The Residential Real Estate Crash Index Message Board

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : The Residential Real Estate Crash Index

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next

To: Jim McMannis who wrote (11733)	7/24/2003 6:03:32 PM
From: GraceZ	Read Replies (1) of 306849

The very first house I bought, rates were at 8.5% when we started looking and moved up to 10% by the time we bought. The market was very hot and everyone was in a panic to close on something. Six or seven years in, we exchanged the 30 year 10% for a 15 year 6.6%. Nothing could have dissuaded me from buying a house at that particular time, I didn't fully appreciate the effect higher interest rates had on my purchase and in retrospect I made a bad deal, learned a lot and made it up on the next few houses. It actually took a year and a half into the higher rates to cool the market, but it cooled quite a bit in some places and a lot of my friends stayed a few more years in their houses than they had planned and some had to pay to get out. The higher rates made little difference to those who lived somewhere they considered permanent and I think that is the key. Don't ever buy a house thinking you can flip it in a few years, buy somewhere you want to call home for a while.

Report TOU Violation

Share This Post

Public Reply Prvt Reply Mark as Last Read File

Previous 10 Next 10 Previous Next