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Perhaps most people on this site already own a home.
We sold our home in Dallas June 2013. Live in an apartment in Plano. With rates going up it is pricing us out of the market with home sales prices so high.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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Interest rates are still low enough that people here are buying homes on the market only a few days, with multiple offers over asking. Maybe the interest rate climbing is motivating people that waited, or it may be the current flood of people moving here for jobs, but our home prices are almost back to what they were in 2006. There are a few new developments with homes priced in the 700s and 800s and they too are moving.
Perhaps most people on this site already own a home.
We sold our home in Dallas June 2013. Live in an apartment in Plano. With rates going up it is pricing us out of the market with home sales prices so high.
That doesn't explain why you think we have reached the top of the market.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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You wanted the bottom of the market, not the top, and you are a couple of years late. You still have a chance, but unless you win a lottery or get a big promotion, you will have to save a bigger down payment. It is hard to save faster than the prices and interest go up, though. We went through that when looking for our first house in 1978, save the down payment based on a price range only find the interest and prices had again gone higher. Eventually a promotion made the difference.
I guess we missed the boat on buying a home. I'm sure life will go on for all those in apartments. It will be interesting to see what happens in the next 2 years. Especially with all the political drama.
Your thread title shows concern on selling and the thread body shows concern on buying. I'm confused.
If you're buying down, it's good to sell at a market high. If you're buying up it's better to buy in a down market. This is assuming all property values increase or decrease by the same percent.
That doesn't explain why you think we have reached the top of the market.
Hi. I have posted other threads that give some background.
Real Estate is a Market like all where there are cycles. Often this creates winners and losers. Underthe waters with big debt.
Based on talking to several local sincere Realtors and Builders explaining business is slow in the areas close to my needs. Those are some of the concerns in addition to the other threads I started.
Your thread title shows concern on selling and the thread body shows concern on buying. I'm confused.
If you're buying down, it's good to sell at a market high. If you're buying up it's better to buy in a down market. This is assuming all property values increase or decrease by the same percent.
As a buyer I will eventually become a seller in the event I need to move!
Depending on the market you are in, sales of BRAND NEW homes are not an actual indicator of as much as financial sites like to claim (likewise "new housing starts"). In the area I am buying in, you can get a "used" house for 15-25% (at least) less than brand new - so the homes that are selling fast are the older homes, while the builders just sit on their new inventory at the price they've set and don't lower prices. Although the available inventory of used houses is dropping and driving prices up closer to the new houses, at which point the new houses will start to sell better as the premium paid for "new and shiny" drops relative to the overall price.
There are still many areas where prices appear to heading upward.
I do think a downward tick or two in mortgage rates would help that trend carry some momentum, but I do not anticipate any dramatic "fall off a cliff" price movements with current conditions...
The OP's reference to "political drama" is interesting, I think the "stand off" that is in place is likely to continue for the foreseeable future. Even if there are any major shifts in the senate or house of representatives I do not see anything dramatic happening with end of the 8 year presidency on the horizon...
I agree with you for most of the country. You sold high, now rent and wait for awhile. If this speculative market goes another 6 months, I will sell to take advantage of the bubble. As an added bonus for me, if the housing market reinflates to my target price, locally rents have been declining for almost a year now.
Hopefully in a couple of years when housing values come back into line with local incomes and rental rates again, I will be able to buy another personal residence and the rental property I missed buying last fall. I may even be in a position to do it with cash by then.
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