Rising Mortgage Rates v. Home Sales

[ICG]

Rising Interest Rates  . . How will it affect your Real Estate purchases?

1.)  Will you shop / buy a new home?

2.)  Will you put your home on the market?

Mine's going on the market Monday... Curious, how cash v. Conventional buyers will be affected, if at all.

Realtors keep telling me there is little or no inventory.

Unfortunately, I find nothing exciting on the market....Still, time to move.

[racinfarmer]

I'm happy we are down to a 1 house household!

[smokin george]

We listed our house last Friday. We priced it for what we want. I think pricing lower to pique interest you get a bunch of lookyloos and we can't be bothered with that. We had 2 lookyloos sofar and it'll take a certain individual to buy in a remote location.

[ViperGTS/Z1]

I hope to put our primary residence on the market in the next couple of weeks. Inventory very low here. Now is the time to do it......Im afraid things may reverse very quickly with rising interest rates. I already have a secondary residence that I plan to retire waiting for me in Pa., so I don't have to sell high only to buy something else high.....I have had it for 3 years. 

 I plan on speaking to realtor late next week hopefully, to get their input on what should/needs to be done beforehand.....if house sells by end of June, I will retire. If not, will prolly work at least another year.... really have mixed feelings...kinda like my job and no rush to cruise into the final stage of life...lol.

Good luck with sale.

[800renegaderider]

Built in 2020 doing nothing but sitting back and enjoying. I watch my towns listings and there is usually only 1 or 2 houses listed and they’re usually sold in days.

[spin_dry]

daughter and sil sold. they did very well. moving to Idaho. I lost track of how many months ago that I sold. I did buy a freestanding heated garage over the winter. I don't miss home ownership in the least. 

Edited May 20, 2022 by spin_dry

[teamgreen02]

18 minutes ago, 800renegaderider said:

Built in 2020 doing nothing but sitting back and enjoying. I watch my towns listings and there is usually only 1 or 2 houses listed and they’re usually sold in days.

I'm kicking back too and just watching the madness.  Doing some repairs like shingles, gutters, carpet, bathroom, etc but nothing too crazy.  Everything is over 20 years old now so just time to replace.

Even shacks in town are selling for $150k.  Those used to be about $70k.  Alot of junk out there.  Anything nice is $600k+.

 

[800renegaderider]

4 minutes ago, teamgreen02 said:

I'm kicking back too and just watching the madness.  Doing some repairs like shingles, gutters, carpet, bathroom, etc but nothing too crazy.  Everything is over 20 years old now so just time to replace.

Even shacks in town are selling for $150k.  Those used to be about $70k.  Alot of junk out there.  Anything nice is $600k+.

 

Are you doing the work yourself? I’ve been saving to build a garage but I’m nervous to get quotes with these prices  😂.

[teamgreen02]

20 minutes ago, 800renegaderider said:

Are you doing the work yourself? I’ve been saving to build a garage but I’m nervous to get quotes with these prices  😂.

No, I'm paying someone to do that. I'll rather do the landscaping work instead.

[Skidude600]

17 hours ago, ViperGTS/Z1 said:

I hope to put our primary residence on the market in the next couple of weeks. Inventory very low here. Now is the time to do it......Im afraid things may reverse very quickly with rising interest rates. I already have a secondary residence that I plan to retire waiting for me in Pa., so I don't have to sell high only to buy something else high.....I have had it for 3 years. 

 I plan on speaking to realtor late next week hopefully, to get their input on what should/needs to be done beforehand.....if house sells by end of June, I will retire. If not, will prolly work at least another year.... really have mixed feelings...kinda like my job and no rush to cruise into the final stage of life...lol.

Good luck with sale.

We are in the same boat. Weighing if I should continue to spruce up the primary residence and wait to sell or take advantage of the market and sell as is. Cabin up north is paid for so we have plans to retire there, but not quite ready to pull the trigger and leave the work force. Financially we could retire, but feels too early.

[ViperGTS/Z1]

1 hour ago, Skidude600 said:

We are in the same boat. Weighing if I should continue to spruce up the primary residence and wait to sell or take advantage of the market and sell as is. Cabin up north is paid for so we have plans to retire there, but not quite ready to pull the trigger and leave the work force. Financially we could retire, but feels too early.

Retirement is definitely not an easy decision....I nearly put my paperwork in but got cold feet a couple times now.  Funny thing is, years ago I was counting the time down and even had an app on my phone with a countdown to eligible retirement. Well the eligibility came and went about 3 years ago.....man time goes by way too fast, I just wasn't ready.

