People who bought a home to live in lost nothing. People looking to “invest”/flip lost money. Investing is risky. People get burned all the time.
Right. Homeowners didn’t lose money, they lost equity. Flippers lost money.
Yup, my wife and I are refinancing even though we’re taking a massive hit on equity. We’re not gonna ever be able to pay this house off, so might as well pay less per month towards an endless goal.
How long ago did you get your mortgage? Even 5 years ago the interest rates were rock bottom. Wouldn’t refinancing today double your interest rate?
You’re not wrong, but buying your grandparent’s house in Texas is really difficult if they’re still alive and if the house is their primary residence. The reason for this, as you might imagine in a state as wonderful as Texas, is that Texas doesn’t want people to buy a family member’s house from under them (good thinking) and then letting that family member continue to live there for free (bad thinking. Awful thinking. Awful turd state run by turd people). As a result, we got to watch the interest rates rise and rise while we waited for administrative shit to get taken care of.
Now we finally had enough in equity to buy down a loan a few points, wrap up the administrative costs into the new loan, and bring our interest rate down a little more than 2% from what it was. An extra $200/month might not sound like a massive savings to some, but that’s our monthly coffee and milk covered (for now).
I like this joke: it’s a true patriot who gets a parking ticket and says ‘Hooray! The system works!’
It could be changed to the true capitalist who loses money on an investment and says ‘Hooray for the free market!’
A surgeon bid 20% over asking price to move from Phoenix to Austin, realized he didn’t like living there and moved back. Business Insider somehow blames all of this on new houses being built. Lol.
It is because of higher housing supply, even rents went down. This is exactly how markets work
It literally sounds like he’d never seen Texas before. Especially around the big cities it’s a car centric hellscape unless you’re in some very specific neighborhoods.
He came from Phoenix, I don’t see how it was any different from where he came from. Also, he’s a surgeon, he was probably in a decently walkable area and decent by Texas standards is a 5 minute drive to an upscale strip mall.
Yes. This is how real estate markets work (or don’t).
In other news, people who bought gas guzzlers when gas was cheap are now taking devastating pump receipts.
Their houses… You live in them 🤣🤣 Who cares about value
These people bought as investment. Homes in my area peaked around $1.8M in 2023, now they are lucky to get $1.2M.
The real losers are people who got HELOCs to buy stupid shit and vacations, because all graphs extrapolate upward.
