Why do you still rent?
do you hate money or something?
bought my house 7 months ago and got almost 100k in equity now
Rentcucks
Andrew Murphy
Aaron Ross
???
Owen Baker
What amount of equity did you have when you bought?
I'm in real estate. I own my home. I own 3 rentals. We are in a massive bubble.
Interest rates are going to fuck the market hard. Tap that equity now or watch it evaporate in 6 months.
anons who do not own: If the FED continues to raise rates then house prices are going to tank. Don't buy shit in 2018 unless you hate money.
Nicholas James
why would they tank? if interest rates go up it'll dampen demand but i don't see how that would cause people to sell.
William Brown
People won't be able to sell because people won't be able to afford the mortgages.
400k at 3.25% is more affordable than 400k at 5.25%. Wages are not growing fast enough to cover the difference in payments dwindling down the qualified buyer pool.
I'm already seeing this. Used to have houses hit the market on Friday and in escrow on Sunday. Now they sit for months before being pulled or selling at a massive discount.,
Am in Los Angeles.
James Collins
More sellers than buyers brings the price down. Especially when people in bubble areas see the trend moving and want to cash out and can't, then they compete for buyers.
Julian Hall
but if you have a interest rate at 3.25%, you've built up a few years in equity already. if you increase the amortization period you will end up paying the same amount monthly for your mortgage. you won't be forced to sell, you'll simply extend the amortization period.
Jeremiah Hernandez
Not time to buy a house until after the boomers die and housing crashes.
Asher Ross
that doesn't imply a crash at all, that means that demand will dampen due to the increased cost of borrowing with interest rates, hardly a 'crash'
Joseph Moore
>400k for a house
when did everything go so wrong
>1950's
>minimum wage was 2k a year, full time hours
>average brand NEW house was 8-9k
>you could work a min wage job and have a brand new house PAID off in a couple of years