My garage is bigger than that!
From Realtor dot com--Is a Housing Correction or Crash Ahead? See Where Home Prices Are Poised To Fall Next
- Thread starter GON
- Start date
There are a few narratives around.
There is the variable rates. I would imagine most of those people bought in late 2021/2022 or later, so you have a few years before many reset - I think there usually fixed for 5 years. So maybe they start to reset in 2026 earliest?
You have all the people that bought for airbnb but that market is drying up - work from home is dying.
You have Meredith Whitney who says the boomers will want to downsize / rightsize or just move. Peak boomer was last year - so the population at retirement age gets smaller every year going forward.
You also have a ton of people with 30 year fixed at 3%, so there prisoners in their home. So there not going to sell theirs and buy something else. Someone always needs to sell - job relocation, more kids, divorce, whatever. So when people do need to start selling the buyer pool will be smaller.
Likely will still take years to play out, unless we have some sort of economic shock in the meantime, and will vary greatly by market.
Yeah, houses around here tend to be smaller as compared to some areas. It's the land, not the dwelling. I stayed in my neice's nearly 4,000 square foot home in a gated community in Arlington. She told me people spend a lot more time indoors due to extreme temperatures, unlike the CA. Friendly people in Arlington; I enjoyed my time there.
Hang on... housing values will soon plummet to zero and buyers can pick them up for free.