Anonymous wrote:

Anonymous wrote:If you need a mortgage, I’d say this is the worst time to buy in over 21 years.

Interest rates on home mortgages are at the highest level they have been in over 21 years. Check the news headlines.

I would never buy in this market.

"over 21 years" such a dimwit

Your graph is incomplete

Headline “ Mortgage rates soar to their highest level in 21 years” CNN Business
https://www.cnn.com/2023/08/17/homes/mortgage-rates-august-17/index.html

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Real home prices have been falling for some time now, but reality is it will take a bit of time for salaries to catch up. I'd say it's not a great time unless you must buy.

HAHAHAHAHAHAHAHAHAHAHAHA

Please. Inflation is outpacing home price increases right now, at least in the DC area.

Please. Just shut up.

Sorry you don't understand math. Realtor?

Case Shiller is flat, inflation is not.

Calm down.

Anonymous wrote:If you need a mortgage, I’d say this is the worst time to buy in over 21 years.

Interest rates on home mortgages are at the highest level they have been in over 21 years. Check the news headlines.

I would never buy in this market.

"over 21 years" such a dimwit

I think it’s a decent time to buy (not as good as a few years ago during peak COVID when some were fearful of city living) if you can pay all cash and aren’t expecting significant appreciation in the near term.

However, if you’ve already got a serviceable home with a low mortgage, I definitely wouldn’t sell that home just to buy another with cash. That’d be like setting cash on fire. Just parking your cash in treasuries will get you 5.5% interest, and I doubt area home prices will increase more than 5.5% per year while 30yr mortgage rates remain at 7+%. I think home prices are likely to remain stagnant over the next 2-3 years and will resume their march upward only after long-term rates fall below 5%.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Real home prices have been falling for some time now, but reality is it will take a bit of time for salaries to catch up. I'd say it's not a great time unless you must buy.

HAHAHAHAHAHAHAHAHAHAHAHA

Please. Inflation is outpacing home price increases right now, at least in the DC area.

Please. Just shut up.

Anonymous wrote:

Anonymous wrote:Good luck finding a house that's not a nightmare someone is trying to unload ON YOU right now.

+100 no one with a decent home and low interest is selling right now.

It can still be found. We recently bought a wonderful home from sellers who are getting divorced. There's also been several other sales in the neighborhood involving elderly wanting to downsize, or someone died etc.

Anonymous wrote:Good luck finding a house that's not a nightmare someone is trying to unload ON YOU right now.

+100 no one with a decent home and low interest is selling right now.

If you need a mortgage, I’d say this is the worst time to buy in over 21 years.

Interest rates on home mortgages are at the highest level they have been in over 21 years. Check the news headlines.

I would never buy in this market.

Buy if you can find something you like and can afford. Or something you can live with and fix it up. Either rates go down, and then you can refinance, and you’ll be glad you got your house before there were more buyers willing to outbid you with the more favorable rates. Or rates will go up, and the. I guess you’ll be glad you bought when you did.

I don’t think prices will come down a whole lot in DC or the sought after surrounding areas because there just isn’t enough housing stock. People don’t want to move and leave their 3% rate unless there’s a real reason, so you’ve got fewer houses on the market, plus in general there’s not enough housing, so you’re going to have buyers even at these rates. Which is all to say, time in the housing market is better than trying to get the timing right on entering the market.

Best of luck

Anonymous wrote:

Anonymous wrote:Real home prices have been falling for some time now, but reality is it will take a bit of time for salaries to catch up. I'd say it's not a great time unless you must buy.

HAHAHAHAHAHAHAHAHAHAHAHA

Please. Inflation is outpacing home price increases right now, at least in the DC area.

Anonymous wrote:Real home prices have been falling for some time now, but reality is it will take a bit of time for salaries to catch up. I'd say it's not a great time unless you must buy.

HAHAHAHAHAHAHAHAHAHAHAHA

It's a good time if you want a new house, absolutely. Don't listen to these losers who are telling you interest rates are too high, they'll go down soon, or telling you that the housing market is going to crash. That will not happen any time soon. If you want or need a new house, definitely buy now.

Real home prices have been falling for some time now, but reality is it will take a bit of time for salaries to catch up. I'd say it's not a great time unless you must buy.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Here's the best advice I can offer you: Buy when you can afford to buy, and when you find the home that works for you. You can always refinance your loan later on down the line if/when rates drop. I would not bank on prices going down much if at all any time soon.

This is the party line of NAR and mortgage brokers, literally, looms at what their press reps have been saying in interviews recently.

And what is your advice?

Not saying you should not buy now, if you plan to stay in home or at last not sell for 7 to 10 years AND can comfortably afford monthly payment without hopin' and dreamin' to refinance in a few years, sure buy. Otherwise, I would not.

Anonymous wrote:

Anonymous wrote:Here's the best advice I can offer you: Buy when you can afford to buy, and when you find the home that works for you. You can always refinance your loan later on down the line if/when rates drop. I would not bank on prices going down much if at all any time soon.

This is the party line of NAR and mortgage brokers, literally, looms at what their press reps have been saying in interviews recently.

And what is your advice?