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Forum » Resident Nostradamus predicting housing crash in March is right
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Thread: Resident Nostradamus predicting housing crash in March is right

post 1658040803 03-16-2022, 10:37 AM
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Resident Nostradamus predicting housing crash in March is right

And by right, I mean completely wrong.

https://fortune.com/2022/03/14/housi...ad-for-buyers/




On Friday, Zillow reported that U.S. inventory sank to 729,000 home listings in February. That's down 25% from February 2021, and a decrease of 48% since February 2020. It also marks the fifth consecutive month of declining inventory.

Rentcels. When will they learn.
post 1658041073 03-16-2022, 10:43 AM
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Housing may stabilize in the short term... but long term......

This isnt sustainable.
post 1658041343 03-16-2022, 10:48 AM
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Just got outbidded on a house.... was 10K over ask, @290 per sqft, waived inspection

Clown world
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post 1658041613 03-16-2022, 10:54 AM
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BlackRock and vanguard

brb bid $50k over asking cash

brb You will own NOTHING and youll be happy
post 1658042543 03-16-2022, 11:08 AM
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Originally Posted By FlexLex⏩
Just got outbidded on a house.... was 10K over ask, @290 per sqft, waived inspection

Clown world
Damn. We are at 590 n 603 per soft in my neighborhood


Just wild.... id say you guys have more room for it to go
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post 1658042923 03-16-2022, 11:15 AM
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Originally Posted By knightofday⏩
BlackRock and vanguard

brb bid $50k over asking cash

brb You will own NOTHING and youll be happy
This, just lol @ "but soon, no one will be able to even pay for their loans, so pricing will dump"

No, BR and V will just buy everything and rent them out in some way or another

Buy now or regret forever
post 1658043023 03-16-2022, 11:17 AM
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Feel bad for rentcels mang
post 1658043343 03-16-2022, 11:25 AM
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The Fed is raising interest rates literally today. I don't think it's going to crash in a month or two, but housing is unable to run up fresh ATHs without limitless QE bullchit.
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post 1658043673 03-16-2022, 11:33 AM
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A lot of people are probably "stuck" in their current home and are priced out of the current market, so those who might have sold to "upgrade" even slightly cant, so they stay...decreasing "inventory"

My buddy and his wife are listing their house this week....paid $147k for it 3 years ago and are listing it for like $185K but they were only approved for a MAX of $240k and honestly in this area/market right now, they are going to be making a lateral move if not to something smaller/worse off than what they have now.

I've tried to talk sense into them, but they're set on it. I wouldn't be surprised if they end up homeless or renting. There are currently like 27 houses for sale in the area they want and in their budget....but they're delusional and just keep telling us "everything just works out for them"

Just lol.
post 1658043883 03-16-2022, 11:36 AM
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Originally Posted By bsmit107⏩
A lot of people are probably "stuck" in their current home and are priced out of the current market, so those who might have sold to "upgrade" even slightly cant, so they stay...decreasing "inventory"

My buddy and his wife are listing their house this week....paid $147k for it 3 years ago and are listing it for like $185K but they were only approved for a MAX of $240k and honestly in this area/market right now, they are going to be making a lateral move if not to something smaller/worse off than what they have now.

I've tried to talk sense into them, but they're set on it. I wouldn't be surprised if they end up homeless or renting. There are currently like 27 houses for sale in the area they want and in their budget....but they're delusional and just keep telling us "everything just works out for them"

Just lol.
this

the investors pricing everyone out will stop buying when they can't borrow for free
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post 1658043893 03-16-2022, 11:37 AM
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I've noticed a LOT less new construction since china flu. I'm assuming the cost of raw materials is pushing builders away.
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post 1658044803 03-16-2022, 11:51 AM
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Originally Posted By bsmit107⏩
A lot of people are probably "stuck" in their current home and are priced out of the current market, so those who might have sold to "upgrade" even slightly cant, so they stay...decreasing "inventory"

My buddy and his wife are listing their house this week....paid $147k for it 3 years ago and are listing it for like $185K but they were only approved for a MAX of $240k and honestly in this area/market right now, they are going to be making a lateral move if not to something smaller/worse off than what they have now.

