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Thoughts on home values - Will they ever drop back to the values 5-10 years ago?
Posted on 5/15/19 at 10:04 am
Posted on 5/15/19 at 10:04 am
I feel like they have been sustainable for so long that there will not be a huge drop off unless we hit another recession like 2008. Thoughts?
Maybe it's just certain areas in Alabama, but it seems like EVERYONE's home has increased in value by 20%. Despite this increase, buyers are still purchasing homes like crazy.
Maybe it's just certain areas in Alabama, but it seems like EVERYONE's home has increased in value by 20%. Despite this increase, buyers are still purchasing homes like crazy.
5
Posted on 5/15/19 at 10:19 am to HailToTheChiz
My home value has dropped over the last 4 1/2 years. Only about 4.5%, but still. And that's legitimate as we are casually trying to sell.
Posted on 5/15/19 at 10:41 am to HailToTheChiz
quote:
Will they ever
Yes
Posted on 5/15/19 at 10:52 am to KG6
My home value in California, over the past 2 years increased, 10% leading to a 60K profit when sold.
Midway between San Fran and Sacramento. Raising interest rates had us concerned it would be a difficult sell. Very happy to get out now though as I feel like it will be dropping again soon.
Midway between San Fran and Sacramento. Raising interest rates had us concerned it would be a difficult sell. Very happy to get out now though as I feel like it will be dropping again soon.
Posted on 5/15/19 at 11:22 am to HailToTheChiz
Wages go up and material prices go up yearly. Good luck if you are waiting for a dip in the market. People would just build and flip houses if there were a huge price discrepancy.
Posted on 5/15/19 at 11:35 am to tenderfoot tigah
Interest rates in the 1980s were in the teens. Interest rates will dictate home prices. If interest rates would go to say 7% just figure how that changes what you can buy.
Posted on 5/15/19 at 3:12 pm to KG6
quote:
My home value has dropped over the last 4 1/2 years. Only about 4.5%, but still. And that's legitimate as we are casually trying to sell.
Aren't you in the Woodlands area? 4.5 years ago you were in a mini-bubble up there with the opening of Exxon campus.
Posted on 5/15/19 at 5:04 pm to HailToTheChiz
Prices in New Orleans rose last year, up nearly 9%. Homes in New Orleans sold for an average of $354,962.
Posted on 5/15/19 at 5:05 pm to HailToTheChiz
The next recession will grind the housing market to a halt. Value will fall, it is all cyclical.
Whether we see a drop down to 2009 levels I don't think so, not across the board. But there will be a dip.
Whether we see a drop down to 2009 levels I don't think so, not across the board. But there will be a dip.
Posted on 5/15/19 at 5:58 pm to deeprig9
As another poster said, when interest rates rise then housing market will soften. It’s just a fact of supply and demand and we have lived in low interest rate environments for a decade now.
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