He could be putting substantial money down. And 7% isn't historically high interest. That's one of the issues with the economy- people addicted to artificially low interest rates. My first home had an interest rate of 18%. Houses still sold- albeit with the seller holding back paper as well.i'm not selling my house in this market; however, my first neighbor thinks it otherwise
from 3.5% APR house to easily 7% APR another house
No Way!
Congrats on the sale OP
My house sold! 5 days on the market, $15k over asking!
- Thread starter 14Accent
- Start date
yes I agree but 30y ago prices of the houses were in vicinity of $100K; nowadays, they are easily 4X more that, add 7% APR to it, its a recipe for a disaster; very few consumers can afford it as such
also, its easier to sell and find a buyer for a $250K house than a $500K property
also, its easier to sell and find a buyer for a $250K house than a $500K property
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Here in Canada, the prices are holding steady, despite the high interest rates.
Who know's if/when they will ever come down.
Congratulations!
June home sales fell 5.4%. But prices ARE STILL UP.....
https://www.cnbc.com/2022/07/20/jun...rom-may-as-prices-set-yet-another-record.html
Here in Canada, the prices are holding steady, despite the high interest rates.
Who know's if/when they will ever come down.
They are down in central BC Canada.
Probably dropped 20% in the past year.
GON
$150 Site Donor 2025
What is the gain/ loss in central BC home prices from JAN 2019 through today?
SammyChevelleTypeS3
$50 site donor 2023
officially jealous of you now!!!! LOL Congrats all around. Enjoy winning.I'm already moved inmy girlfriend owns her place outright and runs her salon from home, plus the garage/shop is already hoist and air equipped to allow me to work for myself from home as well. It really is a perfect setup.
My guesstimate, a house in January 2019 worth say $300k, probably peaked at around $500k in 2022. That same place would now be in the $400k area. Those are rough numbers. I've been buying lots of real estate, and selling some, the past year.
Used car price have also been going down, semi truck prices are in free fall, after selling at insane prices in 2021 and 2022.
There were some instances of people selling used semi trucks, at more than the price of a new one in 2021.
In a typical year, I would buy 8 new trucks, and sell 8 old ones. But when the shortage hit, i just stopped buying new trucks altogether.
Now that things are starting to return to normal, I am getting 6 new trucks this year, and hopefully order 20 for the year 2024. But right now that is still just a desire, as i have ordered 0 for 2024 thus far. I usually order in August, for the following year. So next month I will stop by a couple of dealers, and have a chat, then have to decide if I order 0, 10, 20, 30, or ....
It has been 3 years of stupidity in many markets, from housing, to farms, trucks, equipment, hiring staff, and God forbid that I should call up my tire guy and ask to buy 900 tires for trucks, trailers, loaders, skidsteers, pickups and such.
I was made to feel like a bad person for trying to place a tire order.
Not kidding around, we were pulling the best tires out of the scrapped tire pile in the back, and putting them back on rims and bolting them to trucks and trailers.
My 900 tire order slowly came in a few tires at a time.
I was telling loader operators to just be gentle as they could on tires, because I had no idea when they could be replaced.
Before I got the original order of 900 filled, i needed hundreds more.
These have been 'interesting times' to run heavy equipment and semis.
Rates skyrocketed, but so did costs, and availability of trucks, tires, and some parts became more difficult than trying to dance the tango with a giraffe.
My fleet is now older than it should be, and higher kms from running around the clock with some trucks, so doing a lot more extensive repairs than usual.
Glad things are slowly returning to 2019 ways, and seeing property prices declining some.
We weren't hit here nearly as hard though as it seems many other regions were.
We never had no houses for sale, and they were not selling in a day, our automobile dealers generally speaking had some stock on their lots, just not jammed full like they were in 2019.
Houses didn't triple in price like some people have said they did, and dealers were asking msrp, but not more.
Our stores always had some food on the shelves, just less than previously.
We actually had it pretty good in comparison to others.
Again-interest rates are not historically high.
https://www.macrotrends.net/2604/30-year-fixed-mortgage-rate-chart
There is PLENTY of documentation about this. What's so hard to understand?
BTW-bought my first home in the 1980's. You can see what the interest rates were then.
If interest rates even hit 10% that will force many people out of the housing market.
Just the interest alone on a $400,000 mortgage, at 10% is enough to end house hunting for the typical 8 to 5 worker.
Just the interest alone on a $400,000 mortgage, at 10% is enough to end house hunting for the typical 8 to 5 worker.
A few miles north. My property is ~ Cypresswood and HTR. I'm "cross-country" down in Friendswood though.
JTK
$100 Site Donor 2025
You can get your hair did and car fixed in one stop. You may be on to something big!I'm already moved in
Congratulations on the sale and move!
The upside with interest rates is you park money into a high interest CD while you figure settle into moving into someone else’s place.
OP got lucky with a circumstance where the buyer is likely deep in the black herself on her own sale and new purchase.
anecdotally, I live in Austin suburbs since 2003 and it’s been in the news that the market crashed here, but houses still get sold fairly quickly around me. I think the doom and gloom has actually been drops, stagnation and sometimes recovery in various sectors. I for one am glad wood prices have stabilized. The fed has been playing politics and threats lately, I predict more stagnation to come.
no one is disputing the high interest rates at the time, but overall the cost of living was lower too
at the same time, you mortgage balance sheet was perhaps 4-5X less than nowadays, your property tax bill and your home insurance was in the same line, let alone furnishing the house or maintaining it then vs now
