# Is the post-COVID housing market a bubble?



## zuG (Apr 26, 2022)

I want to buy a house but I am afraid to. What I can afford is shit at its price and I'm afraid of buying now and missing out on what I actually want, or not buying now and missing the bus forever.


----------



## Papa Adolfo's Take'n'Bake (Apr 26, 2022)

Shit's going to be expensive no matter what. If you're really that worried, first get a condo and start building SOME equity you can use as a down payment, you won't buold as much as you *possibly* can but something going is better than nothing.


----------



## DuckSucker (Apr 26, 2022)

I mean to anyone who was young during the 08 crash or whatever, and the 'youll never own land' mentality afterward, real estate is the only thing you should invest in because everything else is ephemeral bullshit based on inflated fudged numbers, creative accounting, and the idea society is always going to grow and numbers should and will always go up.

When youre buying a house you arent buying a house. Youre buying LAND. They will always print more money, they will never make more land.  Humanity will probably either kill itself or we will have functional socialism and shit before we have colonies on Mars where anyone can just afford land.

Even shitty land will always be worth something in a certain way. Its why they will never willingly give up taxes on it, that's leverage over ownership.

This is I guess more about the prospect of buying it at all rather than if it's in a bubble right now, though. Yes I do think it's a bubble but Im nobody--I think it comes down to terms of what you plan to do with it as well. If youre wanting to flip it or lease it or something, you need to consider the prospects of the area. If you wanna live there, I think it's always going to come down to are you willing to put in the work? Because its constant work, regardless.

If youre getting fleeced, that depends on the area too, and you should be asking locally I think.


----------



## Red Hood (Apr 26, 2022)

Yes, but there are plenty of places to own homes where the market isn't inflated insanely. However, whether they're places you'd want to live (mostly tending towards rural, or in the depressed Midwest). But if you're one of those work remotely types I don't understand why you'd need to live in a big city with it's expenses.

Land ownership will always have value. If it didn't Blackrock wouldn't be doing everything it can to own as much of it as corporately possible.


----------



## Skitarii (Apr 26, 2022)




----------



## JULAY (Apr 26, 2022)

Having lived through the last housing bubble, yes, it's definitely a bubble. If you buy now, you can watch the next recession pop said bubble and you'll be living in a property worth about 30-50% less than you paid for it. Now if you're planning on living there for the next few decades, you'll probably be OK, because real estate prices will recover over the intervening years, but if you think that you even might sell over the next few years, I wouldn't buy at this point in the market cycle.


----------



## Uncle June (Apr 26, 2022)

I don't see a crash at all, but possibly a correction (20% tops). Otherwise no, but prices will (and are currently) slowing immensely.

There's simply too little supply and excessive demand, combined with an ever growing population. However, rising interest rates and the increased unaffordability of homes will likely see less people offering ridiculous amounts above asking, and it will likely taper out.

As said, interest rates are only going to rise from here on out, so your payment will be the same even with a potentially reduced price. You can of course refinance (can't refinance a home price), but I personally don't see low interest rates such as this anywhere in the near future.

tl;dr just do what you think is best for you and ignore the market. You'll win out in one way or another, so long as you understand that a home is a long term investment. You should hold on to it for at least 10-15 years, and ideally use it as a rental property if you need to move elsewhere. This is why I prefer townhomes over single families, as they are far easier to set up for rentals.


----------



## Rei is shit (Apr 26, 2022)

Its always best to save when the economy is hot and spend when its shit.


----------



## Gunterator (Apr 26, 2022)

It really depends on where you live check property values from 2015-2018 and compare.  Online I see crazy price inflation where homes were like 30%-50% over where im at its more like 10%-25% at most.  I bought a house just as the market was really going crazy and every house was a bidding war driving the market up.  My advice is you need to know exactly what house you want and be the first offer and dont get into a bidding war and dont go over budget.  If you are buying to flip it in a few years dont you will lose money but if you are going to live there for 10+ years by then the market will pop but rebound to probably where we are now if its like the 08 bubble.


