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re: Will the housing market "crash"?
Posted on 6/10/22 at 8:54 am to themasterpater
Posted on 6/10/22 at 8:54 am to themasterpater
If crash means capitulate, already happening.
And that is a good start for future buyers.
Good luck to all who rode the prices up and financed significantly inflated prices in their mortgages.
So much for housing being an inflation hedge.
And that is a good start for future buyers.
Good luck to all who rode the prices up and financed significantly inflated prices in their mortgages.
So much for housing being an inflation hedge.
1
Posted on 6/10/22 at 8:55 am to themasterpater
No the housing market is only thing that has hedged against high inflation.
Posted on 6/10/22 at 8:57 am to MrLSU
Just pulled up and searched in the area I am interested in... Like last few weeks, more on the market, but now significantly more new builds.
Posted on 6/10/22 at 9:00 am to themasterpater
Unlikely according to mortgage companies. The reason is there are lot of companies and tons of foreign money willing to buy houses sight unseen.
US housing is a rock solid investment long term.
US housing is a rock solid investment long term.
Posted on 6/10/22 at 9:12 am to Turf Taint
quote:
If crash means capitulate, already happening.
And that is a good start for future buyers.
Good luck to all who rode the prices up and financed significantly inflated prices in their mortgages.
So much for housing being an inflation hedge.
It doesn't. It means a rapid drop in prices or value. So as an example, we could see "crashes" in the prices of individual houses listed, but a crash of the market? We haven't seen anything like that yet.
Posted on 6/10/22 at 7:00 pm to themasterpater
It took 21 years for my house to double in value. It went from $365k in 2001 to $785k. That's only 3.7% growth annually. It shouldn't roll back too much. That's pretty anemic compared to other areas of the country. On average, housing experienced an average inflation rate of 4.19% per year according to the Bureau of Labor Statistics since 1967, so that $365k that I paid for the house, on average, should now be worth $865,250 instead of $785k.
Posted on 6/10/22 at 8:58 pm to HubbaBubba
Is that your personal appraisal? Been hearing too many people thinking their house is worth a fortune now. If your house has fundamental issues it still won’t sell for top dollar and Zillow estimate isn’t accurate.
Posted on 6/11/22 at 12:43 am to Fox McCloud
quote:Me neighbor's 3430sf house, 130' from mine, just sold for $715k. Houses 275' from me are selling for over a million that are 3350 sf or less. My house is 3787 sf with a pool, and 3 door side garage, with a custom workshop on .40 of an acre with custom fencing and with 150+ year old oaks.
Is that your personal appraisal? Been hearing too many people thinking their house is worth a fortune now. If your house has fundamental issues it still won’t sell for top dollar and Zillow estimate isn’t accurate.
I'm basing my price on the per square foot of my neighbor's house. It's actually worth more when you add the extras I have, but the insurance company told me they value it at $790k, so that's what I go with.
Posted on 6/11/22 at 1:32 am to HubbaBubba
quote:
It took 21 years for my house to double in value.
I'm in the same boat as you - and there were upgrades/remodels/maintenance that happened in those 21 years. Anyone even thinking about looking at a house in your price range better consider the costs to maintain the thing, taxes, insurance, etc. None of it is cheap.
Posted on 6/11/22 at 7:49 am to themasterpater
Not like 2008. We don't have liar's loans or subprimes being passed off as primes when being re-sold to investors.
Posted on 6/11/22 at 8:09 am to cable
quote:My recommendation to my kids is to buy small, but buy high quality. Go ahead and upgrade everything you can in the original design. Builder-grade items are going to break down faster and require more repairs and replacements more often.
I'm in the same boat as you - and there were upgrades/remodels/maintenance that happened in those 21 years. Anyone even thinking about looking at a house in your price range better consider the costs to maintain the thing, taxes, insurance, etc. None of it is cheap.
Posted on 6/11/22 at 12:01 pm to themasterpater
I'm perplexed when I read that the housing market is slowing down. Yesterday, we looked at a house before it was even listed. Wound up, us and two other people looked at the house. We made an offer for 15K over asking and still didn't get it.
frick this shite. For the record, I also have a borderline hatred for realtors.
frick this shite. For the record, I also have a borderline hatred for realtors.
Posted on 6/11/22 at 12:32 pm to Arkapigdiesel
Here is a scenario playing out in my area:
House sits on market for a whopping 10 days at $850k and has a $25k price reduction to $825k. After said reduction it gets offers from 5 people and house closes for $900k. Who was the sucker there? A ‘price reduction’ doesn’t mean squat in this market and it only creates more hype and interest for the house that closes well over initial asking price after a ‘reduction’. It’s mind games by RE agents and people are falling for it.
House sits on market for a whopping 10 days at $850k and has a $25k price reduction to $825k. After said reduction it gets offers from 5 people and house closes for $900k. Who was the sucker there? A ‘price reduction’ doesn’t mean squat in this market and it only creates more hype and interest for the house that closes well over initial asking price after a ‘reduction’. It’s mind games by RE agents and people are falling for it.
Posted on 6/11/22 at 12:45 pm to Arkapigdiesel
quote:
I'm perplexed when I read that the housing market is slowing down. Yesterday, we looked at a house before it was even listed. Wound up, us and two other people looked at the house. We made an offer for 15K over asking and still didn't get it.
The housing market isn’t a single entity. Some market locations will bottom out, some will stagnate, and some will appreciate. Overall, I’d imagine we see an overall gradual depreciation. It’s already hitting the Mandeville/Covington area rather quickly.
This post was edited on 6/11/22 at 12:46 pm
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