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Fellow home owners, are you ready for the housing market to crash? (self.asklemmy)

submitted 1 year ago by ericbomb to c/asklemmy

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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?

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[–] [email protected] 7 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)