4 ms·
Hoping to buy next year, I'll take the higher rates and lower price with the intent of overpaying on my primary residence anyway. Although if everyone else is t
by djohnston 4y ago
Hoping to buy next year, I'll take the higher rates and lower price with the intent of overpaying on my primary residence anyway. Although if everyone else is thinking the same way w.r.t waiting I'm not sure it'll end up any better.
- ryanSrich 4y agoWouldn’t prices have to fall very very significantly for this to make sense? Let’s say you can afford a $700k house at 3%. The principle on that with 20% down is about $2,360 per month. At 6% interest you’d be at $3,360. To have a similar payment of $2,360, that $700k would have to fall to $490,000. I can say with complete confidence that $700k houses are not going anywhere near $490k. Higher interest rates are not the answer.
- datavirtue 4y ago$700k luxury items can easily drop by $200k.
- ryanSrich 4y agoA house isn’t a luxury item for most, and a $700k house is fairly modest in most US cities, if not down right basic.
- jandrewrogers 4y ago$700k is a nice house in most US cities. The median price is around $400k.
- willcipriano 4y agoThe median home isn't in a city is it?
- ryanSrich 4y agoThis doesn’t really mean anything. Look at what $700k (not list price, sale price) gets you in Seattle, Portland, The Bay, LA, or Denver. It’s not much.