Real Estate Market must be loco

[mlammerhirt]

+1. They were 2.75% in the summer but nowhere close now. Bank employees get an extra 0.5% off. My brother’s wife works at M&T so they got 2.25% crazy. I got 3.5% (locked right before the most recent jump), but i would have had 2.75% in the summer. Oh well


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3.5% is nothing compared to 2007 when I bought my first house.....7.1....perfect credit and 20% down. The rates were unreal then.

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[Chef]

Pre pandemic I purchased my camp for 140k, sold it for 290. As much as I miss the camp I’m not complaining.


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[moog5050]

2 hours ago, mlammerhirt said:

3.5% is nothing compared to 2007 when I bought my first house.....7.1....perfect credit and 20% down. The rates were unreal then.

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Late 70s mortgage rates hit 14-18%.   Money is still very cheap.  

[Nomad]

33 minutes ago, moog5050 said:

Late 70s mortgage rates hit 14-18%.   Money is still very cheap.  

Bought my first house in the mid ‘80s mortgage was double digits .

[Moho81]

The rate on my parents home that they purchased in 1984-1985 was low 20%!  They refinanced many many times over the years. 

[Wildcat]

20 hours ago, Biz-R-OWorld said:

It's sell high, and buy high. But Interest rates were crazy low this past summer so that helped people. But I think the really draw was for people selling and moving completely out of the northeast and going down south where taxes are way less and housing is still way cheaper than the northeast. I have a former coworker who moved from westchester to greenville, SC. His taxes went from $28K to $1,800. His house is now bigger, newer, etc. and way cheaper

especially now when you are limited on how much you can deduct for tax purposes..    I pay over $21k between my home/farm and camp and can't deduct any of it..

[Paula]

2 hours ago, Chef said:

Pre pandemic I purchased my camp for 140k, sold it for 290. As much as I miss the camp I’m not complaining.


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Is that why you sold it?

[Chef]

Is that why you sold it?

It’s not the only reason but it was for sure the driving factor. I had partners in the camp and when we made the purchase none of us had kids. We had essentially outgrown it to the point it was tough to all be there at once.

This was a good opportunity to propose getting out without offending anyone.


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[moog5050]

56 minutes ago, Moho81 said:

The rate on my parents home that they purchased in 1984-1985 was low 20%!  They refinanced many many times over the years. 

Most realtors who have been around for a while laugh when you express concern that rates are increasing.  .5% here or there, but still all time historic lows generally.  If I was paying 20% I would live in my truck (parked mostly since gas is so high - lol).

[BizCT]

3.5% is nothing compared to 2007 when I bought my first house.....7.1....perfect credit and 20% down. The rates were unreal then.

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Or 16% for our parents in the 80’s lol


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[BizCT]

especially now when you are limited on how much you can deduct for tax purposes..    I pay over $21k between my home/farm and camp and can't deduct any of it..

Yea the $10K rule sucks


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[Nomad]

Went out with 4 other couples last night in Bradenton Fla. one couple rents the same small house somewhere around there for 5 weeks each winter, about $8500.

They just tried to book it for next year ,the new price………$26,000 ! 

[grampy]

28 minutes ago, Nomad said:

Went out with 4 other couples last night in Bradenton Fla. one couple rents the same small house somewhere around there for 5 weeks each winter, about $8500.

They just tried to book it for next year ,the new price………$26,000 ! 

That's Loco! Are they rebooking? Seems to me $5k a week would buy some nicer digs, than what the "smaller" place is???

[Nomad]

No they are not rebooking . Where we are is an older 8 unit condo, I’m paying with all the fees a little over 3k for 16 nights, in Cocoa beach the ,month cost us 3k  . Nextdoor ,and well most of this street is what they refer to as hotel houses, 1k a night for those . Someone’s paying it, not us ! 
 The owner here could sell this place for 2-3 million I’d guess, they’d knock it down and put up two hotel houses . Soon all those like me will be priced out of this area .

in the meantime I’ll be at the beach ….