Reply to Why do expert say: Buckle in for a brutal free-fall in home prices

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Reply to "Why do expert say: Buckle in for a brutal free-fall in home prices - Housing Bubble"

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[quote=Anonymous][quote=Anonymous]Funny in 2021 everyone was selling only to cash buyers. So then why do mortgage rates matter?

Older folks might recall pre 2001 when rates high and HGTV generation not in full bloom people started small.

I started in a one bedroom coop with no parking and lived there 8 years, then when wife pregnant first kid bought a 1,500 sf split level fixer upper in a second tier neighborhood, then 18 years later bought my large trade up home on a first tier neighborhood.

Growing up on my old town most of rich homes were being bought by 45-60 year older olds with very large downpayment.

[b]There is no god given right that 30 year old couples deserved 1.7 million dollar homes in Bethesda due to 3 percent mortgages. They can work their way up. [/b]

And guess what my two oldest basically grew up in my small 1,500 sf house in the more blue collar area and they have fond memories of backyard parties, play dates, Girl Scouts, trick or treating. Nearly all the wives were SAHM and no one could afford private school or sleep away camp or private tutors or second homes. All summer was fun. Kinda like 1950s. I recall after preschool all the moms would sometimes spur of moment extent 1/2 day preschool and do last minute play dates. Why not everyone home.

Not having the big trade up house at 30-40 only bruises the parents ego not the kids. My little kids still recall being in the back of the used Ford Taurus Station Wagon to get 99 cent McDonalds ice cream as the fun times.

Not stuffy old boring Bethesda, Chevy Chase or Potomac as fun times.

I am looking forward to kids having more normal childhoods [/quote]

We can end the thread on this note. [/quote]

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