Moving to Texas

[GetX'd]

Another little tidbit - Our Denver realtor said rates have risen so fast as have the price of homes and building materials that they're seeing all over the place where people that are locked in are simply walking away from their earnest money and saying I'm out of here. Builders are being left holding the bag on homes that were technically sold - now half built and no more buyer- and none in sight. In less than 2 years a booming economy, job market and tame inflation has gone completely to ****. There's only one group that could engineer that.

 

[beanhead]

Another little tidbit - Our Denver realtor said rates have risen so fast as have the price of homes and building materials that they're seeing all over the place where people that are locked in are simply walking away from their earnest money and saying I'm out of here. Builders are being left holding the bag on homes that were technically sold - now half built and no more buyer- and none in sight. In less than 2 years a booming economy, job market and tame inflation has gone completely to ****. There's only one group that could engineer that.

 

[5.7 hemi]

Back in March, we got a realtor (same lady as now) got the house ready for pics and to be listed for sale. Our lender dropped a bomb, said my wife needed a letter stating she would still be employed with the winery even though she would be out of state (been working remotely for 3 years with them) but her employer kept delaying that letter. So we cancelled the contract due to that fact. The realtor told us we would have multiple offers at the time and the way housing was going, I totally believed it.

We didn’t get that letter till July. Interest rates were still at 4-4.5%. Showed the house twice and the 3rd cancelled. Got a lowball offer from the second party, told them to pound sand. Interest rates started climbing and haven’t stopped. If her employer would’ve got off their asses, We could be in Texas by now.

 

[Ron H]

Crazy ****. We bought our 1st house back in ’81 at 18.5% interest! And we had to near beg to get a loan, despite having nearly 20% down. I had just taken a new job about 6 months before and my wife had her FT job about 2 years. One of the lender ******** was pressing me about the stability of my employment given how long I’d been in my current job, why I left my old job, etc. Replied, “Does more pay count?” I couldn’t say how stable my job is; but it’s with a 100 year old company having 2000 employees.

I’ve heard of lenders insisting on a letter from employers; but how does anyone know for sure? Yeah, it was a hoot reading about the insanity with lending money for buying houses when the economy collapsed in ’08, like if you’re able to fog up a mirror you got a loan!

 

[Garceau]

It is unfortunate the recent increase in rates - and it certainly effects asking prices and sales.

But I think most of us have seen this before, lived through it etc. As many have mentioned rates in the teens were the norm. Rates around 7 at one time were considered so low you had to refinance. We can blame it on anything we want, but I think the biggest issue is time. Its all cyclical.

I was lucky enough to sell my house when rates were low, a bidding war, and way above asking. I looked at a lot of houses when the rates were low, the houses were high. Now my rates are high and the houses are low - which brings the monthly payment close. My best bet is to get into the house cheap and hope rates go low again and refinance. In the mean time, renting is working just fine (except I dont have my 4 car garage any more )

Its just life, not political or anything else - It tanked under Reps, it will tank under Dems..... Us little guys are always the ones paying the price.

 

[Kern Dog]

It is unfortunate the recent increase in rates -
Its just life, not political or anything else - It tanked under Reps, it will tank under Dems.....

Not political?
Ok. Maybe then It is directly related to either the complete incompetence or blatant attempt to ruin the economy so more citizens are dependent on Government.

Who is most likely to fit those two categories?

 

[1967coronet]

Sorry your move to TX. Got put on hold for now.
Our last home we bought was in 2000 , paid off now.
Many folks got in large loans with 5yr renews at a variable rate. Many of those will be coming up soon.

 

[Garceau]

Not political?
Ok. Maybe then It is directly related to either the complete incompetence or blatant attempt to ruin the economy so more citizens are dependent on Government.

Who is most likely to fit those two categories?

No I dont think it is.... regardless of what I think of this President. Over the years it has ebbed and flowed, under both parties. It crashed under Bush when they dropped so low and gave out tons of loans, It was through the roof with Reagan.

But thats just me - I seem to hate both parties (at least the extremes), and find myself alone - comfortably in the middle. There is enough blame to go around.

 

[Cheapsunglasses]

No I dont think it is.... regardless of what I think of this President. Over the years it has ebbed and flowed, under both parties. It crashed under Bush when they dropped so low and gave out tons of loans, It was through the roof with Reagan.

But thats just me - I seem to hate both parties (at least the extremes), and find myself alone - comfortably in the middle. There is enough blame to go around.

I’m sorry I’m going to have to disagree, and Kern is right. It’s all political and who’s got who in their pockets, we’re just puppets.

 

[gtxdana]

If it wasn't for one of my cars stuck in bodyshop prison, I would have been out of this state this year before the market tanks. As it is, if you can believe Zillow and Open Door, my house has dropped 10-15% in value in the last month or two. I may have to resort to buying something next year when the market tanks, and letting this place get destroyed as a rental for a few years until the market recovers.

 

[Ron H]

No I dont think it is.... regardless of what I think of this President. Over the years it has ebbed and flowed, under both parties. It crashed under Bush when they dropped so low and gave out tons of loans, It was through the roof with Reagan.

But thats just me - I seem to hate both parties (at least the extremes), and find myself alone - comfortably in the middle. There is enough blame to go around.

Taxpayers pay A LOT of money for elected/appointed/hired people to make intelligent decisions on the economy…and countless other issues. Granted unpredictable things happen, natural or manmade. The pandemic…who’s fault was this (IMO China and ONLY China). Seems they kept it (virus) hidden long enough to make this a global catastrophe. By the time the USA or any other nation could react to it, it was too late – horses were out of the barn. Relief package tossing out untold cash…could we see this likely super-heating the economy soon after it was announced? Accordingly, massive ‘demand’ for stuff, a lot from China no less and dwindling supply. They locked down and continued to do so – entire cities – for months – not making stuff. What’s an overheated economy create? Apply the old supply & demand factor – price increases = inflation. Then what’s the typical reaction – elevate interest rates to cool the economy and keep raising them until satisfied the cool down is sufficient, except it’s usually too much, considering the long tail. Then what? Recession; hopefully not worse. Then it tanks the stock market and our IRA’s.

