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I feel it's not just interest rates. The stock market volatility this last year has likely led some people to hold off or reconsider a purchase, especially if down payment money was sitting in investments that tanked.
i can't imagine anyone foolish enough to leave their down payment money in stock investments which are long term investments while house shopping within a year or so of use .
i can see people with the dough available a bit uncomfortable about just feeling poorer , and holding off because of mental reasons about spending so much .
i think most of us who are in retirement tend to act that way . we have lots of available cash to spend between cash and bonds but we mentally have no desire too just mentally spend as much as when balances look bigger.
it is like here in nyc most of the the expensive restaurants do worse in bear markets then bull markets
I feel it's not just interest rates. The stock market volatility this last year has likely led some people to hold off or reconsider a purchase, especially if down payment money was sitting in investments that tanked.
I think you're right. In the last few months there has been a lot of volatility (in the stock market but also in politics, weather, world events, etc.). I think volatility in general makes a lot of people nervous about making a long commitment such as buying a house. So they hold off for a few months, until they finally decide that they might as well take the plunge whether things are volatile or not.
Sometimes I think the people who like to stir up volatility do so because they can then swoop in and take advantage of the insecurity they've created to buy lots of real estate for themselves. Paranoid thinking? Maybe. I'm a little embarrassed to admit I think that way (but sometimes I do, LOL). Fortunately I think most people are too smart to panic, so the housing market might cool a little (compared with a previous hot hot hot market) or maybe it will just hit a plateau. But it's not like we'll see a plummet. My opinion, of course.
And it's possible you are very mistaken. Don't you see a cooling trend in the market already as most starter homes have been gone in hot and up and coming markets? Even in Manhattan a 5% drop was reported and the average price dipped below $1 million, that's the report I saw, don't know how accurate it was.
the chances that you're wrong on real estate info >>>>>> the chances that I'm wrong.
I feel it's not just interest rates. The stock market volatility this last year has likely led some people to hold off or reconsider a purchase, especially if down payment money was sitting in investments that tanked.
the S&P is up 35% for the last 3 years.
Yes, it's down 9.1% for just the last year.
If folks invested heavily on Jan 1, 2018 with an eye on moving this year and using 1 year's results to fund their downpayment, those folks are likely cooling.
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