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***Official Real Estate Thread***

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bluemarlin04

Michael Peterson status
Aug 13, 2015
2,565
2,383
113
Sharky said:
According to what I read yesterday, people are being forced out of their homes at increased rates and the supply of available housing is starting expand as the list of buyers is starting to dry up a bit. Combine that with higher interest rates and they were projecting at least a 20% pullback in prices. My realtor confirmed that prices are beginning to come in a bit.
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I just sold my house and closed last week Thursday. There was only 1 offer when 8 months ago when I sold my other prop there were prob about 45 offers.

Realtor said the buying has all but stopped and no one is making any purchases right now. Interest rates are too high and people feel too much uncertainty in the economy as well.

I was wrong. I thought for sure it wouldn’t drop but looks like I was wrong and the market is going to drop and shift for a pretty significant correction.

Luckily I sold two houses at the top of this craziness while simultaneously using my VA loan to buy another with zero down at 2.25 percent interest. At one point I was holding three properties and really worried if the last one didn’t sell in time I’d be in for a ride on the down turn.

Now I’m sitting in a major cash position with zero consumer debt other then my current house. Prob sit on it for the next 2-3 years and get more real estate.
 
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One-Off

One-Off

Tom Curren status
Jul 28, 2005
14,210
10,419
113
33.8N - 118.4W
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sdsrfr

sdsrfr

Phil Edwards status
Jul 13, 2020
5,942
11,415
113
San Diego
Different article but probs same data source:

San Francisco and Los Angeles rank first and second in the country, respectively, for outbound moves as the cost of living and housing prices continue to balloon and homeowners flee to less expensive cities, according to a report from Redfin released this month.

Angelenos, in particular, are flocking to places like Phoenix, Las Vegas, San Diego, San Antonio and Dallas. The number of Los Angeles residents leaving the city jumped from around 33,000 in the second quarter of 2021 to nearly 41,000 in the same span of 2022, according to the report.
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the linked San Diego story is about people leaving, not saying.
 
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hammies

hammies

Duke status
Apr 8, 2006
15,588
14,231
113
It's amazing how fast the RE market hit the brakes. However, I don't see a RE-based hit on the overall economy like we saw in 2008, with millions of houses underwater.

A 10 - 20% drop in values would be easily absorbed by all but the most recent buyers.
 
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grapedrink

grapedrink

Duke status
May 21, 2011
26,141
14,934
113
A Beach
hammies said:
It's amazing how fast the RE market hit the brakes. However, I don't see a RE-based hit on the overall economy like we saw in 2008, with millions of houses underwater.

A 10 - 20% drop in values would be easily absorbed by all but the most recent buyers.
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Agreed. There is always going to be a noticeable freakout at the margins when the downturn starts, especially when it's triggered by rapidly rising rates that drastically affect affordability. This has the worst impact on first time buyers who have no equity to trade up. Potential buyers stop looking and sellers start getting desperate. It's human nature.

I could see a bottoming out at 2018-19 prices in desirable areas (worse in declining cities and boondocks) but in 5 years we will likely be above 2021-22 prices, if not well above.
 
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LifeOnMars

LifeOnMars

Michael Peterson status
Jan 14, 2020
3,164
2,106
113
SurfFuerteventura said:
Anyone got a million euro to spare?

Swear I'll pay you back.
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We already know why you skipped out of the US

once a runaway debtor...

Any good self-proclaimed slumlord would have that kind of money lying around, or he'd find a way to secure it by other means

a little cleverness and ingenuity goes a long way

:loser:
 
enframed

enframed

Tom Curren status
Apr 11, 2006
11,717
6,497
113
Del Boca Vista, Phase III
I just learned that Chinese money is buying up land in San Bernardino county (western edge anyway) with a plan so long-range that they don't plan to do anything with it for at least 40 years. America...done?
 
A

abalone

Michael Peterson status
Jan 16, 2002
3,231
282
83
enframed said:
I just learned that Chinese money is buying up land in San Bernardino county (western edge anyway) with a plan so long-range that they don't plan to do anything with it for at least 40 years. America...done?
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They already bought up Orange County, so...
Wait, isn't SB County trying to secede from California anyway? I say, let 'em go, take the entire IE with them.

San Bernardino County moving to Arizona
 
SurfFuerteventura

SurfFuerteventura

Rabbitt Bartholomew status
Sep 20, 2014
8,447
4,632
113
Ribbit
How much of America does China own?

Japan holds more US debt than China (2nd).

Canada owns more US land than China... but that could change in the future.

China has been buying up USA since the 80's, and not only USA, also lots of Africa and South America as well.

But to be honest, if I still lived in the USA I'd be much more concerned with how China is poisoning the USA.

Fentanyl crisis. Hello? :shrug::socrazy::shameonyou:

The cop from Riverside mentions how they alone have already siezed enough of the crap to poison the entire country. WTactualF?

:cursing::bricks::toilet::foreheadslap:
 
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