346

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

198 comments fedilink hide all child comments

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?

you are viewing a single comment's thread
view the rest of the comments

[-] joshhsoj1902@lemmy.ca 6 points 1 year ago

This is very region dependent. But here in Canada we have 25-30 year mortgages broken up into 5 year terms, every 5 years we renegotiate our interest rate and have the option to switch lenders.

If your house value were to drop 75%, it might make it harder to switch lenders (does a bank want to lend you more than what the house is now worth).

I think there is an escape hatch here where if you stay with the same lender they will still accept you, but I honestly don't know much about the specifics.

Things would need to get pretty bad for this to actually matter (and I suspect the government might step in if it became widespread)

this post was submitted on 29 Sep 2023

346 points (95.1% liked)

Ask Lemmy

27210 readers

1403 users here now

A Fediverse community for open-ended, thought provoking questions

Rules: (interactive)

1) Be nice and; have fun

Doxxing, trolling, sealioning, racism, and toxicity are not welcomed in AskLemmy. Remember what your mother said: if you can't say something nice, don't say anything at all. In addition, the site-wide Lemmy.world terms of service also apply here. Please familiarize yourself with them

2) All posts must end with a '?'

This is sort of like Jeopardy. Please phrase all post titles in the form of a proper question ending with ?

3) No spam

Please do not flood the community with nonsense. Actual suspected spammers will be banned on site. No astroturfing.

4) NSFW is okay, within reason

Just remember to tag posts with either a content warning or a [NSFW] tag. Overtly sexual posts are not allowed, please direct them to either !asklemmyafterdark@lemmy.world or !asklemmynsfw@lemmynsfw.com. NSFW comments should be restricted to posts tagged [NSFW].

5) This is not a support community.

It is not a place for 'how do I?', type questions. If you have any questions regarding the site itself or would like to report a community, please direct them to Lemmy.world Support or email info@lemmy.world. For other questions check our partnered communities list, or use the search function.

6) No US Politics.

Please don't post about current US Politics. If you need to do this, try !politicaldiscussion@lemmy.world or !askusa@discuss.online

Reminder: The terms of service apply here too.