Property Market is going WILD

[rightfultoefinger]

I live in North County. Bearish my ass. People paying multiple hundreds of K’s over listing with cash isn’t going to crash this shyt. Also, it’s nothing like the subprime years where you could easily get a mortgage. These peeps are paying all cash with multiple bids.

 

[Regular_P]

I live in North County. Bearish my ass. People paying multiple hundreds of K’s over listing with cash isn’t going to crash this shyt. Also, it’s nothing like the subprime years where you could easily get a mortgage. These peeps are paying all cash with multiple bids.

Yeah, that's why this market won't crash anytime soon. Anyone paying straight cash in this market can afford to hold if values tank, so they won't. Plus, rents are gonna keep soaring. There's nowhere to turn and no relief in sight.

Wealthy people/corporations are scooping up most of this real estate, not regular people.

There's gonna be a massive gulf in the future between the haves and have nots.

 

[FAH1223]

Mortgage rates in the 5% and above now

Glad I got that 3.25% locked in a year ago

 

[Koapa]

I locked in at 3.8% percent in Feb this year.

 

[Mister_DoItNice]

I’m interested to see what impact, if any, these higher rates have on home prices going forward. I wanna get another crib next year.

 

[rightfultoefinger]

I’m interested to see what impact, if any, these higher rates have on home prices going forward. I wanna get another crib next year.

Can’t speak for everywhere but I honestly see little impact the rates will do. People that are buying in desirable neighborhoods in San Diego are paying all cash. A lot of these people have come cashed up from the Bay Area and are working from home. Work from home in the Bay Area or some nice beach city in San Diego where weather is perfect year round? Easy choice there.

Looking back, I’m having so many regrets not buying a second home during the pandemic. I thought all the houses were overpriced but boy was I wrong. We were actually looking. Now those house have all appreciated by 50-100%

 

[Reality Check]

Mortgage rates in the 5% and above now

Glad I got that 3.25% locked in a year ago

Refi'd twice during 2020 and locked in 2.75%

 

[Geek Nasty]

This bubble needs to pop already. Im never going to be able to build at this rate.

Realtors are thirsty as hell though. I used realtor.com on a few properties and got flooded with messages.

 

[GzUp]

These prices are the new norm unfortunately. If wages were low then maybe not but we have people making close to 20 dollars an hour at McDonald’s. Prices are not gonna go down, if anything your wages might go up some before we see prices to go down.

 

[GzUp]

This bubble needs to pop already. Im never going to be able to build at this rate.

Realtors are thirsty as hell though. I used realtor.com on a few properties and got flooded with messages.

U better buy before rates hits 7%, rates will eventually go down but that can be years from now. U just might see a slight drop in housing but it’s not gonna be much, we still are in an a housing shortage, won’t be until another 10 years before they catch up.

 

[Geek Nasty]

U better buy before rates hits 7%, rates will eventually go down but that can be years from now. U just might see a slight drop in housing but it’s not gonna be much, we still are in an a housing shortage, won’t be until another 10 years before they catch up.

I can't even afford right now or I would. Unless prices come back down to 2020 levels I'm out, and I just got a good raise too

 

[TheDarceKnight]

U better buy before rates hits 7%, rates will eventually go down but that can be years from now. U just might see a slight drop in housing but it’s not gonna be much, we still are in an a housing shortage, won’t be until another 10 years before they catch up.

If I own a house and I don't want to sell it right now, am I fine to sit on it for a few years? I had a real estate agent tell me I'd be stupid not to sell it within the next year or two, but I didn't really want to sell it if I didn't have to.

 

[Geek Nasty]

Prices on land at least are all dropping finally. 7/9 properties on my list have dropped recently. And hardly any of the lots are selling I look at.

I'm seeing house prices starting to come down too, but I don't track these enough for stats.

 

[mastermind]

Prices on land at least are all dropping finally. 7/9 properties on my list have dropped recently. And hardly any of the lots are selling I look at.

I'm seeing house prices starting to come down too, but I don't track these enough for stats.

They are also coming down in the Austin area for resells.

 

[FAH1223]

If I own a house and I don't want to sell it right now, am I fine to sit on it for a few years? I had a real estate agent tell me I'd be stupid not to sell it within the next year or two, but I didn't really want to sell it if I didn't have to.

Prices probably won't be appreciating like they have been since early 2020. They starting to drop now