ROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEXROLEX

1911dude · 3 August 2018, 02:31 AM

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 · 3 August 2018, 02:48 AM

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 · 3 August 2018, 03:27 AM

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

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

shaunylw · 3 August 2018, 03:33 AM

Quote:

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.

Sent from my iPhone using Tapatalk

TheVTCGuy · 3 August 2018, 03:33 AM

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 · 3 August 2018, 03:41 AM

Quote:

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 · 3 August 2018, 03:47 AM

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

tyler1980 · 3 August 2018, 03:48 AM

Quote:

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 · 3 August 2018, 05:12 AM

Quote:

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 · 3 August 2018, 05:22 AM

Quote:

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 · 3 August 2018, 05:29 AM

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 · 3 August 2018, 11:47 AM

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 · 3 August 2018, 01:17 PM

Sorry not in Brooklyn, NYC. Only up.

austinp · 5 August 2018, 08:55 AM

Flat in North Florida.

Carrera911 · 5 August 2018, 09:25 AM

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...

Quote:

Originally Posted by austinp

Flat in North Florida.

rowdy3 · 5 August 2018, 11:33 AM

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 · 5 August 2018, 11:52 PM

Quote:

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 · 6 August 2018, 12:41 AM

Quote:

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.

3 August 2018, 02:48 AM	#32
droptopman "TRF" Member Join Date: Jun 2015 Real Name: Mark Location: Washington State Watch: SUBS and GMT's! Posts: 9,664	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. __________________ Judge Smails: Ty, what did you shoot today? Ty: Oh, Judge, I don't keep score. Judge Smails: Then how do you measure yourself with other golfers? Ty: By height.

3 August 2018, 03:27 AM	#33
superdog 2024 Pledge Member Join Date: Oct 2011 Real Name: Seth Location: nj Watch: Omega Posts: 24,834	If my house dropped 500k I’d panic alright. But that’s only because it’s not currently worth that much. __________________ If happiness is a state of mind, why look anywhere else for it? IG: gsmotorclub IG: thesawcollection (Both mostly just car stuff)

3 August 2018, 03:47 AM	#37
Terrakot "TRF" Member Join Date: Feb 2017 Location: Italy-Russia Watch: Rolex LVc/BLNR Posts: 670	https://www.bloomberg.com/amp/news/a...gger-into-2018 https://www.bloomberg.com/news/artic...g-out-of-steam __________________ Ta-dah! "The best things in life aren't things"

3 August 2018, 11:47 AM	#42
Time4aRolex "TRF" Member Join Date: Jul 2018 Real Name: Kent Location: New Hampshire Posts: 1,716	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. __________________ Rolex 116610 and 16220 You miss 100% of the shots you don't take

3 August 2018, 01:17 PM	#43
pain888 "TRF" Member Join Date: Jul 2009 Real Name: Tony Location: Rolex Land Posts: 576	Sorry not in Brooklyn, NYC. Only up. __________________ M116519 WG, M16622, 116610LN, 218235(Olive), 116710(Batman), 126710(Pepsi), 116500(Black) AP ROYAL OAK OFFSHORE CHRONOGRAPH SEIKO SRP773 "LIVE LIFE TO THE FULLEST"

3 August 2018, 02:31 AM	#31
1911dude Banned Join Date: May 2017 Real Name: Jack Location: Nomad Chapter Watch: Omega PO Posts: 52	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%.

3 August 2018, 03:33 AM	#35
TheVTCGuy Banned Join Date: Jul 2008 Real Name: Paul Location: San Diego Watch: 126619LB Posts: 21,540	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.

3 August 2018, 05:29 AM	#41
Vivalas "TRF" Member Join Date: Jun 2013 Real Name: Stephen Location: UK Watch: AP Posts: 2,646	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.

5 August 2018, 08:55 AM	#44
austinp "TRF" Member Join Date: Jul 2013 Location: us Posts: 3,391	Flat in North Florida.

5 August 2018, 11:33 AM	#46
rowdy3 "TRF" Member Join Date: Aug 2012 Real Name: Oscar Location: Florida Watch: Sub Posts: 155	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.

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)