Seeing lots of articles on house prices falling

[1911dude]

People buy payments not houses. For every 1% rise in mortgage rates your purchasing powers is decreased by 10%.

So, if we see 5.5 to 6% 30 year fixed rates you could see housing prices decrease 10-15%.

[droptopman]

Housing market is crazy good in our region. People are bidding on new houses in my hood and they are selling way over market price. Good for me, except higher taxes...Realtors are loving it.

[superdog]

If my house dropped 500k I’d panic alright.

But that’s only because it’s not currently worth that much.

[shaunylw]

Originally Posted by pickettt

Unless your house is on the market or you’re borrowing against it, I think it’s totally inconsequential. My house has swung by as much as $300k in the last 12 years.....didn’t affect me at all. Don’t get me wrong, it’s nice to think you’ve got an expensive house, but it’s just academic unless you sell it.

Exactly my thoughts. I always found it odd people freak out when the market drops and their equity shifts. Unless you plan on selling soon, it’s a non issue.


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[TheVTCGuy]

My condo has swung incredibly the last several years, I have gone from 100k underwater to 100 over. There was an article in yesterday’s paper that said prices are up in San Diego 7.5% Drop? I don’t see it.

[wantonebad]

Originally Posted by fusionstorm

Real estate is millions of micromarkets. What happens in your micromarket may not necessarily apply 2.5 blocks away, much less 25, 250 or 2500 miles away.

--------------------------------------------------------------^^^^THIS!!^^^^-----------------------------------------------------------------------

Markets are individual and disparate NYC maybe slowing down but the burrows aren't. High end LA might be slowing down but Silicon valley isn't. I mean take any trending talk with a grain of salt. My brother and I just sold our mothers condo last month for 40K over asking.

[Terrakot]

https://www.bloomberg.com/amp/news/a...gger-into-2018
https://www.bloomberg.com/news/artic...g-out-of-steam

[tyler1980]

Originally Posted by Fat_ninja

Sounds like this is concentrated in the high end.

Just curious, anyone worried or bothered? Most people have a good amount of their wealth in their house... so a $500k drop vs what they originally thought is a big deal, no?

How does one adjust their lifestyle in a scenario like that?

i really want it to be true. Buying a house in Houston at the moment (within the next 4 months or so) nothing has been going down and its up.

Since i dont have another US property im selling, the market being down at the moment would be awesome but im just not seeing it.

[gmh1013]

Originally Posted by derekhayden

Where I am it's also a sellers market so no drop in values. It also depends on what you consider high end. In my area the higher end would be 2 - 3 million. I am guessing this $500K drop would be effecting the double digit millions areas which is fairly common since your target purchase audience gets significantly smaller. As others have said it means nothing if you aren't selling or renting the property.

Here in Cypress/ NW Houston....Homes have been on market for over 3 months In Blackhorse ranch south and have dropped in price by 5 percent and still no sales. I have been watching because I wanted to sell mine and have not got much positive feedback from the realtors I have spoke to unless i sell less than the zillow estimate etc.

[derekhayden]

Originally Posted by gmh1013

Here in Cypress/ NW Houston....Homes have been on market for over 3 months In Blackhorse ranch south

That's cause 290 sucks

[Vivalas]

There’s been reports in the U.K. that in the last few months valuations for mortgage purposes have been ‘down’ valued on about 10% of properties bought or remortgaged. This is reportedly been because RICS (Royal Institution of Chartered Surveyors) have advised their surveyors to be more cautious - in other words they think the housing market is due a correction.

We had an interest rate rise today - 0.25%, from 0.5% to 0.75%, so only time will tell.

[Time4aRolex]

Just remember It only matters when you want to sell your home. Everyone has to live somewhere; we just hope to have appreciation over the course of the time we own the home.

[pain888]

Sorry not in Brooklyn, NYC. Only up.

[austinp]

Flat in North Florida.

[Carrera911]

I live in the Tampa bay area and prices are rising. One of the houses I bought 7 months ago doubled in value. Crazy market...

Originally Posted by austinp

Flat in North Florida.

[rowdy3]

Here in my town in Florida prices are up from last year but down 3.1% from 2 months ago. A few realtor friends think the housing market will cool down a bit in October.

[Fat_ninja]

Originally Posted by rowdy3

Here in my town in Florida prices are up from last year but down 3.1% from 2 months ago. A few realtor friends think the housing market will cool down a bit in October.

Pun intended? :)

[Fleetlord]

Originally Posted by superdog

If my house dropped 500k I’d panic alright.

But that’s only because it’s not currently worth that much.