Author Topic: How low can we go? 30 yr fixed at 3.75% with no fees...  (Read 847237 times)

Offline Ready2Downsize

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Re: How low can we go? 30 yr fixed at 3.75% with no fees...
« on: January 15, 2022, 10:39:34 AM »
all sounds like FOMO to me honestly. At some point, consumers need to push the brakes and not buy. Whether it's overpriced homes, eating less beef and buying chicken instead, etc.
Housing is a little different, not buy, sure, but what if rents go up for those renting, go further out where it’s cheaper?  Some people want to live in a safer city or the hyped up schools and willing to pay premium.

All in all, this is a crazy time, the low inventory is crazy.  I don’t recall a time where you see entire villages with only a handful of listings, like right now there’s zero in Woodbury, at some point there were 0 in cypress village, and stone gate

You are right. I have lived in Woodbury for 14 years. Never have I seen 0 active listing in the village.  Housing supply is not going to ease up anytime soon.

Rising rates will move anyone who wanted to buy (and I bet there were lots of prospective buyers thinking there would be lots of homes listed after the holidays) to rush in. Resales can close quicker than new homes, so they may benefit for anyone who is really worried about rising rates several months out.

I'm thinking there would be more available were it not for the omicron wave but if it pushes prices up, then comps are higher once this batch of homes close.

Stock market could force the fed to reverse course. Maybe lots of homes come up then or maybe not. Depends on if people have a place to move to, imo.

I'm thinking if prices continue higher, people will move to a cheaper area or buy a smaller place rather than give up.

If rates keep rising it's more incentive for those who own to keep their house with a low mortgage rate which of course isn't going to help those wanting to buy.

Anything on the lower end of the market is going to be the toughest to buy between first time buyers, maybe one step up buyers and those looking to downsize. You need those downsizers to give up their houses so homeowners downstream can move up and give up their smaller homes.

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