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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.
WookieMan says
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.
Maybe I should quite my job and clean houses...
GNL says
At this point that means a 30% decline then.
Don't you mean 40%?
But @ad keeps telling me we will only see 5.5% rates and a drop of only 17%.
America's housing prices are facing a stunning downfall - with the West Coast facing the fastest drops of up to 10% in cities like San Jose and San Francisco: Experts say the trend will soon spread to the Northeast
A new study from the American Enterprise Institute shows that stunning price drops in the housing market are impacting the West Coast
Cities such as San Francisco and San Jose have seen housing price drops over more than eight percent
The study concludes that the same price drops are likely to impact the east coast as higher unemployment and recession loom
Earlier this month, experts concluded in a Bloomberg study that recession was 100 percent likely in the next 12 months
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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.