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

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Sep 28, 2022
3:28:41pm

johnnybyu Truly Addicted User

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

and if they do rents will be higher than mortgage payments so will often keep them as rentals. I agree current wages do not support current prices and rates. New construction will go to 0. The issue is this will cause an even bigger supply issue in the coming years.

This message has been modified

Originally posted on Sep 28, 2022 at 3:28:41pm

Message modified by johnnybyu on Sep 28, 2022 at 3:29:27pm

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johnnybyu

Bio page: johnnybyu
Joined: Jun 6, 2002
Last login: Apr 28, 2024
Total posts: 14,774 (1 FO)

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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.

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.

TailgateU

9/28/22 9:39pm

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