I've tried to talk sense into them, but they're set on it. I wouldn't be surprised if they end up homeless or renting. There are currently like 27 houses for sale in the area they want and in their budget....but they're delusional and just keep telling us "everything just works out for them"

Just lol.
Correct, that's also part of the problem. An upgrade for me would be $100-150k more. And most of those homes have no updates like mine, so add $50k easily and there's no point in moving at all. Some people will continue their search and overpay, demand could eventually wane and supply will increase because people like me who are ready to upgrade can now upgrade at a more reasonable cost. At least, I hope thats true.
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post 1658044873 03-16-2022, 11:52 AM
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I've been working on my house, renovations and upgrades, knowing FULL WELL that the only way my kids will get a house someday is through inheritance. Ded fkn srs.
post 1658046053 03-16-2022, 12:14 PM
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Originally Posted By _zman⏩
Correct, that's also part of the problem. An upgrade for me would be $100-150k more. And most of those homes have no updates like mine, so add $50k easily and there's no point in moving at all. Some people will continue their search and overpay, demand could eventually wane and supply will increase because people like me who are ready to upgrade can now upgrade at a more reasonable cost. At least, I hope thats true.
Yep. They looked at a house on Monday that was listed for $190k....built in '79 and hasn't been remodeled/updated. It's in a better area, better school district (and they're thinking about having kids) and bigger than their current house but easily needs +/-$80k in remodels..........Sold yesterday for $210k. Fukkin hell.


The wife and I are talking about buying their house and renting it out......possibly to them when they cant find what they want. Would be the ultimate moog. Lol
post 1658046813 03-16-2022, 12:32 PM
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My house literally zestimates for 100k more than I bought it for a year ago, and I've made improvements so ultimately more. I hope the town doesn't start charging me those taxes tho
post 1658048033 03-16-2022, 12:56 PM
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Originally Posted By dcbone30⏩
My house literally zestimates for 100k more than I bought it for a year ago, and I've made improvements so ultimately more. I hope the town doesn't start charging me those taxes tho
Its only a matter of time before it gets adjusted.

I got a letter the other day that my house has been assessed to be worth 150K more than it was yesterday and my taxes are going up to reflect the change. As much as prices have gone up in my area, I know I can't get what its currently being assessed for.

Raging hard AF right now.
post 1658048143 03-16-2022, 12:59 PM
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Originally Posted By bsmit107⏩
A lot of people are probably "stuck" in their current home and are priced out of the current market, so those who might have sold to "upgrade" even slightly cant, so they stay...decreasing "inventory"
It's this, with a combination of boomers not selling their old house when moving, and instead choosing to rent it.

Why is a boomer going to sell a house and just sit on cash when there is 8% inflation and a bear market in the stock market?

With home prices continuing to go up, it makes financial sense to just sit on it.

I feel bad for houseless brahs and rentcels. srs.
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post 1658051783 03-16-2022, 02:09 PM
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Everyone in Australia is predicting a market crash here. The smart real estate investors here I know have told me they are in the process of exiting the market and will re enter in a few year time. I've never seen so many homes for sale in my street growing up.

The Americans have no idea what's coming. IF you bought a house in the past year or two, you are losing out big time. Homes outside of LA and New York aren't worth anything above 300k in US. facts
post 1658052553 03-16-2022, 02:25 PM
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Even a 20% drop in home value would only put us back to 2020 levels.
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post 1658052643 03-16-2022, 02:27 PM
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Originally Posted By GeezersPalace⏩
The Americans have no idea what's coming. IF you bought a house in the past year or two, you are losing out big time. Homes outside of LA and New York aren't worth anything above 300k in US. facts
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post 1658053153 03-16-2022, 02:39 PM
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Originally Posted By lockdev⏩
It's this, with a combination of boomers not selling their old house when moving, and instead choosing to rent it.

Why is a boomer going to sell a house and just sit on cash when there is 8% inflation and a bear market in the stock market?

