Posted on 01/01/2023 7:47:33 AM PST by patriot torch
"Right now, I would say it's a buyer's market. I think the power has completely shifted from seller to buyer. Doesn't mean you don't see some bidding wars because again, I think statistically across the country, we're at 3.3 months supply. So that's still relatively low,"
(Excerpt) Read more at foxbusiness.com ...
"You will own nothing...."
Klaus schwab/the great reset/agenda 2030
They are now on the porch
This is NOT “suffering”.
It is more like going back to normalization.
Klaus schwab/the great reset/agenda 2030 a planet size Prison Camp
A drop in home values? Does this mean we’ll see a reduction in property taxes anytime soon?
On the other hand, when interest rates get to later Carter-admin levels, the monthly payment will look like all interest. So it washes out somehow.
The elites deluted your money, now they will collapse the property market, then they will buy it all up with money they printed. Beware, the CBDC will be the death of freedom globally.
Prices are still far above pre-COVID levels
You wuill probably have to file a written protest with your country appraisal office and provide credible data supporting what you think the appraisal should be. It’s well worth doing every year.
You don’t mean to tell me that after a gigantic boom, there’s a large correction?
How can it be?
Someone forgot the illegal “assylum-seekers” pouring across the border. They all have the big bucks. ($5000 bucks a pop to get a “coyote” to push you into the Rio Grande. Yeah. They got big bucks.) They’ll be grabbing up all these homes and flipping them to the gringos for more big bucks before you know it.
There’s a natural ebb and flow to home prices...
But considering inflation has hit all building supplies, I’m guessing housing prices will be going up again soon.
Biggest correction?
Don’t they mean worst drop?
What would the call this “correction” if Trump was in office?
There was a large increase in home prices from Jan 2020 to June 2022. The air is coming out of the bubble.
What is new (and not well understood yet) is that real estate has now become a two tier market.
Cash only buyers—They are still paying top dollar because they are not affected by interest rates. They could be baby boomers using retirement funds or previous beneficiaries of the recent real estate bubble.
Mortgage loan buyers—These folks are crippled by the rising interest rates and their cost of housing has exploded in the last year.
The cash only market should stay reasonably solid while the mortgage loan market crashes and burns.
Analysis that tries to combine and then summarize the activities of these apples and oranges will be confusing and misleading.
This has been coming for years.
Rule of thumb….
When a trend hits Pittsburgh the trend is just about over.
Last year Pittsburgh market was ridiculous… would have thought it was the Bay Area at the height of the tech boom… houses getting 10 offers in a day we’ll above asking price bidding wars etc…
It was a joke… beyond a bubble… builders raising prices 10-20k every month.
Now mtg brokers are laying folks off, houses are dropping and reality is setting in..
Won’t be happening overnight but 7-8% interest rate in a world where prices are adjusted to 3-4% is going to force a massive downward pressure on housing
Your taxes are going up first, then down later. The period being used to value homes now is the period from 2-4 years ago. It rolls over like that continually. Taxes will go down a little in about 3 years. You can get the exact time period from your local county assessor.
Needs to drop a lot more.
Or we will have a social revolution
lol, you have a wonderful sense of humor.
“Won’t be happening overnight but 7-8% interest rate in a world whe”re prices are adjusted to 3-4% is going to force a massive downward pressure on housing”
There are two very large things that will work against prices going down substantially or for long. There is a national shortage of housing which will help support prices. Popular areas will hold up pretty well, marginal areas will suffer more. Also, those 7-8% rates won’t last very long, if we even get that high, most people will just wait because they will come down again. The Fed will start lowering rates in less than a year. This isn’t the 80’s, it’s different.
A 30 year old college educated couple can not afford a house or children in most major markets.
Prices will go down as the boomers die.
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