51–60 of 105 posts
I'm constantly reminded to be thankful to be a homeowner in America. Most other countries don't even have fixed-rate mortgages and many of my international friends are facing massive unexpected jumps in their monthly housing costs.
Yes. Here in America we face our massive unexpected jumps in the form of medical bills.
The only real solutions here are to radically rethink zoning at a city level, and potentially incentivize construction of affordable homes at a federal level through new lending programs.
“Real estate CEOs must `learn to live’ with lower sales, say resistant buyers”. The amount I can pay each month hasn’t changed drastically. If interest payments to my credit union go up, then the principal payments I can make to a seller have go down. The price I can pay is less than it was a couple of years ago. That means your commissions will be dropping, too, Mr. Liniger. You’ll just have to live with it.
Well good luck with that but customers don't determine CEO pay.
I think he’s trying to say that near-zero interest rates are never coming back which is a sentiment that I think everyone agrees with here. His tone comes off as abrasive, though, and I struggle to want to agree with him.
I reckon it will be more than a decade before we see anything like the 2020/2021 rates again, if ever.
Another step closer to revolt. There's only so much pressure the general public will be able to handle. History has taught us when there is a massive unbalance in "haves" and "have nots" things don't play out in ways where we just "sit down and discuss what's going on."
Nah history has taught us mortgages can go way higher. Your part of the online crowd constantly trying to say the next French revolution is coming (been hearing that refrain since the 00s). Also when you buy a house - if you didnt factor in mortgage rates changing thats 95% on you. 6 % isnt even that high. Mortgage is too high offload and move elsewhere. People need to take some responsibility for their purchases.
Interest rates these days aren't so low you can almost ignore them (e.g. you probably don't want to keep a lot of money in literal cash) but they're not late 70s/80s often double-digits either.
Another step closer to revolt. There's only so much pressure the general public will be able to handle. History has taught us when there is a massive unbalance in "haves" and "have nots" things don't play out in ways where we just "sit down and discuss what's going on."
The headline is awful - the longer sentence is in the article: '“We’re just going to have to learn to live with 6.5% or 7% mortgage rates for six to 18 months,” said Liniger.' The headline is also awful because before 2008 those would be good rates anyway. If you bet on the 2020-2021 trend continuing you could be in a bad place now, but... that was a weird trend to bet on continuing given the COVID factors that are n…
That means that contracts signed in that period will have that percentage baked into them and that means that for those that ink those contracts that it will take up to 30 years at those rates, unless you can refinance but that will cost you too.
But yes, you should never assume you're gonna be able to refi. Not that that stops everyone. :(
Meanwhile, real estate brokers fees in the US and Canada are ridiculous. I once made a bid on a property slightly under the asking price and the bid was accepted, then, upon reading the fine print it was said that the buyer was responsible for the real estate brokerage fee of the seller. So, I asked to see the amount they had agreed upon and this was so exorbitant that I ended up backing out of the deal (I had not si…
I'm constantly reminded to be thankful to be a homeowner in America. Most other countries don't even have fixed-rate mortgages and many of my international friends are facing massive unexpected jumps in their monthly housing costs.
In most countries buying a house doesn’t involve taking out loans that take 30 years to pay off in the first place.
So yes your statement is true, because most people can never buy a home so there's no loan involvement at all.
But I'm pretty sure that's not what you wanted to say.
Earlier quoted context omitted.
Nah history has taught us mortgages can go way higher. Your part of the online crowd constantly trying to say the next French revolution is coming (been hearing that refrain since the 00s). Also when you buy a house - if you didnt factor in mortgage rates changing thats 95% on you. 6 % isnt even that high. Mortgage is too high offload and move elsewhere. People need to take some responsibility for their purchases.
It’s high when home prices have grown substantially since the last time mortgages were 7%. Also, it’s not really a “haha, you suck at planning” so much as a new generation is hit with much higher home prices when they are entering buying time of their life. Mortgages have been 4% for the last 20 years or so, so an entire generation has had 4% mainly due to government subsidization. And now the government can’t or won…