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Posted: 12/17/2021 11:04:06 AM EDT
[#1]
Quote HistoryQuoted: you aint kidding! Bought a house in NV a year ago and it increased by 40%, and at the time got beat out on several others by "cash offers" Been trying to buy a house in Twin falls ID surrounding rural areas, and getting beat out by all cash offers. Not sure who is buying all the houses for cash, but it seems kind of weird to me. Quote HistoryQuoted: Quoted: This shit show will get propped up longer than you think. Buy property. you aint kidding! Bought a house in NV a year ago and it increased by 40%, and at the time got beat out on several others by "cash offers" Been trying to buy a house in Twin falls ID surrounding rural areas, and getting beat out by all cash offers. Not sure who is buying all the houses for cash, but it seems kind of weird to me. Out of state buyers leaving hot property markets. We're seeing some people coming to my area from the west coast. Was at a tire shop the other week and started talking to another guy who was waiting. He had just moved into the area from California and had his car there for PA state inspection. Their equity from their CA home let them buy a nicer house here (SE PA) outright, and the lack of a mortgage let his wife retire early so she can help take care of their grandkids during the week. Their daughter had moved here years ago. |
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Posted: 12/17/2021 11:04:57 AM EDT
[#2]
Quote HistoryQuoted: It takes a special kind of bad decision making to buy in at the top of the market. Just sayin. Interest rates will climb but prices will collapse soon. All bubbles burst. The run up to '08 was fueled by loose lending "standards" and adjustable-rate mortgages. This is different. A house may lose value at some point, but it's a place to live in -- your castle. As long as it isn't a budget stretch it can be a source of security. |
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Posted: 12/17/2021 11:11:06 AM EDT
[#3]
Quote HistoryQuoted: Why would home prices drop? Quote HistoryQuoted: Quoted: It takes a special kind of bad decision making to buy in at the top of the market. Just sayin. Interest rates will climb but prices will collapse soon. All bubbles burst. Houses increasing 50-100% in a year isn't normal. Even with inflation they have plenty of room to fall. The .gov shell company can control the demand/supply to a point. Don't think we'll have 2008 levels of price drops, but not sure how anyone would think houses aren't over valued. Or not or whatever |
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Posted: 12/17/2021 11:13:44 AM EDT
[#4]
Quote HistoryQuoted: In Florida? Go for it. Elsewhere? Maybe Texas. No way I'd buy a $1M 1000sf home in Los Angeles. But a $1M 4000sf home in Tampa? Maybe. If it was a deal, good neighborhood, and active market. |
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Posted: 12/17/2021 11:16:18 AM EDT
[#5]
Quote HistoryQuoted: Houses are expensive because money is cheap. For example, the Fed could come back and implement reserve requirements on commercial banks. Banks would have to make up for the lost income they made not having said requirement. Aka increasing interest rates on loans. Their money policy is VERY easy right now. The Fed hasn't done anything to fight inflation yet... at all. They have plenty power to do so. This is fundamentally wrong. Houses are expensive because demand is exceeding supply, housing has been underbuilt since 2009 we have a legitimate shortage. While interest dose has some pull on price, a fundamental lack of supply has pushing housing prices up for decades. I don't see this changing. Real estate is a long game.  
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Posted: 12/17/2021 11:19:51 AM EDT
[#6]
Quote HistoryQuoted: Why would home prices drop? Remember 2008? Lots of people bought high and ended up underwater during the Obama years. I have CV lie if it will happen again |
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Posted: 12/17/2021 11:33:21 AM EDT
[#7]
The monthly payment debate, I believe, is falsely at the fore-front of discussions like this. The long-term financial consideration should be what is the value of the asset over the long-term. If you purchase when prices are peaking, like now-ish, you risk ending up with an asset that is worth less then what you paid for it when it comes time to sell.
