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 ...
“Klaus schwab/the great reset/agenda 2030 a planet size Prison Camp”
I expect Black Rock to be scooping up many of those houses (likely with government funding), building high-rise apartments, and then razing the houses and giving the land back to ‘mother nature’. Pretty much what Detroit has done, although they did it due to depopulation.
“Prices will go down as the boomers die”
You might think that but in California they just simply started a) importing foreigners and b) selling houses to Chinese.
Presto. No more dirt or houses for the American kids.
Lemme know when the “Republican” party comes up with a solution for that.
The GOP only cares about wealthy donors and not being called racist.
They import more immigration than the dems
Well, they need gardeners and people to clean the toilets, ya know? Important stuff!
Sure, all the young people are 30, and no one ages past 30. There are no people who are 35, 40, 45, 50, etc.
“Does this mean we’ll see a reduction in property taxes anytime soon?”
No, more likely the opposite, especially if your town did a re-evaluation in 2022 (like my town did).
My second half of 2022 property taxes went up over $750 over my July 2022 bill!
If town do re-evaluation in 2023, you can bet the tax rates will go up a lot more than the decrease in the value of the home assessments.
There is little or no inventory in my territory...I wish the buyers good luck.
The southeast is not losing much. Mine is about to go up for sale and the realtors are certain that I am going to every nickel I ask for it.
Of course if you live in places where people are leaving then...
Your home could become worthless and the government would still want what they think is their share.
Btw, property taxes nothing but robbery, a massive con-job at gun point. They will put you in a cage or kill you if you don't pay up. I don't know how they ever got away with it.
Claiming you saw something that hasn't happened is risible.
You must be a blast at parties. After 49 years of investing in real estate I’ve paid hundreds of thousands of dollars in real estate taxes and I have no complaints about it at all. Real estate is an incredible moneymaker when handled properly and know many who have prospered after taxation.
I’ve paid rental income taxes, property taxes, capital gain taxes, phantom income taxes (really not fun when they are due) and had my Social Security check cut by several hundred dollars a month for 2 years at a time as punishment for making and paying the taxes on capital gains. I’m on my second SS payment reduction now, it just started.
And after all that, real estate has brought so many opportunities for use and profit that I know the trade-offs are way too good to miss.
I doubt this headline ‘ story. 2008 housing crash was very interesting and intense.
I left out mineral rights taxes.
But he is no longer there..
We shall see what happens the next couple years.
“I doubt this headline ‘ story. 2008 housing crash was very interesting and intense.”
Yes, and this decline is nothing like that one. In 2008-2011 we had a huge overhang of housing supply, a much higher unemployment rate, much less average cash per household, lower credit ratings, a lot less free and clear real estate.
We are at a record high of 37% of American homes having no mortgage. Put that together with other people who owe less than half their home’s value and that’s quite a cushion.
The opportunities coming soon in real estate will be picked up quickly because there is so much cash out there. There will also be less distressed properties available than in 2009-2012. It will be good hunting but not fantastic like last time.
Yeah, if your rental portfolio is heavily focused on Buffalo, NY you might as well take a ride over the falls in a barrel right now... :)
The Great California Exodus will keep prices solid in some popular Western areas for a while to come - these are cash buyers in many cases and not too sensitive about near top-of-the market prices as they are desperate to get their loved ones away from Newsom's empire of chaos. Same thing seems to be happening in Florida and other southern states due to insane governance in New York and Illinois. Though CA will remain popular with foreign money and people who can afford coastal living, the other big blue states are in huge trouble. They'll need big property tax increases to offset the departures, making the situation even worse.
Housing in formerly desirable blue state areas may start to look attractively cheap, but productive people will not want to live there.
You are correct and I don’t believe the change is general and applicable to all markets. It is certainly not true here at present.
Exactly. A million dollars plus for a two or three bedroom ranch house was never really sustainable. I don't care where the location is.
Sadly many look at their homes as their primary investment and others borrow equity from it for no good reason, which makes them upside down on their mortgage when they should be looking to have it paid down.
Yu may be right. I get one offer every week to buy my 3-year-old house.
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