----------



## libRT (Apr 26, 2022)

I'm holding off unless theres magical unicorn growth, i don't know about elsewhere but in the UK I cannot see how the housing market isn't going to crash. In the UK at least, prices are increase faster than wages (recent inflation excluded, too many had been priced out of the market before this) more people will rent together, reducing overall demand. Theres also numerous old people that will croak in the next 20 years. When the ball starts rolling, those who are holding property simply because prices always go up or to rent will sell to prevent losses which will catapult it.

If the economy was stronger I'd consider it, but I get the feeling we're approaching the end of an economic era.


----------



## ArnoldPalmer (Apr 26, 2022)

I buy a new parcel of land every few months. I could never afford to flat-out buy a _home_, but I figure if I sit on enough acreage, the home will come to me, eventually. I'm not gonna fall for the tiny house meme, but I think a log cabin or a-frame is in my future, with a sizeable quonset hut or pole barn for my cool shit. I may put a single wide down on another one, and rent that out. Sometimes I'll rent my more off-the-beaten-path property out to campers, and that'll give me enough to buy a new parcel, in part, or in full, after a few months.

It's true what they say, they're not making any more land. Get what you can, while you can, and it might even help you leverage power in your local area. Just stay away from HOAs. You can absolutely find thousand-dollar HOA land in .24-4 acre sizes, but the amount of money you'll be spending in dues, fees, fines, liens, and whatever else they can find to throw at you (and they will!), coupled with the fact that you are now at their mercy, regarding what you're 'allowed' to build, makes it entirely not worth the trouble. You might have the perfect home in mind, or maybe you want to start small, and build off from a base, but they won't let you do that. Anything under 1000sq ft. "ruins property values", or creates "an eyesore", to them. They'll just see you as some peasant, and deny any building proposal you have. You're essentially just a rentcuck if you "own" land in an Association.


----------



## DamnWolves! (Apr 26, 2022)

Yes. The Fed no longer has any choice but to raise rates because inflation is like 9%... I'm already hearing privately about longer times on markets and people not getting what they paid for their flip houses last year. Wait until the Boomers can't pay back their HELOCs and we could very easily find our way to another 2009-type situation... in which case, you should buy as much as you can afford if you have cash to deploy.

I'd call August-July; maybe into the fall when housing sales traditionally fall to begin with.


----------



## Dumb Bitch Smoothie (Apr 26, 2022)

I'm of the opinion we'll see a decline in hot markets in the coming year as more companies go remote and more millennials become transient (the whole van life movement) or move to rural areas. Right now the target buyers are 28-55, anything more or less and you'll likely end up with foreclosure if its mortgage-based because it's unsustainable at their income or they're unstable in employment.

I expect the decline to begin next year. People still have a cushion from foreclosure and a lot of smart people who are paying things off threw as much as they could feasibly at what they owed. Once inflation begins to upset people's budgeting and their cushions wear out the domino effect will start.

I would wait unless you find a unicorn of a property, aka something that fits your needs in a desirable location within your budget. Be choosy because instability might mean you're stuck with something you don't want to stick with if something else comes around to fuck up the market. You want to ask yourself if you're willing to be stuck with something that could tank in value without warning and be something you'll take a loss from if you decide you need to move on.

I'm not going to PL as to why I feel confident in saying this, but lemme tell you I have both bought and sold in this market and it has been truly painful on both ends lmao


----------



## BelUwUga (Apr 27, 2022)

I've had to do analysis on six/seven-figure CapEx expenses for work and advise my employer's C-suite. I also regularly was executing five-figure decisions based on my own judgement. Getting into any kind of hurry without absolute certainty is almost always a mistake. Patience almost always pays off on the other hand. Letting speculation about a bubble effect your decisions like this is about on par with the pre-2008 house flippers in terms of recklessness. If it _is_ a bubble and you FOMO bought-into the market, you're still underwater on property with rapidly declining value. Even if it's not a bubble, it's been on the upshot long enough that construction/development has had time to recover from the coof clusterfuck and actually start increasing supply. Also always remember the three most important factors for real estate: location, location, location. Those mansions on the beach are going to be millions as long as they are habitable. A 1/4 acre with a singlewide in Bumfuck, Midwest is probably less than some used cars and always will be.  That will have a much larger effect on what you can afford than anything short of a depression.


