Was pretty much team mortgage brahs despite not owning any house or property, and was shaking my head at the brahs calling for the crash this whole time.

However, I was browsing zillow by me. I noticed a few things. All the big houses and properties have been trying to sell for the past year. most have dropped 600k+ on the price. All of the housing near me is slowly started to drop their price and are all still on the market. Nice houses in the range of 300-500k haven't budged on there. No one is buying anything. All the townhouses and overpriced condos with absurd property taxes and HOA fees are dropping.

Although everything is still overpriced and I lol at 250k small houses that legit aren't livable or townhomes/condos bought 3 years ago for 140k trying to sell for 200k plus with absurd HOA fees and property taxes, I am finally seeing some market correction.

It's obviously location dependent, but I think there is going to finally be some realism in the housing market within the near future.

gonna take years to hit the next bottom NO homo

Don't even care about a bottom. Only care about prices making a little but of sense.

Just saw a house in my neighborhood where I grew up and they bought it last year for 250k, put in new snap in flooring and bathroom vanities, painted, etc. Now it's up for 394k. No house in that area has sold anywhere near that. Did nothing to the outside, landscaping, etc. Pure delusion.

It's laughable what happened near me. Legit unlivable shacks for 300k because it's on almost 1 acre.

Then add in property taxes paying like 6-8k extra a year for this little guys. And that's not even that bad around here!

the property tax thing is a real bitch even if you pay it off

i'm lucky that mine is just under 3k and only increased by 50 bucks last year

call it cope but i'm glad i didn't get a nicer house that wood have had 2-3x the property tax

if you have money while there's blood on the street, you'll be dialed

the thing to keep in mind is even if rates are 10+%, they're going to have no choice but to slam them in the future to create the next bubble and you can always refi

or even if rates stay high, you can always just pay it off

It's not really crashing where I am, bag holders are being stubborn even though sales are stagnant. We also have a pretty solid air bnb market here as it is a tourist destination.

It doesn't really matter though, with interest rates, even if prices do drop you will still end up paying significantly more than you would have 3 years ago. Prices are really only dropping if you are an all cash buyer

As you said its all location based. Here in So Cal prices in some areas dropped a tiny bit but house are still selling like crazy and there is not enough inventory. One of my friends who is a realtor keeps selling homes for over asking price. And these are in the 1.5 mil range.

Some areas however got way overpriced. I always laughed when I saw some places in BFE reaching prices near a So Cal home, where people actually WANT to live. I believe the main reason is that people in areas where they had a lot of equity were taking a 2nd and trying to buy rentals as investments in cheaper areas, thus artificially driving up prices. This happened a TON in Vegas and Phoenix areas in the 2008 bubble die to proximity to Cali.

Yeah but interest rates are way up which cancels out any savings you would have. Your monthly payments will still be the same or higher than before

Housing prices aren't going to drop.


New construction is so fking expensive right now due to inflation it drags up the cost of established homes.


People need someplace to live. It's not like housing is a commodity. People are pissed off about interest rates and might not buy in the short term, but no one wants to rent forever. And rents will get dragged up by inflation too.