Buying a house in this market defeats the purpose - Mortgage

[FrostF]

Houses are still priced high and mortgage rates are at 8.5%

I fail to see the value proposition here. Not only is one rooting themselves down - but they're paying closing costs to make it happen.
All while paying an ATH for the mortgage. A mediocre little house is nearly $1400 a month.

May as well rent imo. Evem renting out these places is hardly worth the time and effort to collect the measly returns, which may turn into losses depending on the econ and tenant
You really wanna bet on tenants paying off the mortage over a 30 year period? Will you even be alive?

Rent =
Freedom to move
No liability
No closing cost
No Mortgage insurance payment

The only people winning in this market are the hedge funds scraping profits off of millions of houses.
Even pre-pandemic owners are at a loss - property tax increases are insanity

[Cleveland33]

some people want to be rooted down

[sgregor249]

about to close in 12 days, u mad?

[coast2coastam]

Where are you seeing anything with a mortgage of $1,400? Double that and you get what they used to call a "starter home".

[FAPhaggot]

It's untenable. We have list prices from the 2% days, with 8% rates. One of those will have to give.

[LogicalLifts]

OP just paid rent, hence this thread.

LOL

[FrostF]

about to close in 12 days, u mad?

The opposite - you're taking one for the team.
The less houses owned by hedge funds the better. You'll likely regret your decision in due time, but rest assured you're making things better for the rest of us

[DeadlyStriker]

Yea not a chance I buy a place with these parameters. If I'm going to buy a house at 8.5%, you bet your ass I'm not paying all time high prices for it.

I just laugh at how much extra money someone would pay over the course of their mortgage with this rate. It's disgusting and it shows you the destructive force of usury over long term. Short term great, but then it can be leveraged to completely gut and destroy a society for a small class of people.

[Condo41]

about to close in 12 days, u mad?

Uuuuuuh....I feel kinda bad for you, not mad though

Let me take a wild guess. There is an irrational person (wife/gf) involved in this terrible terrible decision. Am I wrong?

[HateLiberals]

Where are you seeing anything with a mortgage of $1,400? Double that and you get what they used to call a "starter home".

Lold this. Homie looking at single wides

[blueberryboy]

Not really

I still bought a condo Sept 2022

- I still paid some off the principle loan
- got a little bit of appreciation
- not getting ripped off paying rent
- not at the mercy of some phgt who wants to kick me out

Don't get this " I rent because there's freedom to move "

There's freedom to move if you're in a half respectable market.

I could list this place have it sold in 1-2 weeks.


Renting makes 0 sense all around if you have the means to buy now.
You think the prices are high now ...wait until a few years later.

[gbullock32]

Lucked out buying during a dip in 2016, paid $169k when it originally sold for over $300k and is worth that again; toss in 3.XX% interest and I can't beat that, $1200/mo mortgage, rent would cost me more.

I do miss my apartment though a little, it was nice not having to fix sht myself or do yard work. Owning is way better though, no hearing my neighbors moving around, able to do whatever I want with the house, and I'll likely never lose money when I sell it.

[blueberryboy]

Yea not a chance I buy a place with these parameters. If I'm going to buy a house at 8.5%, you bet your ass I'm not paying all time high prices for it.

I just laugh at how much extra money someone would pay over the course of their mortgage with this rate. It's disgusting and it shows you the destructive force of usury over long term. Short term great, but then it can be leveraged to completely gut and destroy a society for a small class of people.

You don't exactly get any return on your $ renting either

[FrostF]

...wait until a few years later.

That argument has held up for nearly 100 years but the anti-inflationary forces at work - combined with a tougher outlook on the dollar may change things, and soon.

Usually, a house is a solid investment as it is immune to inflation - but when inflation is being fought tooth and nail, followed by a recession, house value take the biggest hit as there's simply less money going around

[sgregor249]

Uuuuuuh....I feel kinda bad for you, not mad though

Let me take a wild guess. There is an irrational person (wife/gf) involved in this terrible terrible decision. Am I wrong?

i just sold a condo that i owned for 13 years. i need a bigger place for my family. im not trying to make money through my home and just need somewhere to live. i plan to live there for decades too. i'll build up equity over the years unlike renting will. i can afford the mortgage on my job alone. i got a 7% loan. i hope rates go down in a few years and i can refinance, but not a big deal if they dont.

[CanuckGame]

Im wanting and able to buy but im sitting on the side with my money in a GIC making a risk free 6% interest waiting for prices to drop.

You would have to be an actual dumb fukk to purchase a house in this market. Houses still being listed for ridiculous prices with these interest rates. How? Prices will come down very soon

about to close in 12 days, u mad?

Lmao. Smooth brain.

[AlwaysFocus]

Renting isnt freedom to move unless you dont care where you live and the rent units available are plentiful and dont require you to jump through a million hoops just to get a lease.

[blueberryboy]

Im wanting and able to buy but im sitting on the side with my money in a GIC making a risk free 6% on my money waiting for prices to drop.

You would have to be an actual dumb fukk to purchase a house in this market. Houses still being listed for ridiculous prices with these interest rates. How? Prices will come down very soon





Lmao. Smooth brain.

Imo
Prices aren't going to take a dive and certainly not over any long term period

Buying still makes more sense

Get a variable rate mortgage

That way atleast your payment can't change.


My mortgage is far less than what it would cost to rent my place ..due to a solid down payment.

I guarantee if you got set up for a mortgage today, regardless of % , you'd still be paying way under rental prices in no time


Just look at the rents in any major canadian city. I'm on the east coast they want 2k for a 1 bedroom now. Now if anything makes no fking Sense it's paying that...

