And because we still will not have built enough, we will start all over again!
Hope I can pick up something cheap this time.
Housing market
- Thread starter simply1
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And because we still will not have built enough, we will start all over again!
Hope I can pick up something cheap this time.
Alternately, it means its going to crash that production of new units, which we have been behind on for the last decade+ anyway, putting us ever farther away from that problem getting better.
Lots of home builders, mortgage brokers, and real estate agents (in the central IA area) are going to have to work hard again to prove their worth. Its been pretty easy for 10 or so years.
Maybe this time around millennials like me can take advantage of the housing market crash
Those years of increased home values/prices and low interest rates making it super easy for people to buy new houses on a whim are over. You are going to need a really good reason to move if prices come down AND interest rates are high.
Wouldn’t want to be an average or below average realtor right now.
Wouldn’t want to be an average or below average realtor right now.
The crap realtors are going to be transferring to where they should have been all along, used car sales.
While this sucks for home builders, this is good news for the fed, right? Perhaps we're actually starting to see the slowdown they were working to create.
Yes that's the ultimate goal; used car prices are already down 10% YOY and we are already starting to see housing take that path. It sucks for a lot of folks but was necessary.
Who really? Only those who moved too slow to lock in unearned appreciation.
Sorry not sorry.
I'm not talking about those buying or selling. There have been massive layoffs around the country in banking, auto sales, mortgage, real estate, etc. It affects a lot of people when a correction is needed.
People underestimate how hard it was to get a house when the crash happened. Lending got super tight and requirements from the banks was an overkill. Foreclosures were being bought with cash/deeper pockets. 2008, 2009 and 2010 were some really hard times for new home buyers and people with average credit. Obama tried to build some momentum by offering up $8K for new home buyers, but ultimately it was lack luster incentive for all the reasons outlined above.
I'm sure there are some who started a new home build and have gotten stuck with higher than planned rates and difficulty selling an existing home.
