Quote:
Originally Posted by fiveohwblow
Many in the industry don’t see our state suffering a reset if that’s what you’re getting at.
That said, after buying my first home in 2006 and subsequently trying to get out of said home in 2009… I trust no one about any housing market future.
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The mechanisms that lead to the great recession arent in place anymore. They closed a lot of the loopholes that allowed it to get as hot as it was before. Now its demand and cost of materials driving it, not free money to people with no credit then being repackaged as a fraudulent product and pawned off on investors.
I think ex/suburban markets will cool off a bit to the point where people could end up negative, I dont know how urban RE can go anywhere, it might calm down now that the materials costs arent quite as bad post covid but you cant make new land easily.
A lot of my neighbors upgraded or, if they were retired and could downsize, cashed out. Im staying put, its the "Id get 30% more than Id think my house is worth but would be paying 30% for the next house too" thing.