Will housing prince ever drop?

[Anonymous]

Or is that a fantasy?

[Anonymous]

Fantasy. Especially for the people who keep comparing todays situation to 2008.

[Anonymous]

If they do, it won’t be a significant drop.

[Anonymous]

They might or they might not. If you are ready to buy, and find something you like and can afford, you should buy it.

[Anonymous]

This is MY recollection of what happened in '08. If I'm incorrect I'm sure I will be corrected.

In 2008-2009 prices leveled off and in some areas even dipped a bit, with many homes languishing on the market and eventually just being pulled off the market. The result of this was a housing shortage in 2010-2011 in the DMV - because those who had planned to sell (in '10-'11) lost too much equity in '08-'09 with prices still not recovering in 2010-11 so those sellers just stayed put. I know this because we tried like hell to buy a house in 2010 after relocating to the area, after many months of searching ,while living in corporate housing, we gave up and became renters for the next 5 years.

[Anonymous]

Anonymous wrote:This is MY recollection of what happened in '08. If I'm incorrect I'm sure I will be corrected.

In 2008-2009 prices leveled off and in some areas even dipped a bit, with many homes languishing on the market and eventually just being pulled off the market. The result of this was a housing shortage in 2010-2011 in the DMV - because those who had planned to sell (in '10-'11) lost too much equity in '08-'09 with prices still not recovering in 2010-11 so those sellers just stayed put. I know this because we tried like hell to buy a house in 2010 after relocating to the area, after many months of searching ,while living in corporate housing, we gave up and became renters for the next 5 years.

No matter what people say, I was here, I was in a new custom build in Arlington (and selling a condo there too) and tracking prices because the financial crisis took its toll on my pay. Prices declined.

[Anonymous]

Housing prices will always drop at some point in the future, just like they will always rise at some point in the future. Feel free to bet your money on it if you think you know.

[Anonymous]

Just like any other commodity. They will drop.

[Anonymous]

Anonymous wrote:This is MY recollection of what happened in '08. If I'm incorrect I'm sure I will be corrected.

In 2008-2009 prices leveled off and in some areas even dipped a bit, with many homes languishing on the market and eventually just being pulled off the market. The result of this was a housing shortage in 2010-2011 in the DMV - because those who had planned to sell (in '10-'11) lost too much equity in '08-'09 with prices still not recovering in 2010-11 so those sellers just stayed put. I know this because we tried like hell to buy a house in 2010 after relocating to the area, after many months of searching ,while living in corporate housing, we gave up and became renters for the next 5 years.

2008 has nothing to do with today. Nothing.

[Anonymous]

Anonymous wrote:

Anonymous wrote:This is MY recollection of what happened in '08. If I'm incorrect I'm sure I will be corrected.

In 2008-2009 prices leveled off and in some areas even dipped a bit, with many homes languishing on the market and eventually just being pulled off the market. The result of this was a housing shortage in 2010-2011 in the DMV - because those who had planned to sell (in '10-'11) lost too much equity in '08-'09 with prices still not recovering in 2010-11 so those sellers just stayed put. I know this because we tried like hell to buy a house in 2010 after relocating to the area, after many months of searching ,while living in corporate housing, we gave up and became renters for the next 5 years.

No matter what people say, I was here, I was in a new custom build in Arlington (and selling a condo there too) and tracking prices because the financial crisis took its toll on my pay. Prices declined.

I was here too. A friend of mine bought a 1.1 million dollar house in 2007 and the price ended up dropping to about 800k. It was a new community initially selling at that high price point at the start. Of course now in 2022 they could sell that house for 1.1 million.

[Anonymous]

Anonymous wrote:

Anonymous wrote:This is MY recollection of what happened in '08. If I'm incorrect I'm sure I will be corrected.

In 2008-2009 prices leveled off and in some areas even dipped a bit, with many homes languishing on the market and eventually just being pulled off the market. The result of this was a housing shortage in 2010-2011 in the DMV - because those who had planned to sell (in '10-'11) lost too much equity in '08-'09 with prices still not recovering in 2010-11 so those sellers just stayed put. I know this because we tried like hell to buy a house in 2010 after relocating to the area, after many months of searching ,while living in corporate housing, we gave up and became renters for the next 5 years.

2008 has nothing to do with today. Nothing.

...and I was simply giving feedback and historical information. I never once in my reply said that '08 is like now.

[Anonymous]

Anonymous wrote:

Anonymous wrote:This is MY recollection of what happened in '08. If I'm incorrect I'm sure I will be corrected.

In 2008-2009 prices leveled off and in some areas even dipped a bit, with many homes languishing on the market and eventually just being pulled off the market. The result of this was a housing shortage in 2010-2011 in the DMV - because those who had planned to sell (in '10-'11) lost too much equity in '08-'09 with prices still not recovering in 2010-11 so those sellers just stayed put. I know this because we tried like hell to buy a house in 2010 after relocating to the area, after many months of searching ,while living in corporate housing, we gave up and became renters for the next 5 years.

No matter what people say, I was here, I was in a new custom build in Arlington (and selling a condo there too) and tracking prices because the financial crisis took its toll on my pay. Prices declined.

Agreed, they dropped somewhat, and I was a beneficiary, but it was not a great falloff closer to and inside the beltway. The exurbs got hit harder.

Agree with other posters that this isn't 2008. Nobody really knows. On the one hand, salaries in this area obviously can't keep up with increases indefinitely. On the other hand, there are a great many buyers with double earners and side hustles, as well as a lot of generational wealth (parents helping to fund), as well as people from other countries all fighting for the finite amount of homes and land in this area. In the long run, unless you fall into one of the above categories, it will likely be difficult to enter the market in a closer in neighborhood.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:This is MY recollection of what happened in '08. If I'm incorrect I'm sure I will be corrected.

In 2008-2009 prices leveled off and in some areas even dipped a bit, with many homes languishing on the market and eventually just being pulled off the market. The result of this was a housing shortage in 2010-2011 in the DMV - because those who had planned to sell (in '10-'11) lost too much equity in '08-'09 with prices still not recovering in 2010-11 so those sellers just stayed put. I know this because we tried like hell to buy a house in 2010 after relocating to the area, after many months of searching ,while living in corporate housing, we gave up and became renters for the next 5 years.

No matter what people say, I was here, I was in a new custom build in Arlington (and selling a condo there too) and tracking prices because the financial crisis took its toll on my pay. Prices declined.

Agreed, they dropped somewhat, and I was a beneficiary, but it was not a great falloff closer to and inside the beltway. The exurbs got hit harder.

Agree with other posters that this isn't 2008. Nobody really knows. On the one hand, salaries in this area obviously can't keep up with increases indefinitely. On the other hand, there are a great many buyers with double earners and side hustles, as well as a lot of generational wealth (parents helping to fund), as well as people from other countries all fighting for the finite amount of homes and land in this area. In the long run, unless you fall into one of the above categories, it will likely be difficult to enter the market in a closer in neighborhood.

Totally depends on where inside the beltway. South Arlington was a disaster. PG was mostly a disaster. Chevy Chase or North Arlington not so much but there were drops there too.

[Anonymous]

Huge drop is not good idea for overall economy.
But long lasting flatter price that is sustainable will be good for
Long term.

[Anonymous]

The housing prince can dance all night - he'll never drop! But he'll cheat on the housing princess in a heartbeat.