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Fellow home owners, are you ready for the housing market to crash? (lemmy.world)

submitted 1 year ago by ericbomb@lemmy.world to c/asklemmy@lemmy.world

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I know I'm supposed to want it to keep going up as a wealth generator or whatever.

But like... I wouldn't be able to afford the monthly payments if I bought my house right now and it's scary. Also none of my friends are buying homes, none of them are even renting full places. Just like renting rooms.

So what are your feelings home owners of lemmy?

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[-] slazer2au@lemmy.world 10 points 1 year ago

Same boat. Got a 10 year lock in at ~2% interest and now the rates are more then double that.

Going to do everything we can to keep that rate although we doing extra repayments just in case.

[-] SocialEngineer56@notdigg.com 6 points 1 year ago

Doing extra payments when you have a 2% loan is just throwing money away. Savings accounts rates are minimum 4% right now - put your extra payments there if you’re super risk adverse. If you’re less risk adverse, buy mutual funds that match the market.

[-] slazer2au@lemmy.world 1 points 1 year ago

Saving accounts pay out less then 2% here and we are taxed on the amout that is held in our saving account so it is more beneficial to downplay the mortgage.
Even with the extra payments we are still going to do ETF

this post was submitted on 29 Sep 2023

359 points (95.2% liked)

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