I tried to buy a house outside Seattle during the housing crisis and I offered 95% of asking price. Listing realtor said she wouldn't bother relaying the offer to her clients because it was an insult.
Housing market is the wild wild west. Any real-estate fellas on here?
- Thread starter GC Josh
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I tried to buy a house outside Seattle during the housing crisis and I offered 95% of asking price. Listing realtor said she wouldn't bother relaying the offer to her clients because it was an insult.
People have been saying the housing market is going to crash "next year" for the past 5 years. I never understood throwing money away in rent. If you can afford a house and find one you like, get it.
I haven’t heard that for 5 years. I have heard that the moratorium on kicking out renters and owners not paying for the last 14 months has caused an artificial demand/shortage. When it expires there will be a flooded market of inventory. I’ve also heard that hyperinflation is coming as the debt skyrockets which will cause a big spike in mortgage rates that will cripple purchasing. All these things I’ve heard in the last year and I don’t see how it will be avoided. 5 years ago none of these things were being discussed. I agree a big correction is coming as the printing presses can’t fix the problem, only cause more inflation and higher mortgage rates. I hope I’m wrong, but it’s not looking good.
Yup, inflation coming, interest rates rising. Buy now.
Pay $250k for a house at 3 percent
Or pay 90k for it after the crash at 5-6 percent
it’s all hypothetical of course....but which makes better financial sense? But just because? Or wait until your available house choices improve?
250,000 @ 3%= $303,521 total and $103,644 interest $1,100 per month
$90,000 @ 6%= 173,000 total and $93,000 interest $611 per month
i vote this as the worst advice on ODT this month
