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.
A lot of people do think that prices will just keep going up and up, but in my experience, they zigzag up and down. You just have to figure out which way they're headed before pulling the trigger.
We're looking at an area that jumped in the last couple of years, but is now coming back down. Probably won't go as far down as it was at the beginning, but I wouldn't buy now.
That’s my point as well. Two steps up, one step back, is the historical norm.
I bought a 2000 McMansion in 2015 as a fixer-upper from a former aol.com guy for $.70 on the dollar. Could sell it today more than twice what I paid for it, in less-than 24 hours time. That’s not natural. Not in just 6 years, and I’m in the DC burbs where it’s notoriously expensive to buy a home anyway.
I don't understand why anybody wants to buy a house now! Prices are way , way high for houses. People are even in bidding wars where I live and bid on the same house to try to buy it. Ridiculous, live in an apartment, a nice apartment, until the housing goes down or crashes like in 2008. I feel sorry for anybody buying a home right now, they should wait!
I agree with you I would not want to buy a house now. The homes are way overpriced. Yet people are buying them in my 4000 home subdivision here in Florida. A house rarely stays on the market a week and an offer has been made on it. I've noticed many of these homes are having the roof replaced shortly after the people move in. People buy these homes over the internet without seeing the home in person. I don't know if its like this all over the country, but that's how it is here in Florida. Definitely a sellers market down here.
I don't understand why anybody wants to buy a house now! Prices are way , way high for houses. People are even in bidding wars where I live and bid on the same house to try to buy it. Ridiculous, live in an apartment, a nice apartment, until the housing goes down or crashes like in 2008. I feel sorry for anybody buying a home right now, they should wait!
Now with interest rates going up its not a real smart time to buy. I read they are approaching 5% now on mortgages. And the fed has signaled 7 rate increases this year so rates will go 2-3% higher. That will put pressure on prices. I believe like 2008 the negativity will go to the extreme like like the irrational exuberance has the past few years. I have my home and rental properties. All is paid off. Its been a great few years. But people coming in at the very last of these bubbles don't do very well. If one is thinking of selling this is the time. Buy back in a few years when the dust settles.
I'm forced to relocate for work so I ve been househunting in Ohio where I never imagined is a hot market. Every house has 20+ offers AND offers are min. $25K to 50K higher than list price.... for a house in $400K. No idea how I can compete when all those people don't care that the skyhigh house value won't hold up as soon as the craze is over.
I'm forced to relocate for work so I ve been househunting in Ohio where I never imagined is a hot market. Every house has 20+ offers AND offers are min. $25K to 50K higher than list price.... for a house in $400K. No idea how I can compete when all those people don't care that the skyhigh house value won't hold up as soon as the craze is over.
Thank you all for the replies from all over the country. The wise thing , if possible, to do would be not to buy a home at this time. Try to get an apartment, wait , something is going to happen with the FED raising interest rates this year, the housing frenzy has to slow down sometime.
I don't understand why anybody wants to buy a house now! Prices are way , way high for houses. People are even in bidding wars where I live and bid on the same house to try to buy it. Ridiculous, live in an apartment, a nice apartment, until the housing goes down or crashes like in 2008. I feel sorry for anybody buying a home right now, they should wait!
Apparently they are in a position where they can afford to buy.
I totally agree! I’m in the Boston area and was just having the same thoughts yesterday. The only people making out are the ones who have something to sell, but don’t have to turn around and buy. Let’s say you were lucky enough to inherit a home that you just want to offload for the cash—that’s who is cleaning up big time right now.
You certainly could have had a load of dough in the markets and did extremely well over the years and are buying now as well .
Having any assets that appreciated a fair amount over the years can have you at the same point
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.
