Over the years (at least 30) I've noticed that housing prices go down when interest rates go up and vice versa. It seems to be relative. Like stocks and bonds. In the long run, it all evens out. There is no overstock of houses at this time so don't look for dramatic price decreases.
Over the years (at least 30) I've noticed that housing prices go down when interest rates go up and vice versa. It seems to be relative. Like stocks and bonds. In the long run, it all evens out. There is no overstock of houses at this time so don't look for dramatic price decreases.
By your own observations, it might be worth waiting a couple of years to see what happens. let's say rates go to 8% and stay there for two years, and drive housing prices down gradually for those two years. It's better to buy at 8% after waiting. There would/will be a lag time in declines.
Look at this house in Vista, CA. On the market 1 month, cut prices 3x so far ($1.1M -> $950k). This is in a neighborhood with a 92 (Most Competitive) score. Obviously the Redfin scores for competitiveness haven't refreshed to reflect the new market.
What is your fixation with the real estate market? Every asset class is overcalued
Over valued* based on the previous rate environment. Now they are all correcting. But you will likely not be satisfied with the level of correction. Regardless, you continue to be wrong on the 40 percent week after week, them offer these teaser threads to seem like you will eventually be right.
Are you looking for validation for not buying a home when you should have? Your payment will likely be double or at least 1/4 more when you do eventually buy at the higher rate. When rates hit 8 percent, as previously mentioned, it will likely take another year for prices to really adjust down depending on market. Are you willing to wait that long? I'll tell you what, while you are waiting, someone else is enjoying the home you could have owned while you line some rando millennial landlords pocket. Enjoy!
I find it always amazing that these overpriced houses still have the original kitchen in them. But I guess nobody can afford anything anymore once they decided to buy this overpriced house. The basement looks like there was a lot of shoddy electrical work done.
I would be careful with old house like this because on top on these $1 million might come a couple of nasty expensive surprises.