Recent comments in /f/rva

EatinBirdSeed t1_ja8spmr wrote

  1. January is typically the slow season (Spring is right around the corner)
  2. Inventory is 1/3rd what is typically is in a pre-covid January
  3. People are still paying over asking price, waiving inspections, and breezing through closing in under 30 days.
  4. Interest rates are much higher (for whatever reason, people don't talk about the MASSIVE affect that interest rates have on mortgages versus the principal loan amount)

Homes are becoming slightly easier for wealthy individuals but we are still incredibly far-off from a normal market where young people can actually afford to purchase their first homes.

The average interest rate on a 30yr fixed loan is around 6.5% versus 3.9% a year ago meaning that your monthly payment on a $200k loan is over $320 more than it was a year ago! I hear so many new homebuyers getting excited about the prospect of lowering prices but the reason the prices are steadying is because of much higher interest rates.

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pocketdare t1_ja8qoru wrote

Agree. Like probably many people who enjoy beer, I considered (briefly) starting a brewery but the market is just so over saturated today that it's nearly pointless to get into it. Not too many good ways to differentiate yourself today. Sure you could make a niche living, but the days of starting a brewery that had a strong possibility of growing to a significant size are piratically over. I'm not saying that it's impossible (much as becoming a famous Hollywood celeb or best selling author aren't impossible) just highly improbable

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Tayl44 t1_ja8q89z wrote

I have to agree with you. I have not bid since last summer, but I’ve kept an eye on ones I’ve quasi liked the in three different counties (not the city), and they’ve all gone over. Now, they didn’t go 50k over, but it was definitely a significant amount over. I keep reading articles like this, and I’m like, where? I guess not in the 5 zips we are looking.

Have you considered building? Not for me, but might be an easier way in.

Could definitely be the realtors pricing it low to get people in as mentioned below.

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