With home prices continuing to go up, it makes financial sense to just sit on it.

I feel bad for houseless brahs and rentcels. srs.
That's a big part of it too. In my neighborhood alone (where all houses were built in the late 70's early 80's) there are 2 houses that I know of that have just been empty for a while. Tax information shows the owners (separate people) are in their late 60's early 70's and they live in Florida. I guarantee the houses are paid off and the owners are just going to rent them out. Property taxes are pretty low here.

This neighborhood is at the point where houses are getting remodeled and flipped....Good area, good school zone, all +/-1 acre lots, house all upwards of 2500 sq ft, avg price is probably $230k-$250k....but they can easily charge $2k/month rent. Lesser houses in not as good of areas around this town are going for $2k/month, so they might even be able to get more.
post 1658056473 03-16-2022, 03:44 PM
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Originally Posted By GeezersPalace⏩
Everyone in Australia is predicting a market crash here. The smart real estate investors here I know have told me they are in the process of exiting the market and will re enter in a few year time. I've never seen so many homes for sale in my street growing up.

The Americans have no idea what's coming. IF you bought a house in the past year or two, you are losing out big time. Homes outside of LA and New York aren't worth anything above 300k in US. facts
Cope.

Homes are not suppose to drop anymore, it will go against all of the global narratives. It just won't happen. People have to sell because they can't afford owning them anymore? They will be bought up either way by the state, private companies, rich people, etc.
post 1658056713 03-16-2022, 03:49 PM
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Curious if anyone has recently bought land and built their own. Seems way better then buying now.
post 1658056863 03-16-2022, 03:53 PM
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Originally Posted By Sunken⏩
Curious if anyone has recently bought land and built their own. Seems way better then buying now.
I don't know where you live, but where I live, land is rare to find, it cost way too much than what an average person or even a person with a high salary job, can afford. Also, building is so damn expensive (like everything is compared to earlier times). Materials, workers, planning, the papers, etc.

Only have companies building overpriced apartment buildings these days
post 1658057493 03-16-2022, 04:05 PM
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once fed tightens rates **** will start easing up
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post 1658057673 03-16-2022, 04:09 PM
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Originally Posted By dcbone30⏩
My house literally zestimates for 100k more than I bought it for a year ago, and I've made improvements so ultimately more. I hope the town doesn't start charging me those taxes tho
Mine is 80k more than I bought 3 years ago. I've done many home improvements and added solar panels. I'm just hoping the market stabilizes in 2 years because I am planning to sell and move to a different city.

It all depends on the situation then. I thought about renting but I'm not sure I want to deal with rentcels and being 3.5 hours away.
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post 1658058013 03-16-2022, 04:15 PM
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Originally Posted By Anachron⏩
The misc real estate experts were wrong?

It can't be...

Why hasn't the real estate market crashed as predicted?
There’s still 2 weeks left to go in March asshoe



2 more weeks
post 1658058473 03-16-2022, 04:23 PM
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A friend is selling his house north of Toronto.
Asking 800k
So far the bids are 220,000 over asking.



We sold my opas house after he passed here, 300 kilometers north of Toronto. Bought 10 years ago for 250k, listed for 600k, sold for 799k.



Buddy listed his drive to cottage here in town.

Listed at 1.5mil, on the market for 4 hrs, sold for 80k over, plus he gets to use it 3 weeks a year for 6 years.



The fed has said they are expecting something like 7 interest rate hikes this year. I think that may cool it somewhat, but not kill it.
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post 1658058863 03-16-2022, 04:29 PM
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Central banking cartel did a .25% increase and everyone acting like it will solve the problem. Just LOL, it won't do chit. First time home buyers better get in now or forever be priced out like Canadians
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post 1658059233 03-16-2022, 04:36 PM
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Wife is a Realtor, all year..and last her clients have had to outbid 20-70k over asking, it's insane. I don't see it dropping anytime soon, in fact, I think it's going to get much worse. They literally want people to own nothing. Thought of selling off one of our properties because the market is so high..but the way things are going, might not ever get a chance to buy an additional home again.
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