Colossal error? Reduce our ability to produce fuel to assure WE don’t need to overly-depend on another country (shithole countries) for it. Why? THIS is political. Don’t gut our production in the interest of being green & clean when we’re still a couple decades from THIS being feasible, to avoid putting the entire nation in the toilet. WDF? Who doesn’t recognize everything still heavily depends on oil! Shipping food, getting to work, heating/cooling homes, employment, etc. There isn’t any pixy-dust to relieve ourselves of the need for oil; apparently contrary to what some believe..

 

[Nxcoupe]

No I dont think it is.... regardless of what I think of this President. Over the years it has ebbed and flowed, under both parties. It crashed under Bush when they dropped so low and gave out tons of loans, It was through the roof with Reagan.

But thats just me - I seem to hate both parties (at least the extremes), and find myself alone - comfortably in the middle. There is enough blame to go around.

It came down under Reagan, it was high from Carter, and he inherited it from him and fixed it.

 

[GetX'd]

I won't get into the politics of this mess. Two reasons 1. I don't want to. 2. I don't want the thread burned.

I'll just say this - There's one element of this country that has done all this purposely and with the strong desire to bring this country down and destroy our Republic. And I'm not talking a foreign power - I'm talking home grown elements. They're worse than nuclear waste and more dangerous than anything we've ever dealt with before. They must be thoroughly eradicated one way or another.

 

[Nxcoupe]

I won't get into the politics of this mess. Two reasons 1. I don't want to. 2. I don't want the thread burned.

I'll just say this - There's one element of this country that has done all this purposely and with the strong desire to bring this country down and destroy our Republic. And I'm not talking a foreign power - I'm talking home grown elements. They're worse than nuclear waste and more dangerous than anything we've ever dealt with before. They must be thoroughly eradicated one way or another.

Sorry, I wasn't getting political, just commenting on a period I lived thru. I couldn't buy a house, then I finally was able to get one at 16% interest. About 4 years later interest rates had come down some. History will repeat itself again, and whomever the next poor slob is that inherits this mess will need 8 years+ to get it back to normal.
I agree with you 100%

 

[SlinktRR]

It came down under Reagan, it was high from Carter, and he inherited it from him and fixed it.

Reagan didn't fix it. Volcker and the federal reserve fixed it by raising rates relentlessly to control inflation. Fast forward to 2022, the pandemic and Ukraine war upending everything, now the fed is trying to use the same playbook. There will be pain, hopefully for all of us it levels off.

But getting back to moving to Texas, as someone who went to school in Azle I agree...springtown still sucks, don't move there. I still cant believe Azle was mentioned in a thread on FBBO. I go back a lot because my folks and friends from high school are there but I don't like parker county anymore, I would check out flower mound, keller, northlake, argyle, double oak and stuff. If you do move out to fort worth area check out the cars at busy bees on Sunday mornings when the weather's good. I need to get out there again after I get my RR registration sorted.

 

[Hey-O]

It will drop, but not during this administration. The rise in interest rates has a lot to do with “confidence at the helm” and plainly speaking, it’s just not there.

You're absolutely right! It's only that high because of the careless spending or flooding of the market with money we don't have. It's a game we could never get away with as common citizens. No one can spend more than they have. This administration would never be allowed to teach my children economics. I'm trying to be kind here.

 

[Garceau]

You're absolutely right! It's only that high because of the careless spending or flooding of the market with money we don't have. It's a game we could never get away with as common citizens. No one can spend more than they have. This administration would never be allowed to teach my children economics. I'm trying to be kind here.

You had to know a few years ago, when we paid people to stay home. Covered expenses during the shut down, and increased unemployment benefits it would come back to bite us. Sucks but true....

I like Texas, my family lives there and I have a nice hunting lease in Texas. I have considered moving there upon retirement. Land/houses are still cheap in comparison to many.....

 

[Nxcoupe]

Reagan didn't fix it. Volcker and the federal reserve fixed it by raising rates relentlessly to control inflation. Fast forward to 2022, the pandemic and Ukraine war upending everything, now the fed is trying to use the same playbook. There will be pain, hopefully for all of us it levels off.

But getting back to moving to Texas, as someone who went to school in Azle I agree...springtown still sucks, don't move there. I still cant believe Azle was mentioned in a thread on FBBO. I go back a lot because my folks and friends from high school are there but I don't like parker county anymore, I would check out flower mound, keller, northlake, argyle, double oak and stuff. If you do move out to fort worth area check out the cars at busy bees on Sunday mornings when the weather's good. I need to get out there again after I get my RR registration sorted.

You misinterpreted what I wrote. I said he fixed the high interest rates and brought our economy back on track. He did that by instilling confidence in the fed and working with them to get rates back down to a more affordable level. It took time and a very strong leader to do it. Everything worked to bring us back into prosperity and high employment numbers. I was laid off in 79 due to the direction the country was steered towards. I ended up with a state job, only reason I even had a job at that time. Again, not political, just recalling from my experience.

 

[Sam69sat]

I'm hoping for sky high interest rates, lower home prices, and better returns. I do feel sorry for those who are going to be stuck paying 7% on a $450K average mortgage and those who were hoping to double their housing investments every 5 years.

 

[1967coronet]

One thing my grandfather allways told us.....
It is impossible to barrow your way out of debt.