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Forum » How long are 2020-22 homebuyers stuck in their homes for?
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Thread: How long are 2020-22 homebuyers stuck in their homes for?

post 1668259103 09-21-2022, 07:45 PM
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#31
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Originally Posted By NitrogenWidget⏩
those websites are full of chit.
zillow claims my house is worth 70k more than what i actually know it's worth.
As someone who refianced in the summer of 2021, and paid close attention to that chit for quite awhile as a result, the zillow/etc. estimates have their purposes.

In my experience, the actual value of a home usually seems to be closer to the bottom end of zillow's "zestimate" price ranges they give. It's not perfect, but it isn't quite as widely as innacurate as some miscers seem to think.

While we're on the subject, let me just say, home valuation companies aren't always much better. People who refinanced and had to have a home valuation done in 2020 - 2021 will know that. The company that did my valuation kinda cucked me by saying my property was worth $20k+ less than it was at the time. I didn't base that off of zillow estimates either, but on the selling prices of about a dozen homes in the neighborhood that had sold around the same timeframe.

Those fukkkkers did me like that even though a house literally across the street from me had just sold for a few grand more than what they valued mine at. Meanwhile, the houses are virtually the same, except my basement is finished (theirs is not), I have 3 more bedrooms than that house does, and a legitimate 2nd bathroom in the basement instead of some half finished bs like they had. But by all means, let's keep bitching only about zillow lol
post 1668259533 09-21-2022, 07:54 PM
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#32
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Originally Posted By Deutschlandbrah⏩
Median is about 13 years, I believe
This site says 6-10 years:https://themortgagereports.com/26307...n-their-houses

This site says 3-10 years:https://www.mortgagenewsdaily.com/ma...rates-09212022


Do you have any sites that say differently?
post 1668259553 09-21-2022, 07:54 PM
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If they lose their job, and layoffs I hear are coming, they'll have to just walk away/foreclose. Like in 2008.
post 1668259703 09-21-2022, 07:56 PM
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#34
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Originally Posted By Kev1972⏩
Whatever will I do with my 2.6% 30 year fixed mortgage that's inflation proof and only about half of what I could get from some poor rentcel who's going to be paying 10% annual inflation on his hovel for who knows how long?

2 million new Americans slipped across the border so far this year and they all need somewhere to sleep.

Rents going up boyos.
Pretty sure home appreciation averages a little over 2%. Inflation is at 8%+.

You can have a low interest rate but paying on an underwater asset.
post 1668259723 09-21-2022, 07:56 PM
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#35
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Originally Posted By redmelly⏩
If they lose their job, and layoffs I hear are coming, they'll have to just walk away/foreclose. Like in 2008.
Yes, because paying a mortgage that's 50-75% less than average rents will be more difficult than paying rent??? Lol.
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post 1668259913 09-21-2022, 08:00 PM
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#36
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Originally Posted By MuscleXtreme⏩
Pretty sure home appreciation averages a little over 2%. Inflation is at 8%+.

You can have a low interest rate but paying on an underwater asset.
You do understand how inflation works? Rents going up 8% a year. Fixed rate mortgages don't change.

So homeowner recognizes 8% inflation gains [wages go up to match inflation] while still paying the low monthly mortgage payments. Housing value going up is just icing on that cake realized when you sell.

A fixed rate mortgage is the ultimate hedge against inflation.
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post 1668259983 09-21-2022, 08:00 PM
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#37
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It's the scary thing that might fuk our economy. The bubble hasn't come to the surface yet. All these people who bought cars and houses, major purchases when the price was overinflated are going to be stuck in them and if they default the collateral won't be enough to cover the loan.

Of course the government will bail out the banks.
post 1668263103 09-21-2022, 08:52 PM
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#38
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Originally Posted By Kev1972⏩
Yes, because paying a mortgage that's 50-75% less than average rents will be more difficult than paying rent??? Lol.
I don't think this is about paying rent vs paying a mortgage. I think it's about people who flocked to areas who had more relaxed covid restrictions (such as FL, IA, TX), blowing up the housing market and inflating prices in bidding wars. Now we are facing a housing market that's softening (some say crashing), interest rates rising (and will continue to), along with predicted layoffs in the near future.

If people do want to move back to their original state since now things are back to normal, will they have any equity in their home as the housing market softens? Will they be able to sell it with interest rates being much higher now?

Many people are facing property tax increases based on the new price of their home. Insurers are raising rates, as well, and some insurers are leaving the state (FL).

It should be interesting to see what happens. But to your point -- owning a home is better than renting in most cases.
post 1668263823 09-21-2022, 09:04 PM
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#39
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Originally Posted By GeezersPalace⏩
I would pay more in property tax in Texas for my house than I would pay for my 1 bedder in Sydney. Make more on Sydney as well. Just lol at the cope from rentcel wanting to be owners.

If you bought before 2017 you ok if you can keep your job and not get divorced which is no one.

