Good stuff, I think the influx of summer buyers will make the market competitive. And to your point may remove those huge seller incentives. I would tell people to buy now also
Yes! I agree, There may be closing cost at refinance but the opportunity is there. Some lenders are even providing timed certificates to waive their fees if there refinance with them. Congrats on your rate! and thank you for your comment.
@@johnmosesrealtor well mortgage rates are back up to 6.75%, a 0.5% increase in just one week because of Fed talk about inflation. And since the Case Shiller Home Price index has already shown a nearly 4% drop in home prices nationally over the last six months it's pretty clear we're just past the burst of the housing bubble which if history is a good indicator (and it is) we're going to see property value declines for several more years. So yes, since real estate is a depreciating asset and likely will be for the foreseeable future, I'm very comfortable saying buying a home right now is a terrible idea. Unless of course you like losing money. And it's a fact based opinion.
@@barcelona2112 I see, nationally it can look a little scary but that information is an umbrella over all cities and states. Each city and state holds its own regarding real estate. Consider the impact on real estate in Texas in 2008. It was way less compared to other states. Yet, at time nationally news claimed it was everybody who suffered the same. Evaluate San Antonio's market and its history. Look at the values and how they have been steadily growing. Interest rates changes all the time good and bad. But since San Antonio is nationally known as the one of the top undervalues state, Its predicted to continue to grow in home values year over year. I am not sure how you would "lose money" if this remains to be seen.
Well luckily FRED has a San Antonio real estate index and it's due to update in the next few days. Let's revisit this topic when the 4th quarter data comes out. My guess is it'll be flat, followed by a substantial year over year decline by 4th quarter 2023. The Texas real estate market isn't going to escape FED tightening.
Good stuff, I think the influx of summer buyers will make the market competitive. And to your point may remove those huge seller incentives. I would tell people to buy now also
Thank you Dani! Great minds!
I hope to encourage buyers to see what we see and potentially save money.
You can ALWAYS do a refinance latter with no cost to you. I bought my home at 4% interest and when we refinanced at 2.7 with a point buy down.
Yes! I agree, There may be closing cost at refinance but the opportunity is there. Some lenders are even providing timed certificates to waive their fees if there refinance with them. Congrats on your rate! and thank you for your comment.
Rates will go up. The Fed will make sure that happens. Now is a terrible time to buy a house. There, I saved you 5 minutes, 50 seconds of your life.
All Words and no facts?
@@johnmosesrealtor well mortgage rates are back up to 6.75%, a 0.5% increase in just one week because of Fed talk about inflation. And since the Case Shiller Home Price index has already shown a nearly 4% drop in home prices nationally over the last six months it's pretty clear we're just past the burst of the housing bubble which if history is a good indicator (and it is) we're going to see property value declines for several more years. So yes, since real estate is a depreciating asset and likely will be for the foreseeable future, I'm very comfortable saying buying a home right now is a terrible idea. Unless of course you like losing money. And it's a fact based opinion.
@@barcelona2112 I see, nationally it can look a little scary but that information is an umbrella over all cities and states. Each city and state holds its own regarding real estate. Consider the impact on real estate in Texas in 2008. It was way less compared to other states. Yet, at time nationally news claimed it was everybody who suffered the same. Evaluate San Antonio's market and its history. Look at the values and how they have been steadily growing. Interest rates changes all the time good and bad. But since San Antonio is nationally known as the one of the top undervalues state, Its predicted to continue to grow in home values year over year. I am not sure how you would "lose money" if this remains to be seen.
Well luckily FRED has a San Antonio real estate index and it's due to update in the next few days. Let's revisit this topic when the 4th quarter data comes out. My guess is it'll be flat, followed by a substantial year over year decline by 4th quarter 2023. The Texas real estate market isn't going to escape FED tightening.