Just as I warned a couple years ago…

Basically, if you bought your house anytime after late 2019 and are trying to sell now, you are SCREWED.

Wait till all these homes that immigrants have go into foreclosure when they leave as they can’t be here anymore. They will be begging people to buy this homes!!! The market will be flooded with cheap homes or really high foreclosures!!!!

I literally dont understand what hes talking about bc in the sf bay area a house on the market for 1.2m is selling for 2.5 and 20 people are fighting for a chance at that

20 people? or 20 buyers?

Well i suppose if the 20 people weren’t buyers that would be a very specific piece of worthless information but its just a fictional scenario based on true events - so lets say 20 people of which 6 were plants hired to say great things about the house loud enough for others to hear and make the real buyers think a bidding war is about to begin, 4 were at the open house in a pair of couples both on dates bc thats what they like doing and the remaining 10 were buyers however the breakdown was 3 couples a throuple and a Chinese businessman looking for a place to rent via the Airbnb platform. As the tension and nervous excitement from a room full of rich and acting rich -buyers and fake buyers with dreams of being a homeowner in one of the most desirable area codes in the state or even the country was just one offer away from being in their grasp - Someone was murdered ! during a 30 second blackout, so the rest of the afternoon was spent finding the killer - (the answer to who the killer was will be revealed in due time once David Sedaris is finished with his final draft of the short story about the subject) no sale was had, at least not that afternoon in burlingame …..the purchase came a week later from a anonymous billionaire who planned to turn the house now cursed with bad press from it being a murder scene into a storage space to store his Simpsons memorabilia with hopes to make it a museum dedicated to the show. He sent a runner with a blank check to the realtors office and bonding with the agent over their shared love of all things Matt Groening is how that deal got made. But at a premium nevertheless. And this type of thing is happening almost daily. Thats why the housing market is fucked.

Anyone with a brain knew the inflated prices weren't realistic. But they took out the mortgages anyway because the interest was low so they could afford the monthly payment - not thinking about the fact that this would mean they were effetely chained to the house for 30 years. Or worse, they took out a home equity loan on the imaginary equity and over-leveraged themselves that way. I'm really struggling to feel sorry for people in this situation.

Most boomer just want to die in the house that they spent 30+ years paying for.

Boomers thought line goes up always. Doesn’t work that way. The market is reminding them that without price equilibrium, inventory sits idle.

I have my eye on one that I know is in trouble. I expect to be doing a bid at the foreclosure auction. Folks can’t imagine that what they built it for was a bad investment. Build high is the same as buy high in the market.

So much greatness coming ahead.

Interest rates need to come down

They're holding on strong, but it's inevitable the dam will break. We've seen this movie before.

You literally sound like one of those people who keep crying about how houses are too expensive and will buy when the market crashes it will never crash to the point where you could pick up a house with pennies on the dollar

Then they're going to be bag holders they're going to miss the opportunity to sell at a decent price and when it all comes crashing down they're either stuck or they'll have to take the loss

Homeowners' insurance and local taxes have destroyed equity since 2020.

Your house is only worth what you’re listing it for, if someone else actually hands you that amount of money for it.

Thank the house flipping and Airbnb trend from you greedy people

IDK what area he’s talking about but it’s not that way in the Phoenix area. Most people have plenty of equity. But I think a lot of sellers are holding onto the low 2.8% loans they got and are not selling because of that. In 2023 I traded my 2.8% loan for a 6% loan because I wanted to downsize. no big deal it was worth it. I love my new, much smaller house.!

Homedebtors are cooked

Liquidity crisis

Sellers need to be able acquire replacement property. Once they sell their property their in a bidding war with other buyers for their next place to live. So they are going to ask for a lot.

properties are way over priced by 50% or more.

Good. I hope boomers burn

I pulled one of my properties off the Santa Clara market, not because there’s no equity, it’s the opposite, but because this market will increase in 1 or 2 years. I’ll make even more money later by holding, and I’m renting it in the meantime.

Can it crash already so I can buy a damn house. The houses for sale are crazy arpund here small little "starter" houses (3 bedroom 1 maybe 2 bathrooms 350-400k). Its got to give...right?

A house is not a stonk,many will have to learn the hard way.

💯

Falling where? Not where I live...

Probably can’t afford the 6% sale commission

This is for Utah, one of the most over inflated house markets in the country. Do you see that trend? I see that trend. I own my home and I am more than happy to see the values drop.

This is fear mongering. Banks are not taking the house. Sellers are highballing. Buyers are lowballing. That’s the truth. Both want the most of the money because earning 50 to 100K on a sell or a buy is not enough money nowadays. people used to be fine with 20 to 50K.

Yep. There were entire neighborhoods in Florida during the pandemic that had this going on. It was 2008 all over again but the pandemic whitewashed the danger of the financial system because everyone was getting pandemic money

#Gaza_children_are_hostages_of_the_occupation.#sudan_war #famine_sudan . #famine_in_Gaza #gaza_deadly_winter

A millennial trying to millennial, location matters most good areas still have bidding wars