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Real Estate Price Forecast | |
| Anonymous Coward User ID: 85210841  United States03/30/2023 09:13 AM Report Abusive Post Report Copyright Violation | |
| Anonymous Coward (OP) User ID: 85210841 United States03/30/2023 09:14 AM Report Abusive Post Report Copyright Violation | A client of mine asked me to run a real estate forecast for the next 3- 5 years. Picutre is not pretty. My area is overvalued by 29-30% currently, however throw in the run up of mortgage rates doubling since 2022 and we are looking at a horrible situation. So if Interest rates were still 3-3.5% I could comfortably say that a 25-35% reduction in home prices in my area would be expected. However due to mortgage rates, I can not justify anything less than a 47% or more drop from current prices. If you are selling, think about holding on or expect a severe drop from here. If you must sell, be realistic and get competitive right from the start- this means dropping your price 10-20% from your closest comps... Quoting: Anonymous Coward 85210841 RE Agents will get on here and say that I am crazy, because they need to cheerlead for the market, don't listen. The market is tanking in most places. |
| Anonymous Coward User ID: 84188076 United States03/30/2023 09:15 AM Report Abusive Post Report Copyright Violation | |
| Anonymous Coward User ID: 84718056 United States03/30/2023 09:16 AM Report Abusive Post Report Copyright Violation | |
| Anonymous Coward User ID: 82774405 United States03/30/2023 09:16 AM Report Abusive Post Report Copyright Violation | |
| Anonymous Coward User ID: 84188076 United States03/30/2023 09:16 AM Report Abusive Post Report Copyright Violation | |
| Anonymous Coward (OP) User ID: 85210841 United States03/30/2023 09:16 AM Report Abusive Post Report Copyright Violation | |
| Anonymous Coward User ID: 84188076 United States03/30/2023 09:17 AM Report Abusive Post Report Copyright Violation | |
| Anonymous Coward User ID: 84458828  Canada03/30/2023 09:18 AM Report Abusive Post Report Copyright Violation | |
| Anonymous Coward User ID: 81566217 United States03/30/2023 09:18 AM Report Abusive Post Report Copyright Violation | |
| Anonymous Coward (OP) User ID: 85210841 United States03/30/2023 09:19 AM Report Abusive Post Report Copyright Violation | They are overvalued by 60% now so it will still be no bargain if it corrects. Quoting: Anonymous Coward 84718056 Nice number you pulled out of your ass. Got any more numbers hiding in your ass? There will be FOMO on both sides. For years we have been on the FOMO buyers side, meaning prices have been driven up by Fear of Missing OUT. It is beginning to swing the other way and at some point there will be FOMO on the sellers side and the will drive lower prices as no one wants to buy a falling knife |
| Anonymous Coward (OP) User ID: 85210841 United States03/30/2023 09:20 AM Report Abusive Post Report Copyright Violation | |
| Anonymous Coward User ID: 84188076 United States03/30/2023 09:20 AM Report Abusive Post Report Copyright Violation | right now the job market is holding it up. Quoting: Anonymous Coward 81566217 anyone can get a job if AI truly takes over the prices will tank 95% lol. There’s still a supply shortage. People got great rates don’t want to sell. That limits supply that was already limited before. Interest rates are still historically low. |
| Anonymous Coward User ID: 84188076 United States03/30/2023 09:20 AM Report Abusive Post Report Copyright Violation | They are overvalued by 60% now so it will still be no bargain if it corrects. Quoting: Anonymous Coward 84718056 Nice number you pulled out of your ass. Got any more numbers hiding in your ass? There will be FOMO on both sides. For years we have been on the FOMO buyers side, meaning prices have been driven up by Fear of Missing OUT. It is beginning to swing the other way and at some point there will be FOMO on the sellers side and the will drive lower prices as no one wants to buy a falling knife No prices have been driven up by insanely cheap money |
| Anonymous Coward (OP) User ID: 85210841 United States03/30/2023 09:21 AM Report Abusive Post Report Copyright Violation | right now the job market is holding it up. Quoting: Anonymous Coward 81566217 anyone can get a job if AI truly takes over the prices will tank 95% lol. There’s still a supply shortage. People got great rates don’t want to sell. That limits supply that was already limited before. Interest rates are still historically low. Wow. Can you please sell me a house quickly based upon those logics... |
