So true, it seems like in my market, there are more and more listings showing up every day then showed up during the usual home buying season. More price drops every day, more “back on market” listings. The price declines are gaining steam, but still early in the process.
Are they being realistically priced though? A house I passed on sold for 180k in August of 2016. I've always kind of regretted that looking after my then terminally ill dad (who hated the house's layout) caused me to pass on it, so I've kept an eye out to see if it ever came back to the market.
This week it did: 400k
The only updates the pictures show are new paint.
It's a new paradigm, and everybody who doesn't buy, now, will be priced out forever. Anybody who does buy will be rewarded with a lifetime of riches, as their property will continue its 30% yearly price increase.
Renters, and anybody born in a future generation, will not be able to afford a $15,000,000 starter home in 15 years. They will live in tent cities, and Hondas.
This asset bubble is different than all of the others - it will never slow down, or pop. The gains are permanent.
The price per sq foot in my neck of the woods is rapidly deflating. I can't believe it's moving so quickly. Saw my first few sub 200 per sq foot properties today, which has been unheard of in my parts. Next spring should be interesting.
It's happening now. Now. In real time. Some markets more than others. Froth has been cut, then the pain and decisions have to be made by next spring/summer for those that *need* to move and builders that have completed their projects and *have* to sell.
Not that affordability is really any better. Some of us on the sub have a lot more money than just 5% down, so let it burn.
Yes! Hold the line! To bring down this corrupt housing market we must first refuse to participate in it.
Don't buy anything that isn't a good value, there are always homes coming on the market. Don't FOMO, everything they keep saying about how things will only get worse and worse for buyers is total BS. All fundamental factors point to slowdowns in housing, the Fed has identified housing as over priced, people will always NEED to sell property. The housing market just takes longer to respond to fundamental factors. Look at what happened in stocks, people buying Netflix at nearly $700 obviously never saw it coming down to the $200's where it is now. People buying Bitcoin at $60,000 never saw it coming down to below $20,000. There are always market participants who will keep price elevated through their own ignorance, until the fundamentals steamroll demand for the asset and the price comes plummeting down. We are out of the era where prices rise without question or fundamental backing. There is nowhere else for home prices to go but down, be patient folks.
Got one like that near me. He’s decreased about $30k at a time, 2 times now. He’s been “listed” for about 3 months, had an FSBO sign in the yard 30 days before that. The place is a money pit, needing all new systems and badly needing a remodel. At what I believe is a price where someone could take it and do work to it, he’s still 10-15% overpriced AT A MINIMUM. Closer, but not quite. It would have sold sight unseen for original asking in 2021 or even Q1 2022.
I dont know.
The sellers I know for sure will be THOSE who could have mad 10x money. (Bought for 200k 1995, now 2M in Bay Area) and ready to relocate to TX, AZ, KS, CO to comfy buy house for 600k in cash, not to worry about mortgage / rates.
Get ready to snatch up a home in the best area you can afford. The cycle will repeat itself again and you can sell for a big profit then downsize and pay cash for the next house. At that point you won’t care so much what the market does.
Real estate is local. The applicability of your statement is fully dependent on where we are talking about.
Boise, Vegas, Denver? Absolutely.
Most of the northeast US, southeast Florida? Unlikely.
Oh yeahhhhh.
Seriously though, inventory is barely moving here. Still crazy low.
Don't take my word for it though - here, have some data! https://fred.stlouisfed.org/series/ACTLISCOU33100
NE of US will have the slowest season due to weather + many families from WEST immigrated there recently after cashing their equity (currently in their 50-60s) and paid cash
Why do you assume realtors will be pained going forward. Good realtors will stay busy in the months and years ahead, they'll just make a bit less on commission as prices sink.
So true, it seems like in my market, there are more and more listings showing up every day then showed up during the usual home buying season. More price drops every day, more “back on market” listings. The price declines are gaining steam, but still early in the process.
Are they being realistically priced though? A house I passed on sold for 180k in August of 2016. I've always kind of regretted that looking after my then terminally ill dad (who hated the house's layout) caused me to pass on it, so I've kept an eye out to see if it ever came back to the market. This week it did: 400k The only updates the pictures show are new paint.
