No doubt, the mortgage rates will stabilize at some point but it isn't likely this year.
In fact they expect it to continue rising for the foreseeable future, possibly into 2023.
Unfortunately I can't wait that long.
So when’s the housing bubble bursting?
- Thread starter Dr. Truth
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No doubt, the mortgage rates will stabilize at some point but it isn't likely this year.
In fact they expect it to continue rising for the foreseeable future, possibly into 2023.
Unfortunately I can't wait that long.
Exactly, fam.
that’s why everything is “it is what it is” to me.
What can you do about something that is out of your control? I can try and earn more money, but that’s not the easiest thing to do.
Nah, earning more money isn't the solution.
In fact I need a new car bad as hell but have been delaying it since adding a lease or car note to my credit just adds more debt and further complicates purchasing a home
You can't win for trying out here
Brother if I had a diary I would have sworn you were reading my shit
With the exception of your career this post describes my situation and feelings perfectly.
I even lost a house due to someone not only overpaying but also guaranteeing to pay the difference if the house didn't appraise for what they bid.
After that it was like there's no way I'm getting a spot. This whole process can be demoralizing honestly
Consider yourself lucky that you're going through it with your wife, this shit is worse as a single man.
The bold part is 100% false.
My wife‘s ideas of a home is bigger than what’s on the market. She knows this, but has a hard time accepting it. And I’m like, we ain’t never getting out of here until she tones down her expectations some.
If you buying in the market you’re mostly going to be settling for something. Because what you want, hundreds of other mofos want it too.
The bold part is 100% false.
My wife‘s ideas of a home is bigger than what’s on the market. She knows this, but has a hard time accepting it. And I’m like, we ain’t never getting out of here until she tones down her expectations some.
If you buying in the market you’re mostly going to be settling for something. Because what you want, hundreds of other mofos want it too.
I only meant you have someone to be miserable with that can understand what you are going through but it sounds like she's also contributing to it lol
Exactly, fam.
that’s why everything is “it is what it is” to me.
What can you do about something that is out of your control? I can try and earn more money, but that’s not the easiest thing to do.
really, not a lot at this point...other than to stack and find an opening eventually
i live in southern california...home of the 'worth $150K but will sell to you for $750K' houses...but i see that the rest of the country is catching up [relatively] with the ridiculous pricing and mortgage financing
as a single guy...i just hold on. if i was still married it might have been easier, but hell nah
Nah, earning more money isn't the solution.
In fact I need a new car bad as hell but have been delaying it since adding a lease or car note to my credit just adds more debt and further complicates purchasing a home
You can't win for trying out here
You see what I mean. Now that we are buying, we can’t apply for shit.
No loans, no credits cards, and even charge big on the credit cards.
I had to pay cash for my root canal the other week
I have no clue what I’m doing out here, dawg. None what so ever. And it’s so funny to me. Demoralizing and hilarious at the same time.
I only meant you have someone to be miserable with that can understand what you are going through but it sounds like she's also contributing to it lol
Making it so much worse. I love her to death, but my goodness, fam. We really don’t need 3000 square feet. No near that much. It’s only 3 of us. I want one more room in case our mother’s need a spot when it’s time for them to chill for the long haul.
Im stacking and paying down the rest of my debt. I got about 13k left in credit debt so I should have that done by the end of the year. I’m just trying to get more money back per pay check. I could easy save and additional $800 a month if I erase my credit debt. So that’s what I am going to do. And save in the process.
that's what's up. you can't go wrong paying down debt, especially given that credit card rates will likely be the next thing to go up. that's a little piece of control, seeing that outstanding balance go down a bit each month.
You see what I mean. Now that we are buying, we can’t apply for shit.
No loans, no credits cards, and even charge big on the credit cards.
I had to pay cash for my root canal the other week
I have no clue what I’m doing out here, dawg. None what so ever. And it’s so funny to me. Demoralizing and hilarious at the same time.
Ironically, I'll also need a root canal soon but have been trying to hold off until this (potentially) resolved.
The crazy thing is the only actual debt I have at this point is student loan.
If Biden forgives them I may actually have a credit score over 800
If he doesn't I have absolutely no chance of paying them off and will be making those monthly payments until they say otherwise
Ironically, I'll also need a root canal soon but have been trying to hold off until this (potentially) resolved.
The crazy thing is the only actual debt I have at this point is student loan.
If Biden forgives them I may actually have a credit score over 800
If he doesn't I have absolutely no chance of paying them off and will be making those monthly payments until they say otherwise
Man, I just finagled the shit out of my student loans. Ain’t no what in hell I’ll be able to pay 100k in student debt in my life time.
