Reply to When do you think housing prices will drop (or never)?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Supply is still far out stripped by demand. It doesn’t help that current owners bought or refinanced at the lowest interest rates in American history. That makes people hold on to properties instead of trading up or liquidating.

I refinanced $750K at 2.75% in 2021. We might leave DC, but I ain’t ever selling this property at that rate. It’s basically free money and I can find a tenant to pay off this mortgage. If we want to buy another home, we will just wait until we have another downpayment and use leverage.

I really don’t see things going, except in maybe 2nd home markets and Florida (where prices basically doubled).

[/quote]

Lol love replies like these when the reality is that prices HAVE ALREADY fallen and are projected to continue to fall all through next year at a minimum, because inventory is rising. Inventory is where supply meets demand. There are fewer houses being listed but WAY fewer buyers.

https://www.redfin.com/news/housing-market-update-homes-linger-on-market/[/quote]

You can LOL all you want but she's right in one respect:  I'm holding on to that property that has a 2.whatever interest rate, if it means I rent it, live in it, whatever.

I've been shopping the boonies for a long time and I cannot believe the high prices that just aren't budging.  I hope you are right about prices falling![/quote]

Good for you! Keep that property, it doesn’t matter. You won’t be a seller but you also won’t be a buyer, either. It’s a wash.

As for renting, if everyone thinks like you the rental market will have a ton more supply and rent prices will go down. That’s if you can stomach potential cash flow issues, nonpayment, tenant lawsuits, cost of rental turnover, finding new renters, maintenance, income tax on rental income, etc. Been there, done that. I hope you don’t need that cash for your new down payment, either. There’s a reason most people do not rent out houses.[/quote]

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