These areas are cheaper and I can get a much bigger house and I am regretting being tied down to a blue state when I can be with people that are more like me who share my values.
Housing prices are out of this World high, and with interest rates going up it’s no wonder sales are down.
I’m sure it has nothing to do with interest rates going up./s
So glad to have escaped Silicon Valley in early fall 2018 with the sale of our house. Realtors in the area were starting to worry about the upcoming market. Could be several factors, at least where we lived. Higher interest rates. Loss of some of the deductions for high property and state income taxes. High-tech companies relocating part or all of their California-based businesses out of state to avoid California’s business hostile environment.
Because people like their house and don't need another one?
This seems to me like much ado about nothing , where is it written that home sales HAVE to the same or better every year? Like most articles it to me is just fluff and filler for some “journalist”...if you read the whole article the “EXPERT” claims that we are in a mental recession....what a crock . Next article will be about credit card debt of each household being excessive or on line sales decline....or you name any aspect of how the “EXPERTS” deem how it IS supposed to be ! With the web it is so easy to see chicken little constantly reappear claiming the sky is falling , well a least a little bit and you should worry! The following post was written by a non-expert, unwashed American who is tired of the B.S.
ChiComs aren’t buying?
I suspect the changes to SALT deductibility are starting to bite. Mortgage rates aren’t much higher, and have actually gone down recently.
maybe because they are building like crazy and there really isnt the need for all the new homes? other than maybe they are subsidizing illegals in them?
Nobody Is Quite Sure Why
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Could it have anything to do with the global economic collapse? China crashing , Australia crashing , QT , prices are sky high due to 10 years of QE , incomes haven’t followed so homes are unaffordable.. rates are rising and will likely hit 15% on the 10 year within the next 24 months.
There is an incredible number of abandoned houses in our area that are not for sale. Some of them are nice enough but will not be for long. There is also a goodly number of people looking for small land parcels on which to build a house or wanting to buy an existing house. The pickings are very slim. I have had several people stop asking to buy an acre or so of my property or if I know of any for sale. So many wanted to rent an old house I had I tore it down.
Very odd.
bookmark
There are lots of houses in blue states that are priced high enough that the new tax law will cause the owners to pay tens of thousands of dollars more for federal income taxes. If your home has property taxes over $10,000 you will pay more federal taxes. So if you have a cheap home, or you rent, you are better off. If you are very rich you don’t care. But if you have a home with taxes that are high enough, you will be paying a lot more every year. And those homes are not selling as well.
I know why. It ain’t rocket science.
But I’m not sharing. If someone doesn’t beat me to it, it will be my next writing project.
Fair warning: All of you homeowners are complicit in this.
I wonder if this data is available broken down by region, and I wonder if lumbering blue states are dragging down the overall good numbers . . .
If the Dems win the White House next year, expect them to roll back a lot of recent improvements in Old Manufacturing, just because Trump helped to make it happen. They are petty and they are proud of it! If a few thousand people lose their jobs, Oh Well! Those jobs probably would have wrecked the environment anyway. That’s how they think.
The ChiComs are running out of money.
According to Sunny Side properties, the market fluctuates. Even in the worst of times, there is plenty to do with real estate and people still need a roof over their head. With tight lending, there are more renters, so buy and hold is a good strategy. With easy (loose) lending and high demand, there are good opportunities for short term profits from home buyers. Regardless, a good investment strategy is hard to identify because everyone wants something different. And the writer of the rticle is no different that others.
rwood
Go and trust your heart. Do it for yourself and your family. I’m sure you will be happier.
Trump delivered on a strong economy but no one imagined that the Liberals would deliver on Civil War II (however much a cold war currently) at the same time. It is CWII that has brought uncertainty to the economy. This puts a damper on big ticket purchases like housing.
This is not good news for me, as I need to sell two houses to move out of my high-tax, crazy probate home state.