Originally Posted by Buehler445:
If you could provide 20% equity I'd say do it in a heartbeat, but the risk you face if the economic conditions slow down in your area, the value of your house will decrease and you will have negative equity in your house. If you had some equity, you could handle a little uncertainty, but banks get hella jumpy at negative equity loans.
I understand
What options would they have if I was making payments?
What does jumpy mean?
I'm a first-time home buyer and working on paying down educational loans, and would rather not put a significant amount down [Reply]
If I tried to explain what a fucking disaster today was at Amazon with all the cancelled orders due to inability of sites to deliver on time and a complete mess for getting things ready, you wouldn't believe a company this size could be this fucking backwards.
They could be selling 2-3 times more across most major markets. [Reply]
Originally Posted by SupDock:
I appreciate that feedback. I am in a really unique market where there really are no old homes, and homes are being built at a very very rapid pace. Maybe it's not that unique, but inventory doesn't last long, and hasn't for the last 18 months.
The market in my area is what it troubling me. The prices keep going up and I have some worry that I will get priced out of the market. If I found a resale I like I would not hesitate to buy
I am more curious what your thoughts were on the current economic situation and its effect on home buying and building. Certainly low rates encourage buying, but people may be feeling economically insecure.
I'm currently going through the closing process on a new construction home. I'm putting 28% down and the home appraised for 30K over our purchase price and my b-hole is still puckered thinking about the potential of the home value cratering in the wake of this virus.
That said, there were 3 separate open houses near me (Chicago) yesterday that appeared very active. One in the condo building next to me and 2 in the building across the streets. Have a co-worker who just sold their condo to a cash buyer over the weekend as well. I've been following the market in my zip code and average days active to contract are still very low. So despite social distancing orders and economic fears, people still seem to be turning out for home purchases here.
Of note, I've owned a 100 yr old bungalow that I loved for its charm and craftsmanship, but I get the biggest smile thinking about the custom built, never farted in, floor to ceiling walk-in, dual rainfall, 8-jet, unicorn of showers waiting for me in our new home. [Reply]
Today’s gonna be brutal. Still searching for the bottom. I think a full “stay in your home no matter what except for emergency travel or errands” is coming. The economy is going to see long lasting effects of this.
Several people in my wife’s NY office tested positive over the weekend, after one guy went to the hospital with pneumonia. [Reply]
