Are the ones who are underwater I’m assuming don’t have

Jan 28, 2023
2:19:15pm

JohnnyC Playmaker

a traditional loan with at least 20% down. Has the market dropped that much? My home is down around 10% from the peak (in Utah County from Zillow estimate)

This message has been modified

Originally posted on Jan 28, 2023 at 2:19:15pm

Message modified by JohnnyC on Jan 28, 2023 at 2:21:21pm

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JohnnyC

Previous username: DumBass
Bio page: JohnnyC
Joined: Aug 13, 2019
Last login: May 2, 2024
Total posts: 12,085 (372 FO)

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Messages

Author

Time

Seeing posts about people being underwater on their homes already after buying a year ago, but if their monthly payments

Mike Honcho All-American

1/28/23 2:04pm

Nothing really matters until you try and sell.

mudpupper

1/28/23 2:07pm

I'm more concerned about the car industry. That is the real cliff.

ordinary tri guy

1/28/23 2:08pm

You’re right. If they are underwater after a decade, that’s a concern.

All-American

1/28/23 2:09pm

The reason it’s concerning for them is they can’t go get the HELOC.

dwhitebud

1/28/23 2:14pm

Same concept with other investments. You can still make money buying high and

JAGA97

1/28/23 2:15pm

Are the ones who are underwater I’m assuming don’t have

JohnnyC

1/28/23 2:19pm

Keep in mind RE peaks in the summer months and the market cools down after

blackandblue

1/28/23 2:22pm

In a regular market condition. Prices should go up some this summer?

JohnnyC

1/28/23 2:26pm

Im not a RE expert. But movement is always higher in the spring/summer.

blackandblue

1/28/23 2:47pm

This is correct. If prices fall in the spring it will continue into the fall.

dwhitebud

1/28/23 4:28pm

Regular yes but with rates high they won't go up this summer

johnnybyu

1/28/23 4:55pm

Gotta make those payments. At least in a rental you can walk away and live with

777

1/28/23 2:23pm

That shouldn't be a problem with current rental rates in most places. If you

JAGA97

1/28/23 2:33pm

That's true.

777

1/28/23 2:37pm

Love with parents what adult thinks that’s an option?

germ1

1/28/23 2:33pm

52% of them apparently...

777

1/28/23 2:36pm

I bought three rentals in October-December.

blackandblue

1/28/23 2:48pm

There are a ton of apartment/condo/townhome units that are going to flood the

kotacoug

1/28/23 4:31pm

Location is key.

blackandblue

1/28/23 4:41pm

I’ve got a rental house just a 5 min walk to BYU so hopefully that should

kotacoug

1/28/23 4:46pm

Maybe but maybe not.

rad dawg

1/28/23 4:47pm

I can not believe how many units I see in construction both here in PHX and

kotacoug

1/28/23 4:51pm

1.7 million apartment units under construction nationwide.

rad dawg

1/28/23 4:57pm

At least in our area, the new apartments and townhomes are crazy high rent.

blackandblue

1/28/23 5:00pm

I expect that will remain the case for a little while.

rad dawg

1/28/23 5:18pm

Yeah, nothing is for sure.

blackandblue

1/28/23 4:56pm

I don’t think condos/apartments are as close of a substitute as some people assume. Families want SFHs. Townhomes are

Mike Honcho

1/28/23 5:00pm

Condos/townhomes are the new SFH. Going forward I think this will be the norm

kotacoug

1/28/23 5:11pm

More common is multigenerational SFH. Two of ours have this.

blackandblue

1/28/23 5:14pm

Maybe, I doubt it, but even if so that probably means SFHs still aren’t impacted by condo rental prices

Mike Honcho

1/28/23 5:15pm

That’s what I hope.

kotacoug

1/28/23 5:46pm

This all depends on the SFH. It has to have the amenities. I've seen many young

777

1/28/23 6:07pm

Its a big IF and only one factor of the equation. My anecdotal experience so far

rad dawg

1/28/23 3:05pm

Inflation should overcome downward pressure on real estate in the next 10 years.

johnnybyu

1/28/23 4:46pm

Yup. Inflation could be the one thing that throws everything off.

rad dawg

1/28/23 6:19pm

It only matters if they need to move

Swish

1/28/23 4:07pm

Agreed. Real estate is forging in the long run. I had some rentals that went

johnnybyu

1/28/23 4:42pm

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