So... when is the housing market gonna correct?

08-14-2022, 12:14 PM

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#1

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So... when is the housing market gonna correct?

I'm starting to think its not gonna happen. Houses in my area still go pending in 2 days and sell for 5-10% more than asking. There is also less desirable inventory than last year.

Raising interest rates have done nothing other than eliminating some people from the bidding war, but at the end of the day, the houses are still selling for a premium.

Houses I was looking at in fall of 2020 for $250k are now $310k with a higher interest rate......

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08-14-2022, 12:17 PM

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#2

dogorman7
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Houses that where 1 mil 6 months ago are now 2 mil in my area DFS

There’s no correction coming

08-14-2022, 12:17 PM

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#3

HateLiberals
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The inflation act was just passed, relief is on the way op

08-14-2022, 12:20 PM

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#4

Numba1Misker
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average house is 50k down from this time last year in my area (400k from 450)

08-14-2022, 12:21 PM

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#5

tripod29

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Adding to the mental health issues OP suffers from he has now added believing the rentcels myth.

08-14-2022, 12:28 PM

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#6

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It won't. It's like when Biden got in office, the price for medical supplies (gloves, hand sanitizer, etc), ammo, etc tripled and only went down to double the price it was beforehand. The stuff will never go back to the way it was.

Hell, a buddy of mine works for a company that is the best in that particular industry and its profit margin was 14% before the recession, but now they're using the recession to jack their prices up enough that their new profit margin is 44%.

Will NEVER go back to the way it was.

Originally Posted By HateLiberals⏩

The inflation act was just passed, relief is on the way op

Haven't fact checked it, but I like how the people that aren't rich will end up paying more taxes, percentage-wise.

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08-14-2022, 12:31 PM

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#7

SoutheastBeast1

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Originally Posted By Numba1Misker⏩

average house is 50k down from this time last year in my area (400k from 450)

This

Don't know what OP is talking about, asking prices drop every week for the houses I've favorited.

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08-14-2022, 12:32 PM

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#8

BalognaNbeans
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March 2022 housing crash

08-14-2022, 12:35 PM

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#9

SoutheastBeast1

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Originally Posted By Lunatic⏩

Haven't fact checked it, but I like how the people that aren't rich will end up paying more taxes, percentage-wise.

I don't think individual tax brackets are changing. The impact is felt from taxing corporations, who will then pass that loss on to employees, aka middle class and povertycels, to make sure the effects on their bottom line isn't felt as hard. In other words, enjoy no bonuses and weak pay raises.

Thanks Biden

"One day I won't be able to lift any more. Not I won't want to lift. I mean physically unable. That day could be decades from now or it could be tomorrow. All I know is that's the day I'll wish I could lift more than ever. The day I'd give anything for one more workout, one more set, or one more cardio session. So go hard and enjoy every workout, every set, every rep. Because one day you will wake up and you will never get it back."
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08-14-2022, 12:35 PM

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#10

LoginCell
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Just two more weeks OP

08-14-2022, 12:37 PM

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#11

Lunatic
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Originally Posted By SoutheastBeast1⏩

I don't think individual tax brackets are changing. The impact is felt from taxing corporations, who will then pass that loss on to employees, aka middle class and povertycels, to make sure the effects on their bottom line isn't felt as hard. In other words, enjoy no bonuses and weak pay raises.

Thanks Biden

Read 2 quick articles saying that the tax percentages are increasing for everyone, but the % for people making under 150-175k is more than those making millions. I believe that all starts in 2023.

With the pay raises being scarce, that's why you get a new job every 1-2 years until you're comfortable with the amount that you're making.

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08-14-2022, 12:39 PM

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#12

xMetalocalypse
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Inb4 Sal

But anyway, I'd expect 10-30% over the course of the next year or two, but it totally depends on your market. My market never really shot up so it won't be too bad, but a place like Boise or Pheonix will probably be on the upper end of the correction.

But that's only assuming interest rates stay high. If they do drop again in a year or two the appreciation will continue. High interest rates are literally the only thing causing the housing decline.

That being said, the recovery will likely be quick as fuark. Inventory is still low and investors are waiting on the sidelines with cash. Rent is rocketing off so more people are going to want to buy (and rent isn't going down). Demand will take off again when prices soften.

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08-14-2022, 12:40 PM

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#13

P51
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Originally Posted By SoutheastBeast1⏩

This

Don't know what OP is talking about, asking prices drop every week for the houses I've favorited.

I save random houses (those below and above what I'm looking at) and every single one sells for above asking price. The only price drops I see are for $5k (dead srs) and they are on flipped ranches from the 1950s that no one wants.

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