Reply to Remember all the dorks spamming last year real estate was going to crash?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]This thread may not age well.[/quote]

Thanks for chiming in, apartment dweller[/quote]

Actual, I own a townhouse in a desirable inside-the-beltway location that I bought in 2010, and it's gone up about 60%, and my interest rate is 2.5%. Not going to sugar coat it, I would love to trade up, but if it doesn't happen for a while, so be it.

If I were an apartment dweller, though, I'd be pretty OK with that. Renting is the biggest bargain vs home prices than it has been at any point in history.

The people who should be most worried, and perhaps the PP is in this group, are those who bought at peak prices with a high interest rate, especially as it looks increasingly unlikely that rates are going to come down.[/quote]

People in this group are buying with the understanding that prices coming down is a possibility. The risk is that their purchase might be a bad deal in hindsight, depending on how the market plays out, but that is not always the most important factor for whether a purchase is the right move.

They should not be "worried" at all unless they make bad financial decisions, like going all in on rates coming down very soon so they can refinance, which I would suspect a very small minority of people being dumb enough to do.[/quote]

We’ve been interviewing realtors and mortgage brokers and every single one of them has the same schpeel: “buy now because prices are going to skyrocket when interest rates come down. And they’re for sure coming down, they already have this week!” One mortgage broker told me what price of house we’d be looking at based on what we wanted to pay monthly and was, no lie, telling us we could afford a house over $250k what the actual payments would be with taxes and insurance.

They’re lying through their teeth and I call them on it, and you can tell that no one else ever does. Their clients just believe them since “they’re the experts.” Not only is it obnoxious but when (not if) their clients lose their house to the bank I firmly believe these realtors should go to jail. [/quote]

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