No One Wants To Buy A House in 2024

#housingmarketcrash #realestate #housingmarket

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[OrlandoMiner]

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[mikem]

I work in a mortgage business. Rates are in mid to high 6's and nobody wants to buy anything. Even if rates go to mid 5's, payments are still unaffordable.

[smartcookie]

Interest rate doesn't matter when houses and housing costs are ridiculously high.

[nameblocked]

DO NOT OVERPAY!!!!

The prices are too high. ignore the interest rate magic tricks.

[commonsense]

People that think their job is on the line won't be shopping for houses.

[Thegeekwhotookurgirl]

These prices are ridiculous like seriously anythimg between 3k to 4k for shitty homes 4500 to 6k for a decent home a momth is ridiculous

[paola-up]

NOT ONLY MORGAGE PRICES ARE HIGH BUT ALSO PROPERTY TAX, INSURANCE, AND PROPERTY MAINTAINANCE.

[Thesecondcomingpodcast]

No one has any money for a down payment. No one can afford the payments. And the houses are still over priced by at least 200%.

[Blahblah]

The prices are still ridiculously high, I'm in Florida and they asking 250- 300k for a 1980 built mobile home.

[Riggsnic_co]

The effects of the downturn are beginning to sink in. People are being impacted by the long-term decline in property prices and the housing market. I recently sold my house in the Sacramento area, and I want to invest my lump-sum profit in the stock market before prices start to rise again. Is now the right moment to buy, or not?

[kidwichita]

For all the real estate agents and builders that will be unemployed soon. The military needs people.

[Wolfgoddess]

January is a pretty cold month for house sales anyway. But yeah. They're still unaffordable for a vast majority of potential homeowners

[mg]

I just bought a home this month after listening to YT advice for the past 2 years telling me not to. Why did I buy? I found my dream home that checked off 90% of my wants (only missing a pool). It was also nice not having to deal with any competition or competing offers, which helped me get my dream house. I really could care less if my home goes up or down in value because I never plan on selling.

[briane]

In my area as soon as the interest rates went down the housing prices went up exactly enough to keep monthly mortgage payments the same.

[Tedzepplin]

I bought just at the tail end of the low rates under 3% a home that was priced just right for the area pre-pandemic. I did not overpay. You are correct in your assertion that realtors are sending mailers out trying to get me to sell and then upgrade my house. I just got one the other day telling me that I can get 20% to 30% over what I paid only 2-ish years ago. No fricken way am I trading in my sub 3% fixed rate for 7.5% fixed on an inflated price house? How is that a good deal for me? How can they seriously look a grown-up with basic math skills in the eye and think I'm going to jump on that situation?

[AntonioStark]

I also believe it's the realization that being burdened with an exuberant mortgage payment isn't fun. You're working to pay the mortgage, you can't do anything else, no travel, entertainment, etc. And many have come to that conclusion, the hype has died off. Mortgages now are sucking the wealth out of people, barely have enough left to live.

[labebe]

if interest rates went to 0% it wont lure buyers. houses went up 2x-3x, simultaneously racking up debt bc of inflation. people cant afford the prices... they are barely surviving and now holding 2-3 jobs.

[laquitaj]

no one "wants to buy" in my market, memphis TN but people are still looking and houses are still being sold. its crazy.

[brianwashere]

1- Interest rates aren't down THAT much.
2- All these credit card warriors have screwed their debt to income ratio maintaining the lifestyle instead of cutting back.
3- Banks aren't going to risk giving anyone without stellar credit, sizable down payment and a manageable debt/income ratio a loan.
4- Houses are still WAY overpriced just like autos.
5- Insurance rates have skyrocketed even if you could get a mortgage you might not get insurance you can afford.

If you're in the real estate business might I suggest falling back your gender studies degree even THAT will be more useful generating income than that realtor license.

[bfftv]

I think it needs to go to 4%. But if I had to choose something. It would be for houses to go down in value. What makes them unaffordable is the prices not the rates!