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OP: gonna put your money where your mouth is? Or is this just cheerleading for your preferred disaster?
As someone who looked at homes from 2003 - 2008.
The talk was exactly the same.
Better buy now as prices are only going to go up each year.
The baby boomers, etc. are all buying up the homes.
Construction costs are only going to go up.
There is a shortage of homes.
Interest rates are only going to go up.
Better buy now as prices are only going to go up.
Looked at a housing development of 1,200 homes as developer was just finishing up in 2006/7.
Well, in 2008, in this development that completed the last new home out of 1,200. About 90% of homes had a for sale sign. Mostly foreclosures and short sales.
Oh, but that can't happen again. Right?
It is "different" now.
There will never be another recession.
Someone best look up history. As there has been a recession on average every 7 years in the USA. Some big. Some small.
As someone who looked at homes from 2003 - 2008.
The talk was exactly the same.
Better buy now as prices are only going to go up each year.
The baby boomers, etc. are all buying up the homes.
Construction costs are only going to go up.
There is a shortage of homes.
Interest rates are only going to go up.
Better buy now as prices are only going to go up.
Looked at a housing development of 1,200 homes as developer was just finishing up in 2006/7.
Well, in 2008, in this development that completed the last new home out of 1,200. About 90% of homes had a for sale sign. Mostly foreclosures and short sales.
Oh, but that can't happen again. Right?
It is "different" now.
There will never be another recession.
Someone best look up history. As there has been a recession on average every 7 years in the USA. Some big. Some small.
Housing prices will never go down. Right?
No one is saying they’re never going down. We just don’t know that they will, and if they do, we don’t know when. So if you’re in the market to buy a home today, you’re taking somewhat of what gamble whether you buy now or wait. I’m of the opinion that we have at least another year of price increases. And if prices do eventually come down I wouldn’t count on them returning anywhere near 2019 prices.
As someone who looked at homes from 2003 - 2008.
The talk was exactly the same.
Better buy now as prices are only going to go up each year.
The baby boomers, etc. are all buying up the homes.
Construction costs are only going to go up.
There is a shortage of homes.
Interest rates are only going to go up.
Better buy now as prices are only going to go up.
Looked at a housing development of 1,200 homes as developer was just finishing up in 2006/7.
Well, in 2008, in this development that completed the last new home out of 1,200. About 90% of homes had a for sale sign. Mostly foreclosures and short sales.
Oh, but that can't happen again. Right?
It is "different" now.
There will never be another recession.
Someone best look up history. As there has been a recession on average every 7 years in the USA. Some big. Some small.
Housing prices will never go down. Right?
The Economist magazine had a short article on this recently. One of the major differences between now and the last housing bubble is that the buyers this time have plenty of cash, no sketchy loans.
As previously mentioned, inventory is low when compared to historical levels.
Also, building supply prices are up and there's a shortage of construction workers.
So, their take is that prices will stay up for awhile.
And 2008 was different from previous downturns like the Great Depression. Every economic downturn or real estate correction is a little different that previous ones. Legislation got passed trying to prevent 2008 from happening again. But that does not mean different factors cannot cause problems.
We did not have inflation like today in 2008. But we did 40 years ago. Study that.
As someone who looked at homes from 2003 - 2008.
The talk was exactly the same.
Better buy now as prices are only going to go up each year.
The baby boomers, etc. are all buying up the homes.
Construction costs are only going to go up.
There is a shortage of homes.
Interest rates are only going to go up.
Better buy now as prices are only going to go up.
Looked at a housing development of 1,200 homes as developer was just finishing up in 2006/7.
Well, in 2008, in this development that completed the last new home out of 1,200. About 90% of homes had a for sale sign. Mostly foreclosures and short sales.
Oh, but that can't happen again. Right?
It is "different" now.
There will never be another recession.
Someone best look up history. As there has been a recession on average every 7 years in the USA. Some big. Some small.
And 2008 was different from previous downturns like the Great Depression. Every economic downturn or real estate correction is a little different that previous ones. Legislation got passed trying to prevent 2008 from happening again. But that does not mean different factors cannot cause problems.
We did not have inflation like today in 2008. But we did 40 years ago. Study that.
Before the last crash I read a great article in the WSJ about how every crash is preceded by flocks of speculators giving all the reasons why THIS time it is different.
I was just on vacation in South Florida with my family, and as I often do when I am on vacation somewhere, I was looking for potential real estate deals. I have to say, it is looking real frothy there right now, especially anywhere near the beaches. Tons of flippers. Homes bought for 1 or 2 million last year, now back on the market for 4 or 5 million. It's looking a lot like 2006 to me again, and I'm thinking 2 years from now there will be some pretty good foreclosure deals to be had. Time will tell.
People were saying that higher interest rates would slow things down but it hasn't.
Demand remains high, inventory remains low....and that extends beyond the city core.
I remember people saying the suburbs were going to become ghettos. heh, not really
Typically, when interest rates start to rise, it sends demand even higher because people on the fence decide to jump in now before they rise more, potentially pricing them out of the homes they want to buy.
The fed plans to slow down the rise in interest rates. Of course, a lot can happen to change that. Or not. Either way, we aren't going to see any major change in the market happen overnight. These are not stocks, where major selloffs can happen in a day.
And, any tour of the neighborhood isn't complete with out this gem:
Priced under market at $29,000,000
********
Redfin says the median days-on-market is 21, but that seems high to me. It includes a few houses that have, uh, fatal issues -- houses that have been on the market for at least 2 years.
Why would anyone want all those windows? It's a lot to clean, hard to place furniture, and maybe harder to heat and cool. But I suppose when you have that much money, you hire a cleaner and don't care about your electric/gas bill.
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