Forums46
Topics537,757
Posts9,728,740
Members87,039
|
Most Online25,604 Feb 12th, 2024
|
|
|
Re: What rate slows the housing market
[Re: J.G.]
#8621607
06/16/22 01:59 PM
|
Joined: Oct 2008
Posts: 16,732
68rustbucket
THF Celebrity
|
THF Celebrity
Joined: Oct 2008
Posts: 16,732 |
It's a great feeling not to be credit card and house poor! Amen! Yup. But gotta fight the appraisal district on the taxes. Not if you or spouse is over a certain age.
|
|
|
Re: What rate slows the housing market
[Re: Pigsicles]
#8621627
06/16/22 02:23 PM
|
Joined: Jan 2009
Posts: 19,229
Judd
#1 Creedmoor Fan
|
#1 Creedmoor Fan
Joined: Jan 2009
Posts: 19,229 |
Mortgage interest rates have doubled from 2.5% to over 5%. Anyone that qualified for a $1,000,000 loan, now only qualifies for a $500,000 loan. That’s going to leave a mark. Not sure that's how math works but we'll roll with it
Don't let your ears hear what your eyes didn't see, and don't let your mouth say what your heart doesn't feel
|
|
|
Re: What rate slows the housing market
[Re: GusWayne]
#8621634
06/16/22 02:31 PM
|
Joined: Mar 2013
Posts: 5,038
jetdad
THF Trophy Hunter
|
THF Trophy Hunter
Joined: Mar 2013
Posts: 5,038 |
You still need to fight that value even if your taxes are frozen. You don't want to pass down a property that is artificially high to your heirs. Easier to fight it now then to wait and let it get way out of line.
|
|
|
Re: What rate slows the housing market
[Re: jetdad]
#8621648
06/16/22 02:43 PM
|
Joined: Feb 2008
Posts: 14,141
glens
THF Celebrity
|
THF Celebrity
Joined: Feb 2008
Posts: 14,141 |
You still need to fight that value even if your taxes are frozen. You don't want to pass down a property that is artificially high to your heirs. Easier to fight it now then to wait and let it get way out of line. Have Tried with LLano Apprasial for the last 3 years we have been here. Frozen here. No relief or very little with these Corksuckers. All our comps where down on waterfront properties and my new place is a block off. Did get 9 acres in AG or think we did. At least they sent the paperwork saying so. Sold a vacant lot over in Granite Shoals (Burnet Co,) because it (taxes) went through the roof because in was Lakeview.. Said that on the tax form. Went up every year we had it because it was across the street from Lake LBJ. Oh and F Um All!
|
|
|
Re: What rate slows the housing market
[Re: GusWayne]
#8621669
06/16/22 03:00 PM
|
Joined: Sep 2012
Posts: 15,959
Jimbo1
THF Celebrity
|
THF Celebrity
Joined: Sep 2012
Posts: 15,959 |
If the housing prices weren't so high already, 5.9% would still be a good deal compared to years past. I feel for anyone trying to get a house right now. Glad our home is paid off and no recurring CC debt. I am still paying 1.9 on my truck for a few more years though. Don't think it's worth it to pay off. Trying to maintain 50% of before-retirement income in cash for emergencies.
FJB - Lets Go Brandon BBB - Bring Back Better Awake - Not Woke!
|
|
|
Re: What rate slows the housing market
[Re: Jimbo1]
#8621675
06/16/22 03:09 PM
|
Joined: Dec 2009
Posts: 9,808
The Dude Abides
THF Trophy Hunter
|
THF Trophy Hunter
Joined: Dec 2009
Posts: 9,808 |
If the housing prices weren't so high already, 5.9% would still be a good deal compared to years past. I feel for anyone trying to get a house right now. Glad our home is paid off and no recurring CC debt. I am still paying 1.9 on my truck for a few more years though. Don't think it's worth it to pay off. Trying to maintain 50% of before-retirement income in cash for emergencies. 1.9% is damn near free money. You're doing it right.