Taking into consideration all the factors, one should consider how long of a commitment to this particular house is one planning? If this is a very long-term commitment, say 15-20 years before you would move or sell, then today's valuation might not be that important. However, if this is a shorter-term commitment, then the price you buy in at is very important. If housing prices fall, which they most certainly will when mortgage rates rise, you may be forced to hold on to the house much longer than you expect. Certainly the question of affordability/housing payment budget is important, but the long-term question is equally important. Texas, at least in the past few decades has been somewhat immune to the broader national trends in housing prices, largely because the demand for housing has outstripped supply. If you're making a 15-20 year commitment, go for it. Otherwise, it might be wise to wait. |
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Posted: 12/17/2021 11:33:39 AM EDT
[#8]
I think the one thing this thread proves is that nobody has a crystal ball. At some point, they will raise interest rates which will slow the market down, but by how much and for how long is anybody's guess. And the inflation we are seeing isn't unique to just housing. Everything is going up, and likely wont' be coming back down. So there's a real possibility that the housing market may stabilize, rather than crash. Since the cost to build a home has skyrocketed, I don't see how used houses are going have a significant decline in value without the demand completely bottoming out. The last housing crash was caused by really bad loans. I'm not convinced that we will see that again, short of an entire collapse of the economy.
As others have pointed out, as the interest rates rise, your buying power goes down, so if housing prices don't fall as interest rates rise, you might end up with less house for the same monthly payment. If houses continue to appreciate as they have, you will end up with much less house for the money. Our market has seen a 15 - 25% increase last year and nearly that the year before. When we moved to TN 7 years ago, the housing market was nuts at the time, but we decided to buy immediately. Friends of ours waited for about 6 years in order to save a bit more money for a larger down payment. In that time, the house we bought has more than doubled in value. So, while they did come up with a larger down payment, the house they bought last year could have been purchased 6 years ago for a fraction of what they paid, completely negating their added downpayment. We took out a 15 year note which will be paid off in 8 more years. They ended up taking a 30 year note to keep their payment as affordable as possible. They will be paying for another 29 years. And I doubt interest rates will get much lower, so a refinance likely won't help them out too much. Point is, nobody really knows what's going to happen, but as Warren Buffett has said...."More money is lost on indecision, than bad decisions". |
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Posted: 12/17/2021 11:37:25 AM EDT
[#9]
Quote HistoryQuoted: It takes a special kind of bad decision making to buy in at the top of the market. Just sayin. Interest rates will climb but prices will collapse soon. All bubbles burst. But you will hold practically free money for 30 years. When interest rates are 10+% and the dollar is worth half of todays value you will have cash to invest in those distressed and bankrupt properties. |
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Posted: 12/17/2021 11:42:39 AM EDT
[#10]
If you believe that hyper inflation is coming, you should buy as much real property as possible.
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Posted: 12/17/2021 11:45:21 AM EDT
[#11]
Quote HistoryQuoted: @4v50 What are the books I've seen you recommend? @JPL For understanding how cheap money destroys: Karl Denninger's Leverage Other books include: James Turk & John Rubino's The Money Bubble Philip Haslam When Money Destroys Nations - a study of Zimbabwe's destruction Adam Ferguson's When Money Dies - Covers Weimar Germany |
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Posted: 12/17/2021 11:48:12 AM EDT
[#12]
Quote HistoryQuoted: If you believe that hyper inflation is coming, you should buy as much real property as possible. Correct, especially at 3% for 30 years. |
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Posted: 12/17/2021 11:55:19 AM EDT
[#13]
I am in this boat. Getting relocated for work to Texas early next year. Current plan is 10 years until retirement. I am leaning towards “get both” and buying a smaller home while keeping and investing a good chunk of the proceeds from selling my house here.
