hey stormy

Shoot the shit with other metal folk. Free discussion on any topic that doesn't suit the other forums. Avoid mentioning carpet.
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zim
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hey stormy

Post by zim »

thinking about looking for a house again but it seems that interest rates are the highest they've been in like 10-20 years or something. i went to my bank website and tried out their mortgage loan offers and the lowest rate they're offering is like 6.7%. so did i miss the fucking boat or what.

i found a decent little house recently for $157,500 and i could do 15k down (20k if i want to go broke). i'm gonna go look at it on friday to see if i even like it in person. the monthly costs calculators do look pretty affordable. just not sure if i should bother with any of this or maybe i should keep saving and waiting. my current rent/bills are stupid low but i've been in this apartment for like 8 years and feel very bleh.
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vO)))id
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Re: hey stormy

Post by vO)))id »

Wait a little to see what the upcoming economic crash is going to do. Not sure about the US but the EU is going to be really bad. 1920's bad.
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Re: hey stormy

Post by User »

yeah it's a weird time, that's for sure. at least you have the ability to put your money somewhere zim, i want to buy house/land but my life logistics are a mess :santa:

i would like to do in australia, i guess, but cos i don't live there and i am a consultant no bank would touch me. then it makes sense to at least buy a condo here in thailand (foreigners can't own land) but we still don't know how long we will be here, what our future in 2024 is, etc. a condo outright here is cheap, in chiang mai a good sized 2br is about US$50,000 right now
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zim
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Re: hey stormy

Post by zim »

i tried to find a house during the pandemic when interest rates were super low but i just couldn't find anything despite having a decent amount of savings. everything in my life is painfully okay right now and i've been living on autopilot. maybe in the back of my head i think owning a house would be a nice new big distraction but when i think about all the finances my eyes kind of glaze over and i get depressed and change my mind :redneck:
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vO)))id
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Re: hey stormy

Post by vO)))id »

I am definitely happy my wife and I bought this house, away from the city, nice small village, for a very good price with just 1,5% interest rate. We were really lucky finding this house and it's definitely better than renting something that will never be yours. Every money we put into the renovation of this house will eventually pay itself back. I do hope we will never have to sell this house and that we can just live here for at least the coming 30 years. So yeah... it all depends on the price, interest, economics, housing market, etc.
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jawn galliano
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Re: hey stormy

Post by jawn galliano »

yeah, realistically the time to get in was around march-april 2020 when rates crashed down to nothing, but before prices really took off. rates are fucking bonkers right now, while prices remain high (although they're starting to decline). if you have money saved for a down payment and aren't in any particular rush to own, i feel like the prudent option is to wait it out, once the recession properly begins it'll at least put more downward pressure on prices so there will probably be better deals to be found, i'm not holding out any hopes of the interest rate environment changing though.
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jawn galliano
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Re: hey stormy

Post by jawn galliano »

my only hope of ever owning requiures the housing market here to tank at least 50-60%, so basically i need a worst-case-scenario recession where i don't get laid off, and where my wages continue to grow at a similar pace to the last few years

:homework:
Ryeknow
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Re: hey stormy

Post by Ryeknow »

I was reading not to expect the interest rates to go down for a few more years, with rates climbing even higher next year
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jawn galliano
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Re: hey stormy

Post by jawn galliano »

you read right. the current prescription is a fed fund rate of "at least 5%" and today's bump put it up to 3.75%-4%. so there's plenty more pain on deck.

rates won't start to ease until they get unemployment high enough to take a serious bite out of wages and put employers firmly back in control of the labor market.
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User
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Re: hey stormy

Post by User »

jawn galliano wrote:
02 Nov 2022, 19:16
my only hope of ever owning requiures the housing market here to tank at least 50-60%, so basically i need a worst-case-scenario recession where i don't get laid off, and where my wages continue to grow at a similar pace to the last few years

:homework:
just sell some clothes
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jawn galliano
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Re: hey stormy

Post by jawn galliano »

no!
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