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Old 08-26-2022, 09:42 PM
 
4,862 posts, read 7,964,579 times
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Housing will go as the media tells it to go. As usua people thought the housing market will just keep going up. Nope. The prices jus aren't local sustainable. Then here's the heat .

Give it time and the reduction is going to happen. Houses are just over priced. "You paid how much for that house"?
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Old 08-29-2022, 03:59 PM
 
1,086 posts, read 746,686 times
Reputation: 1426
Quote:
Originally Posted by Caltovegas View Post
Housing will go as the media tells it to go. As usua people thought the housing market will just keep going up. Nope. The prices jus aren't local sustainable. Then here's the heat .

Give it time and the reduction is going to happen. Houses are just over priced. "You paid how much for that house"?
Yes but people have been saying that for at least 5 years and during that time my values have DOUBLED. At some point people need to get off the over-priced excuse train and buy a house! Rents are skyrocketing!
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Old 08-29-2022, 05:05 PM
 
7,821 posts, read 3,823,458 times
Reputation: 14758
Quote:
Originally Posted by Caltovegas View Post
Housing will go as the media tells it to go. As usua people thought the housing market will just keep going up. Nope. The prices jus aren't local sustainable. Then here's the heat .
Wait. There's heat???


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Old 08-30-2022, 09:42 AM
 
2,469 posts, read 3,263,308 times
Reputation: 2913
Quote:
Originally Posted by longviewJoe View Post
Yes but people have been saying that for at least 5 years and during that time my values have DOUBLED. At some point people need to get off the over-priced excuse train and buy a house! Rents are skyrocketing!



This. Prices are coming down I just think people waiting for a 2008 style crash will be disappointed. If it were to happen, people complaining about prices will still be beat out buy cash buyers. Somehow they don't see that. Unless you don't plan on staying for a while you are better off buying rather than agonizing over rent.
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Old 08-30-2022, 11:34 PM
 
94 posts, read 42,837 times
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Quote:
Originally Posted by mlulu23 View Post
The infamous housing bubble has finally burst.
When the market finally catch’s up to the price of a bowl of moose soup, you bet I’m coming down in May.
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Old 08-30-2022, 11:38 PM
 
Location: Knoxville, TN
11,483 posts, read 6,008,999 times
Reputation: 22531
Quote:
Originally Posted by longviewJoe View Post
Yes but people have been saying that for at least 5 years and during that time my values have DOUBLED. At some point people need to get off the over-priced excuse train and buy a house! Rents are skyrocketing!
People said the same thing in 2007 "My house has doubled in the last 5 years".

Don't get me wrong, I don't see a 2008 style crash coming. The current housing boom came from real liquidity from the Fed Gov printing press, with a lot of help from investors. This isn't liar loans and ninja loans with 120% loan to value.

I am just saying that just because a house doubles in 5 years, it doesn't necessarily mean values will remain there. For a lot of people, it is like they don't remember the 2008 housing crash at all. Affordability is horrific today and something has to give. Either house prices MUST come down, or else wages must go up, but things can't stay this out of balance.
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Old 08-31-2022, 11:15 AM
 
Location: Southern Highlands
2,413 posts, read 2,031,264 times
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Quote:
Affordability is horrific today and something has to give.
Every year since 1974.
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Old 08-31-2022, 11:16 AM
 
Location: Southern Highlands
2,413 posts, read 2,031,264 times
Reputation: 2236
Quote:
Originally Posted by Burnt Chrysler View Post
When the market finally catch’s up to the price of a bowl of moose soup, you bet I’m coming down in May.
My nomination for post of the year, with a significant award for anyone who can translate it.
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Old 09-01-2022, 02:06 PM
 
6,385 posts, read 11,888,213 times
Reputation: 6875
An international friend was in Vegas over last 8 days looking for a second home. He did this before in 2016 and didn't buy then but his circumstances have changed so he's taking another look. He said most of the homes he saw were kind of crappy and even with the price cuts weren't attractive deals. He also went to a new builder and due to some cancellations there are some options there but even those are sort of the least attractive homes (smaller and not upgraded much). He's going to hold off because no rush, prices probably come down some but he said its clearly low-end everything and so he's not surprised price cuts are everywhere. He is in a position that if he saw something he really liked he would have been ready to move on it.

Hard to guess at what happens month to month or for the next year or so but this feels like a typical cool off phase where low quality dominates because the good quality gets bought up or doesn't even make the market. And when its mostly low-quality, price cuts and pricing adjustments are to be expected.
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Old 09-01-2022, 02:09 PM
 
273 posts, read 208,236 times
Reputation: 1051
Willy702 - what's his price range?
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