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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]People, just buy when you're ready to buy and buy something you like and can afford. There is no good way to time the market. We just bought at 2021 prices and if our home value drops by 15% tomorrow, no big deal. We are so happy with the house and plan to stay for a long time. Our home is a place to live, not an investment. With the crush of demand that will just keep snowballing I don't expect prices to drop though. They will probably be relatively flat in the near-term.[/quote]

Until your house price drops, and you will be kicking yourself about why you paid 2021 prices. Even though you plan to live in your house a long time (and by the way, you can't predict the future, you may be forced to move for other reasons), house prices that remain flat would mean you have lost money vis-a-vis renting. The amount of interest you pay on your mortgage will not be compensated for by rising house prices.  [/quote]

Yes, IF our home value drops by 15% AND we have to or want to move sooner than expected AND a similar home becomes available for rent at the right price, then sure, you could make the argument we'd have been better off financially if we had remained renters. But there are exactly zero houses for rent right now in the school district we want for our DD, and we are so, so much happier in our house versus our cramped apartment. Like anything, there is uncertainty. Like, if the stock market crashes by 50% then yeah, I'd have been better off putting more money in bonds, but if I had been investing in bonds only for the past ten years I'd have lost out on a lot of gains. At some point you have to take a risk. Buying a house I love at a price I can afford is a risk I feel extremely comfortable having taken. You do you. [/quote]

Nothing against buying a house you can afford. What I think many people did in the second half of 2020 and early part of this year is overpaying by a significant amount for their houses. [b]They could have waited and not paid insane prices[/b].  If prices stay flat, they would be losing money if interest payments, maintenance, property taxes, insurance, etc are higher than rents.[/quote]

Waited how long? I mean I think there are some people that really made dumb choices out of FOMO, but most just paid market prices and I have not seen those go down. I don't see them going down, I don't even see them staying completely flat.[/quote]
DP. Plenty of data that homes have been sitting longer with more price reductions. [b]Prices down relative to this time last year as well.[/b] The market isn’t going to implode but c’mon it obviously wasn’t a good idea to purchase a home at the same time everyone is fleeing condos and apartments because of covid. [/quote]

Where are you getting that from?

All the price reductions I'm seeing are delusional people (like the one who decided to price their center unit townhouse on the main road the same as a end unit in the interior of the community that sold a couple of months ago). I'm seeing a lot of recent (as in last 7 days) sales at prices that are $50-$100k higher than what similar houses sold last year.[/quote]

This, all the way. Things that are priced what I call "high but fair" are going right away. The stuff that is sitting is from delusional people who are doing things like putting up homes that need tons of work up for the same as what new or totally updated homes are going for...[/quote]

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