get the money then they will come down in price until both sides think its fair.

Thankfully it all takes care of itself.
post 1667182763 09-02-2022, 08:00 AM
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#3
  1. tripod29
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This is breaking news.....
post 1667182793 09-02-2022, 08:00 AM
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Investors buy these houses

Investors pay cash
We’re all gonna make it.
post 1667182863 09-02-2022, 08:02 AM
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  1. Duckliver
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Closed on selling my home 2 days ago

750k, built for 370 8 years ago.

People want to close faster then ever now before rates keep going up. Sorry you can’t afford the house you want?
post 1667182943 09-02-2022, 08:03 AM
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These numbers are very real and people will buy them.
post 1667183053 09-02-2022, 08:05 AM
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  1. OffwhiteBrah
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There's still a shortage, people will pay you best believe it
post 1667183273 09-02-2022, 08:09 AM
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People taking out from their 401k and the equity from their past house to lower their monthly

L O L
post 1667183523 09-02-2022, 08:15 AM
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  1. MuscleXtreme
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Originally Posted By Duckliver⏩
Closed on selling my home 2 days ago

750k, built for 370 8 years ago.

People want to close faster then ever now before rates keep going up. Sorry you can’t afford the house you want?
You said it yourself, interest rates are going up. You know what that means right? Home prices go down.

Why would anyone buy right now knowing this basic information? People concerned that they’ll pay more over the long run in interest on a 30 year mortgage? That just tells me that they’re bad with their money as nobody should be looking at a mortgage on a 30 year time frame.

Sorry you’re panic buying and paying for an overvalued home?
post 1667183553 09-02-2022, 08:16 AM
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#10
  1. Polaris
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I thought there was a huge crash in the housing market on March 1st?
post 1667183743 09-02-2022, 08:21 AM
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Originally Posted By Kay4Kool⏩
People taking out from their 401k and the equity from their past house to lower their monthly

L O L
A fool with his money is soon departed. Those people can’t think 3 months ahead, let alone 2-3 years.

Some tards are taking out $200K HELOC for a home they purchased for $250K, thinking that home is going to stay at that $450K price. They're in for a shock. I hope they didn’t have any plans to move in the next ten years.

And let’s be real, it’s very doubtful that they’re maxing out their 401K contribution, and maybe contribute up to the employer match which is at best 5%. Average household income is $67K, so $3,300 contribution. Hope they’re not planning on retiring in the next 40 years…
post 1667183773 09-02-2022, 08:21 AM
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  1. coast2coastam
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Originally Posted By dizzin9⏩
Investors buy these houses

Investors pay cash
Seems like a bad investment at these prices. Where were all these investors 2+ years ago when homes were a fraction of the cost and sitting around on the market for months on end?
post 1667183813 09-02-2022, 08:22 AM
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#13
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Someone doesn't understand inflation.
post 1667183903 09-02-2022, 08:23 AM
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Originally Posted By MuscleXtreme⏩
You said it yourself, interest rates are going up. You know what that means right? Home prices go down.

Why would anyone buy right now knowing this basic information? People concerned that they’ll pay more over the long run in interest on a 30 year mortgage? That just tells me that they’re bad with their money as nobody should be looking at a mortgage on a 30 year time frame.

Sorry you’re panic buying and paying for an overvalued home?
The problem is you're thinking to deeply about this. Nobody knows the logic, the valuation, the reasons, the why. They just know it goes up. And it does.
post 1667184263 09-02-2022, 08:31 AM
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Investors are about to have their "dry powder" tenderly repped by the same 3.5% government bonds that will shred home prices.

Interest rates are financial gravity, and gravity just got turned on to a 15 year high. Every asset will be pulled down by it.
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post 1667184303 09-02-2022, 08:31 AM
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Originally Posted By CoolKnees⏩
The problem is you're thinking to deeply about this. Nobody knows the logic, the valuation, the reasons, the why. They just know it goes up. And it does.
Uhh a financially literate person is supposed to think deeply about how money is valued, how the investments fit into ones total portfolio, and how it will boost their net worth. Especially, if one wants to be financially independent.

Otherwise people do stupid emotional **** like buy high, sell low. Which is what is about to happen in the housing market.
post 1667184413 09-02-2022, 08:33 AM
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Originally Posted By CoolKnees⏩
The problem is you're thinking to deeply about this. Nobody knows the logic, the valuation, the reasons, the why. They just know it goes up. And it does.
This is your brain on Fed bull.
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post 1667184503 09-02-2022, 08:36 AM
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Originally Posted By MuscleXtreme⏩
Uhh a financially literate person is supposed to think deeply about how money is valued, how the investments fit into ones total portfolio, and how it will boost their net worth. Especially, if one wants to be financially independent.

