President Joe Biden - Kamala Harris Administration

#49,977
#49,977
volfanhill said:
I just can't imagine anyone who bought or refinanced between 2020-2022 ever selling. Why would you give up a 3% mortgage to then take on double that? Sure some will move die etc but housing is going to be tight for some time I think
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imagine the 70s..what was it 15%.
Home prices are already so sky high..and then add interest onto that is double whammy.
 
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#49,978
#49,978
volfanhill said:
I just can't imagine anyone who bought or refinanced between 2019-2022 ever selling. Why would you give up a 3% mortgage to then take on double that? Sure some will move die etc but housing is going to be tight for some time I think
Click to expand...

this is what's going on - it's why new home construction is still strong; the inventory of used homes is ridiculously low.

i had planned on moving in the next couple years after I retire but I'm sitting on a 3% mortgage and it makes no sense to trade that for something even if they come back to the sixes. gonna be at least 3 years before they get back to 5
 
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#49,979
#49,979
volfanhill said:
I just can't imagine anyone who bought or refinanced between 2019-2022 ever selling. Why would you give up a 3% mortgage to then take on double that? Sure some will move die etc but housing is going to be tight for some time I think
Click to expand...

Add to that prices have to be up 35% or more in the average market, and the pragmatic buyer that doesn't need to sell probably won't.
 
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#49,981
#49,981
volinbham said:
this is what's going on - it's why new home construction is still strong; the inventory of used homes is ridiculously low.

i had planned on moving in the next couple years after I retire but I'm sitting on a 3% mortgage and it makes no sense to trade that for something even if they come back to the sixes. gonna be at least 3 years before they get back to 5
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where is all this demand coming from?
 
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#49,983
#49,983
BreatheUT said:
Add to that prices have to be up 35% or more in the average market, and the pragmatic buyer that doesn't need to sell probably won't.
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It also adds to the theory that left leaning politicians wanting to build more apartments even in the suburbs for a more favorable voting block if you can draw that correlation.
 
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#49,984
#49,984
volinbham said:
there's still a housing shortage - article I read yesterday indicated about a 5 million or so shortfall. need a house and there's no used ones? gotta buy new
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I was inferring people. Was it the shutdown of construction during Covid and created this huge backlog? Even apartment construction is off the chain. Just where did all these people come from?
 
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#49,987
#49,987
volinbham said:
this is what's going on - it's why new home construction is still strong; the inventory of used homes is ridiculously low.

i had planned on moving in the next couple years after I retire but I'm sitting on a 3% mortgage and it makes no sense to trade that for something even if they come back to the sixes. gonna be at least 3 years before they get back to 5
Click to expand...
volfanhill said:
I just can't imagine anyone who bought or refinanced between 2019-2022 ever selling. Why would you give up a 3% mortgage to then take on double that? Sure some will move die etc but housing is going to be tight for some time I think
Click to expand...

It is a huge PITA with underwriting, but some of those 3% mortgages are assumable. :oops:

Anyone selling now would be smart to search those out for their next place.
 
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#49,988
#49,988
McDad said:
It is a huge PITA with underwriting, but some of those 3% mortgages are assumable. :oops:

Anyone selling now would be smart to search those out for their next place.
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whatever happened with mortgage insurance in 2009? Were they lending without it, because you know good and well they didn’t put down the 20.
 
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#49,993
#49,993
McDad said:
Idk about PMI in 2009. We had to have it on our first home in '99, though,
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One change I recall was that PMI had to automatically end once you hit the 20% equity - prior to the change you as the homeowner had to proactively show and if you didn't PMI would go on until you did so. I assume it was 20% based on current principal and value of home at time of purchase. The home owner could still end it sooner if the assessed value of the home went up and they documented it.

Had PMI and it sucked
 
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#49,994
#49,994
The first time seeing this & not knowing if this can be legal for dicktator Biden to consider.
Anyone else think this is fake news or satire made up BS? The Illegal immigration done by the Biden admin isn't Elon Musk's problem to be hiring any & all these lawbreakers for jobs.

 
#49,996
#49,996
volinbham said:
One change I recall was that PMI had to automatically end once you hit the 20% equity - prior to the change you as the homeowner had to proactively show and if you didn't PMI would go on until you did so. I assume it was 20% based on current principal and value of home at time of purchase. The home owner could still end it sooner if the assessed value of the home went up and they documented it.

Had PMI and it sucked
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Exactly correct. We hit 20% and then had to PROVE the 20% was still valid with a whole new appraisal process. It sucked getting out of that arrangement.
 
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#49,997
#49,997
BisonVol said:
As long as enough people are complicit, we are gradually going to descend back into the covid restrictions. Don’t think we will go back to full lockdowns, but there will be just enough restrictions for the folks in charge to pull the mail in voting rabbit out of the hat once again.
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Virginia is already advertising Mail in voting on tv by the Governor. Acting like every problem Mail in voting created is acceptable, it’s not.
 
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#49,998
#49,998
Orangeburst said:
imagine the 70s..what was it 15%.
Home prices are already so sky high..and then add interest onto that is double whammy.
Click to expand...

By the time this house was finished and we were able to close the rate had gone over 11% - that would have been late 1979. We had a two month old son, and my wife didn't plan to work, so we were qualifying for a loan on my salary. We almost didn't qualify for a house we had built, and with a nice deposit from the house we had sold.
 
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