|
Inmate Central Inmate Central, where civil and family-friendly discourse about off-audio topics (other than religion and politics) is welcome. |
|
|
|
Inmate Central Inmate Central, where civil and family-friendly discourse about off-audio topics (other than religion and politics) is welcome. |
|
In Reply to: Interest rates are still low in absolute terms posted by Dave_K on August 26, 2022 at 04:45:24:
The problem right now is that the pricing has gone bonkers largely because of the artificially low interest rates. In San Diego County, prices were up nearly 30% in 2021. Starter houses were in the $400-500K range. Now, they've gone up to $900K over the last 4-5 years.
Consider a 3b, 2ba, 1,200 sq ft house at $700K at 3% and 20% down, you get a payment of $2,361. Now, at $900K and 6%, it's $4,317, nearly $2,000 more per month. Something has to give. One house has now been on the market for a couple months and has gone down from $900K to $820K, still way too high. To come close to being affordable, the price needs to go down to about $600K with a 6% mortgage.
It may take a while to get back to those prices, but buying now will take many years before you'll see any increase in home prices.
-Rod
This post is made possible by the generous support of people like you and our sponsors:
Follow Ups
- Yes, historically, 5-6% is the norm.... - Rod M 08/26/2213:13:17 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)
Top of Page ]
[ Contact Us ]
[ Support/Wish List ]
[ Copyright © 2024, Audio Asylum, all rights reserved ]