----------



## DrearyDoomguy (Apr 27, 2022)

Housing market is probably going to go down as rising mortgage costs shut more potential buyers out of the market. All that demand is presumably going to get offloaded onto the rental market. That being said unless inventory improves massively I wouldn't hold my breath on a bargain any time soon. I think at best prices are going to plateau and get outstripped by inflation for a little while. A new house is not an easy investment and never will be.


----------



## ddw (Apr 27, 2022)

.


----------



## zuG (Apr 27, 2022)

How does a rate increase of 30% translate to a cost decrease of 30%? Are you aware /biz/ is full of retards and pajeets?


----------



## Yarizuiiii (Apr 27, 2022)

zuG said:


> How does a rate increase of 30% translate to a cost decrease of 30%? Are you aware /biz/ is full of retards and pajeets?


Kinda fuckin schizo yea - 30% of 100 is 30 right, so:
100 x 130% = 130, but:
130 x 30% = 39
130 - 39 = 91...
By that logic a property worth 100k that goes up to 130k, would then go down to 91k following that guy's logic - for the retarded among us that's *NOT* parity.


----------



## ddw (Apr 27, 2022)

Yarizuiiii said:


> Kinda fuckin schizo yea - 30% of 100 is 30 right, so:
> 100 x 130% = 130, but:
> 130 x 30% = 39
> 130 - 39 = 91...
> By that logic a property worth 100k that goes up to 130k, would then go down to 91k following that guy's logic - for the retarded among us that's *NOT* parity.


nigger it's still roughly a 23% decrease needed to reach parity


----------



## TheRedChair (Apr 27, 2022)

Uncle June said:


> I don't see a crash at all, but possibly a correction (20% tops). Otherwise no, but prices will (and are currently) slowing immensely.
> 
> There's simply too little supply and excessive demand, combined with an ever growing population. However, rising interest rates and the increased unaffordability of homes will likely see less people offering ridiculous amounts above asking, and it will likely taper out.
> 
> ...


10% is a correction 20% is a crash.

As far as the housing situation goes.  Let me tell you this.  Dec/Jan was 3% mortgage rate.  As of this posting it is 5.25%.  This is what is slowing down the market.  It's makes everything much much more expensive to purchase. 

Myself I'm to the point of just saying "Fuck It".   I fucking hate the mindset of the market in question. You can thank Generation Fail for that.  The market IMHO is over 10% or higher too high.  You can see the spike yourself  because of Abject stupidity.  I made my adjustments on what I am willing to buy and I am going to buy in cash.  But if I am unable to get something this year I'll invest into another piece of income property. 

I refuse to play their game, especially when people are selling homes at high prices that are NOT "walk in to move".  Again you can directly Blame Generation FAIL on short term bullshit profits.  Everything they touch turns to shit and it does not matter what sector of the economy they are in.

But right now everything in the market is skewed.  Myself I'm just waiting a little more but again if I do not see what I want at a certain price because again the pricing does NOT jive even in the rural areas.  

I am not going to deal with the ZILLOWIFCATION of the market.  I don't have too.


----------



## wtfNeedSignUp (Apr 30, 2022)

Isn't the shitty situation right now the result of the government allowing corpos to own home property and, like always, they make the market unstable with their mindless greed and bottomless pockets?
Anyways from how it sounds to me some places will have an insane crash (just about every liberal urban hellhole with the tech sectors moving away and the government turning the place inhospitable to normal humans). While others will be only corrected.


