solid take. hopefully rates continue to decrease. Prices have dropped a bit but either rates need to continue to drop or prices to make things more affordable.
I buy in 2005with a rate of 7 but my house was 300 in California back in the time it was a high price for a house that was small and need a lot of work . On 2008 the value of my house was 178 and I almost lost it because my payment was high. I sold my house in 2016 for just 425 . I don’t want to make the same mistake to me it looks worst because both prices and rate are high and none wants to give up . They always tell you to buy and later you refinanced when the rate go low ! WHO warranty rates would go low or what happen to me my house didn’t worth as much even with so much work we put into because the crash and my neighbor buy his house way more cheaper then us . I said don’t buy and make the house go down I rather pay a higher rate then a big loan .
Thank you for sharing your experience with us! Yeah having a fixed mortgage rate is key! Also, I can understand your position! Thanks for your comment!
The rate at which prices have dropped in Utah for the 2nd half of 2022 are at 2008 crash levels. Utah now has year over year price declines. What people earn doesn't match what homes currently cost. These prices aren't sustainable. Prices will continue to fall. People don't want to sell or buy. Inflation is crushing people's finances and tech companies are laying off workers. Things will likely get worse before they recover.
solid take. hopefully rates continue to decrease. Prices have dropped a bit but either rates need to continue to drop or prices to make things more affordable.
Yeah that’s the hope! If rates were in the 4-5 range then things would be manageable!
I buy in 2005with a rate of 7 but my house was 300 in California back in the time it was a high price for a house that was small and need a lot of work . On 2008 the value of my house was 178 and I almost lost it because my payment was high. I sold my house in 2016 for just 425 . I don’t want to make the same mistake to me it looks worst because both prices and rate are high and none wants to give up . They always tell you to buy and later you refinanced when the rate go low ! WHO warranty rates would go low or what happen to me my house didn’t worth as much even with so much work we put into because the crash and my neighbor buy his house way more cheaper then us . I said don’t buy and make the house go down I rather pay a higher rate then a big loan .
Thank you for sharing your experience with us! Yeah having a fixed mortgage rate is key! Also, I can understand your position! Thanks for your comment!
The rate at which prices have dropped in Utah for the 2nd half of 2022 are at 2008 crash levels. Utah now has year over year price declines. What people earn doesn't match what homes currently cost. These prices aren't sustainable. Prices will continue to fall. People don't want to sell or buy. Inflation is crushing people's finances and tech companies are laying off workers. Things will likely get worse before they recover.
Hey talon! We appreciate your insight and thoughts! Guess time will tell! 🤷🏼♂️