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Old 09-21-2023, 10:29 PM
 
23,539 posts, read 18,678,020 times
Reputation: 10819

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Quote:
Originally Posted by matrix5k View Post
2008 was a once in a lifetime event. A real estate crash like that isn't going to happen again in our lives.

2008 was a once in a lifetime event, as was the late 80s and every other downturn the housing market has seen. Real estate goes in cycles, always has always will. The factors responsible for the current spike are mostly temporary. While nobody can predict the future, for years now we have been sort of shielded from reality by unsustainable government spending which is coming to an end. This country is headed for a real wake up call, and MA real estate is subject to boom and bust.
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Old 09-22-2023, 07:06 AM
 
2,710 posts, read 1,730,656 times
Reputation: 1319
Quote:
Originally Posted by massnative71 View Post
2008 was a once in a lifetime event, as was the late 80s and every other downturn the housing market has seen. Real estate goes in cycles, always has always will. The factors responsible for the current spike are mostly temporary. While nobody can predict the future, for years now we have been sort of shielded from reality by unsustainable government spending which is coming to an end. This country is headed for a real wake up call, and MA real estate is subject to boom and bust.
Okay boomer, people have been saying real estate is going to crash for 15 years now.
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Old 09-22-2023, 07:11 AM
 
16,325 posts, read 8,150,917 times
Reputation: 11343
Default re

Quote:
Originally Posted by matrix5k View Post
Okay boomer, people have been saying real estate is going to crash for 15 years now.
That is the type of attitude you have that really irks people. Calling people boomer when they have an opinion that's different than yours. You're truly obnoxious.

Real estate DID crash 15 years ago. DUH.
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Old 09-22-2023, 08:05 AM
 
351 posts, read 138,163 times
Reputation: 345
Purely anecdotal, but it seems that some inventory IS sitting a bit longer...maybe? Could be that they're all steeply priced, but for example I've been following listings in Acton and a number of them have made it through at least one weekend without going under agreement. Which, it's hilarious and sad that that's even a bar of measurement.

There are real issues with a number of these listings, so I get that. But here's 5 SFH's all under $900k and more than a week old. I realize this still probably means nothing since fall tends to be a slower market in general, but even a few months ago at the start of summer it seemed like these types of listings would be gobbled up as fast as could be, especially in a desirable family-oriented town like Acton (typically by Monday-Tuesday following OH and showings).

https://www.redfin.com/MA/Acton/2-Je.../home/11364166

https://www.redfin.com/MA/Acton/52-A.../home/11370586

https://www.redfin.com/MA/Acton/13-L.../home/11374657

https://www.redfin.com/MA/Acton/21-O.../home/11355292 (this one I like the most, by FAR)

https://www.redfin.com/MA/Acton/140-.../home/11373089
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Old 09-22-2023, 08:28 AM
 
2,710 posts, read 1,730,656 times
Reputation: 1319
Quote:
Originally Posted by msRB311 View Post
That is the type of attitude you have that really irks people. Calling people boomer when they have an opinion that's different than yours. You're truly obnoxious.

Real estate DID crash 15 years ago. DUH.
Okay, Karen.
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Old 09-22-2023, 08:31 AM
 
2,710 posts, read 1,730,656 times
Reputation: 1319
Quote:
Originally Posted by Iced_Coffee View Post
Purely anecdotal, but it seems that some inventory IS sitting a bit longer...maybe? Could be that they're all steeply priced, but for example I've been following listings in Acton and a number of them have made it through at least one weekend without going under agreement. Which, it's hilarious and sad that that's even a bar of measurement.

There are real issues with a number of these listings, so I get that. But here's 5 SFH's all under $900k and more than a week old. I realize this still probably means nothing since fall tends to be a slower market in general, but even a few months ago at the start of summer it seemed like these types of listings would be gobbled up as fast as could be, especially in a desirable family-oriented town like Acton (typically by Monday-Tuesday following OH and showings).

https://www.redfin.com/MA/Acton/2-Je.../home/11364166

https://www.redfin.com/MA/Acton/52-A.../home/11370586

https://www.redfin.com/MA/Acton/13-L.../home/11374657

https://www.redfin.com/MA/Acton/21-O.../home/11355292 (this one I like the most, by FAR)

https://www.redfin.com/MA/Acton/140-.../home/11373089
Probably just the usual slowdown in fall. They will all sell eventually.
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Old 09-22-2023, 08:43 AM
 
23,539 posts, read 18,678,020 times
Reputation: 10819
Quote:
Originally Posted by matrix5k View Post
Okay boomer, people have been saying real estate is going to crash for 15 years now.

No "boomer", "15 years ago" was the start of a housing crash that took at least 4 or 5 years to recover from. Things didn't really start becoming nuts again until ~2018-2019ish when some started predicting an eventual crash (which was before some totally unprecedented events that nobody could have predicted). I understand that you didn't grow up here, and probably weren't even in this state yet when all this took place. Just reminding you to stay in your lane and quit bickering with people who actually know what they are talking about, it's not a good look for you.
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Old 09-22-2023, 08:55 AM
 
23,539 posts, read 18,678,020 times
Reputation: 10819
You folks still think the party won't ever end?


The Fed's 'plausible' economic outcome leaves little margin for investors


https://finance.yahoo.com/news/the-f...220022932.html



"Fed Chair Jay Powell stuck to his guns Wednesday with the "higher for longer" mantra and left the Fed's main policy rate unchanged. But he threw tepid water — if not cold water — on expectations that the US economy will avoid recession this cycle."
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Old 09-22-2023, 08:58 AM
 
Location: The ghetto
17,685 posts, read 9,168,053 times
Reputation: 13322
There will be upturns and downturns in the market. That's just how it is. However, expecting a repeat of 2008 shows a lack of understanding as to how we got there. It also ignores the massive inflation we've seen recently.
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Old 09-22-2023, 09:09 AM
 
23,539 posts, read 18,678,020 times
Reputation: 10819
Quote:
Originally Posted by redplum33 View Post
There will be upturns and downturns in the market. That's just how it is. However, expecting a repeat of 2008 shows a lack of understanding as to how we got there. It also ignores the massive inflation we've seen recently.

Nobody is saying it will be an "exact" repeat of 2008. Every market correction is unique and no two will share the all the same dynamics. But what they share in common, is that they are inevitable to happen. The housing market has no correlation to overall inflation. If people have to spend more money on essentials like food, heating and child care; that leaves them less money to spend on an $800K home especially with spiking interest rates. It works in reverse as well. Much of the run up in home prices happened under "low inflation", as rates were low and people had more disposable income BECAUSE of the low inflation. The only place wages have gone up substantially, is at the lower end. And the people earning $15-$25/hour have long been pushed out of the housing market anyway.
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