Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
He's been calling for a market crash for over a year now, so I'm not sure how much faith I'd put into the accuracy of his statements.
Yes I have been calling it, and massive shock, it’s starting. The party can’t go on forever, regardless of the government duck tape. The FOMO has worn off and now those who frenzy purchased are already holding the bag and will be for probably a solid decade or more.
This is the area I live in, and he's not making this up.
A quick look around zillow confirms. There are tons of places with recent cuts. A lot more inventory and houses are sitting longer too.
I know zestimates are not typically accurate, but in Virginia Beach and the surrounding areas, the zestimate peaked in May and has been falling at a pretty fast rate ever since.
Yes I have been calling it, and massive shock, it’s starting. The party can’t go on forever, regardless of the government duck tape. The FOMO has worn off and now those who frenzy purchased are already holding the bag and will be for probably a solid decade or more.
Funny thing is, most of the folks posting here who are scattered about the country are NOT seeing what you reference.
Houses in my area are still moving quickly, albeit with small reductions. The frenzy is over though but it's like a 5% correction after it's gone up like 20+% so a bit of a wash. Average price per square foot is still much higher than when I bought at the end of last year, and new construction comes with MASSIVE premiums.
Houses in my area are still moving quickly, albeit with small reductions. The frenzy is over though but it's like a 5% correction after it's gone up like 20+% so a bit of a wash. Average price per square foot is still much higher than when I bought at the end of last year, and new construction comes with MASSIVE premiums.
^^^^
This.
Things seem to have settled down a bit from April and May, but the market is still moving quite briskly.
What do people think actually happened to all those first-time home buyers that excitedly entered the market this spring, only to have their hopes dashed and realize their chances of finding their dream home were tragically slim? You think they went back to their benevolent landlords, explained the situation, and were generously granted month-to-month extensions to give time for the market to normalize? They are all just sitting around now, in a state of flux, patiently waiting with fingers crossed? Those potential buyers are old news, my friends! A big wedge of the demand pie just got consumed by the rental market until next year. Inventory or no inventory, don’t count on those inflated Zillow estimates to last for much longer…
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
