Our daughter is in another state getting her PhD. Her rent was getting jacked up so we decided to refinance our place, take some equity out, and buy a little place where she is so we can keep her rent what she can afford.
So we gave up our low interest rate for significantly higher one. We figured that the upside of interest rates being so high is that no one would be buying and we could get a low price on the new house, but things were only staying on the market for a couple days, and we ended up buying for slightly above asking price. Crazy times.
I think it essentially has to happen eventually, in a theoretical sense. The pendulum swings both ways. As far as I’m aware, one of the biggest issues currently is housing supply in a lot of areas which is keeping the prices high. When the supply eventually outpaces demand, it becomes a buyer’s market where houses will begin selling for under asking price.
Our daughter is in another state getting her PhD. Her rent was getting jacked up so we decided to refinance our place, take some equity out, and buy a little place where she is so we can keep her rent what she can afford.
So we gave up our low interest rate for significantly higher one. We figured that the upside of interest rates being so high is that no one would be buying and we could get a low price on the new house, but things were only staying on the market for a couple days, and we ended up buying for slightly above asking price. Crazy times.
I wonder if it will ever be possible to buy at or below the asking price anymore.
I think it essentially has to happen eventually, in a theoretical sense. The pendulum swings both ways. As far as I’m aware, one of the biggest issues currently is housing supply in a lot of areas which is keeping the prices high. When the supply eventually outpaces demand, it becomes a buyer’s market where houses will begin selling for under asking price.