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Home Prices

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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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FireDragon76 said:
There's about to be a glut of homes as the Baby Boomer generation begins to pass away in large numbers.
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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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FireDragon76 said:
There's about to be a glut of homes as the Baby Boomer generation begins to pass away in large numbers.
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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.
 
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Laodicean60

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Trogdor the Burninator said:
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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more than likely mykids will sell the house
 
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Nithavela

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Laodicean60 said:
more than likely mykids will sell the house
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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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hislegacy said:
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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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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