----------



## eternal dog mongler (Apr 30, 2022)

DamnWolves! said:


> Yes. The Fed no longer has any choice but to raise rates because inflation is like 9%... I'm already hearing privately about longer times on markets and people not getting what they paid for their flip houses last year. Wait until the Boomers can't pay back their HELOCs and we could very easily find our way to another 2009-type situation... in which case, you should buy as much as you can afford if you have cash to deploy.
> 
> I'd call August-July; maybe into the fall when housing sales traditionally fall to begin with.


I really wish I had hard data on how many of these "cash buyers" are actually wildly overleveraged with HELOCs. It wouldn't take much of a correction for them to start panic selling.


----------



## TheRedChair (Apr 30, 2022)

eternal dog mongler said:


> I really wish I had hard data on how many of these "cash buyers" are actually wildly overleveraged with HELOCs. It wouldn't take much of a correction for them to start panic selling.


... Not.... Me...   And your comment is valid.  But again... that is the mindset of...  GENERATION FAIL!!!!

 Never thinking of long term goals... Always thinking of the short score...

Trying to play the rich man's game and losing.... because he does not know the rules... He thinks he does but in reality he does not.  

The numbers are still the same in the wealth bracket 1%.  And the reason why ( besides their amoral mindset) is they have learned every aspect of the game in the business they have chosen to make money in.


----------



## NoReturn (Apr 30, 2022)

JULAY said:


> Having lived through the last housing bubble, yes, it's definitely a bubble. If you buy now, you can watch the next recession pop said bubble and you'll be living in a property worth about 30-50% less than you paid for it. Now if you're planning on living there for the next few decades, you'll probably be OK, because real estate prices will recover over the intervening years, but if you think that you even might sell over the next few years, I wouldn't buy at this point in the market cycle.


I have people in my life telling me I NEED to buy now and if it's a shitty place, too bad. "You can tough it out for a few years." 
Yeah guys, but what if it's not "a few years"? I don't want to end up in a shitty, unsellable condo surrounded by crackheads because that was the only thing available in a market with limited inventory. 



DamnWolves! said:


> I'd call August-July; maybe into the fall when housing sales traditionally fall to begin with.


Anything you'd recommend looking for as a sign that it's a good time to make a move? 



ddw said:


> .
> View attachment 3222961





zuG said:


> How does a rate increase of 30% translate to a cost decrease of 30%? Are you aware /biz/ is full of retards and pajeets?


Pajeets who steal hand photos from fit to "prove they're white". Truly, brilliant businessmen.


----------



## eternal dog mongler (Apr 30, 2022)

NoReturn said:


> I have people in my life telling me I NEED to buy now and if it's a shitty place, too bad. "You can tough it out for a few years."
> Yeah guys, but what if it's not "a few years"? I don't want to end up in a shitty, unsellable condo surrounded by crackheads because that was the only thing available in a market with limited inventory.


For condos you generally want a HOA that enforces a high owner-occupancy percentage. Yes this means renting it out will most likely be impossible if you ever want to go that route, but it also means all of the units next to you won't be rented out to crackheads.

HOAs are a double-edged sword. HOA boards are full of annoying Karens but also those Karens want to keep property values high most of the time, so...


----------



## NoReturn (Apr 30, 2022)

eternal dog mongler said:


> For condos you generally want a HOA that enforces a high owner-occupancy percentage. Yes this means renting it out will most likely be impossible if you ever want to go that route, but it also means all of the units next to you won't be rented out to crackheads.
> 
> HOAs are a double-edged sword. HOA boards are full of annoying Karens but also those Karens want to keep property values high most of the time, so...


You misunderstand me. The HOA may prevent people from showing up inside the building legally, but it will do sweet fuck all against Zeepipity Zop-bop Jones and A Pimp Named Slickback taking up residence in the entrance and stairwells.


