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Started By
Message
Should I Sell My House Now and Bet on Economy and Housing Market Crash?
Posted on 5/15/22 at 8:04 pm
Posted on 5/15/22 at 8:04 pm
It sounds horrible, but I live in an extremely affluent area and built my house 8 years ago. I paid $500K and now most estimates have it for close to $1M because of the way the area has blown up.
Do I bet on Biden to wreck the market and sell now, find a place to rent for a year, and try to wait for some foreclosures when market crashes? Am I too early or late to this thought? Where do we see the housing marketing in 1 or 2 years? I am thinking I will be able to put some money in the bank and also eventually upgrade my living conditions.
Do I bet on Biden to wreck the market and sell now, find a place to rent for a year, and try to wait for some foreclosures when market crashes? Am I too early or late to this thought? Where do we see the housing marketing in 1 or 2 years? I am thinking I will be able to put some money in the bank and also eventually upgrade my living conditions.
22
Posted on 5/15/22 at 8:20 pm to Lsudx256
How much will rent be?
Posted on 5/15/22 at 8:33 pm to Lsudx256
Yes. Always bet on the world going to hell in a handbasket.
Posted on 5/15/22 at 8:44 pm to thelawnwranglers
Probably $3000-3500 a month. Will save about $12K on property tax for a year also.
Posted on 5/15/22 at 8:45 pm to Lsudx256
What's your current rate?
Your new one is likely going to be like 8%
Your new one is likely going to be like 8%
Posted on 5/15/22 at 9:04 pm to Lsudx256
You like to gamble?
Posted on 5/15/22 at 9:04 pm to Mingo Was His NameO
3.6%. Do you think it will still be 8% in a year or so?
Posted on 5/15/22 at 9:08 pm to Lsudx256
Just move to an area where you can get a nice house for 500K. Rates be damned.
The market will correct. Buying foreclosures is sometimes difficult
The market will correct. Buying foreclosures is sometimes difficult
Posted on 5/15/22 at 9:09 pm to Lsudx256
quote:
3.6%. Do you think it will still be 8% in a year or so?
It we're lucky rates will only be 8%. Rates are 5-6% today and I'll be shocked if the feds don't raise the funds rate by at least 1-1.5% over the next year. Now, mortgage rates don't mirror the funds rate, but I'll be surprised if mortgage rates are not 9% a year from now for good credit.
I'm also an idiot, so take it with a grain of salt.
This post was edited on 5/15/22 at 9:10 pm
Posted on 5/15/22 at 9:46 pm to Lsudx256
Id just go get a camper and park it at the KOA campground if i was you. Thats if ur single if not then rent a house.
Posted on 5/15/22 at 9:57 pm to Lsudx256
it only works if you move into more modest living arrangements. overall i say yes but i think you'll blow much of what is made
Posted on 5/15/22 at 11:04 pm to Lsudx256
Don’t forget the taxes on the capital appreciation.
Posted on 5/15/22 at 11:34 pm to Lsudx256
quote:
Do I bet on Biden to wreck the market and sell now,
Seems like a great idea to make investment and financial decisions based on who the president is. You think the markets would be any different and we wouldn't still have the same supply chain issues worldwide if Trump was still the president?
Inflation is not just hitting the US, it is a problem facing most countries in the world at the moment (Example: The UK Consumer Prices Index including owner occupiers' housing costs (CPIH) rose by 6.2% in the 12 months to March 2022, up from 5.5% in February).
Seems silly to think that if the White House was occupied by someone from your own party, things would somehow be fine and you wouldn't have to gamble with your assets like you are planning to do.
Posted on 5/15/22 at 11:42 pm to Lsudx256
That’s what we did ….We sold last summer when the market was red hot thinking a collapse was imminent. Paid off all debt and moved in a fixer upper flip house we had planned on flipping that was bought January 2021 before the market got stupid. We refused to pay inflated home prices of summer 2021 and moved in the investment fixer upper. The flip house is in a great area but just needed some tlc. We are there hunkering down and watching. …waiting for the foreclosures or heck to break loose. The investment house is already worth twice what we paid for it.
This post was edited on 5/15/22 at 11:43 pm
Posted on 5/16/22 at 12:03 am to TheSwineAssault
You may be waiting 5 years
Posted on 5/16/22 at 6:27 am to Double Oh
What is this KOA campsite?
Posted on 5/16/22 at 6:36 am to Lsudx256
It sounds like a great idea but there is one problem.
You have a group of people running Washington who will not let the economy collapse as long as a Democrat is in the White House. They will pull out every trick to keep it going for as long as possible.
You have a group of people running Washington who will not let the economy collapse as long as a Democrat is in the White House. They will pull out every trick to keep it going for as long as possible.
Posted on 5/16/22 at 7:51 am to Lsudx256
This isn't 2008, still a massive shortage of homes. I don't think this strategy will work out for you very well.
Posted on 5/16/22 at 8:04 am to Lsudx256
As long as supply remains low in the housing market there will be no crash of any kind regardless of interest rates. There will be a slowdown/stoppage of prices inflating, maybe even a correction due to interest rate increases continually through end of year. But you're not going to suddenly be seeing a flood of foreclosures pop up in 2023 where housing is going for a fraction of the price it is right now.
We've neglected building enough housing for over a decade now and it's showing up in pricing now. We saw mortgage rates go from under 3% to over 5% in a very short time span relatively and house prices still havent come down at all.
We've neglected building enough housing for over a decade now and it's showing up in pricing now. We saw mortgage rates go from under 3% to over 5% in a very short time span relatively and house prices still havent come down at all.
Posted on 5/16/22 at 8:08 am to Lsudx256
I'm not even sure Biden can screw up this housing market. Until the supply issue gets straightened out not much is going to change. I think the homes getting 20 offers within an hour of being listed and the 20% year over year increase in value will slow but you will still see 9% gains for 2022 on your home value.
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