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I am also in this situation and it basically makes no sense to move. So I'm stuck here until something changes. I think 30 year mortgage rates need to be below
by izzydata 4y ago
I am also in this situation and it basically makes no sense to move. So I'm stuck here until something changes. I think 30 year mortgage rates need to be below 4% before anything makes sense for me.
- darth_avocado 4y agoWhich is going to fuel an even bigger housing crisis.
- lotsoweiners 4y agoWho knows. One thing is for certain though is that inventory is remaining low because people like myself can’t sell our homes due to interest rates.
- lotsofpulp 4y agoYou can sell it, you just do not yet have sufficient incentive to sell for a low enough price. If you have a job loss and cannot keep up with mortgage payments, then you would have to sell it, and the house would sell at some price (in most areas).
- lotsofpulp 4y ago> think 30 year mortgage rates need to be below 4% before anything makes sense for me. Or prices need to decrease, which can happen by increasing supply, as ProfessorLayton wrote.
- treis 4y agoIncreasing supply runs into the same headwinds with increased rates. Probably worse because builders pay even higher rates for short term money.
- jahewson 4y agoYes!
- lotsofpulp 4y agoMaybe in the short term, but eventually, their vendors will need to lower prices. Specifically, the landowners. This would be expedited if we had a land value tax that made it more expensive for land owners to just sit on unproductive land. Of course, due to prop 13, California has the exact opposite situation where landowners are rewarded for sitting on unproductive land.
- roflyear 4y agoSomeone has to pay to build the houses.
- deleted 4y ago[deleted]