It would be cheaper for me to retire as I am carrying a mortgage on both homes....If I sold one and pay the other off, I will be all set. I also just bought my original snowmobile camp back from the people we sold it too 25 years ago for the same price we sold it to them.....I couldn't pass it up and it is paid for.  It's a big step backwords from what we last had in the same area, so may just do some upgrades and flip it.....that will keep my busy for awhile if I do retire now.

Looking to speak to realtor, to see what they recommend.....whether it needs some paint inside or not even to bother with the hot market......cuz I'm so afraid we will see it collapse soon. I don't want to regret next year that we should have sold it but didn't because I wanted to keep working for awhile longer and now the house is worth 100k less. If we list and sell quickly, I will pack it in and not look back.

  Good luck with your decision...I know it aint easy unless u have a ton of hobbies or grandchildren to keep u busy I guess.  I don't have the grandchildren but do have quite a few hobbies that I kinda gave up but will revisit.....such as fishing and making fireworks. Might even learn golf...who knows.

 

 

[Ez ryder]

New starts down again for apr 

Realtors I work with regularly are saying the homes are not getting bid up stupid any longer nor are they doing the no inspection thing for the most part . Still selling relitivly fast but nothing like before .

It's coming if you are dumping dump soon . If waiting to buy hold off as long as you can .

 

[DriftBusta]

21 hours ago, ICG said:

Rising Interest Rates  . . How will it affect your Real Estate purchases?

1.)  Will you shop / buy a new home?

2.)  Will you put your home on the market?

Mine's going on the market Monday... Curious, how cash v. Conventional buyers will be affected, if at all.

Realtors keep telling me there is little or no inventory.

Unfortunately, I find nothing exciting on the market....Still, time to move.

Wife and I want to list ours and build a house but are torn.  We have a low rate mortgage that if we have to replace, will likely be at twice the rate if not more in a couple months.  And prices are still high.  Cash buyers will be in the catbird seat in a few months I think when prices start coming down.  I don't see how these higher rates aren't going to really squeeze the housing market.  

[smokin george]

We listed last Friday and had 2 lookyloos last weekend and have one tomorrow at 11:00 am. We talked about waiting but decided to test the market, looked into building and figured the time is now to take advantage of house prices. The build can't start till next spring and we rented a house near our lot and have the motorhome to use as well. 

[ArcticCrusher]

52 minutes ago, Ez ryder said:

New starts down again for apr 

Realtors I work with regularly are saying the homes are not getting bid up stupid any longer nor are they doing the no inspection thing for the most part . Still selling relitivly fast but nothing like before .

It's coming if you are dumping dump soon . If waiting to buy hold off as long as you can .

 

Sound advice.

[smokin george]

3 hours ago, Skidude600 said:

We are in the same boat. Weighing if I should continue to spruce up the primary residence and wait to sell or take advantage of the market and sell as is. Cabin up north is paid for so we have plans to retire there, but not quite ready to pull the trigger and leave the work force. Financially we could retire, but feels too early.

We painted the main room in the basement with primer, removed all personal stuff, boxed everything and put it in the garage. As far as the rest of the house goes it's clean and neat and shows well and isn't staged and has that lived in look. Our house is country perse as we are rural and might not appeal to some but they can change it lol

[Crnr2Crnr]

21 hours ago, racinfarmer said:

I'm happy we are down to a 1 house household!

same, we sold our rental last summer in the prime of the lunacy

still have another home, cottage and three apartment buildings to attend to by proxy if I'm bored...

19 hours ago, teamgreen02 said:

I'm kicking back too and just watching the madness.  Doing some repairs like shingles, gutters, carpet, bathroom, etc but nothing too crazy.  Everything is over 20 years old now so just time to replace.

Even shacks in town are selling for $150k.  Those used to be about $70k.  Alot of junk out there.  Anything nice is $600k+.

 

we built our new home in 2005, going to do some updates, wait for our daughter to graduate h/s, unload it and find a nice cozy bungalow next to the ocean to drink away the proceeds during spring and fall.

37 minutes ago, DriftBusta said:

Wife and I want to list ours and build a house but are torn.  We have a low rate mortgage that if we have to replace, will likely be at twice the rate if not more in a couple months.  And prices are still high.  Cash buyers will be in the catbird seat in a few months I think when prices start coming down.  I don't see how these higher rates aren't going to really squeeze the housing market.  

now is a good time to sell, horrible time to build with material costs and contractor availability/pricing.  rates are going up obviously but if you could unload, rent and wait for the shit show to end you might make out like a bandit.  I don't foresee 2008 again, but we're heading towards troubled waters... imo

[ViperGTS/Z1]

4 minutes ago, smokin george said:

We painted the main room in the basement with primer, removed all personal stuff, boxed everything and put it in the garage. As far as the rest of the house goes it's clean and neat and shows well and isn't staged and has that lived in look. Our house is country perse as we are rural and might not appeal to some but they can change it lol

Cleaning up our clutter has been our main concern....boxing and putting alot of stuff in bins that were on counters and cabinets ....just to have a cleaner appearance.

