re: Housing: WTF?

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At first you think it doesn’t matter because you got a low interest rate.

But what if you have to sell - divorce, job loss, higher paying job offer in another state, health issue, etc.

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In a lot of these scenarios, the financing is so extremely in the money, that the owner can probably afford to just keep it as a rental and at least cover his PITI.

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You’d have to sell at a $100,000 lose. Would you say nbd because it’s only 10%?

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You wouldn't say NBD - it's just not a crash.

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You could be waiting a long time just to get back to break even. Even longer factoring in transaction fees.

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Breaking even is sunk cost thinking, so it doesn't mean much to me.

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The biggest builder there Lenar is going bankrupt.

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link?

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It was the wrong Austin. Initially. The correct data -over 1% year over year price declines- made my point even stronger.

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Being down 1 instead of 20 made you point stronger?

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In most areas Zillow’s estimates aren’t worth dick, as a real estate agent I shudder when I hear, “but Zillow said”. Unless you live in a completely homogenous area, those things are often grossly wrong.

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I'm guessing you are right about this. But ALSO, median transaction stats aren't great either, because they aren't tracking buys and sales of the same properties, so it's highly dependent on the product mix being transacted on. In the edge case, it's entirely possible to have median prices down in a raging housing market.

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His entire post was hilariously wrong and failed at basic math.

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Yeah, I see that now. I thought this board was populated by people who knew things and/or had at least some expertise. I see now it's basically a mini-Poli Board.

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I just checked my friend's house on Redfin that he bought in Austin in June 2021 - and their estimate is 10% higher than what he paid.

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Redfin's estiamte can't be used to buy his house though.

But you do you. Pour your money into real estate because it only ever goes up. That works under the greater fool theory until it doesn't. You may find one more sucker. Good luck.

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Redfin's estiamte can't be used to buy his house though.

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Never said it could. But if prices were materially lower, it should be reflected at least directionally. It isn't.

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But you do you. Pour your money into real estate because it only ever goes up.

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And I guess you'll do you by making up random shite and assigning it to other people when your blowhard nonsense is called out.

Only 2 claims have been made that I'm aware of:

1)There is a legitimate shortage of both rental and owned housing in the US

2)There has not been a real estate crash 2a)There probably won't be one


Those relatively benign assertions appear to break your brain.

I think it's safe to say you've never owned an investment property

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I’ve quoted sources with hard data

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Showing...what, exactly?

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You’ve made argued by insult and your opinion

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You started the insults.

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By the way rental prices are dropping. video breaking down some of the data

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OK. Who here ever said prices couldn't go down?