I think the bubble is popping.

[Anonymous]

haha....haha.....haha. After 23 days on the market.

[Anonymous]

More haha. 44 days on the market.

<a href="https://ibb.co/WWxgLyd"><img src="https://i.ibb.co/mCD63qY/Screen-Shot-2021-06-26-at-8-10-46-PM.png" alt="Screen-Shot-2021-06-26-at-8-10-46-PM" border="0"></a>

[Anonymous]

More haha. 44 days on the market.

[Anonymous]

Wow...what a strong (uhh...greedy...) market...

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I am not sure why folks are saying that prices are decreasing. I am seeing that houses are sitting in the market for longer time but selling at the listing price or above. Yes, number of offers are less now as compared to earlier.

Did you not see the data above your post?

Picard saw Data a lot.

Winner, winner chicken dinner!

[Anonymous]

laughing...laughing...

[Anonymous]

Houses in my neighborhood that listed/sold for $715 a couple months ago are now listing at $650. (Nova) Prices are now similar to a year or two ago. Crazy how quickly things went more normal.

[Anonymous]

Anonymous wrote:Listings climbing every weekend in the zips i follow. More than double now and prices falling. I am not a bubble guy. Just saying.

They are still severe overpriced. Why would a small 2 bedroom/1 bath with no parking cost at least $600.000 when the place has a high condo fee and nothing to offer?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Listings climbing every weekend in the zips i follow. More than double now and prices falling. I am not a bubble guy. Just saying.

Can you tell zip?

Fairfax County, many zip codes.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:The home is OVERPRICED and AFFORDABLE at same time.

Right now for average first time buyer given economy and super low mortgage rates homes are Most affordable since 1984.

But someone like me looking to sell and pay cash as near retirement I think it is widely overpriced.

If borrowing a primary the super low rates are great!!!

If like me looking to buy a place in Florida or beach area to retire second home prices are sky high! I am not borrowing so I just get High price. I used to have arbitrage of sorts sell my desirable close in to city home top dollar and buy a cheap place to retire. Plus the low mortgages are not much help old people. My fathers in-laws just retired to Florida at 78. House became too much. A low low mortgage won’t have any where near the payback of a 38 year old.

Bottom line the 5 percent down starter home crowd may be overpaying by month to month lowest cost since 1984.

You have absolutely zero idea about what you're talking about.

Starter/retirement and vacation homes way up in price. My home not that much. I say that as my vacation beach condo worth 1/3 the cost in 2019 went up more in value than my primary. It is garden apt style so popular as more like a house than apt

Like I was saying....no freakin clue...

Smoking during pregnancy does effect some children. Homes are most affordable since 1984 for folks taking out large mortgages. However, since at all time highs price wise overpriced for cash buyers.

So starter home buyers with big mortgage great. Someone buying retirement home cash bad.

I recommend prenatal vitamins and no smoking and drinking when you have children

NP but you're not making sense to me either.

If someone has $1000 per month to spend on a home, then a house selling for $200,000 at 5% has the same $1000 payment as a house that sells for $250,000 at 3%. Now imagine those are both the same house. That's the current situation and it's pretty much a wash for buyers.

Of course, the rates are as low in places with lower price appreciation, so there's a better case there for increasing affordability. But not universally, and darn tootin' not in DC.

The difference is....

Interest rates cannot go below zero (yeah yeah, I know about negative rates that are even happening now, in certain places, but that's a very unique situation). So, you're taking on a much bigger liability in "raw dollars", than if rates were high and the asset (house) price was low. If incomes kept pace with this, it'd be perfectly fine. But they are not. So, guess what happens? Your property taxes are higher, your HOI is higher, your flood insurance (if applicable) is higher, and a number of other things, that have NO correlation to interest rates. And with the SALT rules, you're paying a lot more with after tax dollars. So each dollar you pay towards after tax costs is actually a lot more than $1.

Take a look at Illinois and NJ. Look at house prices vs property taxes vs income tax rates. That's where almost every Blue state and a number of Red states are headed. You really think the states are not gonna come after every dollar they can squeeze out of you with these elevated home prices??

Mortgage interest/interest rates are but one factor in a house purchase. It is one of the most illiquid assets with the highest carrying cost there is.

This reads like mumbo jumbo. The PP is correct.

Wait, why do you say that? It kinda made sense to me...

[Anonymous]

Many prices falling/ lotta stuff sitting now. Peak fomo idiots are gonna live with a lotta regret overpaying a ton.

[Anonymous]

Prices will stay steady or dip slightly, and buyers will get to have contingencies, but the moron who is posting screenshots of price reductions on houses that are listed at $2M+ is still a moron.

“Hey everyone, the sellers of this super weird and expensive house that would only have two dozen possible buyers in the best of all worlds dropped their price by $400K! And this is indicative of a nationwide trend! I swear! Be afraid!”

[Anonymous]

Anonymous wrote:Prices will stay steady or dip slightly, and buyers will get to have contingencies, but the moron who is posting screenshots of price reductions on houses that are listed at $2M+ is still a moron.

“Hey everyone, the sellers of this super weird and expensive house that would only have two dozen possible buyers in the best of all worlds dropped their price by $400K! And this is indicative of a nationwide trend! I swear! Be afraid!”

I'm the "moron" who is posting these screenshots. All I can say is...scared much?

These screenshots are but examples of extreme greed, egregious behavior in the market right now, but I've presented county level data for some of the "hot" markets, and the story is the same. The "bubble" IS popping. Whether that leads to significant downward pressure in home prices remains to be seen, but not acknowledging that prices are dropping, houses are staying longer on the market, and the trend has shifted downwards is like:

[Anonymous]

Anonymous wrote:

Anonymous wrote:Prices will stay steady or dip slightly, and buyers will get to have contingencies, but the moron who is posting screenshots of price reductions on houses that are listed at $2M+ is still a moron.

“Hey everyone, the sellers of this super weird and expensive house that would only have two dozen possible buyers in the best of all worlds dropped their price by $400K! And this is indicative of a nationwide trend! I swear! Be afraid!”

I'm the "moron" who is posting these screenshots. All I can say is...scared much?

These screenshots are but examples of extreme greed, egregious behavior in the market right now, but I've presented county level data for some of the "hot" markets, and the story is the same. The "bubble" IS popping. Whether that leads to significant downward pressure in home prices remains to be seen, but not acknowledging that prices are dropping, houses are staying longer on the market, and the trend has shifted downwards is like:

That looks like so much fun! Is there some sort of luxury resort I can go to where I can spend exorbitant amounts of money to do this?!?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Prices will stay steady or dip slightly, and buyers will get to have contingencies, but the moron who is posting screenshots of price reductions on houses that are listed at $2M+ is still a moron.

“Hey everyone, the sellers of this super weird and expensive house that would only have two dozen possible buyers in the best of all worlds dropped their price by $400K! And this is indicative of a nationwide trend! I swear! Be afraid!”

I'm the "moron" who is posting these screenshots. All I can say is...scared much?

These screenshots are but examples of extreme greed, egregious behavior in the market right now, but I've presented county level data for some of the "hot" markets, and the story is the same. The "bubble" IS popping. Whether that leads to significant downward pressure in home prices remains to be seen, but not acknowledging that prices are dropping, houses are staying longer on the market, and the trend has shifted downwards is like:

I bought in AA Co several years ago and truly have no dog in this fight but you do come off as pretty dumb posting extreme outliers and yammering about “greed” when there’s evidence of a mild softening at most. I’ve seen bubbles pop and this, sir, is no popping bubble.