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I haven't been in the market for a while, but it definitely seems like prices have hit a plateau.
What in your guys opinion would cause a dip? Seems to me like inventory, while up, is still very low compared to historical data (like 20% of a normal market).
I think the wild card is inflation, it could counter everthing and cause prices to level without a crash.But the Fed is reversing both short term and mortgage rates, which makes borrowing way more expensive. Outside of that, inflation doesn't really matter when it comes to housing prices. In fact, inflation in everything else will hurt housing because people have less money.
That’s because big investors and hedge funds are heavily invested in these markets and frankly can’t afford to have them drop and keep their books showing any sort of positive returns!
They keep building more and more apartments (giant 200 unit buildings) everywhere I go. I don’t see housing costs dropping anytime soon.
Been seeing quite a few price reductions on homes in areas I am looking. Not California. Folks who are now seemingly desperate to lock in the doubling of their home prices, in many cases, in 4-5 years, with minimal to zero improvements.
Let the games begin!
I think unlike 2008, rents have kept pace with house value increases. Meaning this isn’t a bunch of speculators driving this, it’s people looking for places to live, and when they can’t find they rent.
In Silly Con Valley, I'm seeing "for sale" signs popping up. I think there is a concerted effort NOT to post homes for sale though publicly to prevent a panic.
That doesn't seem to be the case here in my part of silicon valley. SFSs ("Single Family Shacks") have skyrocketed in price and rents have barely budged.
I didn’t know you’re a conspiracy theorist.
Personally, I see less people wanting to sell b/c they bought low, have low mortgage interest, and low property tax basis. If they want to upgrade, they’ll have to pay a ridiculous price, have much higher property tax bills and they’ll have to pay about double the interest rate. For these reasons, most tend to stay put unless money is not an issue
No sign of anything yet here in tri valley.
there is NO prestige now in working here.
richwicks saysthere is NO prestige now in working here.
Good.
I grew up here and liked it better before "Silicon Valley".
Maybe Zuckerberg has brought us down to being more like normal. That would be way better than being "Silicon Valley".
I'm not kidding when I say I think this is the next Detroit.
richwicks saysI'm not kidding when I say I think this is the next Detroit.
That's hilarious.
I'll take my chances.
That doesn't seem to be the case here in my part of silicon valley. SFSs ("Single Family Shacks") have skyrocketed in price and rents have barely budged.
I think the burbs will be okay in SoCal and NorCal.
Parts of SF already look like Detroit, same with LA.
Parts of SF already look like Detroit
richwicks saysI'm not kidding when I say I think this is the next Detroit.
PeopleUnited saysThey keep building more and more apartments (giant 200 unit buildings) everywhere I go. I don’t see housing costs dropping anytime soon.
Didn't you just contradict yourself?
They keep building more and more apartments (giant 200 unit buildings) everywhere I go. I don’t see housing costs dropping anytime soon.
I like how people say prices won't drop because this time is different. It's the same shit every time. House-humpers can convince themselves of anything.
I like how people say prices won't drop because this time is different. It's the same shit every time. House-humpers can convince themselves of anything.
PeopleUnited saysThey keep building more and more apartments (giant 200 unit buildings) everywhere I go. I don’t see housing costs dropping anytime soon.
They did this all over Florida in mid-late 2000s also. Then the prices collapsed within weeks and stayed down for almost a decade.
I like how people say prices won't drop because this time is different. It's the same shit every time. House-humpers can convince themselves of anything.
Tesla has moved its headquarters to Texas.
You've never seen a city that depended on a single industry when the industry goes away.
https://fortune.com/2022/04/19/housing-prices-mortgage-rates-homeowners-dont-want-to-sell/?source=patrick.net
richwicks saysYou've never seen a city that depended on a single industry when the industry goes away.
That's right, because I only lived in this region. I did not come here in Gold Rush fashion and then bemoan when the industry I came here for downsized.
This focus of the Gold Rushers that their particular industry is the single most important industry upon which the whole economic fate of the region depends is an aspect of the Bay Area Smugness and Self-Importance. In a sense they are correct, as they elbow out locals (and one another) competing for and overpaying for housing. The crisis will not be downsizing in the latest Gold Rush industry. The crisis is already here, it is the overcrowding and high cost of living the current Gold Rush wave created.
I agree with many who comment here that SF has become a sh*thole. This is more a consequence of its politics, many communities around the Bay are more sensible, though miserable from the Gold Rush- overpricing.
All it takes is a job-loss recession. The market forces at play are much larger than the impact on housing. Raising interest rates will contract the entire economy, which will cause companies to lay people off. It is then that you'll see a spike in inventory and prices drop.
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Let the games begin!