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13 sats \ 7 replies \ @fm 5 Dec 2023 \ on: Will Bitcoin Solve the Housing Crisis? bitcoin
Is there any math behind or are we just throwing random numbers?
I work as a mortgage broker. Anecdotally from what ive seen in 2020 you could buy a home for lets say 375k and you could expect a mortgage probably around $1800 monthly payment for mortgage, taxes, insurance.
In 2023 you are probably looking at $3300 monthly payment for that same home and there has been surprisingly little home value depreciation ( most cities its continued to appreciate).
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I've been saying that it's implicit home value depreciation, in the form of slower rates of sales. If sellers were still taking same-day or same-week offers, they'd be getting much lower prices.
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This is true no one with a 2.5 % 30 yr fixed from 2020 is going to sell their home and buy back in at current rates.
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I am in the <2.5% camp and feel currently incentivized to make minimum payments for the entire life of the loan. I feel extremely fortunate because I could not afford to enter the market in anyway in todays climate.
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This is every client i helped buy or refi from 2020 to feb 2022. Normal folk aint buying homes rn.
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Makes it a tough call for sure.
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Good question.
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