There are other forces at work but I think people have just given up trying to get a home.
Discussion
With inflation and interest rates it’s fucking absurd 🤷♂️
None 4 Sale
If you locked in for 30yrs sub 3% would you entertain a move?
Im locked in at 2.78% 😆
I am at 2.2, but have to renew in 26. We get 4-6yr with 30yr amortization rates. Fn loonie
Sounds like your rents going up in a couple years.
Lol i am not over leveraged do i will be good. 60% of Canuck mortgages are coming due in the next 24mo i don’t think they are in the same spot
At that time my guess is rates down & equity up
You’d think so, but they don’t want people to own houses anymore, they want renters, so the situation will be whatever is best to kick people out of homeownership and into being renters, while keeping just enough money in everyone’s pockets to keep consuming the goods and keep the money flowing
Kafkaesque at this point. Interest rates go down, prices do way up. Interest rates go up, mortgages go way up.
The winner options are:
1. Colocate / cohabitate with tribe (family/friends)
2. Live inter-generationally and lean to cross-generational economics
3. Move to a low cost country
4. All / any combination of the above.
It's almost like it's a giant pyramid scheme 🤡🌏
People are starting to see how our money works... I'm even seeing comments on FB from randos on michigan government folks profiles proving such.
Tell me about it. I've never had a house sit on the market this long. The problem where I am is too much inventory. We'll see how long this takes.
No one’s selling. Anyone who sells right would have to buy something else which is practically impossible in this market
I'm selling. I am building a house on my property in the country. No property tax there.
I am sending this to my realtor.
I don't see a resolution without a major event. My wife and I have been looking seriously for about a year. We made an offer last week but somebody else offered $50K over askin. $50K!! I know this is a butt fucker of a decision but I have an expanding family and I'm out of time and I need a bigger house.
new entrants can't get in unless they 1) make bank, 2) have a rich sponsor, or 3) went ugly into Bitcoin early.
old owners can't move because their property tax could 2x-10x
owners with some equity can't move because property tax plus interest rates
owners with multiple domiciles won't sell because of the taxes