Watch the values of all these miscers homes plummet. No one wants large amounts of land or nice homes outside of New York and Cali
I love how you fail to mention that your 1 bedder in Sydney is the same price as a sprawling 7 bedroom mansion on acres.

And left out the fact property taxes are higher in Texas due to the fact there's no income tax.

Holy **** you are stupid.

Of all the places you could've compared Sydney to, Texas ain't one of them clown.
post 1668264063 09-21-2022, 09:10 PM
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Blackrock loving this, interest rates locking out normie NPC's while they are buying homes cash left and right at cheap prices to rent out to NPC's lololol
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post 1668264093 09-21-2022, 09:11 PM
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#41
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Originally Posted By cavillac⏩
Blackrock loving this, interest rates locking out normie NPC's while they are buying homes cash left and right at cheap prices to rent out to NPC's lololol
That was the plan.
post 1668264163 09-21-2022, 09:13 PM
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#42
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So when is a good time to buy a house now misc experts? How long do we need to wait?
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post 1668264753 09-21-2022, 09:28 PM
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Originally Posted By SoutheastBeast1⏩
So when is a good time to buy a house now misc experts? How long do we need to wait?
Probably not until Q2ish next year unless inflation is even stickier than we already think. That might only be true if you have a lot of cash to throw at the purchase, since interest rates will likely be at or near the high.

The Fed isn’t even close to rolling off the balance sheet yet, they have tons of mortgage-backed securities to dump and that will likely put further upward pressure on mortgage rates.

In terms of the funds rate, the Fed currently plans further hikes in 2023. After they hit their target, they’ll likely pause and assess while waiting to see lagging impacts from the hikes.

If you’re looking to time a combination of interest rates and low prices to lock in the ideal mortgage, you’d obvs want to wait until rates start coming down and then you’d expect house prices to lag there are demand picks up
post 1668264793 09-21-2022, 09:30 PM
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#44
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Originally Posted By BigTimeOperator⏩
Meh. They can always go all arson insurance fraud and make it look like an electrical thing.
There's a technical term for that, Jewish lightning.
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post 1668264863 09-21-2022, 09:32 PM
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#45
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Originally Posted By Destor⏩
Probably not until Q2ish next year unless inflation is even stickier than we already think

The Fed isn’t even close to rolling off the balance sheet yet, they have tons of mortgage-backed securities to dump and that will likely put further upward pressure on mortgage rates.

In terms of the funds rate, the Fed currently plans further hikes in 2023. After they hit their target, they’ll likely pause and assess while waiting to see lagging impacts from the hikes
I'm buying in March/April. I'm not super concerned about finding the best deal or timing it right or whatever, I was just curious what misc thinks. If it's not the ideal time to buy so be it. If I get it right and find a house I like I really have no intention of leaving it for many years anyway so I'm not worried about all this bullsh*t tbh.
"One day I won't be able to lift any more. Not I won't want to lift. I mean physically unable. That day could be decades from now or it could be tomorrow. All I know is that's the day I'll wish I could lift more than ever. The day I'd give anything for one more workout, one more set, or one more cardio session. So go hard and enjoy every workout, every set, every rep. Because one day you will wake up and you will never get it back."
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post 1668265023 09-21-2022, 09:38 PM
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#46
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Originally Posted By MuscleXtreme⏩
Home prices are going down. The fed is raising interest rates, treasury bonds are increasing.

Looks like 2020-22 homebuyers could have underwater mortgages soon. They can leave their home if they want to sell at a loss, but it’s going to take years to break even.

In b4 retard mouth breather comes in and acts like their Zillow Zestimate mirrors reality.
Lol if they stuck with a 30 year mortgage they are going to be underwater 10 years or longer I would imagine. Chipping away at the principle at $300/month won't get anyone very far, but if you aren't moving who cares? Interest rates on refi's and new were around 3% what tf are you gonna do? Pay your home off early when the mortgage is at 3% while even your savings account is paying more than that in interest?
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post 1668265863 09-21-2022, 10:04 PM
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Originally Posted By Vhagar⏩
2020 homebuyer checking in

My house is currently only up maybe 55% from what I paid for it. That’s just a guess though. According to Zillow it’s more like 70%

Is it over for me?
What about when the value of your house is the same in dollars in 5 years as when you first bought it, the actual value of a dollar is 1/3rd what it was in 2020 due to inflation, your property taxes are way higher, your mortgage insurance is way higher, you get hit by tons of surprise repairs, and you still owe 23 years worth of mostly interest payments on a rapidly depreciating asset?
post 1668266133 09-21-2022, 10:11 PM
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#48
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Originally Posted By Sal29⏩
What about when the value of your house is the same in dollars in 5 years as when you first bought it, the actual value of a dollar is 1/3rd what it was in 2020 due to inflation, your property taxes are way higher, your mortgage insurance is way higher, you get hit by tons of surprise repairs, and you still owe 23 years worth of mostly interest payments on a rapidly depreciating asset?
I raise the rent and have someone like you take the hit.
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