Those proceeds will grow to fund the retirement place. |
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Posted: 12/17/2021 1:11:58 PM EDT
[#14]
Quote HistoryQuoted: Keep telling yourself that. You either bought this year or you're a realtor. Good luck with that. |
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Posted: 12/17/2021 1:14:23 PM EDT
[#15]
Quote HistoryQuoted: I wouldn't. Everything is in a bubble right now. The trick is to keep your liquidity and to preserve your wealth. Keeping it in the bank (holidays), dollars under the mattress (devalued due to brrrrrrr!) or the stock market doesn't count (no liquidity). When the wheels fall off, that's when you buy and then some. So, what's the difference between money and currency? Everyone will know in 2022. |
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Posted: 12/17/2021 1:18:21 PM EDT
[#16]
Quote HistoryQuoted: If you believe that hyper inflation is coming, you should buy as much real property as possible. IMO, that only makes sense if you're buying with cash (which would be worth less in a hyper-inflation event). Otherwise, those payments you're locked in at will be untenable as your cost of living increases at a hyper-inflated rate. I have to assume that our wages won't keep pace in a hyper-inflation event. They didn't under the Carter years. |
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Posted: 12/17/2021 1:20:22 PM EDT
[#17]
Quote HistoryQuoted: Maybe another way to think about is 1.2 million house today at 3% or 800,000 home at 4% or 5% or 6% in a few months, which would you go for? $800,000 for sure. You’ll have $400,000 more in your pocket when you go to sell it in however many years |
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Posted: 12/17/2021 1:44:02 PM EDT
[#18]
as inflation continues home prices may soften but not collapse even as interest rates climb
back in the 70s you could buy a home for under 100k.. in many cases well below. that never came back and this doesnt show any sign of backing down either. inflation even zimbabwe inflation seems here to stay |
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Posted: 12/17/2021 1:46:35 PM EDT
[#19]
Quote HistoryQuoted: Houses are expensive because money is cheap. For example, the Fed could come back and implement reserve requirements on commercial banks. Banks would have to make up for the lost income they made not having said requirement. Aka increasing interest rates on loans. Their money policy is VERY easy right now. The Fed hasn't done anything to fight inflation yet... at all. They have plenty power to do so. Quote HistoryQuoted: Quoted: Why would home prices drop? Houses are expensive because money is cheap. For example, the Fed could come back and implement reserve requirements on commercial banks. Banks would have to make up for the lost income they made not having said requirement. Aka increasing interest rates on loans. Their money policy is VERY easy right now. The Fed hasn't done anything to fight inflation yet... at all. They have plenty power to do so. this is where the current market is weird most purchasing in markets i am in is happening by Cash buyers who represent inveatment money rather than housing money. cash buyers are driven by inflation rather than interest rates. |
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Posted: 12/17/2021 1:47:35 PM EDT
[#20]
Quote HistoryQuoted: Interest rates drove demand. Interest rates will go up. Demand will go down. ... What if interest rates can't go up? ie, the .GOV has borrowed heavily at a low rate and a higher rate would cripple them or worse, so they rig things to keep interest rates low (eg, Japan). |
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Posted: 12/17/2021 7:21:55 PM EDT
[#21]
Quote HistoryQuoted: IMO, that only makes sense if you're buying with cash (which would be worth less in a hyper-inflation event). Otherwise, those payments you're locked in at will be untenable as your cost of living increases at a hyper-inflated rate. I have to assume that our wages won't keep pace in a hyper-inflation event. They didn't under the Carter years. Quote HistoryQuoted: Quoted: If you believe that hyper inflation is coming, you should buy as much real property as possible. IMO, that only makes sense if you're buying with cash (which would be worth less in a hyper-inflation event). Otherwise, those payments you're locked in at will be untenable as your cost of living increases at a hyper-inflated rate. I have to assume that our wages won't keep pace in a hyper-inflation event. They didn't under the Carter years. This is so wrong on so many levels. If you buy with cash these days you’re fucking stupid. Sorry, needs to be said. The reason why you lock in the cheap money at 3% for 30 years is exactly as you said. Your dollars will be worth less tomorrow. But that mortgage payment, in today’s dollars, at today’s rates is contractually guaranteed. If you believe huge inflation is coming one will lock in the longest term, for as much as your cashflow allows. Not the exact damn opposite. It’s just money. It’s just math. Your biggest cost of living is the mortgage. In inflation your cost of living actually goes down. Not up. Provided you use free tucking money. |
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Posted: 12/17/2021 8:57:11 PM EDT
[#22]
Four years ago GD would have told you to wait because the crash was right around the corner and you would be stupid to buy a house.
