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Home Prices

Laodicean60

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FireDragon76

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RocksInMyHead

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The problem is that prices are high (100-150% increase since 2019 in my area), wages aren't keeping pace, and interest rates are double what they were a year ago. I don't really see home prices dropping significantly given the way that the market works - at best, we can hope for a stabilization or stagnation. That doesn't really help those who can't afford a house now though, unless wages increase to account for the higher cost of living.
 
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Laodicean60

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There's about to be a glut of homes as the Baby Boomer generation begins to pass away in large numbers.
Yes sir, I hear some big corporations and investors are saving cash for that very reason. I tried to relocate in 2021 to the Dallas area and kept getting overbid and a couple of homes I bid 20k over asking. Regular people can't compete.
 
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Trogdor the Burninator

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There's about to be a glut of homes as the Baby Boomer generation begins to pass away in large numbers.
Most of those homes wont hit the market though, they'll be passed on to their (mostly gen-x and millennial) children. Given the year on year rise in the US population, any additional housing (especially in major cities) will get soaked up pretty quickly.
 
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Laodicean60

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Most of those homes wont hit the market though, they'll be passed on to their (mostly gen-x and millennial) children. Given the year on year rise in the US population, any additional housing (especially in major cities) will get soaked up pretty quickly.
more than likely mykids will sell the house
 
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Nithavela

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more than likely mykids will sell the house
and that will be their decision, but people passing away in and of itself does not make the market for houses change,
 
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Always in His Presence

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Who can afford a home when the mortgage rates are at a 40 year high? I refinanced in 2020 to a 15 year at 2.5% - why on earth would I want to sell and purchase at 7% to 9%?
 
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wing2000

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Who can afford a home when the mortgage rates are at a 40 year high? I refinanced in 2020 to a 15 year at 2.5% - why on earth would I want to sell and purchase at 7% to 9%?

Yes, that's a good part of the problem. Those who have mortgages at 2-3% are certainly not going to make a move unless their next purchase is with cash.
 
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