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Jun 29, 2022
9:17
:04
am
byu1
All-American
I know someone who sold 3 weeks ago who felt lucky to sell at asking, they where
Expecting to have the bidding war take them an additional $100k+.
It sold for about 2mil
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byu1
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byu1
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Mar 1, 2001
Last login
Apr 23, 2024
Total posts
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Messages
Author
Time
It sure seems like (in my uneducated option) that the housing market could get really bad, really fast.
Ragnar Danneskjold
$4,000,000 never forget
6/29/22 9:08am
If we go full recession mode, yep..turns into a buyers market real quick for
Squirt
6/29/22 9:11am
be careful when getting advice from professionals
byukarl
6/29/22 9:12am
It's total rah-rah groupthink with them.
Ragnar Danneskjold
6/29/22 9:13am
Supply/Demand still applies, and there are many places where demand for housing
Skeptical Optimist
6/29/22 9:13am
Agreed. But what people qualify for just dropped like a ton of bricks.
Ragnar Danneskjold
6/29/22 9:14am
Why would people want to move to the mountain west? There is no water there
TNT
6/29/22 9:14am
Not moist at all.
Ragnar Danneskjold
6/29/22 9:14am
Where are those places right now?
Iman23
6/29/22 9:19am
Yes, but demand will start to dry up when purchasing power is completely hamstrung
Indy Coug
6/29/22 9:19am
Demand can fall off a cliff very quickly
slappy
6/29/22 9:30am
Not if people don't have a place to live
Skeptical Optimist
6/29/22 10:08am
No one knows for sure, but if the economy continues down this path, the housing market could be hurting soon. Rising
slappy
6/29/22 10:17am
I know someone who sold 3 weeks ago who felt lucky to sell at asking, they where
byu1
6/29/22 9:17am
Looks like my details were off. Sold $2.3 mil. Refused 200k
byu1
6/29/22 9:18am
RE: Looks like my details were off. Sold $2.3 mil. Refused 200k
Ragnar Danneskjold
6/29/22 9:22am
I love the attitude of some sellers.
Ragnar Danneskjold
6/29/22 9:19am
She wasn’t like that at all. Very humble, but was “hoping” to get more like
byu1
6/29/22 10:59am
I mean if you are already in a home with a conventional mortgage, it doesn't matter.
TheLoneCougar
6/29/22 9:20am
Unless it crashes really bad and you need to sell. But, yeah, those who got in
fattycoug
6/29/22 10:23am
With remote work being a big option, hopefully no need to sell. But lots of different circumstances.
TheLoneCougar
6/29/22 12:14pm
I was talking with my buddy that’s in real estate. He didn’t think there was going to be a huge crash like 2008 in my
cheezedawg
6/29/22 9:22am
Yup. If there are a lot of cash buyers, that could be the case. But I think that cools off too.
Ragnar Danneskjold
6/29/22 9:24am
It will be interesting to watch. Rental prices are increasing double digit %
Acorn
6/29/22 9:24am
Like most humans, I predict more things incorrectly than correctly. But Housing
grosven
6/29/22 9:25am
2008 was a total anomaly. Today is nothing like 2008.
Jay Kay
6/29/22 9:33am
In some ways, it is always different this time. But in other ways, it is always
crack
6/29/22 10:36am
I just have to laugh! Yes, house prices may fall for a year or 2 but history
Chazz Reinhold
6/29/22 10:00am
That's actually how to play the long game
byukarl
6/29/22 10:05am
Your house does not produce cashflow until you rent it out, and ...
grosven
6/29/22 10:19am
One thing that could save a lot of people is remote work and there being less need to sell a home and move for new work.
zonacougar
6/29/22 10:00am
many employers are dialing that back though
byukarl
6/29/22 10:14am
Maybe a short term (small) dip, but supply is too constrained for a crash.
VenturaCoug
6/29/22 10:01am
You have to look at incomes when it comes to housing
byukarl
6/29/22 10:09am
Three comments:
VenturaCoug
6/29/22 10:42am
Agreed for people cheering for a housing crash they really don’t want that. It
johnnybyu
6/29/22 3:44pm
I think you will be wrong. They will definitely be lower in 2 years.
Iman23
6/29/22 8:39pm
How? I respect your right to disagree, but I don’t see it without a major
VenturaCoug
6/29/22 8:51pm
Agreed,If I am wrong it will be because we have the Great Recession 2.0. Which
johnnybyu
6/29/22 11:37pm
A really scary aspect to the whole thing is how much purchasing power is built on asset prices
JollyGreenGiant
6/29/22 10:13am
Agreed it would take an unemployment rate of something like 20% to match 2008in
Nat Gas Man
6/29/22 11:45pm
Most home mortgages were on 30 year fixed rates to people with credit scores
Gente_Boa
6/29/22 11:11am
I agree sellers will see rents being $500-1000 more than their house payment and
johnnybyu
6/29/22 4:10pm
I don't think prices will drop fast enough to offset the raise in interest. Demand will drop, but we are at a ~5mm
molodyets
6/29/22 11:24am
One thing we learned from 2009 is that housing prices can move much faster than many expect.
HarlemCoug
6/29/22 11:45am
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