Uncle Muscles
Elite
Basically saying that if you can get something without paying $50k over asking price, but something know because prices are never coming back down
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David Ramsey suggesting that now is a good time to buy a house
- Thread starter Uncle Muscles
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Uncle Muscles
Elite
5% is normal on a larger scale. I think we are heading to double digits, plus limited supply. All part of the “own nothing and be happy” plan
TJHall1
Legendary
You're getting a little obnoxious with this post.
Idk. Inflation can make prices go either way. So far, undeniably, inflation has made housing prices go higher. There is no guarantee prices come down even with higher rates. There could be a slow down in transactions without lower prices. There is still an under supply of housing and until that is rectified prices will be firm.
I think it’s important to focus on time horizon. When you buy a house with a 30 year mortgage and intend for it to be a long term investment, it’s probably still a good time to buy. Historically 5-6% intrest rates are still pretty low.
Listening to a real estate podcast yesterday, he predicted another rate hike. People will then go nuts buying before rates get "worse".
Best time to buy real estate was yesterday. 2nd best time is today.
Best time to buy real estate was yesterday. 2nd best time is today.
Meh. Rate hikes are already known information. There is no evidence of people going nuts buying houses before rates increase. Mortgage applications were at their lowest point since 2016 last week.
People went nuts buying shit a year ago, we are past that point.
dirtytoeddawg
Legendary
If you are not over buying beyond your means it’s never a bad time to buy for the long term. We’ve seen major dips like 2008-2012 with 20%+ value losses recover over time.
Now buying that beach house or buying a McMansion that will strain your budget in hopes of a quick flip are definitely a huge risk now.
Now buying that beach house or buying a McMansion that will strain your budget in hopes of a quick flip are definitely a huge risk now.
To an investor, you are correct. To the casual consumer they don't pay attention to the %. "What's my payment amount, and location" pretty much sums up their buying process.
dirtytoeddawg
Legendary
True, but rate hikes do move a percentage of people out of the market as those payment amounts increase substantially.
There's also a palatable pessimism everywhere I go and it's reasonable with energy/food costs.
It's an odd situation in housing in our area right now. A run up in demand over the last 4 years but at the same time a reluctance by builders to go full ham on developments due to building costs and a memory of 2008-2012. They've built for sure and continue to do so, but it's been a more gradual process with many builders breaking ground only with presold contracts instead of building then selling. We're definitely seeing a slow down, some caused by lack of supply but at the same time a bit of lack of confidence/demand.
He also thinks its better to buy a vehicle with your own cash. Stupid idea.
Prices are already coming down. In our area we are use to 2200-2500 homes on the market. Last month it was down to 330 or something like that. Now its back up to 1100. Prices dropping back down.
Prices are already coming down. In our area we are use to 2200-2500 homes on the market. Last month it was down to 330 or something like that. Now its back up to 1100. Prices dropping back down.
You would think that rate increases would drop price down, i agree. Just haven't seen it in my area yet.
Still think there was a massive undersupply of housing due to the 2010ish real estate market collapse. Like someone stated above, the hesitancy to build housing in the following years caused a lack of supply. Add on top of that the great migration due to Covid and people exiting population dense housing in the cities, wanting bigger houses, and even second homes and we are where we are today.
The economy could go into recession with real estate prices remaining firm. Nothing is guaranteed though.
Luxury home new starts down 50%+
1st time home sales down 5%
Wood is down 50% to $568 per 1k board feet
Mortgage applications down over 50% YOY
I can see prices dropping and folks being underwater through the rest of this administration. Pick back up w next president
1st time home sales down 5%
Wood is down 50% to $568 per 1k board feet
Mortgage applications down over 50% YOY
I can see prices dropping and folks being underwater through the rest of this administration. Pick back up w next president
PleasureMoose
Legendary
only boomers take Dave Ramsey advice
I would agree that he is an ultra conservative adviser but for whatever reason i usually follow his advice. I realize its not for everyone, but you won't get hurt following his advice.
He isn't a dumb ass. Imo he teaches basically live within your means and save money by eating beans and rice.
He is not a dumb ass but he is risk averse. He is against borrowing money, but borrowing money is one of the best things you can do in an inflationary environment. Most young kids should probably be encouraged to have "smart debt" like a mortgage but he preaches the opposite.
Outside of that his advice is pretty good imo.
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