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I remember people shouting the same thing about rising housing prices 7 years ago in my area and those who sat it out are going to have to pony up at least 100k more and at a higher interest rate and to add insult to injury the Dow is now ~17k higher too.
The point? Buy when you are ready to buy and to hell with the indexes.
Rates keep going up that could push the prices flat our perhaps even a slight downtrend to compensate for the higher rates. Higher rates means people qualify for less, its simple basic math.
10 years and we still haven’t learned. The latest bull rally is just that..bull. We are excited these days about Amazon, Facebook, Apple, and the likes of Netflix. SMH.
When the 2008 housing crisis began we had an extra almost one year worth of unsold housing inventory on hand. Today we have much less inventory than people wanting to buy. Thus scarcity of product (houses) is driving the crazy prices. It is a different situation and will fail or slow down due to different factors. IMHO
Rates keep going up that could push the prices flat our perhaps even a slight downtrend to compensate for the higher rates. Higher rates means people qualify for less, its simple basic math.
Rates are 4.3 today. I bought almost two years ago at 3.6%. The rate went up about .70 of a percent. That’s not exactly shooting up.
Also a higher rate can be beaten by a higher down. Rates would need to g9 up to 7/8% to slow the market.
It’s also been 10 years since the last bubble. For 4-5 of those years there was little to no construction going on.
Think about it....20 year old kids back then are now married and having families. And the demand is there. They can’t build houses fast enough as there is also a shortage of labor.
There are a lot more factors than the rate and stocks that impact housing.
When the 2008 housing crisis began we had an extra almost one year worth of unsold housing inventory on hand. Today we have much less inventory than people wanting to buy. Thus scarcity of product (houses) is driving the crazy prices. It is a different situation and will fail or slow down due to different factors. IMHO
Yes, last time was very different, they were giving out mortgages to unqualified people and then selling them off as investments on Wall Street.
You guys are right. Jobs and incomes are through the roof in meaningful sectors.
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