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Topic	The housing bubble is about to burst, interest rates up over 6%
Dan_Haren- 09/16/22 8:16:44 PM #65:	Atralis posted... Looking at zillow my place is down from about 540 in May to about 510 today in the Denver metro area. My parents place (where I grew up also in the Denver metro) is down from about 890 to 810. The interest rates are hitting the Denver metro real estate market particularly hard because prices were so high. We saw insane rises in prices in the past few years and they seem to be diving as fast as they were going up. Just plugging it into the google interest calculator I'm paying about $1,450 principle plus interest for a place I got in 2018 and then refinanced down to a low rate (2.9) and if I was to plug in the price right now even after its dropped I would be paying over $3,000 principle plus interest. This is for a 2 bedroom condo far outside of the city center. Exactly why it makes no sense for anyone who has a mortgage to sell their house and that short supply will also create a floor for how low prices will go. I'm not experienced enough in this to know all the tools of research available, like how to evaluate supply and demand of housing specifically. This is what I'm gonna try researching next. <cite>Dan_Haren- posted [p:968088299] in The housin... [t:80167324]...</cite> <quote>Atralis posted... </cite><quote>Looking at zillow my place is down from about 540 in May to about 510 today in the Denver metro area. My parents place (where I grew up also in the Denver metro) is down from about 890 to 810. The interest rates are hitting the Denver metro real estate market particularly hard because prices were so high. We saw insane rises in prices in the past few years and they seem to be diving as fast as they were going up. Just plugging it into the google interest calculator I'm paying about $1,450 principle plus interest for a place I got in 2018 and then refinanced down to a low rate (2.9) and if I was to plug in the price right now even after its dropped I would be paying over $3,000 principle plus interest. This is for a 2 bedroom condo far outside of the city center.</quote>Exactly why it makes no sense for anyone who has a mortgage to sell their house and that short supply will also create a floor for how low prices will go.I'm not experienced enough in this to know all the tools of research available, like how to evaluate supply and demand of housing specifically. This is what I'm gonna try researching next. </quote> ... Copied to Clipboard!
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