----------



## ddw (Apr 30, 2022)

has anyone else noticed how there's never any kind of data passed around to back the "supply and demand" argument? it's supposedly the entire reason why housing prices absolutely cannot go down a penny even with rising rates but there are never any actual statistics mentioned. most i've seen is a housing starts graph but it wasn't actually analyzed in the article whatsoever. all firsthand data i manage to find shows that new housing development is growing in *spite* of supply chain issues rather than slowing due to it


----------



## mario if smoke weed (Apr 30, 2022)

Move to Wyoming



ddw said:


> has anyone else noticed how there's never any kind of data passed around to back the "supply and demand" argument? it's supposedly the entire reason why housing prices absolutely cannot go down a penny even with rising rates but there are never any actual statistics mentioned. most i've seen is a housing starts graph but it wasn't actually analyzed in the article whatsoever. all firsthand data i manage to find shows that new housing development is growing in *spite* of supply chain issues rather than slowing due to it


Source: Because I said so.


----------



## Sho'nuff (May 1, 2022)

This is from WSB so take with a grain of salt, buy its an actual thought out proposition for what's about to occur.
Yes it's a bubble and it's going to feel like 2008 again.

TL;DR
Niggers making billions playing the market during covid decided to structure loans against their portfolios, take out a loan that pays you now and the market outpaces the interest of that loan = free money.  Those loans were largely used to buy real-estate (6 of 7 real-estate purchases have been in cash, not traditional home loans recently) because people were eating up the market with these cash buys, the market over inflated, just like the stock market has been.
When the stock market starts to depress, due to multiple factors, if the stocks those cash loans were structured against drop to a low enough point, the lending institution needs the difference paid back to them.  This means they go after assets, and assets include that real-estate.  Which means the market gets flooded with homes, prices go down more, this further impacts the stock market, etc... feedback loop complete.

Other interesting notes is the first piece to fall will be the commercial mortgage market.  Supply has outpaced demand for sometime, but homes aren't being bought by companies in a traditional sense.  Canada has it way worse because they let too many Chinese purchase real-estate and China is on the edge of major financial collapse.  Zillow's Arizona debacle is a small scale proof of concept.

Tldr for tldr;
Real-estate has become tied to cash value, and has become exempt from the protections government set up to protect the market from a subprime 2008 crash.  The mechanism of the crash is pretty similar to 2008, but it's not companies trading on mortgage debt that's the problem, but people leveraging cash loans into the real-estate market, and the terms of those loans coming back to bite them in the ass.


----------



## NoReturn (May 2, 2022)

Sho'nuff said:


> This is from WSB so take with a grain of salt, buy its an actual thought out proposition for what's about to occur.
> Yes it's a bubble and it's going to feel like 2008 again.
> 
> TL;DR
> ...


Well now I'm curious what they suggest we do about it.


----------



## flower tree (May 2, 2022)

mario if smoke weed said:


> Move to Wyoming
> 
> 
> Source: Because I said so.


Whenever people say this I show them the Zillow prices over there too and it shuts them up


----------



## eternal dog mongler (May 2, 2022)

Sho'nuff said:


> This is from WSB so take with a grain of salt, buy its an actual thought out proposition for what's about to occur.


Nah, this is just schizoposting. It assumes that corporations assume a sizable portion of residential real estate in the US so that a mass sell-off would cause a crash. It's like fucking 2-3%. It also assumes the corporations that hold commercial real estate also have residential real estate holdings, and also that vacant commercial real estate has no value so they'd be unable to sell those first for liquidity to retain residential holdings. You know kinda like how empty homes have no value, right?


----------



## Deadwaste (May 2, 2022)

flower tree said:


> Whenever people say this I show them the Zillow prices over there too and it shuts them up


just dont use zillow problem solved bro


----------



## blackpilled bird (Jun 9, 2022)

Do the estimates on Zillow and Realtor actually mean anything or are they just the financial equivalent of this meme


----------



## Quijibo69 (Jun 9, 2022)

Unless your name is Black Rock or Bill Gates your pretty much screwed and will own nothing. Pray for sweet death now.


----------



## Catler (Jun 9, 2022)

Depends what country you live in, I truly don't believe the housing market is a bubble here in Canada and I can't foresee a big enough market drop to actually help people.  Even a 25% drop wouldn't be enough in some of our cities to make a big difference in affordability, and a 25% drop would be catastrophic economically.