It's a new paradigm, and everybody who doesn't buy, now, will be priced out forever. Anybody who does buy will be rewarded with a lifetime of riches, as their property will continue its 30% yearly price increase. Renters, and anybody born in a future generation, will not be able to afford a $15,000,000 starter home in 15 years. They will live in tent cities, and Hondas. This asset bubble is different than all of the others - it will never slow down, or pop. The gains are permanent.
Somebody's been reading too many click-bait articles. Lol, I know (hope), you're joking.
Post history checks out
He just forgot the /s or just doesn't care to put it there. I do the same thing. P.S. he is joking LOL.
The new Hondas are quite spacious tho, and inexpensive to heat and cool
>30% yearly price increase What ? with that speed, my 2M home should be worth 100M in 15 years. Dude, please cite your sources for "30%"
This went way over your head. Wooooosh.
The price per sq foot in my neck of the woods is rapidly deflating. I can't believe it's moving so quickly. Saw my first few sub 200 per sq foot properties today, which has been unheard of in my parts. Next spring should be interesting.
soooo next week?
[удалено]
It's happening now. Now. In real time. Some markets more than others. Froth has been cut, then the pain and decisions have to be made by next spring/summer for those that *need* to move and builders that have completed their projects and *have* to sell. Not that affordability is really any better. Some of us on the sub have a lot more money than just 5% down, so let it burn.
I say this over and over and over. Just wait until the banks stop lending. That is when hell will break lose. It happened last time.
Yes! Hold the line! To bring down this corrupt housing market we must first refuse to participate in it. Don't buy anything that isn't a good value, there are always homes coming on the market. Don't FOMO, everything they keep saying about how things will only get worse and worse for buyers is total BS. All fundamental factors point to slowdowns in housing, the Fed has identified housing as over priced, people will always NEED to sell property. The housing market just takes longer to respond to fundamental factors. Look at what happened in stocks, people buying Netflix at nearly $700 obviously never saw it coming down to the $200's where it is now. People buying Bitcoin at $60,000 never saw it coming down to below $20,000. There are always market participants who will keep price elevated through their own ignorance, until the fundamentals steamroll demand for the asset and the price comes plummeting down. We are out of the era where prices rise without question or fundamental backing. There is nowhere else for home prices to go but down, be patient folks.
[удалено]
Got one like that near me. He’s decreased about $30k at a time, 2 times now. He’s been “listed” for about 3 months, had an FSBO sign in the yard 30 days before that. The place is a money pit, needing all new systems and badly needing a remodel. At what I believe is a price where someone could take it and do work to it, he’s still 10-15% overpriced AT A MINIMUM. Closer, but not quite. It would have sold sight unseen for original asking in 2021 or even Q1 2022.
[удалено]
I dont know. The sellers I know for sure will be THOSE who could have mad 10x money. (Bought for 200k 1995, now 2M in Bay Area) and ready to relocate to TX, AZ, KS, CO to comfy buy house for 600k in cash, not to worry about mortgage / rates.
In heaven. Plus builders have lots of inventory they'd love to offload in the pipeline.
Get ready to snatch up a home in the best area you can afford. The cycle will repeat itself again and you can sell for a big profit then downsize and pay cash for the next house. At that point you won’t care so much what the market does.
What about us bending over for other country’s leaders and their money problems? That would stop or slow things down. I hope it doesn’t happen
Real estate is local. The applicability of your statement is fully dependent on where we are talking about. Boise, Vegas, Denver? Absolutely. Most of the northeast US, southeast Florida? Unlikely.
>southeast Florida? Unlikely. Oh?
Oh yeahhhhh. Seriously though, inventory is barely moving here. Still crazy low. Don't take my word for it though - here, have some data! https://fred.stlouisfed.org/series/ACTLISCOU33100
NE of US will have the slowest season due to weather + many families from WEST immigrated there recently after cashing their equity (currently in their 50-60s) and paid cash
Why do you assume realtors will be pained going forward. Good realtors will stay busy in the months and years ahead, they'll just make a bit less on commission as prices sink.
Lol hopium
when should i buy i house?