Follow along as we explore where the adjustable rate mortgage might just lead us!
Adjustable Rate Mortgage.
Buying homes at their peak price, with an ARM while the fed is raising rates. Any thoughts on how badly this might end?
Home prices are dropping in many markets.
Depending on how much was put down, some owners could be upside down within the next year.
If buyers only put down 3.5%, they could find themselves very upside down on the mortgage. So even if they did decide to sell before their adjustable rate mortgage adjusts, they would have to do so at a loss.
What to do about it.
As usual, I like to finish off my shows with suggestions for buyers, sellers and investors. Check out todays show for my thoughts.
Check Out The Last Show!
I came across an interesting article where the Chief Economist for the National Association of Realtors suggests that home prices in 2023 will go up by about 1%. We will chat about that and offer up an alternative viewpoint – particularly regarding what is likely to happen right here in Silicon Valley.