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Started By
Message
re: Home prices will go down this summer as sellers can't postpone listing any longer
Posted on 6/11/24 at 7:35 pm to Teddy Ruxpin
Posted on 6/11/24 at 7:35 pm to Teddy Ruxpin
quote:
Redfin's website says Austin prices are up YoY.
I don't know what to believe.
Once America’s Hottest Housing Market, Austin Is Running in Reverse Home prices have fallen more than anywhere
quote:
But in Austin, according to the Freddie Mac House Price Index, prices have fallen more than 11% since peaking in 2022, the biggest drop of any metro area in the country. “Austin's housing market remains extremely overvalued,” said Matthew Walsh, an economist at Moody's Analytics.
This post was edited on 6/11/24 at 7:36 pm
2
Posted on 6/11/24 at 7:36 pm to stout
Ya the correction already occurred. You're not telling me something I don't know.
And still up multiple over two years before 2022.
To summarize.
You post Redfin CEO claiming a 1% drop and say that's conservative. Which is fair.
You then state in another post there are price cuts in Austin. Ok
But Redfin says prices are up YoY.
So where are the price cuts?
That has nothing to do with 2022.
I think the market likely stays somewhat sideways. 2021 was just too crazy for it not to pull back.
And still up multiple over two years before 2022.
To summarize.
You post Redfin CEO claiming a 1% drop and say that's conservative. Which is fair.
You then state in another post there are price cuts in Austin. Ok
But Redfin says prices are up YoY.
So where are the price cuts?
That has nothing to do with 2022.
I think the market likely stays somewhat sideways. 2021 was just too crazy for it not to pull back.
This post was edited on 6/11/24 at 7:39 pm
Posted on 6/11/24 at 7:39 pm to dnm3305
Closed on my home on Friday 
Now I’m just sitting and waiting and saving money.
Now I’m just sitting and waiting and saving money.
Posted on 6/11/24 at 7:39 pm to Teddy Ruxpin
quote:
Ya the correction already occurred. You're not telling me something I don't know
Maybe so. It had to cool off from the Covid buying frenzy, though. That was unsustainable.
I feel for those who bought during that and can't afford to get out from under their house if they have to considering they bought at the height and may be upside down.
Posted on 6/11/24 at 7:39 pm to Dawgfanman
quote:
Won’t almost every person described in this article be both a seller and a buyer at some point this summer?
May be people moving to Mexico to fill all those vacant houses on the market the last four years.
Posted on 6/11/24 at 7:41 pm to stout
quote:
feel for those who bought during that and can't afford to get out from under their house if they have to considering they bought at the height and may be upside down
The weird quirk here is they could be upside down, but if they were to try to buy a house today with that same money, their situation would be even worse.
I just don't think we've had that paradigm in a long time, if ever.
You could argue it was better for them to buy the house for $1m at old rates and be underwater now, then to buy it later at higher rates at the "correct" price.
Further, since their property taxes were probably assessed at inflated purchase price, they would have been assessed lower now, which means their note has gone DOWN combined with cheaper rates.
This post was edited on 6/11/24 at 7:46 pm
Posted on 6/11/24 at 7:45 pm to Teddy Ruxpin
quote:
I just don't think we've had that paradigm in a long time, if ever.
Maybe not on a large scale but life happens. People get divorced, have to move for work, lose jobs, etc.
Posted on 6/11/24 at 7:46 pm to stout
quote:
a correction is healthy and needed. It's not a negative for the market to adjust and cool off
Yea I’m sure you definitely won’t post thread after thread implying or outright saying that a significant nationwide housing correction is a sign that the country is headed in the wrong direction as a direct and perhaps even intentional result of a certain political party.
Posted on 6/11/24 at 7:46 pm to grizzlylongcut
Which part? I’m looking myself and haven’t seen much drop.
Posted on 6/11/24 at 7:49 pm to stout
Stout has been praying for this crash for years, congrats on the 1% baw.
Posted on 6/11/24 at 7:53 pm to JohnnyKilroy
quote:
Yea I’m sure you definitely won’t post thread after thread implying or outright saying that a significant nationwide housing correction is a sign that the country is headed in the wrong direction as a direct and perhaps even intentional result of a certain political party.
Considering that I understand corrections are long in the making and are usually a result of multiple bad policies, just like 2008 was, then probably not
That's also why idiots like ronricks saying I have been predicting a correction for years is stupid. 2008 took 40 years of bad policy to happen. None of it is instant until it is...if that makes sense.
Posted on 6/11/24 at 8:02 pm to ronricks
quote:
I’ve never voted for a single democrat in my life. I’m also not voting for Trump who btw isn’t and has never been a conservative. That doesn’t make me a liberal you fricking clown.
Posted on 6/11/24 at 8:23 pm to stout
1% on houses up 100% since 2021
Posted on 6/11/24 at 8:25 pm to stout
More sellers = more buyers right? 
Posted on 6/11/24 at 8:30 pm to stout
quote:
As more owners opt to list their home after a year or more of waiting, supply of available inventory is growing and prices are beginning to budge
BlackRock finna continue to eat.
Posted on 6/11/24 at 8:33 pm to stout
Nobody wants to buy in Texas or Florida now. The Covid hype died down and people woke up realizing they live in a suburb 45 mins away from a boring city
Posted on 6/11/24 at 8:33 pm to stout
quote:
The real estate brokerage is anticipating a 1% price drop by the end of the year.
Way to go out on a limb.
Posted on 6/11/24 at 8:34 pm to stout
quote:
Your comparison is a horrible one. How does predicting a market correction help Redfin? 1% isn't enough to get the market moving if the prediction is correct.
If -1% isn’t enough to get the market moving, then it isn’t a correction. I’d argue the market is stuck in limbo as anticipated rate cuts are pushed back.
Posted on 6/11/24 at 8:35 pm to stout
quote:
I have seen reports of places in FL already seeing as high as 30% price cuts by builders in areas like Cape Coral.
Austin has reportedly been hit hard by cuts as well.
I mean, as always, you'll see the biggest % decreases in the areas that had the highest surges.
Posted on 6/11/24 at 8:35 pm to stout
quote:
Maybe so. It had to cool off from the Covid buying frenzy, though. That was unsustainable. I feel for those who bought during that
This is stupid. Home prices have only increased (quite a lot) since Covid buying frenzy and rates were at all time lows. It will take significant drops, pretty much a total collapse to reach those prices again. I can assure you they are doing just fine.
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