Housing market still crazy in North Central IN

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  • snapping turtle

    Grandmaster
    Rating - 100%
    6   0   0
    Dec 5, 2009
    6,462
    113
    Madison county
    I just saw that 30yr. mortgages are now 6%!
    I believe the first duplex I purchase in the 1980’s was 13.85 percent interest with a consigner. I think on my own I did not qualify even with 20 precent down.

    We figured it was better to rent out one side for just about the monthly payment with property taxes and some of the interest coming from us. Payed almost double payments until we sold it to our renters when we moved to Austin Texas to work.

    unless you are young and kinda dumb never buy a duplex. At least once you are grown up. All the a hassles of home ownership times 2 without the privacy a home provides especially if you live in one side. Then at that time it was better than paying rent to line someone else’s pockets.
     

    oze

    Mow Ho
    Site Supporter
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    1   0   0
    Feb 26, 2018
    3,024
    113
    Fort Wayne
    I believe the first duplex I purchase in the 1980’s was 13.85 percent interest with a consigner. I think on my own I did not qualify even with 20 precent down.

    We figured it was better to rent out one side for just about the monthly payment with property taxes and some of the interest coming from us. Payed almost double payments until we sold it to our renters when we moved to Austin Texas to work.

    unless you are young and kinda dumb never buy a duplex. At least once you are grown up. All the a hassles of home ownership times 2 without the privacy a home provides especially if you live in one side. Then at that time it was better than paying rent to line someone else’s pockets.
    Agreed, but in your case, it was probably the smartest move to make.
     

    tim87tr

    Freedom lover
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    8   0   0
    Jul 3, 2010
    1,407
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    Eastern IL
    My second homes mortgage was just above 17% the summer of 81.
    My Dad doesn't complain much at all, but growing up on a farm I heard some things about Jimmy Carter. Trying to just pay the interest on loans to not lose the farm or home. Negative situation was a positive for me long term concerning finances.
     

    Creedmoor

    Grandmaster
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    6   0   0
    Mar 10, 2022
    6,418
    113
    Madison Co Indiana
    My Dad doesn't complain much at all, but growing up on a farm I heard some things about Jimmy Carter. Trying to just pay the interest on loans to not lose the farm or home. Negative situation was a positive for me long term concerning finances.
    My older brother has surfed through our familys farm books in the past 10 years.
    We were dairy untll 15 or so years ago, some skinny times in the last 100 + years. He said their was times they must have eaten skinny chickens with field corn with a side of poke salad.
    It amazed me when I learned my GGFather had the money to pay Social Security on my three GAunts and one GUncle.
    Live Poor Die Rich.
     

    firecadet613

    Master
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    33   0   1
    Dec 24, 2012
    1,955
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    I'd looked at rates recently out of curiosity since the last two years I've been saying it's a huge real estate bubble. Probably make the 08/09 crash look small.

    Had ran some quick numbers and with 30yr rates going from 3 to a 6.3 average since early this year, it increases a mortgage $200 per 100k. With houses being several 100k you can see how $600 to $800 a month increase in payment (300 to 400k mortgage) is knocking many out of the market.

    I believe the fed reserve just raised the rate another 0.75% so not sure if current mortgage rates reflect that yet.

    While you're correct in the rate changes, I scored 5% just 6 weeks ago. A far cry from the 3% we had on the previous home. The last fed increase of 0.75% was when I was locking in rates and it pushed rates down...we went from a 5.5% to 5%...

    If you do some digging into this market vs '08, they are saying the crash won't nearly be as bad. Many more millennials in the marketplace needing to buy a home and as always, location - location - location....
     

    SnoopLoggyDog

    I'm a Citizen, not a subject
    Site Supporter
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    61   0   0
    Feb 16, 2009
    6,202
    113
    Warsaw
    There are a lot of "investors" out there right now, careful as they will offer above the regular buyers to push them out then try to low ball you for everything after inspections.
    Ran in to a lot of that when selling dads place after he died last year.
    When I sold my Dad's place, it had a bunch of issues. We set the price really low with an as-is statement in the description.

    Our first mortgage was financed at 11% interest. We were very happy when we refinanced at 8%. That was around 1996.

    There ended up being a bidding war between multiple buyers for our current house. Several offers were $10k over the asking price. Our house is in really good condition with lots of updates.

    We were able to get locked in at 5.25% on our Warsaw house. We will be able to pay it off in three years by making double payments.
     

    tim87tr

    Freedom lover
    Rating - 100%
    8   0   0
    Jul 3, 2010
    1,407
    113
    Eastern IL
    While you're correct in the rate changes, I scored 5% just 6 weeks ago. A far cry from the 3% we had on the previous home. The last fed increase of 0.75% was when I was locking in rates and it pushed rates down...we went from a 5.5% to 5%...

    If you do some digging into this market vs '08, they are saying the crash won't nearly be as bad. Many more millennials in the marketplace needing to buy a home and as always, location - location - location....
    Oh I see it. Visiting family right now in your area, north Indy (Westfield) with home construction around me.

    To me It looks like Jimmy Carter is making another planning run at the economy. Something is going to be chaotic or burst financially. I'm just watching it play out. Two years ago I asked myself what would make life better to own over the next 10 to 15 years and made it happen. Just finished up the goals/plan.
     

    firecadet613

    Master
    Rating - 100%
    33   0   1
    Dec 24, 2012
    1,955
    113
    Oh I see it. Visiting family right now in your area, north Indy (Westfield) with home construction around me.

    To me It looks like Jimmy Carter is making another planning run at the economy. Something is going to be chaotic or burst financially. I'm just watching it play out. Two years ago I asked myself what would make life better to own over the next 10 to 15 years and made it happen. Just finished up the goals/plan.

    Smart move! We are well ahead on our plans as well. We should weather this pending economic meltdown quite well.
     

    dudley0

    Nobody Important
    Rating - 100%
    99   0   0
    Mar 19, 2010
    3,725
    113
    Grant County
    Every time I sell a place I seem to miss the bubble. Might end up selling the place my kid is moving out of.

    I like the idea of making money but hate paying a third of it in taxes. There is an investor I have been selling to who buys on contracts tho. So I can spread it out a little.

    Good on you guys for selling while the market was hot.
     
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