I am still looking for the perfect apron, one with reinforced knee areas would be perfect.
|
|
|
Re: What rate slows the housing market
[Re: The Dude Abides]
#8621697
06/16/22 03:30 PM
|
Joined: Sep 2012
Posts: 15,959
Jimbo1
THF Celebrity
|
THF Celebrity
Joined: Sep 2012
Posts: 15,959 |
If the housing prices weren't so high already, 5.9% would still be a good deal compared to years past. I feel for anyone trying to get a house right now. Glad our home is paid off and no recurring CC debt. I am still paying 1.9 on my truck for a few more years though. Don't think it's worth it to pay off. Trying to maintain 50% of before-retirement income in cash for emergencies. 1.9% is damn near free money. You're doing it right. Thanks. I averaged about 400 hours of overtime each of the last 5 years before I retired and the wife did her magic with our finances. But I was too late to get the lake house I always wanted. Oh well.
FJB - Lets Go Brandon BBB - Bring Back Better Awake - Not Woke!
|
|
|
Re: What rate slows the housing market
[Re: DocHorton]
#8621727
06/16/22 04:08 PM
|
Joined: Apr 2007
Posts: 60,414
BOBO the Clown
kind of a big deal
|
kind of a big deal
Joined: Apr 2007
Posts: 60,414 |
I read something yesterday that brought a point of view I had not thought about...that is the interest rate hike won't slow the housing because all the equity groups, funds and businesses that are buying residential real estate aren't financing the money to buy and combine that with the cash buyers. This may not have the impact it has in prior generations. Time will tell. I think that is actually correct...rates on commercial loans that I am seeing are well below the rates shown above. It's cheaper money for an investor than a home buyer. What I was trying to say in the other thread. Been a lot of very very cheap money being loaned out on the corporate side for a while now. How many Congressmen you think have large holdings in Real Estate Type companies…. A bunch
|
|
|
Re: What rate slows the housing market
[Re: GusWayne]
#8621743
06/16/22 04:31 PM
|
Joined: Oct 2007
Posts: 8,277
BradyBuck
THF Trophy Hunter
|
THF Trophy Hunter
Joined: Oct 2007
Posts: 8,277 |
We bought our property in January of 2020 for $380k at 3.7% with $40k down on a 30 year.
We refinanced about a year later at 1.7% on a 20 year.
If I was to put my property on the market today I'd would ask around $700k...
There is no way in H E double hockey sticks I could afford this place in today's market much less with today's rates...
I can't imagine it won't slow the market down.
Last edited by BradyBuck; 06/16/22 04:31 PM.
HRCH Washita's Kimber Locked N Loaded GRHRCH Firefly's Rally The Troops MH
|
|
|
Re: What rate slows the housing market
[Re: BradyBuck]
#8621750
06/16/22 04:38 PM
|
Joined: Dec 2009
Posts: 9,808
The Dude Abides
THF Trophy Hunter
|
THF Trophy Hunter
Joined: Dec 2009
Posts: 9,808 |
with $40k down on a 30 year. And that's why renters cannot afford to buy...need that down payment. The days of 0% down are long gone in most cases.
I am still looking for the perfect apron, one with reinforced knee areas would be perfect.
|
|
|
Re: What rate slows the housing market
[Re: The Dude Abides]
#8621754
06/16/22 04:42 PM
|
Joined: Oct 2007
Posts: 8,277
BradyBuck
THF Trophy Hunter
|
THF Trophy Hunter
Joined: Oct 2007
Posts: 8,277 |
with $40k down on a 30 year. And that's why renters cannot afford to buy...need that down payment. The days of 0% down are long gone in most cases. We bought our first house in 2009 and sold to buy this place. Only reason we could afford the down payment.
HRCH Washita's Kimber Locked N Loaded GRHRCH Firefly's Rally The Troops MH
|
|
|
Re: What rate slows the housing market
[Re: BradyBuck]
#8621759
06/16/22 04:46 PM
|
Joined: Dec 2009
Posts: 9,808
The Dude Abides
THF Trophy Hunter
|
THF Trophy Hunter
Joined: Dec 2009
Posts: 9,808 |
with $40k down on a 30 year. And that's why renters cannot afford to buy...need that down payment. The days of 0% down are long gone in most cases. We bought our first house in 2009 and sold to buy this place. Only reason we could afford the down payment. You did good!
I am still looking for the perfect apron, one with reinforced knee areas would be perfect.
|
|
|
Re: What rate slows the housing market
[Re: BradyBuck]
#8621761
06/16/22 04:47 PM
|
Joined: Oct 2004
Posts: 39,533
redchevy
THF Celebrity
|
THF Celebrity
Joined: Oct 2004
Posts: 39,533 |
We bought our property in January of 2020 for $380k at 3.7% with $40k down on a 30 year.