But I got to thinking; I was grandfathered into the Public Service Loan Forgiveness. I just needed a qualifying job. Usually state, government, or city jobs qualify. But also non-profits. Specifically, 501c3 tax exempt non profits. So what did I do? Started my own 501c3 nonprofit. Then I applied to the PSLF plan. Got a letter in the mail a couple of months back saying they are crediting me 13 payments towards that, which means I have less than 9 years left to pay.
It may have been on of the more brilliant things I have done in my life. And now that I work for the state as a professor, I have two qualifying jobs. However, I’m not paying anything now since the White House keeps pushing back payment dates.
The fucked up thing is I was working for a non-profit company when I graduated but due to changes in New York State my position (essentially a social worker for disabled individuals) had to be separated from these companies and the new companies which emerged had to be for profits
I thought about switching careers to stay with a non-profit but it wouldn't have been beneficial career wise.
If these loans don't get canceled I may be hitting you up for info on starting the OutlawR.O.C.: Fuck Them Kids non-profit academy (with a Jordan crying meme as the company logo)
The fucked up thing is I was working for a non-profit company when I graduated but due to changes in New York State my position (essentially a social worker for disabled individuals) had to be separated from these companies and the new companies which emerged had to be for profits
I thought about switching careers to stay with a non-profit but it wouldn't have been beneficial career wise.
If these loans don't get canceled I may be hitting you up for info on starting the OutlawR.O.C.: Fuck Them Kids non-profit academy (with a Jordan crying meme as the company logo)
I’d donate for sure!
didnt plan on renovating until a few months ago. as soon as my broker started on the loan, rates moved up to the 4's. he wasnt/isnt letting me close in the 4's. we are still waiting. i talked to him today and he said he doesnt anticipate a drop in rates until november.
I'd be shocked if there is a drop in November.
Even if there is its possible that it's dropping back down to 3-4 from 6-7.
I don't think we're going below 3% at best.
The rates went ridiculously low during 2020 and 2021 due to COVID but I don't think it will go that low again.
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My current rate is 2.5% . I wanted to pull out equity to remodel the kitchen, floors and bathrooms but fuck that
Yeah that can definitely wait lol
that's what i am trying to do. was going to leave DC next year but decided to stay. i found a brother contractor that seems decent and was going to gut my house and renovate it really nice. rooftop deck and everything. now everything on hold.
Shit sucks because I need a larger kitchen bad as fuck
Why as a single man do you want the attachment of a house and everything that comes with it? Serious question.
i love posts like this...good stuff brother
quiet
privacy
peace of mind
no neighbors with common walls
have pets
remake interior to my liking
i could go on...
...lots of downsides too!...welcome to life...no perfect scenario
...nothing wrong with other living arrangements either, it has to work for the individual's situation, season of life, financials, etc...
Having 1 Credit card is a positive thing if you pay it off after purchases. It keeps your credit A+
I keep two that I use interchangeably throughout the month to pay for everything I purchase but always pay it off completely two days before its due.
One is due mid month and one at the end so it ensures my balance is never high on either.
Just when you think this shit can't get any worse.......
I just put a bid in on a house I really wanted on Monday which I didn't actually expect to win but it turns out I put in the highest bid and won
Despite the bid deadline passing the realtor selling on behalf of the owners went back to two people who bid less than me and the owners ultimately took their bid because they were willing to skip the home inspection and cover the difference in cost in the event the home appraises for less than they agreed to pay
I swear that shit was a gut punch.
It's one thing to be outbid but to find out you bid the highest amount and still lose because of some goofy shit really makes the shit seem unfair and hopeless
.......I just put a bid in on a house I really wanted on Monday which I didn't actually expect to win but it turns out I put in the highest bid and won
Despite the bid deadline passing the realtor selling on behalf of the owners went back to two people who bid less than me and the owners ultimately took their bid because they were willing to skip the home inspection and cover the difference in cost in the event the home appraises for less than they agreed to pay
I swear that shit was a gut punch.
It's one thing to be outbid but to find out you bid the highest amount and still lose because of some goofy shit really makes the shit seem unfair and hopeless
Just when you think this shit can't get any worse
I just put a bid in on a house I really wanted on Monday which I didn't actually expect to win but it turns out I put in the highest bid and won
Despite the bid deadline passing the realtor selling on behalf of the owners went back to two people who bid less than me and the owners ultimately took their bid because they were willing to skip the home inspection and cover the difference in cost in the event the home appraises for less than they agreed to pay
I swear that shit was a gut punch.
It's one thing to be outbid but to find out you bid the highest amount and still lose because of some goofy shit really makes the shit seem unfair and hopeless
damn bruh. Smh. Keep your head up brother