Everything is way more expensive then it should be. Is there any info out there that can tell us approximately when it becomes a buyers market again? Any historical data to back anything up? Or is it just wait and see?
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Damn, when is the housing market going to become a buyers market again?
- Thread starter Turbowaffles
- Start date
Wife and I are in the process of getting our first home. Everything is freakin' expensive here in Washington state, but there are a few areas that maybe we can work with. We need our own place so there's no point in waiting on a housing crash because who knows when that will happen...
Probably wont for the foreseeable future. According to my realtor, this is both "a sellers and buyers market " due to low interest rates and the economy doing so well. She said the only time it would dip is if there were a war or if people are unsure about the next presidential election. The market crash of 2008 will never happen again, at least not anytime soon. I completely regret not investing when I could have. This market sucks and I say this as someone that has a home and wants to sell but cant afford another. Sucks being stuck.
My father tells me the housing market can only go up, and it's the safest investment you can ever make.
It will never crash in Australia, because Australia is different to other countries, apparently.
It will never crash in Australia, because Australia is different to other countries, apparently.
This.
And you won't be able to get a loan while prices are at their lowest.
I've also been told that we're in a normal market right now, which means houses are going to sell for roughly their market value. Unfortunately, market value is going to just keep going up because it's determined by comps (or seemingly just flat out guessing if you're Zillow).
Housing isn't a good investment short term unless the value increases nicely year over year to compensate for taxes, mortage interest, etc. It is only expensive because wages are stagnate.
Idk, my parents house is surrounded by new construction and about half still have signs for the last six months saying available
Downturn might be coming sooner than later
Downturn might be coming sooner than later
Seriously though it will be interesting to see what happens to prices in ten years when boomers are dying off and moving into retirement homes en mass. I could still see prices being propped up though due to zoomers hitting buying age and delayed millennials still trying to get into the market.
It's theoretically possible for a 2008 style thing to happen, but people who act like it happens every 10 years and are just waiting for it to crash again are missing out.
No one knows if/when prices will drop or spike. If you so, you'll make a lot of money beating out millions of others.
No one knows if/when prices will drop or spike. If you so, you'll make a lot of money beating out millions of others.
Not really. The problem with new construction, at least where I live ( Southern California), is that it means higher taxes, mello roos, and high HOA's. It's not a surprise when people don't want to pay that so they avoid buying new.
?What do you mean lolololol? We aint gonna see nice homes in Southern California ( in actual nice areas) ever dip to 200k and less like it did post 2008 ever again, at least not in my lifetime.
Correction.
Economist predict 10 out of the last 5 recessions and no one knows if it will happen or when.
That's not a crazy statement. Probably better stated, "No two recessions look exactly the same or are equally severe. So there's no certainty."
Real wages aren't outpacing rising costs. You can only kick the can down the road for so long.
automation + another crash will be way worse than 2008.
Best me to it, exactly this. So 15-20 years unfortunately, bar some global calimity that causes all major markets to shit the bed.
This. Keep money on semi-hand for an eventual downtown in market.
I got myself out of some debt I had at the end of 2019 and I finally on the right track to buy my first home. I know the feeling of waiting for things to get better, but you'd be waiting forever if you don't go for it. I decided to use 401k + stocks I have for a down payment. Ched to see if you can borrow from the 401k to help with the down payment. Also, if you're unsure or have questions, I'd head over to /r/personalfinance, they can help answer most questions and help you get started.
I personally don't think that the market will go down anytime soon, but I ain't no expert, its just I feel about it. At least here in Florida houses are selling well, which is crazy considering how bad this state pays for the most part.
I personally don't think that the market will go down anytime soon, but I ain't no expert, its just I feel about it. At least here in Florida houses are selling well, which is crazy considering how bad this state pays for the most part.
I'd also say that referring to the whole US as a single housing market is probably not wise anyway. Metros will likely go up for a long time as jobs are consolidated and things like short commutes, schools, and access are highly valued. Some areas may not be as affected as others.