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I was in Austin in the early naughties. Housing prices were increasing at ridiculous rates. Finally I said "Fuck it!" and just continued to rent. Because I was in TX at the time, I didn't get to enjoy the full extent of the "cash-out" refi housing bust - TX does not allow cash-out refis.
If I'm lucky, 30-year fixed rate MTG will top 8% and persist for at least 2-3 years. That might be enough to bring prices down to where I can hold my nose and pony up cash.
I know a few who sold into the craziness in Austin and relocated. Austin was definitely more overheated than any city in CA.
Holy-moly mortgage rates of 7% slash demand for new houses due to super-inflated prices, but prices are now coming down.
Traffic of prospective buyers of new single-family houses plunged to the lowest since 2012, excluding the two lockdown months April and May, and is now approaching even the levels of those two lockdown months, according to data today from the National Association of Home Builders.
Tangent aside, Austin sucks. I don't like any major metro in Texas. San Antonio I haven't been to, but I've heard good things. I imagine I'd like rural TX, but fuck Austin. Houston is a shit pit. Haven't been to Dallas since I was a kid, but I'm pretty sure it sucks. I think I'd like some of the border towns. I know enough Spanish to get by and between BBQ and Mexican/Central American food I'd be in heaven.
My property taxes are killing me and already went up from $700ish/month to 800/month.
San Antonio I haven't been to, but I've heard good things
Stressed seller looking for advice
I live in a really rural area about 1.5 hours outside Chicago. Not a nice neighborhood but not bad. Typical smaller town vibes. Nothing to do. Kinda hickish.
The Realtor said she told them to hurry and sell before the spring because in the spring prices will be even lower.
This is what happens when there is a lot of flux or lack of steadiness with the Fed Funds rate such as with these 0.75% increases every few months.
I think 5.3 percent holding into 2023 on 30 years mortgage would qualify as 'Realtor's optimism' i.e. designed to keep turnover going and people buying.
If they get serious about inflation, I think rates could bob back up to 6 to 8 percent. That's not so bad. All my mortgages were around that before I paid them off and I thought those were good rates at the time.
Nothing that 6 million more illegals can't cure.
I think 5.3 percent holding into 2023 on 30 years mortgage would qualify as 'Realtor's optimism' i.e. designed to keep turnover going and people buying.
Husband works as a helper in construction, and the wife cleans vacation rentals and hotel rooms. Both construction and tourism are booming in the Florida panhandle.
ad says
Husband works as a helper in construction, and the wife cleans vacation rentals and hotel rooms. Both construction and tourism are booming in the Florida panhandle.
I'd venture to guess it's more than $34/hr combined with those jobs. I'd guess closer to $50.
Prices should fall 10% for every 1% increase in the 30 year mortgage rate.
you tend to keep the gross stuff out of site.
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https://finance.yahoo.com/news/pimco-kiesel-called-housing-top-160339396.html?source=patrick.net
Bond manager Mark Kiesel sold his California home in 2006, when he presciently predicted the housing bubble would pop. He bought again in 2012, after U.S. prices fell more than 30% and found a floor.
Now, after a record surge in prices, Kiesel says the time to sell is once again at hand.