Mortgage Rates

[Onebadcad]

[Vette40th]

I hope prices of homes come back to reality to offset the raise in interest rates.

[LATB]

Originally Posted by Vette40th

I hope prices of homes come back to reality to offset the raise in interest rates.

What is reality?

[Vette40th]

Good question. I guess there is no reality.

[Unsuspicious]

2 people working 2 minimum wage jobs each being able to buy a condo within 30 minutes from their workplaces maybe

[Vette40th]

Low interest rates assisted many to buy homes normally out of their reach, as we all know.
Next will be taxes, insurance to start pushing people out.
My taxes get reassessed this year, and happens every 5 years. It will be interesting.

[bsmith]

Originally Posted by Vette40th

Low interest rates assisted many to buy homes normally out of their reach, as we all know.
Next will be taxes, insurance to start pushing people out.
My taxes get reassessed this year, and happens every 5 years. It will be interesting.

We get reassessed every year.

Our last 5 years:
+5.99%
+11.62%
+4.56%
+7.10%
+9.57%

a tiny builder-grade house down the street just sold for more than our current assessed value, so that's not going to get any better...

[Vette40th]

States want their property taxes and insurance, well, I am sure they assist in the assessment.

[Rodnok1]

Originally Posted by Vette40th

Low interest rates assisted many to buy homes normally out of their reach, as we all know.
Next will be taxes, insurance to start pushing people out.
My taxes get reassessed this year, and happens every 5 years. It will be interesting.

Insurance rates already going up significantly, NC insurance companies requested 48% hike this time... Taxes will be also very soon.
County around Raleigh the average residential went up 58% since last assessment and commercial went up over 80%.The county may reduce the rate but not by much. Probably a 25% minimum jump i property taxes. They say they want the money for roads and whatnot.

[Vette40th]

Originally Posted by Rodnok1

Insurance rates already going up significantly, NC insurance companies requested 48% hike this time... Taxes will be also very soon.
County around Raleigh the average residential went up 58% since last assessment and commercial went up over 80%.The county may reduce the rate but not by much. Probably a 25% minimum jump i property taxes. They say they want the money for roads and whatnot.

I am sure it will all be put in roads.

[Onebadcad]

Florida has Save Our Homes legislation, the maximum allowable increase for a primary residence is 3.00% each year.
Of course there is no cap on the millage rates charged by each tax entity, so your tax bill can be increased more than 3.00% each year.
Lastly, there is not limit to how many tax entities or how much each can charge you for the non-ad valorem portion of your property bill.
That portion is really some major BS, as mine has increased about 100% in the past seven years, currently at $1,000+.

[Vette40th]

Damn

[LATB]

Originally Posted by Onebadcad

Florida has Save Our Homes legislation, the maximum allowable increase for a primary residence is 3.00% each year.
Of course there is no cap on the millage rates charged by each tax entity, so your tax bill can be increased more than 3.00% each year.
Lastly, there is not limit to how many tax entities or how much each can charge you for the non-ad valorem portion of your property bill.
That portion is really some major BS, as mine has increased about 100% in the past seven years, currently at $1,000+.

The best part is the portability of the homestead exemption. I move a lot and have been racking up the exemption total.
The assessed value of the cracker box we live in is less than my portability value.

[bsmith]

Originally Posted by Onebadcad

Florida has Save Our Homes legislation, the maximum allowable increase for a primary residence is 3.00% each year.
Of course there is no cap on the millage rates charged by each tax entity, so your tax bill can be increased more than 3.00% each year.
Lastly, there is not limit to how many tax entities or how much each can charge you for the non-ad valorem portion of your property bill.
That portion is really some major BS, as mine has increased about 100% in the past seven years, currently at $1,000+.

Ours is about $5k for a modest house...

[Yadkin]

Originally Posted by Rodnok1

Insurance rates already going up significantly, NC insurance companies requested 48% hike this time... Taxes will be also very soon.
County around Raleigh the average residential went up 58% since last assessment and commercial went up over 80%.The county may reduce the rate but not by much. Probably a 25% minimum jump i property taxes. They say they want the money for roads and whatnot.

Depends on the location. Rates at the coast will nearly double, and it's about time they paid for building there. My county will increase only about 7%.

[Yadkin]

Originally Posted by Onebadcad

Florida has Save Our Homes legislation, the maximum allowable increase for a primary residence is 3.00% each year.

Rent control, like ultra-lib New York City.

[Bill]

Originally Posted by LATB

What is reality?

Blackrock and other institutional investors are buying up home inventory, bidding up prices, apparently trying to corner the market.

"You'll own nothing, and be happy."

[Unsuspicious]

Originally Posted by bill_daniels

Blackrock and other institutional investors are buying up home inventory, bidding up prices, apparently trying to corner the market.

"You'll own nothing, and be happy."

I've seen the wall street house buyers stuck in a glut, unable to sell, unable to even rent, they're getting boned due to their buying

[Vette40th]

Originally Posted by Unsuspicious

I've seen the wall street house buyers stuck in a glut, unable to sell, unable to even rent, they're getting boned due to their buying

Are they? I bet they are insured or backed by uncle sam to not lose any of their money.

[Yadkin]

Originally Posted by bill_daniels

Blackrock and other institutional investors are buying up home inventory, bidding up prices, apparently trying to corner the market.

"You'll own nothing, and be happy."

The exact opposite of The American Dream.