Anonymous wrote:

Anonymous wrote:I've kept an eye open for homes for a long time. The housing prices have never gone down in the DMV. Where is this magical land where housing prices decrease?

SF

And for weekend fun you can go on the doom loop walking tour.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:With rates over 7% it seems impossible for prices to increase over next few years. Much more likely for prices to drop.

I think that higher rates will choke off supply pretty well, keeping prices high. Who is going sell a house with a mortgage locked in at 3.5% to buy another house at 7-8%?

Demand might just decrease less than supply.

People can only delay moving for so long, so the supply will come back. Demand will not with rates above 7%.

But people will only be selling if they inherit a property and want to unload it or in the case of divorce or a job transfer…I doubt we’ll see people trading up much.

The only people who are moving are because they absolutely have to. Divorce, job relocation. Or they can pay with cash.
Although if someone can upgrade with cash, they’ll probably hang on to whatever house they have and rent it out.
If you have a 3% mortgage like we do, I would never move. For starters, I could never buy my house at the same price I paid in 2019.
Even if my house was the same price -which it wouldn’t be, my mortgage would increase by 33%. To find a similar house with slight upgrade I would double my mortgage payment Sadly, our salaries haven’t doubled since 2019.

Anonymous wrote:I've kept an eye open for homes for a long time. The housing prices have never gone down in the DMV. Where is this magical land where housing prices decrease?

You are correct...RE prices in dmv never decrease over the long term but they can be "stagnant" which can last years...used to be a 7-year cycle when prices were "stagnant" which to me always represented buying opportunities. During such times, the buyer could negotiate quite a bit, purchasing the home lower than asking price, closing costs concessions, inspections, etc, etc. This is why the present time does not represent a buying opportunity - the buyers position is flipped 360deg.

Anonymous wrote:I've kept an eye open for homes for a long time. The housing prices have never gone down in the DMV. Where is this magical land where housing prices decrease?

SF

I've kept an eye open for homes for a long time. The housing prices have never gone down in the DMV. Where is this magical land where housing prices decrease?

10yr bond yield is surging. 8% incoming

Anonymous wrote:so what is everyone who recently purchased or refinanced getting for mortgage rates?

Current rates are not a secret, top story in economic news these days. 7%+, but of course there will be those outliers who have private banking privileges which gives them access to lower rates, or those who buy down their rate with points.

so what is everyone who recently purchased or refinanced getting for mortgage rates?

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:With rates over 7% it seems impossible for prices to increase over next few years. Much more likely for prices to drop.

I think that higher rates will choke off supply pretty well, keeping prices high. Who is going sell a house with a mortgage locked in at 3.5% to buy another house at 7-8%?

Demand might just decrease less than supply.

People can only delay moving for so long, so the supply will come back. Demand will not with rates above 7%.

Most people can actually stay exactly where they are, and not move. Funny how when forced to, people learn to live with and make do with what they already have.

All of my moves have been necessary due to job.

You don't represent most people, this I can assure you.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:With rates over 7% it seems impossible for prices to increase over next few years. Much more likely for prices to drop.

I think that higher rates will choke off supply pretty well, keeping prices high. Who is going sell a house with a mortgage locked in at 3.5% to buy another house at 7-8%?

Demand might just decrease less than supply.

People can only delay moving for so long, so the supply will come back. Demand will not with rates above 7%.

Most people can actually stay exactly where they are, and not move. Funny how when forced to, people learn to live with and make do with what they already have.

All of my moves have been necessary due to job.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:With rates over 7% it seems impossible for prices to increase over next few years. Much more likely for prices to drop.

I think that higher rates will choke off supply pretty well, keeping prices high. Who is going sell a house with a mortgage locked in at 3.5% to buy another house at 7-8%?

Demand might just decrease less than supply.

People can only delay moving for so long, so the supply will come back. Demand will not with rates above 7%.

Most people can actually stay exactly where they are, and not move. Funny how when forced to, people learn to live with and make do with what they already have.

Anonymous wrote:

Anonymous wrote:With rates over 7% it seems impossible for prices to increase over next few years. Much more likely for prices to drop.

I think that higher rates will choke off supply pretty well, keeping prices high. Who is going sell a house with a mortgage locked in at 3.5% to buy another house at 7-8%?

Demand might just decrease less than supply.

People can only delay moving for so long, so the supply will come back. Demand will not with rates above 7%.

Anonymous wrote:With rates over 7% it seems impossible for prices to increase over next few years. Much more likely for prices to drop.

I think that higher rates will choke off supply pretty well, keeping prices high. Who is going sell a house with a mortgage locked in at 3.5% to buy another house at 7-8%?

Demand might just decrease less than supply.

There is no perfect time to buy, and even if there was a perfect time to buy, you’d never predict it. If you can afford it now and plan to live in it for 5-10 years, just do it. You can refi if rates come down, and a house can always be improved, so marry the location not the house.