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don’t. This is bad. You buy something tomorrow and by the time you close and start working on the house...recession hits and now you’re under water.
****, it might even be a depression.
Los Angeles just shut down.
Home Buying & Real Estate Thread
- Thread in 'General' Thread starter Started by TYE_The Time Traveler,
- Start date
don’t. This is bad. You buy something tomorrow and by the time you close and start working on the house...recession hits and now you’re under water.
****, it might even be a depression.
Los Angeles just shut down.
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Whirlpool
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Yo let’s get this group chat thing started
Let’s hit buy some shot while rates low
What’s good???
What we doing???
Let’s hit buy some shot while rates low
What’s good???
What we doing???
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I’m gonna start the chat at 8am EST. I know everyone won’t be up but respond when y’all can. Sorry for the delay fam.
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All good I was just making sure we was still tryna come together
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Might want to reconsider the crib you just copped. Might be able to get it cheaper when the market corrects itself.Yo let’s get this group chat thing started
Let’s hit buy some shot while rates low
What’s good???
What we doing???
Alot of these houses are very overvalued
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I signed almost 2 weeks ago
I don’t care
I like my house
Don’t care if it depreciates or whatever
It’s our(NT REAL ESTATE GANG) next property move I’m focused on
Proposition Joe
formerly rollinwithangel
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I’m hearing it home prices will drop but it won’t be 2008 levels again. What’s the truth?
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depends on the region imo
generally if mortgage rates go down, property prices go up
but property prices up means there needs to be buyers
if there are no buyers, then prices go down
+if ppl are losing their jobs and cant pay mortgage, then they default and have to give up their homes
i dont think it’ll get 2008 bad and i dont think it’ll last long, and i don’t think there’ll be a lot of properties that are gonna go down in price
just buy properties low enough that are a deal that you know by the end of next year it’ll be at a much higher price
generally if mortgage rates go down, property prices go up
but property prices up means there needs to be buyers
if there are no buyers, then prices go down
+if ppl are losing their jobs and cant pay mortgage, then they default and have to give up their homes
i dont think it’ll get 2008 bad and i dont think it’ll last long, and i don’t think there’ll be a lot of properties that are gonna go down in price
just buy properties low enough that are a deal that you know by the end of next year it’ll be at a much higher price
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Rates haven’t dropped 
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Fed rate dropping doesn't mean mortgage interest rates are going to drop in short term.Rates haven’t dropped
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Hearing a lot of banks paused mortgage refinancing too.
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Can’t get to all the applications
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Is that all around advice. What about a home purchase that doesn’t need any work?
How long does it take to close on average?
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Are you buying cash?
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im only guesstimating but I’d add 3 months to close in this current climate.
it’s up to you... this **** is scary. I’d try and stay liquid
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No but I see what y’all are saying. Buying cash would be the move right now.
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Yep that’s what I’m doing here in Seattle
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Just signed contracts on a home that I liked here on Long Island NY I’ve been looking for about 2 years!
Things I’ve learned in that time.
-Put as much down 20% or 20% +
-know your Rates
-lock your rates ASAP !
- if you can’t afford the home when things are “bad”, you shouldn’t have been looking at that house to begging with.
-Don’t settle !
Things I’ve learned in that time.
-Put as much down 20% or 20% +
-know your Rates
-lock your rates ASAP !
- if you can’t afford the home when things are “bad”, you shouldn’t have been looking at that house to begging with.
-Don’t settle !
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And this is why i’m scared to buy a home. Can’t imagine being locked into having to pay mortgage. Already stressed cuz my girls hours got cut so our combined income is a lot lower this month.
If I had cash i’d be buying stocks like crazy right now. Those will definitely rebound over the next 6 months to 2 years. Nothing has really changed in the world.
If I had cash i’d be buying stocks like crazy right now. Those will definitely rebound over the next 6 months to 2 years. Nothing has really changed in the world.
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Lenders need to apply the same principle to buyers buying a home < $1M as they do to buyers buying over $1M: guarantee you have minimum 12 months of principle in liquidity (at least 50% being cash).
We saw what happened the last go around and the hole it put people in. Too many folks are gonna end up losing homes because they can’t make mortgage payments because protections haven’t been put in place.
We saw what happened the last go around and the hole it put people in. Too many folks are gonna end up losing homes because they can’t make mortgage payments because protections haven’t been put in place.
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And people just gonna blame the government/banks/greedy realtors. Everybody but themselves
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I think with corona virus drama prices will drop and bottom out end of the year, good time to buy then
