The Real Estate market is nuts all over America - especially in Austin, TX
My wife and I moved into your typical track home March of 2020, which we bought for 525k.
Just over two years later (to avoid capital gains) we sold for over 1MM. After you account for after tax dollars my wife and I made more money from our house than each of us individually. It's like we had a 3rd person working for us the whole time. You gotta love Real Estate!
"Thats great, but where are you going to go Hayden?" - Where ever the f*&^ I want to.
I have two friends in the Lending space that are telling me rates are going to hit between 7-10% by the end of the year. What do you guys think is going to happen to Real Estate on the whole?
Not one person I have talked to seems to think it will effect prices negatively - I don't see how that is possible.
On a $1,000,000 home, every 25 basis points is roughly $250 extra per month. So even if the rates only go up 2% total for the year, you are already looking at that same mortgage costing you an extra $2,000/month.
Lots of people including myself were around 3% on a 30 year. Now its getting closer to 4.5% already on a mortgage for a good credit score and income.
My wife and I moved into your typical track home March of 2020, which we bought for 525k.
Just over two years later (to avoid capital gains) we sold for over 1MM. After you account for after tax dollars my wife and I made more money from our house than each of us individually. It's like we had a 3rd person working for us the whole time. You gotta love Real Estate!
"Thats great, but where are you going to go Hayden?" - Where ever the f*&^ I want to.
I have two friends in the Lending space that are telling me rates are going to hit between 7-10% by the end of the year. What do you guys think is going to happen to Real Estate on the whole?
Not one person I have talked to seems to think it will effect prices negatively - I don't see how that is possible.
On a $1,000,000 home, every 25 basis points is roughly $250 extra per month. So even if the rates only go up 2% total for the year, you are already looking at that same mortgage costing you an extra $2,000/month.
Lots of people including myself were around 3% on a 30 year. Now its getting closer to 4.5% already on a mortgage for a good credit score and income.
Dislike ads? Remove them and support the forum:
Subscribe to Fastlane Insiders.