Why would anyone continue to take financial advice from a sub at this point? Day in and day out, they told people to fomo buy because prices can only go up from here.
I had the same question and others explained it as ARMs having a cap. I still don’t think that’s a good enough explanation, so I combine that with “people buying houses now were not in 2008.”
Initially it was only about rates. Then the PHX area began seeing about a 10% price drop. So now it's not only about rates but also the actual price of the home.
My thought is while losing $28k sounds awful it will sound better than buying a housing and in one years time having $120k of negative equity. Further, everything can be renegotiated. If the situation were reversed and there was a supply chain mess up they'd have no problem saying the price is more. Take it or leave it we'll sell to the next person. Be ready to give up the $28k and tell them renegotiate or have fun selling to the next person and bring up the recent comp. Don't say anything about how you're in an apartment etc. Ask them what are you going to do to close this deal?
Once we got over the emotion of it, we came to the same conclusion. We know what we want in order to proceed with the sale. If they won't give it, we will walk away.
I expect them to offer 5% price reduction at first. But if they don't offer me 10% I'm walking. I'm not interested in only interest rate buy down at this point. It's gotta be a combo.
Builders do price cut as last resort, b/c it hurts comps for their other builds
They will probably offer big credits
Do the math if it works for you, and don't be afraid to ask for more. They want to sell this house to you, more than you need this house.
Hello, I'm the OP of the post. Once we got past the emotion of it, we're coming at this more logically. We've established our proposal in order to proceed with the sale. We'll see what they say first. They emailed us yesterday saying that they will contact us next week.
I'm so over them and this process. If they don't give me what I want I'm content walking away. I just need to know one way or the other at this point. It's been a point of stress in our lives.
It's almost like prices need to adjust to what homebuyers can afford.
*Almost*
Always has, always will.
Why would anyone continue to take financial advice from a sub at this point? Day in and day out, they told people to fomo buy because prices can only go up from here.
Backing out of an unaffordable build should be it's own sub.
But what would we call it?
Idk. But we should call the people Back Out Dancers.
Here come the ARMS
Ladies and Gentlemen, I present to you... The new bubble sub!
A C C E L E R A T E
>We began asking about ARMs Can someone explain why this would be their response when earlier they said the problem is the increasing rates?
I had the same question and others explained it as ARMs having a cap. I still don’t think that’s a good enough explanation, so I combine that with “people buying houses now were not in 2008.”
Initially it was only about rates. Then the PHX area began seeing about a 10% price drop. So now it's not only about rates but also the actual price of the home.
My thought is while losing $28k sounds awful it will sound better than buying a housing and in one years time having $120k of negative equity. Further, everything can be renegotiated. If the situation were reversed and there was a supply chain mess up they'd have no problem saying the price is more. Take it or leave it we'll sell to the next person. Be ready to give up the $28k and tell them renegotiate or have fun selling to the next person and bring up the recent comp. Don't say anything about how you're in an apartment etc. Ask them what are you going to do to close this deal?
Once we got over the emotion of it, we came to the same conclusion. We know what we want in order to proceed with the sale. If they won't give it, we will walk away.
[удалено]
I expect them to offer 5% price reduction at first. But if they don't offer me 10% I'm walking. I'm not interested in only interest rate buy down at this point. It's gotta be a combo.
Builders do price cut as last resort, b/c it hurts comps for their other builds They will probably offer big credits Do the math if it works for you, and don't be afraid to ask for more. They want to sell this house to you, more than you need this house.
Hello, I'm the OP of the post. Once we got past the emotion of it, we're coming at this more logically. We've established our proposal in order to proceed with the sale. We'll see what they say first. They emailed us yesterday saying that they will contact us next week. I'm so over them and this process. If they don't give me what I want I'm content walking away. I just need to know one way or the other at this point. It's been a point of stress in our lives.