  Would like to get a pod ...that would make things much easier but if the house doesn't move fairly quickly we will be pulling it off the market and I will continue working.... so the pod doesn't make sense for us.

 

[smokin george]

1 minute ago, ViperGTS/Z1 said:

Cleaning up our clutter has been our main concern....boxing and putting alot of stuff in bins that were on counters and cabinets ....just to have a cleaner appearance.

  Would like to get a pod ...that would make things much easier but if the house doesn't move fairly quickly we will be pulling it off the market and I will continue working.... so the pod doesn't make sense for us.

 

I bought a 19ft enclosed and loaded all the garage/shed etc stuff in and will haul it to our lot saving $3-400/month on storage. The rest of the house the movers can load and haul to our rental. Decluttering especially the counter is big as well as any storage areas. One we're done with the trailer and motorhome they'll be sold

[smokin george]

16 minutes ago, Crnr2Crnr said:

same, we sold our rental last summer in the prime of the lunacy

still have another home, cottage and three apartment buildings to attend to by proxy if I'm bored...

we built our new home in 2005, going to do some updates, wait for our daughter to graduate h/s, unload it and find a nice cozy bungalow next to the ocean to drink away the proceeds during spring and fall.

now is a good time to sell, horrible time to build with material costs and contractor availability/pricing.  rates are going up obviously but if you could unload, rent and wait for the shit show to end you might make out like a bandit.  I don't foresee 2008 again, but we're heading towards troubled waters... imo

We listed ours,secured a 3bdrm rental for $950/month for Mid June and waiting for an offer. Build prices are crazy and we can't start till next spring anyways and hopefully they'll be down some. We have a quote we can live with at today's prices and hope they'll drop or maintain till we're ready.

[Big Crappie]

3 hours ago, Skidude600 said:

We are in the same boat. Weighing if I should continue to spruce up the primary residence and wait to sell or take advantage of the market and sell as is. Cabin up north is paid for so we have plans to retire there, but not quite ready to pull the trigger and leave the work force. Financially we could retire, but feels too early.

I was in the same situation you are in and decided to retire early and use the equity from the house sale to bridge to 65.

May not be for everyone but retiring to the lake cabin at 60 is awesome. Imo

[Big Crappie]

1 hour ago, ViperGTS/Z1 said:

Retirement is definitely not an easy decision....I nearly put my paperwork in but got cold feet a couple times now.  Funny thing is, years ago I was counting the time down and even had an app on my phone with a countdown to eligible retirement. Well the eligibility came and went about 3 years ago.....man time goes by way too fast, I just wasn't ready.

It would be cheaper for me to retire as I am carrying a mortgage on both homes....If I sold one and pay the other off, I will be all set. I also just bought my original snowmobile camp back from the people we sold it too 25 years ago for the same price we sold it to them.....I couldn't pass it up and it is paid for.  It's a big step backwords from what we last had in the same area, so may just do some upgrades and flip it.....that will keep my busy for awhile if I do retire now.

Looking to speak to realtor, to see what they recommend.....whether it needs some paint inside or not even to bother with the hot market......cuz I'm so afraid we will see it collapse soon. I don't want to regret next year that we should have sold it but didn't because I wanted to keep working for awhile longer and now the house is worth 100k less. If we list and sell quickly, I will pack it in and not look back.

  Good luck with your decision...I know it aint easy unless u have a ton of hobbies or grandchildren to keep u busy I guess.  I don't have the grandchildren but do have quite a few hobbies that I kinda gave up but will revisit.....such as fishing and making fireworks. Might even learn golf...who knows.

 

 

I had cold feet also but it went away in a couple of weeks. Its scary suddenly not having a place to go every day, a regular paycheck, and no one bit the wife to answer to.

Now.........I fucking love it! Lol

[smokin george]

2 minutes ago, Big Crappie said:

I had cold feet also but it went away in a couple of weeks. Its scary suddenly not having a place to go every day, a regular paycheck, and no one bit the wife to answer to.

Now.........I fucking love it! Lol

Hehe! It took the wife awhile to get used to my moderate way of doing things lol. She doesn't bug me anymore to do things around the house and she enjoys coffee in bed every morning instead of just weekends. I got her trained now huh! 

[toslow]

You’re in a great spot in NS, always something to do and see around every corner 

[toslow]

Glad i held on to my property there, maybe someday we will built on it.