Does anybody have a grip on the housing market?

[Anonymous]

Very few listings. Everybody is paralyzed in their houses with their 2 percent mortgages and not going anywhere.

There used to be 40 qualified buyers for 10 homes available. Now there’s 2 qualified buyers for 1 home available. It’s like a freaky monetary experiment with no idea where it’s leading

[Anonymous]

Anonymous wrote:This housing market is going to be the biggest multiplier of inequality that the nation has seen in generations. Unfortunately.

You seem to think that every market is like those on the coasts. There are thousands of markets across the country where you can still afford a nice home and build generational wealth - you just have to be willing to move. If you're not willing to do that then the problem is really you, not the housing market. You do have choices, just take your blinders off.

[Anonymous]

I am seeing a huge surge in inventory that I haven’t seen since last fall. I think with rates slightly dipping, people are testing the waters again.

[Anonymous]

Anonymous wrote:Just buy what you can afford. Stop listening to these news articles pretending like they know. They also said that rates would hit 10% by the winter and prices would plummet by 40%. Focus on if you need to move, if you can afford to make the move in your budget, do it. Nobody has a crystal ball on the housing market.

+1

[Anonymous]

Anonymous wrote:The scarcity of houses seems to be the reigning factor. Buyers are f*cked for the foreseeable future and the degree of rate increase required to push down prices in a market that thanks to years of low rates now has no inventory, would cause a recession. It’s Gina be higher rates for a longer time until they get to 2% inflation and I would not count in prices going down more than 10% from peak at the most. It will take minimum 2-3 years ti rebuild inventory from natural causes and new construction, probably 3-5. First time homebuyers will never ever catch up from this run-up in values. It is a generational divide.

It’s that buyers feel entitled to live in bigger houses than ever before, but also very close to a select few major cities, and are more self-segregating than ever before as well.

[Anonymous]

Anonymous wrote:This housing market is going to be the biggest multiplier of inequality that the nation has seen in generations. Unfortunately.

In select parts of SFBA, LA, DC, Boston and NYC. That’s it.

[Anonymous]

Anonymous wrote:The Fed stated that they are going to continue to raise rates so I think mortgage rates aren't going to budge much in the next year.

This completely sucks as we need to buy a new home next Spring for schools as our oldest will be at the end of elementary school and we are completely unwilling to send them to the local in bounds middle school, nor can we afford private. We need to reduce our budget and size of home and are now far more limited in options. Already stressed about it.

What middle/high schools would you want to move to?

[Anonymous]

Anonymous wrote:

Anonymous wrote:This housing market is going to be the biggest multiplier of inequality that the nation has seen in generations. Unfortunately.

In select parts of SFBA, LA, DC, Boston and NYC. That’s it.

They will be targets of massive taxation

[Anonymous]

Anonymous wrote:I am seeing a huge surge in inventory that I haven’t seen since last fall. I think with rates slightly dipping, people are testing the waters again.

Where pray tell?

[Anonymous]

Anonymous wrote:

Anonymous wrote:This housing market is going to be the biggest multiplier of inequality that the nation has seen in generations. Unfortunately.

In select parts of SFBA, LA, DC, Boston and NYC. That’s it.

Do you understand what income inequality means?

[Anonymous]

Anonymous wrote:I am seeing a huge surge in inventory that I haven’t seen since last fall. I think with rates slightly dipping, people are testing the waters again.

There’s a huge surge in inventory every February as compared to what was out there since the fall.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:This housing market is going to be the biggest multiplier of inequality that the nation has seen in generations. Unfortunately.

In select parts of SFBA, LA, DC, Boston and NYC. That’s it.

Do you understand what income inequality means?

Yes, we all want things we can’t have (SFH in world-renowned location).

[Anonymous]

Anonymous wrote:This PP, another factor is childcare costs--lots of the teleworkers are saving on these as well.

So all this to say, even with rising interest rates, families find more and more money in their budget to cover housing costs; of course the "market" knows this

Also, people have not had to pay a penny on their federal student loans (and even some private loans) since 2020. Repayment isn't set to begin until late 2023 at the earliest.

[Anonymous]

AgentX wrote:Real Estate is very very local. Where are you specifically asking about?

I'm seeing houses in all the usual areas having tons of showings again, think: Bethesda, Kensington and even out in the suburbs in NoVa things are still moving along at a decent clip. But condos are suffering still quite a bit no matter where you go.

Some areas are also slower than others - Silver Spring isn't the hot ticket it used to be during the heyday of 2020 - 2022. Homes that would have had multiple offers now sit longer, probably due to the fact that SS is lower priced and often a First Time Buyer Market, and those buyers were hit hardest. Anyone who was on the cusp of qualifying or who had a tight budget and was buying with low interest rates is now effectively, priced out. Those neighborhoods have better values and better deals, but everything is always relative. If any of those other FTHB's can't sell when they need to because rates are too high, this is when you start to see distress sales. One or two won't kill a neighborhood, but a few dozen will.

There is an overall "housing shortage" but again, it's very local. So tell us where you're interested and I can give you a better perspective.

I’m curious about the condo piece of things. Is there a particular reason that market is softer? I’m actually considering buying one, so would love to better understand what’s going on here.

[Anonymous]

Anonymous wrote:

AgentX wrote:Real Estate is very very local. Where are you specifically asking about?

I'm seeing houses in all the usual areas having tons of showings again, think: Bethesda, Kensington and even out in the suburbs in NoVa things are still moving along at a decent clip. But condos are suffering still quite a bit no matter where you go.

Some areas are also slower than others - Silver Spring isn't the hot ticket it used to be during the heyday of 2020 - 2022. Homes that would have had multiple offers now sit longer, probably due to the fact that SS is lower priced and often a First Time Buyer Market, and those buyers were hit hardest. Anyone who was on the cusp of qualifying or who had a tight budget and was buying with low interest rates is now effectively, priced out. Those neighborhoods have better values and better deals, but everything is always relative. If any of those other FTHB's can't sell when they need to because rates are too high, this is when you start to see distress sales. One or two won't kill a neighborhood, but a few dozen will.

There is an overall "housing shortage" but again, it's very local. So tell us where you're interested and I can give you a better perspective.

I’m curious about the condo piece of things. Is there a particular reason that market is softer? I’m actually considering buying one, so would love to better understand what’s going on here.

Condos are always in leas demand. Given the choice people want privacy and to not share walls.