Black Twitter Debates Home Ownership After Zillow Suggests Buying Amid High Interest Rates
Mortgage rates have risen to a whomping 7.9%, the highest since the year 2000, according to the Wall Street Journal. But Zillow thinks it’s a good time to buy if you have “enough budget room.”
A recent Zillow report by senior economist Jeff Tucker notes the “sweet spot” coming to the housing market this fall. With mortgage rates so high, analysis is seeing a larger proportion of sellers lowering their asking prices with 9.2% of home listings seeing a price cut in the week ending September 16.
With more motivated sellers and more active listings than at any time since last December, Tucker believes there are windows of opportunities for “determined buyers” with a budget.
“For determined buyers, with enough budget room to accommodate the recent jump in mortgage rates, this fall is looking more and more like a sweet spot,” Tucker writes.
“There are more motivated sellers and more active listings overall than any time since last December, improving buyers’ chance to find the right fit,” Tucker wrote in the report.
But a different story is being told on Twitter/X where one new homeowner sounded off against the report and sparked a debate around the current housing market.
“As a new homeowner. I’m telling y’all don’t buy a house,” one woman tweeted.
As a new homeowner. I’m telling y’all don’t buy a house https://t.co/7xnAjDuSrn
— bbl whore △⃒⃘ (@ty_hotcommodity) October 5, 2023
Another homeowner agreed and noted all the additional costs that have come with owning her property.
“Every time I turn around something has to be done,” she wrote. “I need to install rain gutters, call landscaping, probably replace AC unit within two years, see about increased sq footage stressing my breaker. Just. Ugh.”
There was one homeowner who cited the high property taxes in her area that are dominating her yearly expenses.
“Property tax increases eating up my budget,” she shared. “Before the pandemic they occurred rarely but now they’re annual like fu*king rent increases. 😤”
There was one user who suggested waiting for the next recession to buy a house.
“The 30 year fixed is 8%, at the end of the 30 u paid 1.3 million, def should wait till a recession or something,” they wrote.
All the while, US home sales have slowed down due to high listing prices, an inventory shortage, and high mortgage rates. The average 30-year fixed mortgage rate is currently seeing a 23-year high of 7.31%, according to the most recent data from Freddie Mac.
Zillow might be trying to encourage hungry homebuyers to get active, but the Black delegation is willing to wait things out.