| Anonymous Coward User ID: 82774405 United States03/30/2023 09:21 AM Report Abusive Post Report Copyright Violation | |
| Anonymous Coward User ID: 84188076 United States03/30/2023 09:22 AM Report Abusive Post Report Copyright Violation | right now the job market is holding it up. Quoting: Anonymous Coward 81566217 anyone can get a job if AI truly takes over the prices will tank 95% lol. There’s still a supply shortage. People got great rates don’t want to sell. That limits supply that was already limited before. Interest rates are still historically low. Wow. Can you please sell me a house quickly based upon those logics... Houses in my area are still generally under 90 DOM Dude you’re clueless |
beeches  User ID: 78973486 United States03/30/2023 09:22 AM  Report Abusive Post Report Copyright Violation | |
| Anonymous Coward User ID: 81566217 United States03/30/2023 09:22 AM Report Abusive Post Report Copyright Violation | right now the job market is holding it up. Quoting: Anonymous Coward 81566217 anyone can get a job if AI truly takes over the prices will tank 95% lol. There’s still a supply shortage. People got great rates don’t want to sell. That limits supply that was already limited before. Interest rates are still historically low.  until they lose their jobs and can't pay the low rate that they have. in 07 people actually lost jobs and that isn't happening here for some reason. Thus, no correction yet. Long story short, this will get ugly within a year if people start losing jobs in mass numbers. but not until then |
| Anonymous Coward User ID: 84188076 United States03/30/2023 09:23 AM Report Abusive Post Report Copyright Violation | right now the job market is holding it up. Quoting: Anonymous Coward 81566217 anyone can get a job if AI truly takes over the prices will tank 95% lol. There’s still a supply shortage. People got great rates don’t want to sell. That limits supply that was already limited before. Interest rates are still historically low. until they lose their jobs and can't pay the low rate that they have. in 07 people actually lost jobs and that isn't happening here for some reason. Thus, no correction yet. Long story short, this will get ugly within a year if people start losing jobs in mass numbers. but not until then Just say you wish it will happen because that’s the truth. You have no idea what you’re talking about. |
| Anonymous Coward (OP) User ID: 85210841 United States03/30/2023 09:23 AM Report Abusive Post Report Copyright Violation | right now the job market is holding it up. Quoting: Anonymous Coward 81566217 anyone can get a job if AI truly takes over the prices will tank 95% lol. There’s still a supply shortage. People got great rates don’t want to sell. That limits supply that was already limited before. Interest rates are still historically low. People move all the time, especially in todays society. We are already seeing a surge in inventory with limited buyers. Interest rates are historically low... LOL. My first house I was at a 18% mortgage rate- so in tardland you are right. But I only had to pay $37k for the house, that is now worth $425k. LOL |
| Anonymous Coward User ID: 82025842  Netherlands03/30/2023 09:24 AM Report Abusive Post Report Copyright Violation | |
| Anonymous Coward (OP) User ID: 85210841 United States03/30/2023 09:24 AM Report Abusive Post Report Copyright Violation | prices are holding on, dropping some, here. Asking prices. Quoting: beeches prices lag behind other indicators. DOM days on market is rising. Number of houses dropping their original asking prices is also increasing. 2008 was a slow a slow ride for most markets. There were good deals to be had all the way till 2012. This looking similar. |
| Anonymous Coward User ID: 84188076 United States03/30/2023 09:25 AM Report Abusive Post Report Copyright Violation | right now the job market is holding it up. Quoting: Anonymous Coward 81566217 anyone can get a job if AI truly takes over the prices will tank 95% lol. There’s still a supply shortage. People got great rates don’t want to sell. That limits supply that was already limited before. Interest rates are still historically low. People move all the time, especially in todays society. We are already seeing a surge in inventory with limited buyers. Interest rates are historically low... LOL. My first house I was at a 18% mortgage rate- so in tardland you are right. But I only had to pay $37k for the house, that is now worth $425k. LOL Ya and let’s say you bought that house for 37k… you’re sitting on nearly 400k in equity. That gives people options. And lots of people that would have moved before now won’t because they don’t want to give up their rates. Like for a job offer in a new state that before might have been worth it but now isn’t. |