We refinanced about a year later at 1.7% on a 20 year.
If I was to put my property on the market today I'd would ask around $700k...
There is no way in H E double hockey sticks I could afford this place in today's market much less with today's rates...
I can't imagine it won't slow the market down. Raw land at 3.7% or did it have a house on it?
It's hell eatin em live
|
|
|
Re: What rate slows the housing market
[Re: redchevy]
#8621773
06/16/22 04:58 PM
|
Joined: Jul 2010
Posts: 6,862
HuntnFly67
THF Trophy Hunter
|
THF Trophy Hunter
Joined: Jul 2010
Posts: 6,862 |
Been doing bank work appraisal commercial for a bit now, it has slowed down in the past month or so. From the folks I talk to in residential it’s doing the same. Ditto, amigo.
|
|
|
Re: What rate slows the housing market
[Re: HuntnFly67]
#8621793
06/16/22 05:17 PM
|
Joined: Nov 2010
Posts: 5,275
jeepercreeper
THF Trophy Hunter
|
THF Trophy Hunter
Joined: Nov 2010
Posts: 5,275 |
Been doing bank work appraisal commercial for a bit now, it has slowed down in the past month or so. From the folks I talk to in residential it’s doing the same. Ditto, amigo. Talk to anyone that works in the mortgage lending industry and they're probably looking for a new job. The lending companies ramped up the last few years and will soon be shedding jobs.
|
|
|
Re: What rate slows the housing market
[Re: jeepercreeper]
#8621805
06/16/22 05:34 PM
|
Joined: Jul 2010
Posts: 6,862
HuntnFly67
THF Trophy Hunter
|
THF Trophy Hunter
Joined: Jul 2010
Posts: 6,862 |
As far as the OP's question, my guess is anything over 7% would pretty much kill any deal; ESPECIALLY those with a buyer limping into a transaction with minimal money down. The NAR said about half of mortgage loans bring less than 10% to the table. Can you imagine a 50% reduction in residential transaction volume? Commercial follows rooftops...unfortunately.
I think more of those developer-owned rental communities will continue to pop-up with increasing frequency. I cannot imagine living in one, but others will do it without batting an eye. Private home ownership will become an endangered species soon.
Last edited by HuntnFly67; 06/16/22 05:37 PM.
|
|
|
Re: What rate slows the housing market
[Re: redchevy]
#8621833
06/16/22 06:04 PM
|
Joined: Oct 2007
Posts: 8,277
BradyBuck
THF Trophy Hunter
|
THF Trophy Hunter
Joined: Oct 2007
Posts: 8,277 |
We bought our property in January of 2020 for $380k at 3.7% with $40k down on a 30 year.
We refinanced about a year later at 1.7% on a 20 year.
If I was to put my property on the market today I'd would ask around $700k...
There is no way in H E double hockey sticks I could afford this place in today's market much less with today's rates...
I can't imagine it won't slow the market down. Raw land at 3.7% or did it have a house on it? 16 Acres with 2700 sq/ft house built in 2011.
HRCH Washita's Kimber Locked N Loaded GRHRCH Firefly's Rally The Troops MH
|
|
|
Re: What rate slows the housing market
[Re: GusWayne]
#8621915
06/16/22 07:40 PM
|
Joined: Oct 2004
Posts: 39,533
redchevy
THF Celebrity
|
THF Celebrity
Joined: Oct 2004
Posts: 39,533 |
Just curious that rate on land would be unheard of.
It's hell eatin em live
|
|
|
Re: What rate slows the housing market
[Re: Stump_jumper]
#8621922
06/16/22 07:48 PM
|
Joined: Jul 2008
Posts: 6,439
Chopped54
THF Trophy Hunter
|
THF Trophy Hunter
Joined: Jul 2008
Posts: 6,439 |
To many cash buyers for it to slow anytime soon. 45% of the homes sold in Rockwall county go to institutions Curious, where did that number come from?
