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Well, I ran into a real estate agent who said, "Now is a great time to buy." I then asked about selling, and she said "Now is a great time to sell." I then asked her, "Which is it? A great time to buy or a great time to sell?" and she replied "Both. It is always a great time to buy and always a great time to sell. Here's my card; I'd love to represent you on either."
Both can be true. Prices are high. They may push higher but they may flatten out ( but not decrease anytime soon IMO), and rates are low so it's a good time to sell your house and buy one if downsizing. Because the rates will be significantly increasing over the next 12-18 months, it's a good time to buy while rates are low if you're taking out a mortgage. The rates affect the homes affordabilty as much or more than the purchase price for buyers taking out a mortage so this applies to move up and first time buyers.
If you're a cash buyer and don't need to move, waiting can be a feasible plan.
...agents give me their card while I'm shopping in Walmart here in Florida...
Don't give away industry secrets! All agents know that giving out cards to random strangers in Wal-Mart is where we find all the best clients, but the public doesn't need to know this insider info!
the public doesn't need to know this insider info!
My secret is out. Might as well confess that I slide them under the window gasket on the driver's door rather than the wiper and that tourist motels get more bang for the effort than Walmart. Publix parking lot is another target-rich environment.
... in what is almost a nationally inflated, supply-limited housing market, it can (as usual) be assumed that those changing homes or moving-up ... also own inflated housing that will help them keep pace.
This is true for persons making local moves, or decamping from a high-COL area to a low one. Not true if you sold a house in Ohio and are considering buying in California. Ask me how I know...
Quote:
Originally Posted by BigCityDreamer
...no matter how high prices are now, they will most probably go even higher 20 years from now.
Possibly, but imagine that it's 1990, and we're forecasting the year 2010. Of course cumulatively prices rose, but there were some periods of wrenching losses. And said cumulative rise from 1990 to 2010, was quite a bit less, than that from 1970 to 1990.
Quote:
Originally Posted by sinatras
That's what they said last year.
And that's what they said in 2020.
Here we are in 2022 and it's just gotten worse. People believe it will be even worse next year.
That's what ”they” said in 2005. And 2006. And 2007. Housing prices can't possibly go down, can they? Then 2008 happened. Whoops!
Despite those that like to make blanket statements , one’s own time frames , location , alternative resources and if they don’t buy , where do they deploy those resources , make each case different
Possibly, but imagine that it's 1990, and we're forecasting the year 2010. Of course cumulatively prices rose, but there were some periods of wrenching losses. And said cumulative rise from 1990 to 2010, was quite a bit less, than that from 1970 to 1990.
My suggestion to people is that it's better to be in the game than out of the game. If you can't afford to buy a single family house right now, then buy a townhouse or a condo. Buy in a middle class area. You will build equity over time and it is likely to turn out to be a good investment over the long term.
I own my primary residence and 2 investment properties. That is the way I started (really small).
Location: Was Midvalley Oregon; Now Eastside Seattle area
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2x4 dimensional lumber isn't getting cheaper.
Pray for no more hurricanes, tornadoes, and fires that destroy wide swaths of homes. Each disaster puts greater pressure on existing supply. One year lead time.
Thank goodness people are using less paper. You can possibly thin pulp wood forests and convert them to lumber forests in 10-20 years.
Yesterday's tree hugger is today's lumber consumer.
YTMV
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