I don't know if a crash is any closer, but do what feels right. |
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Posted: 12/17/2021 9:36:28 PM EDT
[#23]
Financing is low but property taxes are higher.
Something to consider. |
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Posted: 12/17/2021 9:53:37 PM EDT
[#24]
Quote HistoryQuoted: Why would home prices drop? Quote HistoryQuoted: Quoted: It takes a special kind of bad decision making to buy in at the top of the market. Just sayin. Interest rates will climb but prices will collapse soon. All bubbles burst. Cost of money. That said, nominal vs real prices. They're still not going to be cheap. |
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Posted: 12/17/2021 10:04:44 PM EDT
[#25]
My area is ridiculous. People are lining up to overpay.
Its almost a game to see who can overbid the asking price. Where the fuck are they coming from and how are they paying for this shit? Are they all carpetbagger retirees with unlimited money? I need to find a new place to live in Florida. South Fla is crushing my soul. Im here for family but thats ending soon. Where do I go?. end rant.. sorry |
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Posted: 12/17/2021 10:35:29 PM EDT
[#26]
I’ve had two conversations this week about real estate and costs of building materials.
-Realtor said the market has slowed down a bit in Dallas/Fort Worth but there’s an inventory shortage. She said usually that there are about 200 new listings in the MLS on Fridays but today there was only 25 (Not sure if that is just the specific area she works or not). They are expecting real estate prices to rise 10% in 2022. The majority of the people buying house are cash buyers and they are still paying over asking price. She’s had one client lose out 8 times to cash buyers. -Another buddy sells Property & Casualty insurance. He insured the construction job (not sure the terminology) of a large apartment complex being built. They had to redo the paperwork on it because the costs of lumber for the project went decrease by $1M. Maybe they shot really high on the initial estimate or maybe the price of building materials is starting to drop. |
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Posted: 12/18/2021 8:56:23 AM EDT
[#27]
Quote HistoryQuoted: This is so wrong on so many levels. If you buy with cash these days you’re fucking stupid. Sorry, needs to be said. The reason why you lock in the cheap money at 3% for 30 years is exactly as you said. Your dollars will be worth less tomorrow. But that mortgage payment, in today’s dollars, at today’s rates is contractually guaranteed. If you believe huge inflation is coming one will lock in the longest term, for as much as your cashflow allows. Not the exact damn opposite. It’s just money. It’s just math. Your biggest cost of living is the mortgage. In inflation your cost of living actually goes down. Not up. Provided you use free tucking money. Quote HistoryQuoted: Quoted: Quoted: If you believe that hyper inflation is coming, you should buy as much real property as possible. IMO, that only makes sense if you're buying with cash (which would be worth less in a hyper-inflation event). Otherwise, those payments you're locked in at will be untenable as your cost of living increases at a hyper-inflated rate. I have to assume that our wages won't keep pace in a hyper-inflation event. They didn't under the Carter years. This is so wrong on so many levels. If you buy with cash these days you’re fucking stupid. Sorry, needs to be said. The reason why you lock in the cheap money at 3% for 30 years is exactly as you said. Your dollars will be worth less tomorrow. But that mortgage payment, in today’s dollars, at today’s rates is contractually guaranteed. If you believe huge inflation is coming one will lock in the longest term, for as much as your cashflow allows. Not the exact damn opposite. It’s just money. It’s just math. Your biggest cost of living is the mortgage. In inflation your cost of living actually goes down. Not up. Provided you use free tucking money. I'm sorry spidey, but I disagree. I had a customer with 26 properties and when his tenants started not being able to pay (or choosing not to pay) their rents, he had no choice but to go back to his bank and make a deal with them to avoid foreclosure. When you pay cash for something, you have greater options in times when the lean is staring you in the face. If you had say half a million dollars in 5 properties that were all paid for and producing $6000 a month and your only expenses on those properties was insurance and taxes ($1400 per year per address), what would you do with the cash flow? Stick it in an index fund. If you needed to put a new roof on one of those properties, it would only set you back about $4000. Remember, you're making $72,000 a year before taxes and insurance. If you put the entirety of the profit into