Housing Prices..hmm

76z28

Veteran Member
Jun 29, 2009
2,642
bakersfield
So, in the next year or so I think the wife and I want to buy a second house we can later use for retirement(to have it paid off before retirement).. I keep hearing housing is going to crash.. yet in the next breath I hear the same people saying they are waiting for it to crash so they can buy!

So that brings up the question.. is it going to crash like it did in 08?
I am not sure what to think. Between inflation and people waiting to get into the housing market or buy a second house.. can house prices really crash?

I mean even watching interest rates go up, I don't see people slowing down like I would have expected. A 300k house at 7% interest is still more expensive(or about the same) than a 500k house at 3%. Heck will we see interest rates that low ever again?

Just thinking out loud.
 

Jimmac

Veteran Member
Dec 24, 2013
826
tucson az
I hear the prices won't crash, it won't go up 30% a year, but to produce a house, costs have gone up for materials. I imagine the bidding on over priced homes will slow and homes priced right will sell, just not in 14 hours from being listed. jim
 

carhead22000

oldblue
Sep 5, 2011
1,018
canada
with interest rates climbing,housing will slow.prices are coming down a bit.i would wait to buy.see where it goes,if the economy gets any worse it has no choice to go down.
 

aviator2007

Veteran Member
Gold Member
Oct 1, 2020
266
Denver
This is a really tough call in my opinion it’s not as simple as interest rates and will the housing market crash. I would assume, and there is little reason to doubt this, that interest rates will go up substantially and this will be nationwide. The tougher part of the equation is if the market you are looking to buy in will crash. From what I understand the fundamentals are very different from ‘08 and a nationwide steep crash is unlikely. It is likely that there will be a nationwide slump but severe local market crashes. It’s rather easy to find where the “experts” say this is likely to happen. If I was in a “crash” area I’d wait it out. If I’m in a likely slump area I’d act as soon as prudent to buy to keep interest at bay. Just my thoughts. Best of luck!
 

1980RS

Veteran Member
Jun 17, 2006
6,399
MN
I was looking in WI. still found a lot of good deals on houses. My wife's the one who want's to stay where we are at but the hood rats are migrating in and it's only amount of time before we have serious problems where I live. I need to get out and have a bigger shop.
 

xten

Veteran Member
Sep 24, 2014
4,841
Pittsburgh, Pa.
My friend's daughter just sold her house last week. She wanted to list it for 450K, but the realtor said list it for 350K to start a bidding war. They listed it last Wednesday and by Thursday they had a cash offer for 500K, no inspection. Another friend's son just bought a house for 210K that was listed for 174K and they had a 150K budget. Seems to be a trend (at least around here) to offer over asking price. Don't remember seeing much of that over the years.
 

76z28

Veteran Member
Jun 29, 2009
2,642
bakersfield
My friend's daughter just sold her house last week. She wanted to list it for 450K, but the realtor said list it for 350K to start a bidding war. They listed it last Wednesday and by Thursday they had a cash offer for 500K, no inspection. Another friend's son just bought a house for 210K that was listed for 174K and they had a 150K budget. Seems to be a trend (at least around here) to offer over asking price. Don't remember seeing much of that over the years.
See that is my concern too..
First great for them!
But damn where are people getting the money to go that far over budget? 150 to 210 is a massive jump!
 

tom3

Veteran Member
Aug 1, 1999
14,677
ohio
Sort of like what's on HGTV. Woman works in retail, husband is a stay at home dad, their looking for a $450k home on the beach somewhere.
 




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