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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]

Feel free to share any 2021 articles or clips of any news broadcast that suggested to buyers that they should buy ASAP before interest rates go up. What I saw in the news was more along the lines of: https://www.cnn.com/2021/06/16/homes/us-housing-market-offers/index.html
[quote]What do homebuyers have to do to get a house in this cutthroat real estate market? Offer sellers a Caribbean vacation? Bid $1 million over the asking price? Pay a competing bidder hundreds of thousands of dollars to walk away?

What about buying two homes just to live in one?[/quote][/quote]

Here you go:
https://www.sfgate.com/realestate/article/Sound-Off-Why-are-interest-rates-so-low-and-how-15820006.php

The article literally ends with this sentence:
"If you haven’t taken advantage of these low rates I suggest you reach out to your lender and get the process started, you’ll be happy you did."[/quote]

The one article from 2020 that you found includes the following:

[quote]Interest rates [b]are likely to stay low for years[/b] as the economy fights its way back from the coronavirus pandemic, according to Federal Reserve Chairman Jerome Powell. He was quoted as saying “We think that the economy’s going to need low interest rates, which support economic activity for an extended period of time—it will be measured in years. However long it takes, we’re going to be there—we’re not going to prematurely withdraw the support that we think the economy needs.”

It looks like buyers will have access to low rates for years to come......perhaps not as low as they are now, but very low from a historical standpoint.[/quote][/quote]

They did stay low and they are still low by historical standards.[/quote]

You're really reaching here. None of the above (including the one article you found from 2020 - when I asked for 2021 - from a local publication across the country, in which it clearly conveys that interest rates will remain low for "years") suggests buyers should have reasonably been able to predict the largest and most rapid increase in interest rates since the early 1980s.[/quote]

By the end of 2021, the writing was on the wall. In early 2022, the fed signalled it would likely raise rates at each of the remaining meetings last year. If you were on the sidelines, should’ve jumped in. Many others did.[/quote]

We did jump in and buy in 2021, thanks for your concern. As someone who made the right choice in your mind, I can tell you it had nothing to do with what we predicted with respect to the market or interest rates. We really just needed a house. We went in believing we were buying at the worst possible time. News reports about the market were all over the place. Many people thought once interest rates went up, prices would go down. That hasn't happened yet.

A close friend who sat out the market in 2021 was thinking of sitting it out again in 2022. I as a non-expert who happened to be reading a lot of articles about real estate didn't say "get in now, the fed has signalled they will raise interest rates". I said, "Unless you think there is going to be a large increase in housing supply in your city, things are not going to get better for buyers". I had zero awareness of what was going on with interest rates. I'm obviously not saying that to brag. It's just preposterous to expect regular buyers to be able to predict how rises in interest rates will impact their ability to buy a home, and when.[/quote]

“Preposterous?” Really? As a buyer, one of my main considerations was interest rates![/quote]

Okay? If you can predict the exact timing and degree of rate increases and how specifically that will impact home prices in your target neighborhood, and when, then you are in a very, very small (nonexistent) group of buyers.[/quote]

A lot of people knew that increased rates, which were telegraphed by the Fed, would lead to costlier mortgages. Rates were around what they are now before 2008, when the Fed started keeping the economy afloat with record low rates. A lot of people on here need to pay more attention to financial news than the latest news about Trump or Biden. Too much of people’s bandwith is consumed obsessing over things that are out of there control. [/quote]

Exactly. Buying a house is most people’s biggest expense/asset, so to say “I paid no attention to interest rates and financial news” seems absurd. [/quote]

It is really easy to make up a statement nobody said and call it absurd. Good job.

It is one thing to look up interest rates to figure out what your monthly payment will be. It is another to claim to have said" I definitely need to buy in 2021 because the market will go bananas in early 2022 when the Fed starts raising interest rates which will double by 2023."[/quote]

If you were sitting on the sidelines in 2021 and you heard in early 2022 that the fed was going to raise rates multiple times throughout the rest of the year, why not buy?[/quote]

Because winning offers were all cash, waiving inspections and appraisals.  We didn’t even have 20% down.  We couldn’t take the financial risk of waiving inspection. We couldn’t pay the difference of an appraisal. Sellers don’t like our loan and all buyers were competing against investors. But let me guess, you’re one of the people calling us entitled? [/quote]

Okay so sounds like you couldn’t afford what you wanted. Just like OP.

Did you eventually adjust your expectations and buy a place within your budget?[/quote]

Woosh. [/quote]

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