an index and was able to have $50,000 a year growing, every 2-3 years, you could have another income producing property and no debt. What would you do with that? Buy another one. Boom. There's another $10-12k a year that only costs you taxes and insurance. What if you find nothing to buy for 5 years? Your $250k you invested is $335k. You made $85k simply by investing on top of the $250k that is free and clear. A good friend of mine has a dozen paid for homes, and his RE portfolio produces $140-$150k a year cash and all he has to do is go collect a payment each month. He hasn't had a mortgage for 30 years and has only had to evict 1 person in his career. Your income is going to be devalued no matter what. Devaluing it even more to a bank is never a good idea because you increase the number of people that can tell you what to do with your income. You want the freedom to make your investments grow? Keep your costs low and cash flow is your friend. |
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Posted: 12/18/2021 9:01:34 AM EDT
[#28]
Quote HistoryQuoted: I’ve had two conversations this week about real estate and costs of building materials. -Realtor said the market has slowed down a bit in Dallas/Fort Worth but there’s an inventory shortage. She said usually that there are about 200 new listings in the MLS on Fridays but today there was only 25 (Not sure if that is just the specific area she works or not). They are expecting real estate prices to rise 10% in 2022. The majority of the people buying house are cash buyers and they are still paying over asking price. She’s had one client lose out 8 times to cash buyers. -Another buddy sells Property & Casualty insurance. He insured the construction job (not sure the terminology) of a large apartment complex being built. They had to redo the paperwork on it because the costs of lumber for the project went decrease by $1M. Maybe they shot really high on the initial estimate or maybe the price of building materials is starting to drop. I went to go look at some RE a couple days ago and my gut told me to drive to the property around 0700 that morning before work, so I could make an offer on it. I showed up at 1645 and called my realtor to make a cash offer, and she said the sellers had just signed a contract 45 minutes before me for another cash offer. Whoever bought it got a nice piece of land and I'm a little jealous. There will be more opportunities, and I'll be ready when they arrive. |
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Posted: 12/18/2021 9:02:29 AM EDT
[#29]
Quote HistoryQuoted: Maybe another way to think about is 1.2 million house today at 3% or 800,000 home at 4% or 5% or 6% in a few months, which would you go for? What if it is the same house? |
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Posted: 12/18/2021 9:07:34 AM EDT
[#30]
Quote HistoryQuoted: It takes a special kind of bad decision making to buy in at the top of the market. Just sayin. Interest rates will climb but prices will collapse soon. All bubbles burst. That's what I told myself 20 years ago when we moved to San Jose, CA for a year. Housing prices are too high! It's a bubble ready to burst! Twenty years later I am really regretting not purchasing a house back then and renting it out when we moved back to Texas. |
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Posted: 12/18/2021 9:10:37 AM EDT
[#31]
Many of the buyers I am seeing here in North Texas are paying cash.
Lot's of rich foreigners and people fleeing California and New York who have a lot of cash to spend. It sucks if you are a young couple starting out with no rich family to help. Quote HistoryQuoted: Monthly payments determine affordability based on income. This is basic economics. Monthly payments are comprised of loan balance and interest rate that is inversely proportional. If interest rates go up, housing prices go down and payment is roughly the same. If rates go down, housing prices go up and payment is roughly the same. all other factors being equal. Inflation will drive prices up as well, a factor not being equal, but present always. Longer mortgage lengths is also something that could creep in to keep prices high, 40/50+ year terms like in Japan. If prices climb and wages stagnate, there are less that can afford that house, demand drops and prices drop to meet the demand. People can afford todays increasing house prices because payments are relatively low, because of low interest rates. Go ahead and calculate your mortgage with 16% interest rate. Many couldn't afford it. Demand would drop and prices will decline. 300K loan @ 3% @ 30 yr term is $1265 @ 4% is $1432 @ 5% is $1610 @10% is $2633 @16% is $4034 |
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Posted: 12/18/2021 9:14:19 AM EDT
[#32]
Maybe that works in Indiana, but in Texas and may other States with high property taxes you will never truly "own" your home.
