Money & Economics
- Thread starter bigredfish
- Start date
I just took a look in our old neighborhood. Summer is always the hottest market. I have been looking at our area for 2 years now. We sold our house last year, end of summer. Huge inventory of homes then and now I see. I don't see hardly any change. I remember hearing lack of inventory from MSM these last 2 years. Not so in Houston. Not in our area. It is still a Buyers Market, plenty to chose from. We averaged 3 showings a week. Our house was on the market for 76 days before we excepted a contract. We were hoping sooner but we were getting some ridiculous low offers. Again, way too many house s for Buyers to chose from. Out of the 9 for sale, which normally it is less than 5, only one has a price drop $4k. Oldest listing is 60 days. I do see one relisted from last year.
We were in a good place, we did not have to sell, we already had our new home, no contingency. As Dave explains above, I witnessed several people drop their prices for this reason. They needed to sell to buy their new house. People panic.
So, looking at our old area, the drop in prices I saw earlier this year is no longer there. House prices are pretty much where they were last year this time. Again in our area/neighborhood.
Is a crash coming? Oh I am sure of it, When? Guess we will see....one thing history has proven, house prices do not go down long term. Never have, never will...sure we have seen bubbles burst. I have seen a couple in my lifetime. Will get back to prices prior to Covid?
I am sure ya'll remember the balloon payment scam in the housing market? Low monthly payments, over inflate the cost of the house, people trying to make a quick buck and sell before the balloon payment hit them. Well many lost on that deal.
We were in a good place, we did not have to sell, we already had our new home, no contingency. As Dave explains above, I witnessed several people drop their prices for this reason. They needed to sell to buy their new house. People panic.
So, looking at our old area, the drop in prices I saw earlier this year is no longer there. House prices are pretty much where they were last year this time. Again in our area/neighborhood.
Is a crash coming? Oh I am sure of it, When? Guess we will see....one thing history has proven, house prices do not go down long term. Never have, never will...sure we have seen bubbles burst. I have seen a couple in my lifetime. Will get back to prices prior to Covid?
I am sure ya'll remember the balloon payment scam in the housing market? Low monthly payments, over inflate the cost of the house, people trying to make a quick buck and sell before the balloon payment hit them. Well many lost on that deal.
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