Current Events > Folks on Twitter celebrate falling home prices

(+) Yeah! (+)

https://twitter.com/filledwithmoney/status/1629954799016857610?s=46&t=pOmyMQFnXcH9jfI4vSvdCw

I mean its understandable because its hard for most Americans to buy a home

History is being made...

Crash and burn baby

Haven't really noticed home prices falling. If anything it's just become even harder since interest rates rose.

Houses around here are also down 2-300k.... But thats from 1.7m to 1.4-1.5 mil.

If this is true it's good. Yeah it sucks for people trying to make money off buying houses, but house prices have been insane for the normal person to ever afford one.

Not sure what the climate here in London is like though.

Too bad high interest rates means the exact same people have a snowballs chance in hell of getting approved for a mortgage

Good! I've been trying to buy a house forever >_>

Solid_Snake07 posted...

Too bad high interest rates means the exact same people have a snowballs chance in hell of getting approved for a mortgage

pretty much, which is why I dont understand celebrating.

the system needs reform but falling prices only means its gonna hurt people who bought in the last x years (depending how far they fall).

Average Joe isnt gonna have a better chance once they do they then did the last ~3 years. Good luck outbidding people with the cash to buy outright considering theyll be able to buy 2-3x as much.

There's a zillow link in the tweets. That house is a shithole and there's multiple much better houses listed at less than than what they initially put it up for that the area. I think the seller just doesn't know wtf they're doing.

Zeeak4444 posted...

pretty much, which is why I dont understand celebrating.

the system needs reform but falling prices only means its gonna hurt people who bought in the last x years (depending how far they fall).

Average Joe isnt gonna have a better chance once they do they then did the last ~3 years. Good luck outbidding people with the cash to buy outright considering theyll be able to buy 2-3x as much.

falling prices also means pretty much no one is selling unless theyre in between a rock and a hard place. Like you said, mostly new home buyers within the last couple of years. Falling housing prices are also generally just not a great sign for the larger picture economy.

weird thing to celebrate imo

Solid_Snake07 posted...

Too bad high interest rates means the exact same people have a snowballs chance in hell of getting approved for a mortgage

this, payments are basically gonna be the same as a year ago

guess its nice for refinancing in a few years when/if rates drop back down to the 3-4% range

Solid_Snake07 posted...

falling prices also means pretty much no one is selling unless theyre in between a rock and a hard place. Like you said, mostly new home buyers within the last couple of years. Falling housing prices are also generally just not a great sign for the larger picture economy.

weird thing to celebrate imo

Theyre not really falling, but more correcting into their actual price. 2021/22 were just a big unsustainable bubble.

Good

NOOOOO I am losing value in my home. I am poor again .

What's the actual cost of paying $230k at 7% compared to $400k at 3%?

I'm not seeing that drop at all in my area

I've seen nice drops but they're still way overpriced.

My Zestimate actually went back up a bit

https://gamefaqs.gamespot.com/a/user_image/8/2/2/AADT1PAAEOOG.jpg

woot

Falling home prices my ass.

lilORANG posted...

What's the actual cost of paying $230k at 7% compared to $400k at 3%?

The former is roughly $1530/mo, the latter is about $1680

[LFAQs-redacted-quote]



the fed is more concerned with not crashing the dollar than they are with whether or not the average asshole can get a mortgage.

And lower rates means higher prices. These things dont operate independently of each other.

My place has like, doubled in value since I got it so I wonder...

littlebro07 posted...

My Zestimate actually went back up a bit

https://gamefaqs.gamespot.com/a/user_image/8/2/2/AADT1PAAEOOG.jpg

woot

prices are really only taking a hit in places where prices are absurdly high

The further than better

I call BS and say that house is one in a million lol. I looked at Zillow and all the acceptable homes are at 400k+

Got me excited for a moment to look up Zillow to see 100 year old homes for $350k

I just checked and all the prices have fallen at least 10k....well at least we got a great interest rate historically.

You can't judge the entire fucking real estate market based on 1 house in austin lol.

I dont remember where but someone on here posted a good twitter video about how things are so fucked up.

When rates were low, so many people refinanced as well as bought rental homes. It completely fucked up the entire real estate market. No one is going to sell their house refinanced/bought at <3% or low 3s mortgage when the best they're going to get is mid 5s now. A massive supply of houses is now completely unavailable for this reason. Rental prices should go down because alot of these were rental properties but fuck renting.

So yea prices should go down but there will be a floor to how low it goes. It absolutely won't go down to where it was previously. The supply is so limited now of people who actually are want to sell their houses that it will keep real estate inflation high.

I don't imagine things getting better for many many years.

I know traditionally the smart thing to do is buy when rates are highest because prices are lowest at that time...then when rates go down you refinance and you've gotten the best bang for your buck. But the for the above reasons price won't go down too much. Might just have to wait for interest rates to go down again for people to want to sell and potentially move. That may take many many years, like 6-10 years.

So our generation that now have careers, starting families and want to settle down, we are fucked. If we buy now, we're buying high and our home values will likely just stay where they are or go down over the next many years. It might not be for at least a decade plus until our home value starts to go up again.

I'm reevaluating this weekly, literally. I wanted to settle into a permanent house, where I could raise the family over 20 years and move once the kids are done with school. But now I'm thinking I move into a medium type of house where I might be comfortable for 6-8 years before maybe moving again.

Whole thing is fucked man.

What about interest rates? They falling down yet?

I mean yeah, the entire point of the feds raising interest rates is to combat inflation, and housing prices are a part of that. We're seeing it happen in real time. Other prices of things in general should be similarly cooling.