Quote HistoryQuoted: I don't like having to own anyone anything. Simply a piece of mind. Also, amortization schedules and penalties on non-performance. That's taken many, many people out. We're jacking this thread. Sorry, OP. |
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Posted: 12/18/2021 9:19:45 AM EDT
[#33]
Quote HistoryQuoted: It takes a special kind of bad decision making to buy in at the top of the market. Just sayin. Interest rates will climb but prices will collapse soon. All bubbles burst. What makes this a bubble? Real question. I thought the last bubble was from lending to unqualified borrowers. |
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Posted: 12/18/2021 9:28:03 AM EDT
[#34]
I'm closing on a refi this morning. Interest will drop from 3.375% to 2.25%.
You take your risks OP. There are 2 scenarios: 1. The fed stops printing and let's interest rates rise, despite crashing the economy and the markets. 2. The fed will continue to juice the markets and keep rates low, despites inflation destroying the value of the dollar. Whichever one you think will happen, you'll have your answer. |
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Posted: 12/18/2021 9:30:01 AM EDT
[#35]
Quote HistoryQuoted: Four years ago GD would have told you to wait because the crash was right around the corner and you would be stupid to buy a house. I don't know if a crash is any closer, but do what feels right. |
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Posted: 12/18/2021 9:36:11 AM EDT
[#36]
Prices will drop when interest rates climb, meaning you'll pay the same price for less house.
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Posted: 12/18/2021 9:42:33 AM EDT
[#37]
Quote HistoryQuoted: What makes this a bubble? Real question. I thought the last bubble was from lending to unqualified borrowers. Quote HistoryQuoted: Quoted: It takes a special kind of bad decision making to buy in at the top of the market. Just sayin. Interest rates will climb but prices will collapse soon. All bubbles burst. What makes this a bubble? Real question. I thought the last bubble was from lending to unqualified borrowers. You judge by what is happening locally (50-100 mile radius?) I'm seeing more real estate listings that are showing "contingent" instead of "pending" and that tells me buyers are either waiting for an inspection to reveal something or have to sell what they currently own to buy somewhere else. I've also seen some RE listings simply be bought and relisted a year later with about a 20% increase in price. One such listing was listed a year ago at $7000/ac and sold for below asking. It went back up for sale a few months ago for $8000/ac and sold again. Who knows if the current buyers will do anything with it. |
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Posted: 12/18/2021 9:50:31 AM EDT
[#38]
People who think prices are going to drop clearly dont understand all of the reasons houses have gone up.