[AlwaysFocus]

Im wanting and able to buy but im sitting on the side with my money in a GIC making a risk free 6% interest waiting for prices to drop.

You would have to be an actual dumb fukk to purchase a house in this market. Houses still being listed for ridiculous prices with these interest rates. How? Prices will come down very soon





Lmao. Smooth brain.

assuming your username is an indicator of where you live - youll be dead and gone and house prices will be way higher than when you first made this post

DED FUKIN SRS

[CanuckGame]

Imo
Prices aren't going to take a dive and certainly not over any long term period

Buying still makes more sense

Get a variable rate mortgage

That way atleast your payment can't change.


My mortgage is far less than what it would cost to rent my place ..due to a solid down payment.

I guarantee if you got set up for a mortgage today, regardless of % , you'd still be paying way under rental prices in no time


Just look at the rents in any major canadian city. I'm on the east coast they want 2k for a 1 bedroom now. Now if anything makes no fking Sense it's paying that...

Prices may or may not take a dive but they will come down. How many people can afford a $900k home with a 8% interest rate. Next to none.

Not sure where youre at but in Canada i guerantee prices will correct. Average house where i live is $900,000... The monthly mortgage payment on a 900k home with a 10% down payment ($810,000 mortgage) is $6000/month nobody can afford this. Maybe the top 5% of people.

[blissful88]

OP is part of the Zionist team from the Biden administration



You will own nothing & you will like it goys

[CanuckGame]

assuming your username is an indicator of where you live - youll be dead and gone and house prices will be way higher than when you first made this post

DED FUKIN SRS

Over the long term real estate always grows. But in the short term my money is on a correction.

[DeadlyStriker]

You don't exactly get any return on your $ renting either

Yea but I won't be in crippling mortgage debt. I'll take price of being a rentcel for my genuine freedom of having zero debt to my name as opposed to buying a place during the worst time in history given the interest rates with the highest median house prices in history.

Trust me, I want to be a homeownercel. I'd rather have an asset like that. But I'm not cucking myself like a retard to do so.

[FAPhaggot]

Yea but I won't be in crippling mortgage debt. I'll take price of being a rentcel for my genuine freedom of having zero debt to my name as opposed to buying a place during the worst time in history given the interest rates with the highest median house prices in history.

Trust me, I want to be a homeownercel. I'd rather have an asset like that. But I'm not cucking myself like a retard to do so.

Yep. 2023 is worst time to buy property in the 250 year history of the American republic, and I am 100% srs.

[friesbruh]

am looking to buy in ohio and yeah rates are stupid high but there, rent is about $750 but a cheap house, condo or townhome is not much more (somewhere between $800-1100 all in).

now in colorado where my house currently is, fkn lmao, yeah, that aint happening when prices are about 3-4x.

[DeadlyStriker]

Yep. 2023 is worst time to buy property in the 250 year history of the American republic, and I am 100% srs.

Yea 100%. It is insane how mortgagecels will try to convince you that buying now will always be better than renting.

I'll pass. Seeing the end game of current usury practices make me not want to ever get into debt, or at least be in the best position possible if I do.

[Condo41]

i just sold a condo that i owned for 13 years. i need a bigger place for my family. im not trying to make money through my home and just need somewhere to live. i plan to live there for decades too. i'll build up equity over the years unlike renting will. i can afford the mortgage on my job alone. i got a 7% loan. i hope rates go down in a few years and i can refinance, but not a big deal if they dont.

Is this what your wife told you to get you to make this decision?

I can tell. You sounded like a woman typing all that up.

[WoofieNugget]

Yea 100%. It is insane how mortgagecels will try to convince you that buying now will always be better than renting.

I'll pass. Seeing the end game of current usury practices make me not want to ever get into debt, or at least be in the best position possible if I do.

If you follow the 5% rule it hasn't been a good idea to buy here for about five years. And things like the 20/30/3 rule have gone completely out the window, but people who own will pretend like it was the best financial decision ever. There's a ton of people in Canada staring $1000-2000 a month increases in payments when they renew, and that's ALL interest - which is just rent to the bank.

I have a massive space for half of what a mortgage would be for the same place, no worries about maintenance, property taxes or interest rates, and can move tomorrow if I want to. Stress free.

[WoofieNugget]

As long as you paid for the current month ( and possibly the rest of your lease ).

And it is interesting to see that at the ripe age of 48, you still haven't grasped the concept of time.

For someone just starting out recently, I can see how the current market is not looking very good.

But just imagine being rentarded enough to miss out on the rise in real estate values of the past decade - because you wanted to be "stress free".

Well, I certainly don't have a ridiculous mortgage increase hanging over my head like a Sword of Damocles like about 40% of people in my country.

Like I said, it hasn't been a smart financial decision to buy here since about 2018, and even before that is questionable although the increase in equity probably makes up somewhat for the extra interest you're going to pay to the bank over time.

[r32gojirra]

Landlord Forced To Raise Rent Due To Thinking Of Bigger Number

BOSTON—Apologizing to his tenant for circumstances that were beyond his control, local landlord Eddie Turley was reportedly forced Monday to raise the rent due to thinking of a bigger number. “You can re-sign your lease, but I have to raise it by $250 a month because I realized there was a bigger number your rent could be,” Turley informed his tenant of six years, attributing the rent increase to a need to keep up with the rising numbers he could envision. “Look, you’re a good tenant and all, but I thought of a bigger number and that puts me in a bind. Did you know that $2,850 is larger than $2,600? Most tenants don’t concern themselves with things like that, but as a landlord, I always have to be adjusting my leasing requirements to match the larger amounts that happen to come to mind.” The landlord reportedly added that he had thought of a bigger number for the tenant’s pet fee too.