| Comment | So many houses are being sold for over the home report right now.. and that’s partly why the banks are raising interest rates. These things always go in cycles.
If banks gave people mortgages on whatever amount they offered, those people would be fucked when the market flips.. people get fucked by just the home report value dropping in price so imagine you need to sell and the market is now slow and your home report value has dropped 10k.. but you also paid 20k over your home report.. your now losing 30k instead of 10.
People need to look at the money they pay over the home report as money gone, not money “invested” in the home you purchased.
I agree that something is worth what someone will pay for it.. but that doesn’t mean home report values are meaningless or that banks should loan money above what a house is valued at. |
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