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Any guesses on the housing market in the next few months?
Posted on 4/25/20 at 7:44 pm
Posted on 4/25/20 at 7:44 pm
Someone on the Political Board today predicted a crash of the housing market in the next few months.
Do any of you money people share that opinion?
Some of you may remember that I'm retiring later this year and will be selling my house here in Los Angeles, and buying a house in either Nevada or Utah.
I know that nobody knows anything for certain. I'm just looking for opinions from knowledgeable people.
TIA.
Do any of you money people share that opinion?
Some of you may remember that I'm retiring later this year and will be selling my house here in Los Angeles, and buying a house in either Nevada or Utah.
I know that nobody knows anything for certain. I'm just looking for opinions from knowledgeable people.
TIA.
This post was edited on 4/25/20 at 7:51 pm
10
Posted on 4/25/20 at 7:45 pm to L.A.
It doesn't take an expert to assume 20% unemployment would eventually lead to major issues in the housing market.
Posted on 4/25/20 at 7:53 pm to BlueChips
quote:Of course, but what do you think might happen beyond people not being able to pay their mortgages? The areas where we're looking to buy are still pretty hot markets. Houses are selling and I haven't noticed much difference in price from a few months ago.
It doesn't take an expert to assume 20% unemployment would eventually lead to major issues in the housing market.
Posted on 4/25/20 at 7:58 pm to L.A.
Housing market will slow. How much? Who knows. If a ton of folks can't work, they aren't buying houses
Posted on 4/25/20 at 8:03 pm to HailToTheChiz
quote:What I'm concerned about is getting caught on the short end of the stick. The areas we're looking at are popular with retirees, who probably still have money and weren't hard hit by the crash. I'm not sure that will be the case with people looking to move TO Los Angeles.
Housing market will slow. How much? Who knows. If a ton of folks can't work, they aren't buying houses
Otoh, I'm not sure how much better things will be if I wait a year or two to move
This post was edited on 4/25/20 at 8:06 pm
Posted on 4/25/20 at 8:04 pm to L.A.
Are you more worried about getting full value for your current home?
Posted on 4/25/20 at 8:06 pm to fallguy_1978
quote:Yes, I'd say that's the main preoccupation
Are you more worried about getting full value for your current home?
Posted on 4/25/20 at 8:08 pm to L.A.
Nothing will happen this year, now next year things will get Spicy.
Posted on 4/25/20 at 8:12 pm to I Love Bama
quote:Lower prices?
Nothing will happen this year, now next year things will get Spicy.
Posted on 4/25/20 at 8:38 pm to fallguy_1978
Sell it now and rent if needed
Posted on 4/25/20 at 9:08 pm to I Love Bama
quote:
Nothing will happen this year, now next year things will get Spicy.
I hope so. I plan on buying late spring/early summer 2021.
Posted on 4/25/20 at 9:10 pm to StringedInstruments
If things go well, I could see myself buying a second house within the next 18 months or so. Wouldn’t mind if we saw a little downturn.
Posted on 4/26/20 at 9:22 am to L.A.
With rates being what they are, it certainly seems like the time to get in to a mortgage. With the inflation coming from printing all this money, isn't this the best time to get in to a home? Provided you don't lose your job that is.
I refinanced mine.
I refinanced mine.
Posted on 4/26/20 at 9:25 am to L.A.
Sell your house now while the value is high.
Rent for a few months.
If the market crashes, you buy low. If it doesn’t, you buy at the same prices now.
Rent for a few months.
If the market crashes, you buy low. If it doesn’t, you buy at the same prices now.
Posted on 4/26/20 at 9:40 am to I Love Bama
quote:
Nothing will happen this year, now next year things will get Spicy.
Rates will be under 3% starting in Q4 and then go for at least 9mnths
This country is gonna see a refinance boom
Like no other
That said your value in LA is at the peak imo like all properties in Cali and NV
Posted on 4/26/20 at 11:04 am to Tigerbait337
quote:
Sell your house now while the value is high.
Rent for a few months.
Can’t imagine many investors (or really anyone) willing to rent back the house to him would buy at an all time high knowing a drop is imminent.
This post was edited on 4/26/20 at 4:04 pm
Posted on 4/26/20 at 1:35 pm to L.A.
I'm not retiring for 4-5 more years, but I'm building a house right that that will be my retirement home, and will be completed in 3 months.
Working right now to put my current home on the market by the first week of May. I'm hoping that the opening back up of the economy will get people out and looking. We'll see.
Wish I knew this was happening a year ago when I signed on to build.
Working right now to put my current home on the market by the first week of May. I'm hoping that the opening back up of the economy will get people out and looking. We'll see.
Wish I knew this was happening a year ago when I signed on to build.
Posted on 4/26/20 at 4:20 pm to L.A.
quote:Good luck LA. It's a tough time.
Someone on the Political Board today predicted a crash of the housing market in the next few months.
Do any of you money people share that opinion?
Some of you may remember that I'm retiring later this year and will be selling my house here in Los Angeles, and buying a house in either Nevada or Utah.
I know that nobody knows anything for certain. I'm just looking for opinions from knowledgeable people.
TIA.
I'll state the obvious, talk to a few realtors in your area, sooner rather than later.
There might be a window early in the summer, even if it means transitioning to a temporary residence rather than directly moving to your retirement place. Homes in various price ranges will also move differently in different locales. But perspectives here on the national market might not help a whip in terms of your regional situation.
This post was edited on 4/26/20 at 4:32 pm
Posted on 4/26/20 at 5:36 pm to NC_Tigah
quote:Thanks brother. A friend of a friend is a realtor here in So Cal and I plan on reaching out to her tomorrow.
Good luck LA. It's a tough time.
I'll state the obvious, talk to a few realtors in your area, sooner rather than later.
Posted on 4/26/20 at 7:10 pm to L.A.
We made an offer on a house that (luckily) got beat out in March in a multiple offer situation. I’m not touching the market again until this all blows over. I suspect that housing prices will fall at some point. I’m not sure how bad it will be, but it’s too iffy for us to touch right now. Just my 10 cents.
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