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Thread: Real Estate Crash thread
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07-13-2022, 03:35 PM #22426
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07-13-2022, 03:41 PM #22427
Rates will go back down. How long have the Central Banks been fighting deflation? Those forces will return. The new home builders are already starting to discount prices and mortgages. It will be cheaper to buy new soon and that will put pressure on resale prices.
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07-13-2022, 03:43 PM #22428
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07-13-2022, 04:35 PM #22429man of ice
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Plus managing the rental from a distance. Think hard.
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07-13-2022, 04:41 PM #22430
Gotta agree with this. Builders have a good bit of margin to play with.
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07-13-2022, 06:06 PM #22431
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07-14-2022, 08:16 PM #22432
FIFY
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07-14-2022, 09:51 PM #22433
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07-14-2022, 10:08 PM #22434
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07-15-2022, 06:17 PM #22435
It’s over in my hood: 95762. I can’t even count all the price reductions. A few are capitulating with second reductions way below average sf price for the area.
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07-15-2022, 07:49 PM #22436
https://www.yahoo.com/finance/news/c...142613929.html
Canada getting rocked
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07-15-2022, 08:32 PM #22437
Salt Lake County housing sales hit 10-year low
https://www.ksl.com/article/50440360...ces-will-lower
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07-15-2022, 08:48 PM #22438man of ice
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07-15-2022, 08:52 PM #22439
Somehow I don’t see prices to drop significantly across the market here for a bit for two reasons: first is that the underlying issues with supply are still there with new start permits, construction supply issues and the type of homes being built still not meeting market demand; and second that the recent rush of purchases that ran up the market in the first place - that being the cash sales for those seeking different locations for whatever reason coupled with the investment money now stuck with holding their investments - will avoid selling at a loss/until the cost of servicing the mortgage or maintenance of the property hit that magic number.
Our hope is to find that sweet spot over the next year or so where a place comes up that has dropped enough that in relation to our current home, the difference in price between ours and theirs gets a bit more palatable. We are in a good position, but holding onto that cash down payment we’ve been holding from other long-term investment vehicles sure does cause an itch that is hard to keep from scratching.
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07-16-2022, 12:41 AM #22440
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07-16-2022, 06:30 AM #22441Registered User
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Inventory up 60% here over last year. Which is a good thing. Shaking out the investors. I hope it continues. I just hope that a downturn doesn't stop or delay any affordable new builds in this area. Lots in planning.
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07-16-2022, 11:22 AM #22442
The percentage US home for sale that have cut their asking price over the last 4 weeks is at the highest level we've seen since Redfin started tracking the data in 2015.
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07-16-2022, 11:32 AM #22443Registered User
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07-16-2022, 11:56 AM #22444
That’s just it, I don’t think the market is going to ‘tank’ in the traditional sense. The underlying economic conditions that contributed to the general rise in prices are still there, especially in this small community - that primarily being inventory, and those buyers coming from the city to either retire, or work remote from a larger home/property in the sticks.
We are also staying in that same market as a seller, so that also contributes to the equation. Thankfully, a 10% correction in prices affects those selling a higher valued property greater than it does us with a slightly lesser valued place. And we are not ‘investing’ per se as this is not a 2nd home, but will be our primary residence.
We don’t need to wait until the absolute bottom of the cycle; market stability is the greater desire (and finding that place that tics all the boxes). Plan is to be mortgage free prior to my retirement in a decade or so.
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07-16-2022, 01:21 PM #22445Registered User
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till RE goes to the bottom & starts back up might be a better way to put it, even with rates rising I think that being in the position of selling/ buying is better in a falling market than in a rising market especialy a stupidly rising market
junior is actualy doing much the same thing trying to trade up a little on the RE and I may have to help him with some interm financing
AKA borrow some money to borrow some moneyLee Lau - xxx-er is the laziest Asian canuck I know
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07-16-2022, 08:04 PM #22446
Seems alright.
https://www.redfin.com/MA/Beverly/57...5/home/8215781
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07-16-2022, 10:33 PM #22447Registered User
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07-17-2022, 10:27 AM #22448
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07-17-2022, 04:51 PM #22449
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07-17-2022, 05:23 PM #22450Registered User
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