Honestly, I’ve not seen housing dip except for in 2008 - and I’ve felt like it should have crashed long ago, but with the AirBnB market and all these investors now using housing to rake in massive amounts of cash, people just keep buying and buying. Honestly, I probably wouldn’t buy myself at this point - even just 5 years ago it was a much more tenable situation than it is now.
You’re right for calling me out on D; In this market you’d have to live in a house for 5+ years easy before you could get out of it. But you’d be getting a LOT out of it unless they regulate AirBnB (and that ain’t happening).
Additionally, yes - again, very right on the interest rate. I had a by-owner situation, where I proposed a balloon after, 6 years. Then I pumped literally every dime I owned into my payments. By the time the balloon was due, the house was paid. The owner said they’d never seen someone pull it off, and they hadn’t intended to really sell the property but rather assumed I would get 1/2 way through the payments and not be able to pay the balloon. They’ve done this with the property a couple times where they allowed people to do a rent-to-own type situation, and in the end nobody paid it off, so they got to keep the money and the house.
Yep, closing costs are accurate.
Honestly, I’ve not seen housing dip except for in 2008 - and I’ve felt like it should have crashed long ago, but with the AirBnB market and all these investors now using housing to rake in massive amounts of cash, people just keep buying and buying. Honestly, I probably wouldn’t buy myself at this point - even just 5 years ago it was a much more tenable situation than it is now.
You’re right for calling me out on D; In this market you’d have to live in a house for 5+ years easy before you could get out of it. But you’d be getting a LOT out of it unless they regulate AirBnB (and that ain’t happening).
Additionally, yes - again, very right on the interest rate. I had a by-owner situation, where I proposed a balloon after, 6 years. Then I pumped literally every dime I owned into my payments. By the time the balloon was due, the house was paid. The owner said they’d never seen someone pull it off, and they hadn’t intended to really sell the property but rather assumed I would get 1/2 way through the payments and not be able to pay the balloon. They’ve done this with the property a couple times where they allowed people to do a rent-to-own type situation, and in the end nobody paid it off, so they got to keep the money and the house.
Haven’t heard of balloon mortgages before … that’s wild…