Yup. I wonder wonder wonder how it’s going to go down. It was 1.3million when it first was put on the market a couple of weeks ago. They’re down to just over a million.
Comment on Seattle housing be like...
Tja@programming.dev 1 week ago
Well, at 6.88% interest rate, you are paying about 1k for the house and over 5k to the bank for the privilege. At least for the first 10 years. That’s a crazy rate for a mortgage.
altphoto@lemmy.today 1 week ago
clif@lemmy.world 1 week ago
I’m old but it entertains me to see people saying 7% is outrageous when I remember the rates in the early 1980s.
Don’t get me wrong, it’s crazy, it’s just less than half of what rates were there for awhile. One of those “back in my day we walked to school in the snow, uphill both ways” type things.
Blew my fucking mind when we got a 4% back around 2010 (year guesstimate, too lazy to look it up)
Trev625@sopuli.xyz 1 week ago
Yeah but in the early 1980s, high interest rates were manageable because the median home price ($70,000) was only about two to three times the median household income ($22,000). Today the median home price is past $400,000 while median incomes are around $80,000, about five to seven times annual income. The high interest rate was painful, but it applied to a much smaller loan balance.
OldChicoAle@lemmy.world 1 week ago
It’s a house in the 80s, Michael, how much could it cost, $10?
Tja@programming.dev 1 week ago
Yeah, but nowadays 7% it’s more like overdraft interest, or at least car loan. At least in Germany mortgages are well below 4% (were below 1% in the late 2010s).