The problem is that wages aren't rising at the same pace, so many will not be

Sep 28, 2022
12:35:31pm

SausageKing All-American

able to afford to carry a mortgage at today's prices. Fewer buyers should result in decreasing prices unless everyone just stays put for a while and supply of homes for sale drops.

This message has been modified

Originally posted on Sep 28, 2022 at 12:35:31pm

Message modified by SausageKing on Sep 28, 2022 at 12:36:13pm

Report problem with this ad

SausageKing

Previous username: SausageKingOfChicago
Bio page: SausageKing
Joined: Jul 11, 2011
Last login: Apr 27, 2024
Total posts: 24,720 (4,078 FO)

Report problem with this ad

Messages

Author

Time

Remember the realtors who said home prices wouldn't go down with rising rates?

SausageKing

9/28/22 8:54am

To be fair mine has barely gone down at all . But I know it’s coming

gmoney7

9/28/22 8:56am

Oh it’s gone down alright. You just don’t see it till you sell.

FromCAtoUT

9/28/22 8:57am

Well i don’t plan on selling for 10-15 years so I guess it’s irrelevant to me. I also live in so cal so maybe it’s diff.

gmoney7

9/28/22 8:58am

Same concept, different range. But if you don't sell then price doesn't matter.

TailgateU

9/28/22 9:10am

I’m getting gme/amc vibes with that line

gmoney7

9/28/22 9:46am

Unless there is a significant economic downtown, I don't think real estate prices will drop as much as the rising

Non-mo Coug

9/28/22 8:59am

RE: Unless there is a significant economic downtown, I don't think real estate

Doogal McCougar

9/28/22 9:05am

Politicians either

TNT

9/28/22 8:56am

RE: Remember the realtors who said home prices wouldn't go down with rising

vagabonder

9/28/22 8:56am

If you believe them that’s kind of on you, why would you ever believe someone that has a conflict of interest?

JOPE

9/28/22 8:57am

Realtors’ livelihood depends on convincing people it’s always a good time to buy

cougarbart

9/28/22 8:57am

it's like ward parties. Have you eve heard local church leadership be like nah,

Mayor of Cougartown

9/28/22 9:10am

There was a period of time when we could have sold our home for maybe $950K+...

Coug

9/28/22 8:59am

Utah?

demon_llama

9/28/22 9:21am

Texas

Coug

9/28/22 9:27am

Been crickets on my home listing.

cougfanz

9/28/22 9:02am

There’s not a single house on my watch list that hasn’t dropped at least 10% in the last 2 months.

Virginia Ute

9/28/22 9:04am

I don’t remember realtors saying prices wouldn’t go down at all

CougieMcCougFace

9/28/22 9:05am

Exactly. This is your run of the mill recesssion

demon_llama

9/28/22 9:22am

Realtors generally don't know anymore than the average person who pays attention

DC12

9/28/22 9:05am

There are a lot of economists that have been predicting interest rate hikes

rad dawg

9/28/22 9:38am

they are salesmen at the root of it. You can't believe salesmen.

Mayor of Cougartown

9/28/22 9:09am

shocking how most of the population doesn't have a basic understanding of Econ

Mayor of Cougartown

9/28/22 9:17am

In a vacumn increasing rates obviously would lead to decreasing housing prices.

johnnybyu

9/28/22 10:33am

yeah, it's a very nuanced situation obviously. Lots of elements playing in

Mayor of Cougartown

9/28/22 10:39am

Real Estste is far from normal economics. There are multiple reasons for prices

Nat Gas Man

9/28/22 5:47pm

The commodity price of lumber is back to pre-pandemic levels. Contractors are

TailgateU

9/28/22 8:40pm

Economic history shows prices will increase with inflation. Building prices

johnnybyu

9/28/22 9:01pm

Price are decreasing but we will see long term if the inflationary pull of

johnnybyu

9/28/22 10:29am

The problem is that wages aren't rising at the same pace, so many will not be

SausageKing

9/28/22 12:35pm

I agree demand will be low but so will supply. People are not going to move much

johnnybyu

9/28/22 3:28pm

A lot of houses were started a year ago whose intended buyers no longer qualify.

TailgateU

9/28/22 8:37pm

I agree on a 10-20% reduction. Short term new builds are going to put pressure

johnnybyu

9/28/22 8:58pm

Perhaps. It may go up long term but not until after the current bubble deflates.

Posting on CougarBoard