/biz/ - Business & Finance

[Anonymous No.55866809]

>Mortgage rates 8%
>My zestimate went up $6,000
This is wild bros

[Anonymous No.55866819]

>>55866809
>checking your zestimate daily
ngmi

[Anonymous No.55866822]

>hooomer cope thread

[Anonymous No.55866840]

>>55866819
>>55866822
I want to sell, I'm up 20k since I purchased a few months ago but I figure if I hold until rates are 10% I'll get even more money

[Anonymous No.55866864]

I just can't even make sense of it anon. There's no way prices don't end up coming down more. In hindsight I wonder if the Fed would have been better off raising the target rate to 2-3% instead of 5%+, enough to tighten credit and make borrowing more expensive, but not so much that current homeowners couldn't even afford a new mortgage which is causing them all to hold onto their existing homes and not sell (so literally no inventory and supply). The Fed has created a shortage by making such a big swing in rates (from basically 0% to 5% in like a year).

[sage No.55866866]

>>55866840
he wants to sell his house and NEVER EVER be able to buy back in

hope you're emigrating

[Anonymous No.55866890]

>>55866866
I own four other homes KEK

[Anonymous No.55866911]

>>55866840
>a few months ago
>$20k
oh, so you made just enough to pay tax on the sale that you'll owe since you didn't hold it for 2 years

[Anonymous No.55866923]

>>55866822
>cope with your zestimate going up
I'm sure he's struggling, lol.

[Anonymous No.55866939]

>>55866864
They won't come down in high demand metro areas. There are so few homes for sale in this specific very desirable town, everything detached is well over $1m.
>>55866911
Yeah, and commission. In all truth I would lose money selling now, but it's still nice to see number go up a decent amount so quickly since everything else is shit.

[Anonymous No.55866940]

>>55866866
>hope you're emigrating
Sorry to derail, but I'm planning to emigrate to SEA. I bought my house two years ago and if it keeps going up like this, I'll be able to buy a house in cash in my target country just from the profit from selling this one. This shit is so cash.

[Anonymous No.55866953]

>>55866866
I sold my house in 2015. I know the feeling. It's now worth 1.5 million and I only got 480k

[Anonymous No.55866962]

>>55866809
>implying your zesty mate isn't twice what it would sell for

[Anonymous No.55866976]

>>55866962
It's in line with recent sales

[Anonymous No.55866977]

Soooo I just locked in 7.9%, 30 year mortgage, $380,000 with 0 down (got the VA home loan). Did I fuck up? When can I refinance?

[Anonymous No.55866993]

>>55866977
>refinance
Never

[Anonymous No.55867029]

>>55866864
Was just thinking they barely built anything with 2-3% rates. Home building is going to slow even more.

Prices have to go up since there is no supply.

We will need govt subsidies to counter this issue or this is the greatest money making scheme ever.

The only option we have is people dying of old age to create a house inflation event.

[Anonymous No.55867035]

>>55866962
>NONONONOOOO THIS CAN'T BE HAPPENING

>>55866864
Lad, Blackcock and others seem determined to make us all renters (the last shred of the American Dream they haven't dismantled is home ownership). The music is close to stopping, you better find a chair.

[Anonymous No.55867261]

>>55867029

Home builders have actually been stepping it up and newly constructed homes are a much bigger proportion of the market than resales these days. They're also focusing more on first time home buyers and more modest builds, whereas in the past they've built bigger/more profitable houses aimed at current homeowners trying to move up in house. But it still hasn't been nearly enough to make up for the lost supply from lack of used homes on the market.

>>55867035

I don't even see how rental real estate makes sense with current interest rates. Rents have come down from their peak and haven't kept up with interest rates. I actually own a rental and market value on it is about $1600/mo. Home is worth right at about $300k. Say you're someone buying real estate to rent out, even with a 20% downpayment, at 7% for a 30 year fixed the monthly mortgage payment is about $1600. Add in property tax, insurance, maintenance, etc. and you're losing money renting it out. Only way anyone can hope to make money on real estate in the current environment is buying in cash, there's no way to make the math work if an individual or business is borrowing money to buy homes.

[Anonymous No.55867276]

>sell house
>have to buy a new house with inflated prices and rates or be homeless
what did zestimate hourly refreshers mean by this?

[Anonymous No.55867502]

>>55866809
Weird, who knew importing millions of people would increase demand for housing?

[Anonymous No.55867518]

>>55866840
>I'm up 20k since I purchased a few months ago
so like what, 5%? while stocks are up like 30% lol

[Anonymous No.55867522]

>>55866809
>he thinks an arbitrary algorithm by a real estate corporation is an accurate reflection of reality

[Anonymous No.55867672]

>>55866809
who cares about home equity. it doesn't change the amount you still owe on your mortgage. what are you going to do, sell, eat the 6% realtor tip, and lateral into another house that also went up in price (with a 7-8% mortgage)?

[Anonymous No.55867955]

>>55866809
>gets cucked by property taxes
Remember kiddies, when your “market value” goes up, so do your taxes.

[Anonymous No.55867972]

>tfw house is only up $5-10k in a year depending on which service you use

I may have made a mistake...

[Anonymous No.55868014]

>>55867672
No mortgage, maybe I'll rent it out if I can find a nice white couple with excellent credit, references, and good tipping history
>>55867518
Yeah but in this environment a win is a win
>>55867955
They got me on taxes. They went up about 10.5% after I bought

[Anonymous No.55868038]

>>55866809
The entire real estate market is composed of people using their increased equity to buy other houses. There are 0 new buyers.