If you’re hoping to find a housing deal, you’re out of luck in the short term.
Maybe if you can deal with the higher payments for the next 3 years and sell/refinance above today’s prices you’ll be ok, but this isn’t going to be pretty.

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Posting as :
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Friends keep asking why I told them to buy at 3-3.5%. They said they’d wait for prices to come down. 😆. Interest rates have a much higher impact. Prices won’t decline by 50% to offset the increase.

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You’d have needed a 50% higher down payment to buy in 2021, though.

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But by that logic are you not holding constant the value of the house, land, and features vs the price? The value proposition vs the price will change as a result of interest rates.

I’m just bringing up the nuance between the purchase price and the loan amount, which the original post ignores.

I’m so glad I bought at 3 fam in 2020 at 2.5%… to think I was shitting my pants when I was signing those papers

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Only that they can refinance that house when the interest rates inevitably drop, while the $600K is already underwater

Lol “inevitably”. There is zero guarantee rates are ever going back down…

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