There is a never ending, constantly increasing demand for houses thanks to our very large immigration numbers, and we really aren't able to build enough suitable housing quick enough to meet it.



Dumb Bitch Smoothie said:


> I'm of the opinion we'll see a decline in hot markets in the coming year as more companies go remote



This has seriously fucked up the market in my province already. They left their hot markets and increased ours to never before seen levels where the locals can't afford anything any more, because the come from aways have a shit ton of money and an insatiable appetite for land and rental property. The relocation of these people didn't cool their original markets though.


----------



## Blobby's Murder Knife (Jun 9, 2022)

It is a bubble, but the market can remain irrational longer than your ability to remain solvent.


----------



## TiggerNits (Jun 9, 2022)

I just sold a small townhouse I purchased in 2011 for 110k for 225k. Its in worse shape than when I bought it. Had it as a rental property, then rented it to my brother for a year, then a cousin for a bit and then my sister. 6 kids, 9 dogs and a cat with no renovations and destroyed carpets.

If you CAN sell now, its probably not the worst idea. I wouldn't buy unless I was flipping shit at the moment


----------



## eternal dog mongler (Jun 10, 2022)

TiggerNits said:


> If you CAN sell now, its probably not the worst idea. I wouldn't buy unless I was flipping shit at the moment


I'm holding onto everything. Everything's paid off so I don't care what the hell the market does, people are still going to want to rent them. Also my city is considering rental assistance instead of rent caps, so thanks I guess?

Buying an investment property right now would be a bad idea though, yes, at least in my area. Mortgage + property taxes + maintenance + homeowners insurance would cost more than you're able to rent it out for, so you'd have to use your own cash to make up the shortfall. You'd still be building equity but this area is at the inflection point where you can't make money on investment properties.


----------



## Colloid (Jun 10, 2022)

I’ve recently been getting spammed by realtors that now is the perfect time to sell my home. They know what’s coming. I ain’t selling shit niggas; this house is all mine. You’re on your own now.


----------



## TiggerNits (Jun 10, 2022)

eternal dog mongler said:


> I'm holding onto everything. Everything's paid off so I don't care what the hell the market does, people are still going to want to rent them. Also my city is considering rental assistance instead of rent caps, so thanks I guess?
> 
> Buying an investment property right now would be a bad idea though, yes, at least in my area. Mortgage + property taxes + maintenance + homeowners insurance would cost more than you're able to rent it out for, so you'd have to use your own cash to make up the shortfall. You'd still be building equity but this area is at the inflection point where you can't make money on investment properties.


Equity is good and all, but we're in a bubble, it isn't the height yet, and there's projections saying it is anywhere from 16-28 months away, but I figure by the next election cycle, it will be better to be paid than to be holding out for the next upward movement that could be up to a decade away, worst case. I already own my home outright and complete water rights to my acreage, so I'm not touching those, but every investment property I have is getting dumped ASAP


----------



## eternal dog mongler (Jun 10, 2022)

Colloid said:


> I’ve recently been getting spammed by realtors that now is the perfect time to sell my home. They know what’s coming. I ain’t selling shit niggas; this house is all mine. You’re on your own now.


Same. It's got my tenants spooked that I'm going to sell considering the absolute volume of the handwritten postcards that get dropped in their mailboxes. I've never seen anything like it before.

They all want that commission while the getting's good I guess.


----------



## El Goblina (Jun 10, 2022)

It's not just a housing bubble. The leading edge of hyperinflation caused by disastrous Keynesian economic policy is hitting too. A lot of the propery market is being driven by these insane hyperrich economic extortionists "getting safe". Our relationship with money is poised to change rather drastically in the future.

Usually people ask "is this a bubble" to evaluate whether taking a big mortgage right now is worth it. The market is liable to get even hotter before it breaks. In the early years of German hyperinflation in the 20s, everyone thought they were just getting rich.

