[Dog Face Pony Soldier]

I like to think it's because deep down people know this pandemic is really just a sad display of political sabotage.

[dmatre]

Originally Posted by Dog Face Pony Soldier

I like to think it's because deep down people know this pandemic is really just a sad display of political sabotage.

Statements like this need more clarification:
- by who?
- for what purpose?
- who would benefit?
- how would they ensure that 'their side' isn't decimated, rather than only 'the other'?

[BimmerDimmer6]

Originally Posted by Dog Face Pony Soldier

I like to think it's because deep down people know this pandemic is really just a sad display of political sabotage.

*Political ignorance

[BimmerDimmer6]

Look, whichever way you slice it or dice it, homeownership is vastly beneficial for the average American. Income producing properties can also be viable assets if leveraged correctly, and you have a head on your shoulders. If you are able to navigate tax loopholes like a 1031, and secure quality tenants, substantial wealth can be created. I mean, there's a reason 90% of the worlds millionaires have been created via real estate.

https://www.biggerpockets.com/member...in-real-estate

[Kolyan2k]

Rates. Everything around me selling above asking even now

[smyles]

Originally Posted by dmatre

..
- by who?
- for what purpose?
..

Election year, duh.

[dmatre]

Originally Posted by smyles

Election year, duh.

So, spell it out. Your statement isn't even a sentence (no verb) - I'm hoping your conspiracy theory is better than your grammar. Let's see.

[smyles]

Originally Posted by dmatre

So, spell it out. Your statement isn't even a sentence (no verb) - I'm hoping your conspiracy theory is better than your grammar. Let's see.

You can start here.

[dmatre]

Originally Posted by smyles

You can start here.

Yup. Link to nothing... Figures.

[chassis]

House across the street from me just went on the market today. I give it a month before it sells. It won't surprise me if it sells in a week. Mid market 4 bedroom, 15 years old near retail and a major freeway.

[someguywithanm3]

I don't get it. Home prices should be dropping.

[Mardio]

Originally Posted by smyles

Election year, duh.

But that doesn't explain why the rest of the world has the covid issue, Brazil is not in a election year.

[BMW F22]

Historic low interest rates, low inventory, and people finally are allowed to go out and buy stuff with less competition due to covid and economy (many lost jobs so can’t compete anymore).

It’s only a matter of time before it drops. In NYC rent and cost per sq ft have dropped 20-40%! Many homes have been on the market for months, some even over a year. I can see the same happening in SF as people have moved out slowly in the last few years due to cost. Exodus from big cities (because wfh) to suburbs will decrease price in cities while increasing in the burbs. I’m bidding my time. Hoping for a 20-30% drop before I bite.

[chassis]

Originally Posted by BMW F22

Historic low interest rates, low inventory, and people finally are allowed to go out and buy stuff with less competition due to covid and economy (many lost jobs so can’t compete anymore).

It’s only a matter of time before it drops. In NYC rent and cost per sq ft have dropped 20-40%! Many homes have been on the market for months, some even over a year. I can see the same happening in SF as people have moved out slowly in the last few years due to cost. Exodus from big cities (because wfh) to suburbs will decrease price in cities while increasing in the burbs. I’m bidding my time. Hoping for a 20-30% drop before I bite.

Using the NYC example, do you also have comments about the trend in the suburbs (Westchester County, western CT and northern NJ)?

Has anyone looked at the recent US Federal government housing data for price and volume? And separate data for consumer credit? Use the tools on the FRED site.

[BMW F22]

Originally Posted by chassis

Using the NYC example, do you also have comments about the trend in the suburbs (Westchester County, western CT and northern NJ)?

Has anyone looked at the recent US Federal government housing data for price and volume? And separate data for consumer credit? Use the tools on the FRED site.

I don’t. I’m not an expert so the statements above are just from what I have gathered from various sources. Every market is different and there are even sub-markets. NorCal is not like NYC but I can’t see why it won’t go through the same thing by early next year.

