[quote=bewildering][quote]I feel like it’s a great time to sell, and buyers should exercise extreme caution.[/quote]
Where would you live if you sold? Rents are crazy. It is cheaper for me to pay my mortgage than rent (even a lesser property), and we only bought at the beginning of 2014.[/quote]
I mentioned this before as well. Do your own numbers…If it’s cheaper to buy where you rent (assuming 20% down and tax benefits), then I wouldn’t be too concerned with bubble talk.
I feel the main people who are calling it as this or that fall in 2 camps:
1) Renting and sad, can’t find what they want and waiting to buy, have cash or want to buy even more: IT’S A BUBBLE! PRICES ARE CRAZY, NO ONE CAN AFFORD THIS!
2) Own, living their lives, raising their kids in the school they want/like: No bubble here, rents are insane and more than my rent, until rent goes down, homes can’t/won’t go down.
Seriously, in many areas, rents are just crazy.
It also isn’t the same as in 2005-2007 when people and loan brokers lied a lot on mortgage apps and EVERYONE got approved, even dead people.
This was due to loan brokers wanting to package and sell the loans since they get paid for it each time.
I knew brokers who were purposely getting higher mortgage rates so they can keep refi-ing themselves and friends for more commish and getting cash back.
