spin_dry Posted October 27, 2022 Share Posted October 27, 2022 Cash is gonna be king. https://www.cbsnews.com/news/house-price-fall-drop-2023-mortgages/ Quote Link to comment Share on other sites More sharing options...
Crnr2Crnr Posted October 27, 2022 Share Posted October 27, 2022 cash in hand to buy some land... Quote Link to comment Share on other sites More sharing options...
racinfarmer Posted October 27, 2022 Share Posted October 27, 2022 Joe already knocked damn near 30% out of our retirement funds in the last year, might as well do the same to our property too. Quote Link to comment Share on other sites More sharing options...
Gold Member ZR800efi Posted October 27, 2022 Gold Member Share Posted October 27, 2022 dont hold your breath Quote Link to comment Share on other sites More sharing options...
spin_dry Posted October 27, 2022 Author Share Posted October 27, 2022 4 minutes ago, racinfarmer said: Joe already knocked damn near 30% out of our retirement funds in the last year, might as well do the same to our property too. Everything is overvalued. Time for a good old fashion deflationary cycle. Quote Link to comment Share on other sites More sharing options...
Snake Posted October 27, 2022 Share Posted October 27, 2022 21 minutes ago, racinfarmer said: Joe already knocked damn near 30% out of our retirement funds in the last year, might as well do the same to our property too. We pulled every bit of our 401ks out during the first drop of Covid, put it into a value fund. We haven't made more than $1,000 over the past 2 years, but I ain't lost a red cent. Quote Link to comment Share on other sites More sharing options...
ICG Posted October 27, 2022 Share Posted October 27, 2022 Home building costs are still shocking high.... Material availability is a problem. New homes are expensive Quote Link to comment Share on other sites More sharing options...
Anler Posted October 27, 2022 Share Posted October 27, 2022 7 hours ago, racinfarmer said: Joe already knocked damn near 30% out of our retirement funds in the last year, might as well do the same to our property too. It's only 20%. Sheesh Quote Link to comment Share on other sites More sharing options...
racinfarmer Posted October 27, 2022 Share Posted October 27, 2022 1 hour ago, Anler said: It's only 20%. Sheesh Don't plan on moving until it is to the graveyard, so it is kind of irrelevant. Quote Link to comment Share on other sites More sharing options...
Gold Member 800renegaderider Posted October 27, 2022 Gold Member Share Posted October 27, 2022 Home prices basically doubled in two years 20% down is still no bargain. Long ways to go to get to some actual real deals. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Highmark Posted October 27, 2022 Platinum Contributing Member Share Posted October 27, 2022 (edited) 9 hours ago, Crnr2Crnr said: cash in hand to buy some land... Depends on what you mean by "land." Its not going to drop 20% around here. Not even remotely close. Prices will drop but low inventory in some areas will keep that in check. Edited October 27, 2022 by Highmark Quote Link to comment Share on other sites More sharing options...
snoughnut Posted October 27, 2022 Share Posted October 27, 2022 Just now, Highmark said: Depends on what you mean by "land." Its not going to drop 20% around here. Not even remotely close. I agree, it may drop 20% in metro areas where people are leaving like California but even that's a reach. We are not in a mortgage/housing crisis like 2008. It's amazing how many people believe housing is going to crash just because it did in the last recession. Quote Link to comment Share on other sites More sharing options...
Platinum Contributing Member Highmark Posted October 27, 2022 Platinum Contributing Member Share Posted October 27, 2022 1 minute ago, snoughnut said: I agree, it may drop 20% in metro areas where people are leaving like California but even that's a reach. We are not in a mortgage/housing crisis like 2008. It's amazing how many people believe housing is going to crash just because it did in the last recession. Yep....not as many available lots, homes or bare land. Inventory around here is low. Yes lots of boomers going to be retiring but most that do it around here keep there home and go south for 3-4 months of the winter. If they do sell their home to move into a condo great but there just isn't that many available to keep something here. Quote Link to comment Share on other sites More sharing options...
gravy davey Posted October 27, 2022 Share Posted October 27, 2022 10 hours ago, spin_dry said: Everything is overvalued. Time for a good old fashion deflationary cycle. Excellent when will everything else come back to reality? Quote Link to comment Share on other sites More sharing options...
spin_dry Posted October 27, 2022 Author Share Posted October 27, 2022 2 minutes ago, gravy davey said: Excellent when will everything else come back to reality? Regardless of an existing "housing shortage" it always comes to to affordability and what the market will bear. As interest rates increase housing prices will have to come down for reasons related to affordability. IMO that's about to happen because sales have stalled. I bought my home for a reasonable price in 2017. Sold both it and my rentals at a market high. I've been sitting on the cash closely watching the market. There's definitely increased pressure on the high prices. Quote Link to comment Share on other sites More sharing options...
snoughnut Posted October 27, 2022 Share Posted October 27, 2022 5 hours ago, spin_dry said: Regardless of an existing "housing shortage" it always comes to to affordability and what the market will bear. As interest rates increase housing prices will have to come down for reasons related to affordability. IMO that's about to happen because sales have stalled. I bought my home for a reasonable price in 2017. Sold both it and my rentals at a market high. I've been sitting on the cash closely watching the market. There's definitely increased pressure on the high prices. You're funny. I was just at a customer's house this morning doing some work and they just sold their 40 yr. old ranch home. They listed it for $230,000 and had 16 offers and sold it to the highest bidder for $258,000. Quote Link to comment Share on other sites More sharing options...
spin_dry Posted October 27, 2022 Author Share Posted October 27, 2022 2 minutes ago, snoughnut said: You're funny. I was just at a customer's house this morning doing some work and they just sold their 40 yr. old ranch home. They listed it for $230,000 and had 16 offers and sold it to the highest bidder for $258,000. I’m watching several properties that have been on the market over 30 days. Highly desirable country homes. No sales. I’m very patient. Quote Link to comment Share on other sites More sharing options...
smokin george Posted October 27, 2022 Share Posted October 27, 2022 Country homes seem to take that certain buyer to come along. Ours was on the market for almost 3 months and the president of a nearby sled club bought it. They can sled right from there and I guess that's what they were looking for. Quote Link to comment Share on other sites More sharing options...
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