Pending home sales drop to a record low, even worse than during the financial crisis
Pending home sales drop to a record low, even worse than during the financial crisis
Mortgage rates in October rose sharply, with the average on the 30-year fixed loan briefly eclipsing 8%.
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We bought a home in 2018. Not huge, but still a 3 bedroom with a big yard for the dogs to run around in and in a safe and relatively affluent neighborhood. The mortgage is a 3-point-something percent fixed-rate APR. We don't like living in this town. We would love to move. But we couldn't possibly afford a mortgage at the rates they have them now. The house is in my wife's name because she has impeccable credit. The idea that she would even be considered for a fixed-rate APR mortgage at this point is risible.
By the way, this was the first home we ever owned. My wife and I are the same age. We were 41 when we bought that house and it was pretty much the cheapest house in the neighborhood in a town that isn't especially desirable and a depressed community with not a huge number of jobs. Back in 2018 before all of this really got ridiculous.
People younger than us? No fucking chance.
Am 35. Looking. Friend just closed.
It's awful. It's hard to walk away from my rental right now, all things considered.
The good news is that price homes are finally coming down. Not much, but folks entering the market with a 250k home asking 400k are going down to about 375k right now.
It's a start...
Yeah we are looking in NH to move out of Florida and closer to family, but going from $775k to $749,999 isn't a huge help. Hope the trend continues.
In the same boat. 38 and wanted to buy a house, riiight when COVID started. So waited so we didn't die, then prices shot up so waited for them to go down, but they didn't and rates are now too high to even consider. And no one can really sell because of what you said.
So if the government wanted to be sure no one could get a loan and the only people able to buy houses were corporations with cash on hand...good job government?
Corporations, for the most part, seem to be shirking the interest rates too! The minute they come down it's going to be a feeding frenzy..
Are you me? Seriously though, we're in an almost identical situation. How are people supposed to buy homes under these conditions? Prices are insane, rates are sky high. Our home value on paper went through the roof but we're never gonna see any of the value because we're basically stuck. The only effect the value increase has is that we pay more property tax. I can't imagine the difficulty younger millennials and Gen z are going to have getting a home.