Yes rates are low and yes people are moving out of cities. But they arent making more land. More and more cities, counties, and states are going to stop allowing single family homes from being built and forcing apartments and condos. People with money and families dont want to live in that shit. So as the population increases and the number of single family houses doesnt increase, what is left becomes more valuable. This isnt the 2005/2006 bubble. |
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Posted: 12/18/2021 9:53:06 AM EDT
[#39]
Quote HistoryQuoted: At mortgage rates less than inflation why would you pay off free money in times of high inflation? That makes no sense. Because when things eventually go sideways, it'll be one less thing to worry about. I'm in the five figures owed on the mortgage. Mine will be paid off in the next year. If I'm fired from my high paying job, it won't be a concern. I can easily hustle 25k a year to eat, entertain myself (hookers and crank, couldn't afford the blow), and pay the bills and taxes. It'll suck for awhile, but definitely not the worst way to live. |
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Posted: 12/18/2021 9:55:44 AM EDT
[#40]
Quote HistoryQuoted: This is fundamentally wrong. Houses are expensive because demand is exceeding supply, housing has been underbuilt since 2009 we have a legitimate shortage. While interest dose has some pull on price, a fundamental lack of supply has pushing housing prices up for decades. I don't see this changing. Real estate is a long game. https://static01.nyt.com/images/2021/02/26/us/-promo-1614350883769/-promo-1614350883769-superJumbo.png https://www.whitehouse.gov/wp-content/uploads/2021/08/Figure-2-1.jpg Exactly. Lot of misinformed people in here. Or maybe just trying to ignore reality. Prices arent going down. |
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Posted: 12/18/2021 9:55:48 AM EDT
[#41]
im torn on this. i do think we're due to see about a 33% drop in home prices. on the other side i think real inflation will be 10-20%+ for at least two years.
if you dont own anything id buy. otherwise id ride it out and wait a bit. I ended up with 2 houses that i used to use about 50/50 i started traveling for work again and that lasted all of 3 months. im thinking about selling one, maybe even both and moving but everything is crazy expensive to buy. even with the stupid high price people will pay. |
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Posted: 12/18/2021 9:58:20 AM EDT
[#42]
Quote HistoryQuoted: IMO, that only makes sense if you're buying with cash (which would be worth less in a hyper-inflation event). Otherwise, those payments you're locked in at will be untenable as your cost of living increases at a hyper-inflated rate. I have to assume that our wages won't keep pace in a hyper-inflation event. They didn't under the Carter years. Cost of living?  What exactly is EVERYONE'S biggest cost of living? |
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Posted: 12/18/2021 10:16:21 AM EDT
[#43]
Quote HistoryQuoted: But they arent making more land. The majority of your post is great, but anyone who has driven I-10 or I-40 across the southwest has seen why your point here has nothing to do with housing prices. |
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Posted: 12/18/2021 10:44:19 AM EDT
[#44]
Quote HistoryQuoted: The majority of your post is great, but anyone who has driven I-10 or I-40 across the southwest has seen why your point here has nothing to do with housing prices. I grew up in West Texas and when people would ignorantly say, “We’re running out of room on the planet”, it was obvious that they never drove from Abilene to Tucson. |
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Posted: 12/18/2021 10:52:45 AM EDT
[#45]
It is very market dependent. My parents just sold their house they bought for $585k in 2015 for $850k.
We just bought our first house for $5k over asking, which was still $2k under appraisal. You'll need somewhere to live regardless. Prices will stabilize, but with the government's mismanagement of M1, they won't fall far outside of some super hot markets-and even that is a maybe. |
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Posted: 12/18/2021 11:01:56 AM EDT
[#46]
Housing pricing isnt dropping anytime soon, there's no inventory and wont be for the foreseeable future. One thing I havent seen mentioned in here, is the amount of inventory being bought up by hedge funds and corporations. We are talking 10-100's of thousand of houses being bought in every state, they arent buying thinking property cost are going down...
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Posted: 12/18/2021 11:07:26 AM EDT
[#47]
"Collapse."
The new GD reee hotness. |
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Posted: 12/18/2021 5:29:59 PM EDT
[#48]
Quote HistoryQuoted: The majority of your post is great, but anyone who has driven I-10 or I-40 across the southwest has seen why your point here has nothing to do with housing prices. I was making a generalization of places that people want to live. I know there is plenty of room in a lot of places. But you are also talking about a place that has almost no water. The building will be severely cut back even there. |
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Posted: 12/18/2021 5:32:15 PM EDT
[#49]
Lowest interest rates and normal prices was 2020.
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Posted: 12/18/2021 5:36:03 PM EDT
[#50]
Quote HistoryQuoted: Lowest interest rates and normal prices was 2020. Disagree. Fall 2011, that’s when I bought my house. Opportunity of a lifetime. |
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