This seems temporary, assuming interest rates have topped out. Given the Fed's recent messaging, this seems like the most obvious time in 10+ years to wait out the housing market.
The housing market is starting to crack – Sellers are cutting prices
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Re: The housing market is starting to crack – Sellers are cutting prices
#12something that could happen with housing that hasn't happened in a while... Market goes sideways for a ~ decade
Re: The housing market is starting to crack – Sellers are cutting prices
#13Fundamentally we are still not building more homes where more people would like to live, so my optimism is very limited
Re: The housing market is starting to crack – Sellers are cutting prices
#14I've noticed this anecdotally over the past few weeks in my town. After a couple of years of houses being listed on Thursday, shown over the weekend, in-contract for above asking price the following Tuesday, houses have finally begun to sit on the market for several weeks. And I've seen gasp a couple of asking price reductions. Too soon to tell if this is the beginning of a minor correction or a major bubble burst, b…
I think that was the main reason for higher interest rates -- it makes the monthly payments higher, which pushes down the total home price. But it only works if there is inventory. And inventory only happens when people are in a "forced sell" position, such as needing to relocate for their job (back to office push for example). A lack of inventory typically will also spur on new construction, but even in areas where…
You can refi your low-principal, high-interest mortgage later, if interest rates ever come down.
You can't renegotiate your high-principal, low-interest mortgage later. (Well, you can, if rates go up, but why would you want to?)
Re: The housing market is starting to crack – Sellers are cutting prices
#15This seems temporary, assuming interest rates have topped out. Given the Fed's recent messaging, this seems like the most obvious time in 10+ years to wait out the housing market.
Why? What is going to happen next year, that makes waiting good?
Re: The housing market is starting to crack – Sellers are cutting prices
#16Fortune is engagement farming.
Still not building enough, and the market always cools in winter.
Big Tech isn’t killing the internet. All the Ferengi that went into engagement farming are with their clickbait.
Re: The housing market is starting to crack – Sellers are cutting prices
#17In the 20 or so years I have lived on a small dead-end street with about 16 homes, and where homes that went on the market sold within the first three days and sometimes the first three hours, it has only been in the last 60 days that I have seen a house where the sellers have twice cut the price by greater than 10% each time and the house yet languishes unsold.
And I went to an open house and the home had already sold.
Re: The housing market is starting to crack – Sellers are cutting prices
#18Fortune is engagement farming. Still not building enough, and the market always cools in winter. Big Tech isn’t killing the internet. All the Ferengi that went into engagement farming are with their clickbait.
+1, Spring is the real test, every winter prices go down
Re: The housing market is starting to crack – Sellers are cutting prices
#19I've thought a lot about this, without finding any comprehensive solution.
The housing market suffers from inadequate regulation, allowing speculation and profit-making through the mass purchase of properties and subsequent rental hikes. We need safeguards against such practices; perhaps home ownership shouldn't just be a right but a condition actively safeguarded and championed.
Re: The housing market is starting to crack – Sellers are cutting prices
#20Bring it on. I can't wait to buy a house in the next 6 months. People with money who want desperately out of the renting game don't care at all about 8% interest rates. But the investors and second home buyers sure do. This has been the biggest thing keeping me out of the market since 2020; the time pressure, not the prices. I just refuse to make a massive financial decision on the spot based on a 15 minute open house tour with zero contigencies and huge earnest payments.