When will these housing prices go down?

[Unemployed GM]

I'm currently on a 3% rate for a house that's worth around 350-400K now cuz I only borrowed 208K when I bought it. and my mortgage is only $1400, and that's after a MASSIVE property tax increase

Damn!!! Trying to buy now but looking at close to double that.

 

[Unemployed GM]

Also, one question I have

America is on a birthrate decline, if house prices never come down and only go up, isn’t there going to be a point within this century that the buyers will get tapped out dry? Cause if future generations can’t afford houses en mass then they won’t bother starting families which will be like a domino effect going forward.


Idk, I feel like a lot of guys are in here talking like it’s perfectly fine housing is unaffordable, almost like some of y’all think that’s how it should be. Sound like some agents up in here.

That already is happening but we use immigration.

 

[Software]

Funny how all this shyt is so expensive but companies are not giving employees proper wage increases

 

[Unemployed GM]

Of course not but the market will go down in small increments. When that happens more buyers will hit the market and guess what? the home prices will go up because of bidding wats. Again, there is still a big inventory issue. Not enough new builds either.

Also, if you’re renting just but a house now. These landlords about to fleece you more. Just think you’re paying 100% interest paying rent. You’ll never own and it’s like being in an ARM mortgage. Landlord can hike that payment when you renew. (Again, I know some states have protections in place for long time renters).

Facts. These are landlords are out here fukking over these tenants. They raising the rent by +30% while making no repairs or improvements to these properties.

 

[WesCrook]

Worry about house prices when Earth is about to be Total Recall Mars status brehs

It could very well happen within:

 

[Dave24]

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.

@jadillac what about Wisconsin and Michigan?

 

[beenz]

Damn!!! Trying to buy now but looking at close to double that.

U should be happy to get 6% in 2023

 

[beenz]

Damn!!! Trying to buy now but looking at close to double that. I was won't

Yo..... The good interest rates are probably dead forever.

 

[Alvin]

get you some money

that's luxery housing though and it was always going to cost a pretty penny, look at some of those add-ons (lake, pool)

 

[Cakebatter]

Damn!!! Trying to buy now but looking at close to double that.

Wife and I are looking at moving to a better school district and taking out kids out of private school, but the interest rates are making it "No Bueno!"

 

[RennisDeynolds]

NYC cracking down on AirBNB



You wannabe landlords and your side hustles better fall the fukk back

 

[DonB90]

4 bedroom 3 bath room house in Jersey in the 50s

Adjusted for inflation $11,900 in 1950 is the equivalent to $150,000 now

We got fukked

 

[CouldntBeMeTho]

10k people coming In a day illegally. They will all want their own houses. That's why this shyt will never come down

 

[Micky Mikey]

10k people coming In a day illegally. They will all want their own houses. That's why this shyt will never come down

Build more houses

 

[RageKage]

It's pretty elementary

A couple posters have mentioned commercial real estate, we just don't need as much as we did so it would be nice to see some of those spaces being converted to residential housing.

Interest rates, they are likely to stay where they are for a bit. I think this will give more emphasis to sellers offering more creative finance options. I know my folks benefitted from this when they bought their 1st home in the 80s when interest rates were far higher