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In Reply to: Cash is king and ... posted by SamA on August 25, 2022 at 10:22:42:
My son is in a similar boat. I keep telling him to wait. The prices are still too high and the worst part is the interest rates have doubled.
Prices are coming down. One house was listed for $900K and over the last month or so, it's gone down to $820K, which is still about $200K too much.
It would be one thing if you thought you could refi when the rates go down, but I fear that rates may not come down too quickly and if they do, the appraisal will be too low to qualify for a refi.
-Rod
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Follow Ups
- RE: Cash is king and ... - Rod M 08/25/2213:54:55 08/25/22 (14)
- Interest rates are still low in absolute terms - Dave_K 04:45:24 08/26/22 (11)
- Yes, historically, 5-6% is the norm.... - Rod M 13:13:17 08/26/22 (9)
- RE: Yes, historically, 5-6% is the norm.... - Dave_K 07:20:54 08/27/22 (5)
- RE: Yes, historically, 5-6% is the norm.... - tweaker456 08:22:06 08/27/22 (0)
- RE: Yes, historically, 5-6% is the norm.... - Rod M 08:05:27 08/27/22 (3)
- RE: Yes, historically, 5-6% is the norm.... - tweaker456 10:43:59 08/27/22 (0)
- RE: Yes, historically, 5-6% is the norm.... - Dave_K 10:22:33 08/27/22 (1)
- Wow! That's a big gamble.... - Rod M 10:48:28 08/27/22 (0)
- RE: Yes, historically, 5-6% is the norm.... - Inmate51 20:29:40 08/26/22 (2)
- RE: Yes, historically, 5-6% is the norm.... - Rod M 08:17:29 08/27/22 (1)
- RE: Yes, historically, 5-6% is the norm.... - tweaker456 08:28:44 08/27/22 (0)
- My son got a 5 1/8 percent mortgage - SamA 10:24:13 08/26/22 (0)
- RE: Cash is king and ... - tweaker456 15:20:57 08/25/22 (1)
- On the other hand - Dave_K 05:58:09 08/26/22 (0)