[9M71]

Originally Posted by BMW F22

Historic low interest rates, low inventory, and people finally are allowed to go out and buy stuff with less competition due to covid and economy (many lost jobs so can’t compete anymore).

It’s only a matter of time before it drops. In NYC rent and cost per sq ft have dropped 20-40%! Many homes have been on the market for months, some even over a year. I can see the same happening in SF as people have moved out slowly in the last few years due to cost. Exodus from big cities (because wfh) to suburbs will decrease price in cities while increasing in the burbs. I’m bidding my time. Hoping for a 20-30% drop before I bite.

Maybe for apartments, but the burbs around NYC are more competitive than ever. Everyone wants more space cause of rona. Who knows how long this trend will last.

[wdb]

Originally Posted by BMW F22

It’s only a matter of time before it drops. In NYC rent and cost per sq ft have dropped 20-40%! Many homes have been on the market for months, some even over a year. I can see the same happening in SF as people have moved out slowly in the last few years due to cost. Exodus from big cities (because wfh) to suburbs will decrease price in cities while increasing in the burbs. I’m bidding my time. Hoping for a 20-30% drop before I bite.

Biding your time for the NY burbs, or for NYC? Because according to you it's already time to bite in NYC.

I live 2-1/2 hours from NYC. Anything remotely decent around here is selling as soon as it's listed, at full asking price. They're not all NYC folk, some are probably Philly people too.

My son is in San Antonio. Much more cheap real estate there than NYC and environs. The same scenario holds there too. He sold his house the first day, at a markup.

I honestly haven't figured it out yet. The mass exodus from NYC, that I get. But not the rest of it. I wonder how much of it has to do with people being stuck at home with time on their hands.

[BMW F22]

Originally Posted by wdb

Biding your time for the NY burbs, or for NYC? Because according to you it's already time to bite in NYC.

I live 2-1/2 hours from NYC. Anything remotely decent around here is selling as soon as it's listed, at full asking price. They're not all NYC folk, some are probably Philly people too.

My son is in San Antonio. Much more cheap real estate there than NYC and environs. The same scenario holds there too. He sold his house the first day, at a markup.

I honestly haven't figured it out yet. The mass exodus from NYC, that I get. But not the rest of it. I wonder how much of it has to do with people being stuck at home with time on their hands.

I’m in NorCal/Silicon Valley. I have seen a lot more listings come online and a lot are sales pending but could end up falling through. Prices have dropped about 10-15%. I foresee it dropping much more if things don’t get better.

[RickFLM4]

The only way prices drop dramatically is mass unemployment of homeowners who have inadequate reserves combined with inadequate capital for new homeowners and investors to buy available inventory. Even if there is a soft market, people will simply not sell if they don’t need to, which would further limit inventory to match up with fewer buyers. While that is possible, that’s not where we are now.

[BMW F22]

I feel that if people are moving away, there is less need for as many jobs in cities. As such, people will lose jobs, forced to move further out to areas that are now developing as may not need as many employees. Furthermore, if the burbs are getting more expensive and more higher paying jobs are not as readily available, people will have to move either back into cities with more or higher paying jobs or into the remote corners of the country and the cycle continues.

[AlpineWhite_SJ]

Originally Posted by BMW F22

I’m in NorCal/Silicon Valley. I have seen a lot more listings come online and a lot are sales pending but could end up falling through. Prices have dropped about 10-15%. I foresee it dropping much more if things don’t get better.

The July numbers in Santa Clara County for single family indicate otherwise:

Median price is up 6.6% YoY and average price is up 10.6%
Number of sales are up 11.8%. YoY but active listings are off 42.1%
Days on market are only up 2.3% at 27 days (average since 2003 is 89 days)
Days of inventory are down 48.2%
Sale price to listing is at 101.7%

Condos are down though and other counties could be different.

[BimmerDimmer6]

I still think trying to time the market is a bad idea and rarely ever works. Buy undervalued property that needs some work so you don't have to worry about what the market is doing. This is America, long term it all works out.