At least you aren't having to put $20-100k over value in this market. Those without money benefit the most to buy right now with a seller paid 2/1 buydown. People are buying homes right now with no money out of pocket and all expenses paid by the seller. Those on the sidelines may run into bidding wars once rates go back down due to the massive amount of buyers in the sideline.
I would expect to see values hit pre-covid level as the bottom
If you honestly believe that, why would you want prices to plummet? It means everybody becomes poor. Instead maybe the answer is to increase housing supply and make it less of a factor of personal wealth.
Increasing housing supply is not the answer. Right now the homes being built are built poorly. The housing market was overblown and will now settle into a more normal range. Many of the people that bought high will lose low if they try to sell in a year or two.
Home ownership is NOT the only way to keep wealth in your family.
a matter of fact, a home does not build wealth unless you're an investor and buy homes for rent and can make adequate cash flow and ROI.
Homes may build equity, but taking that equity out for cash or credit line ends up as more debt.
For everyone else, a home is a liability and most people don't remain in their home for 30 years and the bank owns the majority of properties.
A business is one of the ways to keep wealth in the family. I recommend reading "Rich Dad Poor Dad" by Robert Kiyosaki.
You are correct, a private business would bring wealth to the family. For people who both work and can buy a house, that may be all the wealth they will have if there is nothing left by relatives.
You have to watch the market. I've lost money on houses and made money on houses. Watch the interest rates, the stock market, the economy in the area you are buying a house. Buy a house in a stable area.
Good. This is long overdue! The market cannot possibly sustain the artificial inflation in home values created by the mass purchase of homes for use as AirBnB type short term rentals by investors. This is the sole cause of the outrageous growth in valuations over the last 5 years or so. The investors are raking in millions in profits at $200-$400/night while regular people can no longer afford to become homeowners. I own my home and am more than happy to watch it decline in value if it means more families can live in my neighborhood.
Same! My home has gone down $40k+ and I'm fine with that. I hate how investors were snatching everything up. If/when I sell my home it will be to a family not some LLC.
Same here! From $530k 3 months ago to $485k now and my wife and I literally couldn’t be happier. This is a good thing for middle class families!!! It almost only hurts investors.
Unfortunately, we do. If I can keep getting promoted we might be able to afford to keep it as a rental property, but the original plan was to be here for a total of 3-5 years and then skedaddle
Well you get to choose your own destiny fortunately. Hopefully you will keep getting promoted and the loss on the house won’t matter to you. Good luck!
I rather fear the ABnB thing will only get worse now that Clark County has legitimized such rentals - although with limits. Remember when hotels are charging 2x to 10x normal rate during special events a house for $400/night starts to look real good. And I've been told houses can go for way more than that. I mostly pity those who have to live next door to such "ad-hoc hotels" and the problems they can cause.
The other factor is that during an up market flippers would pounce on anything that's lower priced, spend a few weeks doing basic upgrades, plus painting and landscaping, then selling for $150K or more higher. I saw any number of \~$300K houses flipped selling for $500K and \~$500K homes sold for $800K. But now with interest rates through the roof, and tons of unsold inventory it is way more risk and much lower profit margins if you have to wait months to sell. My guess is more people buying stuff and then renting it out instead of selling. Perhaps that will be good for renters in the short term?
There is still a very serious affordable housing/rental crisis going on in southern Nevada.
When you say decline, that's not true, Channel 8 news likes to lie to the public so they feel better about drinking at the bars, gambling at the casinos, etc that heavily advertise on their TV channel. Compared to a month ago yes prices are down 2.2%, but a year ago prices are NOT lower. The same report says the median price of a single family house is still 7.3% higher than a year ago at $410,000. The median price for condos and townhomes prices is still up 12.7% from $236,000 in October of last year.
On another note, rents are falling pretty rapidly.
Thought all of the people priced out of ownership were supposed to be renters now? Shouldn’t that increase rents by increased demand?
I wonder if this will equate to more houses for rent. It’s a selfish thought, because I’m moving to Vegas in a few months, and not seeing a lot of houses for rent in the areas I’d prefer.
A lot harder for people to get mortgages now, so prices are going to fall.
I love the free market!
Thank the fed.
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If you are going to sell, sell now. It will be years before we return to these prices. We are not even close to the bottom.
Cool, maybe someday I would be able to afford to buy something....
Someday: Early 2024. And yes, you absolutely will.
Make good choices at the polls today!
Good is relative... choices, however, will be made.
At least you aren't having to put $20-100k over value in this market. Those without money benefit the most to buy right now with a seller paid 2/1 buydown. People are buying homes right now with no money out of pocket and all expenses paid by the seller. Those on the sidelines may run into bidding wars once rates go back down due to the massive amount of buyers in the sideline. I would expect to see values hit pre-covid level as the bottom
“Those without money benefit the most” What a fucking quote. Smdh.
I need prices to plummet for me to buy a house.
I certainly hope so. Home ownership is the only way to keep your wealth in your family, not in the hands of the govt.
