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My question is this: If there is a crash, how low will the prices go? I'm willing to bet that today's value of a home will be lower than the bottom of any future crash.
My question is this: If there is a crash, how low will the prices go? I'm willing to bet that today's value of a home will be lower than the bottom of any future crash.
In the area I bought my small home 2 years ago which has gone up a lot in value the homes were about half of what I paid for it, so after the crash it was worth about 1/3 of the price Realtor.com says it's worth now. Buy if you can afford the home, don't worry about a potential crash as long as you plan to live in the home for the next 10 years. If a housing crash happens it won't be the same as last time, also values also go back up. Most were already scooped up. The only people who will lose their homes the next time are people who overpaid and could not afford the home. Maybe there will be some bargains to be had if it happens again. Prices will always rise as long as the home is taken care of. The banks are too big to fail, America is too big to fail, If we fail the world will go into an economic depression.
Also I don't know what you mean by today's value will be lower? Do you mean prices won't drop? If there is a crash they will if there are a lot of foreclosures.
Last edited by LifeIsGood01; 05-14-2018 at 09:34 AM..
All I know/see is that I was planning to buy and now with the increases I see, refuse to even consider it now.
If you are renting and you can buy for the same price you are renting for you should buy. Prices are still increasing in many areas. Some areas did not lose value as quickly and there was not a big crash of foreclosures like in other places. I would never buy a tiny home in Seattle for $1 million or in San Francisco. Not even if I had the money to support the payments. Not because I think prices will crash, it's because it's not worth it. If you want to live in LA you are going to have to pay $500K for a small home or move away an hour 60 miles or more until you find something that may be $300K.
I sure hope so. Housing prices, sellers, and realtors all over have gotten RIDICULOUS to the point where people are over bidding and paying double and triple what houses are really worth, and even buying them online without even seeing them in person just to beat other buyers. And this is not just happening in "hot" markets. It's gotten this bad in places that aren't even seeing huge increases in residents moving to the area, just people moving around in the same market. It HAS to crash at some point.
It's getting to the point where the average middle class person in America won't even be able to own a home anymore, unless they just say, "Screw it!" and just buy a dirt cheap house in one of the worst, most dangerous, most amenity lacking parts of town, just to say they are homeowners.
I sure hope so. Housing prices, sellers, and realtors all over have gotten RIDICULOUS to the point where people are over bidding and paying double and triple what houses are really worth, and even buying them online without even seeing them in person just to beat other buyers. And this is not just happening in "hot" markets. It's gotten this bad in places that aren't even seeing huge increases in residents moving to the area, just people moving around in the same market. It HAS to crash at some point.
It's getting to the point where the average middle class person in America won't even be able to own a home anymore, unless they just say, "Screw it!" and just buy a dirt cheap house in one of the worst, most dangerous, most amenity lacking parts of town, just to say they are homeowners.
Tex, first off, I love your name. Brilliant.
Secondly, I agree with what you've posted. I'm hearing stories from real estate agents that are just nuts. If people can't get in to see a house within 24 house, they're out of luck because it's already sold.
Last year, I looked at a house that had bad plumbing, severe settling issues, lots and lots of friable asbestos and several other severe problems. The seller was Freddie Mac. I offered $160,000 for the house and had a plan to spend $100,000 to correct the deficiencies.
That house sold for $250,000, and the buyer moved his whole family in immediately!
I wonder if the average buyer is just THAT gullible?
I sure hope so. Housing prices, sellers, and realtors all over have gotten RIDICULOUS to the point where people are over bidding and paying double and triple what houses are really worth, and even buying them online without even seeing them in person just to beat other buyers. And this is not just happening in "hot" markets. It's gotten this bad in places that aren't even seeing huge increases in residents moving to the area, just people moving around in the same market. It HAS to crash at some point.
It's getting to the point where the average middle class person in America won't even be able to own a home anymore, unless they just say, "Screw it!" and just buy a dirt cheap house in one of the worst, most dangerous, most amenity lacking parts of town, just to say they are homeowners.
I agree things seem very heated in my local market here in L.A . Under contract in under a weak and overasking is typical unless the House wasn’t priced right .
But double or triple what they are worth ? As the saying goes things are only worth what someone is willing to pay .
There are still many affordable areas in America . Definitely not cities like L.A ,NYC though
I agree things seem very heated in my local market here in L.A . Under contract in under a weak and overasking is typical unless the House wasn’t priced right .
But double or triple what they are worth ? As the saying goes things are only worth what someone is willing to pay .
There are still many affordable areas in America . Definitely not cities like L.A ,NYC though
He's saying double or triple what he thinks it's worth. It's up to the buyer, the bank and an appraiser to say what the home is worth.
Secondly, I agree with what you've posted. I'm hearing stories from real estate agents that are just nuts. If people can't get in to see a house within 24 house, they're out of luck because it's already sold.
Last year, I looked at a house that had bad plumbing, severe settling issues, lots and lots of friable asbestos and several other severe problems. The seller was Freddie Mac. I offered $160,000 for the house and had a plan to spend $100,000 to correct the deficiencies.
That house sold for $250,000, and the buyer moved his whole family in immediately!
I wonder if the average buyer is just THAT gullible?
See? It's horror stories like that, that are RIDICULOUS and that make me think the real estate market is DEFINITELY due for another crash sooner than later.
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