| Anonymous Coward (OP) User ID: 85210841 United States03/30/2023 09:26 AM Report Abusive Post Report Copyright Violation | Historically RE is overpriced by 25%. But you forgot the real inflation rate of 25%. Wall St put their money into RE to hedge against inflation. Quoting: Anonymous Coward 82025842 Prices are NOT coming down. Home sales will collapse but prices will not. This is a direct cause of 25% inflation. Listen to this real estate agent. Buy now! |
| Anonymous Coward User ID: 84188076 United States03/30/2023 09:26 AM Report Abusive Post Report Copyright Violation | prices are holding on, dropping some, here. Asking prices. Quoting: beeches prices lag behind other indicators. DOM days on market is rising. Number of houses dropping their original asking prices is also increasing. 2008 was a slow a slow ride for most markets. There were good deals to be had all the way till 2012. This looking similar. And we are now 1.5 years in essentially on a slowdown. This is a normal price correction after a huge run up. You’re just praying that people lose their jobs. |
| Anonymous Coward User ID: 85325960 United States03/30/2023 09:28 AM Report Abusive Post Report Copyright Violation | A client of mine asked me to run a real estate forecast for the next 3- 5 years. Picutre is not pretty. My area is overvalued by 29-30% currently, however throw in the run up of mortgage rates doubling since 2022 and we are looking at a horrible situation. So if Interest rates were still 3-3.5% I could comfortably say that a 25-35% reduction in home prices in my area would be expected. However due to mortgage rates, I can not justify anything less than a 47% or more drop from current prices. If you are selling, think about holding on or expect a severe drop from here. If you must sell, be realistic and get competitive right from the start- this means dropping your price 10-20% from your closest comps... Quoting: Anonymous Coward 85210841 what market are you in OP? Here in SE TX things are still fairly strong |
| Anonymous Coward User ID: 84899513  Norway03/30/2023 09:28 AM Report Abusive Post Report Copyright Violation | |
| Anonymous Coward User ID: 82025842 Netherlands03/30/2023 09:29 AM Report Abusive Post Report Copyright Violation | Historically RE is overpriced by 25%. But you forgot the real inflation rate of 25%. Wall St put their money into RE to hedge against inflation. Quoting: Anonymous Coward 82025842 Prices are NOT coming down. Home sales will collapse but prices will not. This is a direct cause of 25% inflation. Listen to this real estate agent. Buy now! Not a RE agent. I'm an investor. RE is the place to be. America is about to sink into destruction that the west, perhaps the world has never seen as dollars come back home. Where do you think every big and small Wall St firm is putting their money? RE. Prices are not coming down. |
| Anonymous Coward User ID: 84899513 Norway03/30/2023 09:29 AM Report Abusive Post Report Copyright Violation | |
| Anonymous Coward User ID: 81566217 United States03/30/2023 09:29 AM Report Abusive Post Report Copyright Violation | A client of mine asked me to run a real estate forecast for the next 3- 5 years. Picutre is not pretty. My area is overvalued by 29-30% currently, however throw in the run up of mortgage rates doubling since 2022 and we are looking at a horrible situation. So if Interest rates were still 3-3.5% I could comfortably say that a 25-35% reduction in home prices in my area would be expected. However due to mortgage rates, I can not justify anything less than a 47% or more drop from current prices. If you are selling, think about holding on or expect a severe drop from here. If you must sell, be realistic and get competitive right from the start- this means dropping your price 10-20% from your closest comps... Quoting: Anonymous Coward 85210841 what market are you in OP? Here in SE TX things are still fairly strong red states aren't going to drop because they never traded for more then it cost to build and now that is prime real estate. especially oil producing states |