Wealth is of the heart and mind and not of the pocket
|
|
|
Re: What rate slows the housing market
[Re: BigPig]
#8622043
06/16/22 10:14 PM
|
Joined: Dec 2010
Posts: 8,841
DocHorton
THF Trophy Hunter
|
THF Trophy Hunter
Joined: Dec 2010
Posts: 8,841 |
I read something yesterday that brought a point of view I had not thought about...that is the interest rate hike won't slow the housing because all the equity groups, funds and businesses that are buying residential real estate aren't financing the money to buy and combine that with the cash buyers. This may not have the impact it has in prior generations. Time will tell. I think that is actually correct...rates on commercial loans that I am seeing are well below the rates shown above. It's cheaper money for an investor than a home buyer. Commercial is cheaper right now, but trying to buy residential real estate with commercial loans isn’t something the average investor can do. 6 months ago we bought a rent house and tried to put it in our LLC but kept getting denied loans unless we wanted an 8 year 5/1 ARM starting at 5%. If it was a balloon payment at the end I probably would’ve jumped on it, but it was just a straight 8 years I should have been more specific...by "commercial" I meant not a "primary home" type loan. "Commercial" typically means more than 4 units, or a retail type space, but I just meant any loan that isn't a home mortgage. I closed on a property last week.....I got 4.45% locked for 5 years with a 20 year AM, 20 year term. It adjusts every 5 years, max adjustment of 2%.
|
|
|
Re: What rate slows the housing market
[Re: Chopped54]
#8622190
06/17/22 12:42 AM
|
Joined: Jul 2005
Posts: 3,309
Stump_jumper
Veteran Tracker
|
Veteran Tracker
Joined: Jul 2005
Posts: 3,309 |
To many cash buyers for it to slow anytime soon. 45% of the homes sold in Rockwall county go to institutions Curious, where did that number come from? Article in DMN but don't remember what day. Sometimes I get behind reading the paper
2017 Tundra 5.7 CM 4x4 2006 Champion 2200 Bay Boat
|
|
|
Re: What rate slows the housing market
[Re: Stump_jumper]
#8622439
06/17/22 01:10 PM
|
Joined: Jul 2008
Posts: 6,439
Chopped54
THF Trophy Hunter
|
THF Trophy Hunter
Joined: Jul 2008
Posts: 6,439 |
To many cash buyers for it to slow anytime soon. 45% of the homes sold in Rockwall county go to institutions Curious, where did that number come from? Article in DMN but don't remember what day. Sometimes I get behind reading the paper Thank you, found it. Same article said that Tarrant Co. leads with 52% going to investment firms.
Wealth is of the heart and mind and not of the pocket
|
|
|
Re: What rate slows the housing market
[Re: GusWayne]
#8622606
06/17/22 06:07 PM
|
Joined: Apr 2013
Posts: 8,413
freerange
THF Trophy Hunter
|
THF Trophy Hunter
Joined: Apr 2013
Posts: 8,413 |
For yall youngsters that dont know how it was back in the day.
At some point in life its time to quit chasing the pot of gold and just enjoy the rainbow. FR Keep your gratitude higher than your expectations. RWH
|
|
|
Re: What rate slows the housing market
[Re: GusWayne]
#8622607
06/17/22 06:10 PM
|
Joined: Feb 2008
Posts: 14,141
glens
THF Celebrity
|
THF Celebrity
Joined: Feb 2008
Posts: 14,141 |
"What rate slows the housing market"
Rates?? Watch the Stock market, There's your answer.
|
|
|
Re: What rate slows the housing market
[Re: Stump_jumper]
#8622674
06/17/22 08:29 PM
|
Joined: Aug 2004
Posts: 17,721
Txduckman
THF Celebrity
|
THF Celebrity
Joined: Aug 2004
Posts: 17,721 |
To many cash buyers for it to slow anytime soon. 45% of the homes sold in Rockwall county go to institutions Curious, where did that number come from? Article in DMN but don't remember what day. Sometimes I get behind reading the paper If they bought them from owners that lived in them then they created an artificially inflated market and removed inventory. Free market but really is crappy for the average American.
|
|
|
Moderated by bigbob_ftw, CCBIRDDOGMAN, Chickenman, Derek, DeRico, Duck_Hunter, hetman, jeh7mmmag, JustWingem, kmon11, kry226, kwrhuntinglab, Payne, pertnear, rifleman, sig226fan (Rguns.com), Superduty, TreeBass, txcornhusker
|