Kinda like that in the Reno market now. A few months ago houses were flying off the shelf at absurd prices. Now it’s gone kinda flat. But, new housing both single family and apartments are still being built. And, prices either to buy or rent are ridiculous. I don’t know who’s buying/renting. A friend of ours said the apartment she’s in(for years) just bumped her rent $200/mth with the new lease. Not much choice since all the other stuff is as high or higher. Yeah branDUHn, the economy is just roaring along. 😵💫🤬
there are winners and losers in real estate, as is true of other investments.
Someone such as me, who has owned the same house for 30 years, has seen my net worth skyrocket on paper, as the value of the house has skyrocketed. Any who have bought recently, may see themselves “under water” if values start declining. If someone has bought at today’s high prices, and has a mortgage based on those prices, could be hurt. Will we see a repeat of 2008 in housing?
It’s a rush to the exits!
I live in rural north central Texas. This year my property tax appraisal was up 20%. Last year it was up 20%. Year before that it was up 3%.
My home insurance has gone up in a similar fashion - just got this year’s bill - yikes!
That’s because house prices are inflated due to artificially low rates.
What goes up due to manipulation, will go down when the manipulation is reversed.
Whod’a think it?
Huh 20% or more annual housing price increases aren’t sustainable?!?
Who’d have thunk it…
Words to live by:
When a trend hits Pittsburgh, it’s just about over. Housing prices here started shooting through the roof here a year or two ago…. Now the crash comes.
Watched this over and over for 35+ years…
Housing, fancy cupcakes, etc etc. every single time
I bought a home last year in an area where the prices were rapidly rising but we’re still reasonable. The prices were high because inventory was low.
Homes that go on the market here sell quickly, and yet there’s a home in the neighborhood that’s been listed for at least a month and hasn’t been sold. Even after a 5% reduction in price it’s still being listed for more than I paid for a bigger, newer home last year.
The prices are dropping because buyers aren’t acting irrationally anymore.