Jan 28, 2023
2:04:12pm
2:04:12pm
Seeing posts about people being underwater on their homes already after buying a year ago, but if their monthly payments
are still lower than anything they'd be able to buy/rent today, is it really that big of a deal?
Underwater on a home someone paid $600k for at 2.5% that's worth $550k today doesn't really mean anything unless they need to sell - their $2k (or whatever) mortgage is still going to be better than buying a new $400k home at 6.5% or trying to find a rental.
And with how homebuilding has fallen off a cliff again already, I think it's safe to say the shortage is going to result in the home values recovering in the next few years again (maybe not for some COVID destination places I guess)
Underwater on a home someone paid $600k for at 2.5% that's worth $550k today doesn't really mean anything unless they need to sell - their $2k (or whatever) mortgage is still going to be better than buying a new $400k home at 6.5% or trying to find a rental.
And with how homebuilding has fallen off a cliff again already, I think it's safe to say the shortage is going to result in the home values recovering in the next few years again (maybe not for some COVID destination places I guess)
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- Mike Honcho
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Seeing posts about people being underwater on their homes already after buying a year ago, but if their monthly payments
1/28/23 2:04pm
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I don’t think condos/apartments are as close of a substitute as some people assume. Families want SFHs. Townhomes are
1/28/23 5:00pm
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1/28/23 4:07pm