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Joined: Dec 2013
Posts: 23,686 Likes: 1
Campfire Ranger
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Campfire Ranger
Joined: Dec 2013
Posts: 23,686 Likes: 1 |
Wait 6-12 months. If not you’re going to be underwater on that mortgage for the foreseeable future. The smart money is cashed up waiting for buying opportunities.
Same with buying vehicles. Well we haven't found a house to buy yet but I don't see any real change in the market here in my area. Are you all still thinking that a recession is looming? Some of the houses we have considered have sold for asking price or more. Some have dropped in price a few times and still are on the market but still overpriced. None of the markets I track in VA and WV have softened. Hell... a lot in Brandywine WV (almost zero appeal) just sold at $30k/acre... in my mind it was worth $5k maybe... Some idiot with Montana tags on a late model F350 and mag wheels. Who the fugg knows anymore... I sure as chit do not see this economic game of musical chairs ending well. Seeing the same thing here. I will say, we aren’t feeling it yet, but architects/engineers are saying they aren’t near as backlogged, some subs saying they’re not pricing as many jobs, had a few people calling and offered to drop price I’d Id sign a contract trying to keep their schedules full etc.. there’s enough signs that I wouldn’t bet big on 2024. Election results could swing things either way.
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Joined: Feb 2013
Posts: 21,917 Likes: 12
Campfire Ranger
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Campfire Ranger
Joined: Feb 2013
Posts: 21,917 Likes: 12 |
I will say, we aren’t feeling it yet, but architects/engineers are saying they aren’t near as backlogged. Architects and engineers are blithering idiots 95% of the time... The only product most produce is bare bones minimum compliance to Code for the karens of the world that want a "certified" product. I exceed Code substantially most of the time... and/or ignore it when Code is stupid... I am still stunned Ox-Board is a real product... and A/E approved.
If you are not actively engaging EVERY enemy you encounter... you are allowing another to fight for you... and that is cowardice... plain and simple.
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Joined: Aug 2005
Posts: 28,273 Likes: 9
Campfire Ranger
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Campfire Ranger
Joined: Aug 2005
Posts: 28,273 Likes: 9 |
OP, IMO you should buy a new home if you want to. I'm betting nobody here has made millions selling financial or economic advice to the general public. Long term, housing in a good area is a great investment.
It is irrelevant what you think. What matters is the TRUTH.
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Joined: Jul 2001
Posts: 2,180
Campfire Regular
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OP
Campfire Regular
Joined: Jul 2001
Posts: 2,180 |
We will either buy a house if we find one that we like and can agree on the price or buy property and build or put a modular on it. We found a 20.9 acre property we like but it appears that city water is not available there. I am not sure what it would cost to drill a well.
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Joined: Dec 2004
Posts: 9,743 Likes: 15
Campfire Outfitter
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Campfire Outfitter
Joined: Dec 2004
Posts: 9,743 Likes: 15 |
I like to buy acreage with an old distressed POS mobile home on it that everyone's afraid of just so the power, water and septic is already in place.
Just insure the schit outta the mobile and burn it down...
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Joined: Mar 2013
Posts: 3,606 Likes: 2
Campfire Tracker
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Campfire Tracker
Joined: Mar 2013
Posts: 3,606 Likes: 2 |
I like to buy acreage with an old distressed POS mobile home on it that everyone's afraid of just so the power, water and septic is already in place.
Just insure the schit outta the mobile and burn it down... Best advice so far
All of them do something better than the 30-06, but none of them do everything as well.
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Joined: Jan 2006
Posts: 4,699
Campfire Tracker
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Campfire Tracker
Joined: Jan 2006
Posts: 4,699 |
Try bankrate.com for best interest rates. We are closing on a vacation/eventual retirement home (so second home for financing as we aren’t selling this one anytime soon) on Monday and got a 30yr at 6.125% with only 0.2pts back in mid June. No one else was within 0.5%. That’s with Northpointe. Whole process has gone very quick and smooth too.
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Joined: Feb 2018
Posts: 10,176 Likes: 5
Campfire Outfitter
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Campfire Outfitter
Joined: Feb 2018
Posts: 10,176 Likes: 5 |
I am looking to buy my 4th home. The last home I bought was in 2016 and I sold it in April of 2021. I have been renting since then. Mortgage rates have gone up a bunch since 2016 when I got my last mortgage. I need to get a pre approval letter from a lender but am not sure how best to proceed. I am not an expert in obtaining mortgages but basically hope to find a lender with low fees and low rates. As I remember it, some lenders have lower fees and lower interest rates than others.
I have enough cash from the sale of home number 3 to put anywhere from about 50 to 80% down on the next home.
I have a checking account with US Bank with what will be our down payment in that account and it seems their fees are reasonable but I have not done much shopping around yet.
Anyway, I wonder if some of you might offer some advice or tips on how best to secure the best mortgage. Thanks! Hold what you heave until things level out. It's a bad time to flip a house.
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Joined: Nov 2004
Posts: 10,047 Likes: 4
Campfire Outfitter
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Campfire Outfitter
Joined: Nov 2004
Posts: 10,047 Likes: 4 |
Check your credit unions. Some of ours have deals at times that lower the fees involved. It's a tough time to buy right now and a tough time to rent too so ots hard to say what to do. I thought my brother in law was nuts building a new 6000 square ft home about 20 miles north of SLC in an expensive area 4 years ago.
Prices seemed high at the time and he was paying about $700,000 but had 2.25% mortgage rates. That home is worth 2 million now. I was there the other day and told him I'm glad you didn't listen to me and wait to build this. He said if we would have waited we'd never have a home like this.
Homes are com8ng down in price where we live now. For a few years you never even saw a for sale sign because homes sold before they could put a sign up. Now there's for sale signs everywhere.
Bb
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Joined: Dec 2013
Posts: 44,601 Likes: 16
Campfire 'Bwana
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Campfire 'Bwana
Joined: Dec 2013
Posts: 44,601 Likes: 16 |
Anyone who buys a house right now and absolutely doesn't HAVE to, if a fućking idiot. Not true.
Slaves get what they need. Free men get what they want. Rehabilitation is way overrated. Orwell wasn't wrong. GOA member disappointed NRA member 24HCF SEARCH
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