Mortgage Rates


#163

Most o 2016 was flat. Consolidating for 2017


#164

Any cheap mortgage these days?


#165

I got lucky my old house in RWC has only gone up 15% since the sale in 2015…the properties I bought in Tahoe with the proceeds have gone up 30-100%…But now I am ready to sell a couple more properties up here…I am a flipper…It is in my blood…Love the juiced up IRR that flipping gives…Add value and take quick profits…


#166

I sold a San Jose house last year April (2017) , sold 25% higher over purchase price in 2015, and now similar house near by sold 25% higher. I regret selling it !


#167

It’s also more difficult to get loans after a major RE crash. Loans could be difficult to get and houses may not appraise to the purchase price, which means you may end up paying the difference so out of pocket expense may not be significantly lower.

I was a smartass in the early 2000s. I knew a bubble was blowing up as early as 2003, so I waited and waited. The funny thing is, if I had bought, say in Rivermark back when it was brand new (2002/3?) and held on I would still be way ahead today. Biggest regrets of mine is not taking out some NINJA loans and load up in Cupertino or PA. :cry:


#168

I traveled back to HK right after SARS :mask: in 2003, witnessing my elder brother holding his underwater houses since 1997. I got so cold feet and sold all my properties here the same year. I then became a faithful disciple of patrick.net and believing everything they said. I was so sure bubble was blowing up soon to the point I collecting put on New Century, Countrywide, Fannie and Freddie. Had I not been stubborn to the very end, I would not have been recap my losses over the years. My bigger problem is still even deep in 2011, real estate was still higher than when I sold in 2003.
In both cases, although inevitable is inevitable, bad timing will eat you alive :face_with_head_bandage:. So I just be humble as only God knows the timing.


#169

When did Patrick.net get started?
Been consistently wrong since 2009 when I heard of him. I would like to meet him and punch him in the nose. He comes off as a sanctimonious prick.

https://news.mortgagecalculator.org/interview-with-patrick-killelea-of-patrick-net-its-a-fantastic-time-to-be-a-renter/


#170

It is amazing how location specific the market is. And price point sensitive too. That may be signs of a top. Buyers are racing around trying to find anything under $2m. It seems once you get over that price there are a lot less buyers.


#171

That may be signs of a top. ==> May be by end of this year as Stocks are going down.

Exactly thinking that we are in top, I sold my 10k lot last year. Stocks boomed in 2017, but flattened or lowered in first QTR of 2018, there is no let up in 2018 for BA real estate.

Entire Cupertino, Sunnyvale, Santa Clara, Rose Garden, Campbell, Willow Glen is bidding with multiple offers ranging 5 to 20 bids situation, SFHs goes from 100k to 500k over the list price.

Even though I tried from 1.25M to 3M range, I can not even coming close to top bids in Cupertino, Sunnyvale, Santa Clara for those dilapidated kind of homes.

Buyers are racing around trying to find anything under $2m. ==> True.

I see high competitions, higher cash down, from Builders (Mostly Realtor Investors) or Stock Cash Rich Primary home owners. I lost almost 6 SFHs so far within last 2 months.

Still I see major change in Rose Garden areas near by Diridon Google Complex. Homes are going with multiple bids, open houses completely filled with 500 Visitors daily.

If someone bids here, they will know the strength of competition. I can fairly easily guess this is going above 1.5M, I do not wonder if it goes above 1.6M too.


#172

Here is reality as opposed to Patrick. He says renting is better due to affordability. The reality is we need a housing boom like the 1950s. Nimbyies and environmental activists have created the biggest housing shortage in American history. And are totally unapologetic about it.

More housing needs to be built. We are building less per person than ever before in history.


#173

Read too much :rage: And stop using your coconut :triumph: Use your p… or d… :smirk:

I landed in 2002, rented a duplex and then bought a townhouse in 2003, no idea of what is happening in the world around me :sneezing_face: and upgraded to current primary at the peak of property market in 2007, crushed the buyer who try to cheat by using an agent in the same brokerage firm as the listing agent.


#174

:+1: :slight_smile:


#175

http://www.eastbaymodern.com/blog/mortgage-interest-rates-have-begun-to-level-off.html


#176

I recall in 2009 many on the Redfin forums were afraid to buy. I bought another home that year. Getting an offer accepted was difficult. We made offers on dozens of homes before we understood the reality of foreclosures and asset managers. Financing was a tad more difficult than the last refi and purchase in 2007. Loans took longer according to seemingly to everyone at that time. Our loan funded in 25 days. We were prepared and ready. What took long was the asset manager submitting the proper paperwork in accepting our offer formally. We got a verbal acceptance nearly a month before the contract was accepted.

Please ignore the mixing of I/We. I’m in the process of unwinding a lifetime of we and I’m no longer knowing how to phrase things. For those who know me: I’m fine and the worst is behind me.


#177

Nanomug… hmmm. That is a name I haven’t heard for a long, long time.

Great to hear you are well!

Thanks for reading,

LoansbyJW


#178

Its good to have you back Nanomug.


#179

That’s why should be buy and hold even if market tanked.


#180

Blast from the past Loansby. You were such a help in 2009 with all the crazy asset managers and mortgage loan changes. Glad to find you here.


#181

Saw on a BofA flyer 4/27

  • 1M
  • 5/1 3.500% 3.613%
  • 7/1 3.625% 3.712%
  • 30y 4.125% 4.2656%

It doesn’t look as bad as all the hoopla about increasing rates.


#182

4% sounds good unless your cap rate is only 3%