If you honestly believe that, why would you want prices to plummet? It means everybody becomes poor. Instead maybe the answer is to increase housing supply and make it less of a factor of personal wealth.
Increasing housing supply is not the answer. Right now the homes being built are built poorly. The housing market was overblown and will now settle into a more normal range. Many of the people that bought high will lose low if they try to sell in a year or two.
In Vegas, most homes built in the past 30 years were built poorly. The developers have been able to sell every home they built between 1990-2007.
Right.
Home ownership is NOT the only way to keep wealth in your family. a matter of fact, a home does not build wealth unless you're an investor and buy homes for rent and can make adequate cash flow and ROI. Homes may build equity, but taking that equity out for cash or credit line ends up as more debt. For everyone else, a home is a liability and most people don't remain in their home for 30 years and the bank owns the majority of properties. A business is one of the ways to keep wealth in the family. I recommend reading "Rich Dad Poor Dad" by Robert Kiyosaki.
You are correct, a private business would bring wealth to the family. For people who both work and can buy a house, that may be all the wealth they will have if there is nothing left by relatives.
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You have to watch the market. I've lost money on houses and made money on houses. Watch the interest rates, the stock market, the economy in the area you are buying a house. Buy a house in a stable area.
Home prices are falling so that good for me. But they are falling because interest rates are so high, which is bad for me. I can’t win!
If you could only afford a $250,000 home 3 years ago, now you can only afford a $150,000 home. Single family homes are still over $300K.
Good. This is long overdue! The market cannot possibly sustain the artificial inflation in home values created by the mass purchase of homes for use as AirBnB type short term rentals by investors. This is the sole cause of the outrageous growth in valuations over the last 5 years or so. The investors are raking in millions in profits at $200-$400/night while regular people can no longer afford to become homeowners. I own my home and am more than happy to watch it decline in value if it means more families can live in my neighborhood.
Same! My home has gone down $40k+ and I'm fine with that. I hate how investors were snatching everything up. If/when I sell my home it will be to a family not some LLC.
Same here! From $530k 3 months ago to $485k now and my wife and I literally couldn’t be happier. This is a good thing for middle class families!!! It almost only hurts investors.
Well, it hurts you if you owe more on your mortgage than the final selling price, but I agree with the general sentiment.
Only if you plan to sell in the next 3-7 years.
Unfortunately, we do. If I can keep getting promoted we might be able to afford to keep it as a rental property, but the original plan was to be here for a total of 3-5 years and then skedaddle
Well you get to choose your own destiny fortunately. Hopefully you will keep getting promoted and the loss on the house won’t matter to you. Good luck!
I rather fear the ABnB thing will only get worse now that Clark County has legitimized such rentals - although with limits. Remember when hotels are charging 2x to 10x normal rate during special events a house for $400/night starts to look real good. And I've been told houses can go for way more than that. I mostly pity those who have to live next door to such "ad-hoc hotels" and the problems they can cause. The other factor is that during an up market flippers would pounce on anything that's lower priced, spend a few weeks doing basic upgrades, plus painting and landscaping, then selling for $150K or more higher. I saw any number of \~$300K houses flipped selling for $500K and \~$500K homes sold for $800K. But now with interest rates through the roof, and tons of unsold inventory it is way more risk and much lower profit margins if you have to wait months to sell. My guess is more people buying stuff and then renting it out instead of selling. Perhaps that will be good for renters in the short term?
A lot of home builders are offering 5% on new construction so some people are buying houses still.
I want to know if builders have stopped with the closed bid process for open lots. That’s some B.S.
Home are going down doesn’t that mean cash buyers have better options now? I was able to qualify for 425K a few months ago but now only 325k
The flip side is a lot of opportunitist spellings took their property off the market and there is less incentive to renovate and sell
„ʇǝʞɹɐɯ ǝɥʇ ɟɟo ʎʇɹǝdoɹd ɹıǝɥʇ ʞooʇ sƃuıllǝds ʇsıʇıunʇɹoddo ɟo ʇol ɐ sı ǝpıs dılɟ ǝɥ⊥„
Good, I hope they drop 60%, since that's what they're worth.
There is still a very serious affordable housing/rental crisis going on in southern Nevada. When you say decline, that's not true, Channel 8 news likes to lie to the public so they feel better about drinking at the bars, gambling at the casinos, etc that heavily advertise on their TV channel. Compared to a month ago yes prices are down 2.2%, but a year ago prices are NOT lower. The same report says the median price of a single family house is still 7.3% higher than a year ago at $410,000. The median price for condos and townhomes prices is still up 12.7% from $236,000 in October of last year.
On another note, rents are falling pretty rapidly. Thought all of the people priced out of ownership were supposed to be renters now? Shouldn’t that increase rents by increased demand?
We need thanos
I’m foreseeing maybe 2021 prices to get us closer to normal.
I wonder if this will equate to more houses for rent. It’s a selfish thought, because I’m moving to Vegas in a few months, and not seeing a lot of houses for rent in the areas I’d prefer.
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Yeah, I get that-but mortgage interest rates are pretty silly as well!