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The original was posted on /r/nostupidquestions by /u/tandyman234 on 2023-08-29 03:22:51.
In 2019 my wife and I bought our first "beginner home" for 150k at a 3% interest rate. It is now worth 270k. We couldn't afford to live here now if we didn't already own it. So what the f is happening? I know they raised interest rates to like 8% which should bring down home prices but the home prices haven't gone down almost at all. Why? What happens if they bring interest rates down again? Will home prices go up even higher? I try talking to my mom or someone about this and they always say "well back in the 90s interest rates were high and always have been etc etc" and I'm like well yeah but housing has gone up like 300 percent in the last ten years so it doesn't make it better or make sense. Also throw into the mix that property taxes are going up as well, amd this is just a shit situation for pretty much everyone. So what gives? Will it get better?