US Housing Market Faggotry

[J.]

thats what Im waiting for. scoop up a house on the cheap that some dumbfuck bought for 3 times its worth

 

[einride]

that's hilarious (and good for you, at least, probably) nadrian

y'all also got mortgage interest rates in the low 1%'s over there?

 

[MFJ]

that's hilarious (and good for you, at least, probably) nadrian

y'all also got mortgage interest rates in the low 1%'s over there?

LOL.

I'm pretty new to this whole real estate game, but during the peak pandemic freakout time last year (April-December 2020), we were seeing rates at like 2.875%. Those are more or less HISTORICALLY LOW. I've heard about 5-7% rates from family and friends who purchased during the "better" times.

 

[NAD]

I'm paying 4.25% on my mortgage but it was higher when we first bought the house. I refinanced at one point and the whole process went something like this:

bank: "okay fill out this form............okay now this one............okay now this one...............and now this one."
me: *scratches head*
bank: "okay now your mortgage payment is $300 less than it was. also you'll pay $80,000 less money for your house over the next 25 years."
me: *scratches balls*

I've always been relatively financially savvy but none of this shit ever seems to make logical sense.

 

[Reign in Acai]

Well all your payments at the onset goes to paying byke the bank, hence why youre going to pay less over the life of the loan. Pretty nice of the banks to make the process so easy at just the cost of a few grand. Probably figure most people dont have a few thousand to their name to go through the process, so whats the harm inoffering to a few fortunate yokels? Never overestimate the personal finances of your fellow man, its all smoke and mirrors.

 

[Doom]

Yeah 1%, wtf. I took out my mortgage start of this year at 2.29%. It has gone down since then, but AFAIK it's never been close to 1%.

 

[dorian gray]

This is one of our better threads

 

[einride]

Yeah 1%, wtf. I took out my mortgage start of this year at 2.29%. It has gone down since then, but AFAIK it's never been close to 1%.

we have 1.3% something without even trying, those are the list prices

i know people who have negotiated rates even below 1%

of course, this means that a lot of people have taken on debt that they likely cannot afford if (when) it pops back up to 5% or worse

 

[lurch70]

my very next door neighbor just sold his 932sqft house with an in-ground pool for $990K last month (it wasn't realistically worth more than $750k but some Brooklyn hipster couple snapped it up as it was still same price as a 1 bed condo in Brooklyn) ...
that sale just increased my prop value by at least $150k. thank you sir!

forget about the sale market, the rental market is insane in NYC right now.
I have a few exclusive buildings in Manhattan and just last week I listed a unit and had, no joke, close to 150 leads in 48 hours.
4 applicants within an hours time after an open house.

Kids making $150k out of school are flocking back to this cesspool of a city.

 

[dorian gray]

$150 a year won’t but a million dollar house. Are they spending every single dime?

 

[lurch70]

$150k a year kids are renting $4k a month apartments ... not buying just yet.

 

[MFJ]

I'm glad that a lot of people are returning to NYC... you can keep them. All of these fuckers really screwed up the market around here!

 

[dorian gray]

$150k a year kids are renting $4k a month apartments ... not buying just yet.

Yeah ok I guess I can see that. If they don’t have kids or a car etc. $4000 is doable. I wouldn’t call it reasonable lol but definitely possible

 

[dorian gray]

We are closing on our refinance today actually. 3.375%. I asked for zero but apparently there’s no such thing. I was disappointed. Our existing is 4.625 so I guess that’s better. And we had like a billion dollars in equity that we are cashing out so I’ll be buying a new bass and a large amount of alcohol. Maybe some new socks. Only negative is I’m effectively starting over with a mortgage at age 44. What’s the worst that could happen?

 

[Krilons Resa]

For a new 30yr? How long have you had your pre-existing loan? Couldn't flip it into a 15yr fixed with an even lower APR?

 

[dorian gray]

Yeah but we felt we needed the cash-out for some investments, all joking aside (I might still buy some new socks though)

 

[NAD]

What kind of socks?!?! Check out these if you haven't already:

https://www.peoplesocks.com/

 

[dorian gray]

Hmm those are cool

 

[lurch70]

Just refinanced also for 15 years @ 2.25.
Rates are creeping back up already. Game over.

 

[dorian gray]

Wooo! Under 3….nicely done