got quoted for 4.625 percent 30 year fixed loan today (high conforming LTV of 85)

[Anonymous]

Anonymous wrote:

Anonymous wrote:Anyone consider selling their home as an assumable mortgage, given low rates? We have a 2.5% home and are in the process of building our new home and wonder what the appetite of some buyers is to get creative with a deal - i.e. pay us market value and assume the existing mortgage (while change names on title/note). Is this even possible?.

Can you still do assumables these days?

I'd assume FHA and VA loans yes.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Anyone consider selling their home as an assumable mortgage, given low rates? We have a 2.5% home and are in the process of building our new home and wonder what the appetite of some buyers is to get creative with a deal - i.e. pay us market value and assume the existing mortgage (while change names on title/note). Is this even possible?.

Can you still do assumables these days?

Can someone unpack this. A family friend is willing to sell us their home but has 200k left on the mortgage. Purchas price his 400k more so does the loan adjust upward to the sells price will takin on the sellers rate?

If their loan is assumable, you'd have to qualify for a 2nd mortgage. That rate might be higher than average market rate for a 1st mortgage, thus a wash. You'd have to ask a lender how a 2nd might work.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I saw a headline today: “The housing market is in the early stages of a substantial downshift; Home sales may drop 25% by the end of Summer, according to this analyst”

It feels like 2007 all over with housing and stocks. Buckle up folks.

And this area will still see home prices rise. You just won’t be seeing anymore old shacks for nearly 2 million anymore. Quite frankly, we need a correction like this.

This is what people said last time and we bought our house in 2010 at a 30%ish discount. But keep kidding yourself.

Where was this?

Arlington and since 2010 it has doubled. It’s absurd and frankly not worth what we could sell it for.

Which neighborhood saw a 30% drop? It is a SFH?

Very unusual for desirable neighborhoods.

Yes SFH - people were very desperate. We paid 10% below list and around 30 percent below peak. There were tons of foreclosures and short sales. People have short memories or didn’t live through it.

Which zip code?

We also bought/sold around then and were following the market very closely. Values were maybe down ~10% but based on timing I don’t know of anyone who actually sold at a loss. (Maybe if you account for realtor fees)

Tons of foreclosures of SFHs in Arlington in 2010? Huh? Again, which zip?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I saw a headline today: “The housing market is in the early stages of a substantial downshift; Home sales may drop 25% by the end of Summer, according to this analyst”

It feels like 2007 all over with housing and stocks. Buckle up folks.

And this area will still see home prices rise. You just won’t be seeing anymore old shacks for nearly 2 million anymore. Quite frankly, we need a correction like this.

This is what people said last time and we bought our house in 2010 at a 30%ish discount. But keep kidding yourself.

Where was this?

Arlington and since 2010 it has doubled. It’s absurd and frankly not worth what we could sell it for.

Which neighborhood saw a 30% drop? It is a SFH?

Very unusual for desirable neighborhoods.

Only explanations I can think of is PP is lying or forgot to mention the house burned to the ground in 2009.

You can think I’m lying but the data doesn’t lie: https://fred.stlouisfed.org/series/WDXRSA

That’s the whole Washington area. Some areas were affected much more than Arlington.

[Anonymous]

Anonymous wrote:
4.625 is still a really, really good rate. My first rate was over 6%. Anything sub-5% is a great deal historically. If you can’t manage a mortgage at that rate then you are looking outside your price range. Adjust your expectations and you will be fine.


a little piece of me dies everytime someone says this. you are ignoring the PRICE OF THE HOUSE. When your first rate was over 6 percent, houses were significantly cheaper than they are now. the issue right now is the inflated home prices ALONG with the moderately high interest rates.

This is why prices will go down. The interest rate does affect the prices unless there are a lot of people out there paying cash (and that could be for all I know).

[Anonymous]

Funny. Someone bumped up an old thread that talked about local housing prices.

http://www.dcurbanmom.com/jforum/posts/list/178602.page#1683152
“ The crash in mortgage market would have had a larger impact on home prices than a gradual interest rate increase- so really the lowest real-term prices for the DC area would have been 2008-2010 or so. Really, you saw flat-lining or very slight drops in prime areas (NW/close-in suburbs), and sharper drops in less prime areas (loudoun county etc.). A mortgage rate increase will probably dampen the already recovering prices in prime areas, and perhaps result in slight drops in the less prime areas. If your target is prime areas (NW/close-in MD, VA), you may be in a better economic position to buy now, low rates and earlier in the recovery stage.”

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I saw a headline today: “The housing market is in the early stages of a substantial downshift; Home sales may drop 25% by the end of Summer, according to this analyst”

It feels like 2007 all over with housing and stocks. Buckle up folks.

And this area will still see home prices rise. You just won’t be seeing anymore old shacks for nearly 2 million anymore. Quite frankly, we need a correction like this.

This is what people said last time and we bought our house in 2010 at a 30%ish discount. But keep kidding yourself.

Where was this?

Arlington and since 2010 it has doubled. It’s absurd and frankly not worth what we could sell it for.

Which neighborhood saw a 30% drop? It is a SFH?

Very unusual for desirable neighborhoods.

Only explanations I can think of is PP is lying or forgot to mention the house burned to the ground in 2009.

You can think I’m lying but the data doesn’t lie: https://fred.stlouisfed.org/series/WDXRSA

That’s the whole Washington area. Some areas were affected much more than Arlington.

Plenty of parts of Arlington are hard to sell, even in good markets. You also have properties that are really undesirable such as backing to a highway or power lines. In a down market those will swing quite a bit as they are already hard to sell in a good market.

[Anonymous]

Anonymous wrote:Funny. Someone bumped up an old thread that talked about local housing prices.

http://www.dcurbanmom.com/jforum/posts/list/178602.page#1683152
“ The crash in mortgage market would have had a larger impact on home prices than a gradual interest rate increase- so really the lowest real-term prices for the DC area would have been 2008-2010 or so. Really, you saw flat-lining or very slight drops in prime areas (NW/close-in suburbs), and sharper drops in less prime areas (loudoun county etc.). A mortgage rate increase will probably dampen the already recovering prices in prime areas, and perhaps result in slight drops in the less prime areas. If your target is prime areas (NW/close-in MD, VA), you may be in a better economic position to buy now, low rates and earlier in the recovery stage.”

Those old posts are really entertaining to read!

[Anonymous]

https://www.dcurbanmom.com/jforum/posts/list/88549.page

01/21/2010 Subject: Why is real estate inventory so low

Best comment:
All you have to do to start a DCUM war is mention one of a handful of topics. McLean and/orN. Arlington real estate is one of them.

[Anonymous]

06/14/2010 19:48 Subject: recent mortgage rates

https://www.dcurbanmom.com/jforum/posts/list/110995.page

[Anonymous]

Anonymous wrote:06/14/2010 19:48 Subject: recent mortgage rates

https://www.dcurbanmom.com/jforum/posts/list/110995.page

Interesting. Seems like we’re at 2010 rates.