Real estate rant..... ************!

[KOMRAD]

I don't think the bubble will burst.
Within two years there could be a minor short term correction or these steady increases will slow.

Even with the interest rates going up, the inflation will continue as the inventory will remain at record lows.
People wont want to sell their homes if their next mortgage interest rate is higher than the current.
Demand will maintain itself and these prices are here to stay.

 

[41mag]

Its like the wild west when it comes to trying to find something ….. selling is no problem.
There is a pretty good friend of mine that has a house paid for completely. There have been $350-400k offers and they do not have it listed.
He came to me with this :

Thinking about try to borrow a couple of hundred thou on the place they in….. bank it….and when crap blows over and housing market busts, then ya got the cash to buy whatever , then sell what they have and pay off the loan.
What yall think on that ? ( I told him i was the wrong guy to ask, lol)

 

[BillsCamino]

Yeah we've been looking to get into a downsized one story ranch...possibly a 55+ community...for the last couple months. All cash deal...
And we won't sell this house which is paid until the new one is closed on.

 

[Stampede]

A guy I work with sold his house at the beginning of COVID assuming the market would crash and has been renting ever since. He will never be able to afford the house he sold. I really feel horrible for him. Here's hoping it has peaked.... finally.

I doubt it.

 

[NWSharpshooter]

I know a young couple that got "outbid" by someone offering $50K over list price. It's crazy....

Where does it end? Will the average (modest) house be worth $2.98 million in another year or so?

It can't go on this way. At some point higher interest rates will cut people out of the market - since they can't afford homes anymore. The couple above had their expected payment increase by $300 per month, as interest rates quickly rose.

Well that’s why they recently came out with the 40 year mortgage.

 

[GeauxLSU]

Its like the wild west when it comes to trying to find something ….. selling is no problem.
There is a pretty good friend of mine that has a house paid for completely. There have been $350-400k offers and they do not have it listed.
He came to me with this :

Thinking about try to borrow a couple of hundred thou on the place they in….. bank it….and when crap blows over and housing market busts, then ya got the cash to buy whatever , then sell what they have and pay off the loan.
What yall think on that ? ( I told him i was the wrong guy to ask, lol)

I would NEVER mortgage my home (I don't have a mortgage either) to try and time any real estate correction. If it does correct and he's mortgage free, he can always do it THEN if he still desires.

 

[Gun Parts & Accessories]

There's listings for piece of **** houses for 10-20k cash in the hood/boonies. Still deals out there if you have zero standards, and willing to move.

 

[hikingthehills]

I don't think the bubble will burst.
Within two years there could be a minor short term correction or these steady increases will slow.

Even with the interest rates going up, the inflation will continue as the inventory will remain at record lows.
People wont want to sell their homes if their next mortgage interest rate is higher than the current.
Demand will maintain itself and these prices are here to stay.

I'm not sure this is long term sustainable. Housing is now starting to outpace wages. People are getting into homes they won't be able to afford. The stock market now is so over inflated that once it crashes everything else will go with it. They say you can never time the top or bottom but I think were close within a year or so.

 

[Jeddak]

Housing market is about to crash. Be patient.

 

[KOMRAD]

hikingthehills
A crash is possible.
But I think this will be a new normal for many regions with some ups, minor downs and ups again within real estate.
I personally wouldnt bet on a burst based on market conditions.
Outside influences- war etc could create a crash.