What I know is that if I was holding much money, I'd be spending that as fast as I could on things I could resell a few years down the road. That's one of the reasons why the property market is so insane right now.


----------



## HOMO FOR LIFE (Jun 19, 2022)

Everything inflates when cash in relation to goods in the market is not equal.  Currently our market is completely out of whack for various reasons.  One. Fuckton of borrowing. Second. Trillions of dollars injected into the banking system. Third. Trillions of dollars sitting in reverse repo facility reaping yield at zero risk which means more liquidity to the banking system. Fourth. Every single government in the world printed fuckton of cash as a result of covid. That means shitton of inflation everyehere. 

Inflation and bubble are different concepts altogether. Bubble occurs when there is mania that is not backed by supply and demand.  Inflation occurs because there is too much money in the system and it doesn't go down unless the money disappears.


----------



## BlaireWhitesBottom (Jun 19, 2022)

JULAY said:


> Having lived through the last housing bubble, yes, it's definitely a bubble. If you buy now, you can watch the next recession pop said bubble and you'll be living in a property worth about 30-50% less than you paid for it. Now if you're planning on living there for the next few decades, you'll probably be OK, because real estate prices will recover over the intervening years, but if you think that you even might sell over the next few years, I wouldn't buy at this point in the market cycle.



yeah but vy should i listen to a guy who poops himself?


----------



## wtfNeedSignUp (Jun 20, 2022)

Since I've heard the Weimar analogy a billion time now, how is the current situation comparable to Japan's bubble economy?


----------



## Samson Pumpkin Jr. (Jun 28, 2022)

wtfNeedSignUp said:


> Since I've heard the Weimar analogy a billion time now, how is the current situation comparable to Japan's bubble economy?


While both situations have similarities, there are also some key differences that should be noted. For example, in Japan's case the primary cause of their economic difficulties was due to a burst housing bubble. In contrast, the current crisis is primarily being caused by problems in the financial sector. That being said, I think it's still early to say how this will all play out and whether or not we're headed for a similar fate as Japan.


----------



## blackpilled bird (Jun 29, 2022)

Amid the doom and gloom surrounding the housing market: Should I buy this house I’m looking at?

There’s a property listed in town for cheap, around $150K. Estimate on Zillow is $180K, up from $130k in 2020. Nothing severely wrong with it, just small (900 sq ft) and extremely dated. 

I had my buddy who’s a carpenter and another who’s flipped houses in the area come look at it and they agreed. Nothing looked too bad, just tiny and needing a lot of work. Furnace, water heater, and septic have all been replaced in the last 10 years as well.

I can afford up to $300K, so offering low and putting $50K into reno over the next year doesn’t scare me. It’s in a good neighborhood, a good market, and close to a tourist destination, so I can’t imagine it completely collapsing in value.

However. Should I just save my down payment, hope the market comes down, and buy something in a year that’s move-in ready?


----------



## Polarity (Jun 30, 2022)

blackpilled bird said:


> Amid the doom and gloom surrounding the housing market: Should I buy this house I’m looking at?
> 
> There’s a property listed in town for cheap, around $150K. Estimate on Zillow is $180K, up from $130k in 2020. Nothing severely wrong with it, just small (900 sq ft) and extremely dated.
> 
> ...


Do you like it, need to live in a house, and aren't planning on moving for a long time? Unless you're clearing 9/hr at Target, 180K cratering 50% in some sort of doomsday scenario....doesn't really matter?

Go for it.


----------



## NoReturn (Jul 4, 2022)

Someone plz gib me $2,000,000 so I can buy a home worth $500,000.


----------



## Deadwaste (Jul 4, 2022)

NoReturn said:


> Someone plz gib me $2,000,000 so I can buy a home worth $500,000.


i'll give you a spongebob ice cream popsicle bar


----------



## NoReturn (Jul 4, 2022)

Deadwaste said:


> i'll give you a spongebob ice cream popsicle bar


Do I look like I have spongebob ice cream bar money? Ice cream bars from the ice cream truck are for rich kids.


----------

