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--Relocation due to job change.
--Change in family status...marriage, new baby, death etc.
--Need/want to be closer to other family.
--Change in health status...need to eliminate stairs. Or need to eliminate maintenance.
--Financially better to buy than to pay skyrocketing rents.
--Plan to sell current home, cash out equity, and move to East Podunk where R.E. prices are lower.
Nice list. I learned that no matter how crazy the market seems to be, there's always someone who needs to sell or buy.
Prices stabilizing vs. a significant correction are different things. Why do you speculate it is one vs. the other?
There are many variables along the lines of locality considerations and numerous significant variables affecting homes prices (wages, interest rates, employment, commodity prices, supply chain (in)efficiency, workforce participation, etc.)
It is rather pointless to speculate about what might happen in the future housing market.
There is no direct connection unless rates are way high like double digits .
Real estate is all based on local economies.
Real este was booming here when we bought decades ago and I was thrilled to get 8-1/4% as a rate.
2006-2007 was booming at 6-7%
It won't take "double digit rates" to quell demand. Not at the current price point. There are a lot of cash buyers, but they are getting satisfied with their purchases.
It's all about "affordability."
And yes, I remember being "fortunate" to only pay 10% back in 1987....
I don't understand why anybody wants to buy a house now! Prices are way , way high for houses. People are even in bidding wars where I live and bid on the same house to try to buy it. Ridiculous, live in an apartment, a nice apartment, until the housing goes down or crashes like in 2008. I feel sorry for anybody buying a home right now, they should wait!
My area didn't have a big crash in 2008.
My grandparents' house would sell for at least double today than it would have less than fifteen years ago. And that means instead of 650K it could easily go for 1.3 million.
I reluctantly bought my house in 2020 (I sold my apartment at the end of 2019, and had been searching and searching, but was desperate to get out of a temporary situation) which was dragged out by COVID. My house needs a lot of work, which we are doing slowly, but I see similar houses going for more than what I paid.
It won't slow until the rates go back up more and then when it does, the prices won't really drop, they'll just stabilize for a bit.
It won't take "double digit rates" to quell demand. Not at the current price point. There are a lot of cash buyers, but they are getting satisfied with their purchases.
It's all about "affordability."
And yes, I remember being "fortunate" to only pay 10% back in 1987....
All that happens is people tend to step down a notch in what they buy ..they just don’t go from affording a house to not .
In fact that tends to spur prices as the old we better by now before we can afford even less house kicks in .
Demand for homes in the tristate area is insane .
My son put in a bid …there were 7 other offers and the buyer ended up paying 15% over the listed price.
As long as local economies stay healthy and the area is still in demand , buyers will always show up .
Even in the depth of 2008-2009 we sold not only one manhattan coop but two …buyers were not even from New York and they both went for just 10% below the all time peak
Last edited by mathjak107; 03-27-2022 at 01:53 PM..
I don't understand why anybody wants to buy a house now! Prices are way , way high for houses. People are even in bidding wars where I live and bid on the same house to try to buy it. Ridiculous, live in an apartment, a nice apartment, until the housing goes down or crashes like in 2008. I feel sorry for anybody buying a home right now, they should wait!
Houses are being bought up by real estate management corporations, often at above-market rates.
The whole economy is moving in the direction of subscriptions and rentals for almost everything.
Pretty soon we'll own nothing and everything will be overpriced.
We intend to hang onto our paid-for home until the end, but here in NY state, property taxes are so ridiculous that we fork over maybe $1600/mo in taxes, insurance and maintenance alone.
If some evil corporation came by and offered me 50% over market, I'd be sorely tempted ... it would pay even ridiculous rent for the rest of my life. But nah, probably won't do that. Would rather let my stepson inherit it and live in it and rent out to a couple of boarders to cover the other expenses.
Local paper had a story a few weeks ago about people that were being "smart" and waiting until the market dropped. Fast forward 2 years, now they are paying more in rent and watching their 4/2 dream home budget buy a 2/2 townhouse for MORE money.
I "almost" sold my house last year, its up 40% since then and I have done nothing to the house/property.
"It's 2030. You'll own nothing and you'll be happy."
Have you heard that one? There's a reason that these huge corporations are buying up real estate all over the place.
Yeah I've heard it. Believe it, too.
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