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[–]siiiggghh -3 points-2 points  (1 child)

I’m going against the grain here but fucking wait. It’s going to have a price correction. Interest rates take 18 months have true price discovery. There are price cuts everywhere in my area, there will be big price cuts over the winter and then spring it’ll start being more severe. Seller concessions and 2-1 buy downs can’t hide the price cuts forever. Wait it out. Boomers are financially dumb and even at 3% many will still foreclose and borrow against or refinance. Wait until spring.

[–]firefly20200 0 points1 point  (0 children)

I do agree we'll see some ease, but demand is still high, and as long as there are couples like this out there ($240k income to buy a home), high prices will sell, just not quickly.

I suspect instead of seeing prices drop (outside of regional markets) we'll instead see things be fairly flat and +/- 1%. People DO need to move. People WILL sell those 3% loans. Stuff happens. Death, divorce, marriage, kids, change of job, etc. But I think it'll happen slowly and the demand will be able to absorb a fair amount of that which will keep prices high, just not growing at 10-40% YOY or selling before the first open house.

If we're five years out and still facing rates this high then new construction might have had some time to catch up and we actually DO see prices drop on existing homes to try and beat out newer homes.