Otherwise people do stupid emotional **** like buy high, sell low. Which is what is about to happen in the housing market.
"Financially literate" people like you have been clamoring about a market crash for 20 years now when will you learn?
post 1667184593 09-02-2022, 08:37 AM
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Home prices are very sticky. It will take a lot to have prices move down quickly.
post 1667184653 09-02-2022, 08:38 AM
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  1. Duckliver
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Originally Posted By MuscleXtreme⏩
You said it yourself, interest rates are going up. You know what that means right? Home prices go down.

Why would anyone buy right now knowing this basic information? People concerned that they’ll pay more over the long run in interest on a 30 year mortgage? That just tells me that they’re bad with their money as nobody should be looking at a mortgage on a 30 year time frame.

Sorry you’re panic buying and paying for an overvalued home?
No idea what your talk g about I paid 1.2mil cash at the peak because a fluctuation of a few 100k in value I don’t care about doesn’t matter to me. I comfortably sat on owning two homes through the last few months of “crash” and sold it for 30k over listing to a buyer who contacted us an hour after listing.

I don’t have a mortgage atm.
post 1667184793 09-02-2022, 08:40 AM
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Originally Posted By CoolKnees⏩
"Financially literate" people like you have been clamoring about a market crash for 20 years now when will you learn?
Lol, what? Now, you’ve resorted to making stuff up.

And what would you call 2008-2009?
post 1667184873 09-02-2022, 08:42 AM
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Originally Posted By CoolKnees⏩
"Financially literate" people like you have been clamoring about a market crash for 20 years now when will you learn?
What does quantitative easing mean to you?
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post 1667185093 09-02-2022, 08:46 AM
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Originally Posted By MuscleXtreme⏩
Lol, what? Now, you’ve resorted to making stuff up.

And what would you call 2008-2009?
Originally Posted By FA*******⏩
What does quantitative easing mean to you?
Literally no point talking to financially literate-cels. Keep waiting for the crash buddy boyos.
post 1667185173 09-02-2022, 08:48 AM
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  1. Omnivium
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It's supply and demand. If someone is willing to pay those prices, then sellers will keep charging those prices. The market is gonna do what it's gonna do, it doesn't care if some dude on the misc thinks houses are "overvalued"
post 1667185243 09-02-2022, 08:50 AM
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Originally Posted By Polaris⏩
I thought there was a huge crash in the housing market on March 1st?
Yeah word on the street is that "sanctions" will lead to the end of days. So property pricing is going to PLUMMET, and landlordswill suffer.

In other words:

Cope
o
p
e
post 1667185393 09-02-2022, 08:53 AM
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#26
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Originally Posted By MuscleXtreme⏩
A fool with his money is soon departed. Those people can’t think 3 months ahead, let alone 2-3 years.

Some tards are taking out $200K HELOC for a home they purchased for $250K, thinking that home is going to stay at that $450K price. They're in for a shock. I hope they didn’t have any plans to move in the next ten years.

And let’s be real, it’s very doubtful that they’re maxing out their 401K contribution, and maybe contribute up to the employer match which is at best 5%. Average household income is $67K, so $3,300 contribution. Hope they’re not planning on retiring in the next 40 years…
just one point, most financial advisors would tell you there's no good reason to max out your 401k especially in your 20s-30s.

You could take the post tax money and put it in a IRA or a brokerage account and get the same gains but it is significantly more liquid.
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post 1667185443 09-02-2022, 08:53 AM
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I’m seeing house listings go longer and longer unsold on Redfin

I’m guessing house flipping opportunists are in denial that they can’t get those inflated prices anymore
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post 1667185493 09-02-2022, 08:54 AM
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because blackrock will come and buy it for that price.
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post 1667185573 09-02-2022, 08:57 AM
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Originally Posted By S0Jack3d⏩
Heres my situation:

I own a house with an extremely low interest rate (2.25%) and I can afford to pay it off buuuut im thinking it might be better if I keep a mortgage on this house since the interest rate is so low; and just save until I can purchase my next house cash

what you think misc, pay off my house with a low interest rate or keep a mortgage on it and save until i can purchase an upgrade cash?
Only reason I purchased cash was for diversification purposes and the acreage involved.

Was like 95% net worth in a single private stock. Moving 10% into property seemed a logical thing to do because I’m more worried about market crash then housing. More money was injected into market that needs to be unwound. Housing inflation is from actually printed fiat that won’t come out of the system.
post 1667185623 09-02-2022, 08:58 AM
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Originally Posted By saltypits⏩
Home prices are very sticky. It will take a lot to have prices move down quickly.
This.

Team RE Crash is ignoring supply and inflation. Will home prices flatten? Yes probably.

An actual crash in RE means we all have bigger problems.

Just one example: HVAC systems. Went up 30% from 2021 to 2022. Going up another 25% at the first of 2023 because of new government mandated efficiency standards.

An HVAC for a modest home in TX right now is around $12,000. Bump that by 25% in January it goes to $16,000. This is for a 1,500 sq. ft. ranch ...nothing fancy or special.
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