[quote=sdrealtor]I wish it would stop also and expect it to cool down/level off one rates rise more. Prices could fall a bit but not dramatically because long term owners are protected by low rate fixed mortgages. They’ll just sit and wait for better times as a whole. Of course some always need to sell and things could pull back 10-15% next downturn but who knows when that is coming.
The answer is to hold RE here long term and let the passage of time do the heavy lifting to create generational wealth. I know an older Mexican woman up here. Her long deceased husband felt that way and bought as much as he could. She owns prime real estate through out Encinitas including a restaurant locals think is a drug front because it’s rarely open. It’s free and clear with minimal taxes on it.
Imagine how smart people that bought small houses 40- 50 years ago in Cupertino look;)[/quote]
Is that the person you were saying on Nextdoor that the North County Karens were all suspicious about?
Maybe questionable financing is coming back too. I just got off the phone with a really weird situation. Friend of a friend wanted someone to help cosign a loan to buy a house. I was like does he even know what cosigning means. How could he ask anyone who he barely knows if they could “simply cosign a loan” totally clueless.
Well apparently person wants to buy a $680k condo, got a loan from a credit union that requires only 5% down, and supposedly at 3% but requires someone to cosign…Weird. I mean no way in hell I would do it, but it made me wonder, are banks repeating the same mistakes again. This person there is no way they should be buying a home. Can’t even balance a checkbook. I think the loan terms are suspicious. I don’t think that’s accurate, definitely not for something with 5% down and fixed rate… anyway…
