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Started By
Message
re: Home prices will go down this summer as sellers can't postpone listing any longer
Posted on 6/12/24 at 8:24 am to stout
Posted on 6/12/24 at 8:24 am to stout
quote:
Redfin's website says Austin prices are up YoY.
I don't know what to believe.
Once America’s Hottest Housing Market, Austin Is Running in Reverse Home prices have fallen more than anywhere
quote:
But in Austin, according to the Freddie Mac House Price Index, prices have fallen more than 11% since peaking in 2022, the biggest drop of any metro area in the country. “Austin's housing market remains extremely overvalued,” said Matthew Walsh, an economist at Moody's Analytics.
I'd be concerned if I bought in Houston the past 2-3 years.
I just feel like the houses are/were going for far more than they should. I just don't see how those same homes are going to appreciate even further to benefit the current owners down the road.
Just my feeling of course.
2
Posted on 6/12/24 at 8:25 am to Chucktown_Badger
Still short 5 million homes. There isn't enough supply for qualified borrowers who are sitting on sidelines 'waiting' to buy. And friend, if rates do by some miracle go down to 6% or 5.5% you are going to have nothing but a big buyer frenzy clusterfrick at that point and people will be in bidding wars al over again. I'd much rather buy now and get what I want with less competition in a slower market and refinance when appropriate time comes vs entering a market where rates have dropped and you are competing with 20 other people for every home. People are fricking stupid.
Posted on 6/12/24 at 8:26 am to jizzle6609
quote:
I just feel like the houses are/were going for far more than they should. I just don't see how those same homes are going to appreciate even further to benefit the current owners down the road.
People have been saying these prices aren't sustainable!!! since 2018. They have been wrong and have lost out on tons of equity and lower rates.
Posted on 6/12/24 at 8:27 am to SDVTiger
quote:
Its already happening
Rate cuts? Where? Show me.
Posted on 6/12/24 at 8:52 am to ronricks
quote:
There isn't enough supply for qualified borrowers who are sitting on sidelines 'waiting' to buy.
This is just within Kansas City proper...3 bed/2 bath for $300k or less...aka "starter homes". The number available obviously expands considerably if you move back to a 2/2 and look a bit further out. Plenty of reasonably priced homes.
This post was edited on 6/12/24 at 9:00 am
Posted on 6/12/24 at 9:10 am to stout
It's all part of The Agenda.
Posted on 6/12/24 at 9:13 am to Chucktown_Badger
All of this depends on where you are.
Hot markets are still hot, but in just the 2 or 3 I'm familiar with, it does seem like markets are getting more balanced.
Hot markets are still hot, but in just the 2 or 3 I'm familiar with, it does seem like markets are getting more balanced.
Posted on 6/12/24 at 9:22 am to N2cars
quote:
All of this depends on where you are.
My point entirely. shite, our median home price here continues to rise, just approaching $425,000. But if I wanted to live in Indianapolis, which is a perfectly nice city, I'd have my pick of the litter of homes $300k or less.
Posted on 6/12/24 at 5:09 pm to PetroBabich
quote:
Will that profit put you in a better house with prices today though?
Our house is paid off, we both have excellent credit and cash in the bank. We would likely move a little further out once our son is gone and finance a much smaller amount with the plan to pay it off within 5-8 years.
Posted on 6/12/24 at 5:12 pm to stout
In that scenario and because of the summer months being high buying months, I predict no movement in prices. If anything it’s marginal and doesn’t really matter.
Posted on 6/12/24 at 5:35 pm to N2cars
quote:We sold in Charlotte end of April and purchased in Wilmington (NC) end of May. Both the sale and purchase were off market. If you are in a desirable location within a growing market, valuations will continue to increase or hold steady given the inventory or lack thereof.
All of this depends on where you are.
Posted on 6/12/24 at 5:39 pm to jizzle6609
quote:
I'd be concerned if I bought in Houston the past 2-3 years. I just feel like the houses are/were going for far more than they should. I just don't see how those same homes are going to appreciate even further to benefit the current owners down the road. Just my feeling of course.
shite I’d be fine if I bought 3 years ago in Houston.
Posted on 6/12/24 at 6:16 pm to Rize
quote:
shite I’d be fine if I bought 3 years ago in Houston.
These knuckle draggers are all just coping.
“But could you afford the same home if you sold”. Yes, neck beard, using the 6 figure profit as a down payment.
Posted on 6/12/24 at 6:23 pm to stout
quote:A happy day indeed (if it happens) in the stout household!
Home prices will go down
Posted on 6/12/24 at 6:32 pm to LSUGrrrl
So is that better?
Posted on 6/12/24 at 6:39 pm to stout
Is a 1% drop really a thing to write an article about?
Posted on 6/12/24 at 6:41 pm to kywildcatfanone
Yes. People who want to sell aren’t listing yet.
Posted on 6/12/24 at 6:41 pm to stout
THIS stout “housing market crash” prediction will be correct
Posted on 6/12/24 at 7:00 pm to Hateradedrink
I almost bought a piece of land to build on a month ago. Cost was pretty high and I think building is still quite expensive.
I do wonder though, if 2 years from now home sales value would be high or not
I do wonder though, if 2 years from now home sales value would be high or not
Posted on 6/12/24 at 7:15 pm to stout
The scum banks just need transactions. They don’t give a crap if prices go up or down. They just need lending and more lending and more lending and more.
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