Reply to Federal Reserve: signs abound that housing market is entering bubble territory

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]someone just tell me what to do.
We live in the midwest and have our primary home and lake home paid for. We are three years from retirement. 
We want to buy our snowbird place in SWFL somewhere where we can have our boat in close proximity, like, in our back yard.

Pull the trigger now or wait? [b]We'll pay cash[/b]. It makes no sense to do it now, right? Unless housing prices for sure, in that neck of the woods, go up. [/quote]

If you are paying cash there is no reason not to wait to see what happens with the bubble. You won't be affected by raising interest rates and you can pick up some good bargains as interest rates lower purchase prices. If there actually is a correction in the next 6 months, then you can pick up some great bargains.  You should absolutely wait at least 6 months. If you are set on spending extended time down there this winter, you can always get a short-term rental. [/quote]

I think this is probably the best advice. However, SW Florida is an area that has seen big population gains, and they were starting from a lower baseline in terms of real estate prices, so I’d think that area is less likely to see a real fall off in prices than areas where prices have been going up despite a loss in population. There’s more ability to build new houses there, but that doesn’t apply if you want waterfront. IME, as someone who bought waterfront property in 2005 and sold it in 2010, waterfront houses tend to hold their value.  They aren’t making any more. It is possible to lose money in waterfront property, but you’re unlikely to lose your shirt on it.

[img]https://www.census.gov/library/visualizations/2022/comm/where-counties-are-growing/_jcr_content/root/responsivegrid/embeddableimage1119.coreimg.jpeg/1648061822530/where-counties-are-growing.jpeg[/img][/quote]

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