Can confirm. Government contractor. 1.75% annual raise this year. Actively looking for better opportunities. What a shit show. Company just sent out a survey how to improve employee retention. I guess they don’t want to look themselves in the mirror and just pass the buck.On average, probably not immediately. I have no idea what the typical lag is between rises in the cost of goods & living, and average wages. I'm quite sure that data exists.
But bc of supply and demand they eventually HAVE to some extent. if you don't pay enough, people quit. If an industry doesn't catch up, it dies off. The only question really is, for any particular industry what is that lag time?
As a government employee I can guarantee you my pay wont go up nearly enough to catch up. Last I saw the proposal was 4.6%, which in any other year would be huge, but now is like half what would be appropriate.
Join us trailer people who sold and are riding it outI'm just glad we're not buying anything right now. Like everyone else, we could sell and make a ton of profit. But that profit will be eaten up quickly in the cost of a replacement home. We refinanced last year at 3% and keep knocking down the priciple with extra $$$ each month.
I really can't imagine starting out/over/etc and looking down the barrel of a starter home in WNC being in the $300k at 6%+ range.
My borther is under contract on a new house. Like many the process happened really quickly and they weren't ready to sell their current home yet. "Eh I'm sure it will sell quick, we can afford to go a month or two overlapping."Higher mortgage interest rates are hitting homebuyer affordability hard, and that is showing up in a sharp drop in mortgage applications.www.cnbc.com
Mortgage applications to purchase a home declined 12% week to week and were 15% lower compared with the same week one year ago. That was the first weekly drop in homebuyer demand since the third week in April. Mortgage rates have risen over 2 full percentage points since the start of the year, and home prices are up more than 20% from a year ago.
My borther is under contract on a new house. Like many the process happened really quickly and they weren't ready to sell their current home yet. "Eh I'm sure it will sell quick, we can afford to go a month or two overlapping."
Unfortunately based on the above I'm wondering how much he might lose out on just in bad timing.
Where are you building at?We start construction on our house this week. Hoping the market holds on long enough to get it built and get our current one sold. Also hoping maybe the cost of some materials will start dropping to help offset the higher interest rates, but knowing my luck probably not
5 years ago, $1.5mil would have been a stupid price. In todays market, it actually seems pretty decent...
Especially since it includes...Situated on 20+ Private Acres of Pure Fun, this Home is an Entertainer's Dream with Outdoor Living that makes staying home a blast. Property features: Pool / Covered & Fully Equipped Cabana Bar / Fire Pit / Basketball Court / Many Walking or Riding Trails / Winding Stream / Fully Stocked Fishing...www.154heathrow.com
View attachment 372992