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Tuckerton beach
The real estate market here.
- Thread starter SteveSS
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i cant remember ever taking a vacation for more then 3 days before i go bazongs thinking about what jobs i have on my plate Plus every night im on vacation i call in to check on what orders are going, shortages of materials, truck shortages and help no shows.
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MIKESPOLARA
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Prices will NOT go down as long as the interest rate is very low
Gradually raising the rate will slow the market down without creating a collapse.
However you will never see the same low prices again
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We all have opinions no body really knows for sure. But one thing for sure l am seeing lots of new yorks moving out from fear of crime and covid whichbis dtiving prices in Central jersey thru the roof
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I don't think real estate agents are at fault, it's the I have to have that house now before it goes up and I will get it, NOW, people that make the problem bigger. Low interest rate help keep payments down while people bid up the cost and Product supply and demand.
This wouldn't be happening if interest rate went up. I can't stand real estate agents, at this point in time in the market they get to sit back and watch people bid them up a great living. I have friends in real estate, mortgage and banking business and all will tell you product supply and demand is the biggest winners in this whole deal.
How long have you been watching Real Estate cycles.... Up & Down, Up & Down... Every time the rise is a little high & the drop a little less but it will drop... You think there wasn't plenty of folks that wanted to buy houses in 08? But when credit is harder to get & interest rates are higher allot of people can't qualify... The way the economy is currently with inflation about to bankrupt those who can't see it.. There will be a glut of houses... Lots of repos looking for new owners... Don't think so... Just Watch... Or is the government now gonna say banks can't repo houses... After saying landlords can't evict deadbeats they've set up those landlords to be the real victims when banks come calling...
Well said and spot on!!!
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It'll crash. Soon.
The Fed isn't extending these eviction moratoriums just to be nice to deadbeats - they're doing it to keep the market hot and keep their lender-lobbyists raking in the loan dough. Eventually the moratoriums will end (either officially, or through landlords and banks getting sick of it and saying "screw the rules...GET OUT")...and the market will be chock-full of foreclosures. Inventory levels will skyrocket, prices will dive.
Another factor is the Black Rock buyout of everything they can get their hands on. They routinely outbid private buyers, so they can dominate a market/locale. The exact reason is still unclear...but my guess (and that of many others) is the Democrats simply want to turn everything into multi-family inner-city dwellings (socialism), and if they own entire neighborhoods, it'll be easier to get them re-zoned from single family to multi-family.
Also keep in mind, double-digit inflation is HERE. My 401k has gained 9.25% YTD...but with inflation around 17%, I'm LOSING nearly 8% on the 401. $500k isn't worth $500k anymore. ****...soon, $500k won't be worth $200k.
The Fed isn't extending these eviction moratoriums just to be nice to deadbeats - they're doing it to keep the market hot and keep their lender-lobbyists raking in the loan dough. Eventually the moratoriums will end (either officially, or through landlords and banks getting sick of it and saying "screw the rules...GET OUT")...and the market will be chock-full of foreclosures. Inventory levels will skyrocket, prices will dive.
Another factor is the Black Rock buyout of everything they can get their hands on. They routinely outbid private buyers, so they can dominate a market/locale. The exact reason is still unclear...but my guess (and that of many others) is the Democrats simply want to turn everything into multi-family inner-city dwellings (socialism), and if they own entire neighborhoods, it'll be easier to get them re-zoned from single family to multi-family.
Also keep in mind, double-digit inflation is HERE. My 401k has gained 9.25% YTD...but with inflation around 17%, I'm LOSING nearly 8% on the 401. $500k isn't worth $500k anymore. ****...soon, $500k won't be worth $200k.
fratzog lover
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Do you know where Bartlett ave is? Next to Skinners marina?
Purepony
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I have a friend who’s been saying the markets gonna crash since 2012 when I bought my first house and he’s still renting.
yeah it won’t crash. Everyone who bought has skin in the game and put a lot a lot of money down.
Too much to lose!
You obviously are either to young to know better or haven't been paying attention.... I don't want it to crash but I know it will & I'm afraid this is gonna be a particularly bad one..... Not saying when, I got no crystal ball... But I do have many years of watching....
Those who feel they have to much skin in the game often keep/try to keep their houses... And sometimes that is the right choice (it's certainly the honorable choice) but when you paid top dollar & you can walk away and still with the help of friends/family wind up in a nicer home for less money owed when everything is said & done.... Guy that owned the house across they street from me in 2007 wanted to keep his house but his attorney made it very clear walk away/rent/file bankruptcy & when you can try again... His parents helped him buy another house in 2009, he's in a much nicer home & saved about $170K...
Then there's those who used their house as a piggy bank simply walk away & file bankruptcy...
Mopars & Missiles
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Agree, young guy I worked with back in 2008-2012 did the exact same thing when the housing market crashed, house was no longer worth anywhere near what his mortgage was so he just loaded up his stuff and moved out and defaulted on the mortgage payments.
Guess who ends up paying for that scenario? Every damn honest taxpayer in the country, that's who.
rolling_Thunder
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Well I got an offer on our house I am renting back in MD --- we bought it for $275K back in 2017 and it is a nothing special house. We just refinanced to 2.25% and our monthly is $1534 (we put $0 down) and we are renting it for $2400 a month... We just got an offer of $390K for the house... it's not even listed for sale -- times are crazy but I also believe things will crash --- I am just glad we bought when we did as at this point it would be very difficult to do so.
MIKESPOLARA
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The only time you walk is when you can't make the payments due to lost job etc. Just because the market value drops below what you paid is no reason to run out, not if you can still make your mortgage as normal. My neighbor, who is a cop bought back before the drop of 2008, he paid about $750k and the value dropped to about $500k after 2008. No reason for him to do anything, he and his wife make a very good living, you just keep making your payments because you can. Now our house's are back up to around 1 mil so he sat tight and he's golden now. The only ones that default are the ones that lost their jobs, that is what affected that market. The lenders were exposed for making BS loans to people that shouldn't have qualified. The only thing that will crash todays market is a serious job lost. And that might be coming with all the crap that is going on right now
Home values only matter when you're buying or selling, inbetween means nothing
Purepony
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you are absolutely right. Remind me of this conversation when it crashes I want to be the first one to know.
I’ll be waiting but I won’t hold my breath
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Its already happening here (Maryland). 2 weeks ago it was "you're selling? I'll take it...how much?" Less than an hour after the listing went live. Now its still a 'strong' market, but stuff is sitting on market for a few weeks and the bidding war period has ended.
And the foreclosures haven't started to hit yet.
And the foreclosures haven't started to hit yet.
SteveSS
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So much depends on the location. In my small hometown of Independence, Kansas there was an oil boom in the early 20th century. Henry Sinclair was there. It's dying now like a lot of small towns. Lots of neat old homes for cheap.
https://www.coldwellbanker.com/property/315-N-1st-St-Independence-KS-67301/31323921/detail?src=list
Here's a really cool video on Independence.
https://www.coldwellbanker.com/property/315-N-1st-St-Independence-KS-67301/31323921/detail?src=list
Here's a really cool video on Independence.
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