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Ameristanians....Don't Buy Your Home Yet

Revoltingest

Pragmatic Libertarian
Premium Member
I know it's obvious to most, but this might be good advice to some.

What's happening?
Loan interest rates are rising.
Monthly loan payments are rising.
This reduces how much buyers can borrow,
which reduces how much home buyers can pay.
In response, sellers will reduce prices.
But the market responds with some delay.
(Techie types call this "phase lag".)
So falling prices will continue to fall.
Exercise patience.

The danger?
In 9.11.2001 the terrorists attacked.
Businesses began contracting.
People had reduced ability to pay their loans.
This came to a head in 2007, when loan defaults
became risky to survival of lenders.
People who owed more than their house was
worth were "under water". They couldn't even
afford the cost of selling, so they couldn't move
to where better jobs were.
Prices are at an all time high.
"Collapse" in home prices is coming, experts say
So the potential for prices to fall is great.
An economic hiccup could put recent buyers far under water.
Don't get caught in that.

I can't predict the how much or how soon of anything.
Save for your down payment.
Rent or live with your parents til prices fall.
Good luck.
 

Kenny

Face to face with my Father
Premium Member
I know it's obvious to most, but this might be good advice to some.

What's happening?
Loan interest rates are rising.
Monthly loan payments are rising.
This reduces how much buyers can borrow,
which reduces how much home buyers can pay.
In response, sellers will reduce prices.
But the market responds with some delay.
(Techie types call this "phase lag".)
So falling prices will continue to fall.
Exercise patience.

The danger?
In 9.11.2001 the terrorists attacked.
Businesses began contracting.
People had reduced ability to pay their loans.
This came to a head in 2007, when loan defaults
became risky to survival of lenders.
People who owed more than their house was
worth were "under water". They couldn't even
afford the cost of selling, so they couldn't move
to where better jobs were.
Prices are at an all time high.
"Collapse" in home prices is coming, experts say
So the potential for prices to fall is great.
An economic hiccup could put recent buyers far under water.
Don't get caught in that.

I can't predict the how much or how soon of anything.
Save for your down payment.
Rent or live with your parents til prices fall.
Good luck.
But I already bought my home! What am I to do?
 

Debater Slayer

Vipassana
Staff member
Premium Member
I know it's obvious to most, but this might be good advice to some.

What's happening?
Loan interest rates are rising.
Monthly loan payments are rising.
This reduces how much buyers can borrow,
which reduces how much home buyers can pay.
In response, sellers will reduce prices.
But the market responds with some delay.
(Techie types call this "phase lag".)
So falling prices will continue to fall.
Exercise patience.

The danger?
In 9.11.2001 the terrorists attacked.
Businesses began contracting.
People had reduced ability to pay their loans.
This came to a head in 2007, when loan defaults
became risky to survival of lenders.
People who owed more than their house was
worth were "under water". They couldn't even
afford the cost of selling, so they couldn't move
to where better jobs were.
Prices are at an all time high.
"Collapse" in home prices is coming, experts say
So the potential for prices to fall is great.
An economic hiccup could put recent buyers far under water.
Don't get caught in that.

I can't predict the how much or how soon of anything.
Save for your down payment.
Rent or live with your parents til prices fall.
Good luck.

Inflation from the pandemic and the Russian invasion of Ukraine are causing a slow market here too.

I'm still holding out to buy when the prices drop most.
 

Nakosis

Non-Binary Physicalist
Premium Member
I know it's obvious to most, but this might be good advice to some.

What's happening?
Loan interest rates are rising.
Monthly loan payments are rising.
This reduces how much buyers can borrow,
which reduces how much home buyers can pay.
In response, sellers will reduce prices.
But the market responds with some delay.
(Techie types call this "phase lag".)
So falling prices will continue to fall.
Exercise patience.

The danger?
In 9.11.2001 the terrorists attacked.
Businesses began contracting.
People had reduced ability to pay their loans.
This came to a head in 2007, when loan defaults
became risky to survival of lenders.
People who owed more than their house was
worth were "under water". They couldn't even
afford the cost of selling, so they couldn't move
to where better jobs were.
Prices are at an all time high.
"Collapse" in home prices is coming, experts say
So the potential for prices to fall is great.
An economic hiccup could put recent buyers far under water.
Don't get caught in that.

I can't predict the how much or how soon of anything.
Save for your down payment.
Rent or live with your parents til prices fall.
Good luck.

Fortunately I got into my house before Biden took office.
Not saying the current situation is Biden's fault but that is when things turned south.
 

mikkel_the_dane

My own religion
Well, bite me,
This is what I in effect hate about this forum. The USA is not in the world in one sense and in another the only country in the world.

So for us non-Ameristanians it shouldn't be in the material world and consumer affairs. It belongs in a forum, that is not this. ;) :D
 

Revoltingest

Pragmatic Libertarian
Premium Member
yes! Living here for the last 40 years. Actually, paid for in full and ready to be received by the future generation when my wife and I decide to move to another world.
Well, stay there....don't buy a new home (yet).
 

Revoltingest

Pragmatic Libertarian
Premium Member
Fortunately I got into my house before Biden took office.
Not saying the current situation is Biden's fault but that is when things turned south.
If you paid top dollar, & have a fixed rate loan, you should be OK.
But if you have an adjustable interest rate loan....uh oh.
 

mikkel_the_dane

My own religion
If you paid top dollar, & have a fixed rate loan, you should be OK.
But if you have an adjustable interest rate loan....uh oh.

Well, I have no whatsoever experience with anything in this thread, because of reasons of what is the really real world as it functions and matters. ;) :p
 

Revoltingest

Pragmatic Libertarian
Premium Member
Well, I have no whatsoever experience with anything in this thread, because of reasons of what is the really real world as it functions and matters. ;) :p
Two posts now telling us how you're uninterested
& perhaps even offended by this thread.
My advice...
The most useful way to express
disinterest is to not post here at all.
Do us that favor, eh.
 

mikkel_the_dane

My own religion
Two posts now telling us how you're uninterested
& perhaps even offended by this thread.
My advice...
The most useful way to express
disinterest is to not post here at all.

Well, I actually think you should learn to compromise to the middle of world as a whole for all humans and recognize the marco trends, when they are there and not unique to a certain country. So yes, I know what you are describing, but that is not really about the USA as such.
The problem/process is relevant to the 1st world as such and have different results in less fortunate parts of the world.
Now this forum is a place for all religions, worldviews and cultures. So learn to spot that as relevant or I will point out what you do.

Be civil and cover as much common ground as you can and live up to that just as you demand that for the rest of us.

And yes, it is import to understand macro trends and it is a good thread, but please don't be to nationalistic in this case.
So good thread, poor headline. Make what you make of it. :)
 
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