When will these housing prices go down?

[AAKing23]

A lot of these cats are a bit older and brought their crib already or inherit. So they don't give a fukk

But yeah houses are being sold to rich foreign investors and asset management firms like black rock so I don't see buyers going "dry"

Also America don't give a fukk about birthrate. They want the rich/elites and cheap immigrant labor as a replacement. Hiring Americans is expensive.

I agree with everything except the last paragraph, America definitely does care about birthrates especially the white birthrate which is why the Roe V Wade was repealed

America is the the best suited to handle the population crisis that is coming for a lot of 1st world nations where there is gonna be a drop in productivity due to less families being made and lack of younger people to care for the aging population.

However this country not regulating corporations is why everything is fukked up now, this is unchecked capitalism and what it does. There will either need to be significant worldwide catastrophic event like a war or what I think is more likely, a social revolution that leads to civil unrest on a massive scale that puts pressure (threat of violence) on government officials and the rich

 

[jadillac]

I can tell y'all it's ugly right now. I see it everyday.

People getting pre-approved for several hundred thousand dollars and STILL can't find a home bc they are being outbid by ppl paying straight cash. If you live in So Florida (Miami), you can't even get a condo.

Even states you wouldn't expect, like oklahoma, have doubled. The cost of living there used to be a major draw for ppl, not anymore. It's as bad as it is here in Dallas.

Only places I consistently see good/great prices is Kansas, Ohio, Illinois, Penn. I thought about buying an investment property there. But would it really even be worth it? If the bubble hasn't hit there then what's the point. Probably lose money

Only ppl buying for the most part are Indians, Asians, and a handful of white ppl.

I hear some CEOs anticipating a recession early 2024, but these investment companies are just waiting to snatch up props and rent them.

 

[Alvin]

I'm tired of all these articles and tiktoks from 'smart' people predicting a damn collapse.

One dude was like "shyt will go south by march"

I'm here in july and houses are still fukking expensive and interest rates are 8%

Somethings got to give. How many people can even buy a house nowadays?

never lol they will level out, only when they start building more housing and have it divided by income level (mixed income property, more MFH, not putting all these "luxuries" into new housing)

 

[jadillac]

This is true to an extent, but you can sell big, pay less to get into another place albeit with bigger monthly bill, and then parlay that leftover money into something substantial.

That's probably going to be my pathway tbh

I dunno bro.

Even my parents house is worth double right now, but if my mom wanted to downsize to a much smaller house, like a 1 story, it's basically the same price (for a new one)

 

[Regular Developer]

shyt ain’t coming down unless the entire economy collapses and people need to sell to live.

Builders aren’t building single family starter homes because their isn’t much profit in it. Companies are buying up stock and turning them into rentals. Chinese are buying homes as investments.

One more fukked up thing is happening. People from high salary states who can work remotely are moving to lower income states and driving up the prices in the local market. My friend is in real estate here in Atlanta and he said folks from Cali and the northeast are flocking to Atlanta and surprisingly Orlando and inflating everything. 800k townhomes selling like it’s nothing. That’s wild!

Orlando isn't that surprising to me actually. It has cheap real estate and is a fairly fun city.

 

[jadillac]

never lol they will level out, only when they start building more housing and have it divided by income level (mixed income property, more MFH, not putting all these "luxuries" into new housing)

They're not going to build more unless they have buyers.

In Dallas area, they're supposed to be building this community with a lagoon and a beach built-in to the community. Yes a real beach.

This is a major builder. The signs are still up, the land is cleared, but It's been put on hold for like over a year and a half, so far. The current pricing has dropped the demand.

They're not just going to build homes and wait for buyers. The builders are losing money that way.

 

[Mordith]

I told you dumb nikkas to get in while you could because yesterday's price is not today's price!

 

[Mordith]

I told you dumb nikkas to get in while you could because yesterday's price is not today's price!

 

[Adonai]

Housing prices definitely needs a return to mean, but that would mean pretty much anyone who bought within the past 2 years would lose a ton of equity.

 

[Starman]

I told you dumb nikkas to get in while you could because yesterday's price is not today's price!

 

[CarltonJunior]

I dunno bro.

Even my parents house is worth double right now, but if my mom wanted to downsize to a much smaller house, like a 1 story, it's basically the same price (for a new one)

Yeah, but she wouldn't put nearly as much into the down payment for the new one, the rest of the proceeds would stay in her pocket and she can use that to do other shyt like pay off debts, invest or even start a business

Let's say your home is worth 250k now and you got it for 150k, and you lived there for 10 years. You'd likely have a good amount of equity, let's say around 40-60k in equity, if you sold the house for 250k, that equity is factored in.

Even if you only put the equity toward down payment for a new home, the rest of the 100k is yours. Pay off your car, student loans, etc, and you're comfortable, yeah you took on a mortgage bill, but you reduced your other debts, fixed your credit, and now have a lot of financial flexibility as well as a new appreciating asset that'll likely sell for more down the line than what you sold your last house for. Call it downsizing, sure, but is it really?

 

[jadillac]

Yeah, but she wouldn't put nearly as much into the down payment for the new one, the rest of the proceeds would stay in her pocket and she can use that to do other shyt like pay off debts, invest or even start a business

Let's say your home is worth 250k now and you got it for 150k, and you lived there for 10 years. You'd likely have a good amount of equity, let's say around 40-60k in equity, if you sold the house for 250k, that equity is factored in.

Even if you only put the equity toward down payment for a new home, the rest of the 100k is yours. Pay off your car, student loans, etc, and you're comfortable, yeah you took on a mortgage bill, but you reduced your other debts, fixed your credit, and now have a lot of financial flexibility as well as a new appreciating asset that'll likely sell for more down the line than what you sold your last house for. Call it downsizing, sure, but is it really?

But, why not just do a cash out refinance in that case? You can take out 60k of equity and do whatever, and you not having to move, etc.

BUT That's the other issue. The rates are damn near 7-8% now for a refi when 2 yrs ago it was 2-3%. So now you're getting hit on both ends, housing prices and the rates

 

[CarltonJunior]

But, why not just do a cash out refinance in that case? You can take out 60k of equity and do whatever, and you not having to move, etc.

BUT That's the other issue. The rates are damn near 7-8% now for a refi when 2 yrs ago it was 2-3%. So now you're getting hit on both ends, housing prices and the rates

Because you're pocketing the 100k from the sale and getting that money raw

$100k to spend freely isn't anything sneeze at, and can be used to jumpstart something that could make some money down the line, risky, but you gotta play to win.

 

[jadillac]

Because you're pocketing the 100k from the sale and getting that money raw

$100k to spend freely isn't anything sneeze at, and can be used to jumpstart something that could make some money down the line, risky, but you gotta play to win.

But bro, you can do a cash out refi for $100k and accomplish the same thing.

 

[CarltonJunior]

But bro, you can do a cash out refi for $100k and accomplish the same thing.

True, but I'd get the new house, I